Xtract Resources (XTR) continued its series of progress reports from its Bushranger copper-gold porphyry exploration project in New South Wales. Here the angled holes BRDD-21-013 and 014 of the Phase Two diamond drilling programme were particularly in focus.
By Zak Mir
Preliminary data suggests that BRDD-21-014 may be located within the margin of a new segment of the Racecourse porphyry system, with detailed modelling of the survey results and drillhole data to direct further drilling on this target. The company said that these most recent holes help to confirm its prognosis for a large open pit, in that hole BRDD-21-013 intersected the first copper mineralisation quite near surface, extending over a substantial interval of more than 300m.
Carbon fibre reinforced ceramic brake discs specialist, Surface Transforms (SEC) saw its shares rise in the wake of announcing a new strategy. It said that following internal analysis and extensive discussions with its furnace supplier partners, the new manufacturing strategy will have the effect of saving approximately £10 million in equipping the entire Knowsley factory, and increasing 2023 sales capacity by £15 million p.a. from £35 million p.a. to £50 million p.a. with no new capital equipment cash requirement.
Shares of up and coming boutique wealth management / corporate broking group, Oberon Investments (OBE) reached new highs on the Aquis exchange. In July’s final results the group unveiled 237% revenue growth to £3.8m for the year (2020: 1.1m on a 12-month comparable basis) and an over 340 % increase in Assets under Administration to over £550m (2020: £125m). All of this was achieved in the wake of the strong launch of Oberon Capital, driven by new retained clients and fundraisings and a successful listing on the AQSE Growth Market.
Evgen Pharma (EVG) was at the top of the stock market leaderboard for much of the day. The recent recovery in the stock was helped along by a TR1 which showed that James Kight had edged up his stake in the clinical-stage drug development to just over 9%. The main news focus here was the revelation that the company had been granted Orphan Drug Designation by the US Food and Drug Administration for use of SFX-01 to treat malignant glioma, clearly a significant fundamental boost.
It is normally interesting to compare the share price of a company that has raised money with the placing price. In the case of 88 Energy (88E) we saw an intraday low of 1.6p versus an equivalent raise price of 1.49p on £12.7m. While near term this advantage may be eroded by “flippers”, it is normally a positive for a stock if the price moves higher, or remains higher than the placing price.
Shares of Asimilar (ASLR) continued to act as something of a barometer for fellow tech investment company All Active Asset Capital (AAA), which has recently been in focus regarding a mooted bid for Audioboom (BOOM). Asimilar’s cause has been helped in the wake of investee company Dev Clever’s (DEV) latest announcement regarding the first phase of the tactical partnership with Aldebaron. Under the terms of the partnership, the National Careers Challenge will be launched in the UK on 30 September 2021. Asimilar shares bounced back to 40p, having traded as high as 75p at the beginning of July.
Disclaimer & Declaration of Interest
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.
If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.
Terms of Website Use
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned