RNS Hotlist: Angus, Audioboom, Bradda, Blencowe, Caracal, Cizzle, Coro, Dekel, Empyrean, HUI, Longboat, Poolbeg, Rambler, TECC, Tiger, UOG

07:14, 11th April 2022

Caracal Gold (GCAT), the East African gold producer with over 650,000oz JORC-compliant gold resources, announces first gold production from its new heap leach plant at its Kilimapesa Gold Mine, a major milestone.

Poolbeg Pharma (POLB), a clinical stage infectious disease pharmaceutical company with a unique capital light clinical model, announces that a number of new investors have expressed interest in acquiring up to £1.6m of Poolbeg Pharma plc shares which are currently locked-up. The company said that is a clear vote of confidence for the group. POLB said it is well capitalised with c. £20.9m at year end 2021, and given its capital light business model is well funded with a long cash runway.

Longboat Energy, the emerging full-cycle North Sea E&P company, announced the commencement of drilling operations on the Cambozola exploration well (Company 25%) in Norway. Cambozola is the primary prospect located in the PL1049/PL1049B/PL1049C licences in the Northern North Sea, in an area with significant existing infrastructure and just c. 30 km northwest of Longboat's Kveikje discovery.

Dekel Agri-Vision (DKL), the West African agriculture company, provided a March production update for its Ayenouan palm oil project in Côte d'Ivoire, and an update its cashew processing plant at Tiebissou, Côte d'Ivoire. High prices and excellent CPO extraction rates mean Q1 2022 Revenue remains ahead of Q1 2021. Production from the Cashew project continued at approximately 15% of production capacity.

While apparently everyone and their mother is awaiting M&A news, Audioboom (BOOM), the podcast company, updated for the quarter ended 31 March 2022. This included record Q1 revenue of US$19.7 million, up 107% on Q1 2021 (US$9.5 million). Presumably, now the update is out of the way any M&A contenders waiting in the wings may now be more likely to emerge.

Cizzle Biotechnology (CIZ), the UK based diagnostics developer, has entered into a further research agreement with the University of York for the development of potential applications in cancer diagnosis and therapy.

Coro Energy (CORO), the South East Asian energy company,  announced the entry into a 25 year Power Purchase Agreement for its rooftop solar project in Vietnam. The PPA has been entered into by Coro Renewables Vietnam (85% owned by Coro and 15% owned by Coro's local partner Vinh Phuc Energy JSC).

Duke Royalty (DUKE), a provider of alternative capital solutions, updated for its fourth financial quarter ended 31 March 2022. Based on current trading, Duke expects Q1 FY23 normalised cash revenue to be £5.0m.

Thor Explorations (THX) provided an interim operational update for the first quarter ended March 31, 2022. Guidance for Q2 2022 is 22,000 to 24,000 ounces with full year guidance unchanged at 80,000 to 100,000 ounces of gold.

After the departure of Sound Energy (SOU), Angus Energy (ANGS) has raised £675,000 at a price of 1.1p. The net proceeds of the Placing will be applied towards working capital and general costs.

Rambler Metals and Mining (RMM), a copper and gold producer, explorer, and developer, announced its operational results for the quarter ended 31 March 2022. The company said it now has 4 active mining zones in the underground which support the sustainable production of ore to meet full mill utilization. Its mill throughput for the quarter was a significant step up which would have been better still were it not for a crusher breakdown in March. It now has an auxiliary crushing arrangement in place to enable full mill throughput to be achieved. RMM reiterated re-iterate its guidance for 2022 of 7000 tonnes of salable copper.

Cellular Goods (CBX), a UK-based wellness brand providing premium consumer products based on lab-made cannabinoids, updated on its ingestibles products range. It said the FSA list as of 31 March 2022 does not include Cellular Goods, however, this is not necessary in order for the products to remain on the market.

United Oil & Gas (UOG) announced that the sale of 100% of the share capital of UOG Italia Srl to PXOG Marshall Limited, a subsidiary of Prospex Energy PLC for a consideration of €2,164,701 has now completed. UOG Italia Srl holds a 20% non-operated interest in the Podere Gallina licence, which contains the Selva gas development project.

Alkemy Capital Investments (ALK) said its wholly-owned subsidiary, Tees Valley Lithium Limited is moving rapidly towards establishing Europe's first sustainable battery-grade lithium hydroxide processing facility in the UK. Last week, TVL CEO John Walker visited Sembcorp Energy UK's site at Wilton International, where TVL has an exclusivity agreement in place for a 20-acre plot in order to construct Europe's first low-carbon battery-grade lithium hydroxide plant.

Bradda Head Lithium (BHL), the North America-focused lithium development group, has raised approximately £7.92m at 13.5p. BHL also confirmed that it is carrying out an additional fundraising to raise up to approximately £1.98m. The cash will be used will be used for the exploration and advancement of the Company's lithium projects in Arizona and Nevada in the U.S.

Hydrogen Utopia International (HUI), a company pioneering non-recyclable waste plastics to hydrogen technology, announced the appointment of Howard White to the Board as an Executive Director with immediate effect. White has been a pioneer in the Hydrogen space and is a major shareholder in Powerhouse Energy (PHE).

Empyrean Energy (EME), the oil and gas development company , updated on drilling the Jade prospect at its 100% owned Block 29/11 permit, offshore China. LH 17-2-1 well spudded on Jade prospect at 19:30 on 10 April 2022. A 36" surface hole was drilled down to 588 metres Measured Depth. Current operations are the installation of the 30" surface conductor.

Aminex (AEX) announced its audited financial results for the year ended 31 December 2021. The company said it sees positive changes regarding the development of natural gas in Tanzania, witnessing firsthand these changes in its “successful” negotiations with the government over the outstanding Kiliwani receivables.

Tiger Royalties (TIR) revealed its quarter end NPV update. The unaudited portfolio value (based on investments and cash only) at 31 March 2022 was 0.20p (31 December 2021 - 0.18p). The shares closed the week at 0.25p.

Blencowe Resources (BRES) announced a placing at 5p exclusively with specialist mining investor RAB Capital, to raise gross proceeds of £800,000. These proceeds will be used to “enhance” project development at both of the company's projects, namely Orom-Cross Graphite Project and Akelikongo Nickel Project.

Serial entrepreneur Chris Akers has topped up his holding in TECC Capital (TEC) from 10% to 11%.

CyanConnode  (CYAN) said it is awaiting news with respect to the first large tranche of smart meter contracts in India. In the meantime, contract wins in other markets continue such as the Middle East and North Africa (MENA) region, which it expects will have a multi-million pound value. The recent fundraising of £2.0m will be primarily used to fund inventory of components in short supply and/or have longer lead times. Its DCF-implied fair equity value is £91.4m compared with the current market capitalisation of £40.5m.


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