UK Investor Magazine Podcast- CEO Alan Green discusses easyJet, Cadence Minerals, and UK stocks relative performance
UK Investor Magazine Podcast- CEO Alan Green discusses easyJet, Cadence Minerals, and UK stocks relative performance
Alan Green discusses a selection of UK stocks and key market themes.
- easyJet (LON:EZJ)
- Cadence Minerals (LON:KDNC)
- hVIVO (LON:HVO)
Alan Green compares the UK’s FTSE 100 and FTSE 250 and the factors that could see the FTSE 250 outperform in 2023. He also makes comparisons to US indices S&P 500 and NASDAQ.
Cadence Minerals has completed the sale of their stake in the Yangibana Rare Earths project to Hastings. Cadence Minerals will receive 2.45 million shares of Hastings in return..
Alan Green discuses the latest updates at hVIVO.
Cadence Minerals #KDNC – Completion of Sale of Yangibana Joint Venture Interest to Hastings Technology Metals
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that it has completed the sale of its working interests in the Yangibana Rare Earths project (“Yangibana Project”) tenements to Hastings Technology Metals (ASX: HAS) (“Hastings”).
Highlights:
- Cadence has received AS$9 million of new ordinary shares in ASX-listed Hastings for its 30% stake in various tenements of the Yangibana Rare Earth Project
- Cadence has received some 2.45 million shares of Hastings, roughly 1.9% of the issued share capital of Hastings
- Hastings is constructing the world’s next producer of neodymium and praseodymium concentrate, with maiden production forecast to start in 2024
- NPV of project AS$ 1 billion, Hastings current market capitalisation AS$472 million (24/01/2023)
Further transaction details are available in Company’s RNS dated 23 June 2022 here. Cadence has sold its 30% working interest in the Yangibana Project tenements to the operator and owner of the remainder of the Yangibana Project, Hastings, for A$9 million (£5.1 million), which has been satisfied via the issue of 2,452,650 new ordinary shares in Hastings to Cadence. These shares represent approximately 1.9% of the current issued share capital of Hastings Technology and are subject to a 12-month voluntary escrow. As of 31 December 2021, the total carrying values of the tenements in the Company’s balance sheet was approximately £905,000. Based on the transaction announced, the initial profits on the sale of our interest is approximately £4.2 million.
About Hastings
Hastings is a well-managed Perth-based rare earths company primed to become the world’s next producer of neodymium and praseodymium concentrate (NdPr). NdPr are vital components used to manufacture permanent magnets used daily in advanced technology products ranging from electric vehicles to wind turbines, robotics, medical applications and digital devices.
Hastings’ flagship Yangibana project, in the Gascoyne region of Western Australia, contains a highly valued NdPr deposit with NdPr: TREO ratio of up to 52%. The site is permitted for long-life production and with offtake contracts signed and debt finance in an advanced stage. Construction has commenced, and Hastings is planning to start commissioning the beneficiation plant in late 2023, with the delivery of maiden production to key customers in 2024.
In February of last year, Hastings published a revised NPV calculation, which increased the NPV by 84% to AS$ 1 billion. Hastings also owns and operates the Brockman project, Australia’s largest heavy rare earths deposit, near Halls Creek in the Kimberley. For further information on the Company and its projects, visit www.hastingstechmetals.com
| For further information contact:
|
|
| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
|
WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
| James Joyce | |
| Darshan Patel |
– Ends –
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.
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.
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (“MAR”). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
#TM1 Technology Minerals PLC – Seven New Licences Secured at Leinster, Ireland
New prospecting licences expand the Company’s footprint to 760km2 at the Leinster lithium property in South East Ireland
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce the addition of seven new prospecting licences to its ground holding on its Leinster Lithium Property, Republic of Ireland. This addition brings the Company’s licence position to 23 licences covering a total of 760km2 of highly prospective geology with verified occurrences of spodumene-bearing lithium pegmatites. Initial reconnaissance at two localities on the new licences have already yielded two clusters of spodumene pegmatite float material with grades of up to 1.73% Li2O.
Highlights:
· Seven new licences awarded to the Company’s 100% wholly owned subsidiary LRH Resources Limited.
· The seven licences totalling 235km2 increase the overall ground holding to 760km2.
· Two localities on the new licences reported historic spodumene-bearing lithium pegmatite occurrences (Irish Base Metals Report 1977).
· A total of ten float samples were collected at two localities on Prospecting Licence Area (“PLA”) 3895 and PLA 3896.
· Four samples on PLA 3895 yielded analyses of between 1.54 – 1.79 % Li2O.
· Four samples on PLA 3896 yielded analyses of between 0.58 – 1.63 % Li2O.
· The Company believes that the new licences lie on a parallel but less well-defined structural trend to the East Carlow Deformation Zone which itself has been shown to provide the locus for spodumene pegmatite emplacement.
· The presence of structure is a key component to the anatectic genetic model for pegmatite development and emplacement in South East Ireland.
· Follow up exploration will commence to further enhance understanding of the spatial distribution of the boulder trains discovered so far, as well as the rest of the licences.
New Licences
The seven licences, which were awarded to the Company’s wholly owned subsidiary LRH Resources Limited (“LRH”) on 1 December 2022, are 100% owned. The other 16 licences which form the rest of the Company’s Leinster Property exploration block, are operated under an exclusive Option and Earn-in agreement with Global Battery Metals Ltd (“GBML”), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ).
The seven new licences form a contiguous block with the Company’s previously issued PLA 1597 and extends the ground holding both to the NE and SW of the Knockeen and Carriglead spodumene-bearing boulder trains which were reported on that licence. Together this block of eight licences form the Company’s South Leinster Block (Figure 1 & 2).
|
Project |
Licence No. |
County |
Commencement |
Initial Duration |
Area |
|
SW Leinster |
1541 |
Wexford |
01/12/2022 |
6-years |
36.61 |
|
SW Leinster |
1542 |
Wexford |
01/12/2022 |
6-years |
20.39 |
|
SW Leinster |
3213 |
Kilkenny |
01/12/2022 |
6-years |
43.42 |
|
SW Leinster |
3214 |
Kilkenny |
01/12/2022 |
6-years |
43.33 |
|
SW Leinster |
3895 |
Wexford |
01/12/2022 |
6-years |
23.74 |
|
SW Leinster |
3896 |
Wexford |
01/12/2022 |
6-years |
34.49 |
|
SW Leinster |
4054 |
Wexford |
01/12/2022 |
6-years |
33.09 |
|
Total |
235.07 |
Table 1: List of seven new licences issued December 2022
Geology and Preliminary Reconnaissance Sampling
The new licences are located along an interpreted NE-SW structural corridor which parallels both the SE margin of the Leinster Granite Batholiths as well as the associated East Carlow Deformation Zone (ECDZ) structural corridor. The ECDZ has provided a structural locus for a series of spodumene pegmatite occurrences which have been identified over 110km of extent between Dublin (and the Company’s Northern Block), and the Company’s Knockeen and Carriglead prospects on PLA 1597 to the south. The second structural corridor is interpreted to trend parallel and to the south of the ECDZ as it passes through the Company’s new licences.
Evidence for spodumene pegmatites relating to two historical boulder trains were reported in archive reports and maps at the Geological Survey of Ireland and date back to 1977. A brief reconnaissance visit to the two areas by the Company’s geologists on PLAs 3895 and 3896 have confirmed the presence of numerous boulders of spodumene pegmatite. Ten samples were collected for analysis during this initial reconnaissance visit.
The results of the sampling are presented below in Table 2 with the four samples on PLA 3895 returning assay values of between 1.54 – 1.79 % Li2O with four further samples on PL 3896 reporting between 0.58 – 1.63 % Li2O. Two further samples AES61135 and AES61136 comprising of altered lithologies associated with the pegmatites were also analysed (Table 2). The spatial distribution of the sampling across the two areas are presented in Figures 1-3 below. Ongoing geological mapping, and sampling by the Company will further define this zone and determine the full pegmatite prospectivity.
|
Project |
Sample Type |
Sample No |
Licence |
Li ppm |
Li2O% |
|
LRHR Leinster Project |
Float |
AES61127 |
3895 |
7260 |
1.56 |
|
LRHR Leinster Project |
Float |
AES61128 |
3895 |
7140 |
1.54 |
|
LRHR Leinster Project |
Float |
AES61129 |
3895 |
7990 |
1.72 |
|
LRHR Leinster Project |
Float |
AES61130 |
3895 |
8300 |
1.79 |
|
LRHR Leinster Project |
Float |
AES61131 |
3896 |
2700 |
0.58 |
|
LRHR Leinster Project |
Float |
AES61132 |
3896 |
5600 |
1.21 |
|
LRHR Leinster Project |
Float |
AES61133 |
3896 |
7570 |
1.63 |
|
LRHR Leinster Project |
Float |
AES61134 |
3896 |
4490 |
0.97 |
|
LRHR Leinster Project |
Float |
AES61135 |
3896 |
119 |
0.03 |
|
LRHR Leinster Project |
Float |
AES61136 |
3896 |
102 |
0.02 |
Table 2: Results from reconnaissance prospecting * Li2O % = Li % x 2.153
Figure 1: Location of the company properties showing the Northern Block (15 licences)
and the Southern Block (eight licences)
Figure 2: Location of eight licences (seven new) comprising the Southern Block
Figure 3: Reconnaissance Sampling PLAs 3895 and 3896
Photo 1: Spodumene pegmatite samples from PLA 3895: AES61127 (1.56% Li2O) and AES61129 (1.72% Li2O) and PLA 3896: AES61132 (1.21% Li2O)
Alex Stanbury, CEO of Technology Minerals, said: “We are pleased to add seven new prospecting licences to our Leinster Project, increasing our strategic foothold at the Leinster lithium property in South East Ireland by over 40 percent to 760km2. We consider these to be exciting additions to our portfolio and look forward to commencing further exploration to enhance our understanding of the project’s potential. Given the supply squeeze taking place for lithium globally, finding new sources of primary supply will be critical to help power the move to a carbon neutral economy.”
Competent Person
All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to TM and to LRH), and a “qualified person” within the meaning of National Instrument 43-101. Vaughan Williams is also company secretary of LRH and a Director of the LRH Spanish subsidiary Asturmet Recursos S.L.
Enquiries
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Technology Minerals Plc |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 20 4582 3500 |
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Oberon Investments Limited |
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Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
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Arden Partners Plc |
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Tim Dainton, Louisa Waddell |
+44 207 614 5900 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, William Dobinson |
+44 20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Appendix 1: Analytical Results
|
Sample_ID |
Programme |
Li_ppm |
Li2O% |
Prospect |
|
AES63003 |
Follow Up Sampling Dec 2022 |
17,410 |
3.75 |
Knockeen |
|
AES63033 |
Follow Up Sampling Dec 2022 |
16,860 |
3.63 |
Knockeen |
|
AES63519 |
Follow Up Sampling Dec 2022 |
13,160 |
2.83 |
Knockeen |
|
AES63015 |
Follow Up Sampling Dec 2022 |
13,050 |
2.81 |
Knockeen |
|
AES63029 |
Follow Up Sampling Dec 2022 |
12,920 |
2.78 |
Knockeen |
|
AES63042 |
Follow Up Sampling Dec 2022 |
12,580 |
2.71 |
Knockeen |
|
AES63014 |
Follow Up Sampling Dec 2022 |
12,200 |
2.63 |
Knockeen |
|
AES63021 |
Follow Up Sampling Dec 2022 |
12,040 |
2.59 |
Knockeen |
|
AES63018 |
Follow Up Sampling Dec 2022 |
11,980 |
2.58 |
Knockeen |
|
AES63011 |
Follow Up Sampling Dec 2022 |
11,820 |
2.54 |
Knockeen |
|
AES63023 |
Follow Up Sampling Dec 2022 |
11,620 |
2.50 |
Knockeen |
|
AES63028 |
Follow Up Sampling Dec 2022 |
11,580 |
2.49 |
Knockeen |
|
AES63041 |
Follow Up Sampling Dec 2022 |
11,570 |
2.49 |
Knockeen |
|
AES63037 |
Follow Up Sampling Dec 2022 |
11,510 |
2.48 |
Knockeen |
|
AES63016 |
Follow Up Sampling Dec 2022 |
11,460 |
2.47 |
Knockeen |
|
AES63044 |
Follow Up Sampling Dec 2022 |
11,340 |
2.44 |
Knockeen |
|
AES63012 |
Follow Up Sampling Dec 2022 |
11,180 |
2.41 |
Knockeen |
|
AES63008 |
Follow Up Sampling Dec 2022 |
9,920 |
2.14 |
Knockeen |
|
AES63048 |
Follow Up Sampling Dec 2022 |
9,520 |
2.05 |
Knockeen |
|
AES63043 |
Follow Up Sampling Dec 2022 |
9,360 |
2.02 |
Knockeen |
|
AES63027 |
Follow Up Sampling Dec 2022 |
8,820 |
1.90 |
Knockeen |
|
AES63046 |
Follow Up Sampling Dec 2022 |
8,790 |
1.89 |
Knockeen |
|
AES63516 |
Follow Up Sampling Dec 2022 |
8,370 |
1.80 |
Knockeen |
|
AES63036 |
Follow Up Sampling Dec 2022 |
8,300 |
1.79 |
Knockeen |
|
AES63007 |
Follow Up Sampling Dec 2022 |
8,090 |
1.74 |
Knockeen |
|
AES63026 |
Follow Up Sampling Dec 2022 |
8,030 |
1.73 |
Knockeen |
|
AES63010 |
Follow Up Sampling Dec 2022 |
7,890 |
1.70 |
Knockeen |
|
AES63517 |
Follow Up Sampling Dec 2022 |
7,910 |
1.70 |
Knockeen |
|
AES63512 |
Follow Up Sampling Dec 2022 |
7,840 |
1.69 |
Knockeen |
|
AES63017 |
Follow Up Sampling Dec 2022 |
7,550 |
1.63 |
Knockeen |
|
AES63520 |
Follow Up Sampling Dec 2022 |
7,370 |
1.59 |
Knockeen |
|
AES63049 |
Follow Up Sampling Dec 2022 |
7,100 |
1.53 |
Knockeen |
|
AES63515 |
Follow Up Sampling Dec 2022 |
7,040 |
1.52 |
Knockeen |
|
AES63024 |
Follow Up Sampling Dec 2022 |
6,190 |
1.33 |
Knockeen |
|
AES63031 |
Follow Up Sampling Dec 2022 |
6,140 |
1.32 |
Knockeen |
|
AES63013 |
Follow Up Sampling Dec 2022 |
5,720 |
1.23 |
Knockeen |
|
AES63019 |
Follow Up Sampling Dec 2022 |
5,420 |
1.17 |
Knockeen |
|
AES63030 |
Follow Up Sampling Dec 2022 |
5,300 |
1.14 |
Knockeen |
|
AES63034 |
Follow Up Sampling Dec 2022 |
4,960 |
1.07 |
Knockeen |
|
AES63039 |
Follow Up Sampling Dec 2022 |
4,790 |
1.03 |
Knockeen |
|
AES63022 |
Follow Up Sampling Dec 2022 |
4,710 |
1.01 |
Knockeen |
|
AES63514 |
Follow Up Sampling Dec 2022 |
4,300 |
0.93 |
Knockeen |
|
AES63045 |
Follow Up Sampling Dec 2022 |
4,290 |
0.92 |
Knockeen |
|
AES63025 |
Follow Up Sampling Dec 2022 |
3,940 |
0.85 |
Knockeen |
|
AES63032 |
Follow Up Sampling Dec 2022 |
3,550 |
0.76 |
Knockeen |
|
AES63035 |
Follow Up Sampling Dec 2022 |
2,680 |
0.58 |
Knockeen |
|
AES63009 |
Follow Up Sampling Dec 2022 |
1,920 |
0.41 |
Knockeen |
|
AES63047 |
Follow Up Sampling Dec 2022 |
1,480 |
0.32 |
Knockeen |
|
AES63038 |
Follow Up Sampling Dec 2022 |
450 |
0.10 |
Knockeen |
|
AES63001 |
Follow Up Sampling Dec 2022 |
120 |
0.03 |
Knockeen |
|
AES63002 |
Follow Up Sampling Dec 2022 |
120 |
0.03 |
Knockeen |
|
AES63004 |
Follow Up Sampling Dec 2022 |
120 |
0.03 |
Knockeen |
|
AES63005 |
Follow Up Sampling Dec 2022 |
130 |
0.03 |
Knockeen |
|
AES63513 |
Follow Up Sampling Dec 2022 |
100 |
0.02 |
Knockeen |
|
AES63518 |
Follow Up Sampling Dec 2022 |
80 |
0.02 |
Knockeen |
|
AES63006 |
Follow Up Sampling Dec 2022 |
60 |
0.01 |
Knockeen |
Table 4: Results from follow up prospecting at Knockeen (December 2022)
* Li2O % = Li ppm % (x 2.153)
|
Sample_ID |
Programme |
Li_ppm |
Li2O% |
Prospect |
|
AES63504 |
Follow Up Sampling Dec 2022 |
9,720 |
2.09 |
Carriglead |
|
AES63503 |
Follow Up Sampling Dec 2022 |
8,890 |
1.91 |
Carriglead |
|
AES63509 |
Follow Up Sampling Dec 2022 |
7,870 |
1.69 |
Carriglead |
|
AES63501 |
Follow Up Sampling Dec 2022 |
7,460 |
1.61 |
Carriglead |
|
AES63507 |
Follow Up Sampling Dec 2022 |
5,620 |
1.21 |
Carriglead |
|
AES63505 |
Follow Up Sampling Dec 2022 |
5,120 |
1.10 |
Carriglead |
|
AES63508 |
Follow Up Sampling Dec 2022 |
3,280 |
0.71 |
Carriglead |
|
AES63511 |
Follow Up Sampling Dec 2022 |
500 |
0.11 |
Carriglead |
|
AES63506 |
Follow Up Sampling Dec 2022 |
330 |
0.07 |
Carriglead |
|
AES63502 |
Follow Up Sampling Dec 2022 |
290 |
0.06 |
Carriglead |
Table 5: Results from follow up prospecting at Carriglead (December 2022)
* Li2O % = Li ppm % (x 2.153)
#HVO hVIVO – Trading update
Orderbook growth and improved operational delivery lays strong foundations for future growth
· Record revenue, up 30% year-on-year to £50.6 million
· EBITDA margins of no less than 17%, significantly ahead of guidance
· Cash of £28.4 million as at 31 December 2022
· Strong contracted orderbook of £76m, up 65% year-on-year
· Board intention to declare shareholder distribution on publication of full audited accounts
· Over 95% of 2023 revenue guidance contracted and visibility into 2024
hVIVO plc (AIM & Euronext: HVO) (formerly Open Orphan plc), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces a trading update for the period ended 31 December 2022.
Significant double-digit revenue growth
The Group expects to report record full year revenues of £50.6 million (2021: £39 million), a 30% increase year-on-year. The significant growth in revenue provides further validation of the long-term sustainable growth in the human challenge trial market, for which hVIVO is the world leader.
EBITDA margins and cash ahead of expectations
The Group expects to report EBITDA margins of not less than 17% (2021: 7.4%), significantly ahead of previous guidance of 13-15%. The increase in EBITDA is driven by strong trading in H2 2022 and operational efficiencies leveraged on the concurrent conduct of multiple challenge trials. In addition, recognition of postponement and cancellation fees for an aggregate of over £1 million had a one-time positive impact on EBITDA. The advanced fees from orderbook growth and efficient operational delivery has resulted in a cash position of £28.4 million as at 31 December 2022 (2021: £15.7 million).
Capital distribution
The Board intends to make a shareholder distribution in respect of the financial performance achieved in FY22, details of which will be announced alongside publication of the Group’s audited results for FY22. The distribution reflects the Group’s exceptional cash generation in the year, in addition to its robust balance sheet.
Further contracted orderbook growth enhances revenue visibility
In 2022, the trend of larger contracts with biopharma clients continued, increasing the size of the Group’s orderbook to £76 million as at 31 December 2022, up 65% year-on-year (2021: £46 million), and over sixfold since 2020 (2020: £12 million).
There has been increased demand for hVIVO’s unique full-service human challenge offering (with three contracts signed in 2022) which also involves the manufacture of bespoke challenge agents to test products against specific infectious disease variants, including subvariants that are circulating in the population. There has also been an increase in average challenge trial contract value driven by client demand for larger volunteer cohorts as the biopharma market increasingly recognises the value of human challenge data to accelerate drug development timelines and de-risk later stage clinical trial programmes.
Current year outlook
The Group has entered 2023 well capitalised, debt free, and with record visibility into the current financial year. hVIVO is firmly placed to build on the growth in the human challenge trial market and further strengthen its position as the world leader in the field. The growing orderbook from new and existing Big Pharma and biotech clients provides excellent forward visibility with over 95% of forecasted revenue for 2023 contracted, and further revenue visibility into 2024. The Board is confident that the Group will continue to leverage its competitive position amidst favourable market dynamics and maintain its strong operational execution, orderbook revenue conversion and focus on profit generation into 2023 and beyond.
Yamin ‘Mo’ Khan, Chief Executive Officer of hVIVO, said: “The record numbers we have been able to announce today is the result of the hard work by everyone at hVIVO over the last 12 months. The goal for hVIVO has always been to establish a long-term sustainable growth model. We now have excellent profitable momentum, with full year 2022 EBITDA margin and cash significantly ahead of market expectations, while revenue shows substantial year-on-year growth. These results signify our successes of 2022 and also lay the foundations for FY23 and beyond. The record contracted orderbook not only covers over 95% of the FY23 revenue targets but also gives us visibility well into 2024.
“With the increasing prevalence and severity of infectious and respiratory diseases, there is a vital need for new vaccines and antivirals; as the human challenge partner of choice to the global biopharma industry, hVIVO is well placed to continue to help accelerate the development of these important new medicines.”
Investor presentation
Yamin ‘Mo’ Khan, Chief Executive Officer, and Stephen Pinkerton, Chief Financial Officer, will provide a live presentation via the Investor Meet Company platform on 25 January 2023 at 18:00 BST.
The presentation is open to all existing and potential shareholders. Investors can sign up to Investor Meet Company for free and add to meet hVIVO here.
#TEK Tekcapital plc – Conversion of outstanding loan amount in MicroSalt
Tekcapital Plc
(“Tekcapital” or the “Group”)
Portfolio Company Update: MicroSalt, Ltd. (“MicroSalt”)
Tekcapital converts outstanding loan amount in MicroSalt Inc.
Tekcapital Plc (AIM: TEK), (OTCQB: TEKCF) the UK intellectual property investment group focused on creating valuable products that can improve people’s lives, is pleased to announce that it has converted its outstanding convertible loan note of c.US$1.35m in MicroSalt’s U.S. operating subsidiary, MicroSalt Inc. at a value of US$2.18 per share. This values MicroSalt at US$ 20.0m.
Following this transaction, Tekcapital owns 97% of the share capital of MicroSalt Ltd. and 6,034,683 shares (78%) of MicroSalt Inc., its U.S. subsidiary.
About MicroSalt
MicroSalt, is the developer and manufacturer of a proprietary low-sodium salt called MicroSalt®. We are passionate about improving peoples’ lives with better-for-you seasonings and snacks by taking the lead in the industry by providing the best low-sodium salt solution, based on the mechanical transformation of the salt particle itself. This solution is the only one that delivers real salt flavour because it is salt. Our new patented technology produces salt crystals that are approximately one hundred times smaller than typical table salt, delivering a powerful saltiness as the micro-grains dissolve in the mouth, with approximately 50% less sodium consumption. Additionally, the ultra-small particle size enhances product adhesion, which reduces waste and provides improved flavor consistency. MicroSalt® and SaltMe® are registered trademarks of MicroSalt Inc.
To learn more about MicroSalt please visit https://www.microsaltinc.com/
To learn more about SaltMe! snacks please visit https://saltme.com/
First Class Metals #FCM – Exercise of Warrants and Issue of Equity
Exercise of Warrants and Issue of Equity
First Class Metals PLC (LSE:FCM) announces that it has received a notice to exercise warrants over a total of 125,000 Ordinary Shares (the “Warrant Shares”), for which funds of GBP15625.00 have been received by the Company.
Application will be made to the Financial Conduct Authority (“FCA”) for admission of the Ordinary Shares to the standard listing segment of the Official List and to trading on the London Stock Exchange’s Main Market for listed securities, with admission and dealings in the new shares expected to take place from 8.00am on 27th January 2023.
Following Admission, the Company’s issued share capital will consist of 70,094,589 Ordinary Shares with voting rights. This figure of 70,094,589 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they require to notify their interest in, or a change to their interest in, the share capital of the Company under the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Further Information:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
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Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
|
Jonathan Brown |
0207 3742212 |
|
|
Jason Robertson |
0207 3742212 |
ECR Minerals #ECR – Drilling Progress Report for the Blue Moon Prospect at Bailieston, Victoria
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce an update on the drilling progress at the Blue Moon Prospect, Victoria. This announcement contains the results for holes BBMDD005 to BBMDD008, which has tested the western extension to Blue Moon, identified in a previous drilling campaign completed in 2019 (see RNS dated 1st May 2019 here).
Drilling of associated holes BBMDD010 and BBMDD011 is currently underway in the same area (focusing on ECR’s best RC drilling intercept to date was completed in the 2019 campaign); and while drilling has been completed for associated drill hole BBMDD009, the sampling work is currently still underway.
ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat. The projects are operated by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
ECR CEO Andrew Haythorpe commented: “Despite some logistical problems faced by the drill team in completing the three remaining diamond drill holes (BBMDD009 to BBMDD011), I am pleased that results from the holes for the west strike extension are now in. While we intercepted the dyke rock and proved up mineralisation, which is encouraging, the Board are particularly keen to see the results and grades from holes BBMDD010 and BBMDD011, when drilling is completed. This drilling follows up the Company’s best RC drill intercept at Blue Moon to date. The results from this additional drilling should provide us with a complete in-detail overview for Blue Moon and complete the campaign there for this season.
The results from this final stage of drilling are expected to be received within the next few months and we look forward to updating shareholders at that time. In terms of next steps, our efforts will now be redirected to developing our assets on the ground at Creswick, Lolworth and Hurricane, along with an initial field visit to our Tambo license.”
HIGHLIGHTS
- Results from the remaining four diamond drillholes designed to test for continuity of mineralisation to the west of previous drilling now received.
- Best results include 0.5m @ 4.09 g/t Au from 155.2m and 0.25m @ 3.57 g/t Au from 161.3m (BBMDD006) and 0.5m @ 3.78 g/t Au from 210.8m and 0.3m @ 4.17 g/t Au from 215.3m in (BBMDD008).
Figure 1. Overview of diamond drilling completed to date, Blue Moon.
https://www.ecrminerals.com/images/2023/Fig1_230119_BBM.png
OPERATIONAL UPDATE
The Board announced its intention to test the westerly extent of the Blue Moon body following the successful drill intercepts from 2019’s RC Drilling program. A total of 1000m of diamond drilling was initially planned over 4 holes, and was subsequently expanded to 7 holes (see RNS dated 14th September 2022 here), and this drilling was completed just prior to Christmas, with results now received. An overview of drill intercepts from the campaign is shown in Figure 1 above.
Drilling throughout December 2022 took longer than anticipated with some maintenance required to the Company’s drill rig ‘Midas’, sustained wet weather and a pause in operations over the Christmas period (December 22nd to 9thJanuary 2023). Drilling of holes BBMDD006 and BBMDD007 struck broken (faulted) ground that also slowed the daily drill metres. Despite this, the team intercepted the Blue Moon dyke rock in all 4 drill holes. Gold mineralisation can be demonstrated to extend further to the west however given the low grades from these holes the Board have taken the view that a final decision regarding further drilling and exploration at Blue Moon will be made on receipt of the final results for holes BBMDD009, BBMDD010 and BBMDD011.
NEXT STEPS TO COMPLETE BLUE MOON CAMPAIGN FOR THIS SEASON
An additional campaign of three drill holes is now underway in the Blue Moon area. This includes drilling of holes BBMDD010 and BBMDD011 which is focused on the same area where ECR’s best RC drilling intercept to date was completed in 2019, and the Board expects that these results will determine the extent of the strike and width in this part of the Blue Moon prospect. The reason these holes were not completed first was largely due to logistics: the drill campaign took place on active farmland that requires timely drilling and Victoria has experienced one of the wettest winters on record which hampered initial drilling efforts during September and November. Associated hole BBMDD009 has also now been drilled underneath this zone, with sampling currently being completed and further updates will be provided in due course as appropriate.
Table 1. Drill intercepts containing reportable levels of gold > 0.11 g/t Au, holes BBMDD005-BBMDD008. Best grade intercepts highlighted in bold.
| Hole ID | From | To | Length | Sample No | Au g/t | *Gram x mts |
| BBMDD005 | 118.5 | 119.3 | 0.8 | HX4086 | 0.21 | 0.17 |
| BBMDD005 | 122.8 | 123.8 | 1 | HX4091 | 0.19 | 0.19 |
| BBMDD006 | 142.9 | 143.9 | 1 | HX4124 | 0.12 | 0.12 |
| BBMDD006 | 144.85 | 145.6 | 0.75 | HX4126 | 0.22 | 0.17 |
| BBMDD006 | 145.6 | 146.3 | 0.7 | HX4127 | 0.2 | 0.14 |
| BBMDD006 | 153 | 154 | 1 | HX4135 | 0.2 | 0.20 |
| BBMDD006 | 155.2 | 155.7 | 0.5 | HX4139 | 4.09 | 2.05 |
| BBMDD006 | 155.7 | 156.7 | 1 | HX4140 | 0.73 | 0.73 |
| BBMDD006 | 160.7 | 161.3 | 0.6 | HX4145 | 0.54 | 0.32 |
| BBMDD006 | 161.3 | 161.55 | 0.25 | HX4146 | 3.57 | 0.89 |
| BBMDD007 | 154.4 | 155.1 | 0.7 | HX4166 | 0.6 | 0.42 |
| BBMDD007 | 155.3 | 156 | 0.7 | HX4167 | 0.22 | 0.15 |
| BBMDD007 | 156 | 157 | 1 | HX4169 | 0.11 | 0.11 |
| BBMDD007 | 157 | 157.6 | 0.6 | HX4170 | 1.8 | 1.08 |
| BBMDD007 | 157.6 | 158.2 | 0.6 | HX4171 | 0.25 | 0.15 |
| BBMDD007 | 158.2 | 158.6 | 0.4 | HX4172 | 2.03 | 0.81 |
| BBMDD007 | 158.6 | 159.4 | 0.8 | HX4173 | 0.11 | 0.09 |
| BBMDD007 | 159.4 | 160.5 | 1.1 | HX4174 | 0.34 | 0.37 |
| BBMDD007 | 160.5 | 161.5 | 1 | HX4175 | 0.26 | 0.26 |
| BBMDD007 | 163.4 | 164 | 0.6 | HX4178 | 1.1 | 0.66 |
| BBMDD007 | 164 | 165 | 1 | HX4179 | 0.37 | 0.37 |
| BBMDD008 | 210.8 | 211.3 | 0.5 | HX4217 | 3.78 | 1.89 |
| BBMDD008 | 212.85 | 213.25 | 0.4 | HX4222 | 0.79 | 0.32 |
| BBMDD008 | 213.25 | 213.5 | 0.25 | HX4223 | 0.18 | 0.05 |
| BBMDD008 | 213.5 | 213.8 | 0.3 | HX4224 | 0.33 | 0.10 |
| BBMDD008 | 213.8 | 214.8 | 1 | HX4225 | 0.34 | 0.34 |
| BBMDD008 | 214.8 | 215.3 | 0.5 | HX4226 | 0.35 | 0.18 |
| BBMDD008 | 215.3 | 215.6 | 0.3 | HX4227 | 4.17 | 1.25 |
*Gram metres represents the contained Au metal within the reported length, calculated as interval (m) multiplied by grade (g/t Au)
MARKET ABUSE REGULATIONS (EU) No. 596/2014
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 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration 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) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
||||
| Brand Communications | Tel: +44 (0) 7976 431608 | |||
| Public & Investor Relations | ||||
| Alan Green
|
||||
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). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
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 Queensland, Australia.
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), Mercator Gold Australia Pty Limited 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 holds a 70% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina
#BRES Blencowe Resources PLC – Appointment of Leading Engineering Firm to DFS
Highlights
· Blencowe continues to progress the Orom-Cross project with appointment of a notable engineering firm to manage the Definitive Feasibility Study (“DFS”).
· Appointment of CPC Engineering (“CPC”) of Perth to lead and develop the DFS for Orom-Cross.
· CPC have extensive experience in African graphite projects and Blencowe will leverage this knowledge to refine the delivery of the Orom-Cross DFS.
Blencowe Resources Plc (“Blencowe Resources” or the “Company”) (LSE: BRES) is pleased to announce it has engaged leading engineering firm CPC Engineering to lead, deliver and sign off on the DFS for the Orom-Cross Graphite Project.
CPC has extensive experience in other leading graphite projects in East Africa, having completed the DFS for the Maniry Graphite Project (Black Earth Minerals, ASX: BEM) in Madagascar, as well as both the Mahenge (Black Rock Mining Ltd, ASX: BKT) and Chilalo Graphite (Evolution Energy Minerals, ASX: EV1) Projects in Tanzania and the scoping study for the Ancuabe Graphite Project (Triton Minerals, ASX: TON) in Mozambique. CPC also completed the detailed engineering, procurement, construction support and commissioning services for the Syrah Resources (ASX: SYR) Balama Graphite Project in Mozambique.
Blencowe is pleased to have partnered with a firm with extensive experience in both graphite and flotation circuits. CPC will work with the Company and various other Ugandan service providers in the delivery of the DFS for Orom-Cross Graphite in 2023.
The CPC works will include:
· Optimisation of the process plant design, incorporating results of the various testwork programs from SGS, IMO and the pilot plant works (Jilin/China) along with CPC’s expertise in design and construction of graphite process plants.
· Provide updated and optimised CAPEX and OPEX for project cost and schedule certainty;
· Provide updated project costs and schedule for the Project non-processing Infrastructure.
· Sign off on full DFS once completed to provide the third party approval from a recognised leading technical firm as required to ensure project funding support.
Cameron Pearce, Executive Chairman commented;
“We are pleased to add another high-quality partner to the Orom-Cross Project. CPC has a very impressive track record within the graphite market and we are now able to leverage off their skills, experience and relationships to ensure we deliver a first class DFS.“
He continued “The graphite market continues to shift in our favour and we expect the supply-demand imbalance to widen further, as demand for graphite accelerates, given its material role within lithium-ion batteries. Orom-Cross has continued to exceed our expectations and we remain focused on delivering a world class project. CPC are recognised as one of the top tier engineering firms within the graphite sector and their sign off on the DFS will not only help optimise the Project, but also provide the credibility required for project funding and market support.”
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
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First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 jasonrobertson@firstequitylimited.com
|
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
About CPC Engineering
CPC Engineering is a privately owned, Perth-based engineering company with 50 years’ experience providing reliable and practical engineering solutions to the resources industry, both nationally and internationally. CPC employs over 350 personnel and specialises in engineering design, construction and maintenance.
CPC Project Design is located at CPC Engineering head office in West Perth and is a multidiscipline engineering design, procurement, construction and project management team which has developed a reputation for delivering practical and cost-effective services to the resource industry.
CPC has extensive resource engineering experience with clients that include Syrah Resources, BlackEarth Minerals, Black Rock Mining, Albemarle, First Quantum, AngloGold Ashanti, Tronox Limited OceanaGold, Newmont, Barrick Gold and Sandfire Resources.
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.
A 21-year Mining Licence for the Project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe completed a successful Pre-Feasibility Study in 2022. The Company has now moved into the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content, with only a small percentage of the overall deposit drilled to date. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.
ECR Minerals #ECR – Soil Geochemistry Results from License EL006184
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce updated results from soil sampling and other on-going exploration activities within licence EL006184 at Creswick, Victoria, Australia.
ECR Minerals plc has 100% ownership of the Creswick Project which includes exploration tenements EL006907, EL006713 and EL006184. All licences reside north to north-east of the City of Ballarat, Victoria, Australia. The Company is exploring a number of parallel-gold mineralisation trends that are believed to extend 10km NE from the Nerrina Goldfields at Ballarat.
ECR CEO Andrew Haythorpe commented: “The ECR board is now of the opinion that the geochem results from the Davey Road prospect provides ample evidence that Creswick is host to an extended gold system, and that our decision to plan a drilling campaign and complete permit applications is fully justified. This view is further supported by the samples and anecdotal evidence of drill specks in road gutters from the Blue Gum South prospect in our ‘on the ground’ follow up to the 2021 diamond drill campaign.”
As we start to ramp up our activities ahead of the 2023 drilling campaign, I very much look forward to reporting back to you with our full Creswick drill plan, and on our activities across our other assets”
HIGHLIGHTS
- Final results from soil sampling at the newly identified Creswick Davey Road ‘CDY’ prospect have just been received.
- Results up to 1.59 ppm Au obtained at the Blue Gum South ‘BGS’ prospect.
Figures related to this announcement can be viewed here;
Figure 1: Location map
https://www.ecrminerals.com/images/2023/fig1_Overview_Map_230120.png
Figure 2: Update gold anomaly map for Davey Road Prospect (CDY)
https://www.ecrminerals.com/images/2023/fig2_Davey_Rd_update_230120.png
Figure 3: Gold anomalies identified at Blue Gum South (BGS)
https://www.ecrminerals.com/images/2023/fig3_BGS_230120.png
UPDATED SOIL RESULTS AT DAVEY ROAD
Further results have been received from soil sampling at the recently announced Davey Road Prospect ‘CDY’ (see RNS from December 22 2022 here). Plotting of all the results strongly suggests that gold mineralisation originates from the North end of a line of historical gold workings, with another strong gold anomaly also present at the southern end of the historic workings. The Board believes these two anomalies represent the outcrop of two possible gold shoots.
GOLD ANOMALISM AT BLUE GUM SOUTH PROSPECT
Soil sampling has also been completed over a small grid area 200 metres to the north of some of the best drill intercepts from 2021’s diamond drilling (see Figure 3 above), where hole CSD003 returned 0.95m @ 9.93 g/t Au from 84.2m and 0.95m @ 23.58 g/t Au from 89.05m down hole. This grid lies within the Dimocks Main Shale trend., and the Company has named this prospect Blue Gum South ‘BGS’ after the access tracks to the area. Gold ‘specks’ can also be obtained from the road gutters within the grid. A small anomalous area of gold has been identified on the east side of the grid area with a maximum result of 1.59 ppm Au. Abundant quartz veining is visible across the hillside immediately above the anomalous area. Rock chips of the exposed part of the vein within the track have shown no gold result to date.
| PROSPECT | EASTING | NORTHING | AU (ppm) |
| BGS | 759330 | 5853924 | 1.59 |
| BGS | 759339 | 5853924 | 0.066 |
| CDY | 759861 | 5853807 | 0.037 |
| CDY | 759877 | 5853374 | 0.032 |
| CDY | 759841 | 5853392 | 0.031 |
| CDY | 759852 | 5853806 | 0.028 |
| CDY | 759876 | 5853499 | 0.02 |
| CDY | 759850 | 5853815 | 0.019 |
| BGS | 759383 | 5853889 | 0.015 |
| CDY | 759882 | 5853478 | 0.012 |
| CDY | 759879 | 5853392 | 0.009 |
| BGS | 759325 | 5853917 | 0.009 |
| CDY | 759884 | 5853365 | 0.008 |
| BGS | 759349 | 5853924 | 0.008 |
| CDY | 759845 | 5853657 | 0.007 |
CDY (Creswick Davey Road Prospect), BGS (Blue Gum South Prospect)
*Co-ordinates in GDA94 Zone 54
**A complete set of results are set out in the Appendix at the end of this announcement.
NEXT STEPS
The soil exploration methodology utilised on EL006184 has proved effective in identifying blind outcrops of gold mineralisation. The anomalies identified to date will provide the foundations for a drilling program this year. Permits are being currently drafted for submission to the regional government.
Additionally, the field team have been actively sampling and mapping insitu quartz veins from exposed features accessible within historic adits, pits and trenches within EL006184 and the newly granted tenement EL006713 adjoining to the south. Added to this, the Company is also targeting other potential prospects along the strike of the Dimocks Main Shale trend. The aim of this work is to evaluate veining widths where possible and to provide some guidance in regard to possible gold grades from historical workings. This work will also form a key part of the drill programme planning process. Further details of the planning process will be released in due course. .
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration 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) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
||||
| Brand Communications | Tel: +44 (0) 7976 431608 | |||
| Public & Investor Relations | ||||
| Alan Green
|
||||
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). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
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 Queensland, Australia.
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), Mercator Gold Australia Pty Limited 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 holds a 70% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.
**APPENDIX 1: All reportable soil sampling results, CDY and BGS sampling grids
| Prospect | SampleID | Co-ordinate | Easting | Northing | Au_ppb |
| CDY | CDY068 | GDA94_Z54 | 759844.6 | 5853657 | 7 |
| CDY | CDY069 | GDA94_Z54 | 759854.1 | 5853656 | 5 |
| CDY | CDY070 | GDA94_Z54 | 759864 | 5853656 | 3 |
| CDY | CDY071 | GDA94_Z54 | 759873.2 | 5853654 | 2 |
| CDY | CDY072 | GDA94_Z54 | 759885.2 | 5853656 | 3 |
| CDY | CDY073 | GDA94_Z54 | 759845.2 | 5853667 | 2 |
| CDY | CDY074 | GDA94_Z54 | 759855.6 | 5853665 | 1 |
| CDY | CDY075 | GDA94_Z54 | 759863.6 | 5853664 | 1 |
| CDY | CDY076 | GDA94_Z54 | 759873.7 | 5853666 | 1 |
| CDY | CDY077 | GDA94_Z54 | 759884.2 | 5853664 | 5 |
| CDY | CDY078 | GDA94_Z54 | 759843.7 | 5853675 | 3 |
| CDY | CDY079 | GDA94_Z54 | 759854.8 | 5853676 | 1 |
| CDY | CDY080 | GDA94_Z54 | 759864.8 | 5853676 | 3 |
| CDY | CDY081 | GDA94_Z54 | 759874.2 | 5853676 | 2 |
| CDY | CDY082 | GDA94_Z54 | 759883.3 | 5853675 | 1 |
| CDY | CDY083 | GDA94_Z54 | 759842.9 | 5853686 | 1 |
| CDY | CDY084 | GDA94_Z54 | 759853 | 5853686 | 2 |
| CDY | CDY085 | GDA94_Z54 | 759864.7 | 5853686 | 2 |
| CDY | CDY086 | GDA94_Z54 | 759874.2 | 5853686 | 3 |
| CDY | CDY087 | GDA94_Z54 | 759883.9 | 5853684 | 1 |
| CDY | CDY088 | GDA94_Z54 | 759845.2 | 5853696 | 1 |
| CDY | CDY089 | GDA94_Z54 | 759853.6 | 5853695 | 2 |
| CDY | CDY090 | GDA94_Z54 | 759864.3 | 5853696 | 4 |
| CDY | CDY091 | GDA94_Z54 | 759873.3 | 5853695 | 1 |
| CDY | CDY092 | GDA94_Z54 | 759884.1 | 5853696 | 1 |
| CDY | CDY093 | GDA94_Z54 | 759843.8 | 5853705 | 1 |
| CDY | CDY094 | GDA94_Z54 | 759853.1 | 5853706 | 1 |
| CDY | CDY095 | GDA94_Z54 | 759862.6 | 5853706 | 1 |
| CDY | CDY096 | GDA94_Z54 | 759872.8 | 5853705 | 1 |
| CDY | CDY097 | GDA94_Z54 | 759884.3 | 5853704 | 1 |
| CDY | CDY098 | GDA94_Z54 | 759844.7 | 5853716 | 1 |
| CDY | CDY099 | GDA94_Z54 | 759853.9 | 5853717 | 1 |
| CDY | CDY100 | GDA94_Z54 | 759862.9 | 5853716 | 1 |
| CDY | CDY101 | GDA94_Z54 | 759874.5 | 5853716 | 3 |
| CDY | CDY102 | GDA94_Z54 | 759883.5 | 5853717 | 1 |
| CDY | CDY103 | GDA94_Z54 | 759843.3 | 5853725 | 1 |
| CDY | CDY104 | GDA94_Z54 | 759853.5 | 5853726 | 1 |
| CDY | CDY105 | GDA94_Z54 | 759863.1 | 5853726 | 1 |
| CDY | CDY106 | GDA94_Z54 | 759873 | 5853726 | 1 |
| CDY | CDY107 | GDA94_Z54 | 759882.4 | 5853727 | 3 |
| CDY | CDY108 | GDA94_Z54 | 759842.8 | 5853736 | 1 |
| CDY | CDY109 | GDA94_Z54 | 759853 | 5853736 | 1 |
| CDY | CDY110 | GDA94_Z54 | 759862.1 | 5853736 | 5 |
| CDY | CDY111 | GDA94_Z54 | 759873.2 | 5853736 | 1 |
| CDY | CDY112 | GDA94_Z54 | 759882.3 | 5853735 | 1 |
| CDY | CDY113 | GDA94_Z54 | 759842.8 | 5853746 | 1 |
| CDY | CDY114 | GDA94_Z54 | 759852.2 | 5853746 | 1 |
| CDY | CDY115 | GDA94_Z54 | 759862.5 | 5853746 | 1 |
| CDY | CDY116 | GDA94_Z54 | 759872.1 | 5853746 | 2 |
| CDY | CDY117 | GDA94_Z54 | 759883.1 | 5853744 | 1 |
| CDY | CDY118 | GDA94_Z54 | 759842.7 | 5853756 | 1 |
| CDY | CDY119 | GDA94_Z54 | 759853.3 | 5853757 | 1 |
| CDY | CDY120 | GDA94_Z54 | 759861.9 | 5853756 | 2 |
| CDY | CDY121 | GDA94_Z54 | 759871.7 | 5853755 | 4 |
| CDY | CDY122 | GDA94_Z54 | 759880.5 | 5853754 | 1 |
| CDY | CDY123 | GDA94_Z54 | 759841.6 | 5853765 | 6 |
| CDY | CDY124 | GDA94_Z54 | 759851.9 | 5853767 | 1 |
| CDY | CDY125 | GDA94_Z54 | 759861.7 | 5853767 | 3 |
| CDY | CDY126 | GDA94_Z54 | 759874 | 5853765 | 6 |
| CDY | CDY127 | GDA94_Z54 | 759881 | 5853766 | 1 |
| CDY | CDY128 | GDA94_Z54 | 759842.1 | 5853775 | 1 |
| CDY | CDY129 | GDA94_Z54 | 759852.4 | 5853777 | 2 |
| CDY | CDY130 | GDA94_Z54 | 759861.9 | 5853775 | 4 |
| CDY | CDY131 | GDA94_Z54 | 759872 | 5853775 | 2 |
| CDY | CDY132 | GDA94_Z54 | 759881.6 | 5853776 | 1 |
| CDY | CDY133 | GDA94_Z54 | 759842.6 | 5853786 | 2 |
| CDY | CDY134 | GDA94_Z54 | 759853.3 | 5853786 | 5 |
| CDY | CDY135 | GDA94_Z54 | 759860.9 | 5853787 | 5 |
| CDY | CDY136 | GDA94_Z54 | 759871.4 | 5853784 | 3 |
| CDY | CDY137 | GDA94_Z54 | 759882.6 | 5853786 | 1 |
| CDY | CDY138 | GDA94_Z54 | 759842.6 | 5853795 | 1 |
| CDY | CDY139 | GDA94_Z54 | 759851.4 | 5853795 | 6 |
| CDY | CDY140 | GDA94_Z54 | 759861.1 | 5853796 | 5 |
| CDY | CDY141 | GDA94_Z54 | 759871.9 | 5853796 | 2 |
| CDY | CDY142 | GDA94_Z54 | 759881.8 | 5853796 | 1 |
| CDY | CDY143 | GDA94_Z54 | 759841.1 | 5853806 | 4 |
| CDY | CDY144 | GDA94_Z54 | 759852.3 | 5853806 | 28 |
| CDY | CDY145 | GDA94_Z54 | 759861.4 | 5853807 | 37 |
| CDY | CDY146 | GDA94_Z54 | 759871.4 | 5853804 | 1 |
| CDY | CDY147 | GDA94_Z54 | 759883.5 | 5853806 | 1 |
| CDY | CDY148 | GDA94_Z54 | 759840.3 | 5853816 | 3 |
| CDY | CDY149 | GDA94_Z54 | 759850.1 | 5853815 | 19 |
| CDY | CDY150 | GDA94_Z54 | 759862.4 | 5853816 | 4 |
| CDY | CDY151 | GDA94_Z54 | 759870.8 | 5853817 | 1 |
| CDY | CDY152 | GDA94_Z54 | 759880.4 | 5853814 | 1 |
| CDY | CDY402 | GDA94_Z54 | 759871.1 | 5853409 | 4 |
| CDY | CDY403 | GDA94_Z54 | 759883.6 | 5853408 | 6 |
| CDY | CDY404 | GDA94_Z54 | 759893.2 | 5853409 | 3 |
| CDY | CDY405 | GDA94_Z54 | 759900.3 | 5853407 | 1 |
| CDY | CDY406 | GDA94_Z54 | 759907.7 | 5853405 | 1 |
| CDY | CDY407 | GDA94_Z54 | 759853.9 | 5853417 | 2 |
| CDY | CDY408 | GDA94_Z54 | 759863.9 | 5853417 | 4 |
| CDY | CDY409 | GDA94_Z54 | 759872.7 | 5853416 | 2 |
| CDY | CDY410 | GDA94_Z54 | 759883.2 | 5853416 | 7 |
| CDY | CDY411 | GDA94_Z54 | 759851.4 | 5853447 | 1 |
| CDY | CDY412 | GDA94_Z54 | 759904.7 | 5853451 | 1 |
| CDY | CDY413 | GDA94_Z54 | 759884.3 | 5853365 | 8 |
| CDY | CDY414 | GDA94_Z54 | 759852.1 | 5853476 | 3 |
| CDY | CDY415 | GDA94_Z54 | 759863 | 5853476 | 7 |
| CDY | CDY416 | GDA94_Z54 | 759871.7 | 5853479 | 3 |
| CDY | CDY417 | GDA94_Z54 | 759881.7 | 5853478 | 12 |
| CDY | CDY418 | GDA94_Z54 | 759891.7 | 5853477 | 2 |
| CDY | CDY419 | GDA94_Z54 | 759901.3 | 5853478 | 4 |
| CDY | CDY420 | GDA94_Z54 | 759910.5 | 5853477 | 1 |
| CDY | CDY421 | GDA94_Z54 | 759877.3 | 5853374 | 32 |
| CDY | CDY422 | GDA94_Z54 | 759850.6 | 5853378 | 2 |
| CDY | CDY423 | GDA94_Z54 | 759834.6 | 5853384 | 1 |
| CDY | CDY424 | GDA94_Z54 | 759823.7 | 5853381 | 1 |
| CDY | CDY425 | GDA94_Z54 | 759816.3 | 5853382 | 1 |
| CDY | CDY426 | GDA94_Z54 | 759902.4 | 5853390 | 1 |
| CDY | CDY427 | GDA94_Z54 | 759891.9 | 5853392 | 4 |
| CDY | CDY428 | GDA94_Z54 | 759878.6 | 5853392 | 9 |
| CDY | CDY429 | GDA94_Z54 | 759873.9 | 5853392 | 3 |
| CDY | CDY430 | GDA94_Z54 | 759861.6 | 5853392 | 1 |
| CDY | CDY431 | GDA94_Z54 | 759851.7 | 5853392 | 3 |
| CDY | CDY432 | GDA94_Z54 | 759841.5 | 5853392 | 31 |
| CDY | CDY433 | GDA94_Z54 | 759824.4 | 5853394 | 1 |
| CDY | CDY434 | GDA94_Z54 | 759868.2 | 5853500 | 1 |
| CDY | CDY435 | GDA94_Z54 | 759876 | 5853499 | 20 |
| CDY | CDY436 | GDA94_Z54 | 759887.1 | 5853497 | 2 |
| CDY | CDY437 | GDA94_Z54 | 759895.4 | 5853496 | 1 |
| CDY | CDY438 | GDA94_Z54 | 759903.7 | 5853497 | 1 |
| CDY | CDY439 | GDA94_Z54 | 759911.5 | 5853496 | 1 |
| CDY | CDY440 | GDA94_Z54 | 759919.2 | 5853499 | 1 |
| BGS | BGS1478 | GDA94_Z54 | 759272.4 | 5853872 | 3 |
| BGS | BGS1479 | GDA94_Z54 | 759282.3 | 5853873 | 1 |
| BGS | BGS1480 | GDA94_Z54 | 759291.9 | 5853875 | 1 |
| BGS | BGS1481 | GDA94_Z54 | 759299.7 | 5853875 | 1 |
| BGS | BGS1482 | GDA94_Z54 | 759312.2 | 5853879 | 1 |
| BGS | BGS1483 | GDA94_Z54 | 759321.8 | 5853877 | 1 |
| BGS | BGS1484 | GDA94_Z54 | 759333.5 | 5853878 | 1 |
| BGS | BGS1485 | GDA94_Z54 | 759345.4 | 5853876 | 1 |
| BGS | BGS1486 | GDA94_Z54 | 759350.9 | 5853879 | 1 |
| BGS | BGS1487 | GDA94_Z54 | 759362.2 | 5853876 | 1 |
| BGS | BGS1488 | GDA94_Z54 | 759372 | 5853878 | 1 |
| BGS | BGS1489 | GDA94_Z54 | 759381.1 | 5853877 | 1 |
| BGS | BGS1490 | GDA94_Z54 | 759270.4 | 5853881 | 1 |
| BGS | BGS1491 | GDA94_Z54 | 759282.1 | 5853884 | 1 |
| BGS | BGS1492 | GDA94_Z54 | 759291.7 | 5853886 | 1 |
| BGS | BGS1493 | GDA94_Z54 | 759302.9 | 5853884 | 1 |
| BGS | BGS1494 | GDA94_Z54 | 759312.3 | 5853885 | 1 |
| BGS | BGS1495 | GDA94_Z54 | 759321.4 | 5853886 | 1 |
| BGS | BGS1496 | GDA94_Z54 | 759331.6 | 5853887 | 1 |
| BGS | BGS1497 | GDA94_Z54 | 759341.3 | 5853887 | 1 |
| BGS | BGS1498 | GDA94_Z54 | 759351.1 | 5853888 | 1 |
| BGS | BGS1499 | GDA94_Z54 | 759360.5 | 5853886 | 1 |
| BGS | BGS1500 | GDA94_Z54 | 759373 | 5853889 | 1 |
| BGS | BGS1501 | GDA94_Z54 | 759383.2 | 5853889 | 15 |
| BGS | BGS1502 | GDA94_Z54 | 759269.8 | 5853892 | 1 |
| BGS | BGS1503 | GDA94_Z54 | 759280.8 | 5853895 | 1 |
| BGS | BGS1504 | GDA94_Z54 | 759289.8 | 5853895 | 1 |
| BGS | BGS1505 | GDA94_Z54 | 759298.5 | 5853894 | 1 |
| BGS | BGS1506 | GDA94_Z54 | 759310.2 | 5853894 | 1 |
| BGS | BGS1507 | GDA94_Z54 | 759321.6 | 5853895 | 4 |
| BGS | BGS1508 | GDA94_Z54 | 759333.4 | 5853897 | 2 |
| BGS | BGS1509 | GDA94_Z54 | 759340.9 | 5853896 | 1 |
| BGS | BGS1510 | GDA94_Z54 | 759349.8 | 5853896 | 1 |
| BGS | BGS1511 | GDA94_Z54 | 759361.3 | 5853895 | 1 |
| BGS | BGS1512 | GDA94_Z54 | 759370.1 | 5853895 | 1 |
| BGS | BGS1513 | GDA94_Z54 | 759381.9 | 5853896 | 1 |
| BGS | BGS1514 | GDA94_Z54 | 759270.7 | 5853902 | 1 |
| BGS | BGS1515 | GDA94_Z54 | 759280.6 | 5853903 | 1 |
| BGS | BGS1516 | GDA94_Z54 | 759289.2 | 5853906 | 1 |
| BGS | BGS1517 | GDA94_Z54 | 759297.7 | 5853905 | 5 |
| BGS | BGS1518 | GDA94_Z54 | 759310.7 | 5853906 | 1 |
| BGS | BGS1519 | GDA94_Z54 | 759316.1 | 5853905 | 1 |
| BGS | BGS1520 | GDA94_Z54 | 759330.3 | 5853904 | 2 |
| BGS | BGS1521 | GDA94_Z54 | 759341.4 | 5853905 | 1 |
| BGS | BGS1522 | GDA94_Z54 | 759350.7 | 5853905 | 1 |
| BGS | BGS1523 | GDA94_Z54 | 759360.5 | 5853904 | 1 |
| BGS | BGS1524 | GDA94_Z54 | 759369.6 | 5853906 | 1 |
| BGS | BGS1525 | GDA94_Z54 | 759378.1 | 5853904 | 1 |
| BGS | BGS1526 | GDA94_Z54 | 759269.6 | 5853911 | 1 |
| BGS | BGS1527 | GDA94_Z54 | 759278.4 | 5853911 | 1 |
| BGS | BGS1528 | GDA94_Z54 | 759288.5 | 5853913 | 2 |
| BGS | BGS1529 | GDA94_Z54 | 759298.2 | 5853913 | 1 |
| BGS | BGS1530 | GDA94_Z54 | 759309.4 | 5853912 | 1 |
| BGS | BGS1531 | GDA94_Z54 | 759324.7 | 5853917 | 9 |
| BGS | BGS1532 | GDA94_Z54 | 759329.7 | 5853914 | 1 |
| BGS | BGS1533 | GDA94_Z54 | 759338.4 | 5853914 | 1 |
| BGS | BGS1534 | GDA94_Z54 | 759348.3 | 5853913 | 1 |
| BGS | BGS1535 | GDA94_Z54 | 759354.6 | 5853913 | 1 |
| BGS | BGS1536 | GDA94_Z54 | 759277.2 | 5853927 | 1 |
| BGS | BGS1537 | GDA94_Z54 | 759294.7 | 5853926 | 4 |
| BGS | BGS1538 | GDA94_Z54 | 759307.9 | 5853929 | 1 |
| BGS | BGS1539 | GDA94_Z54 | 759319.2 | 5853923 | 1 |
| BGS | BGS1540 | GDA94_Z54 | 759330.2 | 5853924 | 1590 |
| BGS | BGS1541 | GDA94_Z54 | 759338.6 | 5853924 | 66 |
| BGS | BGS1542 | GDA94_Z54 | 759349.4 | 5853924 | 8 |
| BGS | BGS1544 | GDA94_Z54 | 759268.3 | 5853931 | 2 |
| BGS | BGS1545 | GDA94_Z54 | 759279 | 5853942 | 1 |
| BGS | BGS1546 | GDA94_Z54 | 759294.8 | 5853941 | 1 |
| BGS | BGS1547 | GDA94_Z54 | 759304.5 | 5853939 | 1 |
| BGS | BGS1548 | GDA94_Z54 | 759315.8 | 5853933 | 1 |
| BGS | BGS1549 | GDA94_Z54 | 759324.1 | 5853937 | 1 |
| BGS | BGS1550 | GDA94_Z54 | 759335.3 | 5853934 | 1 |
| BGS | BGS1551 | GDA94_Z54 | 759347.6 | 5853933 | 1 |
| BGS | BGSA1535 | GDA94_Z54 | 759268.9 | 5853920 | 1 |
Quoted Micro 23 January 2023
AQUIS STOCK EXCHANGE
Oberon Investments Group (OBE) is acquiring 63% of Logic Investments Ltd, which provides back office services to investment managers. Logic has funds under management and administration of more than £275m and Oberon Investments will merge its own back office operations with Logic. A placing raised £1.75m at 3.5p a share. Chairman Alex Hambro subscribed for 1.14 million of the shares, taking his stake to 1.64 million shares. The cash will be used to accelerate growth.
GP IT systems supplier DXS International (LON: DXSP) reported a 2% improvement in interim revenues to £1.65m, while the loss was £131,000 due to higher depreciation and operating costs. There was £399,000 in the bank at the end of October 2022. Management options can be exercised if annual turnover reaches £5m in the next three years. Hybridan forecasts revenues 2022-23 revenues of £3.61m with a pre-tax profit of £86,000.
Cooks Coffee Company (COOK) says UK sales were 41% higher in 2022, while sales in Ireland were 91% ahead. The focus is generating better returns from existing café sites, although there will be some new openings.
Healthy snacks supplier S-Ventures (SVEN) says full year revenues were £8.7m, but the inability to obtain ingredients hampered sales income. The operating loss is £2.6m. The revenues were one-fifth down on initial expectations for the year to September 2022. Supply problems have eased, and price rises have helped to offset higher costs.
Marula Mining (MARU) has appointed Geofields Tanzania to commence copper exploration at the Kinusi copper project, where Marula Mining owns a 49% interest, and £80,000 has been raised from a warrant exercise. Initial exploration results should be published in the second quarter of 2023.
Hydrogen Future Industries (HFI) is investing in hydrogen production facilities developer Tower Green. It has spent £100,000 in cash and shares on a 20% stake and has the right to invest a further £50,000 for another 10% stake. Tower has an agreement with Element 2 to supply hydrogen fuel to fleet operators. Hydrogen Future Industries has developed wind-based hydrogen production systems.
Tap Global (TAP) continues to rise following the previous week’s completion of its reversal into Quetzal Capital last week. There was £3.1m raised at 4.5p at the same time, even though the market price had not been that high since May last year. Chief executive David Carr acquired 190,000 shares at 4.1p each and finance director Anthony Quirke bought 135,135 shares at 4.4p each.
Newbury Racecourse (NYR) lost money on the Great Christmas Carnival and the company is likely to make a small profit in 2022. The other parts of the business traded in line with expectations.
Quantum Exponential (QBIT) had £2.48m in cash out of net assets of £4.85m at the end of October 2022. There was a cash outflow of £313,000 in the previous six months.
Guanajuato Silver Company Ltd (GSVR) has restarted processing at the Cata mill at the Valenciana mine. The initial processing rate is around 8,000 tonnes/month.
Invinity Energy Systems (IES) says that its VFB technology has passed phase 1 requirements for UK government’s LODES competition, and it is submitting the application for phase 2. The competition offers £11m of funding to the winner.
AQRU (AQRU) says that Accru Finance is raising the threshold for minimum account deposits on its app to $250,000. This will reduce assets on the app, but hardly affect revenues. There will also be further cost cutting.
Rogue Baron (SHNJ) sold 930 cases of Shinju whisky in the fourth quarter of 2022. Revenues were $120,000.
Gunsynd (GUN) has raised £194,000 from partial disposals of stakes in three companies. Gunsynd has invested £150,000 in Strategic Minerals Europe, the holding company of Aberdeen Minerals, which is exploring for nickel-copper-cobalt deposits in north east Scotland. Shares were acquired at 2.5p each and Gunsynd has a 2.7% stake.
Hydro Hotel Eastbourne (HYDP) is paying a dividend of 23p a share, up from 21p a share last year.
AIM
Pawnbroker Ramsdens Holdings (RFX) did much better than expected in the year to September 2022. Group revenues increased by 62% to £66.1m, while pre-tax profit jumped from £564,000 to £8.27m. Net cash is £8.84m. The total dividend is 9p a share. Earnings forecasts for 2022-23 were upgraded by 5% following a 6% upgrade in October.
Regional legal firm consolidator Knights Group Holdings (KGH) reported a 19% increase in interim revenues to £71.2m and underlying pre-tax profit was also 19% ahead at £9m. This was achieved in a flat market. Net debt was £35.6m at the end of October 2022. The interim dividend is 153p a share.
China-based Hainan Mining is funding the Bougouni lithium project that is wholly owned by Kodal Minerals (KOD). A $100m investment will be made into a joint venture providing Hainan Mining with a 51% stake. The work on the construction of the mine will be overseen by Kodal Minerals. Hainan Mining is also subscribing $17.75m for a 14.8% stake in Kodal Minerals and that money will be spent on other projects.
Mirriad Advertising (MIRI) is launching a strategic review and potentially putting itself up for sale. The board of the programmatic advertising business believes that Mirriad Advertising is undervalued even though it continues to make heavy losses. Revenues were £1.51m in 2022 and there was £11.3m in cash, which should last until the third quarter of 2023. The strategic review will consider how the business should be funded from then on. In-content advertising is set to grow significantly, but Mirriad Advertising has to have the funding to take advantage.
Legal services provider Gateley (GTLY) generated organic growth of 10% and improved profit by 12% in the first half. In the six months to October 2022, group revenues were 22% ahead at £76.1m, helped by contributions from the new patent activities, while pre-tax profit improved from £8.5m to £9.6m. The dividend has been raised by 10% to 3.3p a share.
Musical instruments retailer Gear4Music (G4M) grew revenues by 5% in the third quarter despite strikes and weak consumer spending. UK sales were flat, and the growth was in Europe. Gross margins declined. A full year pre-tax profit of £1.1m, down from £5m, is forecast.
Inland Homes (INL) chief executive Donagh O’Sullivan has resigned after little more than one month in the job.
Panther Securities (PNS) is paying a special interim dividend of 10p a share. The property investor says that it expects net assets to increase by £19m in 2022, mainly due to the removal of two derivatives liabilities relating to interest rates on debt. Loan-to-value is less than 40%. Debt refinancing discussions will begin later this year.
Online women’s fashion retailer In The Style (ITS) was hit in December by price cutting by rivals and difficulties in delivering orders. Revenues in the quarter to December 2022 fell by 22%. Full year revenues are expected to be £46m, which is not much more than the £44.7m generated in the year before flotation. The EBITDA outcome is likely to be a loss of between £4.25m and £4.75m. There was £3.2m in cash at the end of 2022. On 8 December, In The Style launched a strategic review and that continues.
Rockfire Resources (ROCK) has entered into a joint venture with Sunshine Gold for the Plateau gold deposit in Queensland. Sunshine Gold will fund all exploration for three years. Rockfire Resources will focus on the Molaoi zinc deposit in Greece.
Circle Property (CRC) intends to return at least £30m to shareholders by March 2023. Three-fifths of the portfolio has been sold in 14 months. At 220p, the shares are trading on a discount to NAV of around 18%.
Upgrades for Equals Group (EQLS) continue to push the share price higher. The forecasts had already been upgraded in December and earnings per share have been increased by a further 4% to 4.8p, up from 2.8p in 2021. There was £15m in the bank at the end of 2022.
Crimson Tide (TIDE) revenues were better than expected and that reduced the forecast loss. The mobile as a service technology developer is still on course to breakeven next year. Annualised recurring revenues are £5.8m, which is more than generated in 2022. The US provides additional potential.
Shanta Gold (SHG) produced 65,209 ounces of gold at an all-in sustaining cost of $1,270 at the New Luika gold mine in Tasmania, which is just below guidance. Capital investment means that it could produce 66,000-72,000 ounces of gold at an all-in costs of $1,200-$1,300/ounce.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) as 2022 revenues and profit are at the upper end of guidance. Strong cash flow reduced borrowings with net debt one-third lower than expected at £24m. The finance director is leaving and being replaced with non-exec Will Hoy.
Medica Group (MGP) revenues and profit for 2022 should be in line with expectations. Improved radiologist capacity helped revenues improve from £61.9m to £77m, while pre-tax profit is set to improve from £7.4m to £13m. Acquisition opportunities are being evaluated.
Andrew Hore
