Pantheon Resources (PANR), the Alaska focused oil and gas company, announced its interim results for the six months ended 31 December 2024. After tax loss for the period $6.9 million vs six months ended Dec 31 2023 net loss $7.4 million.
Cash on hand 31 December 2024: $19.3 million (1H FY 2024: $0.2 million) and cash on hand on 24 March 2025: $9.1 million. Additional $35m before costs expected to be received in the coming days upon closing of the new convertible bond.
Comment: PANR has achieved a £750m market cap on expectations that with billions of barrels swilling around the company will be a winner of the “drill baby drill” mantra President Trump has brought to the table. Luckily, on thins basis the company can raise limitless cash at will.
Argo Blockchain (ARB) announced that it has appointed Justin Nolan as Chief Executive Officer and Director with effect as of 22 March 2025. Justin Nolan most recently was Chief Executive Officer at Arkon Energy, a digital infrastructure company.
Comment: Presumably Mr Nolan has taken on the gig on the basis that most of the dirty work in terms of stabilising ARB has already been done. That said, if more cash is required, there is not much wiggle room / market cap left.
Guardian Metal Resources (GMET), a mineral exploration company focused on tungsten within Nevada, USA, noted the support outlined in the Executive Order signed on March 20, 2025, by the President of the United States, Donald Trump, titled “Immediate Measures to Increase American Mineral Production”.
Comment: GMET was initially a golden prospect off the back of expectations of US government support in terms of grants. In the end the company has not needed this, and with the latest Executive Order the lay of the land remains firmly in GMET’s favour.
Helium One Global (HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA, provided an update following the Blue Star Helium (ASX: BNL, OTC: BSNLF) announcement issued today regarding the Galactica Project. The Jackson-4 well was successfully drilled to total depth of 1,260ft (384m) measured depth with free gas confirmed by wireline logs.
Comment: HE1 continues to do rather better with its side hustle in the US, than its original focus in Tanzania, which looks as though it will be a long term play, rather than a big near term win.
Celadon (CEL) said that on 19 March 2025, James Short, Chief Executive Officer and 39.5 per cent shareholder of the Company, informed the Board of an intention to propose resolutions at the next general meeting of Celadon to remove the 4 non-executive directors and Chairman of the Company as directors. The action of Mr Short was motivated by a desire for the Board to propose a de-listing of the Company from AIM, as Mr Short believes it will help the Group to significantly reduce its operational costs and also enable the Company to more easily access capital, and on more attractive terms, as an unlisted company. The Board up to 19 March 2025 had not been supportive of the de-listing proposal.
Comment: It has to be said that apart from the London stock market losing yet another company because of all the red tape, cost and just as importantly, insults, CEL de-listing is a wise move. This is even though we will miss the will it, won’t it game as far as the company getting its next tranche of cash.
Sovereign Metals (SVML) advised that today the Company requested an immediate voluntary trading halt in its shares on the Australian Securities Exchange (ASX), pending an announcement regarding a proposed capital raising.
Comment: With the shares finally pushing back to all time highs, and a steady stream of strong newsflow regarding Kasiya, the time is certainly right for a fundraise. One would actually expect the stock to return from suspension in good form.
Thor Explorations (THX) announced it has drilled two discovery holes in its Douta-West licence. The Douta-West Licence lies contiguous to the west of the original Douta licence, which together, constitute the Douta Gold Project, Senegal. The Douta Gold Project encompasses the Makosa gold deposit which currently comprises a total resource of approximately 1.78 million ounces of gold that consists of an Indicated Resource of 20.2 million tonnes grading 1.3 grammes per tonne Au for 874,900 ounces of gold together with an Inferred Resource of 24.1 Mt grading 1.2 g/t Au for 909,400 oz Au.
Comment: With any slack now taken up in the stock and allowing it to trade to new record highs, any significant newsflow from the company should allow the shares to stretch yet further, enjoying the bull run in gold.
Pulsar Helium (PLSR), a helium project development company, announced that University Bancorp, Inc. has signed a term sheet to extend a $4 million Project Finance facility to Pulsar’s wholly owned Minnesota operating subsidiary, Keewaydin Resources, Inc in the form of a line of credit. The Facility will be guaranteed by Pulsar and secured by a pledge of all of the shares of Keewaydin and a first lien on all assets of Keewaydin.
Comment: PLSR has clearly been occupied of late in ensuring that it is well funded for its ongoing exploration / discovery campaigns. Today’s news should allow the shares to end their recent consolidation to be resolved to the upside.
EnSilica (ENSI), a chip maker of mixed signal ASICs, announced that it has been awarded a multimillion-pound design and manufacturing services contract by a well-funded pioneering optical computing systems company. The Contract includes substantial design services engagement and additional manufacturing services. Following the completion of an initial study phase, activity will now increase significantly, with revenues contributing to EnSilica’s current and the following two financial years.
Comment: So far, the market has been rather nonchalant in terms of its reaction to contract wins at ENSI. This may be fair given that the company is yet to prove itself, but ENSI should perhaps make rather more efforts at explaining the significance of deals like today.
Harena Resources (HREE): The Chairman of Citius Resources – to be renamed Harena Resources said, “It is a great honour for Harena Resources to commence the next stage of its development as a London Stock Exchange-listed company. This milestone comes at a time of significant shifts in the rare earths market, highlighting the growing urgency for secure and diversified supply chains in the global context for critical minerals. On 20th March 2025, the President of the United States of America issued an Executive Order mandating immediate action to enhance domestic mineral production, recognizing the essential role of critical minerals in transportation, infrastructure, defence, and emerging technologies. This move reflects a broader international trend, with governments around the world increasingly prioritizing secure, predictable, and sustainable access to these essential resources. I believe that the Harena’s Ampasindava Project, with its existing large scale and defined rare earth element resource, is perfectly positioned both geographically and in its stage of development to feed this expanding market.”
Comment: As in the case of GMET, we see how HREE is in the right place at the right time as far as the US securing critical minerals of which HREE’s portfolio is right in the box seat. This is especially true given that its ionic clays are the best in class as far as accessibility and production.
Insig AI (INSG) provided a trading update for the second half of the financial year ending March 2025: Revenue for the third quarter ended 31 December 2024 increased by 64% to £131k, compared to the second quarter of £80k. Revenue for the fourth quarter ending 31 March 2025 is expected to be approximately £224k, equivalent to 71% higher than the third quarter and 180% higher than the second quarter. This growth is the result of accelerating market demand and successful client acquisition. The Company also raised gross (and net) proceeds of £0.35 million by way of an equity subscription at 16p.
Comment: Followers of the company will already have known that it was due a purple patch fundamentally, and this has proved to be the case. With the latest fund raise in the bag, we should see the group well-funded to expand further.
Predator Oil & Gas Holdings (PRD), the Jersey-based Oil and Gas Company with near-term hydrocarbon operations and production focussed on Morocco and Trinidad, announced an operational update and commencement of oil sales. PRD said “The update in respect of our Trinidad operations and the acquisition of CEG Trinidad demonstrates that we are making steady regulatory, operational and commercial progress towards developing our production capabilities in Trinidad. Production has been established and the sales mechanism secured along with an innovative and commercially attractive royalty override agreement for one of our producing asset. We are fully-funded from existing cash resources for all our firm operational plans in Trinidad and Morocco as laid out herein. Additional discretionary balance sheet cash is available for further acquisitions of producing assets in Trinidad.”
Comment: PRD moves along swiftly from the mixed MOU-5 result, and is clearly to wanting to aim and illustrate why it deserves the latest Oak Securities 148p price target. It would appear that those regarding PRD as a one trick pony will be disappointed.
ECR Minerals (ECR), the exploration and development company focused on gold in Australia, provides the following update on its ongoing exploration and corporate activities. Proposed antimony-focused Diamond Drilling programme to commence in April 2025 at Bailieston, Central Victoria, Australia. Drilling to get underway at Lolworth Gold and Rare Earths project in H1 2025.
Comment: Less hype in the latest ECR RNS, and the more serious tone, as well as the focus on the hot commodity antimony could help the cause with the shares still near the low end of the range.
Wood Group (WG.) said discussions are continuing and the Board of Wood has therefore requested, and the Panel has consented to, an extension to the date by which Sidara is required either to announce a firm intention to make an offer for Wood in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00pm on 17 April 2025. This deadline can be further extended with the agreement of the Board of Wood and the consent of the Panel in accordance with Rule 2.6(c) of the Code.
Comment: “Scottish” buyers at 25p were on the money, and one would expect a decent deal here for Wood Group as more likely than any of our investor friends frrom north of the border getting in the next round.
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.
