Traders Cafe with Zak Mir: PXEN, RMM, EUZ, EUA, SLE, GCAT, XTR, WSBN, VLRM & COPL via Vox Markets

It is certainly time for gas producers to make hay, a point underlined by the latest update from Prospex Energy (PXEN), the AIM-quoted investment company.

By Zak Mir

It said its joint venture company Tarba Energía has contracted the well intervention work and a programme for system optimisation and automation at its gas to power project at El Romeral in Southern Spain. The well workover has the potential to increase gas production by up to 15,000 cubic metres per day to 27,000 cubic metres per day and would allow the subsequent start-up of a second generator to double electrical output. The system optimisation project is expected to boost income from power generation by up to 65%.

It would appear that shareholders in Rambler Metals and Mining (RMM) are getting closer to a satisfactory outcome. The copper and gold producer, explorer and developer, said that further to its announcement of 31 August 2021, it has been working with Newgen Resource Lending to reach an intercreditor agreement with a third party to obtain the security required for the loan. Rambler, West Face Capital and Newgen are working with the third party to close the financing as soon as possible and will make further announcements in due course.

Lead, zinc and silver developer, Europa Metals (EUZ) revealed an updated independent Mineral Resource Estimate, in respect of its wholly owned Toral lead-zinc-silver project located in northern Spain. This included a 55% increase in indicated resource tonnes; 39 % increase in indicated contained tonnes of zinc to approximately 251,000 tonnes; 30% increase in indicated contained tonnes of lead to approximately 196,000 tonnes; and 40% increase in Indicated contained ounces of silver to approximately 5.2 million ounces. Europa is sitting on a total resource of approximately 20Mt @ 6.3% Zn Equivalent, 3.9% Zn, 2.7% Pb and 22 g/t Ag.

Bear burning PGM / battery metals group Eurasia Mining (EUA) managed to avoid the stampede of companies reporting at the end of Q3 at 7 am, by delivering a post-market close update. This revealed the company ramping up on the operational side, with West Kytlim serving up a near nine-fold increase in mine revenue compared to the same period last year. Three plants now operational as opposed to one in previous seasons- eliminating single asset risk. At Monchetundra Eurasia said it continues to drive the development at its project and within the Rosgeo JV. Here there has been a recalculation of MT and Flanks resources and pit outlines, reflecting considerable metal price increase since FS of 2016.

Independent oil and gas production company focused on Nigeria, San Leon Energy (SLE) said it has entered into a conditional subscription agreement with Decklar Petroleum Limited which entitles it to purchase $7,500,000 of 10% unsecured subordinated loan notes of Decklar Petroleum and 15% of the enlarged share capital of Decklar Petroleum.

It would appear that Orca Capital has the bit between its teeth in terms of buying shares in the stock market newbie Caracal Gold (GCAT). No sooner had the investor jumped in with 5% of the East African focused gold producer, that just 24 hours later it issued a TR1 revealing that it is up to 9% on the shareholder register. Caracal, not surprisingly, continues to be one of the more liquid and most followed small caps around currently.

Gold producer, exploration and development company with projects in Australia, Mozambique and Zambia, Xtract Resources (XTR) announced an update of operations and projects and its unaudited interim results for the six months ended 30 June 2021. As well as recent storming updates from Bushranger, the company is sitting on the Kalengwa open pit Copper Mine, one of the highest-grade copper mines in Zambia. The Manica Gold Project in Mozambique is situated in the Odzi-Mutare-Manica Greenstone belt, with an estimated 2 million ounces of gold previously mined in the area. Given the still modest market cap of just under £40m, it would appear that more in the market are ready to appreciate the portfolio the company has.

Wishbone Gold (WSBN) offered up its interim results, with the company saying that it has consolidated the Red Setter acquisition together with the two smaller properties, Golden Retriever and Short Haired Pointer as well as the optioning of the Cottesloe Project. In Queensland Wishbone has had further excellent results from the Wishbone II property and in August announced a southern extension to the property, expanding the total acreage to 174 km2.

Blockchain technology builder, Valereum Blockchain (VLRM) announced its financial results for the six months ending 30th June 2021. The company highlighted its strategy to focus on a fully regulated structure creating a bridge between the worlds of fiat and digital currencies and assets. This bridge ensures that if conventional securities are traded in crypto currency through Valereum’s systems then the crypto purchaser will have verifiable title to the underlying fiat securities or assets, something which would be a unique offering in the financial markets.

International oil and gas group Canadian Overseas Petroleum (COPL) said that further to its announcement on September 27, 2021, a consolidation on a basis of one post-consolidation common share for each one hundred pre-consolidation common shares has become effective. The motivation here for the company has been to both attract more institutional and Canadian investors to its shareholder register in the wake of its giant-killing Atomic deal earlier this year.

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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