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#SVML Sovereign Metals – Half-year Report


ABN 71 120 833 427






Mr Benjamin Stoikovich                       Chairman

Dr Julian Stephens                  Managing Director
Mr Ian Middlemas                    Non-Executive Director

Mr Mark Pearce                        Non-Executive Director

Mr Nigel Jones                                     Non-Executive Director


Company Secretary
Mr Dylan Browne


London Office
Unit 3C, 38 Jermyn Street, London
SW1Y 6DN, United Kingdom
Telephone:                  +44 207 478 3900


Registered and Principal Office
Level 9, 28 The Esplanade
Perth  WA   6000
Telephone:                  +61 8 9322 6322
Facsimile:                    +61 8 9322 6558


Operations Office

Area 9




Stock Exchange Listings

Australian Securities Exchange
ASX Code: SVM – Ordinary Shares

United Kingdom

London Stock Exchange (AIM)

AIM Code: SVML – Depository Interests


Nominated Advisor

RFC Ambrian Limited
Octagon Point
5 Cheapside
London EC2V 6AA
United Kingdom


Berenberg, Gossler & Co, KG, London Branch
60 Threadneedle Street
London EC2R 8HP
United Kingdom
T: +44 20 3753 3132

Optiva Securities Limited
49 Berkeley Square
London W1J 5AZ
United Kingdom


Share Register

Computershare Investor Services Pty Ltd
Level 5
191 St Georges Terrace
Perth  WA  6000

Telephone:                  1300 850 505
International:               +61 8 9323 2000
Facsimile:                    +61 8 9323 2033


United Kingdom

Computershare Investor Services PLC
The Pavilions,
Bridgewater Road,
Bristol BS99 6ZZ
Telephone: +44 370 702 0000


Thomson Geer


Ernst & Young


National Australia Bank

Standard Bank – Malawi





Directors’ Report

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

Condensed Consolidated Statement of Financial Position

Condensed Consolidated Statement of Changes in Equity

Condensed Consolidated Statement of Cash Flows

Notes to the Financial Statements

Directors’ Declaration

Competent Person Statement

To view the following sections plus all figures and illustrations, please refer to the full version of the Interim Financial Report on our website at www.sovereignmetals.com.au

Auditor’s Independence Declaration

Independent Auditor’s Review Report


The Directors of Sovereign Metals Limited present their report on Sovereign Metals Limited (Sovereign or the Company or Parent) and the entities it controlled at the end of, or during, the half year ended 31 December 2022 (Consolidated Entity or Group).


The names of Directors in office at any time during the financial period or since the end of the financial period are:

Current Directors

Mr Benjamin Stoikovich       Chairman

Dr Julian Stephens                Managing Director

Mr Ian Middlemas                  Non-Executive Director

Mr Mark Pearce                      Non-Executive Director

Mr Nigel Jones                       Non-Executive Director

All Directors were in office from 1 July 2022 until the date of this report, unless otherwise noted.


Highlights during and subsequent to period end

Kasiya Rutile Project PFS continues to progress on schedule

·        Sovereign is well advanced with the Pre-Feasibility Study (PFS) for the Kasiya Rutile Project (Kasiya), an industry-leading major source of critical raw materials from Malawi. 

·         The PFS will build on the Expanded Scoping Study (ESS) which confirmed Kasiya as potentially one of the world’s largest and potentially lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than other current and planned producers.

·           The PFS is on track to be completed in H1 2023 with all major works packages well progressed.

Resource infill drilling completed

·         The Company completed a 4,660 metre, 191-hole deeper air-core (AC) and 2,206 metre, 247-hole push tube (PT) mineral resource infill drilling program to upgrade the Kasiya Mineral Resource Estimate (MRE), with the update targeted for late Q1 2023.

·            The drilling program confirmed consistency of high-grade rutile and graphite mineralisation laterally and at depth.

·           Infill core PT drilling of numerous Inferred category pits and potential pit extensions is expected to add new blocks of Indicated material.

Offtake MoU and Market Alliance with major Japanese trader

·           In July 2022, Memorandum of Understanding (MoU) (non-binding) was signed with Mitsui & Co Ltd (Mitsui), one of the largest global trading and investment companies in Japan.

·           The MoU establishes a marketing alliance and offtake for 30,000 tonnes of natural rutile per annum. The alliance will allow Sovereign to leverage Mitsui’s extensive network and their market-leading understanding of the titanium industry and global logistics.

Offtake MoU with Chemours, one of the world’s largest’ s producers of high-quality titanium dioxide pigment

·           In November 2022, a MoU (non-binding) was signed for supply of 20,000 tonnes of natural rutile per annum from Kasiya to the US-based Chemours Company (Chemours), one of the world’s largest producers of high-quality titanium dioxide pigments.

Sovereign to Demerge Standalone Graphite Projects

·           Sovereign to demerge its standalone Graphite Projects (being the Nanzeka, Malingunde, Duwi and Mabuwa Projects) into a 100%-owned subsidiary, NGX Limited, via an in-specie distribution.

·           The Demerger seeks to unlock the value of the Graphite Projects for Sovereign shareholders and separate Kasiya and its standalone Graphite Projects into two distinct companies.

·           General Meeting for Demerger to take place on 17 March 2023.

Sovereign Metals Limited (ASX: SVM & AIM: SVML) is an ASX and AIM-listed company focussed on the development of its Kasiya rutile project (Kasiya) in Malawi.

Kasiya, located in central Malawi, is the largest natural rutile deposit and one of the largest flake graphite deposits in the world. Sovereign is aiming to develop an environmentally and sustainable operation to supply highly sought-after natural rutile and graphite to global markets.

Sovereign is completing a PFS which will build on the ESS, released in June 2022, with targeted completion in H1 2023.

The ESS confirmed Kasiya as potentially one of the world’s largest and lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than current alternatives. The ESS showed outstanding results including:

·           a two-stage development (stage 2 self-funded) with full production at 24Mtpa throughput producing 265kt rutile and 170kt graphite per annum over a 25 year mine life

·           exceptional economics including a post-tax NPV8 of US$1,537m and post-tax IRR of 36%

·       a large-scale operation with a low-cost profile resulting from the deposit’s near surface nature, high-grade, conventional processing flowsheet, and excellent existing infrastructure


The Company commenced a PFS which will build on the ESS which confirmed Kasiya as one of the world’s largest and potentially lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than other current and planned producers.

The PFS is advancing well under the guidance of globally recognised consultants and is on schedule to be completed by its target date of H1 2023.


During the period, the Company completed a 4,660 metre, 191-hole AC and 2,206 metre, 247-hole PT drilling program at Kasiya. Drilling was conducted on a nominal 200m x 200m grid spacing targeting upgrading of mineralisation into the Indicated category which could convert to Probable Reserves as part of the forthcoming PFS. The AC results confirmed that rutile mineralisation is continuous in many pit areas from surface down to the top of saprock, normally between 20m and 30m from surface.



In July 2022, Sovereign entered into a non-binding MoU with Mitsui, one of the largest global trading and investment companies in Japan. The MoU establishes a marketing alliance and offtake for 30,000 tonnes of natural rutile per annum from the Company’s world-class Kasiya project.

This MoU creates a marketing alliance between the two parties to jointly market Sovereign’s rutile across Asia and other markets. The alliance will allow Sovereign to leverage off Mitsui’s extensive network and their market-leading understanding of the titanium industry and global logistics.

Mitsui has shared samples of rutile product from Kasiya with Asian end-users that have confirmed its premium chemical specifications should be suitable for use in their titanium sponge and pigment processes, as a precursor for high-grade, high-specification titanium metal and pigment production.


In November 2022, Sovereign entered into a non-binding MOU with Chemours for the potential supply of 20,000 tonnes per annum of natural rutile from Kasiya.

The MOU covers the potential supply of 20,000 tonnes per annum of natural rutile at Stage 1 nameplate capacity and an option to take additional product (tonnage to be agreed) when Kasiya reaches Stage 2 nameplate capacity. Further, volumes may be varied up or down by mutual agreement and pricing will reference market prices of the day (both to be included in the definitive agreement).

The MOU is non-exclusive and non-binding and remains subject to negotiation and execution of the definitive agreement. The MOU will expire two years from the execution date but can be extended by agreement by both parties should a definitive agreement not have been reached by that time.

Chemours is a leading provider of performance chemicals that are key inputs in end-products and processes across a variety of industries. Chemours operates 29 manufacturing sites serving approximately 3,200 customers in approximately 120 countries.

Its Titanium Technologies segment is one of the world’s largest producers of high-quality titanium dioxide (TiO2) pigment and aspires to be the most sustainable TiO2 enterprise in the world. Using its proprietary chloride technology-pioneered in 1931 and improving ever since-Chemours provides innovative TiO2 solutions for coatings, plastics, and laminates.

It operates four TiO2 pigment production facilities: two in the United States, one in Mexico, and one in Taiwan totalling TiO2 pigment nameplate capacity of 1.25 million tonnes per year. In the year ended 31 December 2021, Chemours’ Titanium Technologies segment reported net sales of US$3.4 Billion.

The Company is continuing product marketing with further offtake MOUs expected to be executed in the near-term.


In December 2022, Sovereign announced that it intends to undertake a demerger (Demerger) whereby Sovereign’s Malawian graphite projects, being the Nanzeka Project, Malingunde Project, Duwi Project and Mabuwa Project (Graphite Projects), are to be demerged through NGX Limited (NGX), a wholly owned subsidiary of the Company. This will allow Sovereign to focus on the development of the Kasiya while unlocking value in its Graphite Projects for shareholders.

The Demerger allows Sovereign and the existing management team to focus on its flagship Kasiya Rutile Project, the largest natural rutile deposit in the world, with Sovereign retaining all graphite co-product from Kasiya.

Sovereign proposes, subject to shareholder approval, to demerge the Graphite Projects via a spin-out of NGX and in-specie distribution of NGX fully paid ordinary shares (NGX Shares) to Sovereign shareholders by issuing one (1) NGX Share for every eleven (11) Sovereign shares (SVM Shares) held (Distribution), allowing Sovereign shareholders to retain exposure to the value and upside of the Graphite Projects.

Upon completion of the Demerger, NGX intends to seek admission to the official list of the ASX. NGX will undertake a capital raising to satisfy the ASX admission requirements.

Sovereign shareholders will have the opportunity to retain further exposure to the value and upside of the Graphite Projects as the NGX IPO is expected to comprise a priority offer to existing shareholders on the basis of one (1) new NGX Share for every one (1) NGX Share received pursuant to the Demerger to raise approximately $8,600,000 and a general offer of $1,000,000 to assist with satisfying ASX spread requirements. This will ensure there is no cash outflow from Sovereign to NGX as part of the Demerger, other than applicable Sovereign expenses to effect the Demerger. The terms of the NGX IPO are yet to be finalised however.

The General Meeting for the Demerger is to take place on 17 March 2023.



The net operating loss after tax for the half year ended 31 December 2022 was $8,486,503 (2021: $7,716,384) which is attributable to:

(i)       exploration and evaluation expenditure of $5,792,042 (2021: $4,188,770), which is attributable to the Group’s accounting policy of expensing exploration and evaluation expenditure (other than expenditures incurred in the acquisition of the rights to explore) incurred by the Group in the period subsequent to the acquisition of the rights to explore up to the successful completion of definitive feasibility studies for each separate area of interest. The exploration and evaluation expenditure in the current period predominately relates to the Group’s on-going PFS at its Kasiya in Malawi and associated MRE drilling;

(ii)      business development expenses of $1,130,083 (2021: $894,214) which are attributable to the Group’s costs in relation to its listing on the AIM Market of the London Stock Exchange and investor and shareholder relations including public relations, marketing and digital marketing, conference fees and travel costs;

(iii)     one off upfront costs in relation to the demerger of NGX of $121,839 (2021: nil); and

(iv)   non-cash share based payments expenses of $1,061,657 (2021: $2,210,324) which is attributable to the Group’s accounting policy of expensing the value of shares, incentive options and rights (estimated using an appropriate pricing model) granted to key employees, consultants and advisors. The value of incentive options and rights is measured at grant date and recognised over the period during which the option and rights holders become unconditionally entitled to the incentive securities.


Other than the above, there are no matters or circumstances which have arisen since 31 December 2022 that have significantly affected or may significantly affect:

·       the operations, in periods subsequent to 31 December 2022, of the Group;

·       the results of those operations, in periods subsequent to 31 December 2022, of the Group; or

·       the state of affairs, in periods subsequent to 31 December 2022, of the Group.


Section 307C of the Corporations Act 2001 requires our auditors, Ernst & Young, to provide the directors of Sovereign Metals Limited with an Independence Declaration in relation to the review of the half year financial report.  This Independence Declaration is on page 15 and forms part of this Directors’ Report.


This report is made in accordance with a resolution of the directors made pursuant to section 306(3) of the Corporations Act 2001.


For and on behalf of the Directors

#SVML Sovereign Metals Limited- Result of AGM

The Annual General Meeting (AGM) of Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML) was held today, 18 November 2022, at 10.00am (AWST).

The resolutions voted on were in accordance with the Notice of AGM previously advised to the Australian Securities Exchange and shareholders. All resolutions were decided on and carried by way of poll.

In accordance with Section 251AA of the Corporations Act 2001 and ASX Listing Rule 3.13.2, the details of the poll and proxies received in respect of each resolution are set out in the attached summary. A summary of the amended terms of the performance rights following the passing of Resolution 4 is also attached to this announcement.

The Company has also released a new Constitution which will be available to view at: http://sovereignmetals.com.au/aim-rule-26/



Dylan Browne

Company Secretary
+61(8) 9322 6322



Nominated Adviser on AIM


RFC Ambrian


Bhavesh Patel / Andrew Thomson

+44 20 3440 6800



Joint Brokers



+44 20 3207 7800

Matthew Armitt


Jennifer Lee




Optiva Securities

+44 20 3137 1902

Daniel Ingram


Mariela Jaho


Christian Dennis




Number of Proxy Votes

Number and Percentage of Votes cast on the Poll

Voting Methodand Result




Proxy’s Discretion




1.    Remuneration Report








Carried on vote by poll

2.    Re-election of Director – Mr Benjamin Stoikovich








Carried on vote by poll

3.    Election of Director – Mr Nigel Jones








Carried on vote by poll

4.    Amendment to terms of existing Performance Rights








Carried on vote by poll

5.    Issue of Performance Rights to a Director – Mr Benjamin Stoikovich








Carried on vote by poll

6.    Ratify issue of Placement Shares issued pursuant to Listing Rule 7.1






Carried on vote by poll

7.    Ratify issue of Placement Options issued pursuant to Listing Rule 7.1








Carried on vote by poll

8.    Approval of Remuneration of Non-Executive Directors








Carried on vote by poll

9.    Adoption of new Constitution








Carried on vote by poll

10.  Approval of Additional 10% Placement Capacity







Carried on vote by poll

11.  Appointment of Auditor







Carried on vote by poll


Resolution 4 sought Shareholder approval, pursuant to Listing Rule 6.23, to amend the terms of all existing Performance Rights currently on issue and amend the Performance Criteria as detailed below (Amendment).









Feasibility Study Milestone means announcement of a positive Feasibility Study for the Malawi Rutile Project in accordance with the provisions of the JORC Code.

Feasibility Study has the meaning given in the JORC Code.

31 December 2023

Pre-Feasibility Study Milestone means announcement of a positive Pre-Feasibility Study for the Malawi Rutile Project (prepared in accordance with the provisions of the JORC Code) which demonstrates the following:

·     A minimum net present value of US$1,000M (using a minimum discount rate of 8%);

·     A minimum life of mine of 20 years; and

·     A minimum internal rate of return of 25%.

30 September 2023



Decision to Mine Milestone means announcement of a Decision to Mine for the Malawi Rutile Project.

Decision to Minemeans a decision to commence mining operations.

31 October 2025

Definitive Feasibility Study Milestone means announcement of a positive Definitive Feasibility Study (DFS) for the Malawi Rutile Project (prepared in accordance with the provisions of the JORC Code) which demonstrates the following:

·     A minimum net present value of US$1,000M (using a minimum discount rate of 8%);

·    A minimum life of mine of 20 years; and

·     A minimum internal rate of return of 25%.

31 October 2025



Following shareholder approval of resolution 4, the expiry date for the tranche two performance rights have been amended to 30 September 2023. Following the Amendment, Sovereign has the following securities on issue:



SVM – Ordinary fully paid:                                                           470,875,023



SVMAP – Performance Right Expiring 30-SEP-2023 (PFS):       5,120,000

SVMAQ – Performance Right Expiring 31-OCT-2025 (DFS):      7,320,000

SVMAS – Option Expiring 13-MAY-2023 EX $0.80:                     11,105,125

#ORPH Open Orphan – PLC Notice of results

open orphan

Open Orphan plc (AIM: ORPH), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that it will release its interim results for the six months ended 30 June 2022 on 8 September 2022. 


Investor presentation


Yamin ‘Mo’ Khan, Chief Executive Officer, and Leo Toole, Chief Financial Officer, will provide a live presentation relating to the interim results via the Investor Meet Company platform on 8 September 2022 at 18:00 BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet Open Orphan here. Investors who already follow Open Orphan on the Investor Meet Company platform will automatically be invited.


For further information please contact:


Open Orphan plc

+353 (0) 1 644 0007

Yamin Khan, Chief Executive Officer

Liberum Capital (Nominated Adviser and Joint Broker)

 +44 (0) 20 3100 2000

Ben Cryer/ Edward Mansfield/ Phil Walker/ Will King

finnCap plc (Joint Broker)

+44 (0) 20 7220 0500

Geoff Nash / James Thompson / Richard Chambers

Davy (Euronext Growth Adviser and Joint Broker)

+353 (0) 1 679 6363

Anthony Farrell

Walbrook PR (Financial PR & IR)

Stephanie Cuthbert / Phillip Marriage /
Louis Ashe-Jepson

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

+44 (0) 7796 794 663 / +44 (0) 7867 984 082 /
+44 (0) 7747 515 393

#POW Power Metal Resources – Disposal of Reitenbach Uranium Property – Canada

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the conditional disposal of its 100% owned Reitenbach Uranium Property (“Reitenbach” or the “Property”) located east of the prolific Athabasca Basin in Northern Saskatchewan, Canada.


–  A Property Purchase Agreement (the “Agreement”) has been signed with Teathers Financial Plc (“Teathers Financial” or “Teathers”).  Teathers Financial is to conditionally acquire 100% ownership of the Property, subject to a 2% net smelter return (“NSR”) royalty, in exchange for cash and shares.

–  The consideration payable is £360,000 (to be settled by the issue of Teathers Financial new ordinary shares of 0.1p (“Ordinary Shares”) and a cash payment of £10,000 (see detailed terms below)).

–  Reitenbach is one of ten uranium properties held by 102134984 Saskatchewan Ltd (“Power Sask”), a wholly owned subsidiary of Power Metal Resources Canada (“POW Canada”) which itself is a wholly owned subsidiary of Power Metal.

–  Teathers Financial is currently in the advance stages of preparing for a change of business to become a uranium focused exploration company which plans to list on the London equity capital markets – targeted for Q3 2022.


Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:

“Power Metal has secured another crystallisation event with the disposal of Reitenbach into a vehicle planning to list in the London markets in the near term.

With the refocussing of Teathers into a uranium exploration vehicle with Reitenbach as their flagship property, we believe the proposition will attract pre-IPO and IPO financing interest, and trade successfully as a listed vehicle.

Outside of Reitenbach, we continue to own 100% of our remaining nine Athabasca properties, some of which we expect to explore ourselves and, given the level of interest in quality uranium projects, some may be the subject of further disposals. In this regard, datarooms are being established for all projects to enable expeditious third party review.

Further information to follow regarding this disposal and other exploration and corporate activities in respect of our Athabasca property portfolio.”



For the sale of 100% of the Company’s interest in the Reitenbach Property, one of ten uranium focused properties held by Power Metal surrounding the Athabasca Basin, Saskatchewan, Canada, the consideration of £360,000 is to be settled by:

· The issue to Power Sask of 98,700,000 Teathers Financial Ordinary Shares at a price of 0.35461p per share for a total value of £350,000.

· A cash payment to Power Sask  totalling £10,000, which covers several costs incurred by Power Metal on behalf of Power Sask and Power Canada in preparation of this transaction. This also covers costs of the National Instrument 43-101 report that was completed over the Property – which will allow Reitenbach to be the main listing asset for Teathers Financial during its upcoming planned listing.

Power Sask will retain a 2% Net Smelter Return (“NSR”)[1] royalty across the Property, 1% of which can be bought back by Teathers Financial at anytime prior to production for £750,000.  

The transaction is conditional on:

–  Teathers Financial securing a £125,000 initial pre-IPO financing to cover transactional costs in relation to the planned listing.

–  The approval of Teathers Financial shareholders to the transaction; to a Rule 9 Whitewash arrangement, enabling Power Metal to acquire its interest without a requirement to make an offer for the entire company and approval of a capital reorganisation of Teathers.

–  Admission of Teathers shares to trading on the London equity capital markets.

After the issue of further shares following completion of  Teathers Financial pre-IPO and IPO financings, Power Metal anticipates its holding will amount to 40-55% of Teathers Financial issued share capital on listing. Power Metal will provide further updates on this in due course.



· Exploration programmes are currently being planned across the Reitenbach Property, which subject to completion of the Agreement will be carried out by Teathers Financial following their planned listing in the London capital markets.

· Power Metal, with its in house technical group with expertise in uranium exploration, have agreed to provide Teathers with ongoing technical consulting services, to be paid for by Teathers, relating to planned and future exploration programmes on the Reitenbach Property.

· Reflecting the growing interest shown from third parties, comprehensive datarooms and factsheets are being established for all of the Company’s Saskatchewan based uranium assets.


A detailed breakdown of all publically available technical information over the Reitenbach Uranium Property was released to the market on 8 February 2022 and can be found at the link below:


The Power Metal book value of the Reitenbach Property is £55,292 and no losses have been recorded in respect of the Property in the year ended 30 September 2021, with all costs capitalised.


Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”). which acts as the holding company for certain Canadian project operations. 

Power Canada has a wholly owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of all the uranium properties.


This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.



For further information please visit  https://www.powermetalresources.com/  or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617


SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470


SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500


First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

Open Orphan #ORPH – Final results Reveal Record revenues and EBITDA-profitability accompanied by significant operational progress

Open Orphan (AIM: ORPH), a rapidly growing specialist contract research organisation (CRO) and the world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces its audited final results for the 12 months ended 31 December 2021.

Financial highlights

·       Record revenues of £39.0m (2020: £22.2m) achieved representing 76% growth

·       £9m improvement in EBITDA generating £2.9m (2020: £(6.1)m)

·       Cash and cash equivalents as at 31 December 2021 of £15.7m (2020: £19.2m)

·       Significant EPS improvement in 2021 to (0.01)p per share (2020: (1.80)p)

·       Order book growth of 11% to £46m future contracted revenue as at 31 December 2021 (2020: £41.6m)

Operational highlights

·     Delivered a strong and growing pipeline of new challenge study contract wins

Served four of the top 10 global biopharma companies in 2021 among a growing client base of over 60 clients

·     Substantially expanded the Group’s offering into the respiratory market signing an asthma study with a top three global pharma company

·     Completed the world’s first COVID-19 characterisation study which was proven to be safe and well tolerated

·     Contract signed to manufacture a SARS-CoV-2 Delta variant challenge agent with Imperial College London, as part of a Wellcome Trust-funded initiative

·     Opened a new quarantine clinic on a capital efficient basis to facilitate the growing demand for human challenge studies. This new facility, The Whitechapel Clinic, added 19 quarantine bedrooms for future challenge studies 

·     FluCamp screened c. 84,000 volunteers for human challenge studies in 2021 (2020: c.68,000); supported by the cost-efficient expansion of volunteer recruitment centre

New London FluCamp volunteer recruitment centre – converted former coffee shop adjacent to the existing QMB facility

New Manchester FluCamp volunteer recruitment centre

·     Significant CRO experience added to the Board with the appointment of Yamin ‘Mo’ Khan as Non-Executive Director, who was appointed CEO post period end

·     In June 2021, completed a distribution in specie to the Company’s shareholders, through the demerger of certain non-core assets into Poolbeg Pharma

Post-period end highlights

·     Commenced development of a new influenza challenge model for an existing top five global pharmaceutical client and signed a £14.7m contract for the characterisation and challenge trial to follow

·     £7.3m influenza challenge trial and £5m RSV challenge trial contracts signed

·     Launched a new Malaria human challenge model and was awarded by an existing Big Pharma client to act as a vaccination site for a Phase II field study

·     Opened a new primary FluCamp volunteer recruitment facility in Whitechapel, increasing bed capacity by 44% from 43 beds to 62 beds, and opened a new Manchester volunteer recruitment centre at the same cost as the old facility, but with four times the floor space, doubling the Group’s volunteer screening capacity to 1,000 per week

Facilities expansion enables the Group to broaden the scope of the business to offer additional clinical trial services outside of its traditional core challenge study offering

Current trading and outlook

As at 1 June 2022, Open Orphan had an order book of signed contracts worth £64.2m which is expected to be recognised across 2022, 2023 and 2024.

Open Orphan’s pipeline of new opportunities continues to grow with a number of further challenge study opportunities at advanced negotiations across influenza, asthma, RSV, malaria and COVID-19. This growth is driven by the increased success and awareness of human challenge trials, and the development of new challenge models. A significant portion of our pipeline includes returning Big Pharma customers, in addition to a wider group of new clients who have observed the benefits of human challenge trials.

Our Venn Life Sciences subsidiary continues to deliver specialist drug development consultancy services across non-clinical and clinical development, pharmacology, CMC and biometry services, acting as a trusted partner to an extensive range of clients.

These developments reaffirm the Board’s expectations of a profitable growing business with revenues in the region of £50m in 2022.The Group is now well positioned and well capitalised to deliver sustainable long-term profitability.


Yamin ‘Mo’ Khan, Chief Executive Officer of Open Orphan, said: “2021 was a milestone year for Open Orphan; the Group achieved record revenues, and recorded full year EBITDA-profitability for the first time – a significant turning point for the business. 

“The Group won a record number of human challenge study contracts, serving four of the top 10 global biopharma companies and more than 60 clients in total. We were proud to make a significant contribution to the UK Government’s response to the pandemic by completing the world’s first COVID-19 characterisation study, which furthered our understanding of COVID-19 disease progression. Importantly, the Group accomplished this whilst investing in operational improvements, with volunteer screening and quarantine capacities expanded during the year.

“Post-period end, we have continued our momentum from 2021 into a strong start to trading and significant contract wins. We increased our bed count from 43 to 62, doubled our volunteer screening capacity, and also expanded the scope of our business to offer additional clinical trial services, where we have already signed our first contracts, establishing new revenue streams for the business. We also launched our new Malaria Human Challenge Model, which I believe has further consolidated our position as the leading provider of human challenge trials in infectious and respiratory disease. In my new role as CEO, I look forward to driving further growth across the business this year and converting this substantial progress into value for our shareholders.” 

Interested in becoming a volunteer?

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

1 Source: Citeline Trialtrove, Jan. 2022 and Pharma R&D Annual Review; IQVIA Institute, Global Trends in R&D – Overview Through 2021; Global Data; Evaluate Pharma; Edison Investment Research; Pitchbook


For further information please contact:


Open Orphan plc

+353 (0) 1 644 0007

Yamin ‘Mo’ Khan, Chief Executive Officer

Liberum Capital (Nominated Adviser and Joint Broker)

 +44 (0) 20 3100 2000

Ben Cryer/ Edward Mansfield/ Phil Walker/ Will King


finnCap plc (Joint Broker)

+44 (0) 20 7220 0500

Geoff Nash / James Thompson / Richard Chambers


Davy (Euronext Growth Adviser and Joint Broker)

+353 (0) 1 679 6363

Anthony Farrell


Walbrook PR (Financial PR & IR)

Paul McManus / Sam Allen /

Louis Ashe-Jepson

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

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

+44 (0)7747 515393

Notes to Editors

Open Orphan plc 

Open Orphan plc (London and Euronext: ORPH) is a rapidly growing contract research company that is a world leader in testing infectious and respiratory disease products using human challenge clinical trials. The Company provides services to Big Pharma, biotech, and government/public health organisations.

The Company has a leading portfolio of human challenge study models for infectious and respiratory diseases, including the recently established COVID-19 model, and is developing a number of new models, such as Malaria, to address the dramatic growth of the global infectious disease market. The Paris and Breda offices have over 25 years of experience providing drug development services such as biometry, data management, statistics CMC, PK and medical writing to third party clients as well as supporting the London-based challenge studies.

Open Orphan runs challenge studies in London from its Whitechapel quarantine clinic, its state-of-the-art QMB clinic with its highly specialised on-site virology and immunology laboratory, and its newly opened clinic in Plumbers Row. To recruit volunteers / patients for its studies, the Company leverages its unique clinical trial recruitment capacity via its FluCamp volunteer screening facilities in London and Manchester. The newly opened facilities have expanded the scope of the business to enable the offering of Phase I and Phase II vaccine field trials, PK studies, bridging studies, and patient trials as part of large international multi-centre studies.

Building upon its many years of challenge studies and virology research, the Company is developing an in-depth database of infectious disease progression data. Based on the Company’s Disease in Motion® platform, this unique dataset includes clinical, immunological, virological, and digital (wearable) biomarkers.

Link here for full financial statements

Open Orphan #ORPH – Notice of results


Open Orphan plc (AIM: ORPH), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials , announces that it will release its full year results for the year ended 31 December 2021 on Tuesday 7 June 2022. 

Investor Presentation 

Yamin ‘Mo’ Khan, Chief Executive Officer, and Leo Toole, Chief Financial Officer, will be hosting a live online presentation relating to the final results via the Investor Meet Company platform at 6pm on Tuesday 7 June 2022. The presentation is open to all existing and potential shareholders.

Investors can sign up to Investor Meet Company for free and register for the presentation here.

Investors who already follow Open Orphan on the Investor Meet Company platform will automatically be invited.

Questions can be submitted pre-event via your IMC dashboard or in real time during the presentation, via the “Ask a Question” function. Whilst the Company may not be in a position to answer every question it receives, it will address the most prominent within the confines of information already disclosed to the market through regulatory notifications. A recording of the presentation and a PDF of the slides used will be available on the Investor Meet Company platform and the Company’s website afterwards.


BATM Advanced Communications #BVC – Result of General Meeting


BATM (LSE: BVC; TASE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, announces that at the general meeting of the Group held today, the resolution was duly passed.


Details of the proxy voting results, which should be read alongside the Notice of General Meeting, are below:



Votes for

Votes against

Votes withheld

Total proxy votes

No. of


% of votes cast*

No. of votes

% of votes cast*

No. of votes








(There were no discretionary votes cast)

* Excludes withheld votes





BATM Advanced Communications

Dr Zvi Marom, Chief Executive Officer

+972 9866 2525 

Moti Nagar, Chief Financial Officer

Shore Capital

Mark Percy, Anita Ghanekar, James Thomas (Corporate Advisory)


+44 20 7408 4050 

Luther Pendragon

Harry Chathli, Claire Norbury

+44 20 7618 9100


#BVC BATM Advanced Communication – Full year Results

BATM (LSE: BVC; TASE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, announces its preliminary results for the year ended 31 December 2021. 

Financial Summary






Results from ongoing operations (adjusted)*




+1 8.0 %

Gross profit




Gross margin




Operating profit

11. 3







Reported results





Gross profit




Gross margin




Operating profit

24. 4







Cash from operations




Basic earnings per share (cents)




Cash and financial assets




* Adjusted to present the results on an ongoing operations basis by excluding (1) the contribution to both years from NGSoft, a subsidiary that the Group sold in March 2021, (2) the contribution to 2020 from a significant contract for the supply of ventilators, which was exceptional in nature, and (3) the amortisation of intangible assets for both years. The term ‘ongoing operations’ in this announcement is used for comparative purposes only and is not used in the same context as in accounting standards. For further information see Note 3 – Other alternative measures.

Operational Summary

Bio-Medical Division (84% of total revenue from ongoing operations)

· Revenue from ongoing operations ( excluding the contribution to 2020 from an exceptional ventilator contract) increased by 17.7% to $112.0m (2020: $95.2m), reflecting growth in all units

· Diagnostics Unit – revenue +38%

Significant sales growth driven by strong global demand for COVID-19 test kits (reagents) and diagnostic instruments and supported by increased sales of products in other disease areas

Expanded COVID-19 diagnostics portfolio with launch of new solutions, including a test that uses self-collected saliva samples and the RAPiDgen® SARS-CoV-2 Ag test for at-home use

PCR and iso-thermal method being developed by the Group for the rapid and comprehensive diagnosis of tuberculosis received the backing of the Stop TB Partnership, an international alliance

· Eco-Med Unit – revenue +37% (excl. contribution from exceptional ventilator contract)

Returned to underlying growth with delivery resuming on contracts for the installation of the Group’s ISS-based pathogenic waste treatment solution

Progress made in projects with Ceva Animal Health and a Taiwanese agri-food conglomerate

Awarded a contract for its agri-waste treatment solution by a cattle facility in Botswana – the Group’s first contract for its agri-waste solution in Africa

· Distribution Unit – revenue +9%

Increased revenue driven by the distribution of several molecular tests and of COVID-19 diagnostic reagents and equipment

Networking and Cyber Division (16% of total revenue from ongoing operations)

· Revenue from ongoing operations (which excludes the contribution from NGSoft to both years) increased by 19.5% to $20.7m (2020: $17.3m) , reflecting underlying growth in both the Networking and Cyber units  

· Networking Unit – revenue +13% (excl. contribution from NGSoft)

Launched Edgility, an ecosystem of networking products and services for edge computing based on the Group’s network function virtualisation (“NFV”) technology

§ Won two edge computing contracts expected to be worth an aggregate of $2.7m over a multi-year period, which commenced generating revenue post year end

§ Successful proof-of-concepts conducted with several potential customers and partners worldwide, which the Group expects will translate to orders in 2022

§ Established four new partnerships, including one post period, to boost Edgility sales and market presence through the offering of joint solutions

§ Expanded addressable market with enhancement of Edgility OS to enable use for public cloud environments

Network Edge (Carrier Ethernet)

§ Resumption of normal business practices resulted in an increase in revenue during the year and a substantial increase in backlog, which is for delivery in 2022

§ Awarded a contract from a new tier 1 telecommunications operator customer in APAC, which contributed significantly to the unit’s growth

· Cyber Unit – revenue +111%

Awarded over $18m in cyber security contracts from a long-standing government defence department customer

Delivery of these orders commenced during the year and will continue in 2022 and 2023

The contracts include a $10m multi-year contract for the delivery of an advanced network security solution containing elements of NFV protection

Commenting on the results, Dr Zvi Marom, Chief Executive Officer of BATM, said: We are delighted to be announcing another excellent set of results with growth from ongoing operations in all of our business units. We are particularly proud of the significant progress made in our Diagnostics unit, where our investment in recent years has really come to fruition, and of the substantial contracts awarded during the year in our cyber business. We were also excited to launch our Edgility platform for edge computing and virtual networking, which we believe will be a key driver of our future growth.  

“Looking ahead, we entered the new year with sustained momentum across the business and we remain on track to deliver significant growth for full year 2022, in line with market expectations. We have established solid foundations in core technologies that are now at an inflexion point of becoming market disrupters. We will continue to cultivate growth and development across our business as well as pursue opportunities to accelerate the realisation of the value of the IP within our different units through strategic transactions. We have an exciting future ahead of us and we look forward to reporting on our progress and delivering value for our shareholders.  


BATM Advanced Communications

Dr Zvi Marom, Chief Executive Officer

+972 9866 2525 

Moti Nagar, Chief Financial Officer

Shore Capital

Mark Percy, Anita Ghanekar, James Thomas (Corporate Advisory)

+44 20 7408 4050 

Henry Willcocks (Corporate Broking)

Luther Pendragon

Harry Chathli, Claire Norbury

+44 20 7618 9100


#TYM Tertiary Minerals – Audited Results for the Year Ended 30 September 2021



The Board of Tertiary Minerals plc (AIM: TYM) is pleased to announce audited results for the year ended 30 September 2021.

Operational Summary:


In 2021, Tertiary has further developed its project portfolio in stable and democratic, geologically prospective, mining-friendly jurisdictions :


· Advanced the Pyramid Silver-Gold Project in Nevada to drill-ready status


· Acquired and initiated systematic exploration of the Brunton Pass Copper Project in Nevada, trenching planned as next step


· Established a copper-focused Zambian footprint, including options to earn-in to over 1200 km2 of Large Exploration Licences


In Nevada

At Pyramid, soil and rock chip sampling programmes in late 2020 were followed by two phases of trenching which established a significant zone of silver mineralisation at North Ruth with a target strike length of at least 530 metres, including a zone up to 50 metres wide at surface. Surface silver and gold samples were reported as high with 1,286 g/t silver and 2.72 g/t gold. Additional detailed mapping and sampling completed in late 2021 is being used to improve 3D modelling and design a programme planned for Q1 2022 to drill test North Ruth.


At Brunton Pass, initial reconnaissance sampling resulted in multiple samples grading higher than 1% copper as well as a 2.44m channel sample grading 4.66% copper. Subsequent surface sampling surveys and aeromagnetic data acquired by drone survey has led to the establishment of an initial model for mineralisation: original intrusion-related skarn copper mineralisation, which is overprinted by a later episode which may represent the high levels of an epithermal system prospective for gold and silver. A trenching programme is planned across the main copper anomaly and to carry out further investigation of the potential for gold and silver mineralisation.


In Zambia

Tertiary has agreements in place, with Zambian partner Mwashia Resources Limited, which give the Company the right to earn in up to 90% of five licences located across the Central African Copperbelt and in the North-Western Province. The most advanced in exploration terms is Jacks, which has extensive historic exploration over an area of Lower Roan hosting an 18km long open-ended soil geochemical anomaly. Historic drilling at Jacks includes an interval of 23.95m grading at 1.26% copper (including 1.88m grading at 2.93% copper). The Lubuila, Mukai and Konkola West projects all target the Lower Roan Group which is the main copper mineralised rock sequence in the Copperbelt. The Mushima North project lies approximately west of the past-producing Kalengwa copper mine, believed to be one of the highest grade copper deposits to have been mined in Zambia.



For more information please contact:

Tertiary Minerals plc

Patrick Cullen, Managing Director

+44 (0) 1625 838 679 

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

Read the full announcement – https://www.londonstockexchange.com/news-article/TYM/audited-results-for-year-ended-30-september-2021/15245143

Chairman’s Statement

I am pleased to present the Company’s Annual Report and Financial Statements for the year ended 30 September 2021, and to be reporting on a series of exciting exploration results in Nevada and on our move into Zambia where we have hit the ground running with a number of project acquisitions. Nevada was ranked 1st in the world as a mining jurisdiction by the Frazer Institute Investment Attractiveness Index in 2020 and is the 4th highest global gold producing region, 2nd in the US for silver production and a significant producer of copper and industrial minerals.

Our strategic focus is now firmly on copper and precious metals. Copper, because it is a key energy transition metal for electric vehicles and green power infrastructure. Precious metals, because precious metal projects attract premium valuations, and we expect gold prices to respond positively to inflationary pressures. Silver is also expected to benefit from the energy transition due to high levels of consumption in electronics.

We also see the silver price as more highly leveraged to investor interest than the gold price and so are particularly pleased with the latest results from our Pyramid Project in Nevada, where recent trenching across a silver-gold soil anomaly has intersected a network of high-grade silver-gold veins at surface, within a wider zone of lower grade silver mineralisation at the North Ruth Prospect. This vein system extends over a strike length of at least 530m at surface and presents an immediate drill target. Drill planning and permitting is underway for the first quarter of 2022. Reported trench intersections and follow up sampling highlight the potential for both underground minable widths of high-grade silver mineralisation as well as wider zones of lower grade mineralisation potentially amenable to open-pit mining.

We are developing a copper exploration project in Nevada at the Brunton Pass Project where a number of prospecting, mapping and soil sampling programmes have identified widespread copper mineralisation and targets for copper skarn and epithermal gold mineralisation over a 1km x 0.6km area. Trenching of this mineralisation is planned to define drill targets.

In May this year, we announced a move into Zambia with the formation of Luangwa Minerals Limited, now renamed Tertiary Minerals (Zambia) Limited. Tertiary has local experience, a well-established technical advisor and a local representative in place, both of whom are shareholders in the Zambian subsidiary.

Our primary targets are in the Zambian portion of the Central African Copperbelt which hosts multiple world-class copper deposits such as Sentinel, Lumwana, Konkola, Mufulira, Mopani, Chambishi and others which together produced over 800,000 tonnes of copper in 2020.

The move into Zambia is well timed, coinciding with the August election and the peaceful transition of power. His Excellency, Hakainde Hichilema, the President of the Republic of Zambia has stated that rebuilding the economy is top on the government’s agenda and that bold and decisive action is to be taken and policies implemented to address the fiscal deficit, while ensuring that confidence is restored in the markets. The new government is looking to the mining industry as a major driver for economic recovery and ambitious targets have been set, asking for copper production to be increased to 2,000,000 tonnes per year by 2026.

Mining already accounts for 77% of exports and 28% of government income. The promise of more business and mining friendly fiscal policies, such as the reintroduction of the tax-deductibility of mineral royalties, is already attracting new investment from major mining houses. Tertiary’s view is that the fiscal environment for mining and exploration will improve and re-establish Zambia as a primary destination for investors focused on copper.

In August this year, we made our first project acquisitions with an option-joint venture agreement with local Zambian company Mwashia Resources Ltd. This allows us to earn up to a 90% joint venture interest in the Jacks Large Exploration Licence where historical drilling included drill intersections such as 24m grading 1.3% copper within an 18km long soil anomaly over favourable folded mine-series Lower Roan sediments. Follow up soil sampling and drilling is planned for Spring 2022, as soon as the wet season is over.

Most recently we exercised our rights with Mwashia to take options to joint venture four additional Large Exploration Licences in different areas of Zambia on the same terms. These additional projects also predominantly target the mine-series Lower Roan stratigraphy. Our interests now cover over 1,250 sq. km. and include Konkola West which lies between the producing Konkola mine and areas that the Company understands are being explored with local partners by the Jeff Bezos and Bill Gates backed KoBold Metals. Konkola West is also close to the large Lubambe copper mine and Lubambe Extension which is thought to have potential to host over 10 Mt of copper metal. The Mwashia licence package also includes the Mukai Large Exploration Licence immediately to the northwest of First Quantum’s Sentinel copper and Enterprise nickel mines.

We have strengthened our Board this year and were pleased to welcome Dr Mike Armitage in January as a new non-executive director. Mike has extensive international experience and a long career with the leading geological and mining consultancy, SRK Consulting. This corrects an imbalance on the Board that has persisted since the passing of non-executive director David Whitehead.

Our management team was further boosted in September with the appointment of Patrick Cullen as Managing Director. I have been filling in for this role since Richard Clemmey left last year and Patrick has now taken over management of the exploration projects as well as the day-to-day activities of the Company. He was most recently Managing Director of Arkle Resources plc and has worked extensively in Southern Africa, and in Zambia in particular, and will be a valuable addition to the team. We welcome him aboard.

There is no news to report on our Storuman Fluorspar Project as we have had no response yet to our appeal against the decision by the Swedish Mining Inspectorate to reject Tertiary’s Exploitation (Mine) Permit in its current form having previously granted this permit. Many projects in Sweden are in the same unfortunate situation and there is no legislated timeframe for a response.

The continuing COVID-19 pandemic has not materially delayed our exploration during the year, although in Nevada, staff absenteeism amongst our suppliers, together with a high level of demand for services, has meant that turnaround times at assay labs have been extended and drill rig availability has reduced. This is likely to continue into 2022.

Our Annual General Meeting for the year ended 30 September 2021 will be held in London on 28 January 2022. In order to protect the health of our staff and shareholders certain COVID-19 protocols may be in place at the meeting.  Whilst COVID infections remain at a high level we ask shareholders to consider carefully if attendance in person is strictly necessary and encourage shareholders to appoint the Chairman as their proxy (online at www.signalshares.com or by requesting and submitting a hard copy Form of Proxy) rather than attend in person.


At the AGM we will also be proposing resolutions to elect Dr Armitage and Mr Cullen who are required to offer themselves for election at their first AGM following their appointment to the Board. This represents half of our Board members and so Mr McAlister will not be resigning and offering himself for re-election this year as has become customary on an annual basis. We will be proposing the usual Ordinary Resolution to allow for the issue of shares and a Special Resolution to allow for the issue of shares other than by way of rights issue. We are mindful that a similar Special Resolution failed to pass at the AGM held in January 2021, passing instead at a subsequent General Meeting. It is important that this Special Resolution is passed at the Annual General Meeting as rights issues are impractical and too expensive for small companies. The Company does not have a sustaining cash flow and is currently reliant on raising funds periodically from the market by share placings to fund its exploration business and to continue as a going concern.


We are excited about the Company’s prospects and, we believe, the Company is well positioned to increase shareholder value in the months ahead. We anticipate a busy start to exploration in 2022 and look forward to reporting further results.



Patrick Cheetham

Executive Chairman

9 December 2021

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