Traders Cafe with Zak Mir: GLR, SYM, ENW, DUKE, CLIN, CORA, GEM, AAU & SOU via Vox Markets

It would appear to be kerching time for Galileo Resources (GLR) as it said that all the conditions have been met in relation to its conditional licence sale agreement with ASX listed Sandfire Resources in relation to the Licence Sale Agreement which is set to occur towards the end of this month.

By Zak Mir

Sandfire will pay $1.5M in cash for it 9 Kalahari Copper Belt licences and deliver $1.79m worth of Sandfire shares. Galileo said that the transaction allows Sandfire to explore the Included Licences, and allows Galileo to carry out exploration on the Excluded Licences in the Kalahari Copper Belt.

Sustainable plastics and rubber group Symphony Environmental Technologies (SYM) offered up its interim results. Group revenue hit £4.9 million (H1-2020: £4.8 million) which on a constant-currency basis, would have shown a 13% increase to £5.4 million. The company said that post period it had achieved US FDA further approval for antibacterial plastic technology with greater loading and wider use in bread films, Canadian Health approval for antibacterial bread films, 4 significant collaboration agreements with Meditech. There was also a China distribution agreement for d2w and d2p and a corporate agreement to acquire not less than 2.5% and not more than 20% of Symphony’s total share capital.

AIM-quoted oil and gas exploration and production group, Enwell Energy (ENW) announced its unaudited results for the six month period ended 30 June 2021, and perhaps highlighted why the shares have been rising in such a consistent way in the recent past. Revenue hit $41.1 million (1H 2020: $24.7 million), up 66% as a result of higher production rates and much improved gas prices in the period. Operating profit stood at $18.1 million (1H 2020: $5.2 million). The company said it is looking forward to the results of the SV-29 development well and to further progressing its development programme over the remainder of the year. It has also started the appraisal of the SC licence, with the spudding of the SC-4 well, its first well on this licence.

Alternative capital solutions group Duke Royalty (DUKE) announced its final results for the 12 months ended 31 March 2021. The company delivered one of the more sought after fundamental flips, in the form of a sharp swing from loss to profit. In this case a profit before tax of £16.1m against a loss of £10.4m in FY20, driven by the fair value of Duke’s portfolio rebounding as the economy stabilised with gains of £9.9m for FY21.

Global pharmaceuticals and services group Clinigen (CLIN) served up its full year results for the year ending June 30 2021. The company said it is seeing strong momentum in the Services business and progress in the Products business, particularly its Partnered products, despite the continued impact of COVID-19. It expects EBITDA growth of 5 to 10% in FY2022 with strong cash generation, driven by the strength of its underlying business and activity levels across the group, with the focus on debt paydown.

One of the few small cap risers to maintain their share price without a rocky ride – so far – has been West African focused Cora Gold (CORA). It announced its unaudited interim results for the six months ended 30 June 2021. The company said that following the recently updated term sheet with Lionhead Capital, Sanankoro is further de-risked and its future development is well supported. Results from drilling at Sanankoro brings Cora closer to the updated mineral resource estimate once all of the results of the campaign are received later this year. DFS work is now “gaining momentum” and is due to be published in H1 2022.

Gemfields (GEM) delivered a trading statement saying that it is “reasonably certain” that its net profit after tax will be $3.8 million for the six months ending 30 June 2021 (comparative six-month period: $56.7 million net loss after tax). Gemfields’ two key operating assets, MRM and Kagem, generated revenues of $58.9 million and £31.2 million respectively during the six-month period to 30 June 2021 (comparative period: MRM – nil; Kagem – $15.0 million). Due to COVID-19 Gemfields set up online-based auctions for high-quality emeralds in November and December 2020, and continued with the same format for its auctions of emeralds and rubies during the first half of 2021.

AIM-listed mineral exploration and development company Ariana Resources (AAU) announced additional drilling results obtained from the Kepez North area of the Kiziltepe Sector, which is 23.5% owned by Ariana. The company said the additional drilling results from the Kepez North area have further reinforced its understanding of this unusually high-grade zone of gold and silver mineralisation.

Moroccan focused upstream gas company Sound Energy (SOU) announced its unaudited half-year report for the six months ended 30 June 2021. The company said that having secured a long-term LNG sales agreement with Afriquia Gaz, it has established a route to market for its gas and following completion of the proposed $18M loan from Afriquia Gaz, it will have the financing for the Sound Energy share of the Phase 1 development.

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