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StockBox Research Talks – Alan Green and Mark Fairbairn Stock Picks for 2024
StockBox Research Talks – Alan Green and Mark Fairbairn Stock Picks for 2024 including #ARK, #AYM, #BRES, #ECR, #FCM, #KDNC, #MARU, #NEO, #PALM, #POLB, #PREM, #ONDO #REE, #SVML
Cadence Minerals #KDNC – European Metals Holdings #EMH Cinovec DFS to be Completed in Q1 2024
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement by European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) that the delivery of the Definitive Feasibility Study (“DFS”) for the Cinovec Lithium Project in the Czech Republic (“Cinovec” or the “Project”) is now scheduled for Q1 2024. Following detailed analysis, approval has been granted to a formal request from Geomet and the Project study team of DRA Global (Lithium Processing DFS) and Bara Consulting (Mining DFS) for a timetable extension to complete capital and operating cost estimation and project implementation scheduling.
The finalisation of the capital and operating cost estimate is reliant on the timely submission of proposals by numerous external suppliers and contractors. The process of obtaining sufficient and diverse proposals is nearing completion. However, the Project study team has advised that receipt and detailed evaluation of such proposals is going to take longer than originally scheduled.
The process flowsheet remains as announced on 31 October 2022 and confirmed in pilot testing results announced on 9 November 2023. However, further development of specific areas relating to engineering, commercial and strategic elements across mining, processing, procurement and logistics are expected to have a considerable impact on both capital and operating cost estimates and Geomet’s social licence to operate.
Both Geomet and the Company recognise the importance of ensuring accurate and comprehensive engineering and cost data for the DFS, as it forms the foundation of the study’s findings and recommendations. In this regard, the Company believes it is prudent to allow the necessary time to complete the study to the highest standard to ensure the delivery of a robust, accurate DFS that conveys the full economic and resource potential of the Project. The Company does not expect that the extension of the study period will impact the overall project timeline, with the permitting process already well underway.
The ongoing process of offtake and strategic partnering continues to reflect strategic interest in the Project as one of the very few advanced stage, large-scale lithium projects in the European Union.
The Project is underpinned by its Mineral Resource, which hosts nearly 7.4 million tonnes of contained lithium carbonate equivalent (“LCE”) as announced on 13 October 2021 “Resource Upgrade at Cinovec Lithium Project to 708MT including 53.3MT of New Measured Resource”.
The Company will continue to provide regular updates on any significant developments during the completion of the DFS. The Company and Project remain well-funded and the Board remains confident of the Project’s capacity to create sustainable value for our shareholders.
Link here to view the full EMH announcement
Cinovec Lithium/Tin Project
Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium/Tin Project. Geomet has been granted a preliminary mining permit by the Ministry of Environment and the Ministry of Industry. The company is owned 49% by EMH and 51% by CEZ a.s. through its wholly owned subsidiary, SDAS. Cinovec hosts a globally significant hard rock lithium deposit with a total Measured Mineral Resource of 53.3Mt at 0.48% Li2O and 0.08% Sn, Indicated Mineral Resource of 360.2Mt at 0.44% Li2O and 0.05% Sn and an Inferred Mineral Resource of 294.7Mt at 0.39% Li2O and 0.05% Sn containing a combined 7.39 million tonnes Lithium Carbonate Equivalent and 335.1kt of tin.
Cadence Minerals holds approximately 5.3% percent of the equity in European Metals Holdings.
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For further information contact:
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| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 20 7220 1666 |
| James Joyce | |
| Darshan Patel | |
| Fortified Securities – Joint Broker | +44 (0) 20 3411 7773 |
| Guy Wheatley | |
| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green |
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “should”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will”, or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the company’s future growth results of operations performance, future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements.
The information contained within this announcement is deemed by the company to constitute Inside Information as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
Stockbox interview with Cadence Minerals #KDNC CEO Kiran Morzaria
Stockbox caught up with Cadence CEO Kiran Morzaria from onsite the Amapa Iron Ore project. Kiran highlighted three major achievements at the Amapá Iron Project during the year. These achievements include:
- Publishing a new measured resource of 300 million tons at 38% Iron Ore (Fe)
- Completing a robust pre-feasibility study with a value of $949 million.
- Obtaining the necessary licensing and financing agreements, including an MOU (Memorandum of Understanding), to progress the project.
- Kiran also touched on the Sonora Project, where Cadence Minerals is actively engaging with the Mexican government regarding its lithium licenses.
Cadence Minerals #KDNC – Evergreen Lithium (ASX: EG1) Major Pegmatite Targets Uncovered in Central Bynoe’s Phase 3 Geochemical Sampling
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the first batch of assays from its Phase 3 geochemical soil sampling at Bynoe in the Northern Territory which has identified new large and significant lithium anomalism. These new targets are in the central area of the tenement, demonstrating the widespread nature of potential mineralisation in the Bynoe pegmatite field. The anomalies demonstrate a north to north-east trend, similar to that found elsewhere in the Bynoe pegmatite field.
Highlights:
- EverGreen’s largest geochemical signatures identified to date in first 1007 soil samples in from Phase 3 soil sampling at Central Bynoe.
- Assay results show additional large-scale lithium (Li) trends to those previously identified.
- Additional infill and regional surface geochemical sampling completed with 2050 soil samples delivered for analysis. Results pending.
- Regional and prospect-scale mapping programs completed with additional field activities currently underway.
- Modelling of the geochemical results and previous Ambient Noise Tomography (ANT) is underway aiming to identify large “blind” pegmatite systems which do not outcrop.
- Preparation underway for the commencement of maiden drill program.
Exploration at Evergreen’s Bynoe Project has focused on the discovery of economic lithium mineralisation hosted in lithium-bearing lithium- caesium-tantalum (LCT) pegmatites.
The Bynoe Project is located contiguous to Core Lithium’s (ASX:CXO) Finniss Project which contains an estimated Total Mineral Resource of 30.6Mt at 1.31% Li2O. In 2022, Core Lithium (ASX:CXO), utilised ANT technology developed by Fleet Space Technologies at its Finniss Project.
Cadence holds 15,830,138 million shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder. Evergreen was listed on the Australian Stock Exchange on 11 April 2023.
Link here to view the full Evergreen ASX announcement
Evergreen Chairman Simon Lill commented: “Geochemical results from sample analysis at Central Bynoe is significant as it points to additional zones of interest further south-east from those identified along the Core Lithium boundary, announced previously1. Our latest mapping program across the geochemical anomalies and ANT survey targets, has identified structures hosting quartz veins with intermittent muscovite, which may be using the same structures as the pegmatite targets. The upcoming drill program, expected to commence shortly, will test several geochemical anomalies, ANT survey targets and depth extensions.”
Background to Cadence’s investment in Evergreen Lithium
Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies (“LT and LS”) to Evergreen as announced on 27 June 2022. A further AS$ 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved. Further details of these milestones can be found in the Evergreen prospectus available here . Cadence’s shares are subject to a 2-year escrow agreement as determined by the listing rules of the ASX.
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For further information contact:
|
|
| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 20 7220 1666 |
| James Joyce | |
| Darshan Patel | |
| Fortified Securities – Joint Broker | +44 (0) 20 3411 7773 |
| Guy Wheatley | |
| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green |
Quoted Micro 27 November 2023
AQUIS STOCK EXCHANGE
Guanajuato Silver (GSVR) produced 787,086 ounces of silver equivalent and the loss fell by one-fifth to $7m when compared with the second quarter. The all-in sustaining cost increased to $26.22/ounce due to changes in mining and temporary closures.
SuperSeed Capital (WWW) generated 78% IRR combined from two exits. There were £220,000 of realised gains in the nine months to September 2023. There is £430,000 of cash on the balance sheet. NAV is 112p/share.
Vinanz Ltd (BTC) has teamed up with Luxor Technology Corp to improve its bitcoin mining operating efficiency. Luxor’s firmware improves mining margins when profitability is low and can increase a machine’s hashrate when profitability is higher.
Wishbone Gold (WSBN) has secured an option to acquire 100% of the Crescent East lithium and gold project in the Mosquito Creek area of Western Australia. Shares were issued at 1.25p each to pay the £25,000 option fee.
Fuel additives developer SulNOx Group (SNOX) has successfully demonstrated the effectiveness of drop-in fuel conditioner SulNOxEco in the shipping sector. Monaco-based dry-bulk ship management company Marfin Management trialled the additive onboard a 60,000 MT DWT bulk carrier over a three-month period. This showed improvements in fuel consumption.
Cadence Minerals (KDNC) says investee company Hastings Technology Metals has agreed a $50m equity funding facility for the Yangibana rare earths project. Hastings Technology Metals can draw down up to $50m from Alpha Investment Partners to provide working capital for the development of the mine. Project financing talks are progressing and there have been offers from potential partners and debt providers. Cadence Minerals has a 1.4% stake in the investee company.
Steve Xerri, who owns 4.81%, has been appointed as an executive director of Oscillate (MUSH) and he intends to focus on special situations either through individual investments or via a reverse takeover.
One Health Group (OHG) has gained two new contracts with NHS Trusts. One is to supply orthopaedic services and the other is for orthopaedic and gynaecology services. They will help to reduce waiting lists.
Apollon Formularies (APOL) says Sproutly Canada has completed due diligence on the acquisition of the company’s global cannabis-related assets in return for 49% of the enlarged share capital of Sproutly Canada. The effective valuation is likely to be around £4.2m. Regulatory approvals are required.
Kasei Holdings (KASH) has a digital asset portfolio worth $2.07m at the end of October 2023.
EDX Medical (EDX) has entered into a collaboration with Thermo Fisher Scientific. They will jointly develop and commercialise cancer diagnostics.
Looking Glass Labs (NFTX) has raised $1m at $0.10/unit – one share and one warrant exercisable at $0.10/share. A further ten million units have been swapped for $1m of debt. Further sources of finance are being sought.
Quantum Exponential Group (QBIT) has appointed VSA Capital as corporate adviser, while Pharma C (PCIL) has appointed First Sentinel as its corporate adviser.
Res Privata NV has increased its stake in NFT Investments (NFT) from 3.33% to 4.09%.
AIM
Telecoms enterprise software provider Cerillion (LON:CER) grew strongly last year, while the rate of growth might slow this year it is still likely to make good progress given the recent €12.4m contract win. In the year to September 2023, revenues were one-fifth higher at £39.2m, while underlying pre-tax profit was two-fifths ahead at £16.8m, helped by a reduction in impairment charges from £1.77m to £256,000. The growth has come from software with a dip in services revenues. Net cash reached £24.7m at the end of September 2023. The dividend has been raised from 9.1p/share to 11.3p/share.
Light Science Technologies (LST) is acquiring the Injecta Fire Barrier trade and assets from Fire Barrier International. The Injectaclad product expands when heated and prevents the spread of fire and smoke. There is no initial payment with consideration in the form of a deferred profit share agreement. The deal should be earnings enhancing and generate cash. There are maintenance and installation synergies with the contract electronics subsidiary. The cash generated will help to finance the growth of the group.
Video games developer Team17 Group (TM17) says 2023 trading is slightly better than expected, although some titles are not performing as well as anticipated and that has hit margins. There has also been overspending and delays on some development projects. That means that underlying EBITDA will be around one-sixth lower than forecast at around £40m. Some titles are being reassessed and that is likely to lead to impairment charges of up to £11.5m.
Parity (PTY) announced the sale of its remaining business yesterday afternoon. It will become a cash shell. Parity will receive up to £3m depending on working capital adjustments for recruitment business Parity Professionals. The deal costs will be £240,000. There will be £639,000 including costs spent to settle the pension liability and finance the search for an alternative business. The company will change its name to Partway.
Velocys (VLS) is the worst performer on the day after the sustainable fuels company said that there is a potential bid at 0.25p/share from a consortium including Lightrock and Carbon Direct Capital Management. This would ensure long-term funding of the business. The low share price makes it difficult to finance the sustainable fuels operations. The share price dived 63.7% to 0.25p, which values Velocys at £4.5m. A large multiple of that value needs to be raised to fund development and production. Interim funding will be required.
musicMagpie (MMAG) is in bid talks with BT Group (BT.A) and asset manager Aurelius. The talks are at an early stage.
Cyber software and services provider Shearwater Group (SWG) appears set to return to profit this year. The core software businesses have been integrated, as have two of the three consultancy businesses. In the six months to September 2023, revenues dipped from £10.8m to £10.5m. That was due to much lower software revenues. Even so, gross profit improved and, stripping out amortisation and exceptionals, the underlying loss reduced £493,000 to £93,000. That is before restructuring costs. The cost savings will show through in the second half.
Telecoms testing instrumentation supplier Calnex Solutions (CLX) has been hit by a reduction in spending by telecoms companies. In the six months to September 2023, revenues slumped from £12.7m to £7.8m and the company moved from a pre-tax profit of £3.1m to a loss of £600,000. Trading did not pick up in September as is normally the case. Non-telecoms revenues make up one-quarter of total revenues. The cost base is being kept steady in expectation of a recovery, even though that may not be until the next financial year. There is £13.5m in the bank.
There were no revenues from systems in the first half at SRT Marine Systems (SRT), but that will change in the second half when transceivers revenues will be well below the systems contribution as work on contracts reaches points where revenues can be invoiced and recognised. Interim revenues fell from £18.8m to £5.5m, although transceivers revenues were higher. Last year’s loss could be turned into a £7.2m profit this year.
Battery technology developer Ilika (IKA) has achieved its D4 development point for the Goliath battery. This is the start of turning the development into a battery product. Ilika will be able to create P1 samples for testing by customers. At the end of the week, Ilika confirmed that its interims will be in line with expectations with revenues of £1.3m and there is £13.2m in cash left.
Neometals (NMT) has completed the A$9m from a placing at 10p/share and wants to raise a further £6.8m from a one-for-eight entitlement offer. The cash will fund the development of the nickel, cobalt, lithium recycling business Primobius, including the delivery of a facility to Mercedes Benz, and potentially to purchase a stake in Canadian licensee Stelco.
Empire Metals (EEE) has released initial results for the first diamond drillhole at the Pitfield project in Western Australia. This shows significant grades of titanium oxide. There will be results from two more diamond drilling holes in the coming weeks. A further 6,000 metres of drilling is planned with more likely early next year. Copper is still potentially in the area as well.
Interim figures from diagnostics company Cambridge Nutritional Sciences (CNSL) showed the benefits of concentrating on its core personalised health and nutrition business. Revenues rose 44% to £4.9m and the loss was reduced. Production problems have been sorted out. There was strong growth in North America as management puts more resources into the region. A small full year loss is expected.
Lifestyle concierge services provider Ten Lifestyle (TENG) has moved into profit for the first time. It swung from a loss of £2.7m to a pre-tax profit of £3.2m thanks to economies of scale. There was also a tax credit recognised due to past tax losses. Investment in its digital platform and the international spread of business is helping Ten Lifestyle. New contract wins will help to increase this year’s pre-tax profit to £3.9m, according to Singer.
Gold explorer Oriole Resources (ORR) has announced heads of terms with contractor BCM International for the development of the Bibemi and Mbe gold projects in Ghana. BCM can earn up to 50% of the Bibemi project by making a cash payment of $500,000 and commit to spend $4m on the project. BCM will pay $1m in cash and spend a further $4m to earn a 50% stake in Mbe project.
Mercia Asset Management (MERC) has exited one of its older investments, raising £30.2m – a 2.7 times return on invested capital. Virtual reality games developer nDreams has been acquired by Aonic for £90.3m. This was Merica Asset Management’s largest investment and £3.8m of the proceeds are being reinvested in Aonic. The consideration was 17.5% ahead of the March 2023 valuation.
Duke Royalty (DUKE) generated a 17% increase in recurring cash revenues to £12.2m with a 35% increase in all cash revenues to £14.1m. During the period, Duke Royalty made one of its biggest initial investments in glass architectural products supplier Glasshouse Products. The $11.5m investment is backing a member of the original founding family buying back the business.
Maritime AI provider Windward (WNWD) has signed a five-year contract with a European national coastguard that is valued at €3.2m. The cash is expected to be paid upfront, while annual contract value will be increased by $700,000/year.
MAIN MARKET
Structural steel supplier Severfield (SFR) reported lower interim revenues, but a higher profit. In the six months to September 2023, revenues were 8% lower at £215.3m, but underlying pre-tax profit improved 17% to £14.2m. This includes an unchanged contribution of £600,000 from the India joint venture, while the modular products business made a maiden profit. The interim dividend was raised 8% to 1.4p/share. The UK and Europe order book is worth £482m, even though the £50m contract for Hertfordshire-based film studio Sunset Studios has been delayed.
Standard list shell Tertre Rouge Assets (TRE) is attempting to raise up to £50m to buy rare cars and acquire cash generative businesses involved in supercar events. Around £30m is set to be invested in a range of cars that have already been identified. They are worth between £1m and £10m. The plan is to generate gains on these investments -15% annual returns are targeted – while hiring them out to photoshoots and other income generating activities to cover overheads. The Run To Group Ltd, which organises supercar adventures to the Monaco Grand Prix, will also be acquired and management will remain with the business. The group’s board of directors includes racing drivers and business men and they can expand this business and others. There will be cash left over to buy other companies.
Packaging manufacturer and distributor Macfarlane Group (MACF) says lower volumes and prices meant that revenues fell 2% in the nine months to September 2023. New customers are being attracted and this will help future volumes. Margins are increasing.
Seraphim Space Investment Trust (SSIT) improved its NAV to 96.5p/share at the end of September 2023. That was helped by positive currency movements and a small uplift in valuations, predominantly due to a fundraising by an investee company.
Andrew Hore
UK Investor Magazine Podcast – CEO Alan Green discusses UK Small Cap re rate, Cadence Minerals #KDNC, ECR Minerals #ECR
Alan Green joined the UK Investor Magazine Podcast to dive into a selection of UK equities and provide scenarios for broader markets after the Autumn Statement.
This Podcast explores potential scenarios for UK markets and the catalysts for a rerating of UK mid and small caps.
We discuss Cadence Minerals (LON:KDNC) and ECR Minerals (LON:ECR).
Alan outlines the valuation case for Cadence Minerals, given the current share price and the underlying value of their portfolio of mining assets.
ECR Minerals is proceeding with a more positive tone after a change of leadership. Alan provides an update on activities.
Listen here- https://ukinvestormagazine.co.uk/a-uk-small-cap-rerate-cadence-minerals-ecr-minerals-with-alan-green/
Cadence Minerals #KDNC – Corporate Update – Hastings Technology Metals
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement by Hastings Technology Metals (ASX: HAS) (“Hastings”) regarding the project financing process for the Yangibana Rare Earths Project (“Yangibana Project”). Hastings has agreed an at-the-market equity financing facility for up to $50 million with Alpha Investment Partners (“AIP”).
Highlights:
- At-the-Market equity financing facility for up to $50 million established with AIP to provide working capital funding flexibility as project financing process is advanced
- Project financing process for Yangibana Project advancing through first stage financiers’ investment and credit committee approvals
- Multiple non-binding financing proposals received from global mining funds and debt capital market investors to fund the Yangibana Project debt size in the order of the target gearing ratio of 60%
- Discussions ongoing with Federal Government, following recent announcement of $2 billion expansion in critical minerals financing
- Strategic partner and joint venture indicative proposals received from global mining funds
- Certification of Green Financing Framework to enable issue of green finance instruments, accredited by Second Party Opinion (“SPO”) provider, Det Norske Veritas (“DNV”) Business Assurance Australia
- Next steps include shortlisting preferred financier(s)/syndicated lender group to conduct final due diligence, long form term sheet, intercreditor terms (if required) and site visits.
During the September quarter, Hastings completed early infrastructure works at the Yangibana Project, including the Kurrbili Accommodation Village, Yangibana Airstrip, access roads, production borefields, water pipelines and clearing and grubbing of the entire plant site.
Link here to view the full Hastings announcement
Hastings Executive Chairman Charles Lew commented: “Securing multiple indicative funding proposals is a significant milestone. We are pleased by the strong response we have received from various potential financiers validating the economic and technical viability of the Yangibana Project.”
“As we evaluate each option, we are focused on choosing the path that best aligns with our strategic objectives and drives the best economics for the business. As we work towards finalising the funding stack, we will continue to look at opportunities to optimise our working capital and operating efficiencies to deliver value for our shareholders.”
Cadence shareholding in Hastings
On 25 January 2023, Cadence completed the sale of its 30% stake in several mineral concessions forming part of the Yangibana Rare Earths project for a consideration of 2.45 million Hastings shares. This consideration was a premium over the Net Present Value (“NPV”) of the Cadence portion of the mineable material, based on the definitive feasibility (“DFS”) updated by Hastings on 21 February 2022. Currently Cadence holds approximately 1.4% of Hastings issued share capital.
The full announcement concerning the Yangibana sale is available here.
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For further information contact:
|
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| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 20 7220 1666 |
| James Joyce | |
| Darshan Patel | |
| Fortified Securities – Joint Broker | +44 (0) 20 3411 7773 |
| Guy Wheatley | |
| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green |
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “should”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will”, or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the company’s future growth results of operations performance, future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements.
The information contained within this announcement is deemed by the company to constitute Inside Information as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
Quoted Micro 20 November 2023
AQUIS STOCK EXCHANGE
Marula Mining (MARU) has completed the phase 1 drilling programme at the Blesberg lithium and tantalum mine. The 21 holes were finished ahead of schedule and assay results are awaited. Phase 2 drilling has started and 15 out of 21 holes have been completed. Financial forecasts for the planned open pit hard rock mining plan.
Valereum (VLRM) says that the Gibraltar Stock Exchange is surrendering its licence and closing its markets. Valereum still wants to acquire the Gibraltar Stock Exchange and holds a fixed charge over a 50% stake. The plan would be to apply for a new licence. Alan Gravitz has left the board.
Ananda Developments (ANA) subsidiary MRX Medical has signed a drug supply agreement with the University of Edinburgh and the Lothian Health Board. The MRX1 cannabidiol oil formulation will be used in a trial for the treatment of chemotherapy induced neuropathic pain.
Gunsynd (GUN) has paid the first tranche of £250,000 for a farm-in agreement with Metals One. Gunsynd will hold Finnaust Mining Northern. Gunsynd has sold 1.24 million shares in Charger Metals for £257,000. It retains 1.3 million shares.
Vinanz Ltd (BTC) has already spent some of the money raised at the beginning of November to acquire 171 bitcoin miners in North America. The plan is to buy a total of 250 bitcoin miners. Vinanz currently holds 9.1 bitcoin.
Cadence Minerals (KDNC) says its subsidiary has issued a request for consultations and negotiations to the Mexican government concerning the possible revocation of the mining concessions for the Sonora lithium project. These concessions are held by joint venture companies, where Cadence Minerals has 30% stakes.
Quantum Exponential (QBIT) has converted its £450,000 investment in Universal Quantum in exchange for 84 million shares at 5319.47p each. A one-for-1,000 share split will happen after the share issue. This means that the subsequent 84,000 shares will be 0.51% of buildable quantum computers developer Universal Quantum.
Wishbone Gold (WSBN) says initial mineralised results from the first half of the Cottesloe project in Western Australia. The company expects full results during next January.
Oberon Investments (OBE) has switched from the Access to Apex segment of the Aquis Stock Exchange.
SuperSeed Capital (WWW) has adjusted its NAV figure for the end of June 2023. It has been reduced from 1.184p/share to 1.121p/share.
Wheelsure Holdings has received potential financing and acquisition approaches, but nothing has been finalised and it is running short of cash. The shares have been suspended and the quotation cancelled on 15 November. Talks continue.
Tunch Kashif reduced his stake in ChallengerX (CXS) from 21.6% to 17.9%. Mark Horrocks has increased his shareholding in Lift Global Ventures (LFT) from 13.3% to 14.99%.
AIM
Hotel Chocolat (HOTC) is recommending a 375p/share bid from Mars, which values the chocolate company at £534m. Mars is keen to help Hotel Chocolat expand into new regions. The track record of the current management when it comes to international expansion has been mixed and it will help to have a larger company with greater resources backing the expansion. Shareholders can accept an alternative offer of one rollover share in the bid vehicle for each share. The value of these shares will be dependent on the performance of the business, and this would be taking a risk.
Verici Dx (VRCI) has entered into an exclusive licence agreement with Thermo Fisher for its pre-transplant prognostics. This will generate staged payments of $5m over the next 12 months, plus future royalties of per test. That means that Verici Dx will have enough cash until the end of 2024. Thermo Fisher has the commercial expertise to roll out the technology and it will further develop the product.
City Pub Group (CPC) is also the subject of an agreed bid. Young & Co’s Brewery (LON: YNGA) is offering 108.75p in cash and 0.032658 of an A share for each City Pub Group share, valuing it at 145p/share or £162m. The share price jumped 52.5% to 136.5p. Young’s has been seeking to grow its managed pubs business and believes it is rare to have the opportunity to acquire such an attractive portfolio of pubs. The deal will increase the number of pubs owned by 50 to 279. A significant amount of City Pub Group’s central overheads of £5.6m could be saved by the combined group and there could be other savings. Young’s shares rose 1.86% to 1095p.
AMTE Power (AMTE) has secured a short-term financing. The battery technology developer will receive £2.5m from a subscription by Pinnacle International Venture Capital at 1.7p/share and it is also providing a £200,000 convertible loan facility. A placing will raise a further £400,000 at 0.5p/share. A general meeting is required to approve the subscription.
Jarvis Securities (JIM) has confirmed it is not paying a fourth quarter dividend. The FCA is planning a further review into the company’s operations, including the approach to uninvested cash and interest retention. This report has to be delivered by the end of February 2024.The voluntary restrictions on the business are continuing and another review is required before they can be lifted. The reviews have cost more than £1.3m this year.
AFC Energy (AFC) is purchasing Octopus Hydrogen’s UK mobile hydrogen storage and distribution assets. These assets can be used to provide a hydrogen fuelling service for H-Power generator units rented by new partner Speedy Hydrogen Solutions and other future users of hydrogen powered equipment.
Celadon Pharmaceuticals (CEL) has secured a new sales contract with a European medicinal cannabis company that could generate up to £26m over a three-year period. The first delivery will be in the second half of 2024. The cannabis grower and drug developer will supply pharmaceutical-grade cannabis. There are other interested buyers.
Autonomous vehicles developer Aurrigo International (AURR) has launched a placing to raise at least £3.5m at 100p/share and there will also be a retail offer at the same price. Coventry-based Aurrigo International won the best newcomer title at the 2023 AIM awards, having floated AIM on 15 September 2022 at 48p/share. Aurrigo International had cash of £2.8m at the end of June 2023 after a £1.9m outflow from operations in the first half. There will be £1.5m spent on customer roll out and £400,000 for additional staff.
Chain and transmission equipment Renold (RNO) reported strong interims with revenues 8% ahead at £125.3m and pre-tax profit 55% higher at £11.3m. The revenues and margins of the transmission business have jumped as the new MoD contract builds up. The chain division also grew revenues and margins. Order intake has slowed, but that is at least partly down to there being more confidence in the supply chain.
Freight and parcel delivery company DX (DX.) is recommending a 47.5p/share bid from HIG European Capital Partners, which values the company at £315m. The shares have gone ex-dividend, and the final dividend of 1p/share will be paid on 7 December. That reduced the level of the bid.
DP Poland (DPP) says third quarter like-for-like sales in Poland were 14.1% higher and they were 34.8% ahead in October. The Croatian business is growing even faster. Singer believes the pizza retailer could move into profit in 2024.
Initial results from drilling at the Wedding Bell and Radium Mountain owned by Thor Energy (THR) confirm the potential of the US uranium projects. More than 50% of the 25-hole drill programme has been completed. The initial results come from downhole gamma logs and handheld pXRF devices to determine anomalous levels of uranium and these will be sent to laboratories for final analysis.
Blue Star Capital (BLU) investee company SatoshiPay has appointed Benchmark International to value the business and seek potential acquirers. Blue Star Capital owns 27.9% of SatoshiPay.
Saietta Group (SED) says that its 49.5% owned Indian joint venture has secured an order for complete eDrives from its main client for a second of its light commercial vehicles. The initial order is worth £106,000 over three months and the first full year of production could generate £12.7m. This is the first significant order for the new radial flux technology.
MAIN MARKET
Data integrity and banking integration software provider Gresham Technologies (GHT) is losing business with ANZ its biggest customer. The company will no longer provide sub-contracting services, but ANZ will still use its Clareti software. This was lower margin work, and the focus is on software.
J Smart (Contractors) (SMJ) reported a higher loss on contracting and did not have any disposal gains in its investment activities. That meant that pre-tax profit fell £8/19m to £105,000. There was an operating loss offset by interest income. A 2.27p/share dividend is payable on 29 January.
Andrew Hore
Cadence Minerals #KDNC – Sonora Lithium Investment Update – Request for treaty negotiations with Mexico
Cadence Minerals (AIM/Aquis: KDNC) advises that the Company and its subsidiary REM Mexico Limited (“REMML”) have issued a Request for Consultations and Negotiations (“Request”) to the Government of Mexico under the United Kingdom-Mexico Bilateral Investment Treaty (“BIT”).
The Request concerns the purported revocation of the mining concessions for the Sonora Lithium Project (the “Project”) by the Mexican General Directorate of Mines as announced by Cadence on 31 August 2023, and related acts and omissions by Mexico. The affected concessions include those granted to Mexilit S.A. de CV (“Mexilit”) and Minera Megalit S.A. de CV (“Megalit”), these being joint venture companies in which Cadence holds a 30% stake through REMML.
In their Request, Cadence and REMML have identified various BIT obligations that have been breached by Mexico, including Mexico’s obligation not to unlawfully expropriate the investments of UK investors such as Cadence and REMML and its obligation to treat such investments fairly and equitably.
In accordance with Article 10 of the BIT, Cadence and REMML have requested consultations and negotiations with Mexico with a view to resolving the dispute amicably. The BIT provides for disputes to be resolved by international arbitration if they cannot be resolved by consultation and negotiation.
Cadence and REMML have engaged leading international law firm Clifford Chance as counsel for the BIT process. The Clifford Chance team representing Cadence and REMML specialise in mining-related investment treaty arbitration cases.
Cadence CEO Kiran Morzaria commented: “The team at Clifford Chance have many years of experience in mining-related investment treaty arbitration, and have successfully resolved similar cases in the past. With their guidance, we are hopeful that a constructive solution can be reached through consultations and negotiations with Mexico under the BIT. “
Background to Cadence Sonora Investments
Cadence holds an interest in the Sonora Lithium Project (“Project”) via its 30% stake in each of Mexilit and Megalit.
Mexilit and Megalit form part of the Project. The Project consists of nine granted concessions. Two of the concessions (La Ventana and La Ventana 1) are owned 100% by subsidiaries of Ganfeng Lithium Group Co., Ltd (“Ganfeng”). El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions are owned by Mexilit, which is owned 70% by Ganfeng and 30% by Cadence. The Buenavista and San Gabriel concessions are owned by Megalit, which is owned 70% by Ganfeng and 30% by Cadence.
For further background to Cadence’s investments in the Sonora Lithium Project, see the Company’s RNS of 31 August 2023 (“Sonora Lithium Investment Update”) here.
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For further information contact:
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| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 20 7220 1666 |
| James Joyce | |
| Darshan Patel | |
| Fortified Securities – Joint Broker | +44 (0) 20 3411 7773 |
| Guy Wheatley | |
| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green |
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “should”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will”, or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the company’s future growth results of operations performance, future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements.
The information contained within this announcement is deemed by the company to constitute Inside Information as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
Cadence Minerals #KDNC – European Metals Holdings #EMH Announces Successful Battery-Grade pilot programme for Cinovec Lithium Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement by European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) detailing the results of the Lithium Chemical Plant (LCP) pilot programme at Cinovec. The results confirm the robustness of the LCP process flowsheet and provide a strong foundation for the execution of the Cinovec Project.
Highlights
- Pilot programme has confirmed industrial viability of the LCP process flowsheet.
- Exceptionally clean battery grade lithium carbonate (>99.9%) produced with single-stage purification (bicarbonation) of crude lithium carbonate.
- Pilot programme crude lithium carbonate confirmed at 99.7% purity, greater than battery grade (99.5%) in the carbonate precipitation step without any additional processing.
- Work to produce battery grade lithium hydroxide monohydrate is underway.
- The pilot programme processed ore fully-representative in all respects of the run-of-mine for the first seven years of mining planned at Cinovec, including average grade and expected rock-type mix from the bulk mining.
Next Stage of Development of Cinovec
The DFS for battery-grade Lithium Carbonate remains on-track for completion in 4Q 2023. Subject to confirmation of the pilot programme work for battery grade Lithium Hydroxide, a decision on the battery grade end-product (carbonate vs hydroxide) for the Cinovec Project is expected to be made in early 2024. This will in turn lead to design engineering that will enable the Project to move to production in the shortest possible time frame, and includes engagement with long lead equipment OEMs to ensure that the timeline is expedited.
European Metals Executive Chairman Keith Coughlan said: “The confirmation of the exceptionally clean nature of the Cinovec Lithium Carbonate resulting from the pilot programme is further proof of the tremendous importance of the Cinovec Lithium Project for the whole of the EU. The Lithium Carbonate produced by the simplified flowsheet has the ability to be a major contributor to the EU’s lithium security. The Cinovec Project is well positioned to be a major supplier of battery grade lithium products to the strategically important European car industry to ensure that they are able to compete on the global stage. The pilot programme data is now being used to confirm design and engineering for the ongoing Definitive Feasibility Study (DFS) being completed by DRA Global and which remains on-track for completion in the current quarter, and also for the post-DFS detailed design. European Metals, in developing the Cinovec Lithium Project, is well positioned for the rising demand in battery materials in the EU. The Cinovec project is the largest hard rock lithium project in the EU and Europe as a whole and is centrally located on the Czech Republic’s border with Germany.”
Link here to view the full EMH announcement
Cinovec Lithium/Tin Project
Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium/Tin Project. Geomet has been granted a preliminary mining permit by the Ministry of Environment and the Ministry of Industry. The company is owned 49% by EMH and 51% by CEZ a.s. through its wholly owned subsidiary, SDAS. Cinovec hosts a globally significant hard rock lithium deposit with a total Measured Mineral Resource of 53.3Mt at 0.48% Li2O and 0.08% Sn, Indicated Mineral Resource of 360.2Mt at 0.44% Li2O and 0.05% Sn and an Inferred Mineral Resource of 294.7Mt at 0.39% Li2O and 0.05% Sn containing a combined 7.39 million tonnes Lithium Carbonate Equivalent and 335.1kt of tin.
Cadence Minerals holds approximately 5.6% percent of the equity in European Metals Holdings.
| For further information contact:
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| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 20 7220 1666 |
| James Joyce | |
| Darshan Patel | |
| Fortified Securities – Joint Broker | +44 (0) 20 3411 7773 |
| Guy Wheatley | |
| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green |
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “should”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will”, or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the company’s future growth results of operations performance, future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements.
The information contained within this announcement is deemed by the company to constitute Inside Information as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.