Stocks that may or may not make the grade in the papers
Residual fuel technology group Quadrise Fuels (QFI) was up 41% as it updated on the MSAR® Commercial Trial Agreement with Greenfield Energy LLC, one in which fellow retail punter favourite Tomco (TOM) is also involved. This became something of a two for the price of one situation, with social media calling up both stocks to the stars. This idea was aided and abetted by the way that some were pointing to as much as 15bn barrels recoverable in Utah, where Quadrise’s trial has been taking place.
It continued to be total annihilation for bears of small caps, with even one of their biggest targets, Eurasia Mining (EUA), rubbing salt into the wound via the announcement of a $10m raise at 22.5p, effectively the highs of the year in terms of the share price. Indeed, given the market cap of the palladium focused group at £600m, it could have raised far more, as it waits on UBS to deliver on its takeover process. The shares even managed a 1% rise on the day.
Okyo Pharma (OKYO) announced that it is set to follow in the footsteps of its illustrious “sister” company, Tiziana Life Sciences (TILS) (management teams coincide) and apply for a Nasdaq listing. Being dual listed worked wonders for Tiziana recently as for one day only it was second only to Microsoft (MSFT) as the most traded stock in the US. In addition to the listing news the biotechnology company raised £1.4m, and together these developments were well enough received to serve up a 3% share price rise. In turn, Tiziana felt the benefit of a patent being granted for its Crohn’s disease treatment, Formulab, rising 6%.
Despite the naysayers scratching their heads at the meteoric rise of inventory monetisation specialist, [email protected] (SYME), the stock continued to forge ahead, with a 40% share price hike – effectively making it a 10-bagger in a matter of days. The explanation for the latest jump was that Orchestra Group, a vehicle of CEO had raised its stake in the company from 18.98% to 23.98%, something which not only abides by the “skin in the game” green flag of investment rules, but also underpins the recent share price hike. As many shorters are finding, pressing the sell button in a Covid infested world is like jumping in front of a locomotive.
Former punter favourite Petrel Resources (PET) spiked 28%, as traders speculated regarding the prospect of Iraq handing out new licenses to oil & gas explorers such as Petrel which currently holds an interest in Western Desert Block 6 and Merjan oilfields, to reduce its dependency on arch rival Iran. Fuel was added to the flames as it was announced that Iraq is to sign a memorandum with Chevron for it to explore in Southern Iraq. While some noted that Petrel’s interest is in a different part of Iraq, the bulls had the upper hand during the session, especially as we are in a market where one plus one can easily add up to three.
Congo focussed iron ore specialist Zanaga (ZIOC) saw its stock bump 21% higher, helped along by a combination of talk that a seller has been cleared, and the usual background radiation of the prospect of a buyout or a JV to help the company get its hands on what is not only a significant asset, but open pit as well. In last month’s update Zanaga gushed regarding “maintained premiums for iron ore products” and Chinese engagement in the country.
Alongside the recent rise in precious metals prices, there was another windfall for Australia based Gold / Silver miner, NQ Minerals (NQMI) as the Aquis listed company pointed to high grades of Gold in some 80,000 tonnes of surface stockpiles located at its Beaconsfield Gold Mine in Tasmania. NQ Minerals stated that these stockpiles would be processed as soon as the end of this year, when its project plant comes onstream. Shares in NQ Minerals rose 2.74%.
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