Introduction: At the time of writing the US stock market is set for its 70th record close of the year. Older market watchers will know that a wall of worry is what takes stocks to their greatest rallies.
By Zak Mir
They will also know that most financial journalists delight in calling crashes, delight in investors losing money and are generally bitter and twisted when it comes to capitalism.
Somehow though, they still try and predict share prices in the newspapers.
Of course, the dominant feature of 2021 has been the pandemic, which provided the wall of worry, and as things stand, to squeeze shares higher. I would venture to suggest that we are over the worst, not because of the Omicron looks to be less bad than feared, but because of the bear trap of November 27. That was a mainstream fake news attack, delivered as a “dawn ambush” right after Thanksgiving so that the rug would be pulled from under the equity market. The effect of that move was equal and opposite to the early November 2020 Pfizer vaccine news – delivered/delayed until after the US polls closed on Donald Trump.
Such Establishment shenanigans aside, we only have those who wish lockdown rules/face masks and umteen booster vaccines, like the clouds on the horizon. One of the ironies of this 21st-century pandemic is that the technology has only served to tie us in knots and led to massive economic and human collateral damage, the latter in untreated cancers, and chronic diseases.
Unlike 1957 and 1968 when there were no rip off lateral flow or PCR tests and no instantly approved vaccines, the new diagnostic technology has allowed the Nanny State to cause psychological and actual health misery on an unprecedented level – the Pingdemic being just one example. Both the 1957 and 1968 pandemics passed without lockdowns and vaccines, and proportionate to the current world population were no worse than COVID-19.
Nevertheless, “Sado-Marxists” of the Nanny State aside, we can assume a decent rebound for shares for 2022, albeit that inflation and interest rate rises will replace the big bad wolf of the pandemic. For the record, and again looking at things historically, an inflation rate of 5-10% does not necessarily pose a problem for corporates. Indeed, it is over-regulation, red tape, and a myriad of costs just to do business, which are the greatest threat. We are entering a world where the proportion of gamekeepers to poachers (entrepreneurs) has spiralled out of control.
The Top 20 For 2022:
Of course, at this time of the year, everyone and their mother deliver their list for the winners of the New Year, as I have in recent years. However, I wanted to go from a slightly different angle. In some weeks I interview as many as 10 CEOs and many several times over the course of the year. One of the generally accepted rules of successful stock market investing is that you are investing in management, even more than the business model. It has to be said that the vantage point of being an interviewer can be the box seat as far as judging companies. For instance, it is rare an outperforming company is headed up by someone who does not impress either in an interview, face to face, or via their track record. Most of the 20 stocks included for 2022 are companies where the management are outstanding, and where there is not necessarily the case, the valuation or sentiment towards the group has sunk to “ridiculous” levels.
Finally, the selection is in the small-cap/microcap area – Elephants Don’t Gallop, remains the mantra. My influence has been and continues to be Gervais Williams of Premier Miton, and he continues to be an outstanding example in this space.
20. Oracle Power (ORCP): 0.43p Target 1p
As well as the tyranny of the pandemic, we have also had the mania of COP26 and its run-up. While the old guard might consider the green lobby as yet another device for taxing the masses, those in charge of PLCs had to play the game. Going into 2021, Oracle had offset the Thar Block VI Coal Project with new Gold assets in Western Australia. But the market clearly wanted to see more. Finding Gold at Jundee in August was clearly helpful, but one could argue that October’s Green Hydrogen Co-Operation Agreement with PowerChina International Group was the event that really moved the dial. With CEO Naheed Memon topping up her holding in September near the lows, and near term funding secured via Sheikh Ahmed Bin Dalmook Juma Al Maktoum exercising £500,000 of warrants at 0.25p, it can be said that Oracle now has the best of both worlds in terms of the old in the form of Coal and Gold, and then the Hydrogen – an element which is slated to be key on the road to the energy transition.
19. Rambler Metals and Mines (RMM): 36p Target 70p
It certainly looks as though the difficult part of the Rambler story is now out of the way as we end 2021. H2 of this year, and a cynical, illiquid market, did not want to assume that anything promised by a corporate would necessarily be forthcoming, even if the balance of probability, or in this instance, the experience of Toby Bradbury, President and CEO, would lead one to believe this situation was in very good hands. Those following the copper ores company closely would have gleaned that the Bridge Loan financing on October 13, meant that the Debt Financing the market was waiting for would be imminent. After all, that is what a bridging loan means. What is interesting now, even though the shares have doubled from the lows below 20p, is that traders still seem to be looking the gift horse in the mouth. Rambler is set to complete the development of the flagship Ming Mine, and as we heard the other week in the Mineral Resource and Operations Update, the company has been able to increase its resource estimates. 2022 is likely to underline the potential of Rambler yet further.
18. Canadian Overseas Petroleum (COPL): 17p Target 30p
There are crowded traded that take months/years to unwind, and there is Canadian Overseas. Here we have another “water under the bridge” situation. For instance, this time last year we were treated to the Atomic Oil and Gas acquisition, and a total of £9m in fundraising. There was then a $65m Senior Credit Facility and a fresh £14m raise in March, ahead of the shares being suspended in March at 38p. The stock reappeared in August, and for about an hour it looked as though it was ready to head for the stars. However, one must remember the crowded trade factor. H2 2021 has seen liquidity issues in the small-cap market, with many quite happy to throw babies out with their respective bathwater. Now with the stock as oversold as it has been at any time in the past two years, apparently having raised enough money to buy Royal Dutch Shell, and with sentiment wounded, it would be surprising if there was not a rebound in the shares – if only back to recent highs near 25p, or ideally November resistance at 30p. The only proviso is whether the pesky (short) seller in the stock has finally been seen off. Increased production numbers from Barron Flats may also finally kick in for the bulls in 2022.
17. Love Hemp (LIFE): 1.15p Target 2p
Love Hemp has on the face of it a decent recipe for stock market success. Its chosen area of CBD wellness and health is right on the money with Millennials to Generation Z. On the fundamental front, the company has made all the right moves from having its first Amazon order in September to the Deliveroo tie-up announced this month. Add in Anthony Joshua and UFC campaigns and the £11m stock market valuation seems to be mean, to say the least. This may be due to London investors being very resources focused, or perhaps more logically, that Love Hemp is still listed on the Aquis Exchange, a market that gets the lion’s share of its mentions from my good self. Hopefully, 2022 will see the efforts of CEO Tony Calamita rewarded, given that the groundwork has certainly been done this year.
16. Valereum Blockchain (VLRM): 45p Target 100p
Speaking of Aquis (yes, again), the top-performing stock on London’s challenger market, which is hoping that the LSE is going to give up its monopoly willingly, comes in the form of Valereum Blockchain. On the face of it, the explanation of the massive 3,500% plus gain on the year is that the financial NFT company hit the zeitgeist of what investors are looking for in the tech space – bridging the fiat and crypto worlds. Another idea that backs the outperformance is the way that the company managed the perfect ratio for speculative success: 80% blue sky, 20% reality. The latter has been provided by the brains of Chairman Richard Poulden, with a further boost arriving in the form of one of the founding fathers of Ethereum, Vinay Gupta, and the father of fintech Patrick Young. The stroke of genius adding to the brains trust here was October’s announcement that VLRM has an option to buy 80% of the Gibraltar Stock Exchange, meaning that it has not only invented a new type of financial wagon train, but it will also own a railroad too. Poulden suggested a £10 a share target for Valereum, and a £1 a share destination for 2022 would make most of its ardent fans feel vindicated. The latest Juno news – arriving just as this write up was being compiled can justifiable be regarded as the icing on the fundamental cake, and finally see off the naysayers – the massive ongoing share price rise notwithstanding.
15. Quetzal (QTZ): 5p Target 15p
The London market has not exactly covered itself in glory over the past couple of years, either with its attitude to tech stocks or to Spacs, appearing rather pedestrian as compared to our US counterparts. To add insult to injury, the financial media here seems keen to de-ramp the merits of the UK tech sector even more. However, Aquis listed Quetzal Capital has to date not put a foot wrong, and indeed, with the latest option to acquire crypto-fiat exchange provider TAP Global for a minimum of £26.5m, it seems that QTZ has delivered a deal that should cause both companies to enjoy a rising tide. At the time of the deal, Quetzal had a market cap of £6m. The current standard metric of valuation in TAP’s space is up to £1,000 per user. Having 58,000 registered users, even if one goes with the minimum £26.5m valuations, QTZ should and could rise to somewhere between the present value and say four times the share price. This explains the 15p Quetzal share price target for 2022 and excludes any further development at TAP in the interim, quite unlikely given that this is a booming space – trading off the picks and shovels of crypto trading activity.
14. Cizzle (CIZ): 2.8p Target 7p
It is said that the most dangerous part of flying is, quite logically, take off and landing. This analogy rather works on the stock market, with the take off being the immediate aftermath of the IPO and the first few weeks of listing. M&A is the landing part – whether hostile or agreed. What can be said is that as far as a stock coming to market, the initial weeks and months can be critical. Get off to a good start and that is very often the way it stays. However, bad timing, weak market conditions, lots of pre-IPO investors heading for the exit on day one, and it can take an extended period for the stock to gain its composure. This can be the case even if post listing the company justifies the pre-IPO fundamentals, or even improves on them. We have seen this with a couple of last year’s IPOs, Mode Global (MODE), and in particular Brandshield (BRSD). In the case of Cizzle the headline that its remit is to be an early lung cancer detector is a worthy one, to create a biomarker that disposes of the need for invasive and damaging tests on offer at the moment. What has been interesting since the shares came to market in May at 11p is that the sell off has not so far been interrupted by news of a China MOU and the revelation of a full commercial deal being negotiated, or the MOU with MoU with St. George Street Capital (SGSC), involving two full deals with the potential to generate royalties of up to £5m. This leaves Cizzle trading at a discount to its £8.3m enterprise value. One would imagine that during the course of 2022, probably early on, the value disconnect, and perhaps a pesky seller or two, will be out of the mix.
13. Okyo Pharma (OKYO): 7p Target 20p
We stick with an unloved biotech for the next stock in the Top 20, much of which is based not only on the fundamental value behind a company, but also the acknowledgement that H2 2021 has been brutal as far as the small cap space has been concerned. We have been treated to delayed / overpriced IPOs, and stock margins being raised at the drop of a hat, something which quite understandably might have caused some to chance their arm in the wild west of crypto trading. For Okyo Pharma, 2022 looks to be a comeback year. It has been gestating its dry eye treatment, something which was well flagged in July with the tie up with Ora. It would appear that professional investors started appreciating what is to come from the early autumn, with the shares gapping up from 4p. Indeed, OK-101 is a wonderfully subtle and game changing treatment, able to bind to the surface of the eye, to target the inflammatory cells. One would assume that the reason that shares of Okyo are not much higher than they are is that investors have perhaps not taken the time to appreciate the advance that OKYO has made. Indeed, they have also not appreciated the recent announcements that not only has U.S. Patent issued for use of OK-101 to treat dry eye disease, but that OK-101 is to skip straight to Phase 2 human clinical trials in H2 next year. Given the size of the market, the breakthrough, and the strength of the IP, it can be said that genuine blockbuster drugs do not come much quicker, cheaper, or with greater application than the one that OKYO has under its wing.
12. United Oil and Gas (UOG): 2.8p Target 5p
One of the more British aspects of the London stock market is that there would appear to be something of a block against small cap companies becoming large caps. It is a transformation which for some reason is difficult to make even at the best of times. Breaking the £20m market cap is the first hurdle, with the £100m level the zone to break to get to the promised land out of the retail investor space to where institutional buyers start hunting. As far as United Oil and Gas is concerned, the day of writing sees the stock back above its IPO level of 2.5p in 2017 with a 25% rise. Hopefully, the last of the weak longs are finally out, as news of a successful result at the Al Jahraa-13 well strikes a positive chord. However, with the company delivering revenue of approximately half its market cap every six months in the recent past, CEO Brian Larkin and the team have not exactly been treated like royalty. It is hard to think of another oil and gas play that has not had the benefit of the rise in oil prices over the past year and a half, and at the same time been given none of the benefit of the doubt as far as the execution of strategy, and the potential the company has has. It seems fair to say that if we have seen the last of the sellers near 2p, then this company has the perfect mix of blue sky in terms of Jamaica and production in Egypt, with the rest of the portfolio set to deliver as well with the stock squeezing higher.
11. Afritin (ATM): 6p Target 10p
It has to be said that Afritin has been somewhat under the radar in terms of all but the cognoscenti of the financial Twitter. But in some ways this could be a blessing going forward. The professional investors are in, and of course they already recognise the professionalism of the company, and that of the management led by Anthony Viljoen, the CEO. Those in the know are perfectly aware of his experience and the way he steered Bushveld Minerals, with the implication being that he is fully capable of doing the same and more at ATM. The Namibia asset helps underpin the offering of the company in two ways. As mentioned in a recent interview with the CEO, an investor in the company gets “two for the price of one.” We have Uis offering Tin, at a time when the Tin price is soaring, but last month the company confirmed that tests revealed the potential for additional Lithium and Tantalum sales, with little additional effort. Indeed, the Lithium beneficiation facility is expected to cost just £2.2mln and can be funded from existing cash reserves. And for those who are concerned that we are looking too far forward here, the company has had a shining autumn, with Tin production up 20% to 136 tonnes, and closed a £4.5mln lending facility for its Phase 1 processing plant at Uis.
10. Poolbeg Pharma (POLB): 9p Target 20p
As stated with reference to Cizzle (CIZ), the opening gambit for a company which is new to the stock market is always worth keeping an eye on. The stock market since clinical stage infectious disease pharmaceutical company Poolbeg came to market has not exactly been awash with liquidity, and in the meantime the ebb and flow of the pandemic has provided a distraction for investors. However, one would expect Poolbeg to rise above such local considerations in 2022, with the evidence for this coming in the form of one of the most recent announcements. In this the company said it has agreed terms with AnaBio Technologies to develop an oral vaccine delivery platform. Covid or no Covid, this should have inspired the market in a serious way, given that most of us now feel like pin cushions in the wake of the pandemic, and that a sizeable proportion of “anti-vaxxers” are actually needle phobic. We already know that the oral vaccine for Polio was transformational for the world, and therefore for this aspect alone Poolbeg is likely to be at least as significant a company as the illustrious Open Orphan (ORPH), from which it was spun out in 2021.
9. East Imperial (EISB): 10p Target 25p
To say a company is going to be “the next” this or that is normally a punchy thing to say. However, in the case of premium beverages group East Imperial, this looks as though it is more than merited. It came to market in July with a market cap of £30m, which compares to Fevertree (FEVR), the premium drink mixers giant at £3bn. The latter made its way to being a giant killer in the space, largely through the genius of its distribution. What could be the big win for East Imperial is to go one step ahead of Fevertree, and really crack the American market, and this is what bulls of the shares are backing it to do. What has been interesting is that since listing in July we have gone through a requisition, something which beefed up the board. The new management experience which is blue chip via New Look and M&S, now puts everything in place for the company to achieve a rollout as good or better than Fevertree has achieved. At the current modest market cap, the market has not factored in more than a fraction of the group’s potential.
8. i3 Energy (I3E): 13p Target 30p
As has been stated with respect to United Oil and Gas, and something which is applicable to Canadian Overseas in this sector, one of the most difficult things to do on the stock market is to change market perception from regarding a company as a micro / small cap, to being a serious mid cap situation with blue chip potential. A company which has managed to rise above the small cap clouds in 2021 has been i3 energy, via its with assets and operations in the UK and Canada. What has been the secret of the company’s transformation? Perhaps not surprisingly, it can be said that it has been a mix of multiple factors. I3 was spot on in hoovering up bargain basement assets in the wake of the pandemic, and perhaps more importantly proved since then that it has the operational skills and capacity to deliver for shareholders on these deals. This point is underlined by the introduction of the dividend, another key aspect required for a company to show its blue chip credentials.
Of course, CEO Majid Shafiq has decades of sector experience to follow through on strategy. But nevertheless, this month’s 2022 Canadian Capital Programme and dividend guidance, underlines that there is going to be no let up in the company’s momentum. Indeed, the company’s investor relations has been absolutely spot on: an example for others to follow. On this basis the present stock market valuation of £150m credits very little of what has been achieved here, and what can be expected over the next year. The shares were up nearly 150% in 2021, one would expect at least a similar rise for 2022, especially while strong oil prices continue to favour the group.
7. Tirupati Graphite (TGR): 85p Target 160p
As stated with reference to Cizzle (CIZ), a lot of how a company is regarded on the stock market, at least initially, is how the shares move in the immediate aftermath of the IPO. This has been highlighted in spades with the recent blockbuster float of Bens Creek (BEN). The shares have more than tripled in short order, and there are a lot of happy punters around. Part of what happens in the early stages is dependent on stock market conditions at the time. But common sense dictates that if a company is priced to fly from the get go, the initial share price trajectory is bound to be positive. This was the case with Tirupati, which was listed at near a quarter of its risked valuation, with the stock nearly quadrupling from the 40p zone by the end of H1 2021.
Since then there has been a consolidation, but the green light on a fresh bull run should be on its way given last month’s announcement of the start of commercial production at Vatomina. 2022 is set to move the fundamental dial at TGR: current Madagascar production is 12,000 tpa, expected to reach 30,000 tpa by the middle of next year, and then targets to hit 84,000 tpa by the end of 2024. Production is set to be the near term driver for the stock, with aspects such as its Aluminium Composite and potential tie ins with blue chip companies thrown in the mix as icing on the cake to boost sentiment towards the company going forward. Finally, like many other companies in this list, the passion of the management, in this case from Executive Chairman Shishir Poddar, who is in many ways, Mr Graphite, should never be under-estimated.
6. Caracal Gold (GCAT): 1.07p Target 2p
The idea of pricing a company to fly on listing is a simple, but every effective one which should is perhaps not appreciated or acted upon as much as it should be on the stock market. Enter Caracal Gold, which raised £5.5m in August. The premise then was that we are looking at a company which was set to “rapidly increase production to +50,000oz p.a. and build a JORC compliant resource base of +3Moz within 12-18 months.” All of this was initially given a valuation of less than £15m. It was therefore hardly surprising that the stock rose from below 1p to 1.85p in just 6 weeks. The premise remains the same going into 2022, only with the inflation outlook / Gold price looking far more bullish, and the bumper December announcement in the bag too.
This revealed agreements to acquire a 100% interest in the advanced Nyakafuru Gold Project and secure a 75% interest in the Simba Gold Project in Tanzania. In the wake of this news GCAT now has attributable gold resources of over 1.5Mozs, with 26 granted mining and prospecting licenses and 5 existing license applications. This is plenty to be getting on with for the new year, and with the shares still at a basement level market cap, anyone serious about prospects for Gold is likely to be running the rule over Caracal.
5. Galileo (GLR): 0.98p Target 1.5p
In terms of companies in the Colin Bird stable of London listed companies to choose from, one is certainly spoiled for choice. What continues to be somewhat baffling is that even though Mr Bird has brought us the £400m market cap metals processing cash machine Jubilee Metals (JLP), the stock market is insistent on taking each of his listings on their own merit, and behaves as if each one is his first company to list. However, in such churlishness lies the opportunity, even though “been there, done that” should be the mantra. In Hollywood you are only as good as your last film, one the London market you are only valued on your next big winner. It will be interesting to see how the Xtract Resources (XTR) 2m tonnes of contained Copper story pans out – presumably that will be one where seeing will be believing?
In terms of Galileo Resources though, we are looking at a situation where once again the market cap of close to £10m will be contrasted sharply against the multiple positive developments / newsflow. Indeed, 2021 ended on a high note with a packed December. The first was an option agreement gives Galileo the right to earn an initial 51% interest in the Shinganda copper-gold project in central Zambia, by just spending $0.5m on exploration and evaluation over two years. But this was just the hors d’oeuvre, in the sense that the month closed with a JV regarding the Luansobe Copper Project, Zambia, which will give GLR a 75% stake for just $400,000. The nearby Mufulira mine which has produced well over 9Mt of copper metal during its operations, while historical reports suggest the potential for very significant copper resources of up to 20Mt @ 2.51% Cu at Luansobe. It can therefore be said that Colin Bird has delivered a potentially company making pair of deals, and once again with the company valuation at the ground floor, the prospects for the coming year appear very favourable.
4. Open Orphan (ORPH): 23p Target 50p
While it has been a decent year for blue chips on the London market, for the small cap space it has been evident to date that investors have not been getting as much bang for their buck. Just how much reticence there has been was underlined by the recent newsflow from Open Orphan, the specialist contract research and vaccine / antiviral testing group. Going into 2021 the company was one of the stars of its space, given the way that it entered it just as the pandemic began and a light was shined on its business model. What has been interesting is that between November 15 and December 21, the company announced no less than four contract wins amounting to some £20m in value, plus Imutex Vaccine results and positive results from a Flu human challenge study. While the shares may be up some 15% over the period, this amount of fundamental fireworks on a £150m market cap company should and probably will be rewarded in terms of market cap during 2022. This is especially so considering the way that demand for OPRH’s services looks to be accelerating rapidly, and the company has stated it can scale up capacity with ease. In addition, we have the ongoing prospect of spin offs from Open Orphan to maximise shareholder value, of which the first, Poolbeg Pharma (POLB) appears set to make headway over 2022.
3. DeepVerge (DVRG): 24.5p Target 50p
As has been mentioned with reference to East Imperial (EISB), “the next” this or that is a common way of describing growth companies. Perhaps in the case of DeepVerge it would be the case that the company would be on a much higher valuation if it had an obvious peer comparison. However, CEO Gerard Brandon’s brainchild is a unique proposition. I suppose if one stretched things one would like to see DVRG spin off companies like Open Orphan (ORPH) has and should continue to do, but that is where the comparison ends. Brandon’s speciality is to turn around struggling companies. Of course, the skill is to identify which companies to turnaround and then to see them flourish. This is not a commonly held skill. Also, it is not easy to get your timing right on such deals. However, he hit the zeitgeist with Modern Water, and the rest of the vertically integrated company is also on the money in terms of its artificial intelligence, clinical research, medical device and life science offering. One of the sad aspects of the London market as compared to the US is that away from the resources space, valuations especially in the new economy tend to be far less than they would be in the US. Typically, one could add a zero to the market cap to get the equivalent Stateside market cap. In the case of DVRG, it currently stands on £50m, a seemingly ridiculous valuation given the offering it has on a fundamental basis. Unusually, this is a company that spans markets with clients from Governments, to B2B, and via Labskin, the consumer area, with all aspects scalable on a global basis.
2. Wishbone Gold (WSBN): 8.45p Target 20p
On a simplistic level, it may be said that as far as Wishbone Gold is concerned, the market was kinder to the company in 2020 when it was rather more blue sky that it now is that the beginning of 2022. This is nothing unusual, and should provide a decent opportunity during the next 12 months, especially if the rising inflation / rising Gold price scenario pans out as it should. With the stock around 8p in the wake of last month’s commencement of drilling at Red Setter, as opposed to 20p plus at the end of May, we are looking at a situation where the risk / reward appears attractive. We should not forget that this is the second Richard Poulden reboot in the top 20 this year, with Valereum Blockchain (VLRM) the top riser on Aquis in 2021. With WSBN Poulden made a successful switch to Gold in Australia, and Red Setter is the Jewel in the Crown. Red Setter is certainly rubbing shoulders with the stars. It lies on a 57.4 sq km wholly-owned EL45/5297 exploration licence, 13 close to both Newcrest Mining’s Telfer Gold-Copper Mine, and Newcrest and Greatland Gold’s (GGP) Havieron discovery in the Paterson Range of Western Australia. Indeed, the market cap of £15m means the company is priced at ground floor level / new listing valuation, without the prospective gains from Red Setter, White Mountain, Cottesloe, or Wishbone II, IV and VI.
1. Eurasia (EUA): 24.5p Target 50p
It has to be admitted that Eurasia was not necessarily going to be top of the 2022 list. The main reason for this is that the company already made its point as far as the bulls were concerned in 2020 when it came back from (unnecessary) suspension. However, it would appear that the court of Twitter, and private investors in general, regard this is a top play for 2022. While this is not necessarily a good indication of whether a company is capable of greatness, I would suggest that there are nevertheless plenty of positive factors to look at. The simplest one is that this is now a £700m company, having been up to £1bn at best so far. Despite all the mudslinging, distortion, character assassination and omission of the bears, EUA has become a mid-tier mining company, and given progress made in 2021, arguably the top tier in its space within the mining sector. I would venture to suggest that if it were not for the waiting game as far as M&A here and the slurs, its market cap would be well north of £1bn currently. Indeed, in many ways the heavy lifting here has already been done, with or without M&A. EUA has not only de-risked via this process, while we have been waiting, the latest Hydrogen and Ammonia projects JV have arguably made it a win-win whatever happens on the corporate action front.
Interestingly enough, it should be noted over 2021 the shares remained at the same starting price despite the flow of significant fundamental water having flowed under the bridge. For instance, the JV with Rogeo consisted of 104.6Moz of Platinum equivalent, and there have been a significant increases and upgrades in mining areas and assets across the enlarged portfolio. EUA will also be a significant Nickel player, and is clearly arm in arm with the Russian State’s mining strategy to propel this further. But above all, Eurasia has shown itself to be a proactive and aggressive player in its space. It could have just sat back waiting for a buyer. Instead, we have seen one of the most active examples of company building in the mining space in recent years, and is fully funded to execute the multi-pronged strategy in 2022 and beyond with minimal dilution. As things stand a sale would merely be the icing on the cake.
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