The 13-hole programme has delivered a number of significant intersections, including a near-surface interval of 16.86 metres grading 1.42 grams per tonne gold, the company said.
Pandora is held by Thani Stratex Djibouti Limited, in which Oriole holds an 11.80% interest.
2.30pm: Hochschild retains its lustre after yesterday’s production report
Production was hit by restrictions imposed to combat the spread of the coronavirus, the company said.
The second quarter was 19,647 ounces of gold produced, taking the half-year total up to 79,073 ounces. Just 1.1mln ounces of silver production was attributable to Hochschild, compared to 3mln ounces in the preceding quarter.
1.30pm: Symphony enjoys sales surge
The company had already announced an order for PPE products (gloves) in May worth £500,000 but that has since risen to £950,000, it said, with delivery scheduled for the second half of the year.
Antiviral testing of its d2p anti-microbial technology is ongoing, the group added, with the results expected in September.
12.30pm: Invinity runs into profit-taking
The shares have more than tripled since mid-May but fell back despite the full-year numbers being in ine with management expectations.
The company’s chairman, Neil O’Brien, cautioned that although it had a strong pipeline of sales opportunities, if the sales fail to materialise the company would need to raise additional funding before the end of February 2021.
11.30am: Iconic Labs boosted by contract with JOE Media
The deal follows an agreement by Greencastle Capital to acquire Maximum Media Network Limited (MMN), through which JOE Media’s Irish business operates, with Iconic receiving a monthly management fee of £50,000 plus external costs as well as a 25% share of all profits if certain targets are met.
Iconic, which specialises in digital media, is already managing all operational and commercial aspects of the JOE Media businesses in the UK and will run the Irish business once the Greencastle acquisition of MMN is completed, expected within two months.
10.30am: Great Western Mining shares head south after placing
The company, which is exploring and developing multiple early-stage gold, silver and copper targets in Nevada, raised £450,000 by placing shares at 0.1p.
The company also lobbed out 225mln warrants on the basis of one warrant for every two placing shares – as seem to be the vogue these days – with an exercise price of 0.2p.
9.30am: Eagle Eye soars after earnings uplift
The real-time marketing specialist said adjusted EBITDA in the year to the end of June 2020 shot up to £3.3mln from £700,000 the previous year.
The group ended the year with a positive cash balance of £1.5mln, compared to net debt a year earlier of £1.2mln.
The remote meetings company said it has seen revenue grow rapidly during the coronavirus (COVID-19) lockdown period.
Revenue in the first half of 2020 jumped by 43% to £31.9mln from £22.3mln in the first half of last year, with the gain attributed by the company to the large-scale migration towards working from home associated with COVID-19. EBITDA soared 249% to £12.2mln from £3.5mln as the company saw particularly strong growth in the use of its higher-margin LoopUp Meetings and Event by LoopUp offerings.
Proactive news headlines:
Iconic Labs PLC (LON:ICON) has said it will provide management services to the Irish business of JOE Media, which runs the number one online-only media platforms in the country. The deal follows an agreement by Greencastle Capital to acquire Maximum Media Network Limited (MMN), through which JOE Media’s Irish business operates, with Iconic receiving a monthly management fee of £50,000 plus external costs as well as a 25% share of all profits if certain targets are met. Iconic, which specialises in digital media, is already managing all operational and commercial aspects of the JOE Media businesses in the UK and will run the Irish business once the Greencastle acquisition of MMN is completed, expected within two months.
Echo Energy PLC (LON:ECHO) told investors that it has successfully restructured its relationship with Argentinean firm Compañia General de Combustibles (CGC) with a new arrangement that puts an immediate focus on optimising capital allocation. The small-cap exploration and production firm said that the new terms allow it to cease commitments to ongoing pre-drill expenditure at Tapi Aike. It will at least temporarily withdraw from the project, which was 19% owned by Echo. It will retain an ability to re-enter the ‘western cube’ of the licence area. “We have taken a series of steps in recent months to reinforce our financial platform and deliver innovative mechanisms to reduce upfront cost while maintaining both exploration and development optionality,” Martin Hull, chief executive officer of Echo Energy said in a statement.
Oriole Resources PLC (LON:ORR) said a phase 3 drilling programme at the Pandora gold project in Djibouti has delivered “a number of significant intersections”. The AIM-listed explorer said the 13-hole programme included a near-surface interval of 16.86 metres grading at 1.42 grams per tonne (g/t) gold, with mineralisation predominantly related to quartz vein and hydrothermal silica breccia, with associated demagnetisation of the basalt host rocks. The highest grades were related to the presence of sulphide-rich chalcedonic silica and it said that there is “good potential for resource delineation in the structural zone between the Pandora and Pyrrha veins, subject to further exploration and infill drilling”.
LoopUp Group PLC (LON:LOOP), the remote meetings company, said it has seen revenue shoot up during the coronavirus (COVID-19) lockdown period and it expects to exceed market expectations for the full year in terms of revenue, underlying earnings (EBITDA) and cash generation. Revenue in the first half of 2020 jumped by 43% to £31.9mln from £22.3mln in the first half of last year, with the gain attributed by the company to the large-scale migration towards working from home associated with COVID-19. EBITDA soared 249% to £12.2mln from £3.5mln as the company saw particularly strong growth in the use of its higher-margin LoopUp Meetings and Event by LoopUp offerings.
Silence Therapeutics PLC (LON:SLN) has built on its deal with the US drug developer Mallinckrodt, which is licensing two additional assets from the UK firm in a deal that could ultimately be worth in excess of US$1.4bn. Initially, however, the figures involved are more modest. The gene silencing specialist will fund all pre-clinical activity after which it will receive a US$2mln milestone payment. It is then eligible to receive up to US$10mln in research ‘milestones’ per complement-targeted RNAi asset, and up to US$703mln per asset in clinical, regulatory and commercial milestones. Silence will also receive tiered, low double-digit to high-teen royalties on net sales of any finished drug.
NQ Minerals PLC (AQSE:NQMI) (OTCQB:NQMLF) (OTCQB:NQMIY) said it has reached an agreement with ING Bank which will provide US$41mln as corporate debts written in 2017 and 2018 are restructured. The restructuring of the debts, incurred in the delivery of the Hellyer gold mine to production, sees an earlier repayment than under the prior terms. It will accordingly save around US$2.5mln of interest expenses per year, NQ noted. “NQ looks forward to the start of a productive working relationship with ING,” David Lenigas, NQ chairman said in a statement.
Tiziana Life Sciences PLC (LON:TLSA) (NASDAQ:TILS) has submitted a patent application that could help unlock the true potential of a promising form of cancer immunotherapy. It wants to use Foralumab, its fully human anti-CD3 monoclonal antibody, to improve the success of CAR-T therapy. CAR-T uses T cells from the patient’s own immune system to tackle the disease. Simply put, they are genetically engineered and “supercharged” to hunt down and destroy cancer cells. The major problem with the approach is relapse rates are high, limiting the scope of its use. Tiziana chief executive Dr Kunwar Shailubhai and his team believe an improved CAR-T therapy can be achieved through using anti-CD3 monoclonal antibodies such as Foralumab on its own or with other “co-stimulatory molecules”.
World High Life PLC (LON:LIFE) said its subsidiary, Love Hemp, has launched a new consumer brand called Buzz Leaf targeted at a younger demographic in order to grow market share. The cannabidiol (CBD) group said the Buzz Leaf brand will have more freedom on the types of product categories it includes, from vapes to full-spectrum CBD oils and enhancement products such as hangover remedies or cognition and libido enhancers. Buzz Leaf’s product range also includes the release of four broad-spectrum CBD infused e-liquids with added terpenes that will be available exclusively at cbdoilsuk.com.
Shield Therapeutics PLC (LON:STX) has published a paper highlighting a study into the benefits of PT20 as a treatment for people with kidney disease hyperphosphatemia. Published recently in Nephrology Dialysis Transplantation, the paper detailed the results of a phase IIb study for PT20, an iron-based phosphate binder. Hyperphosphatemia is a condition where due to renal failure there is too much phosphorus present in the blood. Shield said that the study demonstrated that PT20 treatment for 28 days resulted in a statistically significant and dose-dependent reduction in serum phosphate concentration and was generally well tolerated.
Savannah Resources PLC (LON:SAV) said it has continued to produce high-grade lithium from metallurgical work on ore from its Mina do Barroso project in Portugal. Conventional processing of concentrate from the Grandao deposit using calcination/acid roasting and water leaching extracted up to 94.6% lithium. A planned third stage of treatment to produce battery-grade chemicals has been temporarily postponed due to coronavirus (COVID-19) related restrictions in the US.
Gore Street Energy Storage Fund PLC (LON:GSF), the industrial battery investor, posted a total return of 10.6% in the year to end-March, 2020. Net asset value rose 3% to 94.6p, while the trust also paid out a dividend of 7p for the first time, in line with its target. During the year, the trust raised £20.5mln with an additional £23.7mln raised since the end of the year. The size of the portfolio increased to 189Mw with an additional 50Mw added subsequently while the total pipeline of possible investments is now up to 900Mw.
Panther Metals PLC (LON:PALM) has announced the acquisition of the Dotted Lake exploration property approximately 20 kilometres (km) from Barrick Gold Corporation’s renowned Hemlo Gold Mine. The company, which is focused on mineral exploration in Canada and Australia, has agreed to pay the vendors a total cash consideration of C$20,000 for the 100% acquisition of the claims that make up the Dotted Lake exploration property. These claims are free of any underlying instruments or royalties. The Dotted Lake property consists of 39 cells approximately 20km north-northeast of the Barrick-owned Hemlo Gold Mine, which has produced over 21 million oz of gold over 30 years. Gold prospects on the property include 23.3 grams per ton (g/t) of gold over 0.3 metres (m) and 9.02 g/t over 0.4m from channel sampling, the group said.
Emmerson PLC (LON:EML) has raised £1.72mln of new capital through an oversubscribed placing, with funds earmarked to accelerate the development of the Khemisset potash project. The group is issuing 40.47mln new shares to investors at a price of 4.25p each. “The support that we have received in this fundraise, for which demand significantly exceeded our minimum targeted figure, is very encouraging and demonstrates a strong belief from our investors in the potential of Emmerson and the Khemisset project,” Graham Clarke, Emmerson chief executive said in a statement.
BlueRock Diamonds PLC (LON:BRD) has raised £1.25mln to fast track growth plans and strengthen its balance sheet. The South Africa-focused diamond miner said it raised the £1.235mln through an oversubscribed placing and subscription of around 3.53mln new shares at a price of 35p each, a 28% discount to its closing price on Wednesday. Meanwhile, BlueRock said three of its directors, executive chairman Michael Houston, David Facey and Gus Simbanegavi, said they intend to subscribe for a further £5,000 each at the same price.
Amur Minerals Corporation (LON:AMUR) the nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, announced that, under the fixed term loan note agreement entered into with Plena Global Opportunities LLC and announced on March 12, 2020, the investor has elected to convert 26,223,776 warrants at the exercise price of 1.43p per share providing the company with £375,000. The investor has 26,223,776 warrants remaining and the company repaid the loan note in full on May 4, 2020.
ADM Energy PLC (LON:ADME), a natural resources investing company, has announced that, in addition to the trading on the Quotation Board Segment of the Open Market of the Berlin Stock Exchange and Frankfurt Stock Exchange as announced on June 25, 2020, its shares will also commence trading on Xetra, the electronic trading platform of the Frankfurt Stock Exchange, on July 17, 2020. The company added that it has appointed ODDO SEYDLER BANK AG as its Designated Sponsor for Xetra with immediate effect. Osamede Okhomina, ADM’s CEO, said: “By trading on Xetra, the most important electronic trading venue in Germany, we aim to increase exposure in ADM’s shares and improve liquidity for our future German shareholder base.”
Ades International Holding PLC (LON:ADES) a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA) announced that it has received notice from Numis Securities that it is closing its natural resources division. As a result, Numis will cease to act as joint broker to the company with immediate effect. Investec Bank and Canaccord Genuity will continue to be retained as joint brokers to the company.
EQTEC PLC (LON:EQT), the technology solution company for advanced gasification in waste to energy projects, announces that an updated research note on the Company from Align Research has been published. The full updated note can be found at: http://www.alignresearch.co.uk/cpt-company/eqtec/