Research
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.

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: 27/01/2023
Actual Experience has released its preliminary results for the year ended 30 September 2022, in tandem with publication of its Annual Report and Accounts. While detailing financials very much in line with expectations set by the Group’s 15 December 2022 Trading Update, the Board very positively notes advanced discussions and trials continue not only with a large UK central government department, but also with two other leading professional services firms as part of their exacting process of selecting a preferred supplier for Human Experience (‘HX’) software analytics. Reflecting the fact that large public and private institutions now recognise a longer-term need for a system that can positively respond to the new, mostly hybrid, ways of working in the post-pandemic world, formal conversion of one or more of these into an extended, high-margin contract(s) upon their scheduled spring/summer 2023 completions will clearly represent a landmark moment for the Group.
Date: 27/01/2023
Ironveld has confirmed that its subsidiary, Ironveld Mining (Pty) Limited (‘Ironveld Mining’), has entered into a Joint Venture Agreement (‘JVA’) with Pace SA (Pty) Limited (‘Pace’), as equal partners to produce and sell Dense Media Separation (‘DMS’) grade magnetite from Ironveld’s mine in Limpopo, South Africa. Although not central to the Group’s business plan to produce High Purity Iron (‘HPI’) plus vanadium and titanium in slag, this offers potential to provide an important extra source of revenues at minimal cost with no technical risk to shareholders. Based on the proposed 50:50 joint venture, a maximum beneficiation capacity of 27,000tpm could deliver throughput of say, 15,000tpm to an existing, open competitive marketplace. First production and sales from the joint venture (‘JV’) are expected mid-2023, which is roughly in tandem with the schedule for the Group’s second and third furnaces to commence their own volume operations.
Date: 20/01/2023
Zephyr yesterday provided an operational update on its State 36-2 LNW-CC well (‘the Well’) at the Group’s flagship project in the Paradox Basin, Utah, USA, noting that substantial hydrocarbon flow had been encountered by intersecting an apparent major natural fracture network in the reservoir. As a result, the Board is now evaluating various revised completion options. These may include running production casing and completing the Well without drilling the remainder of the planned lateral, given the significant apparent volumes and that the hydraulic stimulation originally proposed is now unlikely to be required. While assessments remain at an early phase, this suggests potential improvement to Well economics via reduced completion costs, noting that historic Paradox wells that successfully intersect natural fractures have been prolific, enjoying high immediate production rates along with substantial ultimate oil recoveries.
Date: 13/01/2023
ValiRx has announced an equity placing (‘the Placing’) to raise c.£1 million (gross), through the allotment of new ordinary shares at an issue price of 11p each. In addition, to provide shareholders and other investors who did not initially have the opportunity to participate in the Placing to do so, the Group has granted an option (the ‘Broker Offer’) to allow further subscriptions of up to £0.5 million at the same price with priority to be given to existing shareholders. The result of the Broker Offer is expected to be announced on or around 17 January 2023. Utilising its existing share allotment authorities, ValiRx will issue the new ordinary shares in two tranches, with the Placing shares subject to a First Admission on 19 January 2023 and, conditional on the passing of the Fundraising Resolutions at a General Meeting to be convened on 2 February 2023, Broker Offer shares will be subject to a Second Admission on or around 6 February 2023.
Date: 10/01/2023
Ironveld has confirmed that Ironveld Smelting has completed refurbishment of the first of the three furnaces at the Rustenburg smelter complex and has successfully produced its first marketable products (High Purity Iron (‘HPI’) and titanium in slag) from magnetite ore. This marks a transformational step in the Group’s development. The coming weeks are expected to see the first furnace tested and optimised, while also being extended to include production of vanadium in slag (which requires a further processing step). Refurbishment of the second and third furnaces also remains ongoing, with both expected to enter production by April 2023. Given that all major technical challenges have been surmounted, with on-site stockpiling of feedstock having commenced at Rustenburg some weeks back along with existing offtake agreements guaranteeing sale prices, project risks have now reduced quite substantially.
Date: 09/01/2023
DeepVerge has released a full year 2022 revenue update. Unaudited revenues for the period were c.£17.2m (2021 audited revenue: £9.3m, 2020 audited revenue: £4.4m). Although this was some 5% below the market’s consensus expectation of £18m, management notes that this would have been achieved but for a significant element of recently signed contracts that instead will fall into the current year due to supply chain issues. Having plugged the working capital shortfall identified at the end of October 2022 through an oversubscribed £10.82m (gross, incl. Broker Offer) equity placing priced at 2.0p/share, the restructured Board is now reasonably comfortable with the Group balance sheet following repayment of the outstanding Riverfort loan (including interest) and retirement of the facility. Significantly, it went on to note that licence revenues featured strongly in 2022, as operations continued their progression from small and medium-ticket equipment sales toward larger £1m+ data and AI-focused contracts through partners.
Date: 29/12/2022
Ironveld has released its final results for the year ended 30 June 2022. Much as expected, the consolidated income statement details total administrative expenses roughly unchanged on the comparable period, in turn producing a loss for the 12-months of £811k (2021: £465k) as the Board prepared the Group’s extensive magnetite resource on South Africa’s Limpopo Province to commence mining operations before the end of CY2022. The transformational acquisition of an existing, mothballed 7.5MW capacity smelter in nearby Rustenburg (Ferrochrome Furnaces Pty Limited (‘FCF’)) that was first announced on 24 May 2022, in turn provides it with theopportunity to economically mine and process this ore into marketable products: high purity iron, vanadium in slag and titanium in slag. The new financial year has since seen things move forward rapidly, with the smelter undertaking an efficient refurbishment programme in tandem with facilitation of all necessary infrastructure at the mine.
Date: 21/12/2022
Zephyr has announced two complementary acquisitions that are expected to be substantially accretive for shareholders. These highly strategic moves comprise, (i) The acquisition of the remaining 25% (not presently owned by Zephyr) non-operated working interest (‘WI’) across the entirety of its operated federal unit in the Paradox Basin (the ‘Paradox’); and (ii) The acquisition of non-operated WIs (holdings ranging from 11% to 32%) in presently non-producing wells in the Williston Basin. The transactions are expected to be immediately accretive to shareholders across all measures, including the Group’s reserves and resources. This takes into account the consideration of up to US$3 million, payable by way of new locked-in ordinary shares for the vendor of the former, while also securing an US$8 million non-equity bridge loan (‘the Loan’) facility on favourable terms to part fund (including associated capital expenditure(‘CAPEX’)) the latter.
Date: 15/12/2022
Actual Experience has released a trading update for the financial year ended 30 September 2022, while also detailing recent progress regarding important commercial initiatives. Since its October 2022 launch, the Group’s substantially updated Digital Workplace Management Platform (‘DWMP’) has met uniformly positive reactions from both Partners and enterprise prospects. They recognise not only the wholly unique nature of this technological offering, but also that the shock transition to home-based and hybrid working initiated through the Pandemic must now be considered substantially irreversible. An enterprise’s ability to measure the impact that their digital workplace has on employee wellbeing and productivity, through which resources and investment must then be focussed in order to sustain ongoing operational improvements and heightened visibility, is clearly now key to their future success.
Date: 02/12/2022
Orosur has released assay results from four additional diamond drill holes at the Pepas and Pupino prospects located in the north of its Colombian Anzá Project (Anzá or ‘the Project’). Following rapidly behind releases of 6 September 2022 and 21 October 2022, which included quite exceptional thick, high grade gold intersections in holes PEP001 (150.90m @ 3.00g/t Au), PEP005 (36.85m @ 2.85m Au) and PEP007 (80.55m @ 3.05m Au), today’s results contrast quite markedly with identification of lower levels of gold mineralisation from PEP008 and PEP009 while PUP002 and PEP006 both failed to encounter significant anomalism. Such an outcome should not be considered particularly exceptional, however, given that epithermal gold systems are, by their very nature, complex and often require several phases to properly define their geometry before more substantial drilling can be expected to deliver a high level of success.
Date: 21/11/2022
Cora Gold has today released two separate RNS announcements. Both cover issues related to the Company’s flagship Sanankoro Gold Project (Sanankoro’ or ‘the Project’). The first details results from the asset’s long-awaited Definitive Feasibility Study (‘DFS’) along with its Maiden Reserves; the second provides Optimised Project Economics commissioned by Cora for the same. Sanankoro’s Maiden Reserves amount to 422koz @ 1.30g/t of Contained Au (representing a 64.2% conversion from the indicated category of the Project’s recently updated Mineral Resource Estimate (‘MRE’) of 657koz @ 1.27g/t Au). Based on a US$1,750/oz gold price (roughly where it is now), post tax DFS economics provide a 37.4% internal rate of return (‘IRR’) and a 1.5-year payback based on a 6.8-year life-of-mine (‘LOM’) and all-in sustaining costs (‘AISC’) of US$1,033/oz. This is modelled to generate US$228m post tax LOM free cash flow (‘FCF’).
Date: 18/11/2022
N4 Pharma has successfully raised £1.0 million (gross) new funding through an equity placing (‘the Placing’) priced at 2.0p/share. As agent for the Group, TPI has now also launched a broker offer (‘Broker Offer’) under which it invites subscriptions for additional new ordinary shares from qualifying shareholders for an initial expected value of £0.25 million, which may be extended with N4P’s express agreement to £1.0 million in the event the Broker Offer is oversubscribed. This fundraising follows the Group’s 4 October 2022 announcement that highlighted successful in vitro testing of Nuvec® loaded with two small interfering RNA (‘siRNA’) probes which achieved significant silencing of their respective genes. In accordance with its strategic update of 14 September 2022, this provides sufficient validation to commence further work covering both epidermal growth factor receptor (‘EGFR’) and B-cell lymphoma 2 (‘BCl-2’) in a PC9 lung cancer model.
Date: 14/11/2022
Midatech has enrolled the first patient into its Phase 1 study of MTX110 (‘MAGIC-G1 Study’) in recurrent glioblastoma (‘rGBM’) (National Clinical Trial (‘NCT’) ID: 05324501) at the Preston Robert Tisch Brain Tumor Center at Duke University, USA. This represents a significant step towards developing a potential new treatment paradigm for patients with this serious disease that currently has limited effective treatment options. MTX110 has already been granted Orphan Drug and Fast Track designations by the FDA and Orphan Medicinal Product designation by EMA. Sustaining its ‘multiple shots on goal’ strategy, this represents just one of Midatech’s pipeline of eight different programmes targeting improvements in bio-delivery/ biodistribution of existing drugs.
Date: 7/11/2022
Cora Gold has announced the results of an Exploration Target estimate (‘Exploration Target’) for the Group’s wider Sanankoro Gold Project (‘Sanankoro’ or the ‘Project’) in southern Mali. Completed by independent consultancy CSA Global, 12 selected target areas were assessed to contain between 26.0 Mt and 35.2 Mt with a grade range of 0.58 g/t Au to 1.21 g/t Au for a potential content of 490 koz Au to 1,370 koz Au. This comes on top of the 920koz declared in Sanankoro’s recently updated Mineral Resource Estimate (‘MRE’) of 657koz @ 1.27g/t Au that are presently in the indicated category, and for which TPI considers its forthcoming DFS will prospectively move c.75% into Probable Reserves. The fact that all prospects being considered are located predominantly in highly economical, low-cost soft oxides, while also noting the premium valuation achieved in May 2022 by Malian peer, Oklo Resources Limited, upon being acquired by B2Gold Corp. (TSX: BTO), suggests the Group remains significantly undervalued.
Date: 27/10/2022
DeepVerge has confirmed its successful raising of £10m (gross) new funding through a firm (the ‘First Tranche’) and conditional placing (the ‘Second Tranche’) and Subscription (‘Third Tranche’) (altogether ‘the Placing’) priced at 2.0p/share. The Placing was oversubscribed and received support from a number of new and existing institutional and other investors. A conditional (also ‘Third Tranche’) Broker Offer (‘the Broker Offer’) of up to a maximum number of 125m new shares has now also been launched to enable Turner Pope to accommodate additional demand under the Placing for qualifying parties on the same terms. Every 4 Placing shares will also have 1 Warrant attached, exercisable at 3.0p for a period of 12 months. DeepVerge’s Board and management have participated in the Placing through a subscription valued at £392,500.
Date: 24/10/2022
ValiRx has announced its formation of a new partially-owned subsidiary company, Cytolytix Limited (‘Cytolytix’), and that Cytolytix has signed an IP License Agreement with King’s College London (‘KCL’). Established to progress the Group’s triple negative breast cancer project, CLX001, through preclinical development to a stage of readiness for clinical trials, ValiRx holds 60% of the subsidiary’s shares with the balance being split between KCL (20%) and the molecule’s two academic inventors, with representatives from each party on its Board. Resulting from the strategy launched in 2020 to bring new academic projects into the Group’s pipeline, this is an important first step towards the commercialisation of innovative and protectable science being carried out in university departments.
Date: 21/10/2022
Orosur has released assay results from four additional diamond drill holes at the Pepas and Pupino prospects located in the north of its Colombian Anzá Project (Anzá or ‘the Project’). Located roughly 12km and 8km respectively from the central APTA prospect, these include three holes drilled from the same pad as PEP001 that delivered quite spectacular results from surface back on 6 September 2022. Confirming the impressive findings of the first hole, PEP005 produced a substantial, high-grade gold intersection of 36.85m @ 2.13g/t Au (including 2.00m @ 12.70g/t Au), while PEP007 delivering an even more impressive 80.55m @ 3.05g/t Au (including 41.75m @ 5.24g/t Au). Management accordingly now awaits results from better positioned holes that are currently underway to get an improved sense of the scale and shape of what appears to be a particularly exciting prospect.
Date: 20/10/2022
Nanoco has released its Preliminary Results for the year ended 31 July 2022. Detailing both revenues and Adj. LBITDA ahead of earlier expectations, the Board highlights not only strengthened belief and confidence in its ongoing litigation against Samsung, but also the long-term commercial visibility being generated through both existing development works and increasing customer engagements. Significant news flow is expected in the near term; this includes both visibility of commercial production orders for sensing materials in conjunction with preparations for production readiness by the end of H1 FY2022/23, while also anticipating full vindication of the Group’s robust IP defence when the trial takes place in Texas on a similar timeframe.
Date: 17/10/2022
Ironveld has released an update on recent progress by its wholly owned subsidiaries, Ironveld Smelting Pty Limited and Ironveld Mining Pty Limited, as they move the Group’s undeveloped and unique project (‘the Project’) in South Africa’s Bushveld complex towards production. It details delivery of pre-operations power to the Rustenburg smelter, while also noting that mine planning remains on track to provide it with ore during the current quarter. Significantly also, Ironveld and the sole creditor of Ferrochrome Furnaces Pty Limited (‘FCF’) have agreed all commercial issues in the Debt Purchase Agreement (‘DPA’); this is expected to be signed in the coming two weeks, following which steps to formally remove FCF from Business Rescue will be taken.
Date: 21/09/2022
There can be few operators in the corporate world that fail to recognise the scale of the immediate, global opportunity available to a successful digital workplace management platform (‘DWMP’). With the shock transition to home-based and hybrid working initiated through the Pandemic now considered to be substantially irreversible, an enterprise’s ability to measure the impact that their digital workplace has on employees and productivity, through which resources and investment can be focussed in order to sustain ongoing operational improvements and heightened visibility, is now clearly key to their future success. Although new participants will almost certainly attempt to crowd this rapidly expanding marketplace in future years, ACT’s highly developed and value-added products presently identify no direct competition, with would-be ‘copy-cats’ seemingly inhibited by the time and scale of investment required to emulate its offering. .
Date: 14/09/2022
Midatech has announced its unaudited interim results for the six months ended 30 June 2022. Very much in line with expectations, total revenue for the six months was £0.47m (H1 2021: £0.40m), coming entirely from R&D collaborations with Janssen in the absence of grant income. Cash burn of £3.63m (H1 2021: £3.34m) left the Group with a balance of £6.42m, which the Board considers sufficient to fund operations into Q1 2023 while also noting that it is now actively considering options for extending its runway. Significant news accompanying today’s release includes both a new opportunity to leverage the Group’s Q-Sphera technology through the targeted, intratumoral delivery of metabolic modulating agents and the impending start of the MXT110 trial in recurrent glioblastoma multiforme (‘rGBM’).
Date: 14/09/2022
Zephyr has announced its entering into a binding agreement (the ‘Agreement’) to acquire a package of oil and gas assets located on and around the Group’s Paradox project, Utah (the ‘Paradox project’). Enabling a substantial reduction in its anticipated forward capital requirements, the Agreement comprises 21 miles of natural gas gathering lines along with the Powerline Road gas processing plant (the ‘Plant’, which is not currently in operation), rights of way for additional gathering lines, active permits, five existing wellbores and additional acreage (the ‘New Acreage’) which is partly contiguous to Zephyr’s operated White Sands Unit (the ‘WSU’). The consideration for the asset package is US$750,000, which will be satisfied by a payment from existing cash resources plus the assumption of all future decommissioning, plugging and abandonment liabilities associated with the assets (estimated at US$2.5 million in today’s terms).
Date: 06/09/2022
Orosur has released assay results from the first three diamond drill holes at Pepas, a new prospect which is located in the north of its Colombian Anzá Project (Anzá or ‘the Project’). Significantly, these include a very substantial, high-grade gold intersection from surface of 150.90m @ 3.00g/t Au (including 102.40m @ 3.73g/t). Additional holes are currently underway across both the Pepas and Pupino prospects. Meanwhile, Orosur’s JV partner, Minera Monte Águila (‘MMA’), has informed the Company that it has met its expenditure commitment of US$4million for the current JV year, completing its minimum Phase 1 Earn-In Work Requirement. MMA may now elect (effective date, 7 September 2022) to enter into Phase 2 of the Agreement, which would require it to invest a further US$20m in qualifying exploration expenditure in the Project over a maximum of 4 years. If completed, such expenditure would see MMA earning an additional 14% equity in the Anzá Project for a total of 65%.
Date: 05/09/2022
Cora Gold has announced its unaudited interim results for the six months ended 30 June 2022. While delivering accounting numbers very much in line with expectations, the key objective of the Group’s 2022’s drill programmes at its flagship Sanankoro Gold Project (Sanankoro’ or the ‘Project’) in southern Mali, has been to add oxide Indicated ounces so as to enhance the Reserve potential in the ongoing Definitive Feasibility Study (‘DFS’), which is now nearing completion. Significantly also is the fact that new discoveries made during the period are in close proximity to existing Sanankoro resources, suggesting there remains plenty of future opportunity to identify further deposits and that the area remain in the early stages of developing its exploration potential.
Date: 31/08/2022
ValiRx has published its half yearly report for the period ended 30 June 2022 along with an update on significant post-period events. While reflecting on the geopolitical and macroeconomic complications faced, the Chairman’s statement confirmed not only that the strategic changes the Group initiated in 2021 continued during the period, but also the significance of its successful equity placing plus Broker Option that completed on 5 July 2022 with a total raise of £2.5m (gross). This provided a comfortable cash position going into the second half that should enable it to progress its collaborative development pipeline while also offering opportunity to explore a range of options to build-out the management’s translational contract research organisation (‘tCRO’) initiative with a view to adding new revenue streams to the business.
Date: 31/08/2022
Ironveld has announced its signing of the Share Purchase Agreement (‘SPA’) required to complete its acquisition of 100% of the share capital of Ferrochrome Furnaces (Pty) Limited (‘FCF’) (‘the Acquisition’) which will provide it with an existing smelting facility. Secured on highly attractive terms, this Rustenburg, South Africa, facility presents the opportunity to substantially de-risk the Group’s potentially world-class high purity iron, vanadium and titanium project in the Bushveld (‘the Project’), while allowing production that is expected to lead to early generation of cash flows. The purchase price plus refurbishment capex (including contingency) and ongoing working capital, is being provided through the c.£4.2m net proceeds Ironveld generated through its recently completed equity Placing and Broker Option.
Date: 25/08/2022
Zephyr has announced an increase in its operated land position through the acquisition of an additional 1,920 acres (the ‘new acreage’) in the Paradox Basin, Utah (the ‘Paradox’), while also providing an update on its State 16-2LN-CC operations and upcoming Paradox drilling programme. This prime new acreage, which is already located under Zephyr’s 3D seismic, not only adds valuable locations and resources, but also secures an immediate opportunity to complete a longer and more effective lateral at the upcoming State 36-2 LNW-CC well. The beneficial impact of the latter is expected to be delivered in terms of the well’s production potential and its estimated ultimate recovery. In the meantime, management is focused on recommencing production testing at the State 16-2 LN-CC, for which operational preparations are largely complete with long lead time items well in process.
Date: 24/08/2022
Alien has announced it has executed a binding put and call option agreement (‘Option Agreement’) with Windfield Metals Pty Ltd (‘Windfield’) which grants the Group the option to acquire an additional 39% interest in the Hancock and Brockman Direct Shipping (’DSO’) grade iron ore projects (‘the Projects’), through which its direct holding will rise from 51% to 90%. This key development milestone replaces the previous arrangement released on 20 May 2021, whereby Alien and Windfield had agreed for Alien to acquire 80% of Windfield (which holds the other 49% of the Projects), thereby providing it with an indirect 90% participation. Subject to certain conditions and title assignment, Alien now expects to exercise this cash, shares and warrants-based transaction early within the Option Agreement’s 18-month exercise period.
Date: 16/08/2022
Nanoco has released a year-end trading update, highlighting positive organic momentum along with its now extended cash runway ahead of the Samsung trial, which is expected to start on 12 September 2022. Unaudited revenues for the 12 months to end-July 2022 were up over 10% on the comparable period, with the Group order book more than doubling year-on-year following its securing of a fifth major works package from its existing important European electronics customer, along with additional development work and continued material supplies for a major Asian chemical company. Notwithstanding this of course, speculation regarding the Group’s ongoing litigation has powered a 180%+ rise in its share price since 17 May 2022, when the US Patent Trial and Appeal Board (‘PTAB’) ruled in its favour with respect of all 47 claims in the five patents that were subject to inter partes review (‘IPR’) for the case.
Date: 05/08/2022
DeepVerge has published a Trading Update detailing unaudited H1 2022 revenue growth of 95% to £6.47m (H1 2021: £3.32m). The release goes on to note that £8.87m of orders collected by the start of August have been booked for delivery in H2 2022 (H2 2021: £3.91m), while also conservatively providing updated full year 2022 revenue guidance that it now expects to be in excess of £18m (FY 2021: £9.3m). Given that this figure is somewhat below current market expectations and that it is expected to lead to a modest reduction in gross margins along with a slight increase in overheads, full year EBITDA will also fall short of consensus. TPI accordingly is temporarily suspending its financial forecasts and price target for DeepVerge while awaiting further updates.
Date: 19/07/2022
Cora Gold has completed an updated JORC 2012 compliant mineral resource estimate for its Sanankoro Gold Project, located in Southern Mali. The updated study sees a 14% increase in the total number of gold ounces compared to the November 2021 resource estimate. The total resource estimate now stands at 920,000 ounces (oz) of gold (Au) at a grade of 1.15 grammes per tonne (g/t).
Date: 15/07/2022
MGC has announced the results of a successful clinical study (‘the Study’) into the influence of its proprietary product, ArtemiC Support®, on patients with Post-Acute COVID Syndrome, also known as Long COVID. These demonstrate the statistically-significant efficacy of ArtemiC Support® in reducing the severity of a range of related symptoms, including Dyspnea, Cough, Asthenia, Headache and Mental Confusion, and represent another step forward in demonstrating the ArtemiCTM range’s efficacy in treating patients suffering from both COVID-19 and Long COVID. Considering also the confirmation of 27 June 2022 that that its sister product, CimetrA™, which is based on the same four natural ingredients, detailed results from a preclinical in vitro study that indicated it has further wide-ranging application as an anti-inflammatory treatment, potentially making it suitable for use in a number of additional common health conditions, their combined treatment opportunity appears to have expanded considerably.
Date: 13/07/2022
Further to its announcement of 11 May 2022, Powerhouse has today agreed a heads-of-terms (‘HoT’) with Hydrogen Utopia International plc (AQSE: HUI, ‘HUI’), the Group’s independent agent for its Distributed Modular Gasification (‘DMG®‘) technology, for the joint development of a waste plastic to hydrogen facility at Lanespark in Co. Tipperary, Ireland (‘the Lanespark Project’). Subject to obtaining acceptable title to the proposed site and completion of relevant project documentation, PHE and HUI have agreed to establish an equally-owned joint venture vehicle (‘the JV’), which shares all development costs on a 50:50 basis. Located in a region that offers supply of feedstock along with opportunity to secure both offtake agreements and grants, this pioneering European facility has potential to become a global showcase for DMG® technology.
Date: 13/07/2022
Ironveld has raised £4.0 million (gross) through a conditional equity placing (‘the Placing’) priced at 0.3p/share (‘the Fundraising’) to finance the acquisition (‘the Acquisition’) and development of an existing 7.5MW smelter complex, currently in business rescue, from its sole creditor plus associated working capital. In addition, a Broker Option to raise a maximum of £1.0m, which also remains subject to shareholder approval, has been arranged through TPI to enable existing shareholders to participate in the fundraising on the same terms as the Placing. The Broker Option will be open for 48 hours following the release of today’s announcement, for which qualifying investors should communicate their interest direct to their TPI contact, or otherwise via an authorised market counterpart.
Date: 04/07/2022
TPI considers there is opportunity for activity levels and customer enquiries at eEnergy’s capital-free Energy Efficiency (‘EE’) and value-added, high-margin Energy Management (‘EM’) divisions to have recovered quite sharply since the Group released a cautionary Trading Update on 4 May 2022. At the time, management noted that extended COVID-19 lockdowns together with the shock response to spiralling energy prices due to the war in Ukraine were likely to result in full year revenues falling below the market’s admittedly ambitious consensus. But after initially stumbling on these unavoidable circumstances, customers are likely to have responded by intensifying their search for reduced consumption while also looking to successfully navigate the complex energy markets through smart procurement and effective risk management.
Date: 04/07/2022
News releases from DeepVerge’s human health and environmental test services divisions demonstrate not only that their activity levels continue to increase, but also that marketing reach is expanding by both geography and business sector. On 30th June 2022, Modern Water confirmed it had seen Q2 demand from China and South Asia rebound strongly, with orders in excess of £3m received for delivery during the current financial year. Also, for the first time, this included monitoring and membrane sales to the high value microchip fabrication sector, which now presents significant new sales opportunities going forward. Today, a further announcement from the Group’s consumer offering, Skin Trust Club, highlights its generation of £1m plus maiden revenues in Q2, while agreeing multiple new marketing and distribution agreements in UK & US.
Date: 29/06/2022
Last Friday, MGC and AMC Holdings Inc. (‘AMC’) senior executives met with University of South Florida (‘USF’) department heads to plan the commencement of a US Clinical Trial for CimetrA™, further to the US Supply and Distribution Agreement the parties executed in August 2021. Scheduled to begin in Q3 2022 following the Group’s submission of an application to the FDA as a materially advanced Investigational New Drug (‘IND’), they also advanced discussions regarding regulatory approvals for the use of MGC’s leading phyto-cannabinoid medicines, CogniCann® and CannEpil®, in the USA under existing early patient access schemes. A further announcement released on Monday also detailed results from a preclinical in vitro study that indicates CimetrA™ has a wide-ranging application as an anti-inflammatory treatment, potentially making it suitable for use in a number of additional common health conditions.
Date: 27/06/2022
Orosur has released assay results from the final five additional holes drilled at the APTA prospect. Much as expected, MAP-101 to 105 reflect lower levels of gold anomalism compared to previously drilled holes, but do show some high-grade base metal results, similar to intersections from previous drilling, adding further support to the theory that the mineralisation being uncovered forms part of a hybrid volcanogenic massive sulphide (‘VMS’)/intermediate-sulfidation epithermal ore system. This last batch of holes were largely focused on resolving stratigraphic and structural issues at APTA, while waiting for permitting and access to be developed at the highly prospective northern prospects of Pepas and Pupino where several anomalous targets, identified through surface mapping and sampling, geophysics and geochemistry, will be tested.
Date: 23/06/2022
DeepVerge has released its audited financial results for the year ended 31 December 2021, along with publication of its AR&A. Delivering triple digit percentage growth for the third year running despite incurring supply chain complication during the peak of the COVID-19 crisis, the Group recorded positive second half adj. EBITDA profits for the first time in its history. With operations now centred around its two distinct, high growth divisions covering human health and environmental test services that continue to expand by product, numbers of customers and geography, the Board’s confidence for 2022E remains high. Based on its Q1 performance and strong forward order book, TPI anticipates delivery of yet another year of triple digit percentage sales growth.
Date: 07/06/2022
Following completion of the successful test on the State 16-2LN-CC well in December 2021, and after a detailed evaluation of various options for natural gas sales and export, Zephyr’s Board has elected to recommence production from the well in conjunction with the completion of a new Zephyr owned crypto-currency mining facility on the State 16-2 well pad which is now under development. Investment required to launch the initial 1 megawatt (‘MW’) crypto-mining facility (capital expenditure forecast to be less than US$2 million) will be taken from existing cash resources or in conjunction with third party investors, with facility capital payback expected in under two years at current crypto-currency prices. By fast-tracking equipment procurement to enable the crypto-mine to become operational in c.8-12 weeks, with necessary well work being conducted on the same timeframe, Zephyr’s Board expects to meet multiple objectives.
Date: 06/06/2022
MGC has confirmed its recently completed Phase II Clinical Trial (‘the Study’) for its proprietary dementia treatment, CogniCann®, demonstrates full safety and preliminary efficacy profile. The Study also reinforced confidence in the phytocannabinoid-derived Investigational Medicinal Product’s ability to inhibit deterioration in the behaviour of patients with Dementia, of which Alzheimer’s Disease is the most common cause. As such, the positive results will now be used in the design of the next phase of its clinical trials, including defining appropriate End Points and patient sample size.
Date: 06/06/2022
Midatech confirmed last Wednesday that it had been granted Fast Track designation by the US Food and Drug Administration (‘FDA’), for the treatment of recurrent glioblastoma multiforme (‘rGBM’) through its MTX110 development programme. This important milestone follows clearance of its Investigational New Drug (‘IND’) application for a Phase 1 study of the drug, a Panobinostat complex to be administered by convection enhanced delivery (‘CED’) in patients, on 13 December 2021. The Group initiated preparations for a signal-finding study to commence before the end of H1 2022 that could point the way to a new treatment paradigm for this intractable brain cancer. First data could be available as early as Q4 2022. With the Group’s monthly cash burn having been reduced to c.£0.5 million, and having successfully raised £10 million (gross) through a UK equity placing on 29 June 2021, its Board expects to have sufficient cash resources to fund operations into the first quarter of 2023.
Date: 06/06/2022
Two separate releases from Nanoco today have confirmed both the winning of a full year service contract from its major European electronics customer, and a successful £2.25m fundraising by way of a Placing and Subscription (together ‘the Fundraising) priced at 37p/share (or less than a 4% discount to last Wednesday’s close). Subject to their having opened an account with TPI, qualifying investors now also have the opportunity to participate on the same terms and conditions as the Fundraising through a Broker Option (‘the Broker Option’), simply by communicating their interest to TPI before 5:00pm on Tuesday, 7 June 2022. The total Fundraise resulting will not exceed the equivalent of approximately 5.0% of the Group’s issued share capital immediately prior to the exercise commencing. Following its agreement to act as sole bookrunner for the total Fundraise, Nanoco also appointed TPI as its joint broker with immediate effect.
Date: 31/05/2022
Microsaic has announced audited financial results for the year ended 31 December 2021, concurrently releasing its Annual Report & Accounts. Reflecting a period during which the new management began transforming the Group’s proprietary equipment-only sales model, to a partner-based one that adds contract micro-engineering design, build and commissioning of client equipment as a core source of revenue, improved momentum witnessed in recent months suggests potential to significantly boost forward prospects. A range of medical, environmental and bio-processing test services are also being facilitated using the Group’s proprietary mass spectrometry equipment beyond this for external clients, also presents opportunity to generate further streams of longer-term, recurring revenues. Starting from a low base, total sales for the period more than tripled those reported for FY2021, while also delivering a sharp reduction in Adj.
Date: 30/05/2022
Cora Gold has announced the third and final set of drill results from its now completed 2022 drill programme (‘the Programme’) at the Group’s Sanankoro Gold Project (‘Sanankoro’ or the ‘Project’) in southern Mali. They include some of its best results of the year, such as an exceptional 12m @ 7.61 g/t Au from 18m depth from an oxide drill hole on Selin South based on which management now expects to add new Indicated Mineral Resources. While the Board’s primarily goal is to add mineable ounces to grow its Ore Reserve in the forthcoming, fully funded definitive feasibility study (‘DFS’) that will define the scale and economics of the principal asset, the Programme’s overall results have not only provided the Board with sufficient confidence to propose a further update of the Project’s mineral resource estimate (‘MRE’), but also reasonable expectation that the DFS will deliver an extension to Sanankoro’s projected life of mine (‘LOM’).
Date: 30/05/2022
Following its signing of a Memorandum of Understanding (‘MoU’) with Abingdon Health plc (‘Abingdon’, AIM: ABDX) on 29 March 2022, DeepVerge has announced that its wholly-owned subsidiary, Innovenn UK Limited (‘Innovenn’) has entered a Testing Services Framework Agreement (‘the Agreement’) with Abingdon for development and manufacture of a range of Lateral Flow Tests (‘LFT’) for the Modern Water, Labskin and Skin Trust Medical divisions of the Group. Management’s ambition is to integrate and digitise available analogue data through hand-held test devices for both professional and residential users, thereby potentially playing a key role in the identification of localised hotspots well beyond SARS-CoV-2 through diagnosis of existing and prospective ranges of other hazardous pathogens in domestic drinking/wastewater, as well as assessment of human wellness conditions.
Date: 26/05/2022
Ironveld confirmed on 24 May 2022 its signing of a Heads of Terms to acquire 100% of the share capital of Ferrochrome Furnaces (Pty) Limited (‘FCF’) (the ‘Acquisition’), which will provide the Group with an existing smelting facility. Located reasonably close to the Group’s potentially world-class high purity iron, vanadium and titanium project in the Bushveld (‘the Project’), this offers potential to substantially de-risk its overall opportunity by significantly accelerating the start of commercial mining and processing, leading directly to early cash generation.
Date: 18/05/2022
Cora Gold has published the latest round of drill results from its Sanankoro Gold Project, located in Southern Mali. These results come from the Zone B North Deposit(Figure 1) and continue to demonstrate a broad consistent area of gold mineralisation in the near surface, with some large intersections and high grades. This programme has been designed to both increase inferred resource ounces to indicated resource ounces and add additional ounces to the resource estimate.
Date: 09/05/2022
Cora Gold has announced the first drill results from the 2022 drill programme (‘the Programme’) at its flagship Sanankoro Gold Project (‘Sanankoro’ or ‘the Project’) in southern Mali. Holes from this aircore (‘AC’) and reverse circulation (‘RC’) programme have delivered a number of shallow oxide intercepts, including 25m @ 2.38 g/t Au, which add confidence into the Programme’s dual focus of both increasing the Project’s Indicated Mineral Resources (through conversion of existing Inferred material) while also targeting new discoveries to add to its future growth potential. Following up also on initial shallow AC holes, two new discoveries identified in close proximity to the existing Mineral Resources, Fode 1 and Target 6, now await imminent RC drill results that may serve to further highlight just how extensive the mineralisation at Sanankoro could ultimately prove to be. Indeed, the scale and economics of the principal asset, which are being defined in a fully funded definitive feasibility study (‘DFS’) that is due for release in Q2 2022, might be seen as just a first step.
Date: 05/05/2022
eEnergy yesterday announced a trading update and a senior change at Board-level. While the Group’s underlying message remains one of strong sales momentum, with record contract signings across the Group’s two core divisions during Q3 FY22, complications including both extended COVID-19 lockdowns and longer than expected conversion times for multi-service contracts, means that management now expects full year results to undershoot market consensus forecast. In terms of numbers, revenues are seen falling c.12% below consensus to c.£23m, with adjusted EBITDA not surprisingly being hit harder still, off some 30% to c.£3m, due to operational gearing and shortfalls concentrated in Energy Efficiency operations, most specifically from Ireland. Such ‘growing pains’ may, arguably, have been exacerbated by the expansion delivered from a business created through four complementary acquisitions over two years post-Admission, but this nevertheless has built a compelling and unique business model that empowers organisations to achieve net zero while transitioning to clean energy without the need for upfront investment.
Date: 03/05/2022
Coming shortly after last week’s publication of its third quarter numbers to end-February 2022, Orosur has today released positive results from the first soil sampling program at El Pantano, its early-stage gold and silver exploration joint venture project (‘the Project’) in the Deseado Massif region of Santa Cruz state in southern Argentina. A reconnaissance geochemical soil sampling program at the Project’s La Esfinge prospect has returned highly anomalous results in gold and several other pathfinder elements over a 3.3km strike length of the target, with moderate level anomalism over an additional 3.4km of the target. Although remaining extremely preliminary in nature, these results are a positive indicator of an epithermal system along a substantial strike length of this virgin prospect. As a result, the Group’s geological teams are now returning to El Pantano to carry out a short in-fill program to help better define the scale and nature of the key anomalies before the approaching winter.
Date: 26/04/2022
LST has published its Annual Report & Accounts for the year to end-November 2021. This follows the Group’s AIM Admission on 15 October 2021, in conjunction with which it raised £5.0m (gross) new primary equity funding to provide the growth capital required to continue developing and capitalising on multiple opportunities identified within its two operational divisions. While the Board remains confident that investment to further automate production lines of its long-established and cash generative UK-based contract electronics manufacturing (‘CEM’) business, UK Circuits, will enable it to secure larger contracts going forward, and that expansion of its controlled environment agriculture (‘CEA’) division, Light Science Technologies Limited (‘LSTL’), into new markets will be rewarded through improved contract visibility, LST and its wider industry peer group are nevertheless facing certain highly documented, continuing challenges.
Date: 26/04/2022
Zephyr has published much-anticipated highlights from its updated Competent Person’s Report (‘CPR’) covering its assets in the Paradox Basin, Utah (the ‘Paradox Project’). More fully recognising its scale and substantial long-term production potential, the independent reserves and resource evaluation not only permits management to book first Paradox Basin Proved Reserves based on the success of State 16-2, but also details a substantial increase on the 2018 CPR’s Contingent Resource estimates across the Cane Creek Reservoir along with a Maiden Prospective Resource Estimate. Combining Zephyr’s total Paradox Basin 2P Proved Reserves with those of its existing Williston Basin non-operated portfolio now produces an estimated net present value at a ten per cent discount rate (‘NPV-10’) of over US$111 million (up from zero value ascribed in 2018) with substantial multiples of additional upside potential from success cases related to its contingent and prospective resources.
Date: 25/04/2022
Orosur has released an update on the progress of the drilling campaign underway at the Company’s Anzá Project (‘the Project’) in Colombia. Having completed 35 holes (MAP-072 to MAP-105) for a total of 15,195 metres at the central APTA prospect, the rig has been mobilised to the NE of the Project area in anticipation of commencing work at the next target know as Pepas. Two further rigs, which are currently in the process of being imported into Colombia with a view to additional drilling not only at APTA but also at Pepas and Pupino, are expected to arrive on site in the next several weeks. Given that almost all drilling to date has concentrated at APTA which has at times delivered quite spectacular results yet only represents about 5% of the strike length of the Aragon fault, this news clearly reflects Minera Monte Águila’s (the Operator, ‘MMA’) wider ambitions for the Project. Indeed, Orosur’s Board has repeatedly noted that majors like Newmont Corporation (NYSE: NEM, TSX: NEM) and Agnico Eagle Mines Ltd.
Date: 25/04/2022
Alien has announced the intersection of further high-grade silver and base metals mineralisation at its Elizabeth Hill Silver Project in the Pilbara Region of Western Australia. Results from the 15 Reverse Circulation (‘RC’) drill holes completed in the second phase of its inaugural drilling programme provide further confirmation of exceptionally high-grade silver mineralisation within the historic orebody, including a significant intersection of 8m @ 4,233 g/t Ag (149oz/t Ag) from 66m. While listing amongst the highest silver grades uncovered across Australia, the shallow southerly dipping sulphide body also contains a range of base metals including copper, nickel, cobalt, zinc and lead, which have potential to be classed as significant associated products in a production scenario. Indeed, today’s final batch of assay results suggest the presence of wide intersections in the eastern mafic units running parallel to Elizabeth Hill’s silver deposit with potential to present as a significant base-metal VMS style target.
Date: 21/04/2022
Perfect timing! As suggested in its production update announcement of 8 April 2022, Zephyr has now hedged a substantial portion of its forecast non-operated production. A programme (the ‘Programme’) related to 328,000 barrels (‘bbls’) of oil production from its non-operated asset portfolio over the next two years is designed to ensure receipt of over US$30 million of forecast revenue during that period. In so doing, the Programme has been structured to provide cashflow surety related to the Group’s senior debt obligations, as well as to materially de-risk funding requirements for the proposed upcoming drilling campaign at its flagship Paradox Basin project (the “Paradox project”). Accordingly, by taking advantage of the strong current oil and natural gas pricing environment, management expects all of its forecast capital commitments, for at least the next 12 months, to be fully funded through a combination of existing cash resources and cash flow from production.
Date: 19/04/2022
News updates from both DeepVerge and Microsaic have been released this morning. While providing a trading update for its traditionally quiet first quarter, in which Q1 2022 produced record unaudited sales up 84% to £2.38m, DeepVerge also confirmed one of its divisions had signed a Manufacturing Services Framework Agreement (‘MSFA’) with Microsaic with an initial contract worth £400,000, while also noting that it is presently seeing post-COVID market and sales activity intensify across all its international markets. Significantly, the Group’s Chief Executive Officer, Gerard Brandon, went on to note that “Growth remains on track to achieve triple digit percentage revenue growth year-on-year, similar to the last 3 and a half years”.
Date: 08/04/2022
Zephyr has released a production update from its now fully-integrated, non-operated Williston Basin portfolio. Q1 2022 operational production rates averaged 1,643 barrels of oil equivalent per day (‘boepd’) net to Zephyr, which was comfortably ahead of management’s expectations and represented a record-breaking production quarter for the Group. As of end-March 2022, Zephyr had a total of 185 non-operated wells available for production, including 7 wells which came online during the first quarter, plus a further 16 expected over the next six months. As a result, Zephyr received cash flow of c.US$6 million from its non-operated assets in March 2022, being the first month to include contributions from the additional Williston Basin assets (‘the Acquisition’) that were secured immediately prior to the surge in commodity prices that resulted from the onset of war in Ukraine.
Date: 29/03/2022
DeepVerge has announced the signing of a Memorandum of Understanding (‘MoU’) with Abingdon Health plc (‘Abingdon’, AIM: ABDX), which is expected to lead to a commercial agreement for development and manufacture of a range of Lateral Flow Tests (‘LFTs’) for the Group’s Environmental Health and Life Science divisions. Management’s ambition is to integrate and digitise this analogue data into Modern Water’s hand-held test device for residential households, thereby potentially playing a key role in the identification of localised hotspots beyond SARS-CoV-2 through diagnosis of existing and prospective ranges of other hazardous pathogens in domestic drinking and wastewater. Today’s release also confirmed a further extension of Skin Trust Club’s Medical and Wellness testing to include hormone analysis, stress and vitamin D levels, along with numerous other significant health markers.
Date: 28/03/2022
DeepVerge has announced that the first six installations of Modern Water’s post-Pandemic Microtox®PD wastewater pathogen detection system have been deployed to various sites in the UK, as part of the Environmental Monitoring for Health Protection (‘EMHP’) programme. A team from the Group’s 100%-owned subsidiary are also working with the Joint Biosecurity Centre, part of NHS Test & Trace service, to trial a national system of ‘sentinel’ sewage works that are designed to act as an early warning system to identify spikes of the most common variants of the SARS-CoV-2 virus. Wastewater surveillance testing presently takes place at c.470 sites across England between four and seven times per week, targeting the existence of a range of viruses and chemicals that are potentially hazardous to public health.
Date: 23/03/2022
Further to its announcements of 24 November 2021 and 22 December 2021, Alien has completed the acquisition (‘the Acquisition’) of a 100% interest in the Munni Munni Platinum Group Metals and Gold Project in the West Pilbara, Western Australia (‘Munni Munni’, ‘the Project’). Covering four granted Mining Leases and one Exploration Lease over a combined 75.9 km2, the Project’s operatorship and ownership will now pass to the Group from Artemis Resources Limited (ARV: ASX) (‘ARV’). Hosting what is generally considered to be one of Australia’s largest platinum group elements (‘PGE’) deposits, which has seen more than AUD$20m spent on it over the past two decades, Alien’s Board considers there is significant potential to rapidly update feasibility and development planning of this exciting palladium-dominant opportunity.
Date: 17/03/2022
eEnergy yesterday announced results for the six months ended 31 December 2021. As foreshadowed in its pre-close trading update and full year outlook released on 27 January 2022, management delivered significant gains in both revenues and profitability during the period, while also confirming significant strategic progress towards its stated goal of providing a simple, end-to-end solution to enterprises seeking an economic and effective path to Net Zero emissions. The completion of four complementary acquisitions since Admission, now enables the Group to offer a broad range of products, services and expertise in energy management, energy efficiency, intelligent measurement and analysis, through which it is cultivating a large and relevant customer base that presents multiple longer-term and cross-selling opportunities.
Date: 11/03/2022
DeepVerge has announced a 39% increase in production orders for Modern Water equipment in Q1 2022, taking its current order book to around £5m for a range of drinking water testing, contamination and SARS-CoV-2 detection equipment. Expected to be delivered during the current financial year, this is the highest level of Q1 production orders ever recorded by Modern Water and spreads across its range of existing Microtox® (LX, FX and CTM) and Microtrace (trace metal) units, as well as the new pathogen detection units which will go into mass production in the next few months. With a fresh resurgence of COVID cases recently becoming evident in the west, particularly amongst older people, primarily due to increased socialising, waning immunity and a more transmissible version of the Omicron variant, international governments have already begun pushing a further round of booster vaccinations onto their populations while their water utilities anticipate a regulatory requirement for the semi-permanent nationwide installation of early-warning equipment capable of identifying the emergence of localised viral conditions.
Date: 08/03/2022
Orosur has released assay results from four diamond drillholes at its flagship Anzá Project (‘the Project’) in Colombia. These include a number of very positive high-grade gold intersections – 6.06m @ 2.72g/t Au, 14.2m @ 1.84 g/t Au, 8.35m @ 14.27 g/t Au, and 59.15m @ 0.91 g/t Au – which have enabled the definition of several new priority zones as well as a potential new area at depth for the prospect. Significantly also, Covid-19 has now abated in the country to the extent that field activities can be undertaken more freely, with management anticipating the restart of drill campaigns focussed on target areas. With the Project’s operatorship hand-over to Minera Monte Águila (the JV between Newmont Corporation and Agnico Eagle Mines Limited) having been completed in late 2021, significant technical and logistical capacity has now been freed-up.
Date: 02/03/2022
Cora Gold has announced a new surface gold discovery at the Group’s flagship Sanankoro Gold Project (‘Sanankoro’ or the ‘Project’) in southern Mali, in previously unexplored areas 7km from the Zone A deposit. While management retains its primary focus of advancing the Project into an open-pittable, free-digging oxide mine as swiftly as possible, it nevertheless continues to seek opportunities to build on existing resources through new discoveries. Given the Bokoro permit’s close proximity to the flagship asset, the fact that selected rock samples have delivered assay results up to 0.85 g/t gold (‘Au’) serve well to highlight just how extensive the mineralisation at Sanankoro could ultimately prove to be. Indeed, the scale and economics of the principal asset, that are due to be defined in a fully funded definitive feasibility study (‘DFS’) during H1 2022, might be seen as just a first step.
Date: 02/03/2022
Alien has provided an update on assay results from its Phase 3 drilling programme at the Group’s Hancock Iron Ore project, part of its Hamersley Iron Ore Project in Western Australia. With 17 of the 46 reverse circulation (‘RC’) holes returning high grade intersections that enhance last month’s results from a series of bulk sample grabs which produced an average grade of 62.2% Fe along with a low level of impurities, this confirms not only the existence of significant extensions to the existing Inferred Resource but also contributes important in-fill data for the Ridge C and E resources. Alien’s consulting resource geologist is now reviewing all recently produced and existing drilling data to advise on any updates to the existing resource, while management plans its next phase of drilling that is expected to commence within the next two to three months with the aim of further increasing the existing resource as well as testing new target ridges.
Get in touch with Turner Pope Investments
or give our friendly office a call on 020 3657 0050