This post was written by Zak Mir, a Technical Analyst, Events Host, Presenter, CEO Interviewer and established Market Commentator.
Marula Mining (AQSE: MARU), an African focused mining and development company, updated on the execution of formal documentation in regards to its investments in Tanzania at the Kinusi Copper Project and the Nyorinyori and Bagamoyo Graphite Projects. The company advised that Commercial Agreements have now been entered into with Takela Mining Tanzania Limited on both the Kinusi and the Nyorinyori Graphite Project, and with Kusini Gateway Industrial Park Limited on the Bagamoyo Graphite Project. MARU said it was delighted to confirm that the formal legal documentation on its investment in each of its three Tanzanian projects has now been completed and the Commercial Agreements have been signed by all parties. This is another positive development for Marula and for its mining and development activities.
Comment: The momentum at Marula is maintained with the latest announcement, as it consolidates its already strong position, and recent share price rise.
Totally (TLY), a provider of frontline healthcare services, announced it has won a new insourcing contract for the delivery of urology services for the Saolta University Health Care Group in Ireland. The contract valued at c.£650k is to deliver endoscopy procedures will be delivered between May 2023 and December 2023, and may be extended for up to a further twelve months. The company said insourcing provides the NHS and other providers with a way to maximise the efficiency of their existing infrastructures by utilising premises and equipment when they are otherwise not in use.
Comment: Given the crisis in healthcare, companies such as Totally are right in the box seat in terms of maximising their opportunity in this sector, a point underlined again with the latest announcement.
Oxford Cannabinoid (OCTP) confirmed the appointment of Clarissa Sowemimo-Coker as permanent CEO, effective immediately. The company also announced that its wholly owned subsidiary, Oxford Cannabinoid Technologies Limited, had its Home Office Licence renewed for the fifth consecutive year on 29 March 2023. The Licence permits OCT to possess and supply Schedule 1 drugs (as categorised by the Misuse of Drugs Act 1971) for research purposes. The company said it was delighted to have received its new licence from the Home Office. The licence underpins its ability to conduct research.
Comment: It would appear that the Home Office is giving the thumbs up to the Cannabis space in general and OCTP in particular today. Ideally, the shares will now resume the recover seen since December on today’s news.
Technology Minerals (TM1), the company focused on battery metals, announce that its 48.25% owned battery recycling business, Recyclus Group Ltd, has received the final “Draft Operator Review” from the Environment Agency for the variation licence to commence full operations for its lithium-ion battery recycling plant in Wolverhampton, West Midlands. The company said that receiving the EA final approval draft to commence full automated operations at our Li-ion battery recycling plant in Wolverhampton is a landmark moment for the Company and for the UK.
Comment: So far TM1’s share price has doubled in recent weeks, this looks to be more than justified given the latest “landmark” news. One would expect a further re-rate back to where the shares were at the beginning of last year.
Sosandar (SOS), the UK fashion brands in the UK, provided a trading update for its financial year ended 31 March 2023. Revenue of £42.5m, up 44% year-on-year (FY22: £29.5m). First full year of profitability, delivering PBT of at least £1.6m, a substantial positive swing of £2.2m vs £0.6m loss in FY22. The company said it was delighted to be reporting a milestone year. Sosandar has grown from a true start-up business just six years ago to a brand which is delivering multi-million-pound revenue and is profitable.
Comment: The turnaround from red to black is always significant, perhaps all the more so in current economic conditions. One would expect SOS shares to continue their post autumn recovery.
Phoenix Copper (PXC), the AIM-quoted USA-focused base and precious metals emerging producer and exploration company, reported the assay results from the Red Star exploration drilling at its Empire Mine in Custer County, Idaho, USA. In total, 268 metres of reverse circulation drilling was completed in late 2022 and will provide samples and technical information for geological and resource modeling. The company said the drilling targeted the boundaries of the magnetic anomalies identified in the 2021 ground magnetics survey, with the aim of further define the extents of those anomalies and to provide depth and geometry to the mineralized subsurface. The results continue to build on our understanding of the Red Star/North Pit area, and further demonstrate the extensive polymetallic mineralization at Empire.
Comment: While we await funding news, PXC reminds us there is plenty going on in terms of its exploration activities, and that these could be significant.
Cambridge Cognition (COG), which develops and markets digital solutions to assess brain health, announced that it has won two sizeable contracts, together worth over £2.1 million, to provide the Company’s CANTAB® cognitive assessments and electronic Clinical Outcome Assessments for two pivotal trials involving patients with a rare disease. The contracts have been awarded by a new customer for the Company with revenues expected to be recognised over the next five years. The company said these contracts will strengthen its presence in the rare disease field and showcase how its cognitive assessments can be used effectively in the development of symptom modifying treatments.
Comment: Given the current position of the share price, it may be anticipated that the latest chunky contracts should be enough to start to turn around sentiment towards COG.
Bezant (AIM: BZT), the copper-gold exploration and development company, announce a fundraising of £750,000 from directors, existing shareholders and investors to facilitate copper gold mining operation, the issue of shares to Directors and PDMR at a premium to the share price to settle £174,961 of accrued fees and the settling of £101,250 of consultancy fees. The company said its focus whilst it awaits the issue of a mining licence at the Hope and Gorob project, are i) technical studies and negotiations with contractors, and the obtaining of non-equity financing with a view to commencing operation in 2024 at a 8,000 tonnes p.a. copper/ gold mine and ii) to undertake reconnaissance exploration at a separate clearly defined anomaly identified by the company’s airborne survey and previous exploration to establish its potential as an independent operation.
Comment: Having raised necessary cash, BZT can focus on developing Hope and Gorob, over the next year, a project which in itself could turn around the fortunes of the company.
First Tin (1SN), a tin development company with projects in both Germany and Australia, published its final audited results for the year ended 31 December 2022. The company said 2022 has been a year of a strong operational performance for First Tin at both its assets in Australia and Germany. It expects 2023 to be another busy and exciting year, where it will continue to build on the momentum achieved last year to add further value to its assets. This will be achieved through the completion of its DFS at Taronga and the release of updated resources for each project in 2023.
Comment: Tin prices notwithstanding, it may be said that the market has been rather harsh on 1SN. This is despite the “strong operational performance” the company has described in both Australia and Germany.
Vast Resources (VAST), the AIM-listed mining company, raised £978,967.40 gross through a placing by Axis Capital Markets Ltd. VAST said the net cash raised from the Placing will be used for an immediate upgrade to underground equipment to maintain the underground production ramp up and the continuation of the ongoing drilling programme at the company’s Baita Plai Polymetallic Mine in Romania. Q1 production has seen a significant increase both in mining and in concentrate production as a result of the changes that have been implemented on site during H2 of 2022 and the ongoing upgrades and further development underground. Management strongly believes in Baita Plai’s increasing performance and our ability to reach the goal of name plate capacity in H1 2023. It expects to see the increased production trend continue throughout 2023.
Comment: After the £2.4m raised in February and now just shy of £1m this month, one would assume that Vast is now fully funded to execute its strategy.
Zakmir.com is a purely journalistic website – Zak Mir is a member of the National Union of Journalists. There is no intention here of providing financial advice. It is recommended you seek an independent professional opinion before deciding whether or not to take any action with regard to anything written here.
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