EDX Medical Group (AQSE:EDX), which develops innovative digital diagnostic products and services supporting personalised treatments for cancer, heart disease and infectious diseases, announces today the appointment of Eric Vick as Chief Commercial Officer. EDX said there is growing and compelling evidence of the demand from healthcare professionals and patients for faster and better genomic and genetic diagnostic tests and services. The United States has led the way in the provision of these testing solutions with hundreds of thousands of patients being given these tests on a daily basis. There is currently around £2 billion spent on this type of testing in America and now is an ideal time to transform access to these tests in the UK and Europe.
Comment: Adding a CCO at this stage of its development certainly makes sense for EDX, and with the shares seeming poised for a new leg higher, newsflow from this milestone should take them up to fresh highs imminently.
hVIVO (HVO) announced that Rathbones are in at 5% on the shareholder register.
Comment: HVO continues to make the difficult transition from a company with a largely retail shareholder base, to one where blue chip institutional investors are jostling for position.
Kodal Minerals (KOD), the mineral exploration and development company, updated on the progress of construction of the Dense Media Separation processing plant and mining at the Ngoualana open pit mine at its flagship fully funded Bougouni Lithium Project in Southern Mali. KOD reported that the Stage 1 development of the Bougouni Lithium Project continues to rapidly advance. The DMS and Ngoualana open pit development continues to advance with the open pit mining currently ahead of schedule, with no impact from the heavy rainfall experienced in July and early August associated with a heavy rainy season in 2024. Ahead of the assembling of the DMS processing plant, site works have continued to advance as planned with the completion of the foundations for the DMS units, and processing infrastructure and the crushing circuit. The area of the processing plant, office buildings and the open pit have remained outside of high-water levels and provide confidence of future mining and processing activities throughout the year.
Comment: KOD shares remain within a wide rising trend channel, something which suggests that the next leg higher is on its way, especially given the run up to the DMS processing plant being assembled.
Tern (TERN), the company focused on value creation from Internet of Things technology businesses, announced its unaudited interim results for the six months to 30 June 2024. £1.7 million reduction in the value of the portfolio during the Period since 31 December 2023. This was primarily due to a £2.0 million reduction in the value of Tern’s holding in Wyld Networks, reflecting a reduced market price of Wyld Networks’ shares as at 30 June 2024. The year-on-year increase in unaudited aggregated ARR of the portfolio, excluding Konektio was 22% (six months ended 30 June 2023: 46% (43% including Konektio), year ended 31 December 2023: 51% (50% including Konektio).
Comment: The market is clearly far from convinced in terms of TERN’s smorgasbord approach to investment, and as is the case with most such investment companies, we are still waiting on the big win.
Rome Resources (RMR) advise that two diamond core drill rigs are currently operational at its Kalayi prospect and one drill rig is operational at its Mont Agoma prospect located in the North Kivu province in the DRC which, together with the Mont Agoma Northwest prospect, comprise the “Bisie North Projects”. RMR said it was really pleased with the ongoing progress of its drilling campaign at Bisie North, now poised to accelerate further. The positive results it is receiving support the initial work undertaken at the Project which indicated it has the potential to be an exciting, high-grade tin deposit. With demand for tin increasing, and disruption continuing at some of the world’s largest suppliers, Bisie North could be a key element to filling the anticipated supply shortfall of this critical metal.
Comment: RMR continues to prove it is a company in a hurry, and one of significant scale potential. The share price really should be reflecting the merits of the investment premise here sooner rather than later.
Electric Guitar (ELEG), the digital marketing and advertising company providing first-party data solutions, announce that its primary operating subsidiary, 3radical, will be officially launching its latest product, the Voco Solutions Portal, at the Digital Marketing Exposition & Conference (DMEXCO) in Cologne, Germany, on 18/19 September 2024. ELEG said it wa excited to unveil the Voco Solutions Portal at DMEXCO, a premier event that aligns perfectly with its mission to drive innovation in digital marketing. VSP represents a significant advancement from our existing Voco platform, offering businesses a more accessible and rapid means to enhance their engagement strategies. It believes VSP will deliver substantial value to businesses seeking to stay ahead in today’s fast-evolving digital landscape.
Comment: It can be seen that ELEG moves to gain pole position in its chosen first party data space, something which still requires work in terms of its merits to the market. Attending the German event is the right step in such a direction.
CAP-XX (CPX), a company focused on the design and manufacture of thin, prismatic supercapacitors and energy management systems, announces an unaudited trading update in respect of the financial year ended 30 June 2024. Revenue is expected to be A$4.6m up 26.7% versus the prior financial year. Backlog at the end of June 2024 was USD 1.12m. CPX said the progress with our new sales strategy has been strong in the period, increasing its global geographic footprint in key markets, improving its customer service levels and project management. The strengthening of its distribution partner base is progressing well and supports our key objective to profitably build the CAP-XX revenue base in the near term. With its newly strengthen board it looks forward to continuing its mission of powering the future with its state-of-the-art supercapacitor technology.
Comment: Today’s solid update suggests that we are overdue a fresh series of rally attempts in the stock, and perhaps even the fireworks we were treated to earlier in the summer.
Thor Explorations (THX) announced the latest set of drilling results from its 2024 drilling programme at the Douta Gold Project, Senegal. The drill-intersections of significant gold mineralisation are from the Makosa East Prospect, a more recently discovered prospect which runs 300 metres parallel to the east of the previously defined Makosa deposit. THX said it was encouraged by these results from a new prospect outside the existing resource base. The results are from surface and remain open at depth. The Makosa East Prospect now has a strike length of over 1.5 kilometres. It looks forward to receiving the remaining outstanding results from the vicinity of the current known deposits and the larger project area with the objective of updating our resource and subsequently completing its Preliminary Feasibility Study for the Douta Project.
Comment: THX is fast becoming a star player in its space, something which has even its peers talking notice. While the shares remain below last year’s 24p peak, they represent decent value.
First Class Metals (FCM) the UK listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada provided an exploration update. FCM said the exploration work on the Dead Otter trend continues to deliver positive results, visually the channels cut show that the 19 grammer is potentially not an isolated high-grade occurrence. The anticipated results from the stripping / sampling will allow a decision to drill specific locations and to expand the footprint of the mineralised structure with additional stripping along strike.
Comment: The drip-drip of positive updates from FCM continues, but it remains to be seen what kind of big announcement is required here to move the dial in terms of lasting share price recovery.
Fusion Antibodies (FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announced its final results for the year ended 31 March 2024. Audited revenues for FY24 of £1.14m (FY23: £2.90m). FAB said since the year end, it has increased commercial activity and had more success, with a number of new agreements signed. The OptiMAL® programme is continuing to go well, and we are seeing more traction in the field as the year progresses. It remains positive about the future of the Company. As it continues to meet its objectives on its strategy toward breakeven and profitability, it has no plans to raise cash through an equity placement.
Comment: The key here perhaps at FAB is the reassurance that no further funding is required, something which implies management is confident enough in its recovery strategy for the company.
Blencowe Resources (BRES) has signed a MOU with Singaporean graphite sales and marketing specialist Triessence Limited and a leading Asian SPG and Anode material producer. This partnership aims to establish Joint Venture (JV) for a graphite beneficiation facility in Uganda producing 99.95% purified graphite for lithium-ion batteries. BRES said its JV team will now focus on the SPG facility feasibility study and integrating it with the Orom-Cross DFS, providing a comprehensive solution that adds considerable value. It anticipates minimal additional costs for this study as it is utilising its partners’ existing vast experience for all costings and design work, and no further bulk sample testing or further resource drilling is needed.
Comment: Although it has felt that it has been an age in terms of BRES gathering fundamental and operational momentum, this has clearly happened, and one would expect that the shares will drift up to the top of their trading range through 6.5p over the near term.
Mkango Resources (MKA) announced that further to the Company’s announcement of August 21, 2024, it has closed a private placement to raise gross proceeds of £1,250,000 at a price per Subscription Share of 5 pence. The Company intends to use the net proceeds of the Subscription to acquire additional equipment for the 2025 commercial development of rare earth magnet recycling operations at Tyseley Energy Park in Birmingham, UK and at Pforzheim, Germany, by HyProMag Limited and HyProMag GmbH, in addition to working capital.
Comment: With the placing out of the way, and high grade investors starting to look at the company, it will be worth noting how much of a positive re-rate we shall see in MKA over the near term.
Oriole Resources (ORR), the AIM-quoted exploration company focussed on West and Central Africa, announced its unaudited Interim Results for the six-month period ended 30 June 2024. The Group’s pre-tax profit for the six months to 30 June 2024 was £1.15 million (2023: loss of £0.86 million), with significant gains on the amount receivable from Lanstead under the agreement announced 1 August 2023 and a profit recognised in relation to the Signature Payments received from BCM. ORR said the year started on a high note with confirmation of the BCM deals on both the Bibemi and Mbe licences. As suspected, this news positively impacted the share price, which in turn significantly increased the monthly proceeds received from Lanstead. Despite the initial market misgivings surrounding this financing, it has, in fact, proved beneficial at a time when raising finance in the junior mining sector was all but impossible.
Comment: ORR will perhaps be surprising some in the market with the pretax profit, something which means the company is a standout amongst its peers, and a phenomenon that should be rewarded.
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