RNS Hotlist: Alkemy, CyanConnode, First Class, Galileo, GreenX, Mobile Streams, Nightcap, Novacyt, Open Orphan, Power, Saietta, Serinus, United Oil & Gas

There was a definite wow factor in the latest news from Open Orphan (ORPH), a specialist contract research organisation. It announced that hVIVO, a subsidiary of Open Orphan plc, has signed a £6.2m contract with a US-based biotechnology company to test its antiviral candidate using the hVIVO Influenza A human challenge study model. The human challenge study is expected to commence in H2 2022 and will be conducted at hVIVO's state-of-the-art facilities in London. The Company expects the revenue from the contract to be recognised across 2022 and 2023 and said  the contract underlines the increasing demand in the infectious disease clinical trial market, which is expected to grow to a value of over $5.5 billion by 2027.

Mobile Streams (MOS), the AIM quoted mobile content and data intelligence company, announced total unaudited revenue for the year to 30 June 2022 reached £1.1 million (FY21: £395k), an increase of approximately 180% over the previous year. The company said its turnaround is now gathering real pace and it expects this to increase rapidly with the launch of further NFT partnerships later this year.

Galileo Resources (GLR) provided an update on progress and drill planning at the Luansobe Copper Project on the Zambian Copperbelt where it holds a 75% interest in Small Scale Exploration Licence No. 28340-HQ-SEL. The company said it was pleased with its overall desktop review of the historic drill data for Luansobe and independent overview by Addison Mining Services. Re-examination of the old drill core found previously unrecognised copper-bearing zones of significant length. The work undertaken adds value to the modelling of a potential open pit and the new drill programme will define the extent and copper content, if any, of  pre-strip for such a pit. It aims to put a development contract out to tender early in Q4, 2022.

Alkemy (ALK) announced that it has raised £1,200,000 in an oversubscribed placing at £1 per share. This includes cash subscriptions of £178,000 from the directors, including Paul Atherley (£78,000), Sam Quinn (£75,000) and Helen Pein (£25,000). The net proceeds will be used to further fastrack the development of TVL's lithium hydroxide processing faclility in Teesside, UK and for general working capital purposes.

Nightcap (NGHT), the owner of a group of bars, announced that it finished its financial year ended 3 July 2022 with continued positive trading during the final 13 weeks of the year. The company said trading has continued in line with management's expectations in July 2022. It has strengthened its focus on offering “good times” and good value to its resilient Millennial customer base and, backed by an unparalleled property pipeline.

Stock market newbie First Class Metals (FCM), the UK metals exploration company, provided an update on activities during the first half of 2022 across its portfolio. The company said the recent successful listing in what are generally considered woeful market conditions is testimony to not only the management team but the quality of the assets: the claim portfolio created.

Woodbois (WBI), the African focused forestry company, announced its half year results for the six months to 30 June 2022. H1 2022 Group gross profit was up 59% to $2.7m vs H1 2021 $1.7m: margin improved to 23% from 20%. The company said In the first half of 2022 it has achieved record levels of production, strong revenue growth, further improvement in both margin and EBITDAS, as well as a first maiden operating profit with a positive operating cash inflow.

CyanConnode (CYAN) announced that it has received an order for Cellular Gateways to provide smart communications for an Advanced Metering Infrastructure project located in the Middle East and North Africa region. The order is for a new cellular product  which is to be fitted to existing smart electricity meters and is worth $2.5 million.

United Oil & Gas (UOG), the oil and gas company, announced an update on the drilling of the Al Jahraa-14 development well in the Abu Sennan licence, onshore Egypt. United holds a 22% working interest in the licence, which is operated by Kuwait Energy Egypt. The company said that this is the seventh consecutive successful development well on the Abu Sennan licence since 2019. The ASH-4 development well is targeting 2.2 million barrels gross before the drilling of the final well in its 2022 programme. The high impact exploration well ASF-1X which is targeting over 8 million barrels gross.

Serinus Energy (SENX) announced that the drilling of the Canar-1 exploration well in Romania commenced today (04 August 2022).   The Canar-1 well will be drilled to a depth of 1,600 metres, targeting three prospective hydrocarbon zones.  The Canar prospect is located on the northern flank of the Carei Basin, approximately four kilometres to the west of the Company's Moftinu Gas Plant. 

Novacyt (NCYT), an international specialist in clinical diagnostics, announced the launch of the company's first fully lyophilised (freeze-dried), direct-to-PCR assays. This new class of PROmate® assay enables shipping and transportation at ambient temperatures to remote regions or in areas without a centralised cold storage supply chain, providing an extended global reach for Novacyt's PCR portfolio.

GreenX Metals (GRX) reported that three advanced all-terrain vehicles (ATVs) will be deployed for its upcoming exploration program at the Arctic Rift Copper project in Greenland. The Sherps will remain in Greenland and provide substantial cost savings and enhanced access to start exploration programs in future years.

Saietta (SED), the international electric powertrain group, announced that it has conditionally completed an oversubscribed Placing which is now closed. The Placing raised gross proceeds of £23 million at 138p, quite an achievement in current stock market conditions.

Regular RNS releaser Power Metal Resources (POW), the London listed exploration company, announced an update in relation to the Molopo Farms Complex Project targeting a large scale nickel-platinum group element discovery in southwestern Botswana. The company said the main next step is planned diamond drilling focused on the discovery of economic nickel sulphides and following up on the highly positive results from the drill programme completed in early 2021.