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RNS Hotlist March 29: Aeorema, AFC, African, Arrow, First Class, Futura, Galileo, Horizonte, hVIVO, Kendrick, Kistos, Kromek, OKYO

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

hVIVO (HVO), (formerly Open Orphan plc) a specialist contract research organisation, announced that Dr Andrew Catchpole, Chief Scientific Officer, will be delivering a presentation at the World Vaccine Congress, Washington D.C., United States. The company said it was delighted that Dr Catchpole will be presenting at the largest vaccine event of the year amongst many other notable speakers, discussing the significant value of human challenge trial data. As the global leader in conducting human challenge trials to test vaccines and antivirals for infectious and respiratory diseases, it is looking forward to participating in roundtable discussions and sharing insights into how human challenge trials can accelerate the drug development process.

African Pioneer (AFP) provided an update on exploration completed and planned over the Kalahari Copper Belt Licences, Botswana, which are subject to a two-year option agreement from 2 October 2021 with ASX-listed Sandfire Resources Limited. AFP said its partner Sandfire is busy collecting basin-wide data to create a regional scale model to better understand and interpret the structure and ore genesis of the Belt. The Sandfire option licences and the licences operated by African Pioneer are all located in ground with high potential. Sandfire is about to commence drilling on its’ option targets and it looks forward to the results.

Comment: Shares of African Pioneer are back at the main 2p support, despite clear progress being made in terms of the relationship with Sandfire.

Galileo Resources (GLR) provided an update on the Kalahari Copperbelt Project in western Botswana and work undertaken and planned on those licences sold pursuant to an agreement with Sandfire Resources Limited. The company said considerable amount of work has been completed on the Sandfire Licences and the results to date are very encouraging. In terms of the Kalahari Copperbelt type mineralisation, multiple targets have been identified for follow up and it looks forward to the next round of results generated by Sandfire.

Comment: Once again, the market has left GLR shares near key 1p support, despite the “encouraging” progress made by Sandfire.

Kendrick Resources (KEN), a mineral exploration and development company, provided shareholders with an update on a geochemical characterisation and targeting study recently completed on soil samples collected over its northern Airijoki licenses in Sweden. The company said technological advances are expected to positively influence the demand for vanadium. Principally used as an alloy in steel and aluminium production, its’ ability to make materials stronger and lighter offers important benefits particularly for weight-to-strength ratio, an important consideration particularly for EVs.

Comment: Kendrick’s four new exploration targets identified outside the main vanadium trend, underline the way that the Airijoki licences remain highly prospective for vanadium.

Aeorema Communications (AEO), a strategic communications group, announce its unaudited interim results for the six months ended 31 December 2022. The company reported record levels  of revenue of £7,121,103 (H1 2021: £4,909,742) and profit before taxation of £326,021 (H1 2021: £255,677). The company said it was very confident about the outlook for the remainder of the 2023 financial year. It has more significant projects at Cannes this year than ever before. The investment it has made in strengthening its team and resources is a significant factor in the growth achieved.

Comment: It would appear that Aeorema is finally ready to come out into the light as far as getting on investors’ radar. One of course looks forward to an invite to Cannes.

AFC Energy (AFC), a provider of hydrogen power generation technologies, confirmed that following the successful validation of the company’s first high power density liquid cooled fuel cell announced earlier today, ABB E-mobility has elected to make a follow on equity investment of £2m into AFC Energy. The net proceeds will further support AFC Energy’s continued development and delivery of its S+ Series fuel cell system.

Comment: In current stock market conditions anyone writing a cheque for a company in the small cap space is significant, and indicates a disproportionate amount of confidence.

OKYO Pharma (OKYO), an ophthalmology-focused bio-pharmaceutical company, announced that it has been notified that Panetta Partners Limited, an entity in which Gabriele Cerrone, the Executive Chairman has a beneficial interest, purchased 12,500 of the Company’s ADSs on NASDAQ at a price of $1.32 per ADS,which would be equivalent to the purchase of 812,500 ordinary shares.

Comment: Gabriele Cerrone continues his extended stakebuilding in OKYO, as the company gets ever closer to getting the thumbs up for its pioneering dry eye treatment.

Kistos (KIST), the low carbon intensity oil and gas producer provided an update on its drilling activities in the Netherlands and the United Kingdom. The company said it is excited that the Benriach well is underway. It is an important milestone with the potential to add significant reserves. It looks forward to updating stakeholders with the results of the well in due course. The company also congratulated its team in the Netherlands on the safe completion under difficult weather conditions of the operational work programme. The process of fully evaluating the results of the campaign is ongoing, and will inform the planning of future work programmes, including the potential operational synergies with the Orion oil field development.

Comment: It should be the case that the market has absorbed the changes in energy prices in recent months, and can now reassess Kistos operationally. The rise in the stock ahead of today’s announcement may be the first indication of such a process being underway.

Horizonte Minerals (HZM), a nickel company developing two Tier 1 assets in Brazil, presented its final results for the year ended 31 December 2022. The company said its primary focus will be on delivering Araguaia on-time, on-budget and safely. It is targeting cold commissioning towards the end of 2023 with hot commissioning and subsequent first nickel in 1Q 2024. Alongside this work, it is planning to conduct a feasibility study on the second line at Araguaia, a relatively low capex project that will double production from 14,500 tonnes per annum to 29,000 tonnes per annum. Vermelho workflows will be centred around the Feasibility study and EIA permitting process, both expected to be finalized in 2024.

Comment: HZM has certainly impressed in share price terms since November, as well as operationally. One would assume that this improvement will accelerate for the rest of 2023.

Arrow Exploration (AXL) announced the results of its 2022 year-end reserves evaluation by Boury Global Energy Consultants Ltd. The company said Arrow delivered an increase in volumes and pre-tax values across 1P, 2P and 3P reserves in 2022.  The company said that the  BouryGEC 2022 report of course does not account for the current drilling campaign at Rio Cravo Este. Additionally, with the imminent drilling of the Carrizales Norte wells, it would expect to continue growing reserves in the near future.

Comment: Arrow is keen to underline the boost in reserves to start 2023, something which has so far not been factored into the share price, but should be soon.

First Class Metals (FCM), the UK metals exploration company, announced that it has received payment in full of the 2022/3 Ontario Junior Exploration Grant ‘OJEP’ for work carried out on the flagship North Hemlo property. The company said it would like to thank the Ministry of Northern Development for the approval and receipt of the full $200,000 relating to the 2022/3 OJEP Program. Following this success, FCM have applied for the 2023/4 intake of OJEP with a focus on funding the work programme at Sunbeam.

Comment: Newsflow such as today’s continues to underline the way that anywhere near the IPO price of FCM, as we are now, represents a decent opportunity, given how much progress the group has been making on the ground.

Futura Medical (FUM), a pharmaceutical company currently focused on sexual health and pain, provided an update on US regulatory activities for MED3000, Futura’s novel, topical gel formulation for the treatment of erectile dysfunction. The company said that based on the FDA’s published target review period guidelines which includes time to review the newly provided information, the Board continue to anticipate grant of the De Novo request in Q2 2023.

Comment: Shares of FUM perhaps needed a boost such as today’s RNS to provide comfort on the timelines for the rest of 2023.

Kromek Group (KMK), a developer of radiation and bio-detection technology solutions, announced that it has secured repeat orders for its CZT-based detectors from three medical imaging customers worth a total of $1.1m in the Group’s key target market of single photon emission computed tomography. The company said receiving these orders from long-term customers in the medical imaging market highlights the regular, repeat nature of business in the advanced imaging segment, which is a real strength for Kromek.

Comment: It feels that the contract wins are coming in thick and fast for Kromek, but with the share price not happy to acknowledge the progress made, so far.

 

Disclaimer:

Zakmir.com 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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