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Alan Green covers First Class Metals #FCM & Audioboom #BOOM on this week’s Stockbox Research Talks

Alan Green covers First Class Metals #FCM & Audioboom #BOOM on this week’s Stockbox Research Talks

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.

Table 1. Top 15 anomalous Soil Samples at Davey Road and Blue Gum South Prospect.
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:

info@ecrminerals.com

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

 

Alan Green covers Premier African Minerals #PREM & Avacta #AVCT on this week’s Stockbox Research Talks

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Alan Green covers Marula Mining #MARU & Cadence Minerals #KDNC on this week’s Stockbox Research Talks

Alan Green & Mark Fairbairn discuss stock picks for 2023, incl #PREM, #GCAT, #MARU, #FCM, #TEK, #GRX, #ECR, #POW & #TMOR on this week’s Stockbox Research Talks

Alan Green & Mark Fairbairn discuss stock picks for 2023, incl #PREM, #GCAT, #MARU, #FCM, #TEK, #GRX, #ECR, #POW & #TMOR on this week’s Stockbox Research Talks

ECR Minerals #ECR – New Parallel Gold System Identified at Creswick, Victoria

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce updated soil sampling results from the on-going geochemistry exploration on EL006184 at Creswick, Victoria, Australia. These results highlight a potential new parallel gold system within the Dimocks Main Shale (DMS).

ECR Minerals plc has 100% ownership of the Creswick Project within licence areas EL006184 and EL006907, which resides 14km north-east of the City of Ballarat, Victoria, Australia. License EL006907 also links Creswick to the Ballarat East-Nerrina Goldfield. The Company is exploring a number of parallel-gold mineralisation trends that are believed to extend 10km south towards Ballarat.

ECR CEO Andrew Haythorpe commented: “With so much investor interest focussed on Creswick, it is gratifying to see the project move into a new and exciting phase of development. My visit to Creswick with Adam Jones earlier this year and the subsequent success from the re assay of the drill core confirmed to me that our asset has considerable potential to host gold at several locations.”

“Today’s soil geochem results and the subsequent new gold system identified confirm beyond doubt that Creswick is host to a gold system that warrants an extended and detailed exploration campaign”.

“We will continue to employ LIDAR Geochem across our Creswick tenements as we draw up a list of drill targets in 2023. I look forward to reporting back to you very shortly with further progress.”

HIGHLIGHTS

  • Soil geochemistry results identify the presence of anomalous gold in a potential new gold system 500m east of the Dimocks Main Shales.

Figures related to this announcement can be viewed as follows:

Figure 1: Location map

https://www.ecrminerals.com/images/2022/fig1_CDY_Location-plan_221220.png

Figure 2: Plan of Davey Road Workings

https://www.ecrminerals.com/images/2022/fig2_DaveyRd_221220.png

Figure 3: Plan of Davey South prospect

https://www.ecrminerals.com/images/2022/fig3_DaveyRd-Sth_221220.png

CRESWICK LIDAR IMAGERY

Recently, LIDAR imagery covering ECR’s Creswick exploration tenements became publicly available. The imagery reveals the surface terrain, which otherwise is hidden underneath thick forest canopy and undergrowth. Additional historical alluvial gold workings along the numerous creek drainages within the tenement have been revealed in creeks 500m to the east of the Dimocks Main Shale trend (DMS), which was recently drilled throughout 2021 (see Figure 1 above for location). Although the primary source of the alluvial gold has not yet been discovered, ECR geologists quickly identified possible locations for a primary gold source on the hillslopes above these alluvial workings. The field team have recently finished soil sampling on these hillslopes and the first announced results are detailed below.

PARALLEL GOLD SYSTEM IDENTIFIED

Two main areas have been identified with anomalous gold, respectively named the Davey Road Workings and the South Davey (see Figure 1 above).

The Davey Road Workings consist of historical trenches and shallow shafts with a strike length of 150 metres. Two worked alluvial gullies lead up to the outcrop from the west (see Figure 2 above). A soil sampling grid was completed over the extent of the workings, aiming to identify gold near the surface through its presence within the surrounding soil. Results to date show gold is present within soils located at the north end of the old gold workings, and these anomalies also coincide with shallow pits and trenches on the land. The historical workings gradually get deeper to the south of the site, potentially indicating a south plunging gold system. Additional duplicate soil samples were taken and panned down by gravity separation to check for visible gold. A number of fine visible gold samples were present within the soils, correlating with the laboratory samples returning gold concentration above 0.11 ppm Au. The extent of the anomaly is highlighted in red in (see Figure 2 above).

The South Davey prospect is located approximately 600m along strike to the south of the Davey Road workings (see Figure 1 above). Historical alluvial workings heading east from Jackass Gully lead up to this area, showing where previous prospectors were searching for the primary gold source without success. Results to date again show gold is present within these soils with the best anomaly located on the north end (see Figure 3 above). Duplicated samples are also showing the presence of visible fine gold within the anomalous area. An example of the fine gold is shown in (see Figure 3 above).

Table 1. Anomalous Soil Samples (=> 0.11 ppm Au), Davey Road Workings and South Davey.

SampleID Grid Easting Northing Au_ppm
CDY360 GDA94_Z54 759837.9 5853958 16.50
CDY470 GDA94_Z54 759870.9 5853954 8.54
CDY457 GDA94_Z54 759845.1 5853909 0.73
CDY330 GDA94_Z54 759882.9 5853502 0.66
CDY369 GDA94_Z54 759865.8 5853969 0.38
CDY370 GDA94_Z54 759878.9 5853975 0.33
CDY385 GDA94_Z54 759887.3 5853988 0.23
CDY464 GDA94_Z54 759868.5 5853936 0.19
CDY361 GDA94_Z54 759845.6 5853960 0.16
CDY376 GDA94_Z54 759875.8 5853982 0.11

NEXT STEPS

The results to date have proven up our exploration methods using LIDAR imagery and targeted soil geochemistry, and have narrowed down a potential location for the primary source of gold mineralisation. As we prepare a shortlist of drill targets across the best anomalies for a 2023 Creswick drilling campaign, our ‘LIDAR Geochem’ approach will be applied across all of our Creswick tenements in the coming months. ECR now has 10km of strike along what we believe is the most prospective ground towards Ballarat.

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:

info@ecrminerals.com

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.

Poolbeg Pharma #POLB – POLB 001 LPS human challenge clinical trial successfully completed & no serious adverse events reported.

12 December 2022 – Poolbeg Pharma (AIM: POLB, OTCQB: POLBF, ‘Poolbeg’ or the ‘Company’), a leading infectious disease focused biopharmaceutical company, announces that, further to its announcement in July 2022, it has now received the initial results having completed the Lipopolysaccharide (LPS) human challenge clinical trial for POLB 001, a viral strain agnostic, small molecule immunomodulator being developed to address the unmet medical need for severe influenza.

Key highlights from the study:

·     No further clinical activity is required to complete the objectives of the trial, bringing the recruitment and clinical phase to a close on schedule

·    No serious adverse events reported. POLB 001 was found to be safe and well tolerated

·     Data analysis has commenced and full data read-out is expected in Q2 2023

·    The comprehensive dataset is expected to facilitate progression of the product to the next clinical phase for potential partners

This LPS challenge trial was designed to evaluate the effect of POLB 001 on inflammatory responses in 36 healthy volunteers between 18 and 55 years of age following an intradermal and an intravenous LPS challenge. LPS acts as a surrogate for the hyperinflammatory response associated with severe influenza and other diseases. 

POLB 001 is a unique potential treatment for viruses such as severe influenza as it is strain agnostic, unlike other flu treatments and prophylactics. This means that it can be effective regardless of which strain of influenza is dominant in any particular season or geography. As a shelf-stable, oral drug it could also be ideal as a stockpiling candidate for both seasonal outbreaks and pandemic preparedness. 

Jeremy Skillington, PhD, CEO of Poolbeg Pharma, said:

We have completed our first trial on schedule, achieving a key milestone for Poolbeg, thanks to the committed efforts of the team. We are actively planning the next steps for POLB 001 and are engaging with industry on potential partnering opportunities.

“The threat of influenza shouldn’t be underestimated. Cases are on the rise – the WHO estimates that there are 3-5 million severe influenza cases globally per year, with real pandemic potential. Severe influenza can also lead to other major complications such as pneumonia and stroke. There is a significant unmet need for severe influenza treatments, so we eagerly anticipate the full results of this study next year.”

Matthijs Moerland, PhD, Principal Investigator at CHDR, said: 

“LPS human challenge trials are a highly reliable way of measuring the efficacy of anti-inflammatory drugs and these initial data are an important first step.  We are pleased to be involved in the development of a potential treatment for such an unmet need as severe influenza and we look forward to the vital insights that the full analysis will bring.”

 

-Ends-

Enquiries

Poolbeg Pharma Plc

Jeremy Skillington, CEO

Ian O’Connell, CFO

 

+44 (0) 207 183 1499

finnCap Ltd (Nominated Adviser & Joint Broker)

Geoff Nash, Charlie Beeson, Nigel Birks, Harriet Ward (ECM)

 

+44 (0) 207 220 0500

Singer Capital Markets (Joint Broker)

Phil Davies, Sam Butcher

 

 +44 (0) 207 496 3000

J&E Davy (Joint Broker)

Anthony Farrell, Niall Gilchrist

 

+353 (0) 1 679 6363

Optimum Strategic Communications

Mary Clark, Nick Bastin, Manel Mateus, Vici Rabbetts 

 

+44 (0) 208 078 4357

poolbeg@optimumcomms.com

 

About Poolbeg Pharma

Poolbeg Pharma specialises in the development of innovative medicines to address the unmet need in prevalent and emerging infectious diseases. Poolbeg has a disciplined portfolio approach to mitigate risk, accelerate drug development and enhance investor returns. The Company simultaneously advances multiple programmes in cost-effective clinical trials, rapidly generating early human safety and efficacy data to enable early partnering / out-licensing, with the funds generated reinvested in the pipeline. Poolbeg also uses AI to interrogate human challenge trial data sets to quickly identify new targets and drugs, and in-license near or in the clinic medicines, leading to faster development and greater commercial appeal.

The Company is targeting the growing infectious disease market. In the wake of the COVID-19 pandemic, infectious disease has become one of the fastest growing pharma markets and is expected to exceed $250bn by 2025. 

With its initial assets from hVIVO plc (formerly Open Orphan plc), an industry leading infectious disease and human challenge trials business, Poolbeg has access to knowledge, experience, and clinical data from over 20 years of human challenge trials. The Company is using these insights to acquire new assets as well as reposition clinical stage products, reducing spend and risk. Amongst its portfolio of exciting assets, Poolbeg has a small molecule immunomodulator for severe influenza (POLB 001) which has completed its LPS human challenge trial with full data read-out expected in Q2 2023; a first-in-class, intranasally administered RNA-based immunotherapy for respiratory virus infections (POLB 002); and a vaccine candidate for Melioidosis (POLB 003). The Company is also developing an Oral Vaccine Platform and is progressing two Artificial Intelligence (AI) Programmes to accelerate the power of its human challenge model data and biobank, with results from the first programme expected by year end. 

For more information, please go to www.poolbegpharma.com or follow us on Twitter and LinkedIn @PoolbegPharma.

Further detail on POLB 001

This trial is a randomised, double-blind, placebo-controlled, multiple dose, LPS human challenge trial in 36 healthy volunteers to assess the potential efficacy of POLB 001 in treating the hyperinflammatory responses associated with severe influenza. As part of the trial, researchers stimulated the immune systems of healthy volunteers with LPS across three cohorts. LPS triggers a robust immune response and acts as a surrogate for the hyperinflammatory effects associated with severe influenza infection, as well as other diseases. Each cohort received escalating doses of POLB 001 to evaluate its effectiveness in suppressing the body’s harmful inflammatory response to both intradermal (a shallow injection) and intravenous (an injection in a vein) administered LPS, which will produce a broad-ranging dataset. 

Given POLB 001’s mode of action, it is viral strain agnostic as it treats the body’s reaction to infection rather than targeting the virus directly and, as such, POLB 001 is unaffected by the seasonal variants of influenza that arise each year which is a significant advantage over influenza treatments available on the market. Therefore, POLB 001 has the potential to be a transformational treatment for patients and to become a leading severe influenza treatment. POLB 001 has patent protection until 2038 and is a shelf-stable oral drug which makes it ideal as a stockpiling candidate for both seasonal outbreaks and pandemic preparedness.

POLB 001 also has potential therapeutic applications beyond severe influenza, due to its mode of action of reducing hyperinflammation (cytokine storm). This is when harmful inflammation occurs in different areas of the body, such as the heart and lungs, causing organ damage which is linked with many diseases. POLB 001 has the potential to block this by interrupting the positive feedback loop of inflammatory mediators. Poolbeg is currently investigating new potential uses and in due course hopes to expand its IP around this asset to cover new disease areas thereby increasing the value of the asset.

The data collected in the previous Phase I study demonstrated that POLB 001 administration produces a potent and long-lasting inhibition of p38 MAP Kinase activity in humans. The study showed that after administration of single doses up to 600 mg and repeated doses up to 150 mg there were neither serious nor limiting adverse events to POLB 001, and that after a twice daily dose of 150mg an inhibition of LPS-induced TNFα of between 70% and 90% was achieved.  

About Influenza 

Influenza is a viral pathogen that infects approximately one-eighth of the world’s population each year, an estimated 1 billion people infected globally, attacking the respiratory system leading to between 5 and 10 million hospitalisations and as many as 500,000 influenza related deaths. Survivors of severe influenza can suffer organ damage, leading to chronic and life-changing injuries. Complications include a 6-fold increased risk of heart attack, an 8-fold increased risk of Pneumonia, and an 8-fold increased risk of stroke. This leads to an enormous compound cost of treatment – influenza contributes to an estimated economic burden of $11.2bn every year in the US alone

Ken Baksh – December Investment Monthly

In our December investment review, Ken discusses the macro picture in the US, Europe, China and Japan before looking at the effects of inflation. We then look at moves over the past 2 months before moving to the UK economy and issues such as consumer confidence, the trade deficit and Govt deficit, insolvencies and recession expectations. Ken highlights the good job that PM Rishi Sunak has done in steadying the ship, before we look at how previous stock picks in October and November have performed. These include Legal & General #LGEN, Smith & Nephew #SN, Begbies Traynor #BEG, Greencoat UK Wind #UKW, Whitbread #WTB, Frontier IP #FIPP, Enquest Bond #ENQ2 and Georgia Capital #CGEO. Ken then picks out four more stocks for growth, These are:

Chemring #CHG

Lloyds Preference Share #LLPC

Asia Dragon Trust #DGN

Legal & General Cyber Security ETF #ISPY

DECEMBER 2022 Market Report

Investment Review

Summary

During the one-month period to 30th November 2022, major equity markets, as measured by the
aggregate FTSE All – World Index, rose by over 5%, reducing the year-to-date loss to 18%, in $ terms.
Chinese equities, were very strong gaining over 30% and taking the broad emerging market indices
and Asia with them. The VIX index fell, finishing the period at a level of 22.22.
Government Fixed Interest stocks also rose over the month. The UK 10-year gilt ended the month on
a yield of 3.16% with corresponding yields of 3.77%, 1.94% and 0.25% in USA, Germany, and Japan
respectively. Speculative and lower quality bonds, however,fell in price terms. Currency moves
featured a weaker US dollar. Commodities were mixed.

News

Over the recent month, the OECD has made further downgrades to world economic growth and
anecdotal evidence from several third quarter reporting companies suggests that the slowdown is
accelerating. e.g. Maersk (“freight rates peaked….decreasing demand”).
At the same time, key data indicators (factory gate and commodity prices, shipping rates, inflation
expectations) suggest that headline price growth is set to slow in coming months, although labour
compensation developments must be watched carefully .
More volatility expected in oil prices as western countries prepare to impose a price cap on Russian
crude.
FTX,a leading crypto exchange,and a sprawling network of affiliated firms filed for bankruptcy
protection dealing another blow to the crypto sector.

US

Recent US Federal Reserve meetings and informal comments by Jerome Powell and other Fed
governors remain hawkish and further increases are expected though calls for 50bp rather than
75bp are increasing. The latest rise took the benchmark rate to the 3.75%/4% range.At a speech at
the Brookings Institute yesterday,the Fed Chairman sent mixed signals that the fight against
inflation “had a long way to go” while also sending a strong hint that the next rate rise,mid
December, would be 50bp rather than 75bp
would be Downward projections to economic growth, and upward moves to inflation forecasts
were also released.
Recently announced inflation indicators showed October headline CPI of 7.7%, lower than estimates,
while the core inflation rate rose by 6.3%. First quarter negative GDP growth followed by second
quarter of -0.9% signals a “technical recession”, although labour/employment trends still seem
reasonably robust. Third quarter preliminary GDP growth of 2.6%, annualised, while higher than

estimates concealed a weaker consumer component offset by a strong trade balance. Recent
consumer sentiment indicators (November composite PMI for example), retail sales, housing
activity, construction figures and the Empire States Survey back this up, showing declining trends
into recent weeks. . The Fed’s own forecasts expect GDP growth of 0.2% and 1.2%, and core PCE
growth of 4.5% and 3.1% respectively for 2022 and 2023
US midterm election results showed the Republicans narrowly taking control of the House of
Representatives while the Democrats retained the Senate, a situation which could minimise more
extreme policies, but also thwart some of Biden’s ambitions. Donald Trump has vowed to return in
2024, although the Republican Party is far from united at the current time

 

EUROPE

The European Central Bank raised interest rates by half a percentage point on July 22nd, and a further
75bp in September also pledging to support surging borrowing costs from sparking a eurozone debt
crisis. The ECB raised interest rates by another 75bp, to their highest level since 2009, on 27th
October, pledging to continue increasing borrowing costs in the coming months to tackle record
inflation, despite a looming recession. On 29th November, Christine Lagarde, the ECB president,
warned that the bank was “not done” raising interest rates, saying that inflation “still has a way to
go”.
First quarter 2022 GDP for the Eurozone showed a weaker than expected trend especially in
Sweden, Italy and Germany and more recent indicators show a continuation of this trend,
exacerbated by the Russia/Ukraine conflict, supply chain issues, and rapidly increasing costs. The
“flash” PMI figure for October, released on the24th October, fell to 47.1 the lowest since November
2020, although German quarterly GDP growth figures, just released, were marginally ahead of
expectations.
Current ECB staff projections foresee economic growth of 2.8% for 2022, a sharp reduction on the
previous forecast, and further downgrades could be likely in the wake of the ongoing Ukrainian
conflict and related gas shortages.
November Eurozone inflation, just released, of 10.0% was lower than expected.with slower gains in
energy and services ,and faster growth in food prices.

ASIA excl JAPAN

The GDP figures, shown below (source: CLSA, CEIC) show that 2022 and 2023 growth
projections for the Asia excl Japan region compare favourably with those of other developed
regions. The reasons include a “better” Covid experience, selective commodity exposure,
tourism, continued FDI Investment (especially China related) and better initial fiscal
situations (compared with late 90’s for example) and limited direct connections with the
Russia/Ukraine situation. The forecasts do not assume a total easing of Chinese covid rules.
Headline inflation of around 5% (core 3%) also compares favourably.
Geo-political concerns must be taken into account, especially In Taiwan.


CHINA

The 5.5% official GDP growth target for 2022 looks clearly unachievable, with some investment
banks now forecasting below 3%. Official data shows weakening trends in consumer spending, fixed
asset investment and construction activity while more recent “live” tracking data e.g., mobility,
cement production and electricity use also showed subdued economic activity. Official data for the
third quarter, just released shows growth of 3.9%. The major historic negative issues of a very
restrictive anti-Covid policy and major disruption within the property market have now been
supplemented by increasing US restrictions on the production/export of certain key electronic
products.
At the time of writing a property “rescue” package has been implemented, while on the Covid front,
tens of thousands of people have taken to the streets protesting strict coronavirus controls and
suppression of freedom of speech, triggering clashes with police and security forces.While nothing is
certain in Xi’s approach to the Covid Pandemic, there is a growing feeling that certain measures will
be relaxed/increase in vaccination.


JAPAN

The Japanese economy contracted 1.2% on an annualized basis during the third quarter of 2022,
missing forecasts of 1.1% growth, and considerably weaker than the 4.6% expansion recorded during
the second quarter. This was the first down quarter of the year reflecting weak domestic
consumption, a slowdown in business investment and an acceleration in imports. Estimates for the
full year seem to fall mainly within the 1.5%-2.0% band. Inflation, while still well below international
peers, rose by 3.6% in October, the highest since 1982, driven by currency weakness.
Recently the Japanese government unveiled a $197 billion stimulus package to ease the impact on
consumers of soaring commodity prices and a falling yen, while the BoJ stuck by its ultra-loose
policy, maintaining very low interest rates and re-affirming it yield control policy.

UNITED KINGDOM

Within the UK, live activity data (e.g November Gfk data) continues to show a weaker overall trend,
especially within the services sector. According to this survey, released late November, covering the
mid November period, consumer confidence remains very low, amid the cost-of-living crisis.The

retail sales figure for October did however show a slightly better than expected reading but this may
have been distorted by the Queen’s mourning period . Unemployment, however, is still at a very
low level, although recent official figures did show a tentative slowing in hiring intentions.
Inflation continues to rise, the October CPI and RPI readings registering hikes of 11.1% and 14.2%
respectively. Kantar and the ONS both reported food/grocery prices rising about 15% year on year as
well as turkey/egg shortages.Happy Christmas!
The PSBR was starting to deteriorate again, largely as a results of rapidly rising interest (index linked)
payments and expectations of higher public sector pay and state pensions. The most recent “official”
figure showed September PSNB at £20 billion, much larger than forecast and the second largest
since monthly records began in 1993, according to the ONS.

Despite some relief with the recent energy price package, until April at least, (but not other utilitiessee below), shop price inflation, greater Council Tax “freedom”, upward interest/mortgage rate
pressure, stalling house prices, accelerating rents, insolvencies/evictions, legacy Brexit issues and ,
strike activity, will continue to be headwinds and the outlook for economic growth over coming
quarters is highly uncertain. Both the Bank of England as well as the OBR and now the OECD are
expecting recessionary conditions for one to two years.

Experts at consultancy EY-Parthenon reported that company profit warnings had jumped from 51 to
over 86 over the third quarter of 2022 citing increasing costs and overheads as the main reason,
especially in consumer facing businesses. Another report from Begbies Traynor, Latest Red Flag Alert

Report for Q3 2022 – 07:00:07 19 Oct 2022 – BEG News article | London Stock Exchange quoted that
over 600,000 business were already in severe financial distress.
Monetary policy has tightened from a 0.1% interest rate in December last year to the 1.25% rate set
in June and a further 50bp at the August, meeting, followed by 50bp in September, taking the
benchmark rate to 2.25%. Markets are expecting rates to be above 4.0% by mid-2023.

Autumn Statement
On 17th November, Chancellor Hunt told a sombre House of Commons that a massive fiscal
consolidation including £30 billion of spending cuts and £25 billion of tax rises was needed to restore
Britain’s credibility and tame inflation. The OBR said they expected the economy to shrink 1.4% and
not regain pre -pandemic levels until 2024.Inflation was expected to remain over 7% next year.
While many of the proposals had been leaked, and the market reaction was muted (first objective
achieved!), there were a few positive surprises (e.g help for NHS and education) and several
negatives.
From an investor point of view the reduction in tax free allowances for investment income and
capital gains, was higher than expected. Make full use of ISA etc while can!


Monthly Review of Markets
Equities
Global Equities rose over November (+5.02%) extending the quarterly recovery and reducing the
year to date decline to 18.04% in dollar terms. All major indices climbed with especially large gains
registered in China, which also benefited Emerging Market and FT Asia-excl Japan bourses.

Continental European indices were also relatively strong, while the NASDAQ and Nikkei lagged in
relative terms. The VIX index fell over the month to end November at a level of 22.22. The ten –
month gain of 29.04% reflects the degree of risk aversion compared with the” relative calm” of last
December (medical, geo-political and economic!)

UK Sectors
Sector moves were again very mixed over the month although most ended in positive territory. The
few losers included telco’s and tobacco On the other hand, miners, utilities, life companies,
financials,retailers and food were relatively strong. The FTSE100 outperformed the All-Share Index
and is about 3% ahead of the broader index since the beginning of the year. By IA sectors, UK active
unit trusts are underperforming benchmark indices, trackers etc, so far this year, with small
company funds even more so. Income based funds, by contrast, are significantly outperforming the
averages. “Balanced” funds, by IA definitions, are falling by about 8%-10% so far this year (Source:
Trustnet November 30th).


Fixed Interest
Major global government bonds rose in price terms over November, the UK 10-year yield for
instance finishing the month at a yield of 3.16%. Other ten-year government bond yields showed
closing month yields of 3.77%,1.93% and 0.25% for US, German and Japanese debt respectively. UK
corporate bonds also bounced strongly, up approximately 4% on the month in price terms.
Speculative bonds, however, bucked the trend falling in price terms.
Year to date, the composite gilt index has fallen approximately 22% underperforming UK higher
quality corporate bonds in price terms and more so in total return.
Check my recommendations in preference shares, selected corporate bonds,fixed interest ETF’s ,
zero-coupons, speculative high yield etc. A list of my top ideas from over 10 different asset classes
is also available to subscribers.

Foreign Exchange
Currency moves featured a sharp fall in the US dollar, largely following the better-than-expected
inflation rate. Sterling rose against the US dollar but fell against the Japanese Yen and Euro. Currency
developments during November also included modest strength in the Chinese Yuan.

Commodities
A mixed performance by commodities during November with weakness in Oil and many agricultural
commodities and strength in copper, Iron ore and the precious metals. Year to date, uranium and
the energy complex are strongly up in price terms while industrial metals copper, aluminium and
iron have all shown price declines of over 13%. Gold has also dropped in dollar terms by about 3% so
far this year.

Looking Forward
Major central banks have remained hawkish with reducing QE/commencing QT and accelerating the
timing and extents of rate increases as the main objectives, especially where inflation control is the
sole mandate. In a growing number of smaller economies where US contagion, politics, commodity
exposure inflation/fx are also issues, several official increase rate increases have already taken
effect. Japan, however, has continued to adopt stimulative measures, up to now.
Global Government Bonds have stabilised somewhat although differing inflationary outlooks and
supply concerns could lead to continued volatility in the sector.
For equities, the two medium term key questions will be when rising interest rates eventually cause
equity derating/fund flow switches, government, corporate and household problems, and how the
rate of corporate earnings growth develops after the initial snapback. Going forward, withdrawal of
certain pandemic supports, uncertain consumer and corporate behaviour and cost pressures are
likely to lead to great variations by sector and individual company. The third quarter reporting
season produced several negative surprises e.g large American technology companies and UK
building and property companies.


.

Observations/Thoughts
ASSET ALLOCATION
As well as maintaining an overweight position in UK equities, it may be worth initiating or adding to
Japanese positions within an international portfolio. The US market has fallen about 19% so far this
year (NASDAQ -30%) but remains a relative underweight in my view. Margin pressure headwinds,
political uncertainty, prospective dollar weakness and technology sector volatility must be balanced
against the current stock market ratings. Continental European equities appear cheaply rated in
aggregate, but great selectivity is required. Within the Emerging market space I currently favour
exposure to the Far East.

Another major asset allocation decision would be to keep part of the conventional “fixed interest”
portion in alternative income plays in the infrastructure, renewables, and specialist property
areas. Many instruments in this area provide superior capital growth, income, and lower volatility
than gilts for example. Recent stock market volatility has brought several renewable stocks back to
attractive levels.
I am also adding selected preference shares to the “fixed interest” allocation, where annual yields
of approximately 6% are currently available.

UK Equities continue to remain a relative overweight in my view, based on several
conventional investment metrics (see above), longer term underperformance since the
Brexit vote, style preference (value overgrowth) and international resource exposure
although be aware of the numerous domestic headwinds I have highlighted above.
Value should be favoured over growth, and the FTSE 100 favoured over the FT All-Share.
Apart from the style drift, remember that the non sterling element of leading FTSE 100
companies and sectors is relatively high
By sector, Oil and Mining equities continue to benefit from above average yields, strong
balance sheets, dollar exposure and secular demand e.g copper, cobalt for electronics,
construction, electric vehicles etc. Any moves regarding Chinese re-opening the economy
would be another positive for this sector.
Remain overweight in pharmaceuticals and underweight in non-renewable utility stocks
which may suffer from consumer and government pressures, and no longer trade on yield
premia, especially against the backdrop of higher gilt yields.
Construction materials, especially cement will benefit from growing
infrastructure/renewable initiatives., although rising cost pressures and falling housing
activity must also be considered.
Banks, may enjoy some relative strength from rising interest rates, but continue to
monitor the recession/loan growth and default risks.These mixed trends were very
evident in the recent third quarter figures. Preference Shares as well as ordinary shares
have attractions in this area
Housebuilders and real estate-expect depressed activity and remember that the rising
interest rates have not yet been fully factored into bricks and mortar property yields.
Industry data and anecdotal news from both housebuilders and REIT’s suggest further
weakness to come.

Retailers are in general suffering from a combination of falling sales and rising costs and
clear trends in consumers “trading down” are apparent. Certain on-line operations e.g
Asos additionally are suffering from an element of post-Covid comparison.
Domestic Breweries/pubs etc are having a hard time with stalling consumer’s
expenditure, supermarket competition and rapidly rising costs.
Airlines may suffer as a result of large dollar costs, uncertain foreign travel outlook and
often high debt levels
Extra due diligence at stock level more generally will be required as I expect a growing
number of profit warnings and downbeat forward looking statements. See the EY and
Begbies statements on page 7 above.
However,takeover activity is also clearly increasing with, for example, private equity
snapping up UK-listed companies at the fastest pace for more than twenty years. Foreign
takeover, stake building is also increasing, current weak sterling being a factor, with
Vodafone under scrutiny by a French (who already have BT interest!) investor. Biffa (waste
management),MicroFocus(technology),Aveva(software) and RPS(professional services)
have all succumbed to foreign takeovers in recent months, much by “strong dollar”
American or Canadian organizations.

JAPANESE EQUITIES also remain an overweight in my view, although my recent
comment re hedging may “nuanced “now following the extreme currency weakness and
surprise intervention. Unlike most other major economies, Japan is expected to continue
its easy money policy. Exporters have benefitted from the plunging Yen although higher
input costs and more “off-shoring” also must be considered. The prospective price/book
ratio of 1.19 is attracting interest of corporate and private equity buyers, while the
prospective yield of 2.6% is above the world average and compares very favourably with
USA (1.7%). Corporate governance is rapidly improving with diverse boards, reduction of
cross holding, higher dividends etc. There are clear signs that inward investment attracted
by the pro-growth, pro-deregulation agenda and relatively low costs (average Japanese
annual wage $30000 compared with $75000 USA) is increasing. Private equity stake
building interest in Toshiba and growing activity in the property sector (discount on a
discount in a cheap currency) demonstrate the search for value in Japan. Investors may
wish to adopt a partially rather than fully hedged FX position following recent
developments
On a valuation basis (see table above) the forward PE multiple of 12.9 is at a considerable
discount to the world, and especially US average (18.0)

EMERGING MARKETS-Very difficult to adopt a “blanket” approach to the region even in
“normal times”, but especially difficult now, with so many different COVID, commodity,
sectoral mix, debt, geo-political and increasingly natural disaster variables. The IMF recently
warned that several emerging nations could disproportionately suffer from a combination of
COVID and adverse reaction to “tapering” by developed counties e.g., FX/Interest rate

pressures. Six countries have already defaulted during the pandemic, and the IMF is currently
in various stages of bail-out discussions with Pakistan,Argentina,Zambia,Sri
Lanka,Ghana,Tunisia and Egypt.
Within the emerging/frontier universe I continue to have a relatively positive view on Asia.
The economic fundamentals were discussed on page 16 above, and the forward-looking
multiples and dividend growth metrics appear relatively attractive in a global context. Any
move by China to open more fully after their severe Covid lockdown, would of course
additionally help. Exposure to the entire area can be achieved through a number of ETF’s and
also investment trusts currently on discounts
If a country-by-country approach is adopted, I have a longer term positive view on Vietnam
where, the nation is supported by positive demographics, with a population of near 100
million, an emerging middle class, and a recipient of strong foreign direct investment.
Qualconn,an Apple supplier, Intel(semi-conductors),Lego and Samsung(mobile phone plant)
have all recently invested in new capacity in the country. Other big names moving chunks of
production from China to Vietnam include Dell and HP (laptops), Google(phones)and
Microsoft (Games Consoles) The economy is expected to grow at around 6.5% this year (7.7%
Q2 2022) and current inflation is running at about 3.5%. On a relatively low prospective PE
based on forecast earnings growth over 20%, Vietnamese equities appear good value. India,
although quite highly rated and a major oil importer, warrants inclusion in a diversified
portfolio, and is currently receiving some fund flows from “overweight” Chinese portfolios.
Indonesia, the last of my current Asian ideas benefits from a commodity boom, strong
domestic market, low debt, relatively stable currency, forecast 5% GDP growth and 5%
inflation

Caution is required in many South American markets with poor COVID-19 situations,
deteriorating fiscal balances, weak investment, low productivity (see below) and
governments in a state of transitioning e.g Brazil. However, some stock market
valuations currently appear interesting in the region, which, so far, has been relatively
unaffected by events in Ukraine. Commodity exposure, deglobalization beneficiary,
valuation and recovery from a very low-level account for some year-to-date stock
market relative out- performance. Many of these countries also raised interest rates
at an earlier stage, allowing relative currency strength, compared with say the Euro,Yen or Sterling.

Certain areas within Central Europe are starting to receive more attention, mainly on
valuation grounds, but the lingering Covid effects and indir
ect effects of the Russia/Ukraine invasion should be borne into account. Regarding the
latter, a reduction/termination of Russian gas supply could have a serious recessionary
impact in certain countries. Large refugee influxes e.g Poland are also starting to
create budgetary/social issues.

Comments re great selectivity above also apply to emerging market debt. For the
more adventurous fixed interest investor combinations of well above average yields
(sometimes caused by pre-emptive moves last year), stable fiscal and FX situations
and, diversified economic models could provide outperformance from carefully
selected bonds.


• COMMODITIES– Gold spiked to over $2000 in March, a recent high, when Russia invaded
Ukraine, but has since fallen about 12%, although of course, remaining reasonably stable in
many local currency terms . The longer-term prospects for more cyclical plays continue to
look brighter. Increased renewable initiatives, greater infrastructure spending as well as
general growth, especially from Asia, are likely to keep selected commodities in demand at
the same time as certain supply constraints (weather, labour and equipment shortages,
Covid, transport) are biting. Anecdotal evidence from reporting companies RTZ, BHP and
Anglo American appear to suggest that the industry is enjoying a bumper time, and with
disciplined capex programmes, extra dividends and share buy-backs are commonplace!
Current rumours of a cautious relaxation of the Chinese Covid policy, may provide a boost to
base metals.
• Wheat and other grain prices have fallen from the levels reached following the Russian
invasion of Ukraine, but the current grain shipment complications, planting/harvesting
schedules within the region and extreme global meteorological conditions are expected to
lead to further price volatility. If the conflict is prolonged it will affect millions of people
living in such places as Egypt, Libya, Lebanon Tunisia, Morocco, Pakistan and Indonesia that
could have political consequences. There has been renewed interest in agricultural funds as
well as the soft commodities themselves.

GLOBAL CLIMATE CHANGE remains a longer-term theme, and will be built into
the many infrastructure initiatives, being pursued by Europe, USA, and Asia. The
Russia/Ukraine conflict is accelerating the debate, and hopefully the action. There are
several infrastructure/renewable investment vehicles which still appear attractive, in

my view, combining well above average yields and low market correlation with low
premium to asset value. The recent volatility in natural gas prices has highlighted both
risks and opportunities in the production and storage of energy from alternative
sources. However, increasing levels of due diligence are required, in committing new
money to the area overall. Financial watchdogs across the world are sharpening their
scrutiny of potential “greenwashing” in the investment industry on rising concerns that
capital is being deployed on misleading claims.
• However, in the shorter term, the Russian invasion of Ukraine has precipitated a global
energy crisis, that has forced countries, especially in Europe to look for ways to quickly
wean themselves off Russian oil and gas, and reconsider timelines of commitments to
cut the use of fossil fuels. At the time of writing, it seems highly likely that USA will
increase oil and gas output, UK North Sea may see further investment and EU coal
consumption could increase.
• Another area currently in the ESG purist cross hairs is “nuclear”. Ignoring the fact that
nuclear weapons have not been used in anger since 1945, and the fact that some deterrent is
needed, (now?), where should the confused investor stand when it comes to nuclear power
substituting coal power? Japan, UK and Germany are all studying proposals to revive their
nuclear power capacities. I have some interesting “uranium play” ideas for those interested.


• ALTERNATIVE ASSETS-this group, encompassing private equity, private debt, hedge
funds, real estate, infrastructure, and natural resources is expected to continue growing both
in actual and relative terms over coming years.
Traditional asset management groups are racing to expand offerings in alternative
investments as they seek to boost profitability and head off competition from private
equity groups (see graph below).
I have, for a while, recommended some exposure to this area maybe as part of the
former “gilt allocation”. With strong caveats re liquidity, transparency, dealing
process, I still adopt this stance, continuing to use the investment trust route. So far
this year, gilts have declined approximately 24% while my favoured UK renewable
closed-end funds have appreciated by around 6% in capital terms and delivered about
6% in annual income. Please contact me directly for specific ideas

COMMERCIAL PROPERTY The MSCI/IPD Property Index showed a sharp fall in the total return across all
properties in October, the decline of 6.4% (-6.8% capital values, +0.4% income),taking
the year to date return to -1.6% (capital -5.2%,Income +3.8%).The monthly decline
accelerated the downward trend started in July this year, especially in Industrial
Properties. Rental growth however was positive at +2.4% in October..or 4.4%
annualised for the ten month period
Several analysts are down grading their estimates for the sector following the rapid move
in UK longer and shorter-term interest rates. Property asset valuations take time to
materialise where there is a lag between balance sheet date and results publication in
the listed area. Live traded property corporate bonds, however, have already moved
sharply lower.
Quoted property giants British Land and Land Securities both reported deteriorating
conditions witing their third quarter statements, expecting further valuation declines
following rising yields.

Full asset allocation and stock selection ideas if needed for ISA/dealing accounts, pensions.
Ideas for a ten stock FTSE portfolio. Stock/pooled fund lists for income, cautious or growth
portfolios are available. Hedging ideas, and a list of shorter-term low risk/ high risk ideas
can also be purchased.
I also undertake bespoke portfolio construction/restructuring and analysis of legacy
portfolios.
Independence from any product provider and transparent charging structure
Feel free to contact regarding any investment project.
Good luck with performance!
Ken Baksh Bsc,Fellow (UK Society of Investment Professionals)
kenbaksh@btopenworld.com

1st December ,2022
Important Note: This article is not an investment recommendation and should
not be relied upon when making investment decisions – investors should conduct
their own comprehensive research. Please read the disclaimer.
Disclaimer: Opinions expressed herein by the author are not an investment
recommendation and are not meant to be relied upon in investment decisions.
The author is not acting in an investment, tax, legal or any other advisory
capacity. This is not an investment research report. The author’s opinions
expressed herein address only select aspects of potential investment in
securities of the companies mentioned and cannot be a substitute for
comprehensive investment analysis. Any analysis presented herein is illustrative
in nature, limited in scope, based on an incomplete set of information, and has
limitations to its accuracy. The author recommends that potential and existing
investors conduct thorough investment research of their own, including detailed
review of the companies’ regulatory filings, and consult a qualified investment
advisor. The information upon which this material is based was obtained from
sources believed to be reliable but has not been independently verified.
Therefore, the author cannot guarantee its accuracy. Any opinions or estimates
constitute the author’s best judgment as of the date of publication and are
subject to change without notice.The author may hold positions in any of the
securities mentioned
The author explicitly disclaims any liability that may arise from the use of this
material.

Power Metal Resources #POW – December interview with CEO Paul Johnson

Alan Green talks to CEO Paul Johnson. We cover the drilling campaign at the Molopo Farms Complex project in Botswana, before Paul covers recent developments at the Tati Gold project, also in Botswana. We then look at developments in Canada, both at the group’s Athabasca Uranium project and the new Lithium project acquisition, before we turn to the upcoming IPO’s including Golden Metal Resources and First Development Resources. Paul looks at what the Christmas period will hold for the POW team and the likely news flow over the Xmas period and into the new year.

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