Business would appear to be booming at Kromek Group (KMK), a leading developer of radiation and bio-detection technology solutions as it announced its interim results for the six months ended 31 October 2021 – noting that it is on track to deliver significant revenue growth for FY 2022 with over 90% visibility.
By Zak Mir
During the period, the group delivered on existing contracts, won new orders and experienced greater customer engagement regarding future projects in both of its advanced imaging and CBRN detection segments.
Oracle Power (ORCP), the international natural resources project developer, updated with respect to developments during Q4 2021. The company said it is making significant progress with the advancement of its two 100% owned gold assets in Western Australia, the Jundee East and Northern Zone projects. Both continue to return highly encouraging results, demonstrating their potential for development. In Pakistan, since announcing a non-exclusive co-operation agreement in October with PowerChina International Group Ltd with the objective of jointly developing a green hydrogen production facility, ORCP has already made encouraging progress.
Caerus Mineral Resources (CMRS) and Bezant Resources (BZT), the exploration and resource development companies with a Joint Venture focused on the Troulli Mine Development Project and other copper – gold JV targets in Cyprus, provided a joint update on the JV Projects and the objectives set for 2022. Caerus said the partners to the JV have set some ambitious targets for the year ahead with a focus on the rapid development of the Troulli Mine Project. Bezant said following its initial review and work on the former Troulli mine, it gained much confidence that a mine can be developed from multiple sources.
There is another big name attached to stock market newbie Hydrogen Utopia International (HUI), hot on the heels of the recent Linde tie up. The company pioneering non-recyclable waste plastics to hydrogen technology, said that it has signed a letter of intent with Mitsubishi Heavy Industries Ltd whereby Mitsubishi will review the technology and explore the commercial opportunities for developing waste plastic to hydrogen facilities, incorporating Powerhouse Energy’s (PHE) DMG® technology, in Japan. Mitsubishi will have a period of one year to review the technology under the LOI.
There is/was a little M&A excitement in the air. Sound Energy (SOU), the energy transition company, noted the recent announcement by Angus Energy (ANGS) of the commencement of a strategic review and formal sale process. Sound Energy confirmed that it has previously made indicative proposals to Angus regarding a potential all-share combination. The board of directors of Angus unequivocally rejected the indicative proposals, which perhaps does not entirely go with the idea of being in a formal sale process.
Avacta Group (AVCT), a clinical stage biopharmaceutical company, announced that the next pre|CISIONTM drug candidate, AVA3996, has been selected for pre-clinical development with a view to a first-in-human Phase I clinical trial beginning in the second half of 2023. The company said it is excited by the early pre-clinical data for AVA3996, the second of Avacta’s pre|CISIONTM pro-drugs following on from AVA6000. It said the pre|CISIONTM platform has the potential to generate a significant pipeline of safer, better tolerated chemotherapies to treat a wide range of cancers. It represents a major commercial opportunity and the principal value driver for the Group.
Bens Creek Group (BEN), the owner of a recently re-opened metallurgical coal mine in North America supplying the steel industry, and a flying share price, said that Ben’s Creek Operations WV LLC, has, on 17 January 2022, entered into a contract to purchase a Superior highwall miner and related highwall mining equipment for use at the Bens Creek mine, ahead of the Group’s preliminary date of deployment in the second quarter of 2022. The highwall miner and associated equipment is anticipated to be delivered in February 2022.
Xtract Resources (XTR) announced the preliminary unaudited results for all alluvial and hard rock mining contractors for the Manica Concession for the three-month period ended 31 December 2021. The company said the quarter ended 31 December 2021, was the best period for production since we commenced gold mining at Manica, with production performance well surpassing previous quarters despite any lost time due to rain. The development at Guy Fawkes continued with the objective of exploring veins revealed by surface drilling. Construction work for the Fair Bride project advanced satisfactorily. The contribution of Fair Bride, ongoing Mozambican production and Zambian operations is progressing favorably, leads XTR to be optimistic for production during 2022.
Ascent Resources (AST), the natural resources company, updated on its ESG Metals strategy, introducing Peru as its primary target geography. The company also anticipates that the completion of the conditions to the binding damages-based agreement appointing Enyo Law LLP to represent it in its dispute with the Republic of Slovenia, as announced 8 November 2021, will take place shortly. Those familiar with the matter have pointed to Slovenia’s existing 100% failure rate in such litigation matters.
Blue Star Capital (BLU), the investing company, noted the announcement by Guild Esports (GILD), one of its investee companies. Guild has today announced that Bitstamp, one of the world’s longest-running crypto exchanges, has signed a three-year global sponsorship deal for £4.5 million as the company’s exclusive official cryptocurrency exchange partner.
EKF Diagnostics Holdings (EKF), the AIM-listed point-of-care business, has signed a strategic partnership agreement with Yourgene Health (YGEN), a leading international molecular diagnostics group, whereby EKF will offer a non-invasive prenatal test service to the US market based on Yourgene’s proprietary Flex technology, using EKF’s accredited US laboratory to process returned test samples. Over time, EKF and Yourgene intend to provide further tests including in oncology, for which Yourgene has additional tests. The agreement is for an initial 5-year period.
4basebio (4BB), the specialist life sciences group, announced a strategic research collaboration between its wholly owned subsidiary 4basebio Discovery Limited and eTheRNA immunotherapies. Under the Strategic Research Collaboration, the companies will be collaborating on the use of 4basebio’s synthetic osDNA™ technology as a template for eTheRNA‘s in vitro mRNA production. The successful outcome of this project will pave the way for the use of a novel, high-performance and cost-effective DNA template for IVT mRNA synthesis.
Oxford Cannabinoid Technologies (OCTP), the pharmaceutical company, provided a trading update ahead of the publication of its interim results for the six months ended 30 November 2021. The Group has continued to build on the positive start made to the current financial year. The company expects to report financial results in line with management expectations for the 6 month period ended 30 November 2021. During these first six months, approximately £920k of R&D costs were incurred, primarily on the Group’s lead drug candidate OCT461201, which accounted for approximately £604k of the total, with progress being made on all four programmes.
Pure Gold Mining (PUR), reported high-grade drill intercepts returned from surface and underground drilling completed during the fourth quarter of 2021. This recently expanded drilling program was successful in confirming the tenor and continuity of gold mineralization in near-term production stopes, as well as establishing the potential for resource expansion close to existing development. Infill and extension drilling continues from both surface and underground to refine and prioritize mine sequencing, optimize mine production, and support incremental resource expansion in areas of active development.
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