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Proactive news headlines: Mkango Resources, Location Sciences, Symphony Environmental, Oracle Power

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Mkango Resources Ltd (LON:MKA) (CVE:MKA) is to be the beneficiary of a grant from the Industrial Challenge Fund, delivered by UK Research and Innovation (UKRI). The grant has been awarded to HyProMag Ltd, a subsidiary of Maginito Ltd, a unit of Mkango in which it holds a 25% stake. The project is “Rare-Earth Extraction from Audio Products” and will investigate ways of recycling rare earth magnets from speakers used in automotive and consumer electronics applications.

Location Sciences Group PLC (LON:LSAI) has signed up a second US customer for its Verify Audience platform and is continuing its work with the NHS to help analyse how people’s movements are affecting the spread of coronavirus (COVID-19) infections. The marketing location data specialist said US group The Spoken Thought, which trades as Mira, will use the platform to verify audience segments independently and offer customers a visibly differentiated premium product. The two companies have been working together throughout 2020 and this formal agreement will now allow Mira to deliver more accurate high-value audience segments to its customers.

Symphony Environmental Technologies PLC (LON:SYM) shares shot up 16% in early trading after a highly successful coronavirus (COVID-19) test of antiviral gloves and masks containing the company’s d2pAM antimicrobial technology. The assessment was carried out at the Laboratory of Virology at the University of Campinas, Brazil, and researchers looked at how effectively the protective equipment was able to combat the coronavirus strain MHV. This is the same genus and family as SARS-CoV-1, SARS-CoV-2/COVID-19 and MERS. The results were impressive. The d2pAM glove showed a 99.99% virus-reduction after only one hour of contact. The d2pAM facemask showed a 99% virus-reduction after one hour of contact with the facemask, and 99.9% after two hours.

Oracle Power PLC (LON:ORCP) has begun field exploration work at the Northern Zone gold project, in the Kalgoorlie region of Western Australia. The project, located some 25 kilometres from the major gold mining centre in Kalgoorlie – home to ‘Super Pit’, Australia’s second-largest gold mine – is seen to host potential gold mineralisation in ‘auriferous veins in granitic intrusions’, the company said. Oracle’s exploration campaign will see the company acquire high-resolution imagery and digital terrain model of entire the project area. It will also conduct a geochemical survey to refine the targeting model.

Supermarket Income REIT (LON:SUPR) in a statement, responding press commentary, confirmed it is in talks to acquire two assets from an institutional investor. “The company will make further announcements in due course, as appropriate,” it said. “There can be no certainty that the acquisitions will be agreed nor as to the terms on which any transaction might be concluded.”

Greatland Gold PLC (LON:GGP) said its wholly-owned subsidiary Greatland Pty Ltd has signed a series of new agreements, including a fully formed joint venture deal and loan agreement for the Havieron project with Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM). The Australia-focused precious and base metals exploration and development company said it and Newcrest have also signed a new joint venture agreement for the Black Hills and Paterson Range East licences, known as the Juri Joint Venture and Farm-in Agreement. In a statement, Gervaise Heddle, chief executive officer of Greatland Gold commented: “These new agreements with Newcrest represent a landmark moment for Greatland Gold, both in structuring the next stage in Havieron’s development and progressing our exploration efforts across the Paterson region.

Mineral & Financial Investments Ltd (LON:MAFL) shares gained more than 10% in Monday’s early deals after financial results for the year ended June 30, 2020, confirmed a rise in net asset value (NAV). The company’s NAV was marked at £5.47mln at the financial year-end, up 7% over the twelve-month period. At the same time, the group’s investment portfolio was said to be worth £5.31mln, up 7.3%. The company noted, meanwhile, that its NAV has now increased at a compound annual growth rate (CAGR) of 57.4% since the end of 2015.

Premier African Minerals Ltd (LON:PREM) has returned assay results from recent sampling at its newly acquired Mozambique tenement. The best grade returned was 23.7 grams per tonne gold, with several samples carrying grades of between 1.11 grams and 1.72 grams. “This remains an early-stage exploration and no resource conclusions may be drawn at this time,” said Premier African’s chief executive George Roach in a statement.

CentralNic Group PLC (LON:CNIC) saw revenue more than double year-on-year in the first nine months of 2020, with record organic revenue growth of 17%. The acquisitive internet platform operator saw revenue rise by 118% to US$168.5mln in the nine months to the end of September 2020, up from US$77.1mln the year before. Adjusted underlying earnings (EBITDA) jumped 68% to US$22.1mln from US$31.1mln the year before. Operating profit expanded to US$1.88mln from US$99,000 the year before.

discoverIE Group PLC (LON:DSCV) returned to organic revenue growth in September and in the last two months the group has seen orders running ahead of sales. The designer and supplier of customised electronics saw its momentum checked by the coronavirus (COVID-19) pandemic in the six months to the end of September but the second half of its financial year has started well enough for the company to resume dividend payments. Revenue in the reporting period eased to £217.9mln from £232.0mln in the corresponding period of last year.

Scotgold Resources Ltd (LON:SGZ) gas said it is on course to commence Phase 1 production at the Cononish gold and silver mine last today. Phase 1 targets average annual gold equivalent production of 9,910 ounces. Phase 2, which targets the expansion of production to 23,500 ounces, has been brought forward by 11 months to May 2022, the group added.

Custodian REIT PLC (LON:CREI) has acquired four industrial units covering an aggregate 23,250 square foot on Hilton Business Park, Derby, one mile from the A50 which connects the M1 and M6.  The agreed purchase price of £1.975mln was funded from the company’s existing cash resources, resulting in net gearing increasing to the group’s 24.1% loan to value.

OKYO Pharma Limited (LON:OKYO) has said it expects to make an investigational new drug application for a treatment it is developing for dry eye disease (DED) in December 2021. OK-113 inhibits Chemerin, one of a key group of cell surface receptors called G-protein coupled receptors (GPCRs), which play an important role in inflammation and were the basis of the 2012 Nobel Prize in Chemistry. The drug candidate has shown “potent anti-inflammatory activity” in preclinical testing, investors were told in commentary accompanying OKYO’s interim results.

Curtis Banks Group PLC (LON:CBP) shares shot higher on Monday as it reported strong trading in the past quarter and said it has taken further action to achieve a better balance between fee income and interest income. The SIPP and SSAS pension scheme provider said it has enjoyed a “step change” in the quality of its revenue streams, with a material increase in recurring fee income, after completing the acquisitions of Talbot & Muir and Dunstan Thomas earlier in the year. Following a subsequent review of the company’s business model, management said they plan to increase fee income by increasing the annual SIPP administration fees paid on its mid and full SIPPs from the start of February 2021.

Eco Atlantic Oil & Gas Ltd (LON:ECO) told investors it has successfully negotiated the reissue of four licences in the Walvis Basin, offshore Namibia. The licences awards remain conditional subject to customary final government signature, the company added. It negotiated the reissues and the establishment of a new 10-year life cycle for each of the four new Petroleum Exploration Licenses.

Britons downloaded thousands of apps ahead of the annual Black Friday shopping spree according to analysis from app tracking specialist Airnow PLC. Non-essential shops were closed due to the second COVID-19 lockdown, which pushed even more shoppers to use their mobile phones to get the best deals, said Airnow.

Power Metal Resources PLC (LON:POW) said the second drill hole at Molopo Farms complex in Botswana has reached just over half target depth and has indicated possible further confirmation of the geological model. Partner Kalahari Key Mineral Exploration is in charge of the four-hole programme and is targeting prospective massive nickel sulphide and platinum metals (PGM) mineralisation.

FastForward Innovations Ltd, (LON:FFWD) has announced that Ed McDermott, the group’s CEO has been appointed to the board of Leap Gaming as a non-executive director with immediate effect. The AIM-quoted company, which is focused on making investments in fast-growing and industry-leading businesses, said that Lorne Abony, its former chairman will remain as a board observer of Leap. The company noted that the board of Leap is currently exploring its options to list the company during 2021. FastForward has a 43.4% interest in Leap Gaming.

[email protected] Capital PLC (LON:SYME) has said the inventory-backed securitisation note programme managed by StormHarbour for its stock monetisation platform is now in its final phase.  Recent work has seen a new fast-track procedure to accelerate the due diligence process of client companies, while the final terms of the note subscription are expected to be agreed in the coming days. Completion is expected before the year-end, when [email protected] said it will disclose the detail of the securitisation transaction and Inventory funding partner.

Bushveld Minerals Limited (LON:BMN) has satisfied the conditions required to draw down from the Orion Mine Finance facility announced at the end of September. The vanadium producer is in the process of drawing down funds from the US$30mln production financing agreement and has also informed Orion it plans to issue convertible loan notes to the finance group in return for US$35mln. The production financing agreement will provide funding to continue to grow production at Bushveld’s Vametco project and to repay debt.

Bahamas Petroleum Company PLC (LON:BPC) told investors that, in Trinidad, the Goudron field’s Enhanced Production Sharing Contract (ESPC) has now been signed. The ESPC gives the company with the continuing exclusive right to extract petroleum at Goudron until June 30, 2030. It replaces an existing 10-year production sharing contract which was due to expire at the end of 2020. The company noted that the ESPC had been anticipated earlier this year but was delayed amidst the coronavirus (COVID-19) pandemic.

US Oil & Gas PLC (USOP), in a statement at Friday’s close, announced that the Eblana-9 well, in Nevada, was spudded on November 27. The well is targeting a prospect in Hot Creek Valley that is estimated to host some 28 million barrels of oil in place. It will be a vertical well, drilled down to a depth of 5,300 feet. A total of three horizons are targeted – anticipated at 4,420 feet, 4,920 feet, 5,140 feet.

Gore Street Energy Storage Fund PLC (LON:GSF) has initiated the programme to finance a major expansion of its portfolio of industrial battery assets. The first stage is a subscription and placing of 60mln new shares at 100p each to be sold through an initial placing, offer for subscription and intermediaries offer. Following this initial raise, Gore Street intends to issue up to a further 250mln shares at the same price.

Tharisa PLC (JSE:THA) (LON:THS) boosted revenue by 18.4% to US$406mln in the year to September 30, 2020. The firm’s earnings rose by 119.8% to US$113.1mln, while operating profit rose 262% to US$87.6mln. Earnings per share increased by 305.0% to 16.2 US cents. Net cash flow was US$73mln as the company’s chrome and platinum group metal production in South Africa was supported by strong commodities prices.

Caledonia Mining Corporation PLC (LON:CMCL) has fully equipped the new central shaft at its Blanket gold mine in Zimbabwe, from the base to the collar. The shaft is now on track to be commissioned in the first quarter of 2021. The work has been completed considerably below budget and within a time frame to underpin the company’s expectation of delivering production of 80,000 ounces of gold in 2022.

Vast Resources PLC (LON:VAST), the AIM-listed mining company, confirmed that it has received the detailed facility agreement from the international banking institution in relation to the previously announced asset-backed debt financing linked to Vast’s now 100%-owned Baita Plai Polymetallic Mine in Romania. The facility agreement will be presented to the bank’s credit committee for final approval in a meeting that is scheduled for December 15, 2020, it added. In a statement, Andrew Prelea, CEO of Vast Resources commented: “The detailed facility agreement for the asset-backed debt facility is an important milestone for Vast. The recommencement of mining at Baita Plai, the completion of the first commercial sale of copper concentrate, and the recent acquisition of the remaining 20% interest in Baiti Plai to give Vast 100% ownership and control of the mine, have all paved the way for us to reach this point. We look forward to securing final approval for the facility agreement and growing the Company as a low-cost copper and polymetallic producer with the support of our new banking partner.” In a separate statement, Vast Resources announced that at the company’s annual general meeting held on Monday the proposed resolutions were all duly passed on a poll vote.

AFC Energy PLC (LON:AFC) said it has appointed Iain Thomson as its new Head of Communications & Stakeholder Management, effective from January 4, 2021. The provider of hydrogen power generation technologies said it is a newly created role that will see Thomson take on the day-to-day responsibility for the company’s Communications & Investor Relations programme. 

IronRidge Resources Limited (LON:IRR) the African focussed minerals exploration company has announced that Christelle Van Der Merwe will join the firm as a non-executive director, succeeding Alistair McAdam who is retiring, subject to the completion of normal regulatory due diligence. Van Der Merwe, who has acted to date as alternate director for Kieran Daly, will join the board as part of the company’s strategic alliance with Assore Limited, a mid-tier mining specialist which has a 25% interest in IronRidge. She brings to IronRidge extensive experience in strategic exploration and mining development, and environmental management, which will be key skills for developing the Company’s assets throughout Africa. She has been Assore’s group geologist since 2013 and involved in its strategic and resource investment decisions. In a statement commenting on the news, Ironridge CEO Vincent Mascolo said: “We are delighted to welcome Christelle at such a pivotal time. She brings a wealth of experience in environmental, exploration and mine geology, as we seek to develop and enhance our portfolio of projects across Africa. At the same time, the Board and I would like to extend sincerest thanks to Alistair for his contribution to date.  Alistair has been a highly valued member of the Board since IPO and the entire Company has benefited from his knowledge and counsel during the transition from explorer to developer.”

Seeing Machines Limited (LON:SEE), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announced that at its annual general meeting held on Monday, all resolutions were duly passed. It also noted that non-executive directors, Dr Rudolph Burger and Les Carmichael have resigned their positions on the Seeing Machines board with effect from the end of the 2020 AGM. Both have contributed over many years to the growth and development of Seeing Machines, and both have taken the decision to resign now that the group has engaged new board members who can oversee the next phase of the company’s growth and development. The global restrictions on travel to and from Australia have also been a factor in their decisions, the group added. Kate Hill, Chair of Seeing Machines commented: “Rudy and Les have overseen a formative period in the history of Seeing Machines, during which we have established ourselves as a leading force in the mission to ‘get everyone home safely’, and they have both also been important in the transition to the new board arrangements. On behalf of the Board, I sincerely thank them for their significant contributions and wish them well in their future endeavours.”

Metal Tiger PLC (LON:MTR), the AIM-listed investor in natural resource opportunities, has provided an update in relation to its investment in Southern Gold Limited, a 50:50 joint venture with Bluebird Merchant Ventures PLC (LON:BMV), in respect of the Gubong and Kochang projects in the Republic of Korea. Southern Gold has released an announcement noting that the purchase price payable by Bluebird Merchant for Southern Gold’s 50% interest in the project is US$9,945,000. Bluebird Merchant has 60 days from November 27, 2020, to pay the consideration. Metal Tiger is currently interested in 36,569,000 Southern Gold shares, approximately 17.1% of the company, and 7,284,500 2-year A$0.18 warrants.

Vietnam Holding Limited (LON:VNH) said that, through its Investment Manager, Dynam Capital, it has entered into a supplemental agreement with portfolio company A BA Business Solutions Corporation (ABA)  – a leading Vietnamese cold chain logistics company – to extend the repayment date on convertible bonds held by the company from November 27, 2020, to March 29, 2021. The supplemental agreement also provides for an increase in the coupon rate on the convertible bonds owned by the company. The company first invested in ABA in July 2019 via the purchase of the Vietnam Dong equivalent of US$ 6mln in convertible bonds which carried a coupon and the right to convert into equity within the three-year term of the bonds ahead of a possible future IPO or listing in Vietnam, subject to prevailing limits on foreign investment. In August 2020, the company decided to seek early repayment of the principal, with a repayment date of November 27, 2020, however, the company has since agreed to ABA’s request to extend the repayment date of the principal to allow ABA greater flexibility as it is in the process of an expansion of its operations and a parallel refinancing of its facilities, and there have been some delays in the refinancing due to the coronavirus (COVID-19) pandemic. The company’s investment in ABA accounts for approximately 5% of its estimated net asset value (NAV) as at November 27, 2020. The agreement is not anticipated to have a material impact on the company’s NAV.

Oncimmune Holdings PLC (LON:ONC.L), the leading global immunodiagnostics group, announced that at its Annual General Meeting held on Monday all resolutions were duly passed.

Europa Metals Ltd. (LON:EUZ), the European focused lead-zinc and silver developer, announced that the resolutions proposed at its Annual General Meeting held on Monday, as set out in the Notice of Annual General Meeting dated November 2, 2020, were all duly approved by shareholders.

OPG Power Ventures PLC (LON:OPG), the developer and operator of power plants in India, announced that at its twelfth Annual General Meeting of shareholders held on Monday, all of the resolutions proposed in the Notice of Meeting were duly passed.

European Metals Holdings Limited (LON:EMH) (ASX:EMH) (FRA:E861.F) has said its Annual General Meeting will be held at Suite 2, 11 Ventnor Avenue, West Perth, Western Australia on Thursday, December 17, 2020, at 4:00pm (WST) / 8.00am (GMT). While the group said its board would like to host all shareholders in person, in order to minimise the risk from the coronavirus (COVID-19), they strongly encourage all shareholders to lodge Proxy Forms or Voting Instruction Forms prior to the meeting. It added that a poll will be conducted for each of the Resolutions. Persons proposing to attend the AGM in person are requested to contact the company by email at [email protected] at least 3 Business Days prior to the meeting, so that appropriate arrangements can be made. The company will continue to monitor Australian Government restrictions on public gatherings and if it becomes necessary or appropriate to make alternative arrangements to those set out in this Notice, it will notify shareholders accordingly.

Today’s Market View – Greatland Gold, Castillo Copper, Botswana Diamonds and more…

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