4 August 2020


*A corporate client of Hybridan LLP


Dish of the day

Castillo Copper has joined the main market (Standard). (LON:CCZ) Raised £1.3m at 1.7p. Dual listed on ASX. The Company’s strategy focuses on resource exploration projects that have the potential, through the application of disciplined and structured exploration and analysis, to be progressed towards the development of a mining operation. The dual listing will support the Company’s aim to transform the business into a mid-tier copper producer.  There are three main projects  across Australia and Zambia. Mkt cap of c. £17.2m.

Off the menu

No Leavers Today


Kibo Energy PLC, the multi-asset Africa focused energy company, is seeking admission for its 100% owned UK subsidiary Sloane Developments Ltd , which will be renamed Mast Energy Developments PLC (‘MED’), to the Standard List of the London Stock Exchange plc . Targeted for Q4 2020. The MED business strategy is to acquire and develop a portfolio of flexible small-scale power generation assets, exploiting a growth niche market in the UK for Reserve Power generation to balance out the national grid at critical times. 


Banquet Buffet

Thor Mining 0.575p  £7.4m (LON:THR)

Appointment of Mr Mark McGeough to the Board as a Non-Executive Director with immediate effect. Mark McGeough has worked with a number of Australian Mining Companies, including:

· Chinova Resources Pty Ltd (formerly Ivanhoe Australia) where, as General Manager – Geology, provided corporate governance leadership, and led technical teams working on copper, gold, and molybdenum/rhenium resources

· Toro Energy Limited where, as General manager Exploration, he was responsible for teams exploring for uranium in Australia and Namibia, including discovery of the Theseus Uranium deposit.

· Prior to these roles, Mark worked as Manager – Geological Survey with the South Australian government department of Primary Industries and Resources, and with Mount Isa Mines, Xstrata Copper and Zinc

· Mark McGeough graduated with a B.Sc Joint Honours in Geography and Geology from the University of London in 1976.


Physiomics*  6.5p  £6.2m (LON:PYC)

Trading update: Based on its unaudited management accounts for the year ended 30 June 2020, the Company is trading in line with analyst expectations.

Trading for the current financial year has started well with a further contract with Bicycle Therapeutics (announced on 30 June 2020), a strong continuing relationship with Merck KGaA as well as a maiden contract (announced 31 July 2020) with Astellas, a Japanese global pharmaceutical company, for a modelling project involving Physiomics’ Virtual Tumour™ immuno-oncology model.  In addition, the Company’s investment in additional marketing capability has led to an increased volume of introductory calls with potential new clients, some of which the Board hopes will be converted into further projects in the second half of this calendar year. 

Net cash as at 30 June 2020, stood at £1.1m, based on the Company’s unaudited management accounts, strengthened by an oversubscribed placing announced on 27 May 2020, which raised gross proceeds of £0.83m.


Kropz 8.5p  £37.7m (LON:KRPZ)

The  emerging African phosphate explorer and developer, announced that the Board has appointed Mark Summers as the Company’s Chief Executive Officer with immediate effect. As announced on 26 February 2020 Mark Summers has been acting as interim CEO since 26 February 2020. He will continue to perform both the CEO and Chief Financial Officer roles until a replacement CFO has been appointed. 


Pensana Rare Earths 29.2p  £54.6m (LON:PRE)

Final assay results from the last 86 holes of the 8,000 metre drill programme completed at the Longonjo NdPr Project in Angola.

The programme is in support of a Bankable Feasibility Study which is due to be reported in mid-October.

The latest results confirm the continuity of the weathered zone mineralisation from surface and also outline a wide area of mineralisation in fresh rock immediately below the current pit design that could add an extra dimension to the project beyond the initial mine life .

Expects to report a new Mineral Resource estimate in September. 


Reabold Resources 0.61p  £43.3m (LON:RBD)

The  investing company which focuses on investments in upstream oil and gas projects, announced an update regarding recent operational progress at the West Newton project (on PEDL 183), onshore UK, in which Reabold has an effective 56 per cent. equity interest.  



·     Significant progress made at West Newton B site while successfully managing Covid-19 related restrictions

· Initial drilling operations at West Newton B expected to commence in the next few weeks

· Combined testing programme at both West Newton B-1 and A-2 to follow B-1 drilling


Pelatro 49p  £15.9m (LON:PTRO)

Conditional £2.1m fundraise at 47p.  The Issue Price equates to a 12.1 per cent. a discount to the closing mid-market price of 53.5 pence on 3 August 2020 . The net proceeds of the Fundraise will be used by the Company for the following purposes:

o  strengthen the sales team in both existing emerging and new developed markets

o  marketing at various industry conferences and events to broaden Pelatro’s brand recognition and network

o  fund working capital for Managed Services, which the Directors believe will enable the Company to tender for larger contracts


Genedrive 90.5p  £47m (LON:GDR)

The near patient molecular diagnostics company, has entered into a collaboration with Beckman Coulter Life Sciences to fully automate the entire laboratory PCR testing process for COVID-19. The two companies are working to combine and validate the Genedrive® 96 SARS-CoV-2 Kit on the Biomek i7 automated workstation with saliva samples extracted using Beckman Coulter’s RNAdvance viral extraction chemistry.


The freeze dried bead chemistry of the Genedrive® 96 SARS-CoV-2 test is ideally suited for use on high throughput robotic platforms like the Biomek i7.  Stable at room temperature for 4 hours after unsealing, many Genedrive® 96 SARS-CoV-2 Kit 96-well plates can be left arrayed and open in the laboratory environment during the set-up process.  The ready-to-go nature of the test bead also removes the fluid dispensing steps required in other assays, increasing the overall throughput of the Biomex i7 compared to using a liquid based test set-up.  Accordingly, once validated, Beckman Coulter estimates that this new turnkey solution could process circa 1,000 PCR samples per Biomek installed during a standard 8-hour working day, using just a 0.5 full-time-equivalent in technician time for processing. 


Oxford Metrics 76.5p  £96.2m (LON:OMG)

The international software company servicing government, life sciences, entertainment and engineering markets announced that Vicon, a world leader in motion measurement, has signed a contract with Electric Playbox, targeting the fast-growing Location-based Entertainment market.

Electric Playbox offers a new type of immersive entertainment for groups. Teams of up to six players work together to play their way through 60-minute adventures in interactive digital rooms – called Playboxes. Playboxes feature projectors, touch screens, surround sound and motion tracking technologies to deliver a hyper-immersive and interactive team experience.


REDX Pharma 72.5p  £141m (LON:REDX)

Redx signs out licensing agreement with AstraZeneca


· AstraZeneca granted exclusive global licence for the development and commercialisation of RXC006, a porcupine inhibitor, for fibrotic diseases

· Redx will receive up to $17 million in early payments between deal signature and the successful commencement of first clinical trial

· Redx will receive up to a further $360 million in development and commercial milestones, plus tiered royalties

· Redx continues to progress its lead oncology asset, RXC004, also a porcupine inhibitor, currently in phase 1/2 clinical trial, and RXC007, the oral Rock 2 inhibitor targeting fibrosis


Water Intelligence  325p  £47.8m (LON:WATR)

The multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water announced the reacquisition of its franchise operation in Melbourne, Australia within the Group’s American Leak Detection subsidiary.  The Group continues to execute its strategic growth plan and to build scale as an “essential service provider” for water and wastewater infrastructure solutions despite the challenges of Covid-19 affecting the broader marketplace.

Financially, for the trailing twelve months, which includes six months of Covid-impacted results, the Melbourne operation generated AUD$1.29 million in sales and AUD$0.27 million in profits.  The purchase price for the reacquisition which includes all assets to conduct operations (trucks, equipment etc.) is AUD$1.77 million.  The Group plans to expand the Melbourne business by further leveraging Sydney’s municipal solutions expertise and by gaining the benefits of various operating synergies between the two locations.  



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