Hummingbird (HUM) noted the recent announcement by Pasofino Gold Limited regarding the completion of its diamond core drilling programme at the Bukon Jedeh ‘gold camp’, part of the Company’s Dugbe Gold Project in Liberia.
Hummingbird holds a 53% shareholding in Pasofino, following the conversion of its controlling interest in Dugbe into a controlling interest in Pasofino, and an additional US$2 million investment earlier this year. HUM said as the exploration efforts at the Dugbe Gold Project continue, it was encouraged by the progress made at Bukon Jedeh. The broad intervals of sulphide mineralisation encountered in its drilling programme represent a significant step forward in understanding the potential scale of the deposit. This update underscores the opportunity to maximise the value of Dugbe and it awaits the sample results in the coming months.
Comment: Given that there is nothing in the latest RNS update that could be regarded as even mildly negative, one presumes that the London stock market price fixing cartel will not be able to do its usual thing and mark HUM shares down 30-40% on news that only merits a possible 5% markdown.
Ceres Power Holdings (CWR), a developer of clean energy technology has been awarded a further contract for the second phase of its collaboration with Shell, to cooperate in the design of a solid oxide electrolyser module, for use in large-scale industrial applications such as synthetic fuels, ammonia and green steel. CWR said the strategic collaboration with Shell continues to provide valuable insights, ensuring Ceres’ SOEC technology is well positioned to meet its partners’ needs for the green hydrogen and synthetic fuels markets. Building on Ceres’ class-leading technology, its commitment to continuous innovation keeps Ceres’ commercial offering at the forefront of the industry in terms of simplicity, efficiency, and performance.
Comment: Even sharing afternoon tea with Shell would merit a serious rally in a company’s stock. So one would expect the recent push higher for CWR shares to extend towards the 2024 resistance through 250p off the back of today’s collaboration news.
88 Energy (88E) reported a maiden internal Prospective Resource estimate of 381 MMbbls1,2 of oil (net mean, unrisked) for Project Leonis (100% working interest and a 16.6667% royalty). 88E said that following the recent success at Project Phoenix it was pleased to announce the completion of a maiden Prospective Resource estimate at Project Leonis. Being strategically located on the North Slope of Alaska, with TAPS running through the acreage and Deadhorse just six miles to the North, Project Leonis represents a significant resource and development opportunity. It has commenced permitting and planning processes for the Tiri-1 exploration well ahead of a future potential drilling event, to target the USB zone.
Comment: Although the share price chart of 88E currently looks like a poll of Conservative party voting intentions, today’s news may stem the losses. If only because the shares are down to 0.12p from the April 0.44p peak.
Mirriad (MIRI), an in-content advertising company, announces its audited results for the year ended 31 December 2023. Statutory loss for the year £10.9m (2022: £15.3m). Net cash at 31 December 2023 of £6.1m (2022: £11.3m).
Comment: There is actually good news here at Mirriad, in that the company has recently been able to raise £6.1m, so losing £10m is perfectly sustainable for now.
Deltex Medical Group (DEMG), a provider of oesophageal Doppler monitoring, announced the successful award by NHS Supply Chain of the national framework tender for the new TrueVue System in the UK. The award means that the new TrueVue System has been selected by NHSSC as a pre-approved device that can be purchased by NHS hospitals. DEMG said it was delighted to have been awarded this framework agreement and in particular, with NHSSC seeing the value of the new TrueVue System to the NHS.
Comment: It must be somewhat frustrating for companies milking the UK’s public sector gravy train, especially the made-to-fail NHS, that their efforts in securing tenders/contracts are not fully appreciated by investors.
Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.
