RNS Hotlist: Ariana, Atlantic, Blencowe, Bushveld, Cadence, Chill, Cornish, DeepVerge, Dekel, Engage, Fiinu, Oilex, Redx, Scancell, TM1, Zephyr

DeepVerge (DVRG) announced its audited financial results for the year ended 31 December 2021. The company said that for the third year running, DeepVerge has delivered “fantastic” triple digit percentage growth. Revenues jumped by 107% to £9.3m and EBITDA losses fell by 98% to just £0.017m, bringing it closer to a first full year of profitability. Labskin is “thriving” and 2021 saw the launch of the Skin Trust Club which has rapidly gained momentum and is firmly cemented as the new era of personalised skin care.  Through Modern Water, DVRG expanded its geographic reach and has been actively involved in multiple government, regional and municipal city infrastructure trials.

Immediate Acquisition (IME) said it is proposing to change its name to "Fiinu Group plc" upon completion of a reverse takeover of Fiinu Holdings Limited. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overdraft from their existing bank. Fiinu's technology arm manages and develops the platform, using open banking, and once the platform is fully operational will also look to develop secondary revenue streams by licensing Fiinu's intellectual property rights.

Cornish Metals (CUSN), a mineral exploration and development company, has released its unaudited financial statements and management, discussion and analysis for the three months ended April 30, 2022. The company said the completion of the £40m financing including a strategic investment by Vision Blue Resources last month opened a new chapter for the company. It looks forward to reporting on progress at South Crofty in due course.

Bushveld Minerals Limited (BMN), the AIM-quoted, integrated primary vanadium producer, has secured funding for the EPC of the Vametco hybrid mini-grid, which is owned by its 84%-owned energy subsidiary, Bushveld Energy Limited. The company said this VRFB mini-grid project is a useful proof-of-concept of the greater technological qualities of long-duration VRFB systems when used in conjunction with renewable energy.

Redx (REDX), the clinical-stage biotechnology company, announced its unaudited financial results for the six months ended 31 March 2022. The company said it has moved its lead oncology asset, RXC004, into Phase 2 clinical studies; reported encouraging Phase 1 clinical results for lead fibrosis asset, RXC007; and nominated the next development candidate, RXC008. It expects RXC008, a GI targeted ROCK inhibitor with the potential to be a first-in-class treatment for fibrostenotic Crohn's disease, to be ready to enter the clinic by the end of 2023.

Zephyr Energy (ZPHR), the Rocky Mountain oil and gas company, announced its audited results for the year ended 31 December 2021. The company reported a net profit after tax for the year of $0.8m, reflecting the initial cashflows from its non-operated asset portfolio. The company said during this period it evolved from a single project exploration company into a self-sustaining, cash generating, oil producing group with a balanced portfolio of operated and non-operated assets located in two established oil producing basins in the U.S.

Technology Minerals (TM1), the battery metals specialist, said that its 49% owned battery recycling business, Recyclus Group Ltd, has received three lithium battery testbed systems designed to measure a range of different battery chemistries of different sizes at its Wolverhampton site. The LIB testbeds give Recyclus the operational capability to test the effective capacity of battery packs from a range of EV and industrial usages as well as for degradation or damage at the cell level.

Scancell Holdings (SCLP), the developer of novel immunotherapies, said it will develop GlyMab® antibodies into T cell redirecting bispecific (TCB) antibodies and take them into the clinic. This is a “promising” new therapeutic approach to treat cancer. TCB antibodies have dual-binding specificity which crosslinks tumour cells via their glycans with an activating receptor CD3 on T cells.

Ariana Resources (AAU), an AIM-listed mineral exploration and development company, announced a general update on its projects across all areas of current activity. The company said it is advancing into the construction stage of the Tavsan Project and associated development activities are being ramped up. Tavsan will become the second mine developed by Ariana through its interests in Zenit Madencilik in Turkey.

Chill Brands (CHLL, the international consumer packaged goods company, has completed the acquisition of the Chill.com web domain. Following payment of the remaining balance of $800,000, the company holds full beneficial title to the digital asset around which it continues to build its Chill consumer brand. 

ENGAGE XR Holdings (EXR), a virtual reality communications technology company, updated on the positive progress being made in regard to continued development in its enterprise focused Metaverse platform offering and the further growth of its proprietary software platform, ENGAGE. The company said that with ENGAGE Link, it is building a completely distributive economic environment for forward-thinking enterprises and individuals to build the future of work, commerce and communications.

Dekel Agri-Vision (DKL), the West African agribusiness company announced its audited results for the year ended 31 December 2021. The company achieved record revenue and EBITDA delivered from the Ayenouan palm oil plant in Côte d'Ivoire, primarily driven by record Crude Palm Oil production and record CPO pricing. DKL said that whilst macro conditions are challenging, CPO prices continue to remain strong, underpinning the profitability of the Palm Oil Operation.

Blencowe Resources (BRES) revealed it half year report. The company said the past six months (and subsequent events to 31 March 2022) have seen “excellent” progress at the Orom-Cross graphite project, and the company's profile in Uganda as a whole. Significant progress has already been made but this is an ongoing exercise that will continue forward as the project moves towards first production in 2023.

All there are supposed to be only two stages to Nirvana, it would appear Oilex (OEX) continues to break the mould and add numerous ones. The latest is the workover rig arriving on location at the C-77H wellsite on June 20th 2022 and being rigged-up in preparation to pulling the completion string from the C-77H wellbore. Civil works to prepare the wellsite for the re-fraccing operations have been completed. All major services and equipment have been secured for the hydraulic fraccing operation which is scheduled to commence mid-July 2022.

Atlantic Lithium (ALL), the funded African-focussed lithium company, announced initial assay results from the ongoing resource and exploration drilling programme at the Ewoyaa Lithium Project in Ghana, West Africa. The company said that the initial reported assay results from RC drilling at the Grasscutter North target at the Ewoyaa project in Ghana have returned high-grade lithium intersections in a new target area outside of the Resource footprint. These results, being in close proximity to the currently defined Resource, give it confidence to deliver future resource upgrades for the project.

Cadence Minerals (KDNC) has entered into a binding agreement to sell its working interests in the Yangibana Rare Earths project tenements to Hastings Technology Metals Cadence's 30% interest in tenements covers a small portion of Yangibana and potentially represents one year of the 16-year mine life.