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RNS Hotlist April 19: AFC, Amigo, Atlantic, Audioboom, Cornerstone, Mosman, Oracle, Tirupati

This post was written by Zak Mir, a Technical Analyst, Events Host, Presenter, CEO Interviewer and established Market Commentator

Tirupati Graphite (TGR), the specialist graphite and graphene company developing sustainable new age materials, announced on 3 April 2023 the successful completion of the acquisition of Suni Resources SA, the Mozambique incorporated subsidiary of ASX listed Battery Minerals Limited. The terms of the Acquisition otherwise remain unchanged including the issue of 2,018,944 ordinary shares of £0.025 each to BAT at completion covering a sum of AUD$994,571.86 (£539,058) at an issue price of £0.267 per ordinary for the transfer of intellectual property.

Comment: The acquisition of Suni has marked a decent positive inflection for Tirupati in recent weeks, as the market starts to focus on graphite production ramping up.

Oracle Power (ORCP), a developer of green energy projects, announced a co-operation agreement with PowerChina International Group Limited, a leading hydropower, electricity and infrastructure construction company, to collaborate in the potential joint development of a 1 Gigawatt solar based independent power production plant at Oracle’s Thar Block VI in the Sindh Province, Pakistan. ORCP said the proposed development of the Thar Solar Project provides Oracle with the opportunity to not only develop a sizeable renewable energy project in Pakistan, but also to bring a long-term and sustainable business to our Thar Block VI asset.  This development, along with the significant progress being made with its Green Hydrogen project in the Sindh Province, underpins Oracle’s core strategy of focusing on the production of green energy.

Comment: ORCP is notching up not only large projects, but also large partners to deliver them. The drive to energy security, and its importance in Pakistan cannot be over-estimated.

Amigo Holdings (AMGO), a provider of mid-cost credit in the UK that is currently in an orderly solvent wind-down, has noted the recent movement in the company’s share price and confirms that it knows of no reason for this increase. The board continues to implement the fallback solution, which is the orderly wind-down of the business.

Comment: It could be said that slapping a speeding ticket RNS on a coming that is winding down is a little unfair.

Mosman Oil and Gas Limited (MSMN) the oil exploration, development, and production company, refers to the announcement made on 28 March 2023 and provided an update on the Review. The company said it is discussing a head of agreement for potential future cooperation in offtake, financing, and equipment supply with a Chinese based company. Representatives of this firm had been planning to join Mosman’s Directors and geophysicist at the annual resources conference in Alice Springs, however they were not able to do so due to scheduling conflicts. In London, Mr. David Minchin, a highly experienced helium exploration geologist with public company expertise, has been engaged and is actively reviewing and developing proposals to be considered by the Board.

Comment: Shares of Mosman remain rather meanly valued by the market. One looks forward to Mr Minchin turning this state of affairs around.

Atlantic Lithium (ALL), the African-focussed lithium exploration and development company, provided an update on the ongoing 2023 exploration and resource drilling programmes, as announced on 20 March 2023, at the Ewoyaa Lithium Project and broader 560km2 Cape Coast Lithium portfolio in Ghana, West Africa. The company said its 2023 exploration and resource drilling programmes are well underway across the Ewoyaa Lithium Project and the wider Cape Coast Lithium portfolio in Ghana. Infill drilling has now commenced at Ewoyaa South 2, marking the start of the planned approximate 3,000m infill RC and DD programme. This programme aims to further de-risk the Project’s current resources and provide optionality with regards to the mine plan.

Comment: Atlantic continues to put the recent shorting conspiracy madness behind it, with a solid update on 2023. The key phrase here is aim to “de-risk.”

Cornerstone FS (CSFS), a foreign exchange and payments company, provided the following unaudited update on trading for the first quarter to 31 March 2023. The Group said it had experienced strong trading momentum through FY 2022 and expects to report total revenue for the year ended 31 December 2022 of approximately £4.8m. This momentum increased in Q1 2023 beating management’s expectations with unaudited revenue expected to be approximately £1.95m versus £0.95m for the same period last year. The Board remains cautiously optimistic for rest of the financial year.

Comment: One would expect that today’s update will be taken well enough for shares of CSFS to rally back to the top of their one year range towards 12p in coming weeks.

Audioboom (BOOM), the global podcast company, provided a trading update for the quarter ended 31 March 2023. The company said that during Q1 it improved its business operations significantly, in spite of challenging market conditions.  It now has a record 38 million-plus unique listeners. It has expanded its monthly downloads to more than 125 million – replacing the c.30 million monthly downloads that were lost when the Morbid podcast left our network in May 2022. It created a record 2.5 billion advertising impressions in the quarter and made improvements to the revenue shares we receive from advertising.

Comment: BOOM continues to put out updates effectively underlining that it is fairly valued at the current lower levels. We look forward to more substantial fundamental drivers to be unveiled.

AFC Energy (AFC), a provider of hydrogen power generation technologies, confirmed ACCIONA’s first order of an H-Power “S” Series 50kVA hydrogen powered generator for delivery in Spain during the second half of 2023. The company said ACCIONA is a key relationship for AFC Energy and has provided support to it in defining the “voice of the customer” in a way that has informed the design specification and operation of our new 50kVA H-Power S Series emissions-free genset.  Decarbonisation of the construction industry, in the UK, Europe and internationally is an important step in society’s move towards Net Zero.

Comment: AFC’s relationship with Spain’s ACCIONA is indeed an impressive one, even for those who view Net Zero as a ploy to hit cash strapped consumers in the wallet.

Disclaimer: is a purely journalistic website – Zak Mir is a member of the National Union of Journalists. There is no intention here of providing financial advice. It is recommended you seek an independent professional opinion before deciding whether or not to take any action with regard to anything written or said here.


Zak Mir

Zak Mir

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