At Turner Pope Investments, we are committed to proving quality research to our Corporate Clients which is MiFID II compliant and disseminated to our database of Retail, Professional, Family Offices and Institutions.

Turner Pope Investments takes a holistic view to service provision and our research plays a central and vital part within it. Although the investment world is rapidly changing (as for example, the influence of social media), this further enhances the need for widely distributable quality research. We provide marketing communications, which are pertinent to the widest possible audience, on a regular basis, keeping companies ‘on the radar’ and front of mind with investors across the board.

We have analyst coverage across a variety of sectors including Technology, Healthcare, Oil & Gas and Mining. We also have full institutional coverage, including access to major UK based Fund Managers as well as servicing a selection of Family Offices and High Net Worth Individuals.

Turner Pope Investments | AIM Shares | Growth Companies & Small Cap, London

Please be aware that any research displayed on this page is posted one month in arrears. If you would like to benefit from these insightful reports as they are distributed to our clients, please click below and complete the contact form so we can add you to our research distribution list.

Date: 17/09/2020

eEnergy has released its unaudited results for the year ending 30 June 2020 along with a trading update for the period from 1 July to 11 September 2020. Highlighting both timeliness and opportunity of the Group’s business model, which has benefitted from a number of operational moves taken since January’s AIM Admission, eEnergy delivered positive operating EBITDA for each month of its fourth quarter despite coincidence with the Pandemic lockdown, since when it has experienced a significant uplift in new business wins and installation momentum.

Date: 14/09/2020

N4P has announced an update on its COVID-19 proof of concept (‘POC’) work utilising Nuvec® loaded with Coronavirus plasmid. Although the single intradermal injection used in the recently completed stage 3 pre ( initial pilot) in vivo study did not result in a measurable expression of the spike protein, the Group has nevertheless decided to proceed to a full in vivo study in order to demonstrate the capability of Nuvec® to generate COVID-19 specific antibodies.

Date: 10/09/2020

Midatech has announced unaudited interim results for the six months ended 30 June 2020. These cover a period of significant transition for the Group, subsequent to which it has raised substantial new equity funding, signed a further major research collaboration for its Q-SpheraTM platform and announced the Termination of its Formal Sale Process. Together these appear to provide endorsement and early validation of the revised corporate policies adopted by its restructured Board following its Strategic Review.

Date: 09/09/2020

Powerhouse has confirmed its raising of £5.0m (gross) by way of an oversubscribed placing (‘the Placing’) and subscription of new ordinary shares at 2.5p each in a transaction arranged by Turner Pope Investments. Significantly, Peel Holdings (IOM) limited (‘Peel’), took up 40m subscription shares. The Company’s largest investor, the White family, also participated in the Placing sufficient to ensure their 26% holding in the Company was retained, with the balance being taken up by one institutional investor and a small number of private shareholders.

Date: 09/09/2020

AfriTin has today provided investors with an operational update for its flagship asset, the Uis Tin Mine (‘UiS’, ‘the Project’)) in Namibia. Despite the impact of an extended shutdown due to implementation of improvements resulting from completion of modification to address bottlenecks in the fines dewatering circuit of the processing plant, monthly concentrate production for August 2020 was still maintained at 37.5 tonnes (plant availability: 72%, plant utilisation: 80%). Management will now look to leverage these changes in order to reach their Stage I production target of 60 tonnes/month (‘tpm’) towards the end of H2 2020/21.

Date: 07/09/2020

Avacta has announced that it will launch a high performance Affimer research enzyme linked immunosorbent assay (‘ELISA’) test in order to support global research efforts into the coronavirus that causes COVID-19. While the Group’s primary focus remains on its much larger, saliva-based coronavirus antigen rapid test opportunity being developed with Cytiva, its management has also recognised that there are thousands of researchers around the world in need of such a powerful, standardised laboratory ‘research tool’ to support their studies of the virus and develop solutions by which to combat the Pandemic.

Date: 04/09/2020

Alien has announced its conditional raising of £1.25m (gross) in a Placing and Subscription (‘the Placing’) of c.227.3m new ordinary shares at a price (‘the Placing Price’) of 0.55p per share. Subject to lockdown restrictions, the proceeds will be utilised to pursue maiden drilling programmes on the Group’s Mexican San Celso and Los Campos Silver projects while also fasttracking its operations in Australia, including the Hamersley Iron Ore projects and the high-grade Elizabeth Hill Silver Project acquisition which is due to complete shortly.

Date: 03/09/2020

Recognising that manufacturing capacity now represents the key challenge it faces in the global provision of its innovative, rapid, saliva-based SARS-CoV-2 antigen test that is being developed with Cytiva (formerly GE Healthcare Life Sciences), Avacta yesterday announced a further production agreement, this time with Abingdon Health (‘Abingdon’). Claiming Europe’s largest lateral flow test contract manufacturing capacity and capable of delivering millions of units/month, this follows a similar partnership agreement that was put in place with BBI Solutions back on 6 August 2020.

Date: 02/09/2020

Zephyr has this morning confirmed that its project acreage in the Paradox Basin, Utah, USA (the ‘Paradox’), has been selected for a vertical stratigraphic test well funded by the US Department of Energy and its National Energy Technology Laboratory (‘USDoE’). Available through an existing grant awarded to the University of Utah’s Energy & Geoscience Institute (‘EGI’) in collaboration with the Utah Geological Survey (the ‘UGS’), this development could result in the first well spudded on the Group’s Paradox acreage before the end of calendar 2020.

Date: 01/09/2020

N4P has announced the appointment of Ardena Holding NV (‘Ardena’) as its contract development and manufacturing organisation (‘CDMO’) partner for the technology transfer and upscaling manufacture of Nuvec®, the Group’s unique silica nanoparticle delivery system. With focus remaining on the optimisation of Nuvec®’s formulation along with continued generation of data for its advancement and prospective applications, N4P recognised the importance of having access to a highly consistent product across its studies along with the potential to move to GMP certification as and when required.

Date: 28/08/2020

Europa has announced the results of the Phase III independent, metallurgical testwork carried out by Wardell Armstrong International (‘WAI’), along with analysis examining potential for implementing X-Ray Transmission (‘XRT’) ore sorting that was undertaken by TOMRA GmbH (‘Tomra’) and overseen by Bara Consulting (‘Bara’). Together these appear to demonstrate that the Toral Project (‘the Project’) is capable of delivering recovery and grades at a consistent premium to market average concentrates, while also opening potential for additional zones of the resource to be brought into the mineable area.

Date: 26/08/2020

Alien yesterday detailed the outcome of an extensive data review of the Hamersley Iron Ore Projects, including the generation of Maiden Exploration Targets and proposed next step exploration plans. Field work undertaken last year replicated the high-grade Direct Shipping Ore (‘DSO’) results previously recorded at the 51%-owned Brockman and Hancock Ranges projects, leaving Alien’s next objectives to carry out further exploration work, including a maiden drilling programme with a view to converting the Exploration Targets into JORC-compliant resources.

Date: 24/08/2020

PowerHouse has confirmed that Peel L&P Environmental (“Peel”), with which it has an exclusive licensing and partnership arrangement, has now completed on schedule the Engineering Definition phase of the contractors’ work for the DMG® plant at its 54-acre Protos site near Ellesmere Port in Cheshire. This represents an important step toward the delivery of the Company’s innovative DMG® technology to the UK’s first commercial operation designed to provide a community-based distributed source of hydrogen, which Peel considers to be the blueprint for a series of similar plastic-to-hydrogen plants throughout the country.

Date: 24/08/2020

Modern Water this morning released audited final results for its year ended 31 December 2019. While reflecting the financial challenges of the past 12 months, its statement highlights foremost the transformative steps that have subsequently been taken by the Group’s new Board of Directors in order to optimise its now obvious business opportunity in supply and service for more permanent and rigorous “early warning” contamination and virus detection programmes being demanded through government intervention and regulation in the battle against the COVID-19 Pandemic..

Date: 19/08/2020

Europa has announced a fundraising arranged by Turner Pope that raised, in aggregate, £2.0m (gross) through a placing of new ordinary shares at 12.75p each, representing a c.22.7% discount to the closing price on 18 August 2020 and c.31.9% of the Company’s enlarged issued share capital. Confidence in the Company’s future opportunity has been reflected through major shareholder, Deutsche Balaton Aktiengesellschaft’s participation, along with subscriptions from both the CEO and Chairman, in this funding round which follows last Friday’s publication of an updated resource model that delivered a c.40% increase in the Indicated Resources from Europa’s 100%-owned Toral Project (‘the Project’).

Date: 18/08/2020

Avacta has announced the expansion of its existing multi-target collaboration and development agreement with LG Chem Life Sciences (‘LG Chem’), the life sciences division of the South Korean LG Group, to include new programmes incorporating Affimer XT™ serum half-life extension system. In a clear reflection of the value Big Pharma places on the Group’s proprietary technology, this new arrangement lifts the potential total value of upfront and near-term development milestones plus option fees due to Avacta from US$310m to as much as US$408.5m, on top of a further undisclosed upfront payment plus additional royalties on all future Affimer XTTM product sales by LG Chem.

Date: 17/08/2020

Falanx has been awarded an important contract for the provision of cyber security services to one of the major suppliers of such services to the UK public sector through a new reseller agreement. This represents an important development as not only does it open another potentially significant sales channel, but also provides further customer validation of the recently introduced Triarii Managed Detection & Response service (‘Triarii MDR’) following a stringent series of trials and technical evaluations.

Date: 13/08/2020

N4P has announced that Nuvec® loaded with coronavirus plasmid has successfully transfected Human Embryonic Kidney (“HEK”) cells in vitro and induced an expression of the spike protein in the cells. This successful outcome for the second stage of the Group’s three stage plan for its COVID-19 proof of concept (‘POC’) research project being undertaken with contract research organisation (‘CRO’) Evotec International GmbH (“Evotec”), means that it will now move into its third stage being a pre in vivo study to demonstrate expression of the spike protein in targets cells in a murine target.

Date: 10/08/2020

Erris has announced further results from its Loch Tay gold project (‘Loch Tay’, ‘the Project’) in central Scotland, where fieldwork continues to upgrade the Lead Trial Prospect and also identify new targets. First metallic screen assay analysis from a mine waste sample produced an exceptional weighted average grading of 7.22g/t Au. Moreover, mapping of outcrop and boulders in conjunction with regular sampling has outlined an extensive area of well-developed quartz vein stockworks and localised hydrothermal breccias over a distance of at least 400m, suggesting a much larger system than was previously anticipated.

Date: 06/08/2020

Alien has announced the details of its proposed maiden exploration drilling program on the Donovan 2 Copper Gold Volcanic Massive Sulphide (‘VMS’) project in Mexico. A total of 6 diamond core drill holes for 1,000m are planned within the highly prospective Zacatecas geological corridor; 4 of these will be at Cerro de la Cruz (to test defined magnetic and gravity anomalies) and 2 at El Alamos (to test an identified geological anomaly).

Date: 06/08/2020

eEnergy has announced an important agreement with a new project funding partner, SUSI Partners AG (‘SUSI’). Coming via the SUSI Energy Efficiency Fund II, this will provide a dedicated funding facility to the Group of up to €15 million. This facility will underwrite the expected growth of eLight business in Ireland for the next three years, by helping to accelerate the roll-out of its LaaS (‘Lightas-a-Service’) product to different companies and organisations with a specific focus on the public sector, including education and healthcare, which seek both to participate in such green initiatives as well as benefit from the immediate cost savings on offer.

Date: 06/08/2020

Avacta has announced its appointment of BBI Solutions, part of BBI Group (‘BBI’), to manufacture the saliva-based rapid SARS-CoV-2 antigen test that is being developed with its partner, Cytiva (formerly part of GE Healthcare Life Sciences). This follows news from 22 April 2020 , that the partnership had progressed rapidly with several highly specific Affimer® reagents having already been successfully generated.

Date: 05/08/2020

Falanx has provided investors with a trading update for its year ended 31 March 2020, together with a Q1 2020/21 update. Broadly in line with expectations set out in its pre-close statement released on 31 March 2020, the Group expects to report revenues for the period of c.£5.8m (2019: £5.2m). Based on this, the completion of a substantial cost reduction exercise including successful transfer of many of Group staff to remote working, the first quarter of the new financial year saw overall unaudited EBITDA losses reduce by c.60% despite coinciding with the peak of the UK’s COVID-19 Pandemic.

Date: 05/08/2020

Following its closing of an equity Placing and direct Subscription on 3 August 2020, AfriTin this morning has also provided an update covering its flagship asset, the Uis Tin Mine (“Uis”) in Namibia. It confirms that Uis has displayed significant operational improvements over the past three months which, together with the rebound in the open market tin price, the renewal of its offtake agreement with Thaisarco and its newly strengthened balance sheet, provides a good platform for delivery of further progress into 2021.

Date: 30/07/2020

Integumen yesterday announced it had secured a £3 million, 3-year loan facility with an independent debt provider that requires no loan repayments until calendar year 2021. An initial, immediate drawdown of £1.5m will provide the Group with working capital to allow it to achieve the Board’s 2020/2021 objectives relating to COVID-19 AI product development and Labskin expansion of services into the US and Asia.

Date: 29/07/2020

The Moroccan focused upstream oil and gas company has announced its successful conclusion of a placing (‘the Placing’) to raise new funding of £2.75 million (gross) through the issue of c.129.4 million new ordinary shares at a price of 2.125p each. Sound also announced a proposal to raise up to a further £1.75 million through its sole agent to the Placing, Turner Pope Investments, by way of a Broker Option for the issue of additional new ordinary shares at the Placing price.

Date: 29/07/2020

Avacta has announced an extension to its collaboration and license agreement with Daewoong Pharmaceutical Co. Ltd. (KSX: 069620, ‘Daewoong’). AffyXell Therapeutics, the joint venture established in South Korea by the two companies, will now also undertake research covering the SARS-COV-2 neutralising Affimer molecules for the treatment of COVID-19, while also ensuring that it is prepared for rapid development of similar therapies for future global pandemics.

Date: 27/07/2020

Cora this morning has announced its discovery of a new 1.5km gold zone at its flagship Sanankoro Gold Project (‘Sanankoro’) in Mali. This follows results from a reconnaissance aircore drilling programme at the bordering Bokoro II permit (‘Bokoro’) which are considered positive given that this is the first time the prospect has been systematically drilled. Located close to Selin, one of the Cora’s existing deposits, with other similar oxide targets remaining within the project area in close proximity to the defined resources, upside potential remains significant, before considering the future potential for the deeper sulphide mineralisation.

Date: 27/07/2020

Midatech Pharma has announced it has raised gross proceeds of £5.0m from a UK Placing (‘the Placing’) of new ordinary shares at an issue price of 27p each. As sole Placing agent, Turner Pope received significant oversubscription for the Placing shares and then went on to fully exercise its Broker Options into c.2.78 million ordinary shares that were provided by Midatech in order to deal with additional requests to participate on the basis they were received between the time of the RNS release and 8.00 am this morning.

Date: 24/07/2020

Integumen this morning announced the launch of another world first, this time in the form of a remote clinical skin trials platform. It is designed to provide both convenience and safety for trial volunteers, ranging from healthy through to immune-suppressed, aged or infirm candidates, that otherwise remain disrupted by the Pandemic lockdown. By harvesting the microbiome of a human volunteer skin and transporting it to Group subsidiary, Labskin, for transplantation onto laboratory-grown skin, a clinical-grade medium containing an exact replica of the individual’s unique microflora can be created.

Date: 21/07/2020

Midatech has today announced its signing of a further research collaboration, this time with an unnamed ‘global pharmaceutical’ group that wishes to utilise its Q-Sphera™ platform in order to improve/optimise the bio-delivery and biodistribution of its medicines. This news highlights the development potential available through each of Midatech’s three key platform technologies and quickly follows a similar, significant research collaboration, this time with Dr Reddy’s Laboratories (BSE:500124, NSE:DRREDDY, NYSE:RDY) (‘Dr. Reddy’s), the global pharmaceutical business, that was announced on 8 June 2020.

Date: 13/07/2020

Avacta Group plc (‘Avacta’), Integumen plc (‘Integumen’) and Modern Water plc (‘Modern Water’) are collaborating to complete development and roll-out through an existing distribution channel, of a wastewater detection system that represents a ground-breaking initiative for control of the Pandemic. Their proposal comes in the form of an essential real-time wastewater detection and identification test package for governments, industries, military, corporates, etc. urgently seeking real-time identification of local COVID-19 hotspots, prediction of fresh coronavirus outbreaks and advice on required areas of containment.

Date: 09/07/2020

Deltex Medical has released a trading update covering its half-year ended 30 June 2020. Somewhat foreshadowed by its detailed AR&A statement of 24 April 2020, the Group notes the period was affected in a number of different ways by the COVID-19 Pandemic, most notably in terms of an early decline in probe sales for elective surgery which was then followed by strong growth in sales to intensive care units (‘ICUs’). Although subsequent demand for elective surgery has so far failed to compensate for the fall-off from ICUs as UK incidence of COVID-19 cases passed their peak, TPI expects this to be compensated by a more general ‘postsummer rush’ by patients wishing undertake deferred surgery before the year end.

Date: 07/07/2020

We have updated our valuation for Cora Gold (CORA.L) on the back of increasing gold prices and de-risking of its Sanankoro gold project with the recently signed Term Sheet with Lionhead Capital. Using a conservative US$1,600/oz gold price (previously US$1,400/oz) our updated risk adjusted (25%, previously 40%), DCF-derived valuation is £30.7m or 16.1p per share representing a 79% upside to the current share price for Cora’s Sanankoro project in Mali.

Date: 06/07/2020

N4P has provided an update on its Nuvec® optimisation programme and proof of concept work involving COVID-19. Interestingly, delays imposed by the Pandemic lockdown presented an opportunity for the Group to explore a new initiative regarding Nuvec® ’s potential as an oral delivery system. Research on the Group’s proprietary silica nanoparticles indicates that their unique spiky structure could provide a significant competitive advantage compared to existing, established routes of administration for vaccines (such as by injection) that are already in use.

Date: 03/07/2020

TomCo yesterday announced it has raised £1.5m new funds through the placing of 375m new ordinary shares (representing a c.136% dilution of existing share capital) at a price of 0.4p each. One half Warrant is also attached to each new share exercisable at 0.8p/share for up to two years post-Admission.

Date: 01/07/2020

eEnergy has announced its acquisition of Renewable Solutions Lighting Limited (‘RSL’), a specialist in providing the UK education sector with fully funded LED lighting solutions. The total consideration for the acquisition, assuming all earn-out payments are made, is £2.2 million, which is to be paid to the existing shareholders of RSL entirely in new eEnergy shares issued at a 27.7% premium to yesterday’s closing price. This follows yesterday’s Trading Update which detailed unaudited revenues for the Group’s changed financial year to end-June 2020, including a resilient quarterly performance during the lockdown.

Date: 01/07/2020

Rose yesterday published its full year 2019 results and provided notice of its 29th July 2020 AGM, at which it proposes to change the Group’s name to Zephyr Energy plc (‘Zephyr’). This completes a rebranding exercise following a transformative 2019, as a result of which the Group now presents itself as a lowoverhead, unlevered and value-focused vehicle with a management team equipped to deliver on its ambitious objectives.

Date: 30/06/2020

The Moroccan focused upstream oil and gas company yesterday released an update in relation to its micro liquified natural gas (‘mLNG’) phase 1 development plan for the TE-5 Horst development (the ‘Phase 1 Development’) at its Tendrara Production Concession (the ‘Concession’). The signing of a Heads of Terms (‘HoT’) and award of exclusivity with a Moroccan conglomerate (the ‘Partner’), which has significant domestic liquified petroleum gas, butane and propane distribution and marketing operations, for the purchase of LNG represents an important step toward delivery of Sound’s production development plans.

Date: 24/06/2020

Avacta has announced that its Affimer-based rapid point-of-care (‘POC’) test strips to detect the SARS-COV-2 spike protein, that have been developed and evaluated by its partners at Cytiva (formerly GE Healthcare Life Sciences), have shown positive initial performance data. Following this important news, the next step will be to optimise in order to achieve the best possible limit of detection, given that this will ultimately be a key factor in determining the clinical sensitivity of the test.

Date: 24/06/2020

AfriTin Mining’s (ATM) flagship asset is the Uis tin mine in Namibia comprising a large tin (Sn), tantalum (Ta) and lithium (Li) bearing pegmatite field that is fully permitted and currently producing tin-in-concentrate. Mining operations have returned to full-scale following easing of COVID-19 restrictions. Production is now being ramped up to 747tpa of Sn concentrate with an off-take agreement already in place. A phased development approach is planned over the near-term by increasing throughput by 50% plus the production of Li and Ta concentrates for potential revenue streams.

Date: 23/06/2020

Rainbow yesterday announced that it had conditionally placed 41,666,667 new ordinary shares with new and existing shareholders at a price of 3p each in order to raise gross proceeds of £1.25 million. Its Balance Sheet has also been bolstered by extension of the repayment terms of Pipestone Capital Inc.’s unsecured loan out to end-2021. This news anticipates the Company’s passing of a major milestone in the coming weeks, with its declaration of a maiden JORC (2012) compliant resource.

Date: 22/06/2020

Integumen has announced it has signed a Material Transfer Agreement (‘MTA’) with the Aptamer Group Limited (‘Aptamer Group’) to develop and manufacture aptamers to detect local SARS-CoV-2 hotspots in wastewater. Aptamers have the potential to play a key role in the real-time identification of COVID-19 hotspots in wastewater, from which authorities can be alerted through Integumen’s real-time alert system to prevent the spread of the disease to the wider community.

Date: 18/06/2020

Modern Water has announced its intention to strengthen its position in water monitoring through the unveiling of plans to roll out the latest technologies in data management, analytics and encryption. This will bring its business and suite of water monitoring solutions online. As part of the ecowaterOS consortium and in collaboration with Integumen plc’s (AIM:SKIN) data division, the Company now has the ability to increase remote surveillance capacity for its clients’ contamination monitoring solutions and better protect water systems in a world that must now cope with multiple threats including COVID-19 and related coronaviruses infections.

Date: 18/06/2020

Cora has this morning confirmed its signing of a US$21m mandate and Term Sheet with investment firm, Lionhead Capital Advisors Proprietary Limited (‘Lionhead’), to fund the future development (the ‘Project Financing’) of its flagship Sanankoro Gold Project (‘Sanankoro’) in Southern Mali. This Project Financing, which remains conditional on, among other matters, the completion of a Definitive Feasibility Study (‘DFS’) on the Project before the end of 2021, now significantly de-risks Sanankoro.

Date: 18/06/2020

Avacta has announced that collaborative work with the Centre for Virus Research at the University of Glasgow, has shown that Affimer reagents which bind to the SARS-COV-2 virus spike protein prevent infection of human cells by such a model virus and therefore provide a potential ‘neutralising’ therapy for COVID-19 infection. This is significant considering the uncertainties around the timeline for developing and deploying an effective vaccine.

Date: 17/06/2020

TomCo has announced its raising of £1.5m new funds through the placing of 375m new ordinary shares (representing a c.136% dilution of existing share capital) at a price of 0.4p each. One half Warrant is also attached to each new share exercisable at 0.8p/share for up to two years post-Admission.

Date: 16/06/2020

This morning, Midatech released its Preliminary results for its year ended 31 December 2019. The financial and operational details contained in the release were very much as had been anticipated by shareholders, with focus having since moved to post-period news, in particular the wide-ranging strategic review announced on 31 March 2020 which included termination of lead development MTD201, closure of the Group’s Bilbao operations and a re-alignment of the Board.

Date: 15/06/2020

Integumen this morning released two separate news items, including its 2019 Annual Report and Accounts and the Group’s entrance into an unsecured 2-year £400,000 flexible loan facility. The former summarises not only a transformational year for Integumen, but also important post-period events that position it to secure significant new and long-term Pandemic-related business, both from its newly developed real-time contamination detection/environment sector solutions and its expanded activity within the core Labskin business.

Date: 10/06/2020

Tower has released its preliminary results for the 12 months ended 31 December 2019. While its statement notes the exceptional challenges that had faced the sector during 2020 up to the more recent recovery in oil prices to around US$40 per barrel, its Board also points out that given its expected production profile, it is the price of Brent for forward delivery that is most relevant for it. In this respect, the price for forward delivery has been affected less by the recent difficulties in the prompt crude market, with the benchmark Brent for December 2025 delivery still above US$52 per barrel.

Date: 10/06/2020

Yesterday afternoon Midatech announced receipt of a purported legal termination of its MTX110 Licence Agreement between Secura Bio Inc. (SecuraBio’) and its subsidiary, Midatech Limited. Midatech considers this to be wholly incorrect and entirely without merit. Indeed, Midatech presently has three ongoing clinical trials of MTX110 in accordance with this Agreement and has specifically stated its plans to use the proceeds of the £4.3 million fundraising announced on 18 May 2020 to continue to fund its clinical programme in diffuse intrinsic pontine glioma (‘DIPG’).

Date: 09/06/2020

Avacta has announced that the BAMSTM diagnostic test for the COVID-19 infection being developed with its partner Adeptrix (Beverly MA, USA), has reached prototype stage and can detect the coronavirus spike protein in model samples in the concentration range appropriate for a clinical diagnostic test. Such an assay could provide highly sensitive and specific testing for up to a thousand samples per day in a hospital setting using standard equipment that is available (but not currently used for coronavirus testing) thus contributing significantly to an increase in global testing capacity.

Date: 08/06/2020

Midatech has announced it has entered into a research collaboration with Dr Reddy’s Laboratories (BSE:500124, NSE:DRREDDY, NYSE:RDY) (‘Dr. Reddy’s), the global pharmaceutical company. One (or possibly more) of the Group’s proprietary technology platforms, each with their own unique mechanism focused on improving bio-delivery and biodistribution, is/are to be applied together with its in-house expertise, to certain of Dr Reddy’s nominated existing medicines with a view to expanding their treatment options.

Date: 05/06/2020

Avacta has successfully completed the bookbuild of a heavily oversubscribed Placing that was announced yesterday morning. As joint broker to the Company, Turner Pope was able to secure a good allocation in the Fundraising for its clients through its participation in the bookbuild and also through a direct subscription. The Fundraising has conditionally raised gross proceeds of, in aggregate, £48 million, before expenses, through the issue of 40 million New Ordinary Shares at an issue price of 120p/share, representing just a 4.4% discount to 30-day volume weighted average price (‘VWAP’).

Date: 03/06/2020

Toople has announced that Direct Market Services Limited (‘DMSL’), its recently acquired subsidiary, has won a major new contract with Carluccio’s, the leading hospitality and restaurant brand. The contract is an additional win for DMSL, who already services several businesses across multiple disciplines within the Boparan Restaurant Group, that last month bought-out control of Carluccio’s, where re-openings are expected in line with the current government guidelines. Success in securing such a prestigious contract to supply data/telephony services is evidence of how attractive its offering has become.

Date: 03/06/2020

Positioning itself to secure revenues in a post-Pandemic environment desperate to mitigate potential risk of re-transmission of COVID-19 or similar future viruses, Integumen has today announced that its subsidiary, Labskin, will immediately begin the testing of anti-viral treatments on Labskin cloned human skin coated with SARS-CoV-2 virus. In the first instant, this will be to investigate the use of consumer and dental care products that have the potential to influence the spread of the disease. Such a detailed understanding could significantly influence or provide regulatory guidelines for their future design, composition and/or utilisation.

Date: 02/06/2020

PowerHouse’s Board has confirmed that it is not aware of any material basis for the more than doubling of its share price over the past week. That said, significant operational progress is being delivered with the Waste2Tricity (‘W2T’) due diligence now near completion while the Protos project proceeds under Peel L&P (‘Peel’) direction. Meanwhile, heightened investor focus on such environmentally friendly sources of energy and the opportunity they present to deliver significant, commercial returns, has seen UK peers like ITM Power and Ceres Power Holdings undergo similar re-ratings since the Pandemic got underway.

Date: 26/05/2020

Modern Water has announced it has secured the sale of its largest single order for 20 Microtrace® PDV (‘PDV’) units to China, plus 7 related reagent consumables. This latest milestone follows recent news of another important Chinese order won by the Company, this time for the sale of 10 industrial scale Microtox CTM units that are due to be shipped in the 3rd quarter. Together these reflect the major opportunity that Modern Water now has to gain significant long-term and growing exposure to China’s giant and increasingly environmentally aware water health and safety markets.

Date: 20/05/2020

Avacta has entered into an exclusive distribution agreement with Medusa19 Limited (‘Medusa19’) for direct-to-consumer sales of a saliva-based rapid test for the COVID-19 antigen. Having established the giant and immediate global market opportunity for such a product, significant investment that Medusa19 is proposing to make along with its team’s track records, provides Avacta’s CEO with confidence that the commercial impact of this partnership could be ‘very significant’ for his Group.

Date: 19/05/2020

Rainbow has provided an exploration update for its Gakara Project in Burundi (‘Gakara’). In March and April 2020, a structural and lithological review that involved the reinterpretation of high-resolution geophysical data was undertaken by TECT Geological Consulting. This confirmed the presence of three large carbonatite bodies at Gakara, which represent the regional source of rare earth elements (‘REE’). Moreover, a detailed understanding of the structural controls that gave rise to the mineralisation is a key element within the creation of the Company’s 3D mineralisation models alongside the existing mining and drilling data and will allow its initial JORC resource base to better reflect potential and drive future exploration activities in the correctly targeted manner.

Date: 19/05/2020

Midatech Pharma has announced it has raised c.£1.8m from a UK Placing of new ordinary shares at a price of 27p each. Attached to each Placing share is a 1-for-1 warrant which is exercisable at 34p for five years and six months from Admission. A simultaneous Registered Direct Offering (‘RDO’) of American Depositary Shares (‘ADSs’) plus warrants has raised a further US$3.0m* (£.2.5m). Based on current strategy, existing cash plus new funding (which TPI estimates totals c.£6m) is expected to sustain a runway for the Group’s continuing operations into Q2 2021 and reflects recognition of the value and potential retained within its technologies and clinical/pre-clinical developments.

Date: 19/05/2020

Cora Gold Limited, has announced its final audited results for the year ended 31 December 2019. During the period, the Company declared a pit constrained Maiden Inferred Mineral Resource at its Sanankoro Gold Project of 5.0 million tonnes (Mt) at 1.6 g/t Au for 265,000 ounces of gold towards the end of 2019, along with reconfirmation of the SRK-derived Exploration Target of between 30 Mt and 50 Mt at a grade of between 1.0 and 1.3 g/t Au, for approximately 1-2 million ounces of gold.

Date: 15/05/2020

Avacta has announced that several of the Affimer reagents recently generated for development of a point-of-care COVID-19 antigen saliva test, have now also been shown to block the interaction between the virus’ spike protein and ACE-2, a receptor on human cells that is key to the virus infection pathway. This is a quite exceptional development against a rapidly moving background, offering significant new and unique potential for a therapy that could help prevent infection and limit the progression of the disease, thereby providing immediate benefit to patients.

Date: 14/05/2020

N4P has announced the raising of additional development capital amounting to c.£2.03m (gross) from a placing of c.50.7m new ordinary shares at a price of 4.0p each. Significantly, the Group’s unique silica nanoparticle delivery system, Nuvec®, has already demonstrated that is capable of loading and transfecting both DNA and mRNA and producing an immune response. Focus now is on a phased work program designed to make Nuvec® more consistent, easier to handle and therefore more efficacious.


Date: 13/05/2020

Modern Water has announced receipt of its first patented AMBC wastewater plant order from Ion Exchange (India) Ltd. This follows MWG’s collaboration agreement with this large international specialist water and environment management company (announced RNS: 23 December 2019), and whose President, Ajay Popat, has also noted his company is “now ready to move to
the first installation as we deepen our working relationship with Modern Water”.

Date: 07/05/2020

Avacta has announced its Preliminary Results for the 17-month period ending 31 December 2019. Its accounts reflect strong revenue growth and a healthy balance sheet; its statement highlights the establishment of multiple, major long-term growth opportunities. Significantly, post period-end the Group also announced two partnerships established to develop Affimer-based COVID-19 antigen tests, having also completed a £5.75 million fundraising that left the business well capitalised with a £10.5 million net cash position as at 30 April which capitalises the business through into 2022 on its current plans.

Date: 06/05/2020

Following its signing of a three-year revenue-sharing manufacturing agency agreement (the ‘Agreement’) with Integumen plc (AIM:SKIN, ‘Integumen’) on 18th January 2020, and Modern Water’s subsequent confirmation of a Q1 2020 spike in demand for its water contamination detection consumables, the Company has today announced the commencement of shipping to meet both back-orders and growing demand for water contamination detection bacteria from existing clients.

Date: 06/05/2020

Further to its signing of a US$£3.75m (£3.12m*) bacteria production agreement with Modern Water plc (AIM:MWG, ‘Modern Water’) back on 18 March 2020, Integumen has today announced the completion of its first batch of MWG reagent. Not surprisingly, the global COVID-19 public health crisis is resulting in a significant acceleration of customer demand for water contamination detection bacteria from existing clients, to which both companies have been able to rapidly respond.

Date: 05/05/2020

Erris has today announced its successful raising of c,£330,000 (gross) through a placing of some 7.77m new ordinary shares at a price of 4.25p. This follows news last week of highly encouraging results for the Company’s recently optioned and highly prospective Loch Tay project (‘the Project’) in Scotland. Under an agreement with GreenOre Gold plc (‘GreenOre’) signed in December 2019, Erris will now undertake exploration work that is expected to result in it assuming both Operatorship and an 80% working interest in the asset.

Date: 01/05/2020

Avacta has announced its second partnership to exploit the recently generated Affimer binders to the SARS-COV-2 virus in a high-throughput COVID-19 antigen test. This follows the Group’s stated intention to partner its SARS-COV-2 spike protein Affimer reagents with several select companies in order to support antigen test development on multiple diagnostic platforms. This is expected to contribute most effectively to the urgent need for rapid antigen tests to diagnose this coronavirus infection, such that it can be mass produced for rapid, professional screening of large populations and, potentially for self-testing by consumers themselves.

Date: 29/04/2020

Baron today announced its final results and an update on its key areas of operation in Timor Leste, Peru and the UK for the year ended December 2019. In a separate release, the company has also announced a potentially exciting Work Sharing and Confidentiality Agreement with a large European E&P company in regard to UK Licence P2478 (Baron: 15%), located in the Inner Moray Firth (IMF) region of the North Sea. 

Date: 27/04/2020

Living up to the market’s best expectations, Deltex Medical delivered a pre-exceptional operating profit for its year to December 2019, while also ending the period with a reasonable cash cushion. The benefits of restructuring undertaken over the past 18 months, combined with a new strategy focussed on cost elimination and raised efficiencies, now place the Group on a springboard for grow both through the current situation and the post-Pandemic period. In this respect, it is significant that UK and US intensive care units have already started placing orders for its specialist haemodynamic monitoring technology, with a view to assisting clinicians select the optimal treatment regime for ventilated COVID-19 patients.

Date: 27/04/2020

The technological collaboration, marketing and production agreement signed last month between Integumen (‘SKIN’) and Modern Water (‘MWG’) has already resulted in a significant joint product offering capable of uniquely addressing one of the world’s obvious current and post-Pandemic needs. To date, investment markets have almost exclusively focussed on the human race’s most immediate demand – that of COVID-19 detection, diagnostics and vaccination – and so has awarded a significant premium to the wider healthcare development sector in anticipation of its potential to deliver on these ambitions.

Date: 23/04/2020

The Moroccan focused upstream oil and gas company has announced its audited final results for the year ended 31 December 2019. These highlight a period during which SOU’s Board successfully faced up to numerous challenges, as a result of which it effected a programme of structural cost reduction and explored options on monetising its Eastern Moroccan Portfolio, which presently remains ongoing. While the more recent COVID-19 Pandemic is not expected to significantly alter the anticipated schedule or broad economics of TE-5 Horst’s full field development, nearer-term it could possibly impose some delay on the Group’s micro-LNG (‘mLNG’) implementation.

Date: 22/04/2020

After just four weeks, the Avacta/Cytiva Partnership has successfully generated several highly specific Affimer reagents for a COVID-19 antigen rapid test. Today’s news release perfectly reflects the exceptional value, advantages and opportunity the Group’s Affimer® technology is capable of creating. The need for antigen tests to diagnose this coronavirus infection that can be mass produced for rapid, professional screening of large populations, and for self-testing by consumers themselves, is crucial to limiting and tracking the spread of this disease.

Date: 22/04/2020

Baron has executed a Shareholder’s Agreement (SHA) with SundaGas Resources Pte. Ltd (SundaGas) governing the operation of SundaGas (Timor-Leste Sahul) Pte. Ltd (SundaGas TLS) in which Baron now holds a 33.33% interest. SundaGas TLS’s sole asset is a 100% shareholding in SundaGas Banda Unipessoal Lda., which is the operator of the TL-SO-19-16 Production Sharing Contract (PSC), otherwise known as the ‘Chuditch’ PSC in Timor Leste. SundaGas Banda Unipessoal holds a 75% interest in Chuditch providing Baron with an indirect interest of 25% in the PSC.

Date: 17/04/2020

Europa Metals is an exploration and development company focused on its wholly owned Toral Pb-Zn-Ag project in northern Spain. The Company received its second phase metallurgical test results from mining consultants, Wardell Armstrong (WAI). Locked cycle testing confirms saleable concentrate of lead (60%), zinc (59.1%) and silver (1,350ppm within Pb concentrate). The locked cycle tests also demonstrated good metal recoveries including: 83.7% recovery for lead, 77.7% recovery for zinc and 87.1% recovery for silver. These results represent improvements of concentrate grades compared with the first phase test work.

Date: 14/04/2020

Following last year’s successful appraisal programme on the Mako gas field on the Duyung PSC in Indonesia (Coro: 15% non-operated interest), the operator of Duyung, Conrad Petroleum Ltd, has prepared significantly upgraded resource estimates for the Mako field. In particular, Conrad has increased the gross 2C resource estimate by 79% from 276 BCF to 493 BCF.

Date: 14/04/2020

Alien Metals (UFO.L) is an exploration and development company with a diversified portfolio of assets including base metals, silver and iron ore projects in top mining jurisdictions. The Company announced today an update on its Donovan 2 copper-gold project in Mexico following results from a recently completed IP (Induced Polarisation) survey. Results have generated specific drill targets coincident with previous geophysical surveys and sampling results. Two robust drill targets, referred to as the Cerro de la Cruz and Los Alomos, lie within highly prospective geological corridor.

Date: 08/04/2020

The Zika virus, a member of the Flaviviridae family that was originally spread by daytime-active Aedes mosquitoes, has already provided an ideal demonstration that Avacta’s Affimer platform can very quickly develop highly specific reagents in response to an outbreak of an infectious disease. The Group’s global technology partnership with Cytiva announced today now provides it with immediate access to a COVID-19 diagnostic, which is essential if a practical and commercial solution is to be promptly offered to governments and healthcare providers around the world.

Date: 08/04/2020

Baron has relinquished its 15% interest in Licence P2470 located in the UK Inner Moray Firth (IMF) region. All work commitments on the block have been completed and the decision to relinquish the licence was effective from 31 March 2020. The company has retained its 15% in the more prospective Licence P2478 which contains the large Dunrobin prospect. There are no near-term drilling commitments on P2478, which we believe is positive given the current operational environment. We also note that given Baron’s predominant exposure to gas rather than oil, determined by its primary assets in Timor Leste and Peru, the company also provides limited exposure to the current volatility of global oil prices.

Date: 06/04/2020

eEnergy Group has released an update detailing its progress in the Schools Sector while also considering the impact of the Coronavirus. Through its eLight subsidiary, eEnergy provides LaaS (‘Light-as-a-Service’) to businesses and schools to help them switch to LED lighting for a fixed monthly service fee, avoiding any upfront payments. While the lockdown imposed due to the COVID-19 pandemic has inevitably resulted in some deferrals of scheduled installations amongst its commercial SME/retail customers, the schools shutdown has alternatively prompted many to accelerate such fitment programmes during the time their premises are unoccupied.

Date: 06/04/2020

Alien Metals (UFO.L) is an exploration and development company with a diversified portfolio of assets including base metals, silver and iron ore projects in top mining jurisdictions. The Company has recently changed its board and strategy, now focusing on acquisitions of quality assets in Tier 1 jurisdictions led by a strong technical team. Assets include the Brockman and Hancock Ranges, both high-grade iron ore projects and the high-grade Elizabeth Hill silver mine in the Pilbara region of Western Australia. In addition, Alien continues to progress its portfolio of silver and base metal projects in Mexico by identifying priority exploration targets within its 12 mining concessions.

Date: 31/03/2020

Falanx has provided investors with a pre-close trading update, along with a statement regarding the impact from, and the Group’s commercial response to, the ongoing global COVID-19 crisis. Not only does this highlight improvement in its pre-Pandemic order intake, but also opportunity created through an anticipated long-term rise in home-based working.

Date: 31/03/2020

Cora Gold (CORA.L), the exploration company focused on gold discoveries in West Africa, announced yesterday that it has commenced drilling within the highly prospective Madina Foulbé permit in eastern Senegal. The project lies within the prolific Kedougou-Kebieba Inlier (referred to as the Kenieba Window), which historically has seen over 50Moz of gold discovered. The Madina Foulbé project has two drill ready targets for follow up based on previous drill campaigns including intercepts of 3m grading 41.2g/t Au and 3m grading 7.86g/t Au.

Date: 30/03/2020

Tower has announced an update in regard to both its Thali PSC (Production Sharing Contract) in Cameroon and its binding heads of terms (HoT) in respect to a farm-out of a 24.5% interest in the PSC to OilLR Pty Ltd as announced on 2 March 2020. In particular, the company has notified the Cameroon Ministry of Mines, Industry and Technological Development (MINMIDT) of an event of Force Majeure under the terms of the PSC during which the company’s obligations are temporarily suspended.

Date: 30/03/2020

Further to its signing of a US$£3.75m (£3.12m*) bacteria production agreement with Modern Water plc (AIM:MWG, ‘Modern Water’) earlier this month, Integumen has announced that the global COVID-19 public health crisis has resulted in both a significant acceleration of anticipated customer demand and the Group’s planned response. In order to meet back-orders and growing demand for water contamination detection bacteria from existing customers across Spain, Italy and China, production of MWG’s monitoring reagent has commenced this week, some six weeks ahead of the originally planned production date.

Date: 30/03/2020

Following its signing of a three-year revenue-sharing manufacturing agency agreement (the ‘Agreement’) with Integumen plc (AIM:SKIN, ‘Integumen’) on 18th January 2020, Modern Water has confirmed orders received for its water contamination detection consumables rose by 46% in Q1 2020 compared to Q1 2019. This demand spike, which came from existing customers across Spain, Italy and China, is thought to be significantly connected to the global COVID-19 public health crisis. Based on this and recognising that the pandemic still appears to be in a relatively early stage of its evolution across western zones, immediate demand could potentially significantly outstrip the initial production agreement signed between the two companies.

Date: 20/03/2020

Inclusion of gas liquefaction within the CPF EIA approval, now enables the micro liquified natural gas (‘mLNG’) development planned as Phase 1 of the Concession field development plan to get underway. Phase 2, the Tendrara Gas Export Pipeline (‘TGEP’) led full field development, also continues to move forward having now formally secured its necessary land access approvals. Indeed, the last major hurdle is now just the tariff agreement with respect to this access. With the passing of this further significant milestone, negotiations continue with both the originally proposed purchaser (now of course on a non-exclusive basis) and other parties that had also expressed an interest what has become an increasingly de-risked asset.

Date: 18/03/2020

Integumen has announced its signing of a three-year US$3.75m (£3.12m*) bacteria production agreement with Modern Water plc (AIM:MWG, ‘MWG’). This revenue sharing agency agreement (‘Agreement’) entails both the manufacturing and provision of logistical support for MWG’s monitoring reagent consumables. Not only does this news represent a further important move in the continuing, planned expansion of Integumen’s laboratories, but it also provides significant additional reassurance that the Group will deliver on the significant, four-fold revenue expansion already projected by its Board for the current year.

Date: 18/03/2020

Modern Water, the global water crisis monitoring and solutions provider, has announced its signing of a three-year revenue sharing manufacturing agency agreement (the ‘Agreement’) with Integumen plc (AIM:SKIN, ‘Integumen’). This will provide manufacturing and logistical support for the Company’s supply of water monitoring reagent consumables.

Date: 16/03/2020

The shares now appear to be incorrectly priced. Recent news flow has more than ‘knocked the stuffing’ out of Sound Energy (‘SOU’, ‘the Group’). The market took its failure to farm-down its Eastern Morocco Portfolio (‘the Portfolio’) badly, despite the reality that this was simply down to the (unnamed) purchaser’s inability to immediately satisfy the proposed transaction’s strict funding conditions. Indeed, the due diligence that the proposed purchaser undertook may be considered to have lowered the project risk for other parties that also expressed investment interest in the asset. While it works toward resolving this outstanding issue, the ending of exclusivity has opened the window for others now willing to enter the bidding.

Date: 13/03/2020

Tower has received an updated reserves report from Oilfield International Limited (OIL) covering Tower’s Thali production sharing contract (PSC) in Cameroon. The document, termed the ‘2020 Reserves Report’ does not contain new technical information compared to the previous report prepared by OIL in November 2018. However, the 2020 report does include updated oil prices and costs reflecting the changes in the market over the intervening period.

Date: 12/03/2020

eEnergy Group has announced the geographical expansion of its operations into Northern Ireland, while also providing shareholders with an operational update. Today’s news builds upon the Group’s established presence in both Eire and England. The Board sees significant opportunity in the region to capture a presently underdeveloped lighting-as-a-service (‘LaaS’) market opportunity, which it also considers offers potential to secure larger contract values. Being one of Europe’s leading operators in this segment of the developing energy efficiency industry, eEnergy is operating in an international marketplace that is projected to grow at a compound-average-growth-rate (‘CAGR’) of 16.6% over the next 7 years.

Date: 11/03/2020

Europa Metals is an exploration and development company focused on its wholly owned Toral Pb-Zn-Ag project in northern Spain. The Company has released high-grade assay results from drill holes TOD-024 and TOD-025. Results from TOD-025 confirmed a thick, high-grade zone outside of the current indicated resource estimate and returned 7.7m grading 17.3% ZnEq., including 4.3m grading 25.6% ZnEq. This represents the highest-grade intercept that Europa has drilled to date and could significantly increase the current indicated resource. Additional mineralisation was confirmed in TOD-024 returning 1.7m grading 5.1% ZnEq, which also lies outside of the current resource estimate.

Date: 05/03/2020

PowerHouse has confirmed that planning permission has been granted to Peel and Waste2Tricity for the first of its planned commercial distributed modular generation (‘DMG®’) waste-to-energy installations at the Protos Energy Park (‘Protos’) in Cheshire. This represents the passing of a key milestone for the Company. TPI considers the facility, which is designed to produce low levels of safe residues and requires a small operating footprint, thereby making it suitable for deployment at enterprise and community level, could potentially be commissioned early in 2021E.

Date: 03/03/2020

Midatech Pharma has confirmed further expansion of its MTX110 diffuse intrinsic pontine glioma programme. It has received mandatory regulatory and ethical approval to commence a new exploratory Phase I study for diffuse midline glioma (‘DMG’) brain tumours, which will be conducted at Columbia University in New York. This follows last December’s news of a €2.6 million EU Grant for further clinical development of MTX110 for the treatment of DIPG, a related rare and fatal form of childhood brain cancer and a subset of DMG, from the European Innovation Council (‘EIC’). Selection by these two prestigious research institutions is seen as a major endorsement and validation of the innovation and potential value contained within this proposition, for which the efficacy component of its Phase II clinical trials is expected to be released shortly. As expected, yesterday’s general meeting saw all resolutions passed.

Date: 26/02/2020

MWG has further extended its operations and market opportunity through the signing of a non-binding Heads of Terms (‘HOT’) agreement with the private extractions and chemicals company, Cellulac plc. Having recently strengthened its balance sheet and refreshed its Board through the appointment of a series of highly experienced and wellconnected individuals, this association now opens new target sales and distribution channels across the expanding global water market. Its participation in the Integumen-led ecowaterOS consortium, also recognises the urgent international need for an end-to-end water contamination detection and decontamination provider network, that offers the ability to provide customers with real-time monitoring solutions.

Date: 26/02/2020

Application of data-management and AI capabilities to existing core technologies has identified a significant new market opportunity for Integumen and its partners. Rising awareness of the direct impact of climate change on systems vital to the international population’s health and wellbeing, the Group’s new ecowaterOS platform offers a potential game-changing solution for water monitoring, recovery, treatment and recycling. A consortium led by Rinocloud has successfully integrated water management technologies and systems to address and automate resolution of such challenges into an end-to-end solution that addresses community, regional and even continent-wide demands.

Date: 20/02/2020

Having now strengthened its balance sheet and refreshed its Board through the appointment of a series of highly experienced and well-connected individuals, Modern Water is now poised to capture the obvious and growing global water market opportunity through cutting-edge technology focused on making the treatment and recycling of water more efficient. In light of its recent successful placing, negotiations over the potential sale of its Monitoring Division have been suspended pending the outcome of a review by the new Board. It has also confirmed action to significantly reduce overhead costs across the whole business which has now been undertaken. The results of this and MWG’s vision for capturing its business opportunity is expected to be reflected within its forthcoming release of financial results and statement for the year ending December 2019.

Date: 11/02/2020

Cora Gold (CORA.L) is an exploration company focused on gold discoveries in West Africa. The Company has just released first assay results from the current drilling campaign on its 95% owned Sanankoro gold project in southern Mali. Drilling mainly targeted deeper oxide and sulphide extensions to the maiden pit constrained inferred resource of 5Mt grading 1.6g/t Au for 0.265Moz of contained gold. Initial results from the first 13 RC holes have been received and the best intercepts are: 29m grading 2.61g/t Au including 12m grading 3.89g/t Au (RC hole SC-241), 7m grading 4.2g/t Au including 3m grading 8.38g/t Au (RC hole SC-246), 18m grading 1.08g/t Au (RC hole SC-248) and 4m grading 1.68g/t Au (RC hole SC-250). These encouraging results as well as further successful assay results bode well for increased open pit resources. Further assay results are expected in the coming weeks.

Date: 10/02/2020

Since Rose entered into a Letter of Intent (LOI) to acquire an initial 10% of Captiva Energy Holdings’ (Captiva) 89.5% working interest in the McCoy lease in the DenverJulesburg Basin in Colorado on 4 November 2019, several key milestones have now been reached. These include a lease amendment with the lessor of McCoy which allows for the drilling of two-mile lateral wells across the lease. In addition, Captiva will support lease operator Great Western Operating Company’s pending application for a wider 1,280 acre Drilling Space Unit (DSU or the ‘Margil’ DSU) which includes the McCoy lease.

Date: 03/02/2020

Integumen has signed a commercial and AI partnership with Acumen Software of South Africa. This represents the Group’s first RAWTestTM AI and distribution agreement. It is seen providing access across multiple continents for its real-time AI water contamination monitoring system, through its integration with Acumen’s wellestablished mobile asset and management software platform for wastewater and water utilities that has been established over the past 12-years. Given that the industrial sector is a major global water polluter, with only 60% of waste receiving treatment before being physically disposed of into the environment, escalating pressures from international governments to rectify the situation prospectively creates a significant, long-term market opportunity.

Date: 03/02/2020

Avacta announces its signing of a collaboration and license agreement with AffyXell Therapeutics. Coming just two weeks after establishing its joint venture with Daewoong Pharmaceutical, Avacta already appears to be ‘punching well above its weight’. The unique opportunity presented through combination of two world-class technologies, Avacta’s Affimer antibody mimetic platform and Daewoong’s proprietary technology for generation of ‘off-the-shelf’ allogeneic mesenchymal stem cells (‘MSC’) therapies, offers potential to create the next generation of stem cell therapies. This not only opens up a giant new, long-term market opportunity but significantly also, AffyXell is committed to fund all of Avacta’s related costs despite it retaining the commercial rights to the proteins in all unrelated fields.

Date: 31/01/2020

Coro will no longer proceed with the acquisition of a 42.5% interest in the Bulu PSC offshore Indonesia. With the long stop date for the completion of the transaction having passed on 2 December 2019 without the requisite government approvals in place and several concerns identified by Coro in regard to the company’s partner and new requirements to the proposed development plan for the asset, Coro has elected to allow the Bulu acquisition agreement to lapse in accordance with the terms of the proposed transaction.

Date: 28/01/2020

Highly encouraging results for Avacta’s TMAC programme. The Group’s first TMACTM drug conjugate molecule has demonstrated ability to out-perform Bavencio (avelumab) in an animal model. In vivo and pharmacokinetic data collected indicate superior efficacy which, together with ability to successfully target the warhead, provides initial proof-of-concept. As such, today’s news represents the passing of a key milestone with the very first TMAC tested. Given a peak sales projection of US$4bn/year for Bavencio, significant commercial interest that Avacta’s development programme has already attracted might now multiply still further.

Date: 23/01/2020

A positive Trading Update. Detailing unaudited figures for a 17-month period in order to shift its financial year end to December, Avacta has reported a doubling of revenues compared with numbers delivered for the 12-months ended July 2018. Revenues were boosted by receipt of its first milestone payment from its partnership with LG Chem, along with significant growth within its Affimer® diagnostics business. Having also raised c.£9m gross proceeds from an equity placing and subscription last October, the Group presently sits on a good ‘cash cushion’ which is now being focussed on taking its first pre|CISION pro-drug, AVA6000, into the clinic during 2H’2020 while also forwarding its partnered programmes and licensing relationships for its Affimer® diagnostics reagents.

Date: 22/01/2020

Commercial property owners and operators are waking up to opportunities being presented in the still relatively nascent Energy-Efficiency-as-a-Service sector (‘EEaaS’). An early mover with focus on the UK and Ireland, eEnergy Group plc’s (‘eEnergy’ or ‘the Group’) wholly owned eLight Group Holdings (‘eLight’) is one of Europe’s leading operators in the Lighting-as-a-Service (‘LaaS’) segment of the industry, a global marketplace projected to grow at a compound-average-growth-rate (‘CAGR’) of 16.6%1 over the next 7 years. A strong and growing contract pipeline with excellent cash conversion, provides Directors with confidence in the Group’s ability to deliver its first net profits for its year ended June 2021E, after which we expect it to throw off significant free cash.

Date: 21/01/2020

Integumen has provided both a trading update and announced the signing of a cooperative alliance with the Shanghai-based Innocare Group. This MOU has been established to promote innovation and cooperation between research institutions developing cosmetics and skincare products. It will assist commercial enterprises in China seeking routes to regulatory compliance using Labskin and LabskinAI without the need for animal testing. Today’s trading update also provided unaudited figures for the year to end-December 2019 confirming, as expected, 12-months pro-forma revenues of just over £1m, representing almost a four-fold increase on the comparable period. This reflects the fact that skincare and personal product manufacturers continue to find themselves overwhelmed by excessive data and strict new EU, US and Chinese regulation, together with an urgent need to heighten clinical trial efficiencies.

Date: 21/01/2020

Cora Gold (CORA.L) is an exploration company focused on gold discoveries in West Africa. The Company has just completed an initial Scoping Study on its 95% owned Sanankoro gold project in southern Mali. An open pit constrained (c.100m) inferred resource consists of 5.0Mt grading 1.6g/t Au for 0.265Moz of contained gold. Extensive shallow oxide-mineralisation augurs well for a standalone heap-leach operation. Assuming a gold price of US$1,400/oz, AISC (all-in-sustaining-costs) of US$942/oz and pre-production capex of US$20.6m the project returns a NPV(8%) of US$30.9m (US$24.2m post-tax) with an IRR of 84% (73% post-tax); based on an annual production of c.46koz. This generates c.US$19m in annual free cash flow. Although the current life of mine is only 3 years, we expect this to expand given that only 25% of the 40km mineralised strike length has been drilled to date

Date: 15/01/2020

Erris Resources plc (Erris) announced today that it has successfully completed its due diligence on an option agreement signed with GreenOre Gold plc (previously announced on 9 December 2019) regarding the Loch Tay gold project in Perthshire, Scotland. As such, Erris will now proceed with exploration work to acquire 80% of Loch Tay. Erris can earn its 80% interest by defining a minimum inferred resource of 250koz of gold, to be verified by an Independent Competent Person, within four years. Loch Tay is located 43km from Scotgold Resources’ Cononish gold mine, which has a combined resource of 266koz grading 13.4g/t Au, including total reserves of 198koz grading 11.1g/t Au with first gold production expected in May 2020.

Date: 13/01/2020

Europa Metals is an exploration and development company focused on its wholly owned Toral Pb-Zn-Agproject in northern Spain. The Company has recently recieveda preliminary independent metallurgical studyfrom mining consultants, Wardell Armstrong. Locked cycle testing confirms saleable concentrate of lead(57.5%), zinc (55.8%)and silver(1.5kg/t). The locked cycle tests also demonstrated good metal recoveries including: 84.3% recovery forlead, 70.7% recovery for zinc and 90.3% recovery forsilver. Toral has JORC (2012) compliant resource of 18Mt grading 7.4% ZnEq. (based on a 4% Zn cut-off grade including Pb credits) and 24g/t Ag, including an Indicated resource of 2.7Mt grading 8.9% Zn Eq.

Date: 09/01/2020

A significant step forward for Avacta. Through a joint venture agreement announced yesterday with Daewoong Pharmaceutical, the Group has identified an ideal champion to help prove the opportunity its Affimer® technology presents in the area of cell and gene therapy. In combination with Daewoong’s stem cell technology and associated research, Affimer® technology holds potential to outperform existing treatments for immune-mediated diseases, such as rheumatoid arthritis, multiple sclerosis and type 1 diabetes, and to form the next generation of stem cell therapies. While extended time-schedules and high costing for such trials must be taken as read, the prospective value created for shareholders, should the joint venture and Avacta’s wholly owned in-house drug development be successful, will be exceptional.

Date: 09/01/2020

Integumen Plc “Integumen” is seizing an opportunity presented by skin care and personal product manufacturers that find themselves overwhelmed by excessive data, strict new EU, US and Chinese regulations and the need to improve product claims while responding to consumer-led demands for an end to laboratory-based animal testing. Surging demand for its laboratory and data services has resulted in the Board reiterating guidance that anticipates afour-fold revenue increase for the year just ended being matched by a further, similar improvement in 2020. Significantly also, the incorporation of Rinocloud’s high margin data analytics and AI services offer potential for the Group to be generating positive monthly cash flows by the end of H1’2020E, with anticipated demand f rom global-scale manufacturers potentially even testing its newly expanded laboratory capacity before the year end.

Date: 23/12/2019

All resolutions were duly passed at today’s General Meeting. Further to its announcement of 20th December, however, the Board again reminded shareholders that the Company’s working capital position remains very weak. Having now been provided with increased authorisation to issue shares on a non-pre-emptive basis, it went on to state that it is in advance negotiations with a number of parties and was hopeful that it would secure up to £100,000 of immediate short-term debt funding, which would enable it to continue trading. The terms and amount of any subsequent placing are yet to be determined and a further announcement will be made in due course.

Date: 20/12/2019

Falanx has sold its serverless stream processing platform, Furnace (‘Furnace’), to a team led by Falanx’s Chief Strategy Officer and Founder, John Blamire. As part of the sale, John Blamire has resigned from the Board with immediate effect. Following the sale, Falanx will continue to benefit from Furnace technology through licensing and support agreements. As such, this transaction is seen benefitting shareholders through reduced Group cash expenditure while also ensuring they continue to participate materially from any increase in Furnace’s future value. Significantly, it frees Falanx to concentrate on its core operations which are now trading in their traditionally stronger second half.

Date: 19/12/2019

Rinocloud Limited (‘Rinocloud’), Integumen’s wholly owned subsidiary, has signed a 3-year Framework Agreement with Parity Professionals Limited (‘Parity’), a subsidiary of Parity Group plc. This Agreement, which follows Heads of Terms to enter a multiyear Framework Agreement announced on 13th November, is for the supply and rollout of mobile enterprise resource, data management and business tool software services to clients ranging from the National Health Service (‘NHS’), Public Sector, Utilities, Housing Associations and Private Institutional companies. Within this, Integumen seeks opportunity to cross-sell intelligent data management and extraction of value-creating analysis with a focus on improving return on investment to Parity’s 150+ institutional clients.

Date: 09/12/2019

In a placing and subscription led by Integumen’s broker Turner Pope, the Group has raised gross proceeds of £1.368 million (c.£1.245 million net) through the aggregate issuance of 91.25 million new shares at a price of 1.5p per share. Admission of the new shares is expected to be no later than the 16th December 2019. Funds raised will provide working capital and investment in laboratory space, new equipment and marketing, in response to a sharp increase in demand for Labskin services. Product development supported by successful incorporation of Rinocloud’s AI platform, in tandem with pressure for compliance with the EU’s medical device regulation (2017/745) by international skin product producers, has sufficiently improved visibility for management to reiterate its full year revenue guidance for both 2019 and 2020 at £1 million and £4 million respectively.

Date: 05/12/2019

Midatech Pharma announces confirmation of a €2.6 million EU Grant for further clinical development of MTX110 for the treatment of Diffuse Intrinsic Pontine Glioma, a rare and fatal form of childhood brain cancer. Selection by the European Innovation Council (‘EIC’) is seen as a major endorsement and validation of the innovation and potential value contained within this proposition, for which the efficacy component of its Phase II clinical trials is expected to be released shortly.

Date: 05/12/2019

Cora Gold (CORA.L) is an exploration company focused on gold discoveries in West Africa. The Company has just completed a JORC (2012) compliant maiden resource estimate on its Sanankoro gold project in southern Mali. The open pit constrained (115m depth) maiden inferred resource is 5Mt grading 1.6g/t Au for 0.265Moz of contained gold. Of this, 88% is derived from oxide material. This is just the first step in determining the overall potential of Sanankoro deposit, which currently has between 1 and 2Moz Exploration Target within 100m of surface grading between 1.0g/t and 1.3g/t Au. We note that shallow oxide mineralisation coupled with encouraging preliminary metallurgical test results (up to 97% recoveries) bodes well for a standalone operation at Sanankoro.

Date: 04/12/2019

TomCo has raised gross proceeds of £925,000 by way of a placing of 142.3 million new shares at a price of 0.65p per share through its broker Turner Pope Investments (TPI). The company will use a significant proportion of the net proceeds of the placing to undertake a resources report and engineering study for a potential oil/tar sands opportunity across its leases within the Uintah Basin in Utah, USA. This project is anticipated to be expedited in tandem with Valkor LLC with which TomCo has signed a non-binding Memorandum of Understanding (MoU).

Date: 03/12/2019

Coro has entered into a sale and purchase agreement with Zenith Energy Ltd (LSE: ZEN) for the proposed disposal of Coro’s entire portfolio of Italian assets for a total consideration of £3.9m payable in Zenith shares. The deal is subject to the approval of the Italian regulatory authority and Coro’s shareholders at a General Meeting of the company to be held on 20 December 2019. When completed, the divestment of the Italian assets will free up significant amounts of management time and future capital expenditure commitments enabling Coro to focus efforts entirely on its South East Asian expansion strategy.

Date: 03/12/2019

Falanx reported further strong revenue growth for the six months ended September 2019, during which time the Group invested heavily in anticipation of capturing significant new business opportunities available across both the global cyber security and intelligence markets. While this resulted in some overall gross margin slippage for the period, the benefits of new product roll-out and a high level of repeat revenues are expected to be reaped during the Group’s traditionally stronger second half. With evidence of this already being delivered amid an expanding sales pipeline and gross margin recovery, the Board continues to focus on driving profitable top-line growth and further cost reduction as it targets cashflow breakeven.

Date: 29/11/2019

Commercial property owners and operators are waking up to opportunities being presented in the still relatively nascent Energy-Efficiency-as-a-Service sector (‘EEaaS’). An early mover with focus on the UK and Ireland, eEnergy Group plc’s (‘eEnergy’ or ‘the Group’) wholly owned eLight Group Holdings (‘eLight’) is one of Europe’s leading operators in the Lighting-as-a-Service (‘LaaS’) segment of the industry, a global marketplace projected to grow at a compound-average-growth-rate (‘CAGR’) of 16.6%1 over the next 7 years.

Date: 28/11/2019

W Resources (WRES.L) has reached an important milestone with commencement of commercial production of tungsten and tin concentrate from its flagship La Parrilla mine in southwest Spain. This means that La Parrilla has achieved stable operating plant performance. The Company is now on track to realise its T2 Phase target of 2Mtpa run of mine material and producing 2,700t of tungsten (WO3) concentrate.

Date: 27/11/2019

Union Jack has raised £5.0m by way of a placing and subscription of 3,333.3 million new shares at a price of 0.15p per share. The net proceeds of the placing will be used to fund the company’s contribution to further appraisal drilling and reprocessing of new seismic data at West Newton (UJO: 16.665%). Union Jack will also utilise part of the placing proceeds to fund its share of an anticipated side-track well at Biscathorpe where the company holds a 22% working interest.

Date: 26/11/2019

Rainbow Rare Earths (RBW.L) announced the latest results from its exploration and mine development programme on the Gakara project in Burundi. Assay results from two diamond core drill-holes in the Kiyenzi deposit reveal continuous mineralisation from shallow depths. Highlights include intersections of 13.87m grading 4.85% total rare earth oxides (TREO) and 11.64m grading 3.86% TREO. Additional drill cores totalling more than 1,000m have been sent for analysis in order to evaluate and generate an updated compliant mineral resource estimate. These results should give RBW additional mining flexibility as it continues to development the Gakara project.

Date: 22/11/2019

Coro, which holds a 15% interest in the Duyung PSC, offshore Indonesia has successfully completed the Mako field appraisal programme. In particular, the Tambak-1 well has encountered 24 metres of high quality reservoir sandstones, confirming a common gas-water contact across the whole field, and a drill stem test (DST) has flowed dry gas at 11.4 mmcfpd, confirming the deliverability and commercial potential of the Mako field reservoir.

Date: 20/11/2019

Integumen has announced successful results from its participation in a water research project that utilises Rinocloud Artificial Intelligence (‘AI’). The three-year development Remote Automated Water Test research project (‘RAWTest’), comprising a consortium partly funded by the Irish Environmental Protection Agency (EPA), anticipates increasingly global dependence on recycling and recovery of water supplies. As such, a regular, rapid and accurate means of wireless monitoring is urgently needed to ensure they are fit for human consumption. Rinocloud AI has demonstrated its ability to deliver exactly this, by remotely detecting E.coli contaminated water with 99.3% accuracy in just 3.37 seconds, thereby offering significant potential to improve global healthcare.

Date: 13/11/2019

Integumen has signed a Heads of Terms with Parity Group plc (AIM: PTY) to enter a multi-year Framework Agreement for the supply of AI software across Parity’s NHS, Central Government and private institutional client base. This exciting news is augmented by a positive trading update from Integumen which states that the company expects 2020 revenue to be approximately £4m excluding any contribution from developments with Parity at this stage.

Date: 13/11/2019

Coro, which holds a 15% interest in the Duyung PSC, offshore Indonesia has announced that the Tambak-1 well which spudded in early November 2019 has intersected the intra-Muda reservoir of the Mako gas field and a full suite of technical data has been recovered. Initial results are very positive, indicating a gross sandstone reservoir of approximately 25 metres, considerably thicker than the original Mako South-1 discovery well. As such, the management is confident that pre-drill 2C resource estimates of 276 BCF of gas could be enhanced by an additional 100 BCF, representing a very significant uplift in the potential value of the Mako field.

Date: 11/11/2019

Following the drilling of the West Newton A-2 appraisal well on UK onshore licence PEDL183 in which Reabold holds an indirect interest of 39.3% through its 59.0% interest in operator Rathlin Energy, Rathlin has undertaken a detailed range of technical studies focusing on the Kirkham Abbey formation. Consequently, the operator has upgraded its estimated volumes of in-place hydrocarbons within the reservoir. Of particular interest is the conclusion that the dominant phase of the inplace volumes is oil rather than gas and that these volumes are indicated to be significantly greater than those assumed by the existing CPR produced prior to the drilling of West Newton A-2.

Date: 06/11/2019

Rose has signed a binding Letter of Intent with Captiva Energy Holdings II LLC to acquire an initial 10% of Captiva’s 89.5% net working interest in the 317 acre McCoy lease located in the Denver-Julesburg (DJ) Basin in Colorado. This acquisition represents the initial stage of ownership in what may ultimately become a considerably larger Drilling Space Unit (DSU) to accommodate a multi-well drilling programme of two-mile horizontal wells targeting up to four reservoir formations. This deal is being expedited with a view to establishing early production and cash flow within the next 12 months.

Date: 29/10/2019

Integumen has launched Rinodrive AI, an independent Artificial Intelligence platform for the company’s collaboration joint venture partners. Rinodrive is a standalone open source cloud-based ecosystem which Integumen is rolling out with its existing healthcare clients in addition to an increasing list of higher education institutions, an international financial advisory company and a major UK bank. Rinodrive is also being tested in government departments which could provide a potentially huge market for the company’s AI platform.

Date: 29/10/2019

Europa Metals is an exploration and development company focused on its wholly owned Toral Pb-Zn-Ag project in northern Spain. The Company has updated its JORC (2012) compliant resource to 18Mt grading 7.4% Zn Eq (based on a 4% Zn cut-off grade including Pb credits) and 24g/t Ag, representing a 12% increase to the total resource tonnes. More importantly, Toral now has an Indicated resource of 2.7Mt grading 8.9% Zn Eq. Overall, the updated resource represents a 30% increase in total contained zinc to 0.83Mt. The updated resource model will be used by management to identify potential new drill targets both within and outside of the defined resource. In addition, the revised resource model will be reviewed alongside the metallurgical, geotechnical and hydrological results for inclusion in the PFS (Pre-Feasibility Study).

Date: 25/10/2019

Recent operations on the Tambak-2 well on the Mako gas field in the Duyung PSC (Coro: 15%) offshore Indonesia focused on conducting a Drill Stem Test (DST) across the intra-Muda reservoir in order to assess gas flow rates. The operator reported that the DST was not successful as a consequence of formation damage in the reservoir. Nevertheless, the main objective of the Tambak-2 well, demonstrating primarily a continuous gas-bearing reservoir, has been achieved and Coro remains confident of an uplift in the contingent resource base for the field. Tambak-2 will now be plugged and abandoned, as was always planned, and the drilling rig will now move to the Tambak-1 well location.

Date: 21/10/2019

With the assistance of the company’s joint broker Turner Pope, Avacta is raising gross proceeds of up to £9m through the issue of up to 59.8 million new shares (including 200,000 subscription shares) at a price of 15p per share. Admission of the new shares to AIM is subject primarily to a General Meeting which will be held on 4 November 2019. The net proceeds of the placing will be deployed as Avacta enters the clinic with its first programme and also to advance drug development partnerships and grow revenue and licensing relationships for the company’s Affimer® diagnostics reagents.

Date: 17/10/2019

Kavango Resources (KAV.L) is an early stage exploration company focused on discovery of world-class copper, nickel, and platinum group mineral deposits in Botswana. The Company was formed by a team of geologists with a history of exploration success in Africa. Kavango’s strategy is to repeat past success through new discoveries of world-class deposits.

Date: 15/10/2019

The Tambak-2 well on the Duyung PSC located offshore Indonesia, in which Coro holds a 15% interest, has reached a total depth of 503 metres. The coring programme, wireline logs and pressure surveys subsequently conducted have confirmed the well as a successful appraisal of the Mako gas field. In particular, the company believes that the quality of the reservoir implies that a significant proportion of 3C contingent resources could be converted into the 2C category enhancing substantially the commercial potential of the field.

Date: 10/10/2019

Velocys has signed an agreement with Oxy Low Carbon Ventures LLC (OLCV), to capture CO2 emissions from Velocys’ planned biomass-to-fuels project located in Mississippi USA and store them securely in an underground geologic formation. The company outlines that the ability to transform its flagship facility into a net negative emitter of CO2 is highly advantageous from both an environmental and also a commercial standpoint.

Date: 10/10/2019

Avacta has entered into an agreement with ADC Therapeutics SA (Lausanne CH) under which the parties will develop jointly Affimer drug conjugates combining Avacta’s Affimer® technology with ADC Therapeutics’ pyrrolobenzodiazepine (PBD) based warhead and linker technologies. This collaboration is expected to harness the benefits of Affimer proteins to selectively and efficiently target ADC Therapeutics’ PBD drugs to the sites of tumours with the intention of developing breakthrough oncology treatments.

Date: 07/10/2019

Integumen has signed multi year agreements with two major international cosmetics companies for recurring LabskinAI services. These framework agreements are already being rolled out in the US, Asia and the EU markets and low six-figure aggregate payments have been received by the company. With Integumen also anticipating contract extensions with existing clients in the nearterm, the management is confident that group revenue will exceed £1.0m in the current financial year.

Date: 04/10/2019

Coro’s participation in a fully funded two well drilling programme on the Duyung PSC located offshore Indonesia (Coro: 15% non operated interest) has commenced with the spudding of the Tambak-2 appraisal well. The well, which is expected to take approximately 33 days to drill, will appraise the southern region of the Mako field and has the potential to move up to 100 BCF of gross contingent resources from the 3C to the 2C category increasing further the commercial potential of the Mako field. We believe that this would also enhance the appeal of the field as a source of gas for the Singaporean market.

Date: 03/10/2019

Tower has disclosed technical and commercial information to a major international oil company in respect of Tower’s Namibian exploration blocks. Preliminary discussions initiated by the major and held earlier this summer have addressed the potential of cooperating in respect of future exploration activity. Although these discussions are at a very early stage and may not lead to a formal agreement between the parties, they do serve as a reminder that in addition to the company’s more advanced appraisal and development activities in Cameroon, Tower also possesses significant exploration upside in Namibia as well as South Africa that could represent major upside to the current share price in the event that farm-out agreements in either region are expedited successfully.

Date: 01/10/2019

Europa Metals is an exploration and development company focused on its wholly owned Toral Pb-Zn-Ag project in NW Spain. The Company has recently completed a drill programme with Toral’s high-grade core with the aim of collecting a bulk sample for metallurgical testwork as well as increasing confidence in the current JORC (2012) compliant inferred mineral resource estimate of 16Mt grading 3.9% Zn, 3.1% Pb and 24g/t Ag. Best intercepts included 13.1m grading 2.47% Zn Eq (TOD 023) and 6.1m grading 1.06% Zn Eq (TOD-022). Whilst the overall grade was lower than expected an additional mineralised zone was intersected in the hanging wall, 25m above the main contact zone. Drill hole TOD 023D intersected 10.5m grading 2.23% Zn Eq in the hanging wall zone. With these results, Europa’s consultants will now be able to upgrade the inferred resource to indicated category.

Date: 27/09/2019

Hummingbird Resources (HUM.L) is a gold production, development and exploration company. The Group has two core gold projects, the relatively high-grade Yanfolila open-pit mine in Mali and the large (4.2Moz) undeveloped Dugbe gold project in Liberia. Yanfolila produced its first gold bar on time and on budget in December 2017. Following the recent installation of a second ball mill, full year guidance is set for 110-125koz. Pre production probable reserves of 710koz grading 3.14g/t Au, total resources of 1.8Moz and an additional 390koz of non compliant exploration offer mine life upside.

Date: 26/09/2019

Over the last six months, Toople has experienced accelerated growth in customer acquisition numbers. We expect this to translate into increased sales over H2 and an improvement in margins as a function of increased orders for superfast fibre broadband in the product mix.

In the months of April, May and June 2019, Toople received over 900, 1,000 and 1,100 orders respectively. In particular, order numbers for May 2019 were three and half times the level achieved only 12 months previously. This momentum has continued in Q2 with strong growth in the traditionally seasonally affected period of July and August 2019 and Toople added a further 1,300 and 1,000 new customer orders respectively in these months.

Date: 25/09/2019

Cora Gold (CORA.L) is an exploration company focused on gold discoveries in West Africa. The Company has just completed another successful round of drilling, confirming continuity of oxide gold mineralisation at Zone A, Zone B and Selin prospects within its Sanankoro gold project in southern Mali. Best intercepts include 46m grading 4.48g/t Au and 24m grading 2.83g/t Au. These results are very encouraging and support further drilling to define potential starter pits and sulphide mineralisation at depth. Shallow oxide mineralisation coupled with encouraging preliminary metallurgical test results (up to 97% recoveries) bodes well for standalone operation at Sanankoro. With a Scoping Study and and maiden resource estimate expected in Q4 19 Cora is a gold junior in the making.

Date: 23/09/2019

We believe that Union Jack’s (UJO) interim results focus justifiably on the exciting drilling result at the West Newton A-2 appraisal well where an Extended Well Test (EWT) has been paused in order to optimise operations and revise the well test design to focus on the oil column when the test resumes. UJO and its partners in West Newton also intend to commission a revised CPR which could imply a significant upgrade to pre-drill resource estimates suggesting that the discovery has the potential to be the biggest UK onshore find since Wytch Farm in 1973.

Date: 23/09/2019

With higher than expected flow rates from the Burnett 2B well on the Monroe Swell licence in California, in which Reabold has earned a 50% working interest, the company is currently increasing the capacity of the production facilities on site. With a concurrent programme to boost production from Burnett 2A likely to increase volumes further, the company is evaluating the potential to drill additional wells on Monroe Swell. Reabold is experiencing a similar situation on the West Brentwood licence (RBD: 50%) where strong output from wells VG-3 and VG-4 has accelerated plans to drill a third well; VG-5, in Q4 2019.

Date: 19/09/2019

Falanx reported a strong increase in sales and a reduction in underlying EBITDA losses in the year to March 2019 driven by the integration of acquisitions completed in 2018 and increased levels of monthly recurring revenue. Against a market backdrop of a rapidly growing cyber security market, the company is witnessing continued growth in the current year buoyed by a growing sales pipeline.

Date: 13/09/2019

In Q4 2019, Coro will participate in a two well drilling programme on the Duyung PSC located in the West Natuna Basin offshore Indonesia (Coro: 15% non operated interest). The operator will focus on the central and southern regions of the Mako gas field appraising 2C contingent resources of at least 276 BCF and targeting an additional 200-300 BCF of prospective resources in a deeper gas exploration play. Mobilisation of the Singapore-based Asian Endeavour 1 jack-up rig is scheduled for late September and the back-to-back drilling programme is then expected to last until the end of November/early December 2019.

Date: 11/09/2019

The acquisition of RinoCloud in April 2019 and recurring revenue from higher margin software services has reduced EBITDA losses compared to the previous period. Operationally, the Labskin business has also added a raft of new contracts including 4 blue-chip clients from the US and EU and six CBD (cannabidiol) test contracts with more in the pipeline. With the wider reorganisation of the company completed prior to the period end, we anticipate that the full impact of the operational and financial progress outlined in these results will be seen starkly in H2 and beyond.

Date: 09/09/2019

Since the beginning of 2019, Reabold has gained major exposure to the exciting West Newton discovery, potentially the biggest onshore UK gas discovery since 1973, while in the US; the company has drilled two wells apiece on the West Brentwood and Monroe Swell fields providing an ongoing 50% share of revenue from each field. Looking ahead, the appraisal programme on Iecea Mare in Romania provides major near term drilling exposure and the likelihood of an appraisal well on the Corallian operated Curlew-A prospect in H1 2020 has the potential to significantly augment Reabold’s UK business.

Date: 05/09/2019

In conjunction with the company’s attendance at the Microbiome AI Conference currently taking place in San Diego, California, Integumen has announced that its Labskin business has achieved the successful multiple cloning of human volunteers. This is a highly significant breakthrough for the company as it enables multiple skincare products to be tested simultaneously on the same subject without the attendance of the original human volunteer. This development is likely to reduce substantially product development time and clinical errors as well as lowering recruitment, supervision and testing costs for subsequent product testing programmes.

Date: 29/08/2019

Initial testing at the West Newton A-2 well has indicated a substantial accumulation of oil and gas rather than solely a gas discovery as originally anticipated. Early analysis indicates a significant hydrocarbon column of 65 metres comprising a gross oil column of 45 metres underlying a gross gas column of 20 metres. The operator, Rathlin Energy (with a 66.67% interest), has paused the extended well test (EWT) in order to optimise its operations and will revise the well test design to focus on the oil column going forward. Reabold holds a 24% economic interest in West Newton through its 36% interest in Rathlin.

Date: 16/08/2019

W Resources (WRES) is currently focused on near term production from its wholly owned La Parrilla tungsten and tin mine located in southwest Spain. The Company is in the final construction stage of the new large-scale concentrator plant and has already commissioned the new crusher and jig plants. The newly commissioned crusher and jig plants are now operating at near design capacity. As such, we expect the Company will be able to ramp-up production during Q3 2019.

Date: 08/08/2019

Since the beginning of 2019, Reabold has gained major exposure to the exciting West Newton discovery, potentially the biggest onshore UK gas discovery since 1973, while in the US; the company has drilled two wells apiece on the West Brentwood and Monroe Swell fields providing an ongoing 50% share of revenue from each field. Looking ahead, the appraisal programme on Iecea Mare in Romania provides major near term drilling exposure and the likelihood of an appraisal well on the Corallian operated Curlew-A prospect in H1 2020 has the potential to significantly augment Reabold’s UK business.

Date: 01/08/2019

Primorus has acquired a diverse portfolio of direct and indirect interests in a range
of companies in the natural resources, leisure, corporate services and brand licensing sectors. Operating a clear investment strategy, Primorus is typically a long term investor and uses several instruments to finance its investments including cash and shares while maintaining the capacity to issue debt securities or borrow to complete an investment. Primorus has established a track record of successful divestments and although the market for IPOs is currently challenging, Primorus notes that it remains underserved and we anticipate that the company will seek to crystallise the value of several of its investments, predominantly through the IPO channel, within the next 12-18 months.

Date: 31/07/2019

Since the beginning of the current year, Integumen has delivered a wide range of commercial and corporate milestones. These have included disposing of underperforming subsidiaries and the reduction of group indebtedness, the acquisition of RinoCloud to augment the growing Labskin business, new blue-chip customer agreements, significant expansion of facilities in York and Ireland and the appointment of key personnel.

Date: 30/07/2019

Highlands Natural Resources (HNR) is a diversified resources company with a broad portfolio of activities. The group’s core assets are located in Colorado and include a vertically integrated cannabidiol (CBD) products business and a 7.5% carried working interest in the East Denver Project, a producing oil and gas field. These businesses represent the foundations of HNR’s strategy to assemble a portfolio of projects whereby up to 80% of its assets generate sustainable revenue streams, complemented by more speculative projects which offer the potential for longer term capital appreciation.

Date: 29/07/2019

Reabold is making solid progress across its key areas of activity in Romania, the US and the UK. In particular, rig mobilisation to drill the Iecea Mare-1 appraisal well in Romania is expected to commence imminently. In California, the VG-4 well on the West Brentwood field has been placed on permanent production and at the Monroe Swell field, the operator is poised to re-enter the Burnett 2A and 2B wells to implement clean-up activities and restore the wells to initial production rates. In the UK, the results of a rig site survey for the Curlew-A prospect is also expected to be completed by the end of the week.

Date: 29/07/2019

Integumen has expanded its wound care business, LifeScienceHub Ltd (Wound pHase), through the extension of its technology licensing agreement with Cellulac plc, a company in which Integumen holds a 9.35% interest. This new remit will include the refinement of medical grade cannabidiol (CBD) derived from hemp for the development of CBD-infused wound dressings. This enhanced agreement will be in collaboration with the Department of Chemical Sciences at the University of Limerick and the Irish government supported body; the Research Centre for Resource Efficiency (tcbb RRSOURCE).

Date: 19/07/2019

Integumen has signed new open-ended agreements with two of the world’s Top-10 cosmetic companies for initial testing on multiple ingredients and products within its clients’ portfolios. The company has also announced that LabskinAI has completed Beta testing and has fully transitioned from a product sale only company to a virtual and physical test platform for new products.

Date: 18/07/2019

Coro has renegotiated the terms of the proposed acquisition of a 42.5% interest in the Bulu Production Sharing Contract (PSC) located offshore East Java in Indonesia. The Bulu PSC contains the Lengo gas field estimated to contain gross certified recoverable gas resources of 359 BCF.

Date: 17/07/2019

Egdon Resources, the operator of UK onshore licence PEDL253, in which Union Jack holds a 22% interest, has stated that further analysis of the results of the Biscathorpe-2 appraisal well confirms the likely presence of a 35 metre column of good quality oil in the Dinantian Limestone interval. This is coupled with elevated gas readings and oil shows within the well which indicates that a working hydrocarbon system exists within the PEDL253 licence area.

Date: 12/07/2019

Europa Metals is an exploration and development company focused on its wholly owned Toral Pb-Zn project in NW Spain. The company is currently drilling Toral’s high-grade core with the aim of collecting a bulk sample for metallurgical testwork as well as increasing confidence in the current JORC (2012) compliant inferred mineral resource estimate of 16Mt grading 3.9% Zn, 3.1% Pb and 24g/t Ag. Currently trading on an in-situ resource multiple (US$/t) of just 1.5x, the stock is significantly undervalued compared with our peer group multiple of 24.8x. As such, we value Europa at 0.095p per share which is a simple average between our DCF derived (0.13p per share) and our peer based (0.06p per share) relative in-situ valuation. Our blended valuation offers significant upside to the current share price.

Date: 08/07/2019

As a function of the restructuring of the company since the end of 2018, Integumen has delivered a nine fold increase in revenue in H1 2019. The company has also transformed the balance sheet with the disposal of underperforming subsidiaries, the removal of outstanding debt and the acquisition of RinoCloud to augment Integumen’s Labskin business. With a successful fundraising of £2.75m also completed in April 2019 providing significant working capital, we believe that Integumen is very well placed for continued sales growth in H2 2019.

Date: 19/06/2019

Falanx has been active on the corporate front during 2019. Following a successful £4.16m fund raising at the end of 2018, where the company attracted significant institutional support to the shareholder base, the company has also strengthened both the board and its team of advisers as it moves into its next phase of development. At the end of March it announced further growth in its third quarter and that its cash balances remained strong and were able to support its next phase of growth.

Date: 17/06/2019

Following the earlier distribution of the Union Jack Oil Research Note, we identified an error regarding the percentage holding of the Keddington oilfield. Please be aware that the interest held by Union Jack in the Keddington oilfield is 20% and not 10% as was previously stated.

Date: 17/06/2019

Preliminary data from the West Newton appraisal well suggests that the discovery is at least as big as the pre-drill estimate of 189 BCF of gas. This implies that West Newton could be the largest onshore UK gas field discovered since 1973, assuming that subsequent testing confirms the scale of the resource. Reabold holds an indirect interest of 24.7% through its 37.08% interest in the operator, Rathlin Energy (UK) Limited.

Date: 14/06/2019

Po Valley Energy Limited (PVE) is an ASX-listed oil and gas development and exploration company with a diverse portfolio of assets in Northern Italy. The company possesses preliminary approval for two key development assets, namely the Selva Malvezzi licence which contains the onshore Selva gas field, anticipated to be on production in 2020, and the Teodorico offshore gas discovery for which development plans are well advanced for the commencement of production in 2023. 

Date: 10/06/2019

Avacta has selected the Affimer molecule, AVA004, as its clinical development candidate for first-time-in human clinical trials on the Affimer platform. This represents an important milestone for the company and confirms that Avacta is on track to submit an IND/CTA application for an Affimer PD L1 inhibitor in the US and European markets by the end of 2020.

Date: 04/06/2019

Avacta is planning to submit an IND/CTA application in early 2020 to test the TMAC™ linker in a Phase I study in patients with selected tumours. The IND (Investigational New Drug) submission relates to the US application process while the CTA (Clinical Trial Application) applies to the European market. This is good news for the company as Avacta is in a position to test this critical TMAC linker in humans early in 2020, well ahead of its original plans.

Date: 28/05/2019

Labskin AI has entered into testing agreements with three exciting new clients. In aggregate, these contracts are worth approximately £290,000 with the value of all contract revenue expected to fall into the current year. In order to accommodate these agreements and anticipated new business, the company is also increasing its Labskin laboratory capacity by 50%. We believe that this latest news validates both Integumen’s strategy to focus on larger contracts from Labskin AI services and also the company’s expertise in Cannabidiol (CBD) based product testing.

Date: 10/05/2019

Midatech is focused on the research and development (R&D) of medicines for rare cancers. Through its portfolio of three proprietary drug delivery technology platforms, in tandem with a highly specialised team of scientists located in the UK and Spain, the company is developing novel drug delivery solutions to improve existing therapies and develop new treatments for a range of lethal diseases. Midatech focuses on making existing medicines better, using its proprietary technologies.

Date: 29/04/2019

Integumen is a vertically integrated business focused on the group’s core Labskin AI technology platform. Collaborations with a wide range of partners in the pharmaceutical and cosmetic products sectors, among many others, enable Labskin’s clients to test consumer products on acne, eczema, psoriasis and dandruff populated skin under real-world conditions, viewing the results in real-time.

Date: 18/04/2019

Tower is in the final stages of planning the NJOM3 appraisal well on the Njonjifield (Tower: 100%), located offshore Cameroon. NJOM3 is planned to be drilled to a total depth of 1,100m, probing at least three reservoirs zones identified by the NJOM1B and NJOM2 discovery wells. NJOM3 is designed to confirm the reservoir thickness on the Njonji field, supplement existing well data and evaluate additional formations that could provide valuable resource upside.

Date: 17/04/2019

Oil production from the VG-4 well at the West Brentwood field in California (Reabold 50%) has commenced at an initially constrained rate as a consequence of significant volumes of associated gas. However, a tie-in to the local gas pipeline is underway and when completed, daily volumes of both oil and gas can be increased significantly providing a significant increase in revenue to the company.

Date: 16/04/2019

Coro’s strategy to become a mid-tier South East Asian focused E&P company has accelerated with the news that the company has completed the cash and shares payments amounting to a total consideration of US$4.8m to acquire a 15% interest in the Duyung PSC offshore Indonesia. Additional to this, Coro has also provided a further US$10.5 contribution to the operator’s 2019 drilling campaign on the licence.

Date: 09/04/2019

Avacta’s interim results demonstrate that the company is making solid progress with its in-house therapeutic programmes and first-in-man clinical data for its Affimer therapeutic platform is expected in late 2020. This is underpinned by the company’s recent commercial agreements with LG Chem Life Sciences and Tufts University Medical School, among several others, which have the potential to deliver long term revenue growth to the company.

Date: 26/03/2019

Catenae Innovation is a provider of digital media and technology focused on Distributed Ledger Technology or ‘blockchain’ solutions. The company has developed a portfolio of products and services which have the potential to provide innovative solutions and commercial advantage to Catenae’s growing client base.

Date: 25/03/2019

W Resources has announced that the jig and mill for its flagship La Parrilla tungsten-tin project are on schedule for mechanical completion in the current
month and the majority of equipment for the company’s new concentrator is now on site. With completion of these key phases of development imminent and
most other infrastructure work complete, we expect that the company will be able to ramp-up production significantly in Q2 2019.

Get in touch with Turner Pope Investments