Part of the brief of Stock Market Watch is to anticipate tomorrow’s winning stocks today. Vela Technologies (VELA) served up a 46% share price rise to add to the previous session’s 15% gain, becoming the day’s top riser. Yesterday’s quote regarding the company is in inverted commas: “The latest entrant is Vela Technologies which announced that it has acquired an economic interest in a late-stage Phase II therapeutic project to develop a potential coronavirus treatment for diabetics. Vela said that following completion of a £10.3 million investment in August 2020, the project is now fully funded with results of current Phase II trial expected in Q2 2021. To fulfil its part of the deal, a consideration of £2.35 million, Vela has raised £1.25 million via a placing of new ordinary shares at 0.065 pence per share.”
There was some decent news to bring a smile to the face of Mick Billing, Executive Chairman of Thor Mining (THR). This came in the form of “visible gold in stream sediment sample panning, from the third phase of gold geochemical sampling carried out earlier this month at the 100% owned Pilbara Goldfield tenements (E46/1262 and E46/1190) in Western Australia.” Mr Billing commented that the news brought the company “Another step closer in the process of narrowing down Ragged Range drill target selection, with visible gold again found in the stream sediment samples consistently along the 13 kilometre corridor of anomalous gold.” Shares of Thor Mining celebrated with a 29.9% rise to 1.15p.
There was an interesting illustration of the contrast between stock market reality and stock market sentiment, with the latest news regarding Tullow Oil (TLW) where going into the latest news the shares have fallen some 90% in a year. What was something of a standout in the wake of a $575m sale of Uganda assets to Total, is that the market cap of Tullow Oil is currently just £290m, even after a 24% jump in the share price after the news. This should allow for a decent re-rating once curmudgeonly shorters re-adjust their mindset, or are forced to do so.
Shares of i3 Energy (I3E) jumped 11% to 4.75p, as investors anticipated the now much fabled Toscana vote, as well as significant Canadian production coming on stream and the payment of a dividend from Q2 2021. This was in addition to the stock appearing oversold versus the recent £30m raise at 5p – a premium as compared to where the shares trade currently.
Active situation Power Metal Resources (POW), the metals exploration and development company added another 15% to its share price after last week’s update on the Kalahari Key Mineral Exploration Molopo Farms Complex Project. The company is targeting prospective massive nickel sulphide and platinum-group metal mineralisation in Botswana, essentially potential assets which are the flavour of the month in the mining space.
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