Cadence Minerals #KDNC – Corporate Update – EverGreen Targets Lithium and Gold Mineralisation at Bynoe

Cadence Minerals (AIM: KDNC) is pleased to announce the progress of the exploration of ASX-listed Evergreen Lithium Limited (“EverGreen”) (ASX: EG1) assets in Australia. Cadence is an 8.74% shareholder in EverGreen. Link here to view the full Evergreen ASX announcement 

Highlights: 

•       The second phase of near-surface drilling has commenced at Bynoe, targeting two LCT pegmatite high-potential zones and an area of gold-arsenic anomalism

•       Mapping has identified prospective areas to undertake air-core drilling targeting LCT pegmatites in the west and north-west of the lease

•       Arsenic anomalism in soil sampling results, in association with geological mapping, has highlighted an extensive zone with the potential for gold mineralisation

•       Further favourable results will pave the way for follow-up work programs, including additional air-core drilling and RC drilling 

EverGreen announced the progress from its latest exploration activities at its prospective Bynoe Project, 50km south of Darwin and directly east of Core Lithium’s Finniss Mine in Australia’s Northern Territory.

On Saturday, 28 September, EverGreen commenced air-core drilling targeting three new areas: two prospective lithium-caesium-mantalum (LCT) pegmatites and an orogenic gold target.

Evergreen Exploration Manager Andrew Harwood commented: “Our team is excited to be in the field drilling again. The Bynoe property is huge and unexplored, with multiple gold and lithium targets. The potential for a new discovery is significant and demonstrated by the multiple lithium pegmatite resources discovered within a 5km radius on adjacent properties in the last 5 years. We believe evidence of gold mineralisation complements EverGreen’s lithium exploration activities and augments the Company’s value by becoming a multi-commodity project.”

EverGreen has previously intersected shallow pegmatites east of Lithium Plus’ Perseverance and Jewellers advanced prospects. The prospects currently being tested at EverGreen’s Bynoe Project are in a similar geological setting to Core Lithium’s Grants mine. 

The current drilling program utilises air-core and auger drilling techniques to test for LCT pegmatites and gold mineralisation at shallow levels. This exploration phase is the first time EverGreen has targeted gold mineralisation at Bynoe. The gold targets are interpreted extensions of the nuggety gold associated with quartz veins discovered at Core Lithium’s Far East prospect, less than 50m from the tenure boundary (see Core Lithium Limited 17 Feb 2021 press release (ASX: CXO)). CXO’s prospects of Windswept, Hurricane and Far East (SSW to NNE) are interpreted to trend NNE into EverGreen’s Bynoe project (EL31774). 

A map of a project Description automatically generated

Figure 1: Bynoe Project, showing areas of intense activities 

EverGreen’s geological team believes these gold occurrences are associated with the Pine Creek Orogen. The Pine Creek Orogen has a 150-year history of gold mining, with more than 4 million ounces of gold produced. Most deposits are orogenic gold deposits in the Palaeoproterozoic Cosmo Supergroup, with gold commonly hosted in quartz veins, lodes, sheeted veins, stockworks, and saddle reefs and occasionally hosted within iron-rich sediments. Gold in this orogen also occurs with zinc and silver associated with volcanic-associated massive sulphide deposits.

 

For further information contact:

 

Cadence Minerals plc

+44 (0) 20 3582 6636

Andrew Suckling

Kiran Morzaria

Zeus Capital Limited (NOMAD & Broker)

+44 (0) 20 3829 5000

James Joyce

Darshan Patel

Isaac Hooper

Fortified Securities – Joint Broker

+44 (0) 20 3411 7773

Guy Wheatley

Brand Communications

+44 (0) 7976 431608

Public & Investor Relations              

Alan Green

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Cautionary and Forward-Looking Statements

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “should”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will”, or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the company’s future growth results of operations performance, future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements.

 

The information contained within this announcement is deemed by the company to constitute Inside Information as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

#GRX GreenX Metals LTD – Quarterly Activities Report September 2024

GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 30 September 2024.

HIGHLIGHTS

·      Arbitration Award

Subsequent to the quarter end, GreenX was awarded A$490 million in compensation and interest from the successful outcome of the international arbitration claims against the Republic of Poland under both the Australia-Poland Bilateral Investment Treaty (BIT) and the Energy Charter Treaty (ECT).

Upon satisfaction of the award, it is GreenX’s intention to return the majority of the available cash to shareholders in a timely fashion, after payment of funding and claim related costs of the arbitration and applicable taxes (if any)

·      Tannenberg Copper Project

In August 2024, GreenX entered into a earn-in agreement to earn up to 90% in the Tannenberg Copper Project (Tannenberg) which is a highly prospective sediment-hosted (Kupferschiefer type) copper deposit in Germany.

The Tannenberg exploration licence covers 272 km2 in the State of Hesse in central Germany, encompassing the historical “Richelsdorf” copper – silver mines.

·      Eleonore North Gold Project

In July 2024, GreenX entered into a revised agreement to acquire 100% of the Eleonore North Gold Project (Eleonore North) located in eastern Greenland.

Eleonore North has the potential to host a “reduced intrusion-related gold system” (RIRGS) analogous to large bulk-tonnage deposit types found in Canada.

 

Commenting on the outcome of the Claim, GreenX CEO Mr Ben Stoikovich said Having received the Tribunal’s decision, management is now focused on satisfaction of the award and maximising the return of capital by GreenX to its shareholders.

The award of A$490 million will continue to accrue interest at approximately 6% per annum based on today’s rates (Sterling Over-Night Interest rate (SONIA) plus 1%) until full and final satisfaction of the award by Poland.

Looking ahead, we view GreenX’s future with great optimism and in conjunction with maximising the return of capital to GreenX shareholders, we remain dedicated to advancing our copper and gold projects in Germany and Greenland. We will continue to update the market regarding the award and legal proceedings in line with the Company’s continuous disclosure requirements.

 

SUCCESSFUL ARBITRATION OUTCOME IN DISPUTE WITH POLISH GOVERNMENT

Subsequent to the quarter, GreenX reported a successful outcome of the international arbitration claims (Claim) against Republic of Poland (Poland or Respondent) under both the BIT and the ECT (together the Treaties).

The Company has been awarded:

·   approximately £252m (A$490m / PLN1.3bn) in compensation by the Tribunal under the BIT (BIT Award) which includes interest compounded at SONIA plus one percentage point (+1%) compounded annually from 31 December 2019 to the date of the award (7 October 2024).  Interest will continue to accrue at SONIA +1% compounded annually until full and final payment by the Respondent.

 

·   approximately £183m (A$355m / PLN 941m) in compensation by the Tribunal under the ECT (ECT Award), which includes interest compounded at the SONIA overnight rate +1% compounded annually from 31 December 2019. Interest will continue to accrue at SONIA +1% compounded annually until full and final payment by the Respondent.

 

·    Both Awards are subject to any payments made by the Respondent to the Claimant in the other arbitration such that the Claimant is not entitled to double compensation i.e., any amount paid by Poland in one arbitration (i.e., ECT) is set off against Poland’s liability in the other arbitration (i.e., BIT).

The compensation is denominated in British pound sterling. No hedging is in place for the compensation and accordingly is subject to fluctuations in foreign currency.

Each party has been ordered to cover its own legal fees, expenses and arbitration costs in relation to the Claim, which in respect of GreenX are costs that have already been fully paid under the Litigation Funding Agreement (LFA) with specialist arbitration funder LCM Funding UK Limited (a subsidiary of Litigation Capital Management Ltd) (LCM).

The Tribunal has unanimously held that Poland had breached its obligations under the Treaties in relation to the Jan Karski project, entitling GreenX to compensation. In respect of the Dębieńsko project, the Tribunal did not uphold the Claim under the Treaties.

All of GreenX’s costs associated with the arbitration were funded on a limited basis from LCM. To date, GreenX has drawn down US$11.2 million (A$16.2 million at 30 September 2024) (Outstanding Funding) from the LFA. In accordance with the terms of the LFA, once the compensation is received, LCM is entitled to be paid the Outstanding Funding, a multiple of five times the Outstanding Funding (based on the period since entering into the LFA) and from 1 January 2025, interest on the Outstanding Funding at a rate of 30% per annum, compounding monthly.

Net of the payments to LCM, GreenX will pay 6% of the balance to key management directly involved in the case (as previously approved by shareholders on 20 January 2021) and 3% to key legal advisers who assisted with the case on a reduced and fixed fee.

Upon satisfaction of the award, it is GreenX’s intention to return the majority of the available cash to shareholders in a timely fashion, after payment of the above costs of the arbitration and applicable taxes (if any).

The Claim was brought under the United Nations Commission on International Trade Law Rules (UNCITRAL) and the Awards are final and binding on the parties. The UNCITRAL Rules do not provide for an appeal procedure i.e., grant no explicit authority to a panel to reconsider its award.  Under the UNCITRAL Rules, either party may, within 30 days of receiving an award, ask the Tribunal to correct any computational, clerical or typographical errors in the award, issue an interpretation of the award or render an additional award on any claims omitted from the final award. These procedures do not allow either party to request that the Tribunal reconsider the merits of its decision.

If a party believes that an award ought to be “set-aside” or “annulled”, then that party must apply for relief from a court where the arbitration was seated, which would be the national courts of England and Wales for the BIT claim and Singapore for the ECT claim. Poland has 28 days from the date of the BIT Award and three months from receiving the ECT Award to apply for set aside of the respective Awards, which can only be set aside under limited circumstances. These time limits may be extended if there is an application for correction or, in the case of the BIT claim, with the permission of the English courts. It is important to note that a “set-aside” motion is different from a general “appeal” since a set-aside motion can in general only relate to a lack of jurisdiction on the part of the Tribunal or procedural unfairness, unlike an appeal, where the actual merits of a case might be revisited by a court. In summary, Poland cannot initiate any post award proceedings to re-examine the Tribunal’s decision on the merits of the case. The threshold to succeed on a “set-aside” motion in either the Singapore or English domestic courts is high, with courts in both jurisdictions rejecting set-aside applications in the vast majority of cases.

 

TANNENBERG COPPER PROJECT

During the quarter, the Company announced that it has entered into an earn-in agreement  (Tannenberg Agreement) through which GreenX can earn a 90% interest in Group 11 Exploration GmbH, a private German company which holds the Tannenberg project.

·      Tannenberg is a highly prospective sediment-hosted (Kupferschiefer type) copper deposit.

·      Kupferschiefer style deposits are a well-known and prolific subtype of sediment-hosted copper deposit that:

are the second most prevalent source of copper production and reserves in the world; and

have been historically mined in Germany and are still mined in Poland where KGHM produced 592 kt of electrolytic copper in 2023

·      The Tannenberg exploration licence covers 272 km2 in the State of Hesse in central Germany, encompassing the historical “Richelsdorf” copper – silver mines.

·      Prior to closure in the 1950’s, the Richelsdorf mines produced 416,500 t of copper and 33.7 Moz of silver from Kupferschiefer type deposits. These historic mines consisted of shallow underground workings originally accessed from surface outcrops.

·      Tannenberg also contains multiple drill intercepts over the high priority 14 km-long Richelsdorf Dome target, including:

2.1 m at 2.7% Cu and 48g/t Ag from 365.48 m; 1.5 m at 3.7% Cu and 33 g/t Ag from 209.50 m; 2.5 m at 1.8% Cu and 19 g/t Ag from 339.5 m in the southwest of the license area.

2.0 m at 1.6% Cu and 19 g/t Ag from 268 m in the north-east of the license area.

A map of germany with different cities Description automatically generated

Figure 1: Tannenberg is located in the industrial centre of Europe

·      Excellent potential for new discoveries of shallow (50 m to 500 m), large scale and high grade Kupferschiefer style copper and silver mineralisation, with much of licence area remaining untested by modern exploration whereby thicker sections of footwall/ hanging wall mineralisation will be targeted.

·      Modern understanding of Kupferschiefer mineralisation from prolific mining in Poland places new emphasis on hanging wall and footwall mineralisation, structural controls and metal zonation.

·      In Polish Kupferschiefer mines, mineralisation typically forms within the Kupferschiefer shale and in strata up to 60 m below and 30 m above the shale. E.g., KGHM’s Rudna Mine in Poland, where footwall sandstone hosts 80% of the total copper resource, hanging wall limestone hosts 15%, and Kupferschiefer shale hosts only 5%.

Historical drilling and mine workings confirm the widespread presence of the crucial Kupferschiefer sequence within the Tannenberg project. The sedimentary sequence forms a broad dome that outcrops near the centre of the licence area and extends down to approximately 500 m at the periphery. Regional and small-scale faults cut the licence area with the dominant orientation trending northwest-southeast, perpendicular to the Variscan Orogen. Zones of copper enrichment within the licence area correspond to fault intersections. Structure is a key targeting consideration at Tannenberg.

A map of a mountain range Description automatically generated

Figure 2: The Kupferschiefer is gently folded to form the Richelsdorf Dome that extends from surface down to 500 m depth within the licence area. Historical mining around Richelsdorf exploited mineralisation near the surface. Historical drilling intercepted mineralised Kupferschiefer down to 436 m. Much of the Kupferschiefer between 50 to 500 m remains untested

Future work programs at Tannenberg will aid drill targeting. Initially, an in-country search for additional historical drilling and mining records will be undertaken. Geophysical methods such as seismic and magnetic surveys will be evaluated for their effectiveness in delineating subsurface structures at the high-priority Richelsdorf Dome target. Historical drill assays will be used to identify metal zonation patterns useful for exploration targeting.

The area of primary interest covers 14 km-long stretch of the Richelsdorf Dome where Kupferschiefer strata outcrop at surface in the centre and extend down to approximately 500 m at the periphery. GreenX will fund a work program up to €500,000 to satisfy requirements for the grant of an extension of the exploration license at Tannenberg.

 

eleonore north gold project

In July 2024, following renegotiation with Greenfields Exploration Pty Ltd (Greenfields), GreenX entered into a revised agreement to acquire 100% of Eleonore North project in eastern Greenland.

These revised terms provide GreenX with the opportunity to retain the Eleonore North and to conduct further exploration work before making a decision to continue with the Project by 31 December 2025. Subsequent to the end of the quarter, the exploration licences for Eleonore North were successfully transferred to GreenX.

The Eleonore North gold project comprises of two exploration licences covering an area of 1,221 km2 in an arid part of north-eastern Greenland, approximately 1,000 km south of the Company’s Arctic Rift Copper project (ARC)(Figure 3).

The two exploration licences are located on Ymer Island in the south and the Strindberg Land peninsula in the north (Figure 4). The 300 m deep fjords in this area are around 6 km wide, sailed annually by large container ships, and aircraft frequent the area. The Company had identified no significant environmental, archaeological, or social challenges in the area.

A map of the north pole Description automatically generated

Figure 3: Map of Greenland showing GreenX’s ARC and Eleonore North license areas

Figure 4: Map showing prospects and geological features within the Eleonore North license areas

 

During the quarter and following renegotiation with Greenfields, GreenX has acquired a 100% interest in Eleonore North through a revised option agreement.  Having spent the required amount on an agreed work exploration program for the project, GreenX will now conduct further exploration work on Eleonore North before making a decision to continue with the project by 31 December 2025.

GreenX is again collaborating with the Geological Survey of Denmark and Greenland (GEUS). For the last two years, GEUS has conducted fieldwork in the region surrounding and within the Eleonore North licence. GEUS has a multi-year project working to update the geological maps to a higher level of detail. This work is primarily being done with traditional field mapping, sample collection, and helicopter-based photography.

Based on previous discussions with GEUS, there is the possibility to commission GEUS to fast-track production of an updated geological map at Eleonore North based on helicopter photography collected in 2023. Samples collected by GEUS are also available in Copenhagen for inspection and analysis. These samples may provide a new regional perspective on the gold systems present in northeastern Greenland.

Figure 5: Map showing regional historical samples collected by GUES as publicly available from GUES, a subset of which are available for inspection.

ARCTIC RIFT COPPER PROJECT

The ARC project is an exploration joint venture between GreenX and Greenfields. GreenX can earn-in up to 80% in ARC with the Company owning a 51% interest in the project. The project is targeting large scale copper in multiple settings across a 5,774 km2 Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province.

The results of work program announced last year have demonstrated the high-grade nature of the known copper sulphide mineralisation and wider copper mineralization in fault hosted Black Earth zones and adjacent sandstone units. The exact position of a native copper fissure at the Neergaard Dal prospect was also identified.

The Company is in the process of analysing further remote-sensing options for ARC, which  would be used to supplement current understanding of the known copper sulphide mineralisation and refine plans for the next exploration program.

 

CORPORATE

At 30 September 2024, GreenX had a cash balance of A$6 million allowing further exploration to be conducted at the Company’s projects and to prepare for enforcement activities in relation to the Claim award.

ENQUIRIES

 

Ben Stoikovich
Chief Executive Officer

+44 207 478 3900

 

Sapan Ghai
Business Development

+44 207 478 3900

 

 

-ENDS-

Forward Looking Statements

This release may include forward-looking statements. These forward-looking statements are based on GreenX’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of GreenX, which could cause actual results to differ materially from such statements. GreenX makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

Competent Persons Statement

The information in this report that relates to exploration results were extracted from the ASX announcements dated 15 July 2024 and 2 August 2024 which are available to view at www.greenxmetals.com.

GreenX confirms that (a) it is not aware of any new information or data that materially affects the information included in the original announcement; (b) all material assumptions and technical parameters underpinning the content in the relevant announcement continue to apply and have not materially changed; and (c) the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain..

APPENDIX 1: TENEMENT INFORMATION

 

As at 30 September 2024, the Company has an interest in the following tenements:

Location

Tenement

Percentage
Interest

Status

Tenement Type

Germany

Tannenberg

-1

Granted

Exploration Licence

Greenland

Arctic Rift Copper project (Licence No. 2021-07 MEL-S)

512

Granted

Exploration Licence

Greenland

Eleonore North gold project
(Licence No’s 2018-19 and 2023-39)

1003

Granted

Exploration Licence

Jan Karski, Poland

Jan Karski Mine Plan Area (K-4-5, K6-7, K-8 and K-9)4

4

In dispute – award made in favour of GreenX4

Exclusive Right to apply for a mining concession4

Debiensko, Poland

Debiensko 1

4

In dispute – award made in favour of GreenX4

Mining4

Notes:

1        In August 2024, the Company announced that it had entered into the Tanneberg Agreement through which GreenX can earn a 90% interest in the project. As at the date of this report, the Company held no beneficial interest in Tannenberg, other than through the Tannenberg Agreement.

2        In October 2021, the Company announced that it had entered into an earn-in agreement with Greenfields to acquire an interest of up to 80% in ARC. Having met the spend requirement, the Company has been issued with its initial 51% interest in ARC.

3        In July 2024, the Company announced that it had entered into a revised option agreement with Greenfields to acquire 100% of the Eleonore North project. Subsequent to the end of the quarter the transfer of the exploration licences for Eleonore North was completed.

4        GreenX formally commenced international arbitration Claim against the Republic of Poland under both the ECT and the BIT in 2021. Subsequent to the end of the quarter, GreenX reported a successful outcome of the Claim against Poland under both the BIT and the ECT. Refer to further discussion of the Claim above.

 

Appendix 2: Related Party Payments

 

During the quarter ended 30 September 2024, the Company made payments of A$220,000 to related parties and their associates. These payments relate to existing remuneration arrangements (director fees, consulting fees and superannuation of A$142,000 and the provision of a serviced office and company secretarial and administration services of A$78,000).

 

Appendix 3: Exploration and Mining Expenditure

 

During the quarter ended 30 September 2024, the Company made the following payments in relation to exploration activities:

 

Activity

A$000

Germany (Tannenberg)

Permitting related costs

7

Monitoring and assays

2

Personnel costs

3

Sub-total

12

 

Greenland (Eleonore North and ARC)

Project Management

65

Personnel costs

28

Other (field supplies, satellite imagery, etc)

12

Sub-total

106

Total as reported in the Appendix 5B (item 1.2(a) and 2.1(d))

118

 

There were no mining or production activities and expenses incurred during the quarter ended 30 September 2024.

 

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Name of entity

GreenX Metals Limited

ABN

Quarter ended (“current quarter”)

23 008 677 852

30 September 2024

 

Consolidated statement of cash flows

Current quarter
$A’000

Year to date
(3 months)
$A’000

1.

Cash flows from operating activities

1.1

Receipts from customers

1.2

Payments for

(106)

(106)

(a)   exploration & evaluation

(b)   development

(c)   production

(d)   staff costs

(364)

(364)

(e)   administration and corporate costs

(327)

(327)

1.3

Dividends received (see note 3)

1.4

Interest received

76

76

1.5

Interest and other costs of finance paid

1.6

Income taxes paid

1.7

Government grants and tax incentives

1.8

Other (provide details if material)

(a)    Business Development

(b)    Arbitration related expenses

(c)    Occupancy

 

(190)

(1)

(227)

 

(190)

(1)

(227)

1.9

Net cash from / (used in) operating activities

(1,139)

(1,139)

2.

Cash flows from investing activities

2.1

Payments to acquire or for:

(a)   Entities

(b)   Tenements

(c)   property, plant and equipment

(d)   exploration & evaluation

(12)

(12)

(e)   investments

(f)    other non-current assets

2.2

Proceeds from the disposal of:

(a)   entities

(b)   tenements

(c)   property, plant and equipment

(d)   investments

(e)   other non-current assets

2.3

Cash flows from loans to other entities

2.4

Dividends received (see note 3)

2.5

Other (provide details if material)

2.6

Net cash from / (used in) investing activities

(12)

(12)

3.

Cash flows from financing activities

3.1

Proceeds from issues of equity securities (excluding convertible debt securities)

3.2

Proceeds from issue of convertible debt securities

3.3

Proceeds from exercise of options

3.4

Transaction costs related to issues of equity securities or convertible debt securities

(77)

(77)

3.5

Proceeds from borrowings

3.6

Repayment of borrowings

3.7

Transaction costs related to loans and borrowings

3.8

Dividends paid

3.9

Other (provide details if material)

3.10

Net cash from / (used in) financing activities

(77)

(77)

4.

Net increase / (decrease) in cash and cash equivalents for the period

4.1

Cash and cash equivalents at beginning of period

7,163

7,163

4.2

Net cash from / (used in) operating activities (item 1.9 above)

(1,139)

(1,139)

4.3

Net cash from / (used in) investing activities (item 2.6 above)

(12)

(12)

4.4

Net cash from / (used in) financing activities (item 3.10 above)

(77)

(77)

4.5

Effect of movement in exchange rates on cash held

(2)

(2)

4.6

Cash and cash equivalents at end of period

5,933

5,933

 

5.

Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current quarter
$A’000

Previous quarter
$A’000

5.1

Bank balances

2,433

3,163

5.2

Call deposits

3,500

4,000

5.3

Bank overdrafts

5.4

Other (provide details)

5.5

Cash and cash equivalents at end of quarter (should equal item 4.6 above)

5,933

7,163

 

6.

Payments to related parties of the entity and their associates

Current quarter
$A’000

6.1

Aggregate amount of payments to related parties and their associates included in item 1

(220)

6.2

Aggregate amount of payments to related parties and their associates included in item 2

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

 

7.

Financing facilities
Note: the term “facility’ includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

Total facility amount at quarter end
$A’000


Amount drawn at quarter end
$A’000

7.1

Loan facilities

17,793*

16,253

7.2

Credit standby arrangements

7.3

Other (please specify)

7.4

Total financing facilities

17,793*

16,253

 

7.5

Unused financing facilities available at quarter end

1,540

7.6

Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

On 30 June 2020, the Company executed a Litigation Funding Agreement (LFA) for US$12.3 million (*now worth A$17.8 million with the movement of the A$ compared to the $US) with LCM Funding UK Limited a subsidiary of Litigation Capital Management Limited (LCM), to pursue the damages Claim in relation to the investment dispute between GreenX and Poland). To date, GreenX has drawn down US$11.2 million (A$16.2 million) (Outstanding Funding). In accordance with the terms of the LFA, once the compensation is received, LCM is entitled to be paid the Outstanding Funding, a multiple of five times the Outstanding Funding (based on the period since entering into the LFA) and from 1 January 2025, interest on the Outstanding Funding at a rate of 30% per annum, compounding monthly.

 

8.

Estimated cash available for future operating activities

$A’000

8.1

Net cash from / (used in) operating activities (item 1.9)

(1,139)

8.2

(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))

(12)

8.3

Total relevant outgoings (item 8.1 + item 8.2)

(1,151)

8.4

Cash and cash equivalents at quarter end (item 4.6)

5,933

8.5

Unused finance facilities available at quarter end (item 7.5)

1,540

8.6

Total available funding (item 8.4 + item 8.5)

7,473

8.7

Estimated quarters of funding available (item 8.6 divided by item 8.3)

>6

Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.

8.8

If item 8.7 is less than 2 quarters, please provide answers to the following questions:

8.8.1     Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer: Not applicable

8.8.2     Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer: Not applicable

8.8.3     Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: Not applicable

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

 

Compliance statement

1        This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2        This statement gives a true and fair view of the matters disclosed.

 

Date:                17 October 2024

Authorised by:  Company Secretary

(Name of body or officer authorising release – see note 4)

Notes

1.          This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2.          If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3.          Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4.          If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5.          If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

 

ECR Minerals #ECR – Diamond Drilling Commences at Tambo Gold Project, Victoria and Fourth Company in Discussions on Potential Sale of A$75m Tax Losses

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the commencement of diamond drilling at the Company’s Tambo Gold Project in Victoria, Australia (the “Tambo Gold Project”), as well as providing an update on corporate activities.

HIGHLIGHTS

  • Maiden diamond drilling campaign now underway at the Tambo Gold Project
  • Fourth confidentiality agreement signed with Australia-domiciled company in relation to the potential sale of ECR’s A$75 million of tax losses
  • Laboratory analysis of 378 rock chips taken from gold prospects at the Lolworth Project in Queensland now completed and results expected later this month

Tambo Gold Project, Victoria

Further to the Company’s announcement on 9 October 2024, the maiden diamond drilling campaign has commenced at the Tambo Gold Project targeting beneath the historical workings of the Duke of Cornwall Mine, Swifts Creek. The drilling programme is expected to take approximately two weeks with up to 500 metres of aggregate depth planned, although the exact profile of the campaign will be determined on site.  Previous rock chip assays from direct outcrop and exposures around and within the old workings include results of 22.85 g/t Au, 26.25 g/t Au and 52.2 g/t Au coupled with highly anomalous gold in soils. Initial results are expected in November 2024.

Update on Potential Sale of Tax Losses

Further to the Company’s announcements of 9 October 2024 and 2 July 2024, ECR, through its engagement with Argonaut PCF Ltd, has signed an additional non-disclosure agreement and is now in discussions with four Australia-domiciled public and private companies in relation to the potential sale of its A$75 million of tax losses.

ECR’s tax losses are held within its wholly owned subsidiary, Mercator Gold Australia Pty Ltd, and were incurred during the period from 2006 to date. Any sale of the tax losses would be coupled with a disposal of certain non-core assets of the Company.  Whilst no guarantee can be given as to any potential sale or agreement being reached or as to the timing or terms, the board of directors of ECR continues to be encouraged by the considerable interest shown in this potentially valuable asset.

Lolworth, Queensland,

Laboratory analysis of 378 rock chips recently taken from gold prospects at the Lolworth Project in Queensland, including Butterfly Creek, Uncle Terry and Gorge Creek has now been completed and the Company expects to receive the data shortly.  The next step will be for management to undertake a detailed review of this information to contextualise the data within the overall project area.  It is therefore expected that the full results will be available by the end of the month.  Initial field work across the Lolworth Project showed promising signs, including visible gold in streams and hillsides.   A further announcement will be made in due course.

As announced on 3 October 2024, ECR Minerals is working in partnership with the Geological Survey of Queensland (“GSQ”) to further investigate the critical minerals potential at the Lolworth Project. The results from geochemical analysis on samples taken from the Oaky Creek prospect in the central-north area of the project will be announced once received. Stream sampling in this area has previously detected Niobium in concentrate samples and geochemical analysis will be carried out by the GSQ on pegmatites to better understand their fertility for hosting critical minerals, in particular Niobium and Tantalum.

Mike Whitlow, ECR’s Managing Director, said: “I’m very pleased to announce that the diamond drill rig has arrived at the Tambo Gold Project, marking the beginning of our highly anticipated maiden drilling campaign at this site. Our initial work at the Tambo Gold Project has been very promising with high-grade gold results in rock chips reinforcing our confidence in the potential of this asset. We look forward to confirming and expanding on these results, which is expected in November 2024. I’m also encouraged by the growing interest in our tax losses from both private and public companies, with several requests for confidentiality agreements. As we’ve said previously the potential value of any transaction could be significant for ECR. We are expecting a steady stream of updates across  our core projects in the coming weeks and months and I look forward to reporting back on the rock chip results from Lolworth once further analysis has been conducted.’’

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals Plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

FOR FURTHER INFORMATION, PLEASE CONTACT:  

ECR Minerals Plc Tel: +44 (0) 1738 317 693
Nick Tulloch, Chairman

Andrew Scott, Director

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
Allenby Capital Limited   Tel: +44 (0) 3328 5656
Nominated Adviser

Nick Naylor / Alex Brearley / Vivek Bhardwaj

info@allenbycapital.com

 

Axis Capital Markets Limited Tel: +44 (0) 203 026 0320
Broker
Ben Tadd / Lewis Jones
 
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson

 

Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green

Glossary 

 

Au: Gold
g/t: Grammes per Tonne (Metric)
km: Kilometres (Metric)
km²: Kilometre squared (Metric)

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.  ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina.

MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.

 

Citius Resources #CRES – Annual Report

The Board of Citius Resources Plc if leased to announce its annual report and audited financial results for the year ended 30 April 2024. 

The annual report, Notice of Annual General Meeting & Proxy form will be posted to shareholders and available at the Company’s website https://citiusresources.co.uk/

Citius Resources Plc

Cameron Pearce

Tel: +44 (0)1624 681 250

cp@pangaeaenergy.co.uk

Tavira Financial Limited

Jonathan Evans

Tel: +44 (0)20 7330 1833

jonathan.evans@tavirasecurities.com

Chairman Statement

Dear Shareholders,

I am pleased to present the final report and accounts for the twelve-month period to 30 April 2024 for Citius Resources Plc.

The Company announced during the period a binding Heads of Terms for the acquisition of 100% of the issued shares in Harena Resources Pty Ltd (“Harena”) the 75% owner of the Ampasindava Rare Earths Project in Madagascar (the, “Acquisition”). Harena is an Australian domiciled company preparing to develop the 75% owned Ampasindava Rare Earths Project, which will include the mining and processing of Ionic Clay material to extract Rare Earth elements to produce Mixed Rare Earth Carbonate or Mixed Rare Earth Concentrate.

The Acquisition will constitute a Reverse Take Over under the Listing Rules and accordingly, the company will apply for re-admission of its shares to the Official List and Main Market of the London Stock Exchange following an Extraordinary General Meeting.

I would like to thank all our shareholders for their patience in what can only be described as challenging market conditions. We look forward to finally applying for re-admission and moving the Ampasindava Rare Earths project forward.

Winton Willesee

Non-Executive Chairman

15 October 2024

Link here for the full annual report announcement

Mendell Helium #MDH – Disposal of plant based health & wellness business

Mendell Helium is pleased to announce the conditional disposal (“Disposal”) of its plant based health & wellness business (“Voyager”) to Orsus Therapeutics plc (“Orsus”), a private label turnkey solutions provider specialising in developing, formulating, marketing & sales of health and wellness products for global brands.

As announced on 27 June 2024, the Company has an option to acquire M3 Helium Corp., a producer of helium based in Kansas and with an interest in six wells.  There is no certainty that the Company’s option to acquire M3 Helium will be exercised, nor that the enlarged group will successfully complete its re-admission to trading on the AQSE Growth Market.

Highlights

  • Mendell Helium will own approximately 28% of Orsus with further upside based on the achievement of revenue targets
  • The Board will explore arrangements to distribute the Orsus shares on a pro rata basis directly to the Company’s shareholders
  • Mendell Helium has no further obligation to contribute to the running costs of the plant based health & wellness business with effect from 1 October 2024
  • Disposal will be conditional on shareholder approval at a forthcoming general meeting

Transaction summary

Further to the announcement of 30 September 2024 in which the Company stated that it had entered into heads of terms to dispose of its plant based health & wellness business, Mendell Helium is now pleased to confirm that a share purchase agreement has been signed to dispose of Voyager’s plant based health and wellness business to Orsus. The Disposal is being effected by Orsus acquiring three of the Company’s wholly owned subsidiaries, being VoyagerCann Limited, Amphora Health Limited and Voyager Life Limited, which, combined, own all of its health & wellness operations.  The consideration for the Disposal is:

  1. The issue of 9,000,000 new ordinary shares in Orsus (“Shares”) at a price of 5 pence per share to the Company, representing approximately 28% of the enlarged Orsus group
  2. The issue of of 6,000,000 new Orsus warrants (“Warrants”) to the Company, representing approximately 16% of the enlarged Orsus group’s existing share capital on a fully diluted basis

The Warrants will convert into Shares subject to Voyager’s business contributing not less than £300,000 of revenues to the enlarged Orsus group and existing customers accounting for not less than £100,000 of such revenues in the first 12 months.

As the Disposal will result in a fundamental change in the Company’s business pursuant to rule 3.7 of the AQSE Growth Market Access rulebook, it is conditional on shareholder approval which will be sought at the time of the publication of the admission document in connection with Mendell Helium’s proposed acquisition of M3 Helium Corp. which is anticipated later in Q4 2024.

Pending shareholder approval, the Company and Orsus have agreed that the effective date of the Disposal is 1 October 2024 meaning that Orsus will assume management control, and full profit & loss responsibility for Voyager from that date and Mendell Helium has no further obligation to contribute to the running costs of the Voyager plant based health & wellness business.

It is Mendell Helium’s intention to transfer the Shares and Warrants to the Company’s shareholders on a pro rata basis.  This will allow Mendell Helium to focus on its proposed new business of helium production in Kansas whilst also giving shareholders a direct and continuing stake in Voyager’s operations.  Further details will be announced in due course.

About Voyager

Voyager’s plant-based health and wellness operations comprise:

  • Manufacturing facility in Perth, Scotland producing both products for own brand and third party customers (VoyagerCann)
  • E-commerce and wholesale operations based in Perth, Scotland
  • Three brands: Voyager, Ascend Skincare and Amphora
  • Three retail stores in Scotland (St Andrews, Dundee and Edinburgh)

Although the Directors concluded earlier this year that the scale of these operations is not large enough in the short term to justify being a standalone public company, there have been considerable successes in the business.  On 4 June 2024, Voyager announced that it had been successful in pitching for and winning a substantial new customer for VoyagerCann.  The preliminary order for six product lines with an expected order value of over £30,000 has since been increased by plans to manufacture additional products for that customer, which is a leader in its field with retail stores across the UK and a strong online presence.

Since then, the Company has also received a series of orders worth over £38,000 for further products for one of its existing customers.  That customer has since advised that certain of its products are expected to be stocked in well-known high street stores and, consequently, VoyagerCann’s order book is now stronger than at any time previously.

Within the Company’s own brand, Voyager, the  most prominent customer is Pets at Home with four products available on Pets at Home’s website since November 2023.  Furthermore, its Amazon profile has recently improved with a greater range of products now available for sale through its Prime channel.

In conjunction with Orsus, the Company is continuing to reinvigorate its e-commerce strategy with a plan for  Voyager’s primary website to be re-written in Shopify and accompanied by a revised SEO, social media and digital marketing strategy.  Shopify would provide more functionality and can also be integrated into the Company’s stores and used at external events (such as trade fairs).

With the low-cost acquisition of Amphora Health Limited earlier in the year, Voyager now has 23 products validated on the FSA’s novel foods list, which the Board considers will be a key part of its e-commerce strategy.  Just as significantly, the acquisition has enabled entry into the potentially lucrative non-disposable vape market.

In the financial year ended 31 March 2024, the Company reported revenue of £304,000 with a gross margin of over 41%.  Total assets were £929,000 and net assets £140,000.  These figures are all substantially attributable to Voyager.

About Orsus

Orsus Therapeutics was established in 2021 as a special purpose acquisition vehicle to become an end-to-end provider of health and wellness solutions and products via a buy and build strategy. Through the acquisiton of Voyager, it is set to become a leading private label turnkey solutions provider specialising in developing, formulating, marketing & sales of health and wellness products for global brands. Using Voyager’s facilities as its base in Perth, Scotland, Orsus has ambitious plans to build a leading health and wellness solutions business, offering a full creation and production vendor service to brands globally.

Nick Tulloch, Chief Executive Officer of Mendell Helium, said: “We are delighted to announce the conditional disposal of our plant based health & wellness business with Orsus.  Voyager is four years old and, in that time, has established three brands within the UK’s CBD market and, most importantly through VoyagerCann, a reputation for high quality manufacture of white label and third party products. We have several high profile and substantial customers which we believe will grow their product range over the coming months and years.

“A key attraction of the combination with Orsus is that we are working with people we know and who have particular expertise in the health & wellness market.  Orsus has already put in place plans to invest in and expand the business and, through the terms of the Disposal, our shareholders stand to benefit from the enlarged operations.  In time we aim to transfer the shares and warrants we receive in Orsus to our shareholders thereby giving them interests in both our potential new helium operations as well as our enlarged health & wellness business.”

Dr Adi Zuloff-Shani, Chair of Orsus Therapeutics, said: “The acquisition of Mendell Helium’s plant-based health and wellness business not only enhances Orsus’ portfolio but also positions us to establish a world-class facility in Perth, Scotland as our base to serve brands globally. By merging the Voyager team with ours , we will leverage our joint expertise and comprehensive understanding of market trends to provide turnkey solutions for global health and wellness brands across various categories. Through meticulous design, expert formulation, rapid manufacturing and stringent quality control, our commitment to excellence and innovation remains steadfast as well as todelivering exceptional products for our clients.”

Aditya (“Harry”) Chathli, a founder Director of Orsus, is Non-Executive Chairman of Chill Brands Group PLC, a company which Nick Tulloch is a Non-Executive Director.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

ENDS

Enquiries:

Mendell Helium plc

 

Nick Tulloch, CEO

 

 

 

Tel: +44 (0) 1738 317 693

 

http://voyagerlife.uk

nick@voyagerlife.uk

 

Cairn Financial Advisers LLP (AQSE Corporate Adviser)

 

Ludovico Lazzaretti/Liam Murray

 

Tel: +44 (0) 20 7213 0880
SI Capital Limited (Broker)

 

Nick Emerson

Tel:  +44 (0) 1483 413500
 

Stanford Capital Partners Ltd (Broker)

 

Patrick Claridge/Bob Pountney

 

 

Tel:  +44 (0) 203 3650 3650/51

 

 

Brand Communications (Public & Investor Relations)

 

Alan Green

 

Tel: +44 (0) 7976 431608

 

Overview of M3 Helium and the Hugoton North Play

Mendell Helium, formerly Voyager Life plc, announced on 27 June 2024 that it has entered into an option agreement to acquire the entire issued share capital of M3 Helium through the issue of 57,611,552 new ordinary shares in Mendell Helium to M3 Helium’s shareholders.  The exercise of the option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document.

M3 Helium has interests in six wells in South-Western Kansas of which three (Peyton, Smith and Nilson) are in production.  Five of the company’s wells are within the Hugoton gas field, one of the largest natural gas fields in North America.  Significantly these wells are in the proximity of a gathering network and the Jayhawk gas processing plant meaning that producing wells can quickly be tied into the infrastructure.

The sixth well is in Fort Dodge and was tested in July 2024 as containing 5.1% helium composition.  Although not within direct access to the gathering network, M3 Helium owns a mobile Pressure Swing Adsorption production plant which could be used to purify the helium on site.

 

FORWARD LOOKING STATEMENTS

This announcement includes “forward-looking statements” which include all statements other than statements of historical facts, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations, or any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “similar” expressions or negatives thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless required to do so by applicable law.

Quoted Micro 14 October 2024

AQUIS STOCK EXCHANGE

Cardio health probiotics products developer ProBiotix Health (PBX) increased sales by 39% to £1.53m and the gross profit margin is stable in the nine months to September 2024. This is due to a recent product launch on Amazon and in 2,000 Target stores. A commercial partnership with Mexico-based Raff should generate commercial sales of LP LDL as an ingredient in new products by late 2005/early 2006. There is no need for further funding. The company has appointed Frederik Bruhn-Petersen as a non-exec director. He represents the new 21% shareholder Holdingselskabet af 29. Juni 2010 Aps.

Invinity Energy Systems (IES) is pleased with the UK government’s announcement of a cap and floor regime for investment in new large-scale, long-duration electricity stage projects. This includes vanadium flow batteries, and this is a large increase in the opportunity for the business. The minimum project size is 300MWh.

Café chain Cooks Coffee Company (COOK) increased store sales by 26% to £16.4m in the first half. The UK store sales were 36% ahead and Ireland is 7% ahead. Like-for-like sales are 5.1% higher. There are 83 stores, and ten further outlets are expected to open before the end of March 2025. Katherine Scott has been appointed finance director.

Ananda Developments (ANA) has signed a contract with contract research organisation Southern Star Research to carry out a phase 1 clinical trial in Australia for the pharmacokinetic profile, tolerability and safety of lead asset MRX1. There is an R and D tax incentive of up to 43.5% of eligible costs.

Bitcoin mining company Vinanz (BTC) has added five Bitmain Antminer S21 Pro 234 Terahash (TH/s) machines to its fleet in Nebraska, which has attractive power costs.

Unicorn AIM VCT has taken a 7.39% stake in Good Life Plus (GDLF) following the recent fundraising. Winforton Investments increased its stake from 20.6% to 21.1%.

EPE Special Opportunities (EO.P) intends to buy back shares. It has acquired 48,000 shares at an average price of 150p each. The NAV was 316.09p/share at the end of September 2024.

Silverwood Brands (SLWD) executive director Andrew Gerrie bought 25,000 shares at 25p each. Newbury Racecourse (NYR) director Dominic Burke bought 16,000 shares at 540p/share, taking his stake to 7.03%. Marula Mining (MARU) director Jason Brewer has acquired one million shares, taking his stake to 8.78%. Kevin Hastings has a 3.375% stake.

California Two Pizza Ventures Inc has taken a 23.9% in Pitch Pit (PICH).

Trading in the shares of Mydecine Innovations Group (MYIG) has been suspended.

Majestic Corporation (MCJ) has appointed Oberon Capital as broker.

AIM

After the close on Friday, retailer and brand owner Frasers Group (FRAS) announced a revised proposed bid for Mulberry (MUL) of 150p/share in cash. This is well above the original proposal of 130p/share and the 100p subscription price.

Energy and water efficiency services provider Eneraqua Technologies (ETP) reported a rise in interim revenues from £26m to £29.9m. However, there is a greater proportion of lower margin energy services work, and the loss increased from £400,000 to £3.8m. The General Election delayed decisions on contracts, but the decisions are beginning to be made. The order book has improved to £114m. Two-fifths of this order book should be delivered in the second half and that would return the business to profit. Singer forecasts a pre-tax profit of £2.4m for the year to January 2025 and Eneraqua Technologies should move into a net cash position.

Cloud computing and connectivity infrastructure-as-a-service company Beeks Financial Cloud (BKS) reported figures in line with expectations and profit growth is set to accelerate this year. In the year to June 2024, revenues were 27% higher at £28.4m and annualised recurring revenues were 18% ahead at £28m. Underlying pre-tax profit improved from £2.3m to £3.9m. Net cash is £6.6m. Recurring revenues cover more than two-thirds of the 2024-25 forecast revenues. Canaccord Genuity has edged up its pre-tax profit forecast from £6m to £6.1m on revenues of £39.6m.

Smart sensing software developer Oxford Metrics (OMG) is acquiring The Sempre Group, a measurement technology business for up to £5.5m. Gloucester-based Sempre helps clients to improve productivity and efficiency through high precision metrology. This fits with the previous acquisition of Industrial Vision Systems, which will help geographic expansion, and provides further diversification from the entertainment and health sectors. In 2023, Sempre made a pre-tax profit of £700,000 on revenues of £6.5m and the performance is improving this year. The deal should be earnings enhancing. Following the post-trading statement slump in the share price, OMG is spending up to £6m on share buy backs.

Marine tracking technology developer Windward (WNWD) has won two new customers outside the US with a combined annual contract value of $1.9m. Renewals are as expected. Existing customers are taking up the AI technology when they are renewing. This year there should be 30% subscription/sales growth and Windward is heading towards breakeven.

Blue Star Capital (BLU) is continuing the strategy to seek an exit of its investments. The launch of the de-fi project to Pendulum and Nabla that is called Vortex is the key to the valuation of the SatoshiPay investment and the sale has been suspended. The funding of Vortex is not yet in place. Around 90% of the NAV is based on the 27.9% SatoshiPay stake and this valuation depends on the launch of Vortex and if SatoshiPay raises additional funds then this stake will be diluted.

Novacyt (NCYT) is closing its loss-making IT-IS International, which was acquired to produce Covid tests. This should add £1m to annual EBITDA. The restructuring charge will be £700,000. The IP infringement dispute with Roche Diagnostics will continue.

SkinBioTherapeutics (SBTX) is acquiring Bio-Tech Solutions for £1.25m. Bio-Tech is a manufacturer of personal care products. This will enable the group to manufacture its own products. The acquired business should generate £3m in 2024-25, up from £2.1m, and EBITDA could be £900,000. SkinBioTherapeutics should have enough cash to last until the summer of 2026.

Data analytics software provider Rosslyn Data Technologies (RDT) is raising £1.64m via placing at 5p/share and £250,000 from a retail offer that closes on 10 October. A convertible loan note will raise a further £1.2m and existing convertibles will be converted at 5p/share. This will fund growth and the development of technology. Rosslyn Data Technologies is trading ahead of previous expectations.

Cambria Africa (CMB) shares recommenced trading after 2022-23 accounts and subsequent interims were published. Early buying has flushed out some sellers later in the morning. The shares will be suspended again on Monday because there will be no nominated advisers. Shareholders have voted to cancel the AIM admission on 22 October.

John Gunn has acquired a 12.1% stake in SEEEN (SEEN). This makes him the second largest shareholder in the video sharing platform developer behind Gresham House.

Inspirit Energy (INSP) is returning to its previous existence as a shell (it was previously Kleenair Systems International) because the lead engineer of its subsidiary has to stop working for the company to care for a relative. This has put waste heat recovery engine development on hold. The company will preserve cash and become a shell and seek takeover opportunities.

Investment company Seed Innovations (SEED) says investee company Clean Food Group has partnered with cosmetics products developer THG LABS. The initial focus is developing a high-performance oil for use in beauty and personal care products. The sustainable oils and fats developer uses yeast strains and food waste as the source of its sustainable oils. Seed Innovations has a 4.76% stake.

MAIN MARKET

Fairview International (FIL) was set up to buy two international schools in Malaysia and it is seeking more acquisitions in Asia and the UK. New schools could also be developed. The global higher education market is expected to grow at an annual rate of 12%. Fairview raised £2.65m gross at 10p/share. The share price started at 11p and kept at this level for the whole of the first day of trading when 10,000 shares were traded. Pro forma net assets are £4.11m. Agodeus, whose shareholders include executive chairman Daniel Chian and his family, owns 89.9% of the company.

Online retailer ASOS (ASC) has completed its partnership with Heartland that will leave ASOS with 25% of Topshop and Topman brands.

Imaging technology company IQ-AI (IQAI) says Braveheart Investment (BRH) has acquired a 29.5% stake in the company for £720,000. IQ-AI chief executive and Braveheart Investment chief executive Trevor Brown sold the shares.

Shell company Milton Capital (MII) has a non-binding term sheet for the acquisition of certain subsidiaries of Horizon Energy Global Corporation, which wishes to separate European and North American assets. Trading in the shares is suspended.

Andrew Hore

Alan Green covers Power Metal Resources #POW, Rainbow Rare Earths #RBW & Cobra Resources #COBR on this week’s Stockbox Research Talks

Alan Green covers Power Metal Resources #POW, Rainbow Rare Earths #RBW & Cobra Resources #COBR on this week’s Stockbox Research Talks

First Class Metals #FCM – Holding in Company

FCM was notified by Lee Scott on 09/10/2024 that his shareholding of 2,948,344 shares represented 3.01% of the Company.

ECR Minerals #ECR 30 second summary of company assets by Chairman Nick Tulloch

ECR Minerals #ECR 30 second summary of company assets by Chairman Nick Tulloch

ECR Minerals #ECR – Chairman Nick Tulloch & MD Mike Whitlow talk to Alan Green

ECR Minerals Plc (AIM: ECR) ECR Chairman Nick Tulloch & MD Mike Whitlow talk to Alan Green

✅ Three parties immediately interested in A$75m tax losses.
Lolworth progress, and Geological Survey of Queensland collaboration
Mike Parker appointment
✅ Blue Mountain ‘off the scale’ test results from Gekko Systems and next steps
✅ Funding and assets, Tambo drill programme and near term developments
✅ Response to bulletin board comments

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