Thor Explorations Ltd. (THX) provided an operational and financial review for its Segilola Gold mine, located in Nigeria, and for the Company’s mineral exploration properties located in Nigeria, Senegal and Cote D’Ivoire for the three months to March 31, 2025.
22,750 oz of gold sold (Q1 2024: 17,420 oz) with an average gold price of US$2,720 per oz (Q1 2024: US$2,033). Cash operating cost of US$711 per oz sold (Q1 2024: US$418) and AISC of US$950 per oz sold (Q1 2024: US$632). Revenue of US$64.0 million (Q1 2024: US$33.3 million). EBITDA of US$43.6 million (Q1 2024: US$23.2 million). Net Cash of US$24.7 million (Q1 2024: Net debt of US$14.3 million).
Comment: Gold may still be near record levels, but it is the sheer scale and consistency of the performance of THX that is the real standout. All of these great numbers and a dividend to boot. A 50p share price and a £350m plus market cap cannot be far off.
Solvonis Therapeutics (SVNS), a clinical-stage biopharmaceutical company focused on developing innovative medicines for the treatment of addiction and mental health disorders, announced that on May 27, 2025, it acquired all of the common shares of Awakn. SVNS said “The addition of Awakn’s assets expands and accelerates our R&D pipeline. In the near term, we are focused on Alcohol Use Disorder and Post-Traumatic Stress Disorder – two high-burden conditions with significant unmet medical needs and few effective treatment options. We are excited to take this next step in our journey and look forward to advancing our late-stage and pre-clinical programmes with strong scientific and commercial momentum.”
Comment: One would expect the market to cotton onto SVNS’s strategy of going for “big win” significant unmet need markets, such as PTSD and alcohol abuse. These could be just as transformative to the company as the current blockbuster weight loss jabs have become for obesity.
Jubilee (JLP), a diversified metals producer with operations in South Africa and Zambia, is pleased to provide an update on the implementation of its copper projects in Zambia. JLP said “The trials over the past 8 weeks have affirmed Roan’s unique capabilities to process transitional copper reefs which are available in vast quantities both at surface and in near surface mining operations. We are excited to have commenced production under the new supply agreements and will provide more clear guidance as soon as we have sufficient operational data under the supply agreement in the coming weeks. Additionally, we are pleased to announce we have concluded the sale of one of our non-core waste assets for a combined consideration of US$12.3 million as part of a review of the Company’s portfolio in Zambia.”
Comment: Given the market’s rather grumpy attitude to JLP, one would expect the sizzle in today’s announcement to come from the non-core asset sale, rather than operational matters, even though the latter appear to be on the up at Roan.
Kingfisher (KGF), issued aQ1 trading update to 30 April 2025. KGF said it had made a “Good start to the year, reiterating full year guidance.” Q1 sales of £3.3bn; total sales +2.2% (constant currency), including a -0.9% calendar impact. Underlying total sales growth of +3.1%. Like-for-like (LFL) sales growth of +1.8%, underlying growth of +2.7%. Reiterating full year guidance: expect FY 25/26 adjusted PBT of c.£480m to £540m and free cash flow of c.£420m to £480m.
Comment: KGF manages to edge forward on all the key metrics, something of an achievement in current market conditions, making it even more brave to reiterate full year guidance. However, this underlines the momentum the company clearly has.
Cykel AI (CYK) announced the adoption of a Bitcoin Treasury Reserve Strategy, aligning the Company with forward-thinking public enterprises integrating digital assets into corporate treasury management.
Comment: Such a good announcement yesterday, CYK chooses to repeat it again today, as we look forward to June 6 when it intends to buy some BTC.
KEFI (KEFI), the gold and copper exploration and development company focused on the Arabian-Nubian Shield, provided further details on institutional investor participation in the Company’s placing announced on 21 May 2025. Institutional investors who participated in the Placing and who have permitted the Company to disclose their involvement are Konwave Gold Equity Fund, Phoenix Gold Fund, Premier Miton, RAB Capital and Ruffer Gold Fund.
Comment: After clickbait friendly rumours were spread in terms of KEFI not being well backed by shareholders, we have a healthy list of the great and the good who quite rightly backed the company at the recent, sensible fundraise to drive the company forward.
Genflow Biosciences (GENF), the only publicly listed longevity company in Europe, is pleased to announce the signing of a Master Service Agreement (MSA) with CER Groupe (CER), a long-standing partner of the Company. CER is a private Belgian research center offering integrated bioproduction and pre-clinical services within a regulated ISO and GxP-compliant environment. The MSA formalizes the working relationship between Genflow and CER, providing a robust R&D framework to accelerate Genflow’s pre-IND gene therapy programs.
Comment: For some reason the market has not been big on this Fountain of Youth play, even though it has persistently been shaking hands with serious, credible counterparties, such as the one announced today.
Avacta Therapeutics (AVCT), a life sciences company developing next generation peptide drug conjugates (PDC) targeting powerful anti-tumor payloads directly to the tumor, announces the appointments of David Bryant and Richard Hughes as Non-Executive Directors with immediate effect. AVCT said “”As Avacta completes its transformation into a dedicated pure play therapeutics company, focused on advancing our unique preCISION® platform for the benefit of patients, it needs seasoned and expert guidance. David and Richard have many years’ experience and proven track records in pharmaceutical development and commercialization and capital markets respectively. Their collective expertise will significantly enhance the Board’s capabilities as we focus on the strategic opportunities within our innovative pipeline to build long-term shareholder value.”
Comment: AVCT has certainly brought in the big guns to its board, something which is not only appropriate given where the company is in its life cycle, and the share price. To get anyone of experience to come to the AVCT party and accept the Pepsi Challenge is an achievement in itself.
Mosman Oil and Gas Limited (MSMN) the helium, hydrogen and hydrocarbon exploration, development and production company, announced an update on the Vecta Project in Colorado, US. Mosman, Vecta Oil and Gas Ltd and Desert Eagle Operating LLC (“Desert Eagle” or “DE”) have reached a tripartite agreement regarding commercial arrangements on the Billy Goat Area of Mutual Interest lease area (“Billy Goat”).
Comment: While it is clear that the market was perhaps not enamoured of the timing of the recent fundraise, it would appear that MSMN is getting on with the job in Colorado to justify the move.
Orosur Mining Inc. (OMI), announced an update on the progress of exploration activities at the Company’s flagship Anzá Project in Colombia. OMI said “Pepas is moving nicely, both in terms of expanding the footprint, but also commencing examination of potential development options. In addition, while rains are hampering us at El Cedro, the initial results of high-grade soil anomalies over such a large area are very encouraging.”
Comment: While the RNS is on a par with War and Peace, the gist of it are those high grades.
Kromek Group plc (KMK), a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, announced that it has received two orders to supply its D3 series of detectors for use by a European and a US customer. The orders, valued together at approximately $900k, are for immediate delivery.
Comment: KMK is clearly riding the wave of the run up to WWIII. The question is whether both the company and its share price should be doing better than they currently are given the fundamental backdrop.
Altona Rare Earths (REE), a resource exploration and development company focused on critical raw materials in Africa, announced very encouraging initial fluorspar metallurgical testing results, and the discovery of further fluorspar occurrences within the mining licence, creating conditions conducive to produce acid-grade fluorspar (“acid-spar”) at Monte Muambe.
Comment: Although most in the market might think that fluorspar is the active ingredient in toothpaste, something which may take the edge off the RNS, it is still the case that the company is clearly making good progress at Monte Muambe.
Cizzle Biotechnology (CIZ) announced that the Lang Family, of St Helier, Jersey, have moved up from 10% to 11% on the shareholder register.
Comment: Hopefully, our rich, tax efficient friends in Jersey are buying the shares at the bottom, and will see the stock head back above 2p in relatively quick time.
Pets At Home (PETS) reported a pretax profit of £120.6 million in the financial year that ended March 27, rising 14% from £105.7 million the year before. Revenue grows 0.1% to £1.482 billion from £1.480 billion, while selling and distribution expenses reduce by 2.7% to GBP451.2 million from £463.6 million.
Comment: The worse the cost of living crisis, the more important it seems to be to ensure the pooch, moggy, goldfish are all thriving, something which PETS continues to thrive on.
SEEEN (SEEN), the global media and technology platform that delivers Key Video Moments to drive Video Commerce and transform its clients’ video profitability, announced that it has received notices to exercise a total of 14,816,662 warrants over new ordinary shares. SEEN said “I am delighted that 70% of our warrant holders have elected to exercise their warrants with more than one year to maturity, which we consider reflects their confidence in the Group’s progress over the last 12 months. These funds will further strengthen the Group’s financial platform to continue the momentum from FY2024 when we increased revenues by approximately 50% versus the previous year and achieved our first month of operating cashflow breakeven. I look forward to delivering further growth for our shareholders across all aspects of our business.”
Comment: A decent and welcome windfall for SEEN, something which reminds us how wrong those who criticise warrants and options are. This cash is arriving at just the right time for the company.
Avingtrans (AVG), which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, is pleased to announce an update on current trading ahead of conclusion of the financial year ending 31 May 2025. Based on unaudited management accounts for FY25, the Company now expects to report Adj. EBITDA ahead of market expectations, driven by better than anticipated performance within the Advanced Engineering Systems (“AES”) division. Revenues are expected to be in-line.
Comment: AVG is one of the companies whose shares have bounced back well from last month’s tariff scare dip, with the latest update solid enough to ensure that the bounce continues despite the company being persistently under the radar.
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.
