RNS Hotlist: Agronomics, Blencowe, East Star, GreenRoc, Harvest, Open Orphan, Orosur, Oxford Cannabinoid, Prospex, Rockfire, SDX

Something which should move the fundamental dial was news from Oxford Cannabinoid Technologies Holdings (OCTP), the pharmaceutical company. It announced positive results from a pre-clinical pain study for its lead compound, OCT461201, targeting the global Chemotherapy Induced Peripheral Neuropathy treatment market valued at US$1.61bn in 2020 and forecasted to reach US$2.37bn by the year 2027. The company said to obtain such a positive result in this study is significant and provides further evidence that OCT461201 could be an effective therapy in the treatment of CIPN in cancer patients.

Open Orphan (ORPH), a specialist contract research organisation (CRO), provided a trading update for the year ended 31 December 2021. The company also announces it will be opening a new primary FluCamp volunteer recruitment screening facility in Plumbers Row, London and a secondary FluCamp recruitment facility in Manchester. ORPH said it was pleased with the performance of its team and during 2021 signed “an impressive number of human challenge study contracts with Big Pharma and biotechnology clients.” The company is forecasting an in line c£50m for 2022 and is sitting on £15.6m in cash.

Orosur Mining (OMI) announced an update on the progress of exploration activities at the company's flagship Anzá Project in Colombia. The company said handing over operating control of Anzá was a complex and protracted process, slowing work and news flow.  However, this effort was a necessary component of the evolution of the Project and is now reaping rewards as our major partners ramp up activities.

SDX Energy (SDX), the MENA-focused energy company, announced the spudding of the SD-5X exploration well, targeting the Warda prospect in the South Disouq development lease. SD-5X spudded on 4 March 2022 and is expected to reach TD in approximately three weeks.

Prospex Energy (PXEN), the AIM quoted investment company focused on European energy projects, updated on the production strategy from its El Romeral power project near Carmona in Southern Spain in which the Company holds a 49.9% working interest through Tarba Energía S.L. The company said that through its ownership of Tarba, it is now able to increase its electricity output at a time when security of energy supply is “so important to us all.”

Rockfire Resources (ROCK), the gold and base metal exploration company, has won the open international tender for 100% ownership of a 30-year licence to explore and mine the high-grade Molaoi Zn/Pb/Ag deposit, located in the Hellenic Republic of Greece. The company said Molaoi is an outstanding high-grade zinc deposit, and the addition of the project strategically complements Rockfire's existing portfolio of precious and base metal assets.

GreenRoc Mining (GROC), a company focused on the development of critical mineral projects in Greenland, announced a significant maiden ore resource at the Amitsoq Graphite Project in southern Greenland. The company said this Maiden JORC Resource launches GreenRoc into the global graphite resource space with one of the highest-grade graphite projects in the world. 

East Star Resources (EST), the Kazakhstan-focused gold and copper explorer, announced historical drill results acquired over the "Eshkilitau II" target on the Apmintas Licence in central Kazakhstan. Based on the Company's analysis, "Eshkilitau II" will be added as a target for the 2022 drill programme.

Blencowe Resources (BRES) provided an update on its ongoing Pre-Feasibility Study at its priority Orom-Cross graphite project. The company said that  Orom-Cross is a substantial graphite deposit with an estimated 2-3 billion tonnes, of which the first 20 years life of mine has already been drilled out.  However, the deposit is so vast that this represents less than 1% of the estimated graphite within the tenements.  Furthermore, the graphite is shallow and Blencowe will be mining to just 25 meters which means low cost mining from a free dig open cut operation.

Agronomics, (ANIC) said it has co-led the Series A Financing for portfolio company SuperMeat The Essence of Meat Ltd with a $10 million investment, subscribing for 188,158 Series A Preferred Shares. SuperMeat is a leading cultivated chicken meat company based in Israel. The funding round was co-led alongside New Agrarian Company Limited. Following the close of the funding round, Agronomics will have the right to appoint a board member to SuperMeat and will have a 7.77% equity interest. The investment will be made using cash from the Company's own resources.

Harvest Minerals (HMI), the AIM listed fertiliser producer whose shares have been rising even in current market conditions, updated on its organic, multi-nutrient fertiliser, KP Fértil®, from its 100% owned Arapuá Fertiliser Project in Brazil. The company said 2021 was a pivotal year for Harvest as demand for its product increased and the company became profitable.