RNS Hotlist: Bradda, Capital Metals, Cornerstone, Diurnal, Duke, East Star, Hurricane, Itaconix, Kefi, Mosman, Nightcap, Oxford, Phoenix, POG, Polarean, President, SolGold, UKOG.

Zak Mir
Traders Cafe
06:52, 20th April 2022

Petra Diamonds (PDL) announced an unaudited trading update for the three months ended 31 March 2022 and the nine months to 31 March 2022. The company unveiled a 43% increase in the YTD revenue to $405.4 million was driven by Exceptional Stones sales contributing $83.3 million YTD, coupled with the upward trend in diamond prices. This culminated in the significant like-for-like 37.6% price increase in the 4th Tender in March compared to the preceding December 2021 tender.

Phoenix Copper (PXC), the AIM-quoted USA-focused base and precious metals emerging producer and exploration company, said it was pleased to see the President of the United States prioritizing and encouraging the domestic production of critical minerals. The company is said it is eager to continue working toward development at these projects which will help contribute to the United States' energy independence goals.

SolGold (SOLG) announced the results of the Pre-Feasibility Study for the Cascabel project, held by Exploraciones Novomining S.A., an 85% owned subsidiary of SolGold. The PFS confirms the Cascabel project's “world class, Tier 1 potential to be a large, low-cost, and long-life mining operation.”

East Star Resources (EST), the Kazakhstan-focused gold and copper explorer, said that all four exploration licences under the joint venture with Kazakhstan national mining company Tau-Ken Samruk were transferred on 13 April 2022 to newly established joint venture companies within the Astana International Financial Centre owned 80% by Discovery Ventures Kazakhstan Ltd (a 100% owned subsidiary of East Star) and 20% by Tau-Ken Samruk.

Duke Royalty (DUKE), a provider of alternative capital solutions, announced a follow-on investment of £2.3 million into existing royalty partner Tristone Healthcare Limited to fund its latest acquisition as well as provide funding for capital expenditure.

Eckoh (EKH), the global provider of customer engagement security solutions, announced the renewal of its contract with Capita. The core purpose of the service provided by Capita to its client is to maximise the successful collection of payments from the general public. The new contract is for 5 years and has a minimum value of £2.1m over the term, which is both longer and higher value than the original agreement.

President Energy (PPC), the international energy company, updated on operational and strategy matters. The company said it should see benefit from positive results from its drilling campaign in Salta, the increases in oil prices in Argentina and consistent contribution from Louisiana wells with excellent oil prices. The high impact exploration Paraguay project is in progress with results expected by the end of the year. President is also re-invigorating the farm-out project at Martinez del Tineo.

Capital Metals (CMET), a natural resources company focused on the development of the Eastern Minerals Project located in the Eastern Province in Sri Lanka, announced the first half of results from the late-2021 auger drilling programme. The company said the first half of results from its auger drilling campaign were spectacular. Less than 10% of the Project has been drilled to date and these latest results confirm that this resource will expand and it will uncover high grade areas not previously identified.

Oxford Biomedica (OXB), a cell and gene therapy group, announced its preliminary results for the year ended 31 December 2021. The company said 2022 will be another important year as it executes on its strategy to become a global viral vector leader, providing life-changing therapies and vaccines to patients.

Petropavlovsk (POG) updated in relation to Gazprombank. POG said it has now received notices from GPB “purporting” to require immediate repayment of approximately $201.0m due under the company's Committed Term Facility Agreement with GPB and repayment by 26 April 2022 of, in aggregate, approximately $87.1m due under the Group's Russian subsidiaries' revolving credit facilities. POG said considering the implications of these notices with its advisers. It would appear the odd sleepless night lies ahead.

Perhaps not entirely surprisingly, KEFI Gold and Copper (KEFI), the gold exploration and development company, announced an oversubscribed fundraising to raise gross cash proceeds of £8.0 million at 0.8p. The shares closed yesterday at 1.16p. It will be interesting to see whether this fundraise takes the wind out of the sails of the recent speculative rally in the stock.

Mosman Oil and Gas (MSMN) the oil exploration, development and production company, announced its production summary for the three months ended 31 March 2022, reporting a 65% increase in net production and significant further development potential in existing production leases. The company said it is “very pleased” to report a 65% uplift in net production despite a temporary disruption at Arkoma. The completion of gas infrastructure at Stanley/Winters in East Texas is a significant milestone.

Cornerstone FS (CSFS), the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, provided an unaudited update on trading for the first quarter ended 31 March 2022. The group said it expects to report annual revenue growth, subject to audit, of approximately 38% to £2.3m for full year 2021 (2020: £1.7m).

Bradda Head Lithium (BHL), the North America-focused lithium development group with a very posh and capable CEO, announced that following the receipt of drilling permits, drilling has now commenced at the Company's Eureka project in Nevada. The company also awarded certain members of the Board and management share options, which is nice.

Nightcap (NGHT), the owner of groups of bars, announce a further opening in Bristol for the Adventure Bar Group - under its Blame Gloria brand. The latest Blame Gloria opening in Bristol, covers an area of approximately 8,000 square feet. The venue will open later this year, possibly not soon enough for the revellers of the city.

Polarean Imaging (POLX), the medicalimaging technology company, said that further to the RNS the FDA has accepted the resubmission of its New Drug Application as a complete response, and has established a user fee goal date of 30 September 2022, designating it Type 2.

Hurricane Energy (HUR), the UK based oil and gas company, provided an update on Lancaster field operations and net free cash balances as of 31 March 2022. As of 31 March 2022, the company had net free cash of $106 million compared to the last reported balance of $71 million as of 28 February 2022.

Diurnal Group (DNL), the specialty pharmaceutical company,  has extended its distribution agreement with Er-Kim to include the distribution and marketing of Alkindi® and Efmody® in Greece, Cyprus and Malta.

Itaconix (ITX), a plant-based specialty polymers group, updated on current trading. The company reported that trading in the first three months of 2022 is substantially ahead of the same period in 2021 and supports current market expectations for FY2022.

UK Oil & Gas (UKOG) announced that seismic processing of the 55 km of new Basur-Resan 2D seismic has been completed and has been received from Abu Dhabi based BGP. Following an initial review, the company believes the new data is an improvement on the prior 1982-92 seismic data, further confirming the prospectivity of the Basur-Resan hydrocarbon accumulation.

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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