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Date: 23/03/2026
Exactly on schedule, Futura has released results from a Home User Test (‘HUT’) study that positively compared its current Eroxon® product with its prototype formulation, Eroxon® Intense (‘Intense’). While detailing an overall improvement on the original Phase 3 study for Eroxon®, the HUT also provided confidence that the new Intense formula delivers a statistically significant greater sensorial effect over the original formulation, particularly in the first two minutes after application. It was also able to confirm that a more targeted marketing approach to consumers under 60 years of age with mild to moderate erectile dysfunction (‘ED’) will likely lead to improved efficacy and satisfaction rates, thus driving higher in-market repeat purchases.
Date: 18/03/2026
Aptamer has announced its launch of a new targeted Optimer® radiopharmaceutical programme in collaboration with Radiopharmium Limited (‘Radiopharmium’), a UK-based consultancy that provides specialist expertise, access to facilities and sector contacts, ranging from early-stage research to manufacturing. The Group has identified three strategic therapeutic targets, representing high value clinical indications, for which Optimer® Radionuclide Drug Conjugates (‘RDCs’) will be developed. Properties of the platform’s high-affinity oligonucleotide-based binders, which include enhanced tissue penetration, reduced immunogenicity and ease of chemical optimisation, ideally position them to address numerous, significant limitations inherent to the existing technology.
Date: 24/02/2026
N4 Pharma has announced its appointment of a new Chief Executive Officer (‘CEO’) along with a Strategic Update, while proposing to change the Group’s name to Thalia Therapeutics plc (‘Thalia’). Implementation of its new expanded strategy includes transition into a therapeutic biotechnology company focused on advancing internally generated and highly innovative RNA-based therapeutics, in tandem with continued progression of its existing novel delivery technology, Nuvec®. Dr David H Solomon has assumed the role of N4P’s CEO; Nigel Theobald, the Group’s founder, has stepped down as CEO and a director of N4P with immediate effect to enjoy his retirement.
Date: 17/02/2026
Metir has announced the successful completion of Phase 1 of its collaboration with Aptamer Group plc, achieving the agreed technical feasibility objectives for development of novel Optimer® binders intended for integration into the Company’s real-time, continuous Pathogen Detector platform. This follows it entering a contract with Aptamer on 11 September 2025, targeting rapid detection of Cryptosporidium parvum oocysts in water. Having identified no technical barriers during initial feasibility studies, results provide confidence for progression into Phase 2 of the programme in which Aptamer will seek to finalise development of a functional Cryptosporidium Optimer® suitable for commercial use.
Date: 10/02/2026
Orosur has released a much anticipated maiden Mineral Resource Estimate (‘MRE’) for its Pepas gold deposit, detailing a total of 1.33Mt @ 5.11g/t Au for 219,000 contained ounces. With mineralisation starting at surface and 92% in the Indicated category, the outlining of a proposed mining development plan based on the MRE findings is likely to be the Group’s first step toward securing Colombian regulatory compliance and permitting for the deposit through development of a Programa de Trabajo y Orbras (‘PTO’), in an overall process that is likely to take several months to complete. While the estimated number of resource ounces is close to TPI’s initial production forecast of 238,000oz over a 12 year life-of-mine (‘LOM’) (as originally outlined on 18 September 2025), the overall declared Au grading is almost 22% higher. Reworking TPI’s model on this basis, while retaining metallurgical recovery at 87% and processing efficiency of 96.9%, the deposit is projected to have a low All-in Sustaining Cost (‘AISC’) of US$1,281/oz*.
Date: 04/02/2026
Futura has released a positive unaudited trading update for its year ended 31 December 2025 (FY2025). Revenue for the period totalled £1.7m, which is slightly ahead of the £1.3m to £1.4m range guided by management last September. It also confirmed the Group expects to receive a US patent milestone payment from Haleon conditional upon the granting of a US Patent for Eroxon®, its erectile dysfunction (‘ED’) over-the-counter (‘OTC’) product, during H1 2026 of US$2.5m along with a FY2025 tax credit refund of c.£0.3m. Following its successful £2.75m (gross) fundraise in November 2025, net cash at the period end amounted to £3.4m which, together with the incoming funds detailed above, is expected to provide Futura with a cash runway out to December 2026, even in the event of nil Eroxon® sales over the period.
Date: 13/01/2026
Metir has released a trading update for the 12-months ended 31 December 2025 (‘FY2025’), ahead of publication of its Annual Report & Accounts in May. Bob Moore, Executive Chairman and Chief Executive Officer confirmed that, in line with expectations, the year marked a period of strong commercial progress, with customer demand continuing to grow across Modern Water’s instrument, reagent and testing kit portfolio. Following last month’s £1m (gross) equity fundraise, actions have been rapidly put in place to resolve issues surrounding the Group’s limited outsourced manufacturing capacity that constrained its FY2025’s performance.
Date: 12/01/2026
Futura has released positive results from its WSD4000 Early Feasibility Study (‘EFS’), detailing a highly significant statistical improvement in sexual function in women along with clear positive trend. Such response metrics are suggestive of a breakthrough product capable of delivering consistent and marked improvement in impaired female sexual function (‘FSD’). This builds substantially on the Board’s existing confidence as it progresses its design of a pivotal Phase 3 clinical study that is expects to complete during Q3 2027.
Date: 08/01/2026
Excitement continues to build for Orosur. Gold assay results from the final three Pepas prospect (‘Pepas’ or ‘the Prospect’) infill holes have now been released. These delivered further exceptional gradings from surface, reinforcing the view that Pepas’ core contains very thick, high-grade zones of gold mineralisation. Upon receipt, the database was closed off and handed to the Group’s resource consultants for work on the mineral resource estimate (‘MRE’) modelling plus NI 43-101 report preparation to get underway, in expectation of release later this month.
Date: 07/01/2026
Aptamer has released a Half Year Trading Update. It confirms revenue for the six months to 31 December 2025 rose 27% to £0.83m (H1 FY2024/25: £0.65m) with a FY2025/26 fee-for-service (‘FFS’) order book of over £2.0m plus a current sales pipeline of £3.1m. This builds on the Board’s confidence that full year revenue will materially exceed the prior year (FY2024/25: £1.2m). Importantly, it also notes that the half year reported a significant acceleration in conversion of the Group’s proprietary technology and intellectual property (‘IP’) into commercial licensing opportunities and executed agreements, marking a transition from development to commercialisation. With these already generating income, along with multiple other licensing opportunities in advanced stages and continuing demand from industry leaders for its unique capabilities, the Group remains confident that its operations will stay on a positive upward trajectory, therein creating substantial value for shareholders.
Date: 30/12/2025
Rounding off a highly active 2025, Zephyr has released a year-end update covering both its operated and non-operated activities, its strategic partnership and revolving credit facility. Q3 2025 production from the Group’s non-operated asset portfolio increased substantially, averaging 925 barrels of oil equivalent per day (‘boepd’), net to Zephyr, versus average net production in Q2 2025 of 632 boepd. This increase demonstrates the positive impact of the US$7.3m acquisition of accretive production assets announced on 26 August 2025 (the ‘Acquisition’), offset by standard decline of the existing non operated portfolio. The Group has also confirmed an extension to the initial six-month term of the strategic partnership with a US-based capital provider (the ‘Investor’) announced on 13 May 2025, making up to US$100m available to fund 100% of capital expenditures related to the drilling, completing and equipping of new non-operated wells within the Williston Basin.
Date: 24/12/2025
Ironveld yesterday released an operational update alongside notification to shareholders that publication of its full year accounts to 30 June 2025 will be delayed beyond their 31 December 2025 deadline. Consequently, in accordance with AIM Rule 19, the Group’s shares will be temporarily suspended from trading on AIM from 2 January 2026 pending publication. The delay is primarily down to completion of audit-related procedures in South Africa, which the Board expects to be resolved in January 2026 whereupon trading in Ironveld’s shares will be restored. Notwithstanding this, strong progress continues to be made with meaningful momentum being demonstrated on commercial, strategic and operational fronts. Following Daemaneng Minerals (Pty) Ltd’s (‘Daemaneng’) appointment as the exclusive manager of operations at Ironveld’s joint venture Dense Media Separation (‘DMS’) grade magnetite processing facility in Limpopo (‘the Joint Venture’) on 30 October 2025, a robust platform for growth is now in place.
Date: 22/12/2025
Metir has announced its successful raising of £1.00m (gross) new funding through an equity placing (the ‘Placing’) priced at 0.75p, being equal to a discount of 3.23% to the closing mid-market price of 0.775p on 19 December 2025. In connection with the Placing, the Group will issue 133,333,333 warrants to investors on the basis of one warrant for every one Placing Share; each warrant entitles the holder to subscribe for one additional ordinary share at an exercise price of 1.5p (representing a 100% premium to the Placing Price), exercisable for a period of 24 months from the date of issuance.
Date: 16/12/2025
Aptamer has announced its signing of a non-exclusive licensing agreement with Twist Bioscience Corp. (‘Twist’, NASDAQ: TWST), a global leader in synthetic DNA and genomics, for use of a proprietary enzyme modulating Optimer® binder in both its existing and future hot-start Polymerase Chain Reaction (‘PCR’) and next-generation sequencing (‘NGS’) products. In common with other licensing frameworks proposed by Aptamer, today’s structured agreement includes both upfront payments and ongoing royalty arrangements.
Date: 11/12/2025
Alien has announced a placing (the ‘Placing’) of new common shares (the ‘Fundraising Shares’) to raise £1.8m (gross) from investors. The issue price of 0.09p (the ‘Placing Price’) represents a discount of c.25% to the mid-market closing price of 0.12p on 10 December 2025. Each three new common shares will have one warrant attached, exercisable at 0.135p (a 50% premium to the Placing Price) for a period of 12 months from the date of Admission. It is expected that Admission will become effective and dealings in the Fundraising Shares commence at 08:00 am on or around 16 December 2025. The Placing will be undertaken using existing authorities.
Date: 03/12/2025
TheraCryf has released results for its 6 months to end September 2025 (‘the Period’). These deliver on all expectations, with the Group remaining fully funded to continue development of Ox-1, its class-leading addiction programme, in anticipation of targeting regulatory submission (MHRA/FDA, etc.) by Q4 2026 in readiness for first-in-human studies. Inflection points between now and then for this novel blocker (antagonist) of the brain orexin 1 receptor, include completion of all regulatory/large-scale toxicology studies, followed by IND/CTA enabling work. While CT-010018’s initial focus on Binge Eating Disorder (‘BED’) presents a projected peak sales opportunity of almost US$1 billion, the molecule’s wider utility across addictive disorders, anxiety, impulse control disorders and PTSD, address total global markets that are forecast to reach as much as US$67.6 billion by 2034.
Date: 02/12/2025
Metir has released a Trading Update and Growth Plan prior to the closing of its financial year ending on 31 December 2025. The Group has continued to build on the significant progress reported in its Interim results of 30 September 2025. The second half has seen sales expand in line with, but demand exceed, management expectations, driven by increased enquiries and international orders for Microtox® LX instruments, reagents and Sulphate Reducing Bacteria (‘SRB’) kit sales. One result of its of its heavy
investment in manufacturing growth and its ongoing product development, including deployment of the net proceeds of its successful equity fund raise of 10 June 2025, however, it that the Board now sees delivery of EBITDA profitability being deferred until 2026.
Date: 20/11/2025
Zephyr has released an update regarding steps toward the pivotal moment of first production from its project in the Paradox Basin, Utah (the ‘Paradox project’), while also confirming renewal of the Group’s existing borrowing facilities. A separate, additional US$2m term loan has also been secured essentially as a ‘war chest’ to ensure it is positioned to act rapidly now that the Group has nominated significant new contiguous acreage for federal auction in the near term. Following publication of highlights from an updated Competent Person’s Report (‘CPR’) on 6 October 2025, which detailed a significant upgrade in Group reserves and resources, operational focus has turned to tying-in the three previously drilled Paradox project wells to nearby pipeline infrastructure.
Date: 19/11/2025
AIM – Reasons to be cheerful
-Index over-discounting budget and interest rate concerns
-2026 seen as year of outperformance for the junior market
• AIM now appears to be over-discounting current budgetary and interest rate concerns. TPI is projecting the junior index to outperform the benchmark FTSE All-Share for the whole of 2026.
• AIM had in fact been outperforming nicely until October, when it hit a rather
unexpected ‘bump in the road’. You may recall back at the beginning of May 2025, TPI stuck its head above the parapet with its forecast that the junior index would outperform the FTSE All-Share between then and the year end. All was looking very good……until the wheels came off in mid-October, when it became clear that the Bank of England (‘the Bank’) had become so nervous about no. 11’s confused messaging that it was about to slam the brakes on its all-important rate-cutting cycle, leaving the market to fester as it pondered what more the Chancellor could do to impact it.
Date: 14/11/2025
Aptamer has announced its securing of two further fee-for-service (‘FFS’) contracts for this year totalling £192,000. These comprise a fourth successive engagement with a top 5 global pharmaceutical company for
enhanced bioanalysis of neurological samples, and work for a new customer delivering binders targeting a protein associated with acute myeloid leukaemia (‘AML’). So far this year, the Group has now secured £1.95 million in new contracts across multiple top-tier pharmaceutical partners (compared with £1.2m revenues recorded for the whole of FY2024/25), with seven months of the period still remaining. The Group’s sales pipeline remains robust and healthy, with FFS opportunities presently standing at c.£3m plus ongoing replenishment through active prospects. Given that its annual fixed cost base is presently estimated to be just a little over £3m, current progress suggests Aptamer’s operations are on the cusp of becoming financially self-sustaining going forward.
Date: 13/11/2025
Futura has announced its raising of £2.75m (gross) new funding (the ‘Fundraise’) through a placement of new ordinary shares at 1.0p/share (representing a discount of 54.5% to the closing market price on 12 November 2025). Together with anticipated and scheduled cash inflows due in the coming months, the Board believes today’s Fundraise will provide resources sufficient to support a cash runway out to the end of next year, even in the event of nil sales of its current, clinically proven, erectile disfunction (‘ED’) over-the-counter (‘OTC’) product, Eroxon®, over the period. During this time, while undertaking a significant review and repositioning of its existing offering through its four commercial partners, the Group is also expected to launch an important new male variant,
Eroxon® Intense, while advancing development of a potential breakthrough treatment for female impaired sexual response.
Date: 04/11/2025
Aptamer has announced its securing of yet another significant fee-for service (‘FFS’) contract, this time with a top five pharmaceutical company and for a value of up to £617,000. Being the third project undertaken for the same customer, this represents further strong validation of the Group’s technology platform for delivering tools supporting key therapeutic developments. The decision to commission this large-scale programme follows successful completion of a proof-of-concept project in which Aptamer was able to demonstrate the superior performance of its Optimers
compared to traditional antibodies, along with its ability to work successfully with BigPharma on delivery of critical projects. It lifts FY2025/26 total contract visibility to £1.75m (compared with £1.2m achieved for the whole of last year), with eight months of the current period still remaining. The Group’s sales pipeline remains robust and healthy, with FFS opportunities presently standing at c.£3m with replenishment ongoing through active prospects. Given that its annual fixed cost base is presently estimated to be just a little over £3m, current progress suggests Aptamer’s operations are on the cusp of becoming financially self
sustaining going forward.
Date: 03/11/2025
Last week, Ironveld and Daemaneng Minerals (Pty) Ltd (‘Daemaneng’) confirmed their signing of a Binding Term Sheet to accelerate a major production expansion at the Group’s Joint Venture (‘JV’) Dense Medium Separation (‘DMS’) grade magnetite processing facility in Limpopo, South Africa (‘the Plant’). It has been entered into under the revised 50:50 JV framework with Sable Platinum Holdings (Pty) Ltd (‘Sable’) and marks a further important step in the shared strategy of delivering a self-funded,
high-throughput beneficiation operation. This follows shortly after and builds directly on Ironveld’s 7 October 2025 signing of a Mining Operations
Agreement between its 74%-owned subsidiary, Lapon Mining (Pty) Ltd (‘Lapon Mining’), and Daemaneng; this provided for a £21.6 million capital and operational expenditure commitment, while establishing new run-of mine (‘ROM’) related revenue streams. The agreement, which brings together complementary expertise and shared ambition to unlock the full operational potential of Ironveld’s assets, projects DMS-grade output reaching 15,000 tonnes/month by April 2026, while eliminating all mining capital and operating cost exposure for both Ironveld and its JV partners. Bound by transparent and ‘watertight’ contractual obligations on all sides, the Group’s ambition to establish a fully integrated and self-sustaining operating model across its mining and processing activities is falling into place.
Date: 07/10/2025
Orosur has released assay results for five more holes from its Pepas Prospect (‘Pepas or ‘the Prospect’) Mineral Resource Estimate (‘MRE’) infill program. High grade intersections, including PEP060: 63.55m @ 8.23g/t Au and PEP064: 49.96m @ 4.29g/t Au, remain consistent with management expectations and progress work required for development of a three- dimensional geological model of the in-situ mineralisation. The Group is currently engaging with its geological consultants in advance of formally triggering the rigorous MRE process to ensure that assessment of the deposit is sufficiently advanced, and that all the necessary inputs are prepared ahead of the required site visit by Canadian Securities Administrators (‘CSA’). This is expected to take place about one month from now, in anticipation of release of a NI43-101 compliant MRE by the year end. A scheduled mid-program review that is expected to complete later in October should ensure all works remain aligned with management’s goals and timelines. Having closed an oversubscribed private placement offering for aggregate gross proceeds of c.C$20m* on 2 October 2025, the Group’s restrengthened balance sheet is now being directed principally to further advance exploration and development of the Anzá gold exploration project (‘Anzá’ or ‘the Project’), possibly including delivery of a second drill rig, along with general working capital needs.
Date: 06/10/2025
Zephyr has released much-anticipated highlights from an updated Competent Person’s Report (‘CPR’) covering its assets in the Paradox Basin, Utah (the ‘Paradox Project’). Compiled by Sproule-ERCE International Limited (‘Sproule’), a leading independent global energy consultancy, it details transformative and substantial increases in Zephyr’s recoverable reserves and resource evaluation; these include no less than a 93-fold increase in Proved Recoverable Reserves from its previous 2022 CPR*, demonstrating the scale and immediate production potential of the Cane Creek reservoir. A 25-fold increase in Proved & Probable Reserves to 35.3m net barrels of oil equivalent (‘boe’), highlights maturation from appraisal towards production and wider Cane Creek reservoir field development, which alone produces an NPV-10 in excess of the Group’s current enterprise value. Net Prospective Resources (unrisked) now amount to 270m boe, (2022: 203m net boe), encompassing major opportunity within as-yet-untested overlying reservoirs.
Date: 22/09/2025
N4 Pharma (‘N4P’) has released further details and findings from its collaboration (‘the Collaboration’) with world renowned nonprofit R&D institute SRI International (‘SRI’). The combination of SRI’s MGS targeting molecules with Nuvec®, has demonstrated ability to successfully deliver therapeutic RNA (‘siRNA’) payloads to target cell types, in this case specifically non-small cell lung cancer cells. Providing broad validation of the Group’s breakthrough silica nanoparticle delivery system, Nuvec®’s targeting capability sets it apart from the competition. This builds upon results in N4P’s lead programme, N4 101, which has also demonstrated targeting, but this time to immune cells. This latest data is particularly
exciting because they represent the first example of Nuvec®’s potential superior applicability for RNA therapeutics to treat some of the most common and life-threatening cancers. With its post-raise cash runway expected to support the Group into H2 2026, it is funded to take its programmes into their next stage of development, with further updates on its broader platform work also expected in the coming months.
Date: 18/09/2025
Responding to continuing exceptional drilling results from its Pepas prospect (‘the Prospect’) and the wider opportunity presented through its Colombian Anzá gold exploration project (the ‘Project’), Orosur has announced its second best efforts private placement (the ‘Marketed Offering’) of 2025. Following March’s CAD$6m* brokered raise, the Group is now seeking gross proceeds of up to CAD$15.0m (c.£8.0m*) through an issue of new common shares priced at CAD$0.34 (or c.18.1p*) (the ‘Offering Price’) each, which is more than twice the level previously achieved. The sole Agent (‘the Agent’) appointed in
connection with this best efforts private placement also has an option, exercisable in full or in part up to 48 hours prior to the Closing Date, to sell additional Common shares at the Offering Price for up to an additional
CND$2.0m (c.£1.1m*) gross proceeds along with the Marketed Offering. Having already invested roughly half of the funds raised in March, Orosur’s held a net cash position of c.US$3.5m (c.£2.6m) immediately prior to today’s Marketed Offering announcement.
Date: 11/09/2025
Metir has announced a new contract with Aptamer Group plc for the development of Optimer® binders for rapid Cryptosporidium detection using its next-generation, pathogen monitoring platform. For Metir, this collaboration (the ‘Collaboration’) represents an important step forward in its strategy to deliver a market-leading, real-time water monitoring solution. For Aptamer, it commences a development agreement first established with Metir on 14 June 2024 for creation of new binders capable of targeting multiple water-borne pathogens. Providing high specificity for accurate identification of contamination/reduction of false positives, the exceptional stability of aptamers also provides the robustness required for continuous monitoring in real-world water systems. The technology’s adaptability creates future opportunity for multiplexed detection in response to customers’ evolving needs, while synthetic manufacturing ensures a secure, scalable and reproducible supply chain.
Date: 09/09/2025
Orosur has released assay results for six more holes from its Pepas Prospect (‘Pepas or ‘the Prospect’) Mineral Resource Estimate (‘MRE’) infill program. Significantly, while these continue to firm up understanding of the orebody and provide better definition of the nature of the thick, high-grade mineralisation, newly drilled PEP055 also unexpectedly intersected an extremely high-grade vein (comprising coarse gold of 15.25g/t over 47.25m at a downhole depth of only 30m). More work is clearly required to understand its full extent plus any consequential geological or MRE significance. Notwithstanding this, the infill drill program is ahead of schedule and, subject to a mid-program review, should be completed by late October 2025. Although the NI43-101 will also require preparation of a robust and defensible geological model to underpin the interpolation and extrapolation of information between and beyond drill holes, it is realistic to target publication of a maiden MRE by end-Q4 2025/early Q1 2026, which could then be rapidly followed by feasibility (that is likely to begin with a preliminary economic assessment (‘PEA’)).
Date: 26/08/2025
Orosur is continuing the infill drilling program at its 100%-owned, Colombian Pepas gold prospect (‘Pepas’, ‘the Prospect’), with the target of moving to a NI43-101 compliant Mineral Resource Estimate (‘MRE’) by the end of the CY2025. Assays from the latest four holes continued to return thick sequences of high-grade gold mineralisation, starting from surface or near surface. Although its size has yet to be defined, the depiction of Pepas as a highly lucrative mining proposition is rapidly solidifying. Drilling is also providing guidance as to grade and mineralogical variation across the ore body; this will permit definition of various metallurgical domains that are intended to form the basis of more advanced studies due to commence shortly with a view to advancing the Prospect further toward development. December 2025 is the target for completion of infill drilling, followed rapidly by publication of a maiden MRE and onward to feasibility (which is likely to start with a preliminary economic assessment (‘PEA’)).
Date: 26/08/2025
Zephyr Energy plc has completed its US$7.3m acquisition of working interests in accretive, mature proved developed producing (‘PDP’) production assets located in core Rocky Mountain basins (the ‘Acquisition’). This adds
high-margin production and additional proved reserves to the Group’s existing asset base and has also enabled the first potential transactions through its US$100m Zephyr Hawk joint venture. With a view to saving costs that would otherwise be incurred to maintain operatorship in two new jurisdictions, Zephyr has concurrently elected to divest a small package of its newly acquired wells in North Dakota and Wyoming (the ‘divested assets’) to a neighbouring private upstream operator. In exchange Zephyr received total consideration of US$1.5m, comprising US$679,000 in cash and the assumption of US$822,000 in mostly near-term plugging and abandonment liabilities. The immediate production adjustment, however, is modest with the Group projecting a net addition of c.388 barrels of oil equivalent per day (‘boepd’) in the first month (versus an initial, pre divestiture estimate of 400 boepd). Funded through the £10.5m fundraise (including £0.7m Director subscription) that completed on 25 June 2025, Zephyr has been able to boost its near-term cash flow while continuing to enhance its risked-exploration and development upside.
Date: 26/08/2025
Alien’s joint venture partner, West Coast Silver Limited (ASX: WCE), last week announced further outstanding assay results, including high-grade shallow silver intercepts up to 10,049 g/t Ag plus 11.1g/t Au, from its maiden diamond drill programme at the Elizabeth Hill Silver Project (‘Elizabeth Hill’ or ‘the JV Project’). This follows publication of exceptional initial data on 16 July 2025. Given its proven production history as one of Australia’s highest grade silver mines and with WCE already detailing a ‘Value Pathway and Advancement Strategy’ for the Project, further positive drilling could initiate a move toward development of a compliant mineral resource (JORC or NI43 101), followed by assessment of economic feasibility. Importantly in this respect, WCE’s current market valuation is AUD$78.5m*, based on which Alien’s 30% free-carried participation in the JV Project plus its direct WCE
shareholding (of 30.5m shares), is ostensibly valued at £15.0m or approximately three-quarters of the Group’s present market capitalisation. Moreover, with its recently strengthened balance sheet, Alien is positioned to unlock further near-term catalysts across its other highly
prospective/high impact projects in the Western Australia’s Pilbara region. The Group remains focused on creating value from its Projects and Joint Ventures, while preserving shareholder capital through targeted exploration and non-dilutive partnerships.
Date: 22/08/2025
Aptamer has provided an update on its enzyme modulation projects and a development project with a top five pharmaceutical company. These together represent further important advancements in the Group’s licensing and development. With multiple non-exclusive licensing opportunities for its first enzyme-modulating Optimer® already in place,
Aptamer has now received initial sales forecasts from its first partner for the first commercial enzyme inhibitor in one specific application area. This alone has the potential to cover c.15% of the Group’s annual overheads through passive income. With discussions also continuing to rapidly advance with a second partner plus a third having signed a Material Transfer Agreement (‘MTA’), a high level of interest in Optimer® binders to provide new solutions in this field is clearly being demonstrated. These present opportunity for relatively quick conversion into additional medium-to-longer term royalty streams, either of which could become substantially larger than the one already indicated. The Group’s second enzyme-modulating Optimer® project has now also reached its final development stage, while a top five pharmaceutical customer has placed repeat orders for Optimer® binders to support its expanded internal testing and evaluation of ELISA (enzyme-linked immunosorbent assay) technology.
Date: 05/08/2025
Orosur is continuing the infill drilling program at its 100%-owned Pepas gold prospect (‘Pepas’, ‘the Prospect’), with the target of moving to a NI43-101 compliant Mineral Resource Estimate (‘MRE’) by the end of the CY2025. Assays from the latest three holes all returned exceptional results with thick sequences of high-grade gold mineralisation commencing from surface. Although its size has yet to be defined, the depiction of Pepas as a highly lucrative mining proposition appears to be rapidly solidifying. So much so in fact, that the Board intends to shortly commence non-drill related studies (such as metallurgy, mining planning and logistics) to begin the process of advancing the Prospect toward development. It is targeting December 2025 for completion of the infill drilling program, followed rapidly by publication
of a maiden MRE and onward to feasibility (which is likely to start with a preliminary economic assessment (‘PEA’)). Having bolstered its balance sheet through March’s CAD$6.0m* (gross) Brokered Private Placement and with
rising confidence that the Prospect can be developed into an economic resource, shareholders can be expected to take this latest news positively.
Date: 31/07/2025
Aptamer has released a Trading Update for its year ended 30 June 2025, confirming robust revenue growth and an enhanced post-period financial position. FY2024/25 unaudited revenue totalled of £1.20m, representing a 41% increase over last year’s £0.85m. The Group’s year-end cash position of £1.06m was further strengthened on 4 July 2025 with a successful £2.0m (gross), £1.83m (net) equity fundraise. Together with its expanding fee-for service (‘FFS’) pipeline, this is expected to provide a cash runway sufficient to carry the Group through to 2027, by which time both FFS, multiple emerging opportunities and various of its strategically-partnered/inhouse developments that continue to progress during the current financial period, can be expected to have reached critical value inflection points.
Significantly, today’s release also confirmed that further negotiations are underway with a global health organisation for the use of developed
Optimers targeting folate (vitamin B9), intended for deployment in global health diagnostics. This news, regular repeat business from leading global industry partners and the passing of key technical milestones all underscore
the broad applicability and value of the Group’s unique platform.
Date: 31/07/2025
Metir has provided a positive Interim Trading Update ahead of its results for the six months ending 30 June 2025, which are due to be published in
September 2025. Having noted on 29 May 2025 that first half trading was significantly ahead of recent comparable periods, the Group now confirms that revenue for the six months amounted to £931,000 (30 June 2024: £112,205); note that the latter has been reduced from a previously stated
£255,000, following an accounting adjustment that required the Qatar contract contribution to instead be wholly recognised in FY2025.
Furthermore, its cash balance at the period-end amounted to £586,000, a position that materially improved following Metir’s successful £703,000
(net) equity fundraise that closed on 10 June 2025, and was followed by an additional Director’s contribution of £70,000 on 21 July 2025. Committed to increasing its market share/expanding its global footprint across the growing environmental and water testing sectors, the Group is now able to invest prudently in infrastructure while also increasing sales/marketing activity. This includes pursuing major water testing opportunities, similar to the Continuous Toxic Monitoring (‘CTM’) deployment the Group is now completing in Qatar, as well as commercialising its latest innovations.
Date: 21/07/2025
Aptamer’s ongoing strategic asset development partnership with fast moving consumer goods (‘FMCG’) giant, Unilever plc (LSE: ULVR), has taken
yet another important step forward, with a new paid work package that supports further development of deodorant Optimers. This latest extension
for expanded stability testing is a critical advancement toward on-person trials and validates the superior performance the Group’s formulations have
achieved to date. Partnering with Unilever, one of the world’s largest and most global FMCG companies, not only accelerates the technology’s path to market but also opens doors to broader applications in personal care and
beyond. Given that Unilever commanded >30% of 2024’s global US$27 billon deodorant market, this drives potential for Aptamer to collect significant long-term licencing revenues from topical, cosmetic applications that could potentially commercialise within the coming two or so years. With its recent
£2m fundraising due to complete later this week plus an expanding fee-for service (‘FFS’) pipeline, the Group is expected have a cash runway sufficient to carry it through to 2027, by which time both this and various of its other strategically-partnered/inhouse developments can be expected to have reached critical value inflection points.
Date: 18/07/2025
Avacta has undertaken a conditional placing (‘the Placing’) of 10.83m new shares raising £3.25m (gross) at 30p each (being a discount of c.7.7% the closing price on 16 July 2025) from long term, high net worth investors. Admission of the new shares is expected to take place on or around 24 July 2025. The net proceeds of approximately £3.1m will be used effectively to settle the July quarterly repayment of the unsecured convertible bond issued to a fund advised by Heights Capital Ireland LLC in 2022, for which £25.5m principal remained outstanding. Yesterday’s funding route presents the Group with greater commercial and funding solution optionality, as it enters a pivotal period with multiple catalysts over the coming months. It was selected as a preferred alternative to depleting the Group’s existing cash resources, or otherwise satisfying in shares based on repayment at a 10% discount to the volume weighted average price (‘VWAP’) in the five-or-ten day trading period prior to election date.
Date: 17/07/2025
Orosur has published assay results from nine more holes at its Pepas gold prospect (‘the Prospect’) and surrounds. Not only do these continue to expand
the area of potential, but the commencement of infill resource drilling required for the Prospect’s recently proposed Mineral Resource Estimate (‘MRE’) has also exceeded all expectations, producing exceptionally thick and high-grade intersections. These include PEP044 returning 38.5m @ 6.01g/t Au, PEP045 returning 62.3m @ 12.76g/t Au and PEP046 returning 53.2m @ 3.36g/t Au; in addition to this, the results, particularly those of PEP045, have provided valuable insight to the primary controls upon this mineralisation, suggestive of the main feeder zone being a series of steeply dipping structures along the SW margin of the zone. The depth extent implications of this theory will be tested in later drilling. Being seen to substantially upgrade the potential for contained ounces beyond that assumed at the commencement of the process, the Board considers today’s results vindicate its decision to begin the resource
drilling phase.
Date: 16/07/2025
Alien has released two significant news announcements in as many weeks. On 3rd July it delivered on two of the near-term catalysts it identified back
in May 2025, when undertaking a £1m (gross) equity placing (‘the Placing’) in anticipation of accelerating development of its Hancock Iron Ore Project (‘the Project’). Today, its joint venture partner, West Coast Silver Limited (ASX: WCE), has confirmed the return of exceptional silver assays from initial drill holes at the Elizabeth Hill Silver Project (‘Elizabeth Hill’ or ‘the JV Project’). Interestingly, WCE’s current market valuation is AUD$25m*, based on which Alien’s 30% free-carried participation in the JV Project plus its direct WCE shareholding, is valued at £6.7m, or >80% of Alien’s market capitalisation. With its recently strengthened balance sheet, the Group is positioned to unlock further near-term catalysts across its highly prospective/high impact projects in the Western Australia’s Pilbara region.
Date: 14/07/2025
Orosur has taken the formal decision to begin a work program that, if successful, is designed to allow a Mineral Resource Estimate (‘MRE’) to be calculated at its Pepas gold prospect (‘the Prospect’). The Board is targeting December 2025 for completion of the process, followed rapidly by publication of a maiden MRE and onward to feasibility. The opportunity is particularly compelling. Pepas boasts high Au grades at surface, with electrical power nearby and is located close to a highway; with a plan for required infill drilling already outlined and nearby mill capacity available for outsourced processing, it appears amenable to rapid, cheap construction and profitability. In Colombia, the granting of an amendable mine construction permit requires
formal submission of a compliant resource estimate and a detailed Programa
de Trabajo y Obras (‘PTO’ or Plan of Works), which can be accelerated somewhat through use of third-party toll treating that eliminates an otherwise
sensitive tailings issue. Based on current gold prices and typical direct on and off-site costings (incl. transportation, processing etc.), an estimated gross margin in excess of US$2000/oz is not unrealistic.
Date: 04/07/2025
Following a number of positive updates, Aptamer has undertaken a placing (‘the Placing’ or ‘the Fundraise’) to raise up to £2.0 million (gross) through the issue of up to 666.67m new ordinary shares at 0.3p each to new and existing shareholders. Priced at a discount of c.21.1% to the closing on 3 July 2025, the Fundraise comprises a firm placing of c.400.42m new shares (the ‘First Admission’) for which dealings are expected to commence on or around 9 July 2025 and; a conditional placing of c.266.25m new shares (the ‘Second Admission’) which will require approval at a General Meeting on or around 24 July 2025, subject to which dealings are expected to commence in or around 28 July 2025. Pursuant to the Second Admission the Fundraise will,
in aggregate, represent c.25.1% of the post-transaction ordinary shares in issue. Director Adam Hargreaves has agreed to participate in the Placing in aggregate for new shares to the value of £0.1m.
Date: 01/07/2025
Publication of Metir’s Annual Report & Accounts for the year ended 31 December 2024 (the ‘FY24 Accounts’) has been delayed. With yesterday
being the effective deadline for their release under the AIM Rules for Companies, trading in the Group’s shares has been suspended on AIM this
morning, pending publication. The Board expects the FY24 Accounts to be published in the coming days, but no later than 4 July 2025. The root cause
of the delay is the requirement for a series of additional disclosures due to Metir changing its corporate structure from a single company in 2023, to a group of companies (i.e., Metir plc plus two wholly-owned subsidiaries, namely Microsaic Systems and Modern Water UK) during 2024.
Date: 30/06/2025
Aptamer has announced a significant milestone in its internal liver fibrosis
program. It has successfully identified and validated a novel molecular target for its proprietary Optimer® delivery platform, advancing its potential to deliver targeted gene therapy to specific liver cells which drive scarring without affecting healthy cells. Designed to work with a range of RNA therapeutics, this breakthrough positions Aptamer to open strategic licensing discussions with global pharmaceutical partners as part of its
ambition to capitalise on growing demand for precision therapies in the multi-billion-dollar fibrosis market.
Date: 25/06/2025
With ambition to further unlock resources located across the Rocky Mountain region of the USA, Zephyr has completed an oversubscribed conditional £10.5m (gross) equity Placing and Subscription (together ‘the Fundraise’). The Placing was made available to certain institutional and professional investors only and was conducted by way of an accelerated bookbuild (‘ABB’), which priced at 3.0p/share (‘the Issue Price’) representing
a 20% discount to the closing mid-price of 3.75p on 24 June 2025. In addition to this, certain Zephyr Directors, management and their affiliates intend to subscribe (‘the Subscription’) for up to £0.70 million (before expenses) at the Issue Price, following publication of the Group’s audited results for the year ended 31 December 2024 on or before 30 June 2025.
Date: 12/06/2025
Ironveld yesterday announced its raising of £0.9m (gross) new funding through an oversubscribed equity placing (the ‘Placing’) with investors of 2.0 billion new ordinary shares (‘the Placing Shares’) priced at 0.045p each (a discount of just 4.25% to the closing bid-price on 10 June 2025). The new ordinary shares, which will be issued under existing authorities, represent approximately 12.6% of the Group’s issued ordinary share capital as enlarged by the Placing (including associated Fee Shares). Admission will become effective and dealings in the Placing Shares are expected to commence at 8.00 am on or around 17 June 2025.
Date: 10/06/2025
Metir has announced its successful raising of up to £0.85m (gross) new funding through an equity placing and subscription (the ‘Placing’) priced at 0.65p, being its closing market price on 9 June 2025. The Placing, which is being undertaken within the Group’s existing authorities, comprises a placing of £0.78m with investors, plus intended participation of £0.07m by certain Group directors. Robert Moore (Acting Executive Chairman & CEO) and Nigel Burton (Non-executive Director) have indicated their intention to subscribe (the ‘Subscription’) for c.8.2% of the Placing Shares; their expected participations have been included in the aggregate Placing and will be confirmed shortly in accordance with AIM Rule 13, following publication of Metir’s 2024 Annual Report and Accounts (‘AR&A’) on or around 25 June 2025. Admission will become effective and dealings in the Placing Shares are expected to commence at 8.00 am on or around 16 June 2025. Following
the completion of the Placing, the Group’s net cash position is projected to be c.£0.85m.
Date: 03/06/2025
TheraCryf has released Final Results for its 12 months to 31 March 2025. These confirm the enlarged Group continues to deliver on operational/financial
expectations as it enters a particularly active phase of works that could see
considerable value being added to the business as it brings forward new treatment options in areas of real unmet medical needs. Significantly, the
£4.25m (gross) equity raise completed in February 2025 has extended the Group’s cash runway out to Q4 2026, by which time it is realistic to expect at least two key milestones /inflection points to have been reached. Findings from this exercise, along with externally commissioned 3D modelling of the mineralisation, are expected in the coming weeks. Meanwhile, initial results
from the El Cedro prospect, which lies to the south of the same integrated licence that hosts both Pepas and APTA, has also produced some encouraging
high-grade soil anomalies with substantial areas of over 0.3g/t Au, including some samples in excess of 1g/t Au and 0.5% Cu.
Date: 30/05/2025
Metir has released a first half update confirming that trading is running
ahead of management expectations and remains significantly higher than
in recent prior periods. This is primarily down to strong demand for
MicroTox® LX units, which in turn support expanding, repeat sales of
consumable reagents. Business momentum remains sufficiently strong for
the Board to project the Group becoming EBITDA positive in H2 2025,
although it cautions on the fact that its working capital headroom remains
dependent on its ability to collect receivables in a timely manner for work
performed and goods delivered. Commissioning delays mean that the
contracted second tranche payment of €228k due from its prestigious Qatar
project installation in Doha, is now likely to be received after June 2025
(rather than during the current quarter as originally expected). It goes on to
warn that should Metir not receive the majority of the total payment due in
Q3 2025 to bolster its current cash balance of just £151k, its operations will
become significantly constrained and it may need to resort to taking further
mitigating cost actions or seek other sources of additional financing.
Date: 30/05/2025
Aptamer’s ongoing strategic asset development partnership with fast
moving consumer goods (‘FMCG’) giant, Unilever plc (LSE: ULVR), has taken
a further important step forward with today’s signing of a second Optimer®
discovery and development programme. Building on the success of the
initial programme, a novel panel of Optimer® binders will be developed to
target an additional biological pathway associated with body odour
formation, potentially providing Unilever with a second, parallel strategy for
malodour control. The agreement is structured on a fee-for-service (‘FFS’)
basis, with Aptamer receiving an undisclosed six-figure sum for the
development work. Given that Unilever commanded >30% of 2024’s global
US$27 billon deodorant market, this opens potential for the Group to collect
significant long-term licencing revenues from topical, cosmetic applications
that could possibly commercialise within the coming two or so years.
Coming just a fortnight after Aptamer confirmed a different Optimer®
delivery vehicle it originally developed for liver fibrosis, had been found also
capable of targeting other similarly diseased organs, including the kidney,
skin and heart, the multiple high-value opportunities that the Group’s
aptamer technologies present to unlock areas of significant unmet need are
being increasingly recognised.
Date: 28/05/2025
Orosur has released assay results from five more holes at its Pepas and North
Pepas prospects. These provide further strong intersections, add substantially to the geological understanding of the underlying body and open potential for additional extensions. While continuing to expand the overall footprint, the Group has also commenced preliminary technical studies to examine potential development options for the gold mineralisation defined to date. Although the Board does not have a current plan to move Pepas to a Mineral Resource Estimate (‘MRE’), or to commence formal feasibility studies,
such efforts will enable it to better understand the optionality of its prospects
and to map out work programs for further exploration. Findings from this
exercise, along with externally commissioned 3D modelling of the
mineralisation, are expected in the coming weeks. Meanwhile, initial results
from the El Cedro prospect, which lies to the south of the same integrated
licence that hosts both Pepas and APTA, has also produced some encouraging
high-grade soil anomalies with substantial areas of over 0.3g/t Au, including some samples in excess of 1g/t Au and 0.5% Cu.
Date: 23/05/2025
Alien has announced a placing (the ‘Placing’) of new common shares (the ‘Fundraising Shares’) to raise £1.0m (gross) from certain institutional and
other investors. The issue price of 0.08p, represents a discount of 15.8% to the mid-market closing price of 0.0925p on 21 May 2025. Each three new common shares will have one warrant attached, exercisable at 0.12p for a period of 12 months from the date of issuance. It is expected that Admission will become effective and dealings in the Fundraising Shares will commence at 08:00 am on or around 30 May 2025. Providing additional flexibility, a funding facility secured last year with Bennelong Resources with AUD$0.4m remaining undrawn has now also been extended to 31 December 2025. With multiple near-term catalysts across the Group’s highly prospective/high impact projects in Western Australia’s Pilbara region, Alien remains focused on unlocking value while preserving shareholder capital through targeted exploration and non-dilutive partnerships. TPI will be appointed as Alien’s joint broker from Admission of the Fundraising Shares.
Date: 15/05/2025
Aptamer has today issued two separate news releases. One of them covers new data that was released at the 2025 American Society for Gene and Cell Therapy (‘ASGCT’) Annual Meeting (13 – 17 May 2025) confirming Aptamer’s Optimer® delivery vehicle, which was originally developed for liver fibrosis, has also been found to be capable of targeting other similarly diseased organs, including the kidney, skin and heart. These findings substantially increase the molecule’s commercial scope, potentially positioning it as a highly adaptable therapeutic delivery system with broad applicability across fibrotic disease. They represent a further important step toward unlocking high value opportunities in areas of significant unmet medical
need. The other release details the Group’s recent winning of two new fee for-service (‘FFS’) development contracts from existing customers, with a
combined value of up to £231,000, along with agreement of licensing heads of terms with a global provider of specialty enzymes for developed enzyme modulating Optimers. This adds one further licensing opportunity to the ten that were presented with Aptamer’s half year results on 11 March 2025.
Date: 13/05/2025
Zephyr has entered into a strategic agreement (the ‘Agreement’) with a highly experienced US-based energy-sector institutional investor (the ‘Investor’) to access up to US$100m to fund growth in the Group’s non operated asset portfolio in the Williston Basin across North Dakota and Montana (the ‘Transaction’). The Agreement aims to combine Zephyr’s management, regional expertise and deal sourcing capabilities with the financial strength of a blue-chip private equity investor; the goal being to
grow production and net asset value on a highly accretive basis. In recent years, this type of asset-level institutional financing has emerged as an efficient means for US-based oil and gas operators to deliver growth without issuing equity or taking on additional debt-based liabilities. The Agreement,
which is for an initial term of six months, positions the Group to capitalise on a robust pipeline of identified opportunities, including a number which already exist within the Group’s current and expected portfolio. On a shared risk basis, Zephyr expects the Transaction to accelerate its non-operated
growth, enhance consolidated cash flow and drive attractive returns.
Date: 12/05/2025
N4 Pharma (‘N4P’) has released positive results from the first in vivo study of its dual-loaded Nuvec® proof-of-concept (‘POC’) programme, N4 101, an orally delivered treatment for Inflammatory Bowel Disease (‘IBD’). Data indicates a sustained anti-inflammatory effect in a validated model through
targeted treatment of nucleic acid therapeutics. This represents an important milestone in validating the Group’s novel delivery platform as it builds-out, enhances and advances its research with a view to positioning it as a platform of choice for gene therapy and cancer treatments. With a post raise cash runway expected to support it into H2 2026, in due course the Board looks forward to advancing this programme into its next phase of
development, providing further updates on this and its broader platform work plans for the coming months.
Date: 07/05/2025
• The perfect storm that hit London’s AIM following peak-Pandemic in Q2 2021, has seen the index tumble by an extraordinary 60% relative to the
FTSE All Share leaving it trading almost 40% below its 10-year average.
• Total listings have thinned down to just over one-third of the number that was achieved back in 2007, due primarily to the index’s highly innovative, but cash-hungry constituents routinely finding themselves
unable to secure the funding necessary to create value through fulfilment of their business plans.
• The recent dearth of IPOs now leaves a surviving rump of much better positioned, higher quality businesses led by experienced management that have continued to progress their unique opportunities which are often supported by key assets and/or global IP.
Date: 07/05/2025
Zephyr has reported quite exceptional initial results from its flagship State 36-2 LNW-CC-R well (the ‘Well’) in the under-explored Paradox Basin, Utah. The single well produced a peak rate of 2,848 barrels of oil equivalent per day (‘boepd’), in the form of 11.9 million standard cubic feet per day (‘mmscfd’) and 856 barrels of oil per day (‘bopd). Achieved on a 18/64-inch choke setting with no material drop in bottom hole pressure, this suggests Zephyr has potentially delivered one of the more productive one-mile lateral wells that the onshore US has seen in recent years. Moreover, well test data gathered from the 5,000-foot lateral suggests occurrence of hydrocarbon inflows across its length, indicating potential for a much larger reservoir volume to be drained compared with the initial completed interval of 130 feet in the previous production test which peaked at 2,100 boepd (as announced back on 6 September 2024).
Date: 30/04/2025
Zephyr’s key ongoing production test (the ‘test’) on the State 36-2 LNW-CC-R
well (the ‘Well’), at its project in the Paradox Basin, Utah, is expected to conclude in the coming days, with initial test results expected to be available
shortly thereafter. While representing a few days slippage from the schedule indicated on 8 April, due to minor operational and equipment availability issues, testing operations are now progressing as planned. Along with today’s update, Zephyr also provided a recent image of the flare generated during the production test at the Well, as below:
Date: 02/04/2025
N4 Pharma (“N4P”) has raised £1.75m (gross) new funding through an equity
placing and subscription (‘the Fundraising Shares’) priced at 0.40p/share
(representing a 5.9% discount to Monday’s close). Each placing and
subscription share will have one warrant attached, exercisable at 0.8p for a
period of three years from the second admission date. 142.78m of the
Fundraise Shares have been issued utilising the Group’s existing authorities,
while 294.72m shares will be issued subject to shareholder approval at a
General Meeting to be held in the coming weeks, as will be the issuance and
exercise of all warrants. Together with estimated cash-in-hand of c.£0.25m,
the net new funds are expected to provide the Group with a runway well into
H2 2026.
Date: 31/03/2025
Metir confirms payment has been received from its local installation partner, Avanceon, in full settlement of the first tranche invoice for phase one of its prestigious Qatar project installation in Doha. With commissioning of all installed systems expected during April, phase one will complete and the second tranche payment, for a similar of €228k, become
due. Following this a Phase two tender for 17 more Continuous Toxic Monitoring systems (‘CTMs’) is expected to be issued, in turn providing an ideal springboard to promote the Group’s current offering and its Tethys Purity® total water testing solution concept to utilities across the Middle East and wider international marketplace.
Date: 14/03/2025
Orosur has announced a brokered private placement (the ‘Marketed Offering’)
to raise gross proceeds of up to CND$5.0m (c.£2.68m*) through the issue of
equity units (the ‘Units’) at a price (the ‘Offering Price’) of CND$0.17 (or
c.9.12p*) each. This makes use of the Group’s listing on Canada’s TSX-V, with
a view to broadening its shareholder base (including institutional investors)
and to potentially improve the liquidity of its common shares in the territory.
Each Unit will consist of one Orosur common share and one half of one
common share purchase warrant (the ‘Warrant’). Each whole Warrant shall
entitle the holder to purchase one Orosur common share at a price of C$0.25
(c.13.4p*) at any time on or before that date which is 24 months after the
Closing Date that is scheduled to be on or around 27 March 2025. The sole
Agent (‘the Agent’) appointed in connection with this best efforts private
placement also has an option, exercisable in full or in part, up to 48 hours prior
to the Closing Date, to sell further Units at the Offering Price for up to an
additional CND$1.0m (c.£0.54m*) gross proceeds along with the Marketed
Offering. The net proceeds of the total Offering will be used principally to
advance the Group’s Anzá exploration project in Colombia as well as for
general working capital and corporate purposes.
Date: 20/02/2025
Zephyr has confirmed drilling operations at the State 36-2 LNW-CC-R well
(‘the Well’) have been completed safely and successfully. The trajectory of
the Well’s extended lateral section (the ‘lateral’) was drilled to a total depth
of 15,288 feet (measured depth) as planned and correlated strongly with
existing 3D seismic data. 97% of the lateral was drilled within the Cane Creek
reservoir section, demonstrating ability to accurately steer within the
reservoir across a structurally complex play. Encouragingly, elevated mud
gas levels with notable peaks were evident throughout the drilling of the
Cane Creek reservoir. Zephyr’s operations team is now preparing to run
casing across the drilled section after which the Nabors rig will be
demobilised from the site. It will then mobilise equipment for the completion
and production testing of the reservoir zone. Results are expected to be
announced by the end of March 2025.
Date: 19/02/2025
TheraCryf has raised £4.25m (gross) new funding through a conditional equity
placing and subscription (‘the Placing’) priced at 0.25p/share (representing a
75% discount to yesterday’s close). The issue is being split into a firm placing
using existing authorisation and a conditional placing, which remains subject to a General Meeting (‘GM’) that is expected to be held on 7 March 2025.
Together with the Group’s present c.£1.0m cash/near-cash plus anticipated
receivables, the Board considers it now has runway through to end-2026.
During this time, it expects to pass through a number of value inflection
points. While certain Group projects remain supported by non-dilutive grants,
today’s funding will be used primarily for the advancement of Ox-1, a blocker
(antagonist) of the brain orexin-1 receptor with several applications in
neuropsychiatry, developed to late preclinical stage for indications such as
addiction and anxiety, by recently acquired Chronos Therapeutics (‘Chronos’).
The raise is expected to enable completion of remaining development steps,
up to and including securing approval/clearance to progress to clinical trials in man. It will also continue supporting SFX-01’s glioblastoma (‘GBM’) clinical program while satisfying anticipated working capital needs.
Date: 17/02/2025
Orosur has successfully completed Phase 1 of its exploration joint venture
(‘JV’) over the El Pantano (‘El Pantano’ or ‘the Project’) gold/silver exploration
project in Santa Cruz province, Argentina. While recent investor focus has not
surprisingly centred on the Group’s continuing run of quite exceptional assay
results and developing geological picture across its 100%-owned Pepas
Prospect (‘Pepas’ or ‘the Prospect’), located in the northern part of the Anza
project, northwest Colombia, development continues on its other earlier stage
but still potentially world-class assets in Argentina and Nigeria. Having now
invested US$1m, a key stage in the Project’s Exploration Agreement has been
reached, taking Orosur’s ownership of the JV to 51%. Follow-on spending of
an additional US$2m over two years could see Orosur earn 100% ownership of
the Project, which is a particularly unusual situation for any such JV.
Together with its partners, management is now starting to prepare for Phase
2 in order to accelerate exploration activities, including induced polarisation
surveys (‘IP’) designed to define silicified drill targets. Meanwhile in
Colombia, having freed up a team to examine the large anomalous area
abutting Pepas’s northern regions, continued rapid development of this
particularly exciting Prospect is anticipated.
Date: 28/01/2025
Today’s half year Trading Update to 31 December 2024 confirms significant
commercial and technical progress continues to be made across the Group.
Strategic asset developments with Unilever and Neuro-Bio advanced
through key milestones and technological validation during the period,
while demonstrating broad therapeutic potential of its fibrotic liver delivery
vehicle and also achieving a state of final commercial development for
another Optimer® delivery vehicle for the Group’s genetics medicine partner.
This progress continues to enhance Aptamer’s portfolio of assets as it moves
incrementally closer to a value inflection point(s) with heightening licensing
potential. Revenue recognition also increased, supported by a robust
pipeline of projects which are advancing in the Group’s laboratories. Based
simply on being able to sustain its existing trajectory of incoming Fee-For
Service (‘FFS’) work while completing the scale back of its cost base, the
Board continues to project cash-in-hand (incl. annual R&D tax credits) will
be sufficient to satisfy working capital needs out to end-June 2026, by which
time anticipated collection of milestone payments, licensing fees and/or
royalties offer potential for it to become financially self-sustaining going
forward. Although such passive income, which could commence during the
current financial period, is initially likely to be modest there is potential to
multiply substantially thereafter.
Date: 14/01/2025
The reset and reinvention of Microsaic’s business model, that was enabled
through January 2024’s £1.8m (net) equity funding round, is now starting to
bear fruit. The Group has confirmed receipt of firm and preliminary orders
for its newly upgraded laboratory-based MicroTox® LX device, while also
anticipating a prestigious second tender for additional Continuous Toxic
Monitoring systems (‘CTMs’) destined for Qatar’s general electricity and
water utility, Kahramaa. Following significant investment in its compatible
suite of technologies for toxic water and polyfluoroalkyl substance (‘PFAS’)
testing, while showcasing its upgraded and expanded range of instrumentation to customers urgently seeking such all-encompassing and fast response detection capabilities at major industry expos, substantial customer enquiries and sales initiatives are boosting expectations for
FY2025. Given also that the Group cash position and monthly burn remains
substantially unchanged from its 12 November 2024 Interim Update, while
anticipating a further tranche payment from Qatar, VAT refunds plus its
regular R&D tax credit, Microsaic’s runway appears sufficient to carry it well
into 2H FY2025. Against this background, confidence in the Board’s
ambition to quickly expand early revenues, while improving on gross
margins and positioning itself as a prospective leader in target markets that
are projected to expand substantially over the coming decade, continues to
rise sharply.
Date: 13/01/2025
Assay results from three further holes in the central zone of the Pepas
Prospect (‘Pepas’ or ‘the Prospect’) continue to build-out an exceptionally
exciting geological picture. Adding to the list of outstanding gold intersections delivered in the six weeks since Orosur regained control of the Anzá Project (‘the Project’) in Colombia, holes PEP016, PEP017 were drilled with the objective of increasing understanding of the litho-structural framework of the deposit, while PEP018 was drilled up dip and on section of holes PEP013 and PEP017 and, as expected, produced more highly impressive numbers. Altogether, this is suggestive of the current body of mineralisation sitting within the keel of two roughly parallel faults that converge at depth with a southerly plunge. Seeking to reinforce this opinion and commence a new section, hole PEP019 is now underway; located parallel to PEP018, some 30m along strike to the SE, it will gradually step out this mineralisation.
Date: 08/01/2025
N4 Pharma has appointed Dr Alastair Smith as an independent Non
Executive Director (‘NED’) of the Group with immediate effect. Alastair is the
founder and former Chief Executive Officer of Avacta Group plc (AIM: AVCT,
‘Avacta’), the clinical-stage biotech focussed on oncology and advancement
of its pre|CISIONTM tumour targeting platform. Obvious parallels between
the two businesses, including the building of therapeutic pipelines that are
strongly differentiated by proprietary technologies with opportunity for
early commercialisation through licensing, suggest his extensive/related
scientific experience plus widespread industry contacts will provide
valuable support to N4P when progressing its ambition to make Nuvec® a
delivery platform of choice for the gene therapy industry. Dr Smith joins
N4P’s remuneration and audit committees. Today’s release also confirmed
Technical Director, David Templeton, has retired with immediate effect due
to personal reasons.
Date: 23/12/2024
Orosur has been undertaking early, close-spaced drilling in order to identify
and attempt to better understand its Pepas prospect (‘the Prospect’), which is
located in the northern extent of the Group’s flagship Anzá Project (pre
acquisition) (‘the Project’) in Colombia. Assays from the fourth hole of the
current program (‘PEP015’) have now been released, detailing a composite
intersection of 40.2m @ 3.75g/t Au from 23.5m, including 6.8m @ 9.02g/t Au.
The gold grades encountered are similar to those intersected in 2022 during
the initial drilling of holes PEP001, PEP005 and PEP007. Undoubtedly still
impressive, albeit falling below the quite exceptional numbers delivered from
recent holes PEP012, PEP013 and PEP014, today’s results suggest that the NW
end of the mineralised zone is more structurally complex and slightly lower
grade than the SE end. The picture will continue to build with further releases
from PEP016 and PEP017, which are expected shortly after the New Year
break.
Date: 19/12/2024
Orosur has raised £1.25m (gross) new funding through an equity placing (the Placing’) priced at 6.6p/share (representing a c.25% discount to Toronto and
London’s mid-market close on 18 December 2024. No General Meeting (‘GM’) is required for this issue which, along with cash-in-hand of c.US$0.5m (as of
18 December 2024) will primarily be directed toward further drilling, mapping,
licencing and resource development costs at its advanced Anzá Gold Project
(‘Anzá, ‘the Project’). The Placing is subject to approval of the TSX-V. The Placing Price translates to 12.0 Canadian cents at the exchange rate of GBP1=CAD$1.82. No finder’s fees have been paid as part of the Placing. Admission of the new shares will become effective on or around 30 December 2024.
Date: 18/12/2024
Further to its announcement on 10 October 2024, in which Zephyr outlined its intention to drill an extended lateral on the State 36-2R well (the ‘Well’), the Group has today confirmed it has entered into binding documentation to fully fund the expected drilling, completion and production test costs plus a margin for contingency (the ‘funding’). The funding totals an aggregate US$7.5m, an increase from the initial amount of US$7.0m, and has been secured from a US-based industry investor (the ‘wellbore investor’), in exchange for a 50% non-operated working-interest in the single well. The wellbore investor will not receive any further interest or option in the Paradox project, although Zephyr has retained a right of first refusal to repurchase the working interest at a discount to fair market value in the event the investor chooses to sell it in the future. Going forward, the wellbore investor will cover its pro rata portion of the Well’s operating and overhead
costs, for which it will receive 50% of its net revenues from the time of first production, with no catch-up period or other preferential rights to the
investor.
Date: 16/12/2024
A newly released TR-1, being the standard form for notification of major holdings, details 1832 Asset Management L.P. (‘1832AMLP’) as having recently
become a holder of 5.72% of Orosur’s ordinary share capital. The position is held through the Bank of Nova Scotia’s (TSX: BNS) Dynamic Precious Metals
Fund (itself a mutual managed by wholly-owned 1832AMLP). The AIM Rule 17 disclosure threshold was crossed on 9 December, the same day the Group published further exceptional results from its ongoing drill programme on the
Pepas prospect in the northern extent of its flagship Colombian Anzá Project. Presumably accumulated over preceding days, such participation by a
specialist fund with over CAD$680m* in AUM is clearly a major endorsement
of both the potential of the Group’s exploration assets and the Board’s ability to execute its strategy. Such confidence should help ensure Orosur finds access to future funding necessary to fully exploit the opportunities it has
identified in both Latin America and Africa.
Date: 09/12/2024
Orosur has released a further quite exceptional composite intersection of
77.3m @ 7.68g/t Au (from surface) from the second hole, PEP013, of its new
drilling programme at the Pepas prospect, in the northern extent of its flagship
Anzá Gold Project in Colombia (the ‘Anzá Project’). This news comes just one
week after publishing a similarly impressive 66.75m @ 5.64g/t Au result from
the first hole, PEP012. Along with details of thickness and grade, drilling is
also providing significant additional information in terms of the form and
orientation of the Pepas mineralisation. With assays from the third hole
(‘PEP014’) now also expected shortly, while drilling of the fourth (‘PEP015’) has
already been completed/data dispatched to the laboratory for analysis with
preparation of the platform for the drilling of PEP016 underway, further
disclosures can be anticipated before Christmas. The first four holes (12-15)
would seem to be confirmatory and designed to establish orientation, with
PEP016 being the first step-back to begin the process of defining the potential
scale of Pepas.
Date: 05/12/2024
Aptamer has published news detailing strong technical progress across a
number of its ongoing strategic projects with global consumer goods and
pharmaceutical partners.
Each continue to produce positive results,
providing increased validation and progression towards commercial
products with potential to deliver value inflection points for the Group across
diverse applications. Today’s news covers Aptamer’s partnership with
Unilever, its development of an Alzheimer’s disease diagnostic test with
Neuro-Bio and ongoing collaboration with AstraZeneca, while also
continuing to progress novel binder development in different areas for a
number of other major life-science players. Based simply on being able to
sustain its existing trajectory of incoming Fee-For-Service (‘FFS’) work
while completing the scale back of its cost base, the Board projects cash-in
hand (incl. annual R&D tax credits) will be sufficient to satisfy its working
capital needs out to end-June 2026, by which time anticipated collection of
milestone payments, licensing fees and/or royalties offer potential for it to
become financially self-sustaining going forward.
Date: 03/12/2024
Further to the Paradox project update of 14 November 2024, CEO Colin
Harrington has today confirmed his Board’s expectation that Zephyr will be
in a position to sign binding documentation to secure asset level funding for
State 36-2R well’s (‘the Well’) forthcoming drilling operations later this
month. This important update accompanied a more routine and largely
anticipated release detailing both Williston Basin’s 3Q 2024 production
numbers and a warrant exercise period extension. The fact that the Group
has managed to advance its funding negotiations so rapidly after confirming
positive result from Paradox’s second phase production test on 6 September,
suggests both a high level of interest and confidence in a successful
outcome. The final terms will of course be key, but the fact that the proposal
contains no equity element while retaining operatorship and the majority of
the Well’s economic benefits points to a positive scenario for shareholders.
Other funding discussions with different industry and asset-level financial
partners in respect of the larger, long-term development of the wider
Paradox project remain ongoing.
Date: 02/12/2024
Orosur has published assay results from the first hole of its new drilling
programme at the Pepas prospect. Coming hard on the heels of two releases
earlier this month, confirming that the Group had both assumed 100%
ownership and operatorship of its flagship Anzá Gold Project in Colombia (the
‘Anzá Project’) with no upfront payments and that the first in a series of six or
seven exploratory holes had already been completed, today’s news that
PEP012 delivered an exceptional 66.75m @ 5.64g/t Au from surface more than
justifies the Board’s determination to continue exploration of this potential
world class asset. Highlighting the importance of capturing a detailed
understanding of the form, orientation and controlling structures of local
mineralisation, Orosur’s experienced team was always clear in its belief that
following PEP001’s intersection of 150m @ 3g/t Au from surface on 6
September 2022, subsequent drilling had failed to follow standard step-out
protocol and so ended up missing the mineralised zone. Seeking to rectify
this, a decision was taken to collar PEP012 adjacent to artisanal workings and
direct it back toward PEP001 as a scissor hole, which is a reasonably standard
strategy in instances of uncertain geological orientation. The program’s
second hole, PEP013, commenced almost immediately after, being drilled from
the same pad but with the rig rotated 51 degrees eastward in order to test both
the mineralisation and potential structural controls from a direction that was
felt to be more orthogonal to the trend. Not surprisingly, management’s
confidence in its ability to deliver further positive results has elevated
sharply, while it considers a variety of options including examining potential
to calculate a NI43-101 Mineral Resource Estimate at the APTA prospect and
the possibility of introducing a new JV funding partner. Whatever, further
supportive data might set the phones ringing.
Date: 27/11/2024
Further to publication of Microsaic’s delayed interim results plus
readmission to trading on 12th November 2024, the Group yesterday released
an important operational update. The reset and reinvention of its business
model, that was enabled through January 2024’s £1.8m equity funding
round, has reached an advanced stage. Having complemented its miniature
mass spectrometry operations with the integration of Modern Water’s
monitoring products, ongoing business and intellectual property, the Group
is now able to recognise the scale of international opportunities being
presented to its unique and technologically advanced range of testing and environmental solutions in the post-Covid environment. Its recent
commissioning of a prestigious Continuous Toxic Monitoring (‘CTM’)
systems contract in Doha for Qatar’s general electricity and water utility,
Kahramaa, highlights this perfectly. The fact that a second 2025 phase of
this project is already under discussion, with potential to duplicate the initial
installation across a number of further locations, along with ongoing
demand for its high margin consumables, suggests the Group’s offering is
particularly timely. This year’s showcasing of its upgraded and expanded
range of instrumentation at major industry expos moreover, has met an
enthusiastic response from participants urgently seeking such all
encompassing and fast response detection capabilities. Against this
background, confidence in the Board’s ambition to quickly expand early
revenues, while improving on gross margins and positioning itself as a
prospective leader in a target market that is projected to expand
substantially over the coming decade, is rising sharply.
Date: 08/11/2024
Two recent announcements have reinforced expectation that Aptamer will
be able to deliver on both its revenue and licensing goals for FY2025/26.
These were set on 24 July 2024, following the Group’s successful £2.83m
(gross) equity fund raise. Based simply on being able to sustain its existing
trajectory of incoming Fee-For-Service (‘FFS’) work while also continuing
the scale back of its cost base, the Board projected cash-in-hand (incl. annual
R&D tax credit) would be sufficient to satisfy working capital needs out to
end-June 2026, by which time anticipated collection of licensing fees offer
potential for it to become financially self-sustaining going forward. The
refreshed Board’s decision to return focus on asset development and
licensing initially appeared to raise the Group’s risk profile, but subsequent
contract extensions from both Unilever and a major US genetic medicines
customer, together with a high level of confidence in its ability to capture
significantly greater, highly visible, longer-term returns through accrual of
downstream milestone payments, licensing fees and/or royalties as
partnered projects approach and achieve commercialisation, now suggests
such fears had been overstated. Given the number of major development
partners, including Unilever, AstraZeneca, Neuro-Bio and other Top Tier
Pharmaceutical Groups, continuing to progress products that utilise
Aptamer’s binders in order to target global market opportunities, modest
initial collection of passive income that could commence as early as this
financial year, with potential to multiply substantially thereafter.
Seemingly unrecognised in the Group’s current valuation, any such
breakthrough adoption(s) would be transformative for Aptamer, both
financially and in terms of reputation.
Date: 30/10/2024
October 2024 Budget Outlook
• Capital Gains Tax Increase: Individuals taxed within the basic rate bands
will see CGT rates increase from 10% to 18% and individuals currently
taxed at the upper rates, CGT rates will increase from 20% – 24% in line
with CGT on property.
• Inheritance Tax (IHT): Current thresholds will be frozen for a further two
years until 2030. IHT relief received on qualifying shares traded on the
Alternative Investments Market (AIM) will be reduced to 50% attracting
tax charges on inherited portfolios.
• Broader market takeaways: There have been no changes to ISA
allowances. There were concerns that the annual allowance would be
reduced from the current £20,000 pa. Windfall Tax on oil and gas profits
is set to increase to 38% potentially impacting some of the larger O+G
producers operating in the UK.
Date: 30/10/2024
Ironveld has raised £2.5m (gross) new funding through a conditional equity
placing* (‘the Placing’), comprising 6,125.0m Ordinary Placing Shares and
819.4m Ordinary Subscription Shares priced at 0.036p each (the closing
middle market price on 29 October 2024); each has one warrant attached,
exercisable for 3 years from Admission at a 100% premium to the Placing
Price (i.e., 0.072p/ Share). An additional, 2,862.6m New Ordinary Shares
(with identical warrants attached) at the Placing Price will also be allocated
in aggregate settlement of certain loan facilities, deferred salaries/fees owed
to certain directors and other amounts owed to certain creditors.
Shareholder approval for the Placing and its associated Capital
Reorganisation will be sought at a General Meeting that is expected to be
held on 20 November 2024 for Admission to trading on AIM on 21 November
2024. TPI’s Ironveld valuation remains suspended at this time.
Date: 10/10/2024
Zephyr has announced its decision to drill a lateral extension on the State 36
2R well (‘the Well’), while confirming a non-binding letter of intent (the ‘LOI’)
has been signed with a US-based industry investor (‘the Investor’) to fund
100% of the estimated cost. The Board expects to close the c.US$7m
requirement in the coming weeks, following which it will move to secure a
rig contract plus additional equipment in anticipation of commencing the
next phase of on-site operations in late 2024 or early 2025. Supporting this,
management has also estimated ultimate recoveries (‘EURs’) from the Well
following completion of the extended lateral could be as high as two million
barrels of oil equivalent (‘boe’), a figure substantially higher than would
likely be achieved from the Well in its current form. The fact that Zephyr
has managed to advance negotiations so rapidly after confirming a positive
result from the second phase production test on 6 September, suggests both
a high level of interest and confidence in a successful outcome.
Date: 02/10/2024
Unaudited interim results for the six months ended 30 June 2024 have been
released. In terms of financials these provided little in the way of surprises,
while the Board continued to stress the exceptional progress being made
with its drug development candidate AVA6000, along with a high level of
confidence in the capabilities of its pre|CISION™ platform. Second and third
generation programs have already been designed to leverage the platform as
a foundation for other tumour-specific warhead delivery systems across an
innovative pipeline. More details on these will be provided when the Group
hosts a live R&D Spotlight: Next Generation of pre|CISION™ Medicines in
London on 30 October 2024.
Date: 30/09/2024
Orosur has raised £0.835m (gross) new funding through an equity placing (the
‘Placing’) priced at 2.78p/share (representing a c.15% discount to the close on 26 September 2024); each two Placing shares has one unlisted warrant
attached, which is exercisable for 2 years from Admission at c.US$0.0494
(approximately 3.697p**) into one new common share. No General Meeting
(‘GM’) is required for this modest issue which, along with cash-in-hand of
c.US$0.5m will be directed primarily toward drilling, mapping and licencing
costs at its advanced Anzá Gold Project (the ‘Anzá Project’). Presently being
returned to 100% ownership with walk up drill targets into known high grade
mineralisation at the Pepas prospect. The Group will also examine the
potential of moving the APTA prospect to NI43-101 Resource status in the near
term. Reassuming ownership of 100% the Anzá Project, which has several
prospects at advanced stages, is expected to provide the Board with a variety
of options, potentially including the introduction of a new JV partner(s).
Date: 26/09/2024
Zephyr has released its half year results to end-June 2024. While detailing
continued, significant progress at its flagship asset in the Paradox Basin and
consecutive quarterly non-operated production growth from the Williston
project, the period delivered financials very much in line with expectations.
This clearly leaves investors to focus on next steps to be taken following the
recent, highly successful State 36-2R LN-CC well (‘State 36-2R’) second phase
production test. The acidisation operation successfully removed nearwellbore formation damage and generated very high reservoir deliverability,
with a notable improvement to near-wellbore reservoir permeability after
each treatment. Peak production rates achieved during the second test were
over 2,100 barrels of oil equivalent per day (‘boepd’), up from the 1,350 boepd
reported following the first test, which is particularly high for an onshore US
well with only 130 feet of completed reservoir interval. Elevated liquidyields were observed along with continuing evidence of almost nil water
production.
Date: 06/09/2024
Zephyr has completed the much anticipated second phase (the ’second test’) of the production test on its State 36-2R well (‘the Well’). The acidisation
operation successfully removed near-wellbore formation damage and
generated very high reservoir deliverability, with a notable improvement to near-wellbore reservoir permeability after each acid treatment. Peak
production rates achieved during the second test were over 2,100 barrels of
oil equivalent per day (‘boepd’), up from the 1,350 boepd reported following
the first test, which is a particularly high for an onshore US well with only
130 feet of completed reservoir interval. Elevated liquid-yields were
observed along with continuing evidence of almost nil water production.
Zephyr’s Board also notes a further, important and unanticipated benefit
from the acidisation operation, in that it appears to have significantly
enhanced the near-wellbore reservoir quality. From this, it concludes that
similar utilisation across a longer lateral may offer a cost-effective
completion technique compared to the hydraulic stimulation operations
used in other US resource plays.
Date: 03/09/2024
Aptamer has announced an extension to its partnership with Unilever plc
(LSE: ULVR). This new phase aims to commence in-vivo efficacy testing of
Optimer® binders as active ingredients in deodorants before the end of 2024.
This represents a significant endorsement of the Group’s technology with
opportunity to create a long-term interdependent relationship with the
consumer goods giant. Today’s news is also a reminder of the recently
appointed CEO’s stated ambition to re-establish focus on asset development
and licensing (while seeking to cover Group operating costs through its more
predictable but lower value-added fee-for-service (‘FFS’) operations) in
expectation of crystallising much higher-value inflection points for
shareholders. Beyond Unilever, Aptamer also continues to work with a
number of major development partners, including AstraZeneca, NeuroBio
and other top-tier pharmaceutical groups, each of which are similarly
progressing products that utilise its binders to target global market
opportunities.
Date: 29/08/2024
While providing an update on the Group’s Salt Wash helium project (the
‘Farm-in’), Zephyr has also confirmed that the State 36-2R well’s second
phase production test and evaluation is now nearing completion. Steady
progress continues to be made on the Farm-in, particularly with respect to
advancing funding options and positioning to get full drilling operations
underway next year. Meanwhile, technical analysis of the extensive data
presently being collected from State 36-2R is expected to conclude shortly
with results from the test expected to be formally announced within the next
ten days. A successful outcome here could then be translated quite rapidly
into 2P reserves with potential to spike overall Group production during H1
2025. Beyond this, with a view to delivering the best and most timely
outcome for shareholders, it is likely that the Board will start pushing for
broader/deeper discussions with larger industry players/strategic partners
on how best to accelerate development of its broader Paradox opportunity.
