Invinity Energy Systems (IES), a manufacturer of utility-grade energy storage, announced its unaudited consolidated results for the six months ended 30 June 2023 and an update on current trading. £14.8m total income including sales revenue and project-related grant income, a 10x increase YoY (H1 2022: £1.5m). £3.3m gross loss reflecting previously disclosed and accounted for contract losses on Canadian and Australian projects (H1 2022: loss £2.1m). The company also announced that the United States Department of Energy plans to fund projects that will use 84 MWh of Invinity’s next-generation product, code-named “Mistral,” in six sites across the U.S. IES said that when it released its final results for 2022, it said that 2023 would be an inflection point. It saw record income first half, up by ten times year over year. It made significant progress on Mistral, its joint product development with Gamesa Electric and Siemens Gamesa Renewable Energy.
Comment: It would appear that the U.S. Government is splashing out the cash at the moment, with it being an obvious validation for the company and its flagship Mistral product. If the shares are not back at year highs through 60p in a heartbeat one would want to know the reason why.
There was a TR1 for Mirriad Advertising (MIRI), with new entrants to the shareholder register in at 12%. The RNS stated that the increase in shareholding outlined in this form has been driven by the all-share combination of Rathbones Group Plc with Investec Wealth & Investment Limited which completed on 21st September 2023.
Comment: We have a very posh sounding TR1, based in the Channel Islands for Mirriad, so the stakebuilding sounds serious for what has been a rollercoaster for shareholders.
Oracle Power (ORCP), the international natural resources project developer, announced its unaudited interim results for the six months ended 30 June 2023. The company said that during the first half of 2022, it actively pivoted towards a more environmentally responsible project development strategy, by selecting green energy development to be a part of its portfolio. This has continued into 2023. It remains determined to generate value from the investments that it has made. It has launched another significant renewable power project to create further development opportunities on its coal block in Thar.
Comment: It has been a long journey for shareholders, but it would appear that as we head for the home stretch of 2023, ORCP has delivered enough of a strategic turnaround to signal that it will deliver on its project developer handle. This is especially given the new ESG / green angles.
Altona (REE), a resource exploration and development company focused on Rare Earths in Africa, is pleased to announce its maiden JORC compliant Mineral Resource Estimate for its Monte Muambe rare earths project in Mozambique. 13.6 million tons at 2.42% TREO(1) using a cut-off grade of 1.5% TREO; Including 0.31% NdPrO(2) representing 42,500 contained tons NdPrO. The company said Monte Muambe’s maiden MRE is an important milestone. This is the first ever official measure of the size and grade of the project and it is delighted with the results, which confirm the presence of a potentially open-pit mineable REE resource. The Company is now finalising its Scoping Study, which will give a first-pass economic viability overview of the project, to the highest standard.
Comment: REE is the new rock and roll in mining, and for this to be open-pit mineable is even more pleasing for ANR. It would appear the company is delivering on the promise of its backers and management.
Coro Energy (CORO), the South East Asian energy company with a natural gas and clean energy portfolio, announced its unaudited interim results for the six-month period ended 30 June 2023. Reduced loss after tax from continuing operations of $2.5m (restated H1 2022: $3.8m) mainly due to the contribution of gross profit from Vietnam operations and a reduction in net finance expense. The Company said it has a strong funding position from a combination of its cash position of approximately $0.7m (as at 30 June 2023), and more recently supported by the post balance sheet events of the sale of shares in ion Ventures Holding Ltd and a further advance of Italy sale proceeds.
Comment: It is to be hoped that today’s RNS is taken well enough for the recent spike in the shares to continue, something which is deserved given the wat that the company has moved on its timelines.
Tertiary Minerals (TYM) announced that it and its local partner, Mwashia Resources Ltd have signed a detailed, largely non-binding, term sheet for an earn-in and joint venture agreement with a third party providing for the Third Party to earn into Exploration Licence 27067-HQ-LEL, the Konkola West Project in Zambia. The Company said it was delighted to announce the signing of this term sheet and a re-alignment of its existing agreement with Mwashia. It is envisaged that the Stage 1 drill holes will extend beyond 1km depth. Tertiary will now seek to enter into a binding EIJV Agreement with the Third party and Mwashia as soon as possible.
Comment: Shares of TYM have had a decent summer, and the latest RNS could be the one to push sentiment and the share price further in a positive direction.
Cora Gold (CORA), the West African focused gold company, announced its unaudited interim results for the six months ended 30 June 2023. Following the recent promulgation of a new Mining Code in Mali, it looks forward to the government’s lifting of its moratorium on issuing new mining permits. In addition, it looks forward to providing progress updates on the funding of the Sanankoro Gold Project following the appointment of Atlantique Finance to act as sole adviser in the structuring and mobilisation of a medium-term loan of $70 million to support funding the development of the project.
Comment: Given how much positive work and effort Bert Monro and his team have done at Cora, the mining code issue seems very unfair. We look forward to the end of the moratorium.
Baron Oil (BOIL), the AIM-quoted oil and gas exploration and appraisal company focused on assets in SE Asia and the UK, announced its unaudited interim results for the six months ended 30 June 2023. The company said all of its efforts are currently focused on the Chuditch PSC drilling decision to be made late in 2023 for a Chuditch-1 appraisal well. It is making good progress and are in advanced discussions with a number of potential funding partners.
Comment: It will be interesting to see whether “late 2023” is soon enough for BOIL holders, given that the main sizzle in the share price in February has rather diminished in intervening months.
Venture Life Group (VLG) Interims to September reported a 24% increase in revenue to £23.5m which include the synergistic HL Healthcare acquisition made in November 2022. The total consideration was £13m of which the £8m cash consideration is being paid through internal sources. The like-for-like sales, would have been 10.4% ahead with Gross margins improving to 18.9% but the loss before tax was £1.3m due to high financing cost etc. VLG develop, manufacture and most importantly commercialise its own brand and branded products for the international self-care market. The wide products range include Balance Activ (woman’s product) and are typically recommended by pharmacists or healthcare practitioners, available primarily through pharmacies and grocery multiples with 17 new listing with major retailers. The order book has increased 30% suggesting a better balance of product benefits and price. There is increasing effort being made with online sales which are 69% ahead to just£1.6m suggesting plenty of further growth. The full year forecast is for profits and there is a Revolving Credit facility for up £30m of which around £15m is drawn down.
Comment: The biggest fly in the ointment for the shares at 32p with a £40m Mkt Cap is the debt burden, although self care does seem hard work.
Oxford Cannabinoid Technologies (OCTP), the pharmaceutical company developing prescription cannabinoid medicines, announced that the final dose of its lead pharmaceutical drug compound, OCT461201, has been successfully administered, as part of its Phase I clinical trial, with no drug adverse effects observed. The company said it expects to report results by 16 October 2023.
Comment: It would appear that OCTP is moving along its timelines in a very satisfactory manner, with investors currently having just a three weeks window on the latest trial results. This could provide an opportunity for a squeeze higher in the shares.
Shuka Minerals (SKA), an African focused mine operator and developer, announced the Company’s unaudited interim results for the six months ended 30 June 2023. SKA said the period was a transformative one, particularly from a corporate perspective with a strategic investment of £1.47 million secured from two African focused mining investment groups, an intended significant restructuring of the Board of Directors, a change of name to Shuka Minerals.
Comment: A new name and a chunky strategic investment for SKA suggests that we could be right in expecting a MARU type re-rate here, an idea which has already shown its hand in terms of the share price.
Falcon Oil & Gas Ltd. (FOG) announced the spudding of the Amungee NW-3H horizontal well in exploration permit 98 with a H&P super-spec FlexRig® Flex 3 Rig in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited. The company said the spudding of the A3H horizontal well, just a week after drilling the SS1H well , is an exciting acceleration in the appraisal of the Beetaloo Sub-basin. It is confident that learnings and results from the previous two Amungee wells drilled in EP 98, together with the drilling of the SS1H well will have a positive impact on the outcome of the results from this A3H well.
Comment: With the shares bumping along the bottom for much of the summer, it will be interesting to see whether there is a decent bounce off the back of current spudding news.
Panther Metals (PALM) released its Half-year Report. The company said with a significant pipeline of high-quality exploration targets, focussed on critical minerals, in a Tier 1 mining jurisdiction, as well as material holdings in two other well respected explorers, the Board consider Panther will enjoy a significant rerating when the market turns to the positive. Having actively maintained it strategy to protect its capital structure to maintain shareholder value, it sees the prospect of delivering significant shareholder returns.
Comment: It would appear it is all about the pipeline, and given a solid funding backdrop one would expect the shares to continue their recent recovery.