Rome Resources (RMR) is pleased to announce the completion of its acquisition of Rome Resources Ltd and the admission of its enlarged share capital to trading on AIM effective from 8.00 a.m. on 26 July 2024 under the Company’s new name “Rome Resources Plc”, which has now become effective, and the TIDM code “RMR”.
RMR said today marks a new beginning and it was hugely pleased to have successfully delivered Rome Resources to London’s AIM market whilst raising approximately £4.0 million. The fundraise demonstrates the appetite amongst investors for the Projects in the Democratic Republic of Congo and enables it to advance exploration workstreams, as it seeks to move the Projects up the value chain. Its firm view is that Bisie North has the potential to be a highly strategic tin project to global supply.
Comment: The London stock market needs all the new arrivals it can get. RMR is just the ticket currently, given the significance of Bisie North, the pedigree of the management, and the relatively swift path to production.
Altona Rare Earths (REE) announced that John Story has raised his stake from 5.76% to 6.13%.
Comment: What company would not want legendary investor John Story on their shareholder register? This also explains the recent, belated turn around in REE.
Oberon Investments Group plc (AQSE: OBE), the boutique investment management, wealth planning and corporate broking group, announced its audited preliminary results for the year ended 31 March 2024 (FY24), reporting a transformative year with strong revenue growth which has continued into the new financial year (FY25). Revenue up 50% to £7.5m (FY23: £5.0m). Financial planning division Smythe House revenues increased c.68%. OBE said it was delighted to report a period of substantial growth and strategic development for Oberon. The year ended 31 March 2024 has been transformative, building on the investments made last year and creating a platform for continued success. Its efforts over FY24 have significantly strengthened its market position and operational capabilities, paving the way for further achievements as it moves forward.
Comment: Given how bleak conditions in the small cap area have been over the past year, OBE have to be congratulated that any key performance metric is on the right side of the gain line. One would consider that the company is very well leveraged to any meaningful upturn in the market.
Power Metal Resources (POW), the London-listed exploration company with a global project portfolio, announced an update on the intended formation of a uranium-focused JV involving Power Metal’s entire portfolio of uranium licences, with ACAM LP. POW said whilst significant progress has been made towards completion of the Joint Venture, certain legal due diligence processes remain outstanding. Consequently, the Parties have agreed to extend the due diligence period until 23 August 2024. Whilst no guarantee of completion can be provided, the Parties fully expect completion within that period and the Company will update shareholders in due course.
Comment: While we continue wonder why shares of POW have not factored in the massive gain in investee company Guardian Metal (GMET), we see the company making decent steps in the red hot uranium space.
EQTEC (EQT), a global technology innovator, confirmed the acquisition of two lots of property in Castiglione d’Orcia (SI), Italy that house the EQTEC Italia MDC plant and feedstock storage facilities. EQT said Italia MDC has completed the Transaction on schedule and thus takes ownership of critical infrastructure and land to support the plant. In addition to removing rent as a run cost to the facility, in the Board’s view this Transaction also substantially enhances the value of the combined facility and gives Italia MDC the flexibility to develop it further for efficiencies and new revenue opportunities.
Comment: There has been a slight nudge higher in shares of EQT, but the market remains unduly harsh on a company which has shown in recent months that it is getting its act together on a fundamental basis.
Yesterday Phoenix Copper (PXC), the AIM-quoted USA-focused base and precious metals emerging producer and exploration company, announced that it has renewed its earn-in agreement with Electra Battery Materials (TSX.V: ELBM, NASDAQ: ELBM), in respect of the Company’s Redcastle cobalt property on the Idaho Cobalt Belt. The original agreement was executed on May 21, 2021.
Comment: While we await a significant re-rate for PXC now that its big funding is in the bag, the company reminds us that it is preparing matters on an operational level in the meantime.
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.
