This post was written by Zak Mir, a Technical Analyst, Events Host, Presenter, CEO Interviewer and established Market Commentator.
Cornish Metals (CUSN) updated on progress at the South Crofty Tin Project, located in Cornwall, SW England. The company said it has made very good progress over the last eight months, building an experienced and highly motivated team at South Crofty. It remains on track to commission the mine water treatment plant in June this year, with the objective of commencing full scale dewatering operations in July. Construction costs for the mine water treatment plant remain in line with previous guidance of £6.5m to £7.0m. In addition to the mine dewatering programme, ongoing metallurgical, feasibility study and exploration work will provide news flow for Cornish Metals through 2023.
Comment: Cornish looks to be well placed for 2023, the “highly motivated team”, notwithstanding. That said, we are reminded with the dewatering initiative that the Cornish is involved in a significant multi-stage process.
Conroy Gold and Natural Resources (CGNR), the gold exploration and development company focused on Ireland and Finland, announced assay results from the first drill hole in its step-out drilling programme at its Clay Lake gold target in the Longford-Down Massif. The results included a gold intersection of 40.5m at 1.2 g/t gold. The company said this is an excellent start to the step-out drilling programme at Clay Lake and adds further to the overall gold potential of this new gold district. In addition to this drill programme work is also continuing on other gold targets and further results will be announced in due course.
Comment: Another day, another positive RNS from Conroy. Hopefully, the sheer frequency of recent updates will feed through for a re-rate of the stock.
Marula Mining (MARU) an African-focused mining and development company, announces that Gathoni Muchai Investments Limited, a company associated with Marula’s CEO, Jason Brewer, increased its shareholding in the Company with the acquisition of 3,478,750 ordinary shares on 3 March 2023 at a price of 8.5p per ordinary share. GMI now holds approximately 10.1% of the company.
Comment: “Force of Nature” Jason Brewer once again leads from the front in increasing his stake in one of the YTD best-performing stocks.
GreenRoc Mining (GROC), a company focused on critical mineral projects in Greenland, announced that it has signed a MOU with Leonhard Nilsen & Sønner A/S, a significant construction and mining group headquartered in Norway, in relation to the development of GreenRoc’s Amitsoq Graphite Project in Greenland. The company has also raised gross proceeds of £550,000 by way of a placing.
TomCo Energy (TOM), the US operating oil development group, updated with respect to the company’s 100% owned subsidiary, Greenfield Energy LLC’s, potential acquisition of the remaining ownership and membership rights and interests in Tar Sands Holdings II LLC. Further to the announcement on 2 March 2023 which noted that the company was in discussions with the counterparty to the Agreement, Greenfield may now exercise the Option by delivering a notice of exercise on or before 31 March 2023 and making payment of the $16.25 million cash consideration by no later than 5 April 2023. TOM said that there can be no certainty that the required funding can be secured to complete the acquisition of the remaining 90% of the Membership Interests.
Comment: There has been a positive buzz around TomCo in recent weeks, with today’s announcement perhaps illustrating why. At least there may be an excuse to get the stock on thej right side of 0.5p over the next few weeks.
Coro Energy (CORO), the South East Asian energy company, announced the intended appointment of Naheed Memon as a non-executive director of the Company. Naheed is a dual UK and Pakistani national who has worked extensively across the private and public sector in both Pakistan and internationally. She routinely rotates between Islamabad, Dubai and London and is Chief Executive of AIM quoted Oracle Power (ORCP).
Comment: Given that our Naheed is already racking up the air miles in networking on behalf of Oracle Power, it seems ideal that she can do the same for Coro, especially given the company’s mooted potential in Pakistan.
All Things Considered Group (AQSE: ATC), an independent music company, announced it has been recognised with a leading industry award. Alex Bruford, co-founder and MD of ATC Live, the Group’s live agency division, won the prestigious Agent of the Year award at the International Live Music Conference Gala Dinner on 2 March 2023.
Comment: While this award may not necessarily move the dial as far as ATC, it does underline the way that the market has so far under-appreciated the media company.
Greatland Gold (GGP) reported its financial results for the half-year ended 31 December 2022. The company said Greatland has continued to execute on its growth strategy to build a world-class mining company. During the half year, Greatland favourably resolved the Havieron option process, raised equity capital, secured debt commitments and added “high quality talent” to its board and management team. The Havieron gold-copper project in Western Australia has continued to advance with the Mineral Resource having grown to over 6.5Moz AuEq. The advancement of the underground achieved record advance rates with over 1,800 metres of development complete.
Comment: The company has done all it can to rehabilitate itself in the recent past. All that is missing is a decent share price reaction.
Seeing Machines (SEE), the computer vision technology company, published its unaudited results and financial report for the six months to 31 December 2022. Total operational revenue of $24.4m (H1 2022: $15.8m) reflecting comparative growth of 54% on the previous period. The company said Transport safety has moved meaningfully up the regulatory agenda around the world and its market leadership, scalability and balance sheet strength means it is ideally positioned to deliver on is business objectives.
Comment: It would appear that the market has been asleep at the wheel in terms of being slow to appreciate this regtech winner. Hopefully, the revenue growth announced today will move the dial in terms of perception.
Pantheon Resources (PANR), the AIM-quoted oil and gas company provided an update. The company it is pleased that production testing at Alkaid #2 has recommenced and proven the productive capability of the reservoir. The company said the first well in any new play type is a learning exercise. Its technical director said having stabilised the well, the long-term production test will now give it valuable data to plan future wells with better oil production capabilities. It IP’d at over 500 barrel of oil and condensate and almost 500 barrels of gas to oil equivalent, equalling 1,000 BOE/d which actually indicates excellent reservoir deliverability.
Comment: The technical director’s comments may be the secret sauce in terms of underling to the market the amount of production PANR will eventually deliver.
Power Metal Resources (POW) the London listed exploration company, announced its consolidated audited results for the year ended 30 September 2022. Total comprehensive loss for the year to 30 September 2022 of £137k (2021: loss of £622k). The company said the reduction in loss from September 2021 is in part due to the capital contribution balance recognised during the year. The capital contribution balance arose on the completion of the capital reorganisation of the Golden Metal Resources Plc group.
Comment: Given all that has been going on at the sprawling company, it may be said that for it to effectively wash its face financially is something of a result.
Landore Resources (LND) confirmed that the company’s 100% owned subsidiary Landore Resources Canada Inc. has entered into an option agreement with Green Technology Metals Limited which provides GT1 with the right to purchase an 80 per cent. interest in certain tenements which contain Lithium prospects, located within the Junior Lake Project. The company said it extremely pleased to have concluded this transaction with Green Technology Metals for the option to explore and advance our northern Lithium Claims. Landore’s retained 20% interest will allow us to participate in the upside of GT1 exploration and development success on this highly prospective property.
IOG (IOG) confirmed that the Blythe H2 well was spudded at 3.20am on Sunday 5th March. The well is being drilled by the Noble Hans Deul jack-up drilling rig under IOG’s contract with Shelf Drilling (UK) Ltd signed in 2020. As with previous IOG development wells, Petrofac is the designated Well Operator. The company said the Blythe H2 well has the potential to significantly enhance our current production levels, reduce water production into the pipeline and minimise associated opex. It also has fast payback potential and will enable us to boost cash flow from mid-2023.
Comment: Ideally, the latest news ends a painful share price run for the company, where presumably bottom fishers have been counting on a RNS as released this morning to materialise.
Touchstone Exploration (TXP) announced its 2022 year-end reserves. The company said that relative to year-end 2021 and after 2022 production, it increased PDP gross reserves by 33% to 4,843 Mboe, decreased 1P gross reserves by 0.7% to 38,463 Mboe, decreased 2P gross reserves by 0.6% to 75,074 Mboe and decreased 3P gross reserves by 0.6% to 120,594 Mboe in 2022.
Comment: An announcement today which should underline the possibility of a return for the stock back up towards the 100p zone.
BATM (BVC), a provider of real-time technologies, announced its preliminary results for the year ended 31 December 2022. Revenue from ongoing operations increased by 34.4% to $27.9m (2021: $20.7m), reflecting strong growth in both the Networking and Cyber units. The company said in 2022 there was robust underlying performance across its business as the effects of the pandemic increasingly subsided and it returned its focus to its regular activities.
Comment: The revenue jump should underline how the market is yet to embrace BVC to date.
Horizonte Minerals (HZM), a nickel company developing two Tier 1 assets in Brazil, reported that it has awarded contracts for the Line 2 Feasibility Study at its Araguaia Nickel Project. The second line at Araguaia is expected to increase production by 100% to 29,000 tonnes of nickel per year through the construction of a duplicate RKEF processing facility.
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