RNS Hotlist with Zak Mir: KEN, GLR, MARU, HOME, CGO, TOM, SRES, RKH & LGRS via Vox Markets

Kendrick Resources (KEN), the mineral exploration and development company, provided an update on its activities in Scandinavia.

Author @ZaksTradersCafe

The company said it was particularly pleased by the investigations ongoing for nickel and felt there is much more potential than previously reported. It will be targeting drilling to extend the existing resource and to test new targets at Espedalen and elsewhere.

Galileo Resources (GLR) informed shareholders of early successes on priority gold and nickel exploration targets originally generated from a 1,108km2 airborne geophysical survey over the Bulawayo Gold Project. This included the discovery multiple quartz veins/stockworks at surface containing sulphide mineralisation, and active artisanal mining provides clear evidence of the presence of gold at or close to surface on structural extensions of features hosting both current and former producing gold mines. Targets are expected to be drill-ready for the first quarter, 2023.

Marula Mining (MARU) an African focused mining and development company, announced that it has entered into a binding heads of agreement with Tanzanian mining company, Kusini Gateaway Industrial Park Limited, securing a 73% commercial interest in the Bagamoyo Graphite Project, which extends over an area of approx. 180 hectares and comprises 22 granted graphite mining licenses located in Tanzania.

The Home REIT episode underlines once again that whether with or without foundation, anyone can take a potshot at a public company, and apparently without any recourse while they profit on the short side. Home REIT (HOME) provided a response to the short selling report published by Viceroy Research LLC. The company said it is a business whose sole focus is on providing safe and secure accommodation to some of the most vulnerable in society, whilst generating shareholder value. It is with deep frustration that the Board is having to spend time and resources responding to these baseless and misleading allegations.

Contango Holdings (CGO), the London listed natural resource company, announced its audited results for the year ended 31 May 2022. The company said it is now fast approaching the landmark transition into becoming a cash generative mining company, and importantly, is fully funded to deliver its first two profit centres from coking coal and thermal coal. Its operation at Lubu is nearing its final stages of maiden coking coal production and sales, with first sales now expected to occur in Q1 2023.

TomCo Energy (TOM), the US operating oil development group, announced a placing to raise gross proceeds of £0.925 million, and an update on the funding plans for the company’s wholly owned subsidiary, Greenfield Energy LLC. The company has also agreed to issue 15,857,143 ‘broker’ warrants to Novum, giving them the right to acquire such number of new ordinary shares at an exercise price of 0.35 pence for a period of two years from the date of admission of the Placing Shares to trading on AIM.

Sunrise Resources (SRES), the AIM-traded company focusing on the development of its CS Pozzolan-Perlite Project in Nevada, USA, announced that it has entered into an investment agreement to secure up to a £480,000 investment from Towards Net Zero, LLC , a U.S.-based institutional investor focused on the green economy.

Rockhopper Exploration (RKH), the oil and gas company, announced that following discussions with the Falkland Islands Government, FIG has agreed to extend each of the company’s South Falkland Basin Production Licences, in which the company holds a 100% interest, until 3 December 2024. The Licences were previously due to expire on 3 December 2022. There are no additional licence commitments.

Loungers (LGRS), an operator of all day café/bar/restaurants across the UK, announced its unaudited results for the 24 weeks ended 2 October 2022. This included Revenue growth of 53.2% versus H1 2020, reflecting three-year like for like sales growth of 17.0% and the addition of 50 new sites. Adjusted EBITDA growth was 33.4% versus H1 2020.

Author @ZaksTradersCafe

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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