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#ORPH Open Orphan – Omicron human challenge model

  Vaxart becomes the first client of the programme to test its oral COVID-19 vaccine candidate

Open Orphan plc (AIM: ORPH), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that  hVIVO , a subsidiary of Open Orphan, is developing the world’s first Omicron human challenge model. hVIVO has signed an agreement with Vaxart Inc. (“Vaxart”), (NASDAQ: VXRT) to develop the model with the intent to conduct a subsequent Omicron human challenge study in 2023 to test the efficacy of Vaxart’s oral vaccine candidate, VXA-CoV2-1.

 

To develop the model, hVIVO will manufacture a new SARS-CoV-2 (COVID-19) challenge agent based on the Omicron variant. The Good Manufacturing Practice (“GMP”) compliant virus manufacturing activities will commence immediately and are expected to complete by Q4 2022. Following manufacture of the challenge agent, the Company intends to conduct a characterisation study. Subject to the successful completion of the characterisation study and receipt of relevant regulatory approvals, hVIVO expects to conduct Omicron human challenge studies in 2023.

The characterisation study will establish a dose of the Omicron challenge agent that will cause a safe and reliable infection in healthy volunteers. The study will enrol healthy male and female volunteers who have previously been vaccinated against or infected with SARS-CoV-2, with no known risk factors for severe COVID-19 and low levels of serum neutralising antibodies (and therefore still likely to become infected following inoculation).

hVIVO has two decades of experience and expertise in challenge agent manufacture and clinical characterisation across a range of respiratory viruses including various strains of influenza, respiratory syncytial virus (RSV), human rhinovirus (hRV – common cold virus), as well as the initial circulating SARS-CoV-2 virus and variants which have since emerged. hVIVO leads the Challenge Agent Manufacture Consortium, which has developed international standards that pertain to challenge agent manufacture and storage, to ensure safety, quality and consistency.

Yamin Khan, Chief Executive Officer of Open Orphan, said: “With our leading end-to-end human challenge expertise, we are delighted to be developing the world’s first Omicron human challenge model and to welcome Vaxart as the first client of this programme.

“hVIVO’s fight against the pandemic continues with the development of this new challenge agent. The benefits to Vaxart are immense, and we have already been contacted by a number of biopharma companies looking to test the efficacy of their products using this challenge virus. I have no doubt that the successful completion of the world’s first COVID-19 characterisation, which was published in Nature Medicine earlier this year, has given our customers the confidence to move forward with the less severe yet more infective Omicron challenge model.”

Dr. James Cummings, Chief Medical Officer of Vaxart, said: “A human challenge study of our oral tablet COVID-19 vaccine candidate against the Omicron variant of SARS-CoV-2 is the most rapid and direct way to assess the efficacy of this candidate against a highly prevalent viral strain.

“hVIVO has pioneered COVID-19 characterization and the Omicron human challenge model, and the use of this model in our planned Phase II human challenge trial will rapidly generate robust, controlled data on the ability of our COVID-19 vaccine candidate to prevent infection and the development of symptomatic disease, as well as its effect on viral shedding, which plays a critical role in the spread of infection from one person to another. The results of this study will inform the next steps in the development of our COVID-19 vaccine candidate, which has the potential to transform personal and public health approaches to controlling the global pandemic.”

Dr Andrew Catchpole, Chief Scientific Officer of hVIVO, said: “The team and I at hVIVO are excited to begin work to manufacture an Omicron challenge agent, the follow-on characterisation, and future human challenge trials. We have unparalleled expertise in SARS-CoV-2 challenge agent manufacturing, having completed work on both the original Wuhan strain and the subsequent Delta variant, in addition to our prior experience in successfully conducting the world’s first COVID-19 characterisation study, and our decades of experience in conducting human challenge trials. We are delighted to be working with Vaxart on this programme and look forward to the opportunity to subsequently test the efficacy of their exciting novel vaccine.”

Interested in becoming a volunteer?

 

hVIVO recruits many of its volunteers for its challenge study clinical trials through its dedicated  volunteer recruitment website,  www.flucamp.com . By volunteering to take part in one of our studies in a safe, controlled, clinical environment under expertly supervised conditions you are playing your part to further medical research and help increase the understanding of respiratory illnesses.

 

For further information please contact:

 

Open Orphan plc

+44 (0) 20 7756 1300

Yamin Khan, Chief Executive Officer

Liberum Capital (Nominated Adviser and Joint Broker)

 +44 (0) 20 3100 2000

Ben Cryer/ Edward Mansfield/ Phil Walker/ Will King

finnCap plc (Joint Broker)

+44 (0) 20 7220 0500

Geoff Nash / James Thompson / Richard Chambers

Davy (Euronext Growth Adviser and Joint Broker)

+353 (0) 1 679 6363

Anthony Farrell

Walbrook PR (Financial PR & IR)

Paul McManus / Sam Allen / Louis Ashe-Jepson

+44 (0)20 7933 8780 or  openorphan@walbrookpr.com

+44 (0)7980 541 893 / +44 (0) 7502 558 258 /

+44 (0)7747 515393

UK Investor Magazine Podcast – Moonpig, B&M European, and oil with Alan Green

investor

 

Moonpig, B&M European, and oil with Alan Green

We discuss Moonpig #MOON, B&M European #BME, Tertiary Minerals #TYM and Botswana Diamonds #BOD

Moonpig, B&M European, and oil with Alan Green

News Poolbeg Pharma AI model of respiratory syncytial virus starts analysis

Poolbeg featured in the @MorningstarInc following yesterdays announcement on the completion of build 7 optimisation of our #AI model for RSV #data, the first time AI used to model #RSV with complete longitudinal #disease data.

Link below to read in full:

https://www.morningstar.co.uk/uk/news/AN_1656323268845373200/poolbeg-pharma-ai-model-of-respiratory-syncytial-virus-starts-analysis.aspx

Power Metal #POW – Interim Results

Power Metal Resources plc, the London listed exploration company seeking large-scale metal discoveries across its global project portfolio , announces its unaudited interim results for the six month period ended 31 March 2022.

 

Paul Johnson, Chief Executive Officer of Power Metal commented: “There is an underlying confidence and optimism that permeates the Power Metal business and the team within it.

 

We recognise the pressure challenging markets and falling share prices place on investor portfolios and are respectful of this whilst still enthusiastically articulating our progress and our ambitions.

 

Power Metal is at a key point with all projects having been the recipient of varying extents of exploration, which has been a substantial exercise given the breadth of our portfolio.

 

Where appropriate we are pursuing accelerated value crystallisation by preparing parts of our business for spin-out/disposals as you will see in the summary table below. Our internal exploration efforts will be focused on a smaller group of retained projects.

 

From this point acquisitions will be principally targeting additional uranium opportunities where we do see the value of continued growth of the uranium portfolio within our company.

 

My thanks go to the Power Metal team for their demonstrable commitment to progressing our business and to shareholders who have backed our work to date.  Our ultimate objective is to deliver considerable financial returns to our shareholders and our focus to date has been to build a company capable of delivering that through volatile markets. 

 

My very best to investors in the junior resource sector, a unique group of people willing to risk their capital, in a highly volatile sector, to deliver a financial return and enhanced opportunities in life.  For those allocating capital to Power Metal we will strive to help you succeed in your ambitions.”

 

NOTE:

The interim report contains the following key sections:

–  Key Developments in the half year to 31 March 2022;

–  Power Metal Interests as at today’s date;

–  Operational Highlights for the half year to 31 March 2022;

–  Operational Highlights after the half year end (April 2022 to date);

–  Financial Highlights for the half year ended 31 March 2022; and

–  Interim Financial Accounts for the half year ended 31 March 2022

Power Metal plans to release its next Quarterly Business and Operational Update for the second quarter in July, capturing latest developments within the business in addition to the information provided below.

KEY DEVELOPMENTS IN THE HALF YEAR TO 31 MARCH 2022

The half year period included extensive exploration activity including:

 

–  Reverse circulation (RC) drilling at the Tati Project located in Botswana.

–  Delineation of 12 airborne magnetic targets at the Ditau Project in Botswana and commencement of diamond drill programme.

–  Diamond drilling at the Haneti Project in Tanzania.

–  Diamond drilling at the Victoria Goldfields in Australia.

–  Confirmation of bonanza silver from diamond drilling at the Silver Peak Project located in British Columbia, Canada.

–  High-grade uranium confirmed from sampling undertaken at the Saskatchewan uranium property portfolio.

 

The half year period also included extensive corporate activity including:

 

–  Acquisition of the Pilot Mountain Project which hosts a robust tungsten-dominated Mineral Resource Estimate (MRE) located in Nevada, USA, and forming the completed Golden Metal Resources plc (“Golden Metal Resources”) planned listing vehicle.

–  Acquisition of the Western Australia and Northern Territory projects comprising the planned listing vehicle First Development Resources Ltd.

–  Grant of key exploration licences, environmental approvals, and heritage agreements across various of the Company’s global project interests.

–  Completion of the disposal of the Company’s Schreiber-Hemlo interests located in Ontario, Canada, to First Class Metals PLC who plan to list in London in 2022.

–  Expansion of the Company’s uranium interests surrounding the Athabasca basin located in Saskatchewan, Canada, and preparation of data rooms and factsheets for 7 uranium properties.

 

POWER METAL INTERESTS AT TODAY’S DATE

Country

POW %

Project Package

Resources Targeting

Status

Australia

49.9%

New Ballarat Gold Corporation

Victoria Goldfields JV

Gold

Balance of drill results awaited – Planned IPO

Australia

82.78%*

First Development Resources

Copper – Gold – Uranium – Rare Earths – Lithium

Planned IPO in progress

Australia

100%

Gawler Project

Copper – Gold

Awaiting licence grants

Botswana

52.60%#

Molopo Farms Complex

Nickel – Copper – Platinum Group Metals (PGMs)

Transition of ownership then drilling.

Botswana

100%

Tati Greenstone Belt

Gold – Nickel

Preparations for next step drilling key gold targets

Botswana

50%

Kalahari Copper Belt JV

Copper – Silver

Exploration underway to delineate drill targets

Botswana

50%

Ditau Camp JV

Rare Earths

Diamond drilling underway – await assays

Canada

30%

Silver Peak

Silver

Ongoing discussion of exploration plans & corporate options

Canada

Earn-in up to

100%

Authier North

Lithium

Finalisation of next stage exploration steps

Canada

100%

Athabasca Basin

Uranium

Finalisation of next stage exploration steps & corporate options

Canada

36.3%

First Class Metals

Gold – Nickel – Copper – Zinc

Planned IPO in Progress

Tanzania

35%

Haneti

Nickel – Copper – Platinum Group Metals (PGMs) – Gold – Lithium

Finalisation of next stage exploration steps & corporate options

USA

83.13%

Golden Metal Resources

Gold – Silver – Copper – Tungsten – Zinc

Planned IPO in Progress

USA

Earn-in up to

75%

Alamo Gold

Gold

Review of detailed exploration report findings

*   Reducing to 62.12% after Completion of the Pre-IPO Financing

# Subject to completion of acquisition announced 18.5.22 interest will increase to 87.71%

 

OPERATIONAL HIGHLIGHTS FOR THE HALF YEAR TO 31 MARCH 2022

African Project Interests

Tati Greenstone Project

· In October 2021 a 1,000m RC drill programme was commenced at the Tati Project located in the Tati Greenstone Belt of north-eastern Botswana.  The main goal of the drill programme was to test for the presence of geological formations which host nearby operating Gold (Au) and Nickel (Ni) mines within the Tati Greenstone Belt.  

 

· Results from the 1,000m RC drilling programme were released after the period end and are outlined below.

 

Molopo Farms Complex Project

· In November 2021 Kavango Resources PLC (LON:KAV “Kavango”) signed an option agreement with Kalahari Key Mineral Exploration Pty Limited (“KKME”), the holder of a 60% interest in the Molopo Farms Complex Project (Power Metal holds the remaining 40%).  The option agreement was to acquire 100% of the outstanding KKME shares. 

 

· The option was extended on two occasions but in February 2022, Kavango withdrew, unable to agree the final terms for acquisition with all shareholders. In May 2022, as outlined below, Power Metal secured a conditional agreement to acquire an additional 58.7% of the remaining KKME shares to take its overall shareholding in KKME to 87.71%.

 

· Following completion of the 2021 diamond drill campaign, in January 2022, the Company announced the renewal for 2 years of two key prospecting licences covering the Molopo Farms Complex Project:

 

–  PL310/2016 (221.4km2)

–  PL311/2016 (486.2km2)

 

Kanye Resources Joint Venture

· The Kanye JV includes 4,257km2 of ground within the Kalahari Copper Belt (“KCB”) located in northern Botswana over ten prospecting licences. During the period, ground exploration and drill target planning continued in the KCB, and in October 2021, the JV confirmed approval of the Environmental Management Plan (“EMP”), clearing the last key administrative hurdle, and enabling drilling to be undertaken subject to the results of the ongoing target refinement.

 

· The Kanye JV also includes the Ditau Camp Project (“Ditau” or the “Ditau Project”) located in southwestern Botswana, which is considered to be prospective for rare-earth element (“REEs”) and base-metal mineralisation. In March 2022, the Company announced the identification of 12 airborne magnetic targets the Ditau Project with the highest profile targets selected for inclusion in a diamond drill programme which commenced following the period end. The targets included:

 

–  i10 Target (a discrete circular airborne magnetic anomaly with a diameter of 2.2km)

–  i8 Target (a larger ring-like anomaly with a diameter of 4km)

–  i1 Target (that may represent a large, 7km x 18.5km intrusive complex)

 

· Whilst the drilling campaign would primarily target REE mineralisation hosted within interpreted carbonatites or felsic intrusives, the targets could also be related to layered mafic intrusive systems, which are considered by the Company to be prospective for nickel, copper, and platinum group element (“PGE”) mineralisation.

 

Haneti Project

· In January 2022, the Company announced the commencement of the inaugural diamond drill campaign at the Haneti Project targeting nickel-copper-cobalt and PGE magmatic sulphide mineralisation.

 

· By February 2022, the drill campaign had successfully completed a total of 900.04 meters of drilling; intersections of serpentine and gabbroic rocks were identified and following core logging the project moved into the sampling and testing phase.

 

· Assay results from the sampling and testing phase were released after the period end and are outlined below.

 

Australian Project Interests

New Ballarat Gold Corporation (Victoria Goldfields JV)

· The JV with Red Rock Resources plc (LON:RRR) had previously submitted licence applications over c. 2,300km2 of ground within the prolific Victorian goldfields, and during the period saw further licence applications granted. By December 2021, a total of 9 exploration licences were granted covering 1,501km2, several of which cover high priority exploration targets.

 

· Various desktop and field exploration work continued through the period and in December 2021, inaugural diamond drilling commenced targeting gold mineralisation at the O’Loughlin’s and Mt. Bute prospects. 

First Development Resources

· In October 2021, the Company announced that its wholly owned subsidiary First Development Resources Ltd (“FDR UK”), had acquired outright First Development Resources PTY Limited (FDR Australia), an Australian private company holding 4 granted exploration licence interests and one licence application interest in Western Australia. Additionally, a A$165,000 government co-funding drilling support grant was awarded for the Wallal Project held by FDR Australia. 

· FDR UK commenced preparations for a UK listing, and in November 2021, announced FDR Australia had acquired URE Metals PTY Limited, the holder of three exploration licence applications covering 1,574.92km2 prospective for uranium and REE mineralisation within the Northern Territory, Australia. 

· In November 2021, the Company saw the grant of the final Western Australia licence held by FDR Australia, Braeside West, and in February 2022, the grant of all three Selta Project licences in the Northern Territory and the launch of an in-depth review of all geological, geophysical, and geochemical information available over the project.  The results of this review announced in March 2022, confirmed multiple high-priority targets for uranium and REE mineralisation. 

· In February 2022, the Company also announced the results of a comprehensive desktop study over the Paterson region projects, which included several developments from the magnetic bullseye targets located within the Wallal Project. 

Gawler Project

· In October 2021, Power Metal’s 100% owned Australian subsidiary Power Metal Resources Australia Pty Limited, lodged applications covering 1,994Km2 within the Gawler Craton of South Australia, which are specifically targeting gold-copper  mineralisation. 

North American Project Interests 

Silver Peak Project

 · The assay results following a summer 2021 diamond drilling programme at the Silver Peak Project located in British Columbia, Canada, were released in November 2021. The results highlighted bonanza grade silver (>1,000g/t) in 10 of the 19 holes drilled, including a top intercept of 0.76m of 8,692.2g/t Ag (279.5 oz/t).

 

· Furthermore, overlimit assays were completed which returned high-grade copper, antimony, and lead, with the highlight result increasing to 0.76m of 10,131g/t Ag-Equivalent. 

Saskatchewan Uranium Properties 

· Building on the initial staking of exploration properties completed in September 2021, in October the Company announced an expansion of its wholly owned uranium interests to 7 properties covering a combined 241km2, surrounding the prolific Athabasca Basin in Saskatchewan, Canada. The package was further increased to 411.96km2 as announced in November 2021. 

· Also announced in November 2021 was the launch of an inaugural exploration sampling programme covering 3 of the 7 properties, the results from which were announced in December 2021, and confirmed high-grade uranium in rock samples with highlight results up to 3.86% U 3 0 8  (38,600ppm).

· In January 2022, the Company launched an extensive data compilation over all 7 properties to provide data rooms for internal use and factsheets to assist third parties expressing an interest in the properties. 

· In February 2022, the Company announced the results from the Reitenbach Property review, confirming extensive uranium prospectivity and that various commercial options for the Property were under review.  A National Instrument 43-101 technical report for Reitenbach to assist the commercialisation process was commissioned in March 2022, the results of which will be announced in due course. 

Authier North Project 

· A programme of rock and soil sampling launched in September 2021 demonstrated the highest lithium results located in the eastern part of the Authier North Project, within the northeast and south-eastern grids.   In the period, the Company reviewed next-stage exploration plans which may include additional infill soil sampling between the two grids, as well as possible ground-based geophysical surveys over the entire project.

Golden Metal Resources 

· Golden Metal Resources continued to work on preparations for its planned IPO in the period which would see the listing of a Nevada-focused exploration business in London. 

· In December 2021, the Company announced a successful pre-IPO financing for Golden Metal Resources at a pre-money valuation of £3.25million, raising £750,000 (including £75,000 subscribed by Power Metal and £50,000 by Paul Johnson, Power Metal CEO). 

· The Company announced In October 2021 that new copper anomalies had been identified from exploration work over the Garfield Project leading to additional staking of claims to cover the newly defined anomalies. 

· In November 2021, the Company completed the 100% acquisition of the Pilot Mountain Project into Golden Metal Resources plc from AIM-listed Thor Mining PLC (LON:THR). 

· A detailed exploration update covering all four properties (Pilot Mountain, Golconda, Garfield, and Stonewall) was announced in November 2021, and a further commercial & project update was released in February 2022. 

Alamo Project 

· In November 2021 the Company announce the commencement of the test pitting programme at the Alamo Project in Arizona USA the results of which remained outstanding at the half year end and as at the date of this report further technical information has been received which is currently under review (see below). 

OPERATIONAL HIGHLIGHTS AFTER THE HALF YEAR END (APRIL 2022 TO DATE)

African Project Interests

Tati Greenstone Project

· In April 2022, the Company announced drill results from the RC drill programme which commenced in October 2021. The programme successfully identified the targeted geological formations and gold in assays were returned from 7 holes which were targeted within a previously identified Au-in-soil anomaly.  The highlight results included 5.17g/t Au over a 3m intersection from only 9m downhole.

 

· Following these results and a further geological review, the Company secured an additional prospecting license over ground covering the historical Cherished Hope Gold Mine, which added 16.14km2, further increasing the Tati Project footprint to 140km2.

 

Molopo Farms Complex Project

· In May 2022, the Company announced it had signed an initial agreement with the shareholders of Kalahari Key Mineral Exploration Pty Ltd (‘KKME”) to acquire an additional 58.7% of the issued share capital of KKME. The goal is to then restructure the ownership of the Molopo Farms Complex project so that KKME’s 100% interest is restored and to become the operator of the Molopo Farms Complex Project.

 

· Upon completion of the acquisition and further restructuring, the Company will hold 87.71% of the issued share capital of Kalahari Key Mineral Exploration Pty Ltd.

 

Kanye Resources Joint Venture

· In April 2022, the Company announced the commencement of diamond drilling at the Ditau Camp Project. The programme includes up to 2,400m of drilling within 6 holes targeting 3 high-priority exploration areas.

 

· In May 2022, the Company also announced the expansion of the exploration programme to include 16.1 line-km of Audio-Magnetotelluric (“AMT”) geophysics surveys over various target areas.

 

· Drill programme updates have been provided post half year end including second hole DITDD004 which demonstrated highly elevated magnetic susceptibility readings between 293m and 321m (the “Zone of Interest”). The core from the Zone of Interest has been sent for rush assay.

 

Haneti Project

· In May 2022, the Company announced the drill results from the diamond drill programme where all drillholes intersected significant sequences of altered ultramafic and mafic rocks, representing the first ever fresh rock drill core samples extracted from the Haneti Project.

 

· Integration of thin section petrographic analyses with bulk rock geochemical results across multiple intersected lithological units suggest that the PGE potential at Haneti is limited to serpentinite units, and that nickel and copper mineralisation should preferentially be targeted within the intrusive gabbro units.

 

· Whilst the drilling results showed anomalous results for nickel, copper, gold, and PGE’s that are subject to further interpretation, economically significant intersections of these metals were not encountered in the drilling.

 

· Simultaneously, rock sampling results from the Babayu Lithium Prospect highlight significant lithium and tantalum potential with lithium-caesium-tantalum (“LCT”) pegmatite mineralisation outlined over a 600m strike-length. The chip sample results (up to >10,000ppm Li and 2,680ppm tantalum) and strike length combined with the perceived shallow dip of the main pegmatite body highlight the potential for a significant near-surface mineralised body that warrants further assessment and evaluation.

 

· Licence applications have been made in respect of the areas considered prospective for lithium and the JV is currently implementing a lithium consolidation strategy including existing lithium applications and reviewing potential partnerships with local licence holders.

 

Togo Uranium

 

· In June 2022 Power Metal announced an agreement to evaluate, acquire and explore new uranium opportunities in Togo, West Africa.

 

Australian Project Interests

New Ballarat Gold Corporation (Victoria Goldfields JV)

· In the period the JV’s combined footprint within the Victoria Goldfields increased to 1,832km2 from 14 granted exploration licences, including key licence grants in May 2022 – notably EL007330 located northeast of Ballarat, Australia. Significantly, this newly granted licence covers the historical Ajax gold mine which historically produced 312,789oz Au at an average grade of 14.8g/t Au in the 1920s.

 

· In the period, the JV has undertook 860m of diamond drilling programme targeting the O’Loughlin’s and Mt Bute Prospects, located 30km and 20km from the town of Ballarat, Australia, respectively.

 

· Initial assay results from the O’Loughlins Prospect were released on 12 April 2022, demonstrating high-grade gold from O’Loughlins and further results released in June 2022, noted the discovery of intrusion related gold (IRG) mineralisation confirmed at Mt Bute Prospect.

 

First Development Resources

· In April 2022, the CEO of FDR UK undertook a site visit to the FDR Australia projects and conducted meetings with key relationship partners in Western Australia and the Northern Territory.

 

· A Selta project focused update was released in May 2022, confirming enhanced REE prospectivity and an additional REE exploration target area.

 

· In June 2022, FDR UK completed a £1,125,000 pre-IPO fundraise with a £3,000,000 pre-money valuation (Including £75,000 subscription from Power Metal and £50,000 from Power Metal CEO Paul Johnson).

 

· Following a lithium specific review completed in June 2022, FDR UK mobilised a field investigation team to conduct mapping and surface sampling at identified lithium prospective targets.

 

North American Project Interests

Saskatchewan Uranium Properties

 

· The Company has completed an in-depth historical data compilation across its entire Uranium Portfolio surrounding the prolific Athabasca Basin and now possesses a robust fully digitised database covering all historical work programmes completed across each asset.

 

Golden Metal Resources

· Golden Metal Resources continued to progress preparations for its planned London listing, assisted by advisors across all related disciplines.

 

Alamo Project

 

· In June 2022 Power Metal received a further technical report in respect of the Alamo Project work programme which is under review at present.

 

 

FINANCIAL HIGHLIGHTS FOR THE HALF YEAR ENDED 31 MARCH 2022

· Loss for the period, attributable to owners of the parent of £1.69 million (2021: £0.59 million), resulting in loss per share of 0.12 pence (2021: 0.07 pence);

 

· Financing undertaken in November 2021 raising £1.05 million and warrant and option exercises during the period raised £0.59 million for the Company;

 

· Total assets of £9.24 million at the period end (30 September 2021: £6.28 million); and

 

· Net assets of £8.01 million at the period end (30 September 2021: £5.97 million).

 

Alan Green discusses Imperial Brands #IMB, On The Beach #OTB & also discussed Cadence Minerals #KDNC on the Vox Podcast

 

 

Alan Green discusses Imperial Brands #IMB, On The Beach #OTB & also discussed Cadence Minerals #KDNC on the Vox Podcast

Listen to the podcast here

#TM1 Technology Minerals – Update on Cameroon Licences/OEL SPA

Further to the announcement on 23 February 2022, Technology Minerals Plc (LSE: TM1), the first UK company focused on creating a sustainable circular economy for battery metals, announces the following update in respect of the OEL Share Purchase Agreement (“OEL SPA”) as referred to in the Company’s Prospectus.

By way of background, at Admission on 17 November 2021, Technology Minerals acquired all the issued shares of Onshore Energy Limited (“OEL”) from its shareholders (“OEL Vendors”). OEL’s wholly-owned subsidiary, Technology Minerals Cameroon Limited (“TMC”), applied for five exploration permits in Cameroon. As these were not granted prior to Admission, the purchase price and accordingly the issue of New Ordinary Shares to OEL Vendors were reduced by 20% until such time as all five permits are granted, provided that the date of grant was no later than 31 December 2021. Accordingly, the Directors reserved 84,000,000 ordinary shares in the Company to issue to the OEL Vendors providing the permits were granted no later than 31 December 2021. 

 

As announced on 23 February 2022, the Company received copies of all permits concerned and instructed independent Cameroon legal counsel to verify the validity of the permits. Legal counsel has now concluded it was not possible for the five permits to be legally granted to TMC under Cameroonian law and therefore the permits are not valid.  As a result of that advice, the Company will not be issuing the 84,000,000 ordinary shares to the OEL Vendors. The Company is now taking steps so that the permits will be valid under Cameroon law.

 

The Directors of the Company accept responsibility for this announcement.

 

For further information please contact:

 

Technology Minerals Limited

Robin Brundle, Executive Chairman

Alexander Stanbury, Chief Executive Officer

+44 20 7618 9100

Arden Partners Plc

Ruari McGirr, George Morgan

+44 207 614 5900

Luther Pendragon

Harry Chathli, Alexis Gore, John Bick

+44 20 7618 9100

#ECR ECR Minerals – TR-1: Notification of Major Holdings

ECR

TR-1: Standard form for notification of major holdings

 

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i
 
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: ECR Minerals Plc
1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)
Non-UK issuer  
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights X
An acquisition or disposal of financial instruments  
An event changing the breakdown of voting rights  
Other (please specify)iii:  
3. Details of person subject to the notification obligationiv
Name Phil Hall
City and country of registered office (if applicable)  
4. Full name of shareholder(s) (if different from 3.)v
Name Phil Hall
City and country of registered office (if applicable)  
5. Date on which the threshold was crossed or reachedvi: 21.06.2022
6. Date on which issuer notified (DD/MM/YYYY): 22.06.2022
7. Total positions of person(s) subject to the notification obligation
  % of voting rights attached to shares (total of 8. A) % of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B) Total number of voting rights of issuervii
Resulting situation on the date on which threshold was crossed or reached 6.20% N/A 6.20% 1,064,646,551
Position of previous notification (if

applicable)

5.40% N/A 5.40%  

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii
A: Voting rights attached to shares
Class/type of
shares

ISIN code (if possible)

Number of voting rightsix % of voting rights
Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00BYYDKX57 66,000,000   6.20%  
         
         
SUBTOTAL 8. A 66,000,000 6.20%
 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period
xi
Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights
         
         
         
    SUBTOTAL 8. B 1    
 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period
xi
Physical or cash

settlementxii

Number of voting rights % of voting rights
           
           
           
      SUBTOTAL 8.B.2    
 

 

 

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii  
Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)
 
Namexv % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold
Phil Hall 6.20% N/A 6.2%
       
       
       
       
 
10. In case of proxy voting, please identify:
Name of the proxy holder  
The number and % of voting rights held  
The date until which the voting rights will be held  
 
11. Additional informationxvi
 

 

Place of completion United Kingdom
Date of completion 22 June 2022

 

 

Annex: Notification of major holdings (to be filed with the FCA only)
 
A: Identity of the person subject to the notification obligation
Full name (including legal form for legal entities)  
Contact address (registered office for legal entities)  
E-Mail  
Phone number / Fax number  
Other useful information

(at least legal representative for legal persons)

 
   
B: Identity of the notifier, if applicable
Full name  
Contact address  
E-Mail  
Phone number / Fax number  
Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)  
 
C: Additional information
 

 

 

Please send the completed form together with this annex to the FCA at the following email

address: Majorshareholdings@fca.org.uk. Please send in Microsoft Word format if possible.

 

Notes

 

i Please note that national forms may vary due to specific national legislation (Article 3(1a) of Directive 2004/109/EC) as for instance the applicable thresholds or information regarding capital holdings.

 

ii Full name of the legal entity and further specification of the issuer or underlying issuer, provided it is reliable and accurate (e.g. address, LEI, domestic number identity). Indicate in the relevant section whether the issuer is a non UK issuer.

 

iii Other reason for the notification could be voluntary notifications, changes of attribution of the nature of the holding (e.g. expiring of financial instruments) or acting in concert.

 

iv This should be the full name of (a) the shareholder; (b) the natural person or legal entity acquiring, disposing of or exercising voting rights in the cases provided for in DTR5.2.1 (b) to (h)/ Article 10 (b) to (h) of Directive 2004/109/EC; (c) all parties to the agreement referred to in Article 10 (a) of Directive 2004/109/EC (DTR5.2.1 (a)) or (d) the holder of financial instruments referred to in Article 13(1) of Directive 2004/109/EC (DTR5.3.1).

 

As the disclosure of cases of acting in concert may vary due to the specific circumstances (e.g. same or different total positions of the parties, entering or exiting of acting in concert by a single party) the standard form does not provide for a specific method how to notify cases of acting in concert.

 

In relation to the transactions referred to in points (b) to (h) of Article 10 of Directive 2004/109/EC (DTR5.2.1 (b) to (h)), the following list is provided as indication of the persons who should be mentioned:

 

– in the circumstances foreseen in letter (b) of Article 10 of that Directive (DTR5.2.1 (b)), the natural person or legal entity that acquires the voting rights and is entitled to exercise them under the agreement and the natural person or legal entity who is transferring temporarily for consideration the voting rights;

 

– in the circumstances foreseen in letter (c) of Article 10 of that Directive (DTR5.2.1 (c)), the natural person or legal entity holding the collateral, provided the person or entity controls the voting rights and declares its intention of exercising them, and natural person or legal entity lodging the collateral under these conditions;

 

– in the circumstances foreseen in letter (d) of Article 10 of that Directive (DTR5.2.1 (d)), the natural person or legal entity who has a life interest in shares if that person or entity is entitled to exercise the voting rights attached to the shares and the natural person or legal entity who is disposing of the voting rights when the life interest is created;

 

– in the circumstances foreseen in letter (e) of Article 10 of that Directive (DTR5.2.1 (e)), the controlling natural person or legal entity and, provided it has a notification duty at an individual level under Article 9 (DTR 5.1), under letters (a) to (d) of Article 10 of that Directive (DTR5.2.1 (a) to (d)) or under a combination of any of those situations, the controlled undertaking;

 

– in the circumstances foreseen in letter (f) of Article 10 of that Directive (DTR5.2.1 (f)), the deposit taker of the shares, if he can exercise the voting rights attached to the shares deposited with him at his discretion, and the depositor of the shares allowing the deposit taker to exercise the voting rights at his discretion;

 

– in the circumstances foreseen in letter (g) of Article 10 of that Directive (DTR5.2.1 (g)), the natural person or legal entity that controls the voting rights;

 

– in the circumstances foreseen in letter (h) of Article 10 of that Directive (DTR5.2.1 (h)), the proxy holder, if he can exercise the voting rights at his discretion, and the shareholder who has given his proxy to the proxy holder allowing the latter to exercise the voting rights at his discretion (e.g. management companies).

 

v Applicable in the cases provided for in Article 10 (b) to (h) of Directive 2004/109/EC (DTR5.2.1 (b) to (h). This should be the full name of the shareholder who is the counterparty to the natural person or legal entity referred to in Article 10 of that Directive (DTR5.2) unless the percentage of voting rights held by the shareholder is lower than the lowest notifiable threshold for the disclosure of voting rights holdings in accordance with national practices (e.g. identification of funds managed by management companies).

 

vi The date on which threshold is crossed or reached should be the date on which the acquisition or disposal took place or the other reason triggered the notification obligation. For passive crossings, the date when the corporate event took effect.

 

vii The total number of voting rights shall be composed of all the shares, including depository receipts representing shares, to which voting rights are attached even if the exercise thereof is suspended.

 

viii If the holding has fallen below the lowest applicable threshold in accordance with national law, please note that it might not be necessary in accordance with national law to disclose the extent of the holding, only that the new holding is below that threshold.

 

ix In case of combined holdings of shares with voting rights attached “direct holding” and voting rights “indirect holding”, please split the voting rights number and percentage into the direct and indirect columns – if there is no combined holdings, please leave the relevant box blank.

 

x Date of maturity/expiration of the financial instrument i.e. the date when right to acquire shares ends.

 

xi If the financial instrument has such a period – please specify this period – for example once every 3 months starting from [date].

 

xii In case of cash settled instruments the number and percentages of voting rights is to be presented on a delta-adjusted basis (Article 13(1a) of Directive 2004/109/EC) (DTR 5.3.3.A).

 

xiii If the person subject to the notification obligation is either controlled and/or does control another undertaking then the second option applies.

 

xiv The full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity has to be presented also in the cases, in which only on subsidiary level a threshold is crossed or reached and the subsidiary undertaking discloses the notification as only thus the markets get always the full picture of the group holdings. In case of multiple chains through which the voting rights and/or financial instruments are effectively held the chains have to be presented chain by chain leaving a row free between different chains (e.g.: A, B, C, free row, A, B, D, free row, A, E, F etc.).

 

xv The names of controlled undertakings through which the voting rights and/or financial instruments are effectively held have to be presented irrespectively whether the controlled undertakings cross or reach the lowest applicable threshold themselves.

 

xvi Example: Correction of a previous notification.

 

 

#ECR ECR Minerals – BR Business News: Andrew Haythorpe, CEO of ECR Minerals

 

CEO, Andrew Haythorpe, joins Tim Blythe of BlytheRay Business News to discuss ECR’s exciting portfolio of gold assets, the success of the Bailieston project & ECR’s increased holding in Cordillera Tiger Gold Resources.

#SVML Sovereign Metals – Issue of Equity

Sovereign Metals Limited (Sovereign or the Company) (ASX:SVM, AIM:SVML) advises that it has issued  7,444,000 fully paid ordinary shares (Shares) upon the exercise of unlisted options as detailed below.

· Cashless exercise of 6,125,000 unlisted options exercisable at A$0.14 each on or before 30 June 2022 for the issue of 4,410,000 Shares;

· Exercise of 250,000 unlisted options exercisable at A$0.14 each on or before 30 June 2022 for the issue of 250,000 Shares for proceeds of A$35,000;

· Cashless exercise of 1,850,000 unlisted options exercisable at A$0.18 each on or before 30 June 2022 for the issue of 1,184,000 Shares;

· Cashless exercise of 2,500,000 unlisted options exercisable at A$0.18 each on or before 31 July 2022 for the issue of 1,600,000 Shares.

 

An application will be made for the Shares to be admitted to trading on AIM (Admission) and it is expected that Admission will become effective on or around 30 June 2022.

 

Total Voting Rights

 

For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (DTRs), following Admission of the Shares, Sovereign will have 470,725,023 Ordinary Shares in issue with voting rights attached. The figure of 470,725,023 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.

Following the issue of Shares, Sovereign has the following securities on issue:

· 470,725,023 ordinary fully paid ordinary shares;

· 150,000 unlisted options exercisable at A$0.18 each on or before 30 June 2022;

· 11,105,125 unlisted options exercisable at A$0.80 each on or before 13 May 2023;

· 5,120,000 performance rights subject to the “Feasibility Study Milestone” expiring on or before 31 December 2023; and

· 7,320,000 performance rights subject to the “Decision to Mine Milestone” expiring on or before 31 October 2025.

Shares on exercise of unlisted options have issued to Directors of the Company are detailed below. 

 

 

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM

 

RFC Ambrian

 

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

Varun Talwar

 

 

 

Optiva Securities

+44 20 3137 1902

Daniel Ingrams

 

Mariela Jaho

 

Christian Dennis

#TM1 Technology Minerals – Recyclus Receives Battery Testbed System

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce that its 49% owned battery recycling business, Recyclus Group Ltd (“Recyclus”), has received three lithium battery (“LIB”) testbed systems designed to measure a range of different battery chemistries of different sizes at its Wolverhampton site.

 

The LIB testbeds give Recyclus the operational capability to test the effective capacity of battery packs from a range of EV and industrial usages as well as for degradation or damage at the cell level. By charging and discharging batteries to measure capacity and capture stored energy it can also perform a number of other critical performance test criteria. The ability to discharge stored energy unlocks future opportunities to feed energy back into the national grid and for use on-site.

 

This testing capability enables Recyclus to grade batteries and access the reuse market for batteries alongside recycling. The tested battery packs will be sorted into one of three categories: the first are suitable for reuse as they are, the second are defective and need to be recycled, and the third are a split with some cells being retrievable and others not. It creates an opportunity for Recyclus to send suitable batteries back into alternative repurposed applications, depending on their condition and test results.

 

With UK Government estimates suggesting that there could be almost 28 million EVs on the UK’s roads by 2035,1 a substantial number of battery cells are likely to reach end-of-life that are suitable for reuse for different applications, representing a significant market opportunity beyond recycling.

 

Robin Brundle, Chairman of Technology Minerals, said: “This testing capability is another key development for Recyclus designed to create an additional potential new revenue stream by unlocking more of the value-chain in the battery circular economy .

“We are constantly exploring new avenues to expand under our circular economy strategy, and this represents a significant milestone for us in developing our capability for recycling and reuse of batteries, and our ability to harness otherwise wasted energy. Implementing these systems into our process will help to maximise the lifespan of batteries and minimise energy waste.”

Jonathan Regan, Senior Battery Engineer of Recyclus, said: “Developing this function will allow us to work with manufacturers to increase the amount of carbon offset from the batteries’ production by extending their working life through repurposing into alternative applications , supporting the transition to net-zero, and supporting future and current legislative targets.”

Enquiries

Technology Minerals Plc

Robin Brundle, Executive Chairman

Alexander Stanbury, Chief Executive Officer

+44 20 7618 9100

Arden Partners Plc

Ruari McGirr, George Morgan

+44 207 614 5900

Luther Pendragon

Harry Chathli, Alexis Gore, John Bick

+44 20 7618 9100

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