RNS Hotlist: AFC, Angus, Argo, Arrow, Artemis, Aura, Bens, Cobra, Eco, EQTEC, Fusion, Jubilee, Mkango, Nightcap, Oriole, Pan African, TMI
One of the mysteries of life has been why cash machine Jubilee Metals (JLP) shares have not been soaring with other metals plays. This may explain the reason that ACAM LP are in on the shareholder register at 7%, via a juicy TR1.
Fusion Antibodies (FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announced that Richard Jones has now stepped down from his role as CEO, effective from 11 March 2022. Hopefully, this may pave the way for a little PR from what is apparently a decent company.
Aura Energy (AURA) said that it has received firm commitments to raise approximately A$8.8 million via an oversubscribed placing at an issue price of $0.25 per share, representing a 20% discount to the Company's 5-day volume weighted average price (VWAP).
Arrow Exploration (AXL) mentioned the magic word “spud” as it announced a further operational update in connection with the drilling of its next scheduled well, the RCE-2 well, at the Rio Cravo Este Field (Tapir Block) in Colombia. The Lee C. Moore 1,500 HP unit with a 500 ton top drive is currently being mobilized to the RCE-2 drilling location. A minor delay with rig scheduling has been overcome, and the partners on the Tapir Block now expect the RCE-2 well to spud in late-March 2022.
Eco (Atlantic) Oil & Gas (ECO), the oil and gas exploration company has signed a Commercially Binding Term Sheet to acquire 100% of JHI Associates Inc., including JHI's 17.5% Working Interest in the Canje Block offshore Guyana. A proposed cashless acquisition, with a value of approximately $52 million at the Company's current share price, which would make Eco the sole owner of JHI's cash balance and its 17.5% WI in the Canje Block. It will be interesting to see whether this deal will continue the recent strong rise in the ECO share price.
Bens Creek (BEN), the owner of a recently re-opened metallurgical coal mine in North America announced an update on coal production and deliveries. The company said it anticipates moving smoothly into delivery of clean coal and is on course to deliver fully on its commitments to Integrity. It looks forward to capitalising on the supply side constraints being experienced by users of both HVA and HVB coal and the addition of a second highwall miner.
Oriole Resources (ORR), the AIM-quoted exploration company focussed on West Africa, updated on its 90%-owned Central Licence Package in Central Cameroon. The district-scale CLP comprises eight contiguous licences covering 3,592 square kilometres of previously unexplored Paleo-Proterozoic to Pan-African age rocks that are highly prospective for orogenic-style gold mineralisation. Initial results from its semi-regional soil sampling programme at the five easternmost CLP licences reveal grades of up to 838 parts per billion gold and have outlined multiple gold-in-soil anomalies, including a c.11.5 kilometre long anomalous zone at the Mbe licence.
Artemis Resources (ARV), an Australian-based mining exploration and development company, announced its interim financial report for the half year ended 31 December 2021. The Group has cash at bank of $2,561,955, liquid investments of $1,969,569 and net assets of $55,436,637 as at 31 December 2021.
EQTEC (EQT), a technology innovation company, announced the launch of a subsidiary company in France, together with completion of a collaboration agreement for handling of contaminated plastic waste.
Nightcap (NGHT) announced interim results for the 26-week period ended 26 December 2021. The company said that reported revenues for the period increased by more than 700% and IAS17 Adjusted EBITDA increased by more than 200%, despite Government "Plan B" guidelines in the final two weeks of the period.
Helium One Global (HE1), the primary helium explorer, provided an update on progress at its Rukwa (100%) project area in Tanzania ahead of a public presentation to be given at the Company's Annual General Meeting later today. The company said indications coming from ongoing interpretative work on 2D Seismic are “very exciting” and the team are confident that a number of new prospects will be generated, enhancing its portfolio of drill ready targets. Within a very competitive drilling rig market, driven by increased oil and gas prices, the company remains confident that it will secure a suitable rig for drilling at Rukwa within the 2022 drilling season.
Crypto miner Argo Blockchain (ARB has signed a fleet swap agreement with Core Scientific, Inc. (NASDAQ: CORZ). The agreement exchanges Argo's Bitmain Antminer S19 series bitcoin mining fleet hosted at Core for S19J Pro bitcoin miners previously ordered by Core to be delivered directly to Argo's new Helios facility. This fleet swap represents approximately 60% of Argo's total mining capacity and will reduce operational expenses for Argo as part of its ongoing transition to operating its own mining facilities.
Pan African (PAF) said that it has secured five prospecting concessions (or exploration licences) in north-eastern Sudan (the Block 12 concessions), covering an area of almost 1,100km2 and located approximately 70km northwest of Port Sudan. The Group was awarded the licences by Sudan’s Ministry of Minerals for a period of three years, with the option to renew for a further two years.
Mkango Resources (MKA) said that its 100% owned subsidiary, Mkango UK, is collaborating with B&W Group, EMR, GKN Automotive, HyProMag, Jaguar Land Rover and UoB in a £3.4 million magnet recycling project, SCREAM, of which £2.4 million or 71% will be funded by Driving the Electric Revolution, an Industrial Strategy Challenge Fund challenge delivered by UK Research and Innovation.
Cobra (COBR), an exploration company focused on advancing the Wudinna Project in South Australia, updated on the next phase of the Company's 2022 exploration programme, including its strategy to advance the rare earths discovery announced in February 2022. The company said its intention is to further de-risk and refine targets through the planned RAB rare earths drilling programme where pathfinder and basement chemistry can be tested. It also intends to commission a ground gravity survey of IOCG targets 4 and 5 as the next phase of the IOCG exploration strategy.
AFC Energy (AFC), a provider of hydrogen power generation technologies, announced its collaboration with Keltbray for the lease of the company's first fuel cell for deployment to a UK construction site.
Angus Energy (ANGS) announced its audited annual accounts for the year ended 30 September 2021. At the beginning of the year the company announced that it had received a series of approaches with interest in, and in one instance an indicative non-binding offer for, some or all of the Company's 51% interest in the Saltfleetby Gas Field asset which was under consideration. Shareholders are presumably still waiting on further news with bated breath.
Technology Minerals (TM1), which is focused on battery metals, announce initial results from a due diligence lithogeochemical characterisation sampling survey at its 100% owned Aramo Copper-Cobalt-Nickel Project in Asturias, NW Spain. The company said the initial results from its sampling survey at the historic Aramo mine within the St Patrick licence has confirmed high grade Copper-Cobalt-Nickel mineralisation.
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