Galileo Resources (GLR) updated shareholders on the detailed follow-up fieldwork on five initial priority gold and nickel targets generated from the recent review of a 1,108km2 airborne geophysical survey over the Bulawayo Gold Project.
The company said it has identified many targets for follow up and this early selection of targets represents a small proportion of the total. The nickel potential within the licences appears to have been overlooked historically and with the current nickel price and escalating demand for the metal.
Caracal Gold (GCAT), the gold producer with operations in East Africa, provided an update on its Audited Financial Statements. The company said it has had to apply for a temporary suspension of trading in its shares as the company has not been able to complete its audited financial statements within the 4-month period required. The audit is in the final stages and Caracal does not expect this suspension to last very long.
Canadian Overseas Petroleum(COPL), an international oil and gas exploration, production and development company, presented an update on its Wyoming oil field operations and its corporate objectives. The company said it was very excited about the Frontier 1 recompletions at Cole Creek. This information was in hard files in storage when its Atomic affiliate bought these assets from the previous operator. It believes that Atomic had not reviewed these files making it likely the opportunity had been missed.
Bradda Head Lithium (BHL), the North America-focused lithium development group, announced its unaudited interim results for the six-month period ending 31 August 2022. The company said the first half of the financial year has been both busy and rewarding following the completion of an oversubscribed secondary fundraise during April 2022.
Rambler Metals and Mining (RMM), a copper and gold producer, updated on its financial position. It said its first principal repayment was due to Newgen Resource Lending Inc on 31 October 2022. No payment of principal was made to Newgen on 31 October 2022 and therefore an event of default has occurred as defined in the Newgen loan agreement. In addition, the company ceased to make payments of interest due to Newgen in September 2022. RMM said its position remains uncertain.
It would appear to be all change at Cloudbreak Discovery (CDL), a royalty company and natural resources project generator. The company has announced a transformational restructuring plan which sees the company realigning its focus to energy royalty acquisitions. Management said it believes the reorganization brings significant opportunity as the company will be to allocate capital and expertise in the most effective and efficient manner, which will ultimately drive shareholder value.
San Leon (SLE), the independent oil and gas company focused on Nigeria, updated in relation to the Proposed MLPL Reorganisation and the Further ELI Investments. SLE said thatwhilst a loan facility of $50.0 million has been made available to the company by MM Capital Holding Limited for the purposes of funding its working capital requirements and financing the Further ELI Investments. SLE said rogress has been made on securing alternative financing and the board intends to finalise these discussions in the coming weeks with full loan documentation and drawdown of the funds thereafter.
Quetzal Capital (QTZ) announced that it has signed an agreement conditionally to acquire the issued, and to be issued, share capital of Tap Global Ltd. QTZ said TAP Global continues to make excellent progress in its development and is benefitting from the wider turmoil in the mostly unregulated crypto business environment. The RTO is subject to a minimum fundraise being secured.
Arrow Exploration (AXL) provided an operations update, as investors await the big sustained break of 20p for the share price. Arrow said it was extremely pleased with the results of the tie-in of the Alberta East Pepper Montney well. The East Pepper well results show the potential for the large, 100% owned, 23,000 acre Pepper land block. The workover program in Colombia is also progressing to plan, and the company looks forward to providing further updates on these wells as well as the development drilling of the RCE-3 and RCE-4 wells.
The bun fight between Reabold (RBD) and requisitioning shareholders continued today, with the requisitioners confirming they have served notice on the board of RBD to convene a General Meeting of Reabold’s shareholders to pass resolutions focussed on creating sustainable shareholder value in the interests of all Reabold’s shareholders and other stakeholders. A new website has also been launched (https://www.reaboldrequisition.com/historic-failings/), where the url appears to be relatively self-explanatory.
First Tin (1SN), a tin development company, announced receipt of the company’s inaugural environmental, ESG rating from Digbee ESG. Digbee is a leading independent assessment platform for ESG disclosure in the mining industry. Based on ESG achievements in the company’s first six months of operations since listing on the London Stock Exchange in April 2022, First Tin achieved an overall rating of BB.
Osirium Technologies (OSI), a vendor of cloud-based cybersecurity and IT automation software, announced an update on the Group’s trading performance for the third quarter of the financial year ending 31 December 2022. The Group reported continued increasing revenues, with bookings for the nine months ended September 2022 of £2.52 million (FY 2021 bookings: £1.60 million), representing the company’s best nine-month bookings performance to date, and ARR of £1.74 million for September 2022 (September 2021 ARR: £1.34 million). The cash balance as at 30 September 2022 was £0.32 million and trade debtors were £0.50 million.
Hydrogen Future Industries (HFI), a developer of proprietary wind and water-based green hydrogen production systems, announced the commencement of prototype testing of the wind element of the Company’s hydrogen production system 1 metre diameter prototype in Montana, USA. The company said the testing HFI is undertaking in Montana will hopefully confirm the efficiency of the key elements of our wind energy system. Additionally, given the considerable efficiency gains HFI believes the turbine will offer compared to existing open rotor wind turbines in use today, the commercial applications for the HFI turbine may not be limited to hydrogen and could be applied to the wider wind energy sector.
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