Celsius Resources Limited (CLA) an exploration and development company with a portfolio of mineral assets in the Philippines and Namibia, started trading on AIM at 8am this morning. Admission follows a placing by the good people at SP Angel for a total of 299,375,000 Ordinary Shares at 0.8p per Ordinary Share, raising gross proceeds of £2.4m.
Comment: With those in the know suggesting that Celsius is sitting on decent projects, we look forward to seeing how Celsius performs on AIM, from a relatively modest valuation.
Panther Metals (PALM) the company focused on mineral exploration in Canada, noted the Panther Metals Ltd Australian Securities Exchange announcement detailing positive High Pressure Acid Leach test work results for the Coglia Nickel-Cobalt Project in Western Australia. Panther Metals PLC holds 36.6% of Panther Metals Ltd (ASX:PNT). PALM said the Coglia Nickel-Cobalt Project has taken an important step forward with the inaugural metallurgical testwork providing very encouraging results. High Pressure Acid Leaching is the preferred treatment option for nickel laterite ores and this initial round of HPAL metallurgical study has shown the final recovery of 92.6% nickel, which falls comfortably within the industry-accepted processing recovery range of between 90-95% recovery.
Comment: The momentum appears to be gathering as far as Panther is concerned in Western Australia, with the latest Coglia result for Nickel coming in right in the zone as far as the recovery range. This is likely to remind the market that PALM’s assets in Australia stand shoulder to shoulder with Canada, in terms of potential.
Mosman Oil and Gas (MSMN) the oil exploration, development, and production company, announced its production summary for the three months ended 31 December 2022 and recent production at the Cinnabar Project in East Texas. As at 31 December 2022 Mosman had cash in bank of circa $976,000. The company said Cinnabar is now the project that makes the biggest production contribution to Mosman. The delivery of this result is a step change in production and revenue. There is significant potential at Cinnabar and we will continue to build on this strong foundation.
Comment: Mosman fans will be hoping that will nearly $1m in the bank and progress / potential at Cinnabar, the company will finally be able to deliver, both operationally, as well as generating cash in a meaningful way.
Avingtrans (AVG), which supplies critical components to the energy, medical and industrial sectors, announces that medical imaging technology associate company Adaptix Limited (Adaptix) has received 510(k) clearance from the FDA for its first orthopaedic medical imaging product. In 2021, Avingtrans invested £4m in Adaptix, for an 11.9% stake in the business and in December 2022 announced a further investment of £2m by means of a Convertible Loan.
Comment: It remains to be seen whether the magic acronym FDA works its manage on Avingtrans today in the wake of this announcement. It is rare that the thumbs up from this organisation is not a fundamental step change for a company.
NFT Investments ( NFT), an investment firm where the clue is not necessarily in the name, updated on its cryptocurrency investments. The company said that it has deployed $16.26M into purchasing Bitcoin (BTC) and Ether (ETH) from November 2022 to early January 2023. This investment has increased to $22.20M as at 29 January 2023, representing an increase of 37 percent. The company has an unaudited net asset value of £33.2 million (3.3p per share) as at 29 January, including £27.8 million in liquid crypto and cash equivalents. The current share price is now 75% below the company NAV.
Comment: There are perhaps a couple of key points arising from the latest update from NFT. The first is that it might have been nice if the company had told everyone else a sharp turnaround in crypto was coming. The second is that trading 75% below NAV illustrates how negative sentiment in the market has become, and that this state of affairs is rarely deserved.
Blue Star Capital (BLU), the investing company with a focus on esports, payments and technology announced that, to incentivise and reward management performance in line with the strategy announced on 28 September 2022, it has granted warrants to directors at the 0.35p and 0.45p levels.
Comment: After a decent recovery, shares of Blue Star closed at 0.23p on Friday. While the latest award of warrants may look like a late Christmas present for directors, if the stock can double from current levels over the next few months, and such a rise is perhaps overdue, shareholders should be relieved that the market has finally latched onto the value in the company.
Orosur Mining (OMI), a South American-focused minerals explorer and developer, announced its results for the second quarter ended November 30, 2022. The company said adjusted EBITDA is expected to approach $7m (2021: $6m) comfortably exceeding market expectations, after absorbing the write down of $1.6m in costs previously capitalized in connection with the Group’s original next-generation cloud platform, in light of the two recent acquisitions. The stronger than expected profitability was driven by several factors including careful cost management.
Comment: Once again this update illustrates the way that the market has perhaps been rather harsh on Orosur over the recent past. But at least with the stock currently near the lower end of the range, we may see some strength return off the back of this update, if only on the EBITDA forecast.
Empire Metals (EEE), the AIM-quoted resource exploration and development company, announced that surface sampling carried out in December 2022 at the Pitfield Copper Project in Western Australia has confirmed extensive copper anomalism just south of the historic Mt Scratch workings and several very high-grade rock samples have been discovered in the process. The company said recent geochemical sampling has confirmed highly anomalous values of copper, silver and other base metals over a 4km extent to the south of the historical Mt Scratch copper mine.
Comment: While there has been an improvement in sentiment and share price towards Empire Metals over the past year, it is clear from the latest update that the market is still stalling in terms of giving EEE the full thumbs up. This perhaps provides those late to the story a chance to get involved at what are still relatively modest levels as compared to the merit of the newsflow.
Premier African Minerals (PREM), reported on assay results at Premier’s Zulu Lithium and Tantalum Project. These results are from boreholes that are located within the area planned to be mined under operation of the Pilot Plant and will constitute a portion of the Mineral Resource update required to support the DFS. The company said the assay results reported on today continue to demonstrate good lithium values over significant widths that are all supportive of the quality of the mineralised pegmatites it intend to mine in the first phases of the pilot plant operations.
Comment: With the recent frenzy amongst PREM shareholders, at least in terms of expectation, it will be interesting to see whether today’s news delivers a new leg to the upside for the shares. At least there is everything in the latest RNS to keep such shareholders content ahead of future announcements.
Sovereign Metals (SVML) announced Kasiya Resource infill drilling results. The company said Infill core PT drilling of numerous Inferred category pits and potential pit extensions are expected to add new blocks of Indicated material to the upcoming Mineral Resource Estimate (MRE) update targeted for Q1 2023. Kasiya’s pre-feasibility study (PFS) and Environmental and Social baseline workstreams are progressing on schedule with the targeted completion of the PFS during H1 2023.
Comments: It would appear that the share price rise in SVML was on the money given the latest decent results from the company, which show it to be on track as far as resource expectations and timeframe.
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