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

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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.

Date: 28/02/2022

The COVID-19 Pandemic, has brought the need for disinfection and hygiene products & services in to sharp focus. But demand for such services goes much wider than COVID-19. Pre-lockdown hospital acquired infection, for example amounted to 48,000 cases in 2017. the heightened application of disinfection and hygiene products & services witnessed over the past two years is therefore likely to be sustained or even expanded going forward. Recognising the scale of the international opportunity being presented within this highly fragmented sector, together with the need for increasingly sophisticated/simple-to-use technologies, IIG has announced its acquisition of the entire share capital of Touchless Innovations Limited (‘TI’). Immediately prior to this corporate action, TI acquired the business and assets of Sanoserv International Franchising Limited (‘Sanoserv’).

Date: 21/02/2022

DeepVerge’s consumer skin test subsidiary brand, Skin Trust Club, has announced further significant growth of its platform. Since mid-January, 10 leading skincare manufacturers have enlisted on the Skin Trust App marketplace to sell their skincare product catalogues, including Tula, a recently acquired brand of Procter & Gamble. With a total of 23 Labskin clients requesting to have their products tested in just the past four months, the Club’s full partners list can be expected to continue to expand throughout 2022. Moreover, given that an exceptional 82% of registered Club members (>1,500) who received Home Test Kit results since the marketplace opened subsequently purchased ‘high ticket’ recommended skincare products via the Skin Trust Club App, which realistically can be expected to enjoy a wholesale margin similar to, for example, the 48% enjoyed by leading health & beauty retailer, Boots UK Limited, the long-term value of the recurring revenue streams generated through this unique service could become very significant.

Date: 15/02/2022

Orosur has announced its signing of an Exploration & Joint Venture agreement (‘the Agreement’) with shareholders of a private Argentinean company, Deseado Dorado S.A.S., (‘Deseado’) in relation to its El Pantano Gold Project (‘the Project’) in the Province of Santa Cruz, southern Argentina. The Agreement covers nine licences over a combined 607sq.km in the prolific Deseado Massif region, c.45km from Anglo Gold’s Cerro Vanguardia mining camp. With no upfront payments, a low commitment for the first phase, and a low-cost path to 100% ownership, El Pantano provides Orosur with a substantial foothold in one of the world’s major gold provinces. Given that the soon to be completed hand-over of Orosur’s Colombian Anzá Project’s operatorship will free up technical and logistical capacity along with support from a balance sheet that presently holds free cash of c.US$5m, near-term exploration of this new high-potential, early-stage JV is to be internally resourced.

Date: 28/01/2022

Alien has successfully intersected bonanza-grade silver mineralisation at its Elizabeth Hill Project (‘the Project’) in Western Australia. Results from the 4 diamond drill holes completed to date list amongst the highest of any Australian silver project, with initial assay results supporting the management’s long-held view that the near-surface oxide expression of the deposit was never fully tested, nor its potential fully explored for both the silver and the base metals present. The large number of results from the remaining RC drill holes, due in the coming weeks, can be expected to enable further interpretation combined with historic data in support of comprehensive follow-on work programmes capable of rapidly advancing what appears to be a very highly prospective mineralised system.

 

Date: 26/01/2022

Zephyr Energy is placing at least 240 million new shares at a price of 5.0p per share to raise gross proceeds of £12m. In tandem with this, the company has also confirmed a US$28m senior debt facility. The combined proceeds will be used to complete the US$36m acquisition of a large portfolio of non-operated working interests in 228 wells located in the Williston Basin, North Dakota and also to fund further activities in the Paradox Basin. We believe that this transaction will be transformational for the Company, contributing anadditional 1,100 boepd net to the Company initially with output expected to increase steadily as more wells are brought on stream over the coming months.

Date: 20/01/2022

Graft Polymer is active in a number of multi-billion dollar polymer modifier and drug delivery system markets which are expected to sustain strong annual growth for the foreseeable future. With an existing offering of more than fifty different products, the Group’s core expertise centres on a wide range of proprietary techniques that enable customers to achieve better performance characteristics at comparable or lower cost than available through competitors. Its abilities are particularly recognised in grafted, nano-structured and crosslinking polymer alloys along with a variety of delivery vehicles for pharma and biotechnology applications.

Date: 17/01/2022

Midatech has announced an extension of the Q-Sphera R&D Collaboration (‘the Collaboration’) that was originally detailed on 21 July 2020, while also disclosing that the previously unnamed party is, in fact, Janssen Pharmaceutica NV (‘Janssen’), the Belgium-based pharmaceutical arm of the world’s largest and most broadly-based healthcare company, Johnson & Johnson (NYSE: JNJ).

Today’s news follows Midatech’s 17 June 2021 announcement that it had successfully encapsulated a proprietary Janssen experimental large molecule medicine while preserving its functional integrity. Considering no other commercial or academic organisation has been able to deliver any such experimental medicine over extended periods using methods capable of commercial scaling, Janssen’s decision to extend the Collaboration clearly reflects very positively on the potential of Q-Sphera’s technology in the delivery of active pharmaceutical ingredients (‘API’) via long acting injectables. Midatech will now focus on maximising drug loading and optimising in vitro duration of release while utilising the technology.

Date: 14/01/2022

Following its entering a non-binding of Letter-of-Intent (‘LOI’) on 7 July 2021, Orosur has today announced its signing of a Joint Venture (‘JV’) agreement with Meridian Mining UK Societas (TSX-V: MNO) (Frankfurt: 2MM) (Tradegate: 2MM) (OTCQB: MRRDF) (‘Meridian’) in relation to its Ariquemes Tin Exploration Project (‘the Project’) in Brazil. The terms are consistent with those indicated in the LOI, whereby the Group can earn an equity interest of 75% in the Project by spending US$3m over a four-year period, in two phases. Given that the soon to be completed hand-over of Orosur’s Colombian Anzá Project’s operatorship will free up operational capacity with support from a balance sheet that presently holds free cash of c.US$5m, this new high-potential, early-stage JV provides management with opportunity to diversify shareholders’ interests by geography and geologically with a new and highly critical commodity.

Date: 11/01/2022

DeepVerge has released a post-31 December 2021 year end trading update along with a statement detailing its outlook for the current year. Unaudited figures point to another year of triple digit percentage growth, taking revenues to £9.33m (2020: £4.48m – audited) on the back of higher margins and an increase in recurring revenues despite supply chain delays and reduced production staff due to COVID infection/isolation in the fourth quarter. With several substantial 2021 shipments plus a backlog of regular reagent supplies needing to be pushed into Q1 2022, continued expansion of order books across all divisions supported by an exceptionally strong balance sheet provides strong foundations for the current year.

Date: 10/01/2022

Microsaic has provided an unaudited trading update for the year ended 31 December 2021 (‘FY21’). Confirming revenues for the period significantly exceeded those of the FY20, recovering to a level slightly ahead of that in FY19, CEO Glenn Tracey also noted that “If 2021 was about turnaround and transition, then 2022 is about significant business inflection”. This reflects his Board’s conviction that the Group’s transition to workflow solution sales will establish higher-level end-user engagement going forward, having already reported a healthy sales opportunities pipeline at the opening of the new year.

Date: 06/01/2022

Graft Polymer, a business focused on the development of polymer modification, biological/food supplements and drug delivery systems, has today announced the Admission of its ordinary shares to trading on the Main Market of the London Stock Exchange and first day of dealings. A Placing and Subscription (‘the Placing’) of c.2.32 million new ordinary shares at 21.5p each raised approximately £5 million (gross) in order to fund expansion of the Group’s research and production facility, upgrade existing laboratories, accelerate growth and increase both inventory and marketing abilities. Upon Admission Graft Polymer’s market capitalisation will be approximately £22.4m. Turner Pope acted as Sole Broker in relation to the Group’s Placing and Admission.

Date: 13/12/2021

Cora Gold is advancing the Sanankoro Gold Project, located in Southern Mali, towards production with construction anticipated to commence in 2022. The scale and economics of the potential mine are expected to be defined in a fully funded definitive feasibility study, which is already underway and is due for completion in H122. Given the recent 200% increase in the total JORC 2012 mineral resource estimate, to 809,300 ounces of gold, at a grade of 1.15g/t Au, it is likely that the definitive feasibility study economics will be a significant improvement on those published in the 2020 scoping study that returned a NPV8 of US$30.9 million (£23.3m) and an IRR of 84%.

Date: 13/12/2021

Midatech has announced its Investigational New Drug (‘IND’) application for a Phase 1 study of MTX110, a panobinostat complex to be administered by convection enhanced delivery (‘CED’) in patients with recurrent glioblastoma multiforme (‘rGBM’), has been cleared by the US FDA. The Group has initiated preparations for a signal-finding study to commence in 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 Q3/Q4 2022. With the Group’s monthly cash burn now 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: 10/12/2021

DeepVerge has announced its proposed Q1 2022 launch of compact Microtox® PD surveillance units. This upgraded system significantly expands surveillance capabilities into smaller communities and/or facilities/locations where larger groups of people routinely gather, thereby extending the reach of real-time national pandemic response to local community level. By accelerating its product evolution beyond just the monitoring large populations through fixed semi-permanent installations, the Group now seeks to capture the technology’s true global potential through development of smaller, mobile and mass producible designs that enable Microtox® PD to become a standard part of home or office utility.

Date: 08/12/2021

After 23 days of production testing of the State 16-2LN-CC well located on Zephyr’s Paradox Basin project in Utah, the company notes that the well has demonstrated stronger than expected production potential coupled with the capacity to drain a considerably larger hydrocarbon resource than expected at the pre-drill stage. The company is now proceeding with plans to equip the well and facilitate the sale of gas and liquids in the near future. The Directors believe the well could provide significant shareholder returns with not only a high liquids content but also substantial gas production and optionality on how it will be monetised.

Date: 07/12/2021

IIG yesterday released its final results for the period from 11 June 2020 (its date of incorporation) to 30 September 2021. This inaugural report reflects a period of substantial progress during which it successfully executed on the plan outlined at flotation, generating substantial growth across a portfolio of fast growing and high potential life sciences investee companies. Investment in both quoted and unquoted companies commenced with the Group’s AIM Admission on 14 December 2020, following which it delivered a 10% increase in the Group’s Net Asset Value (‘NAV’) during its first 9.5 months of activity. The opening weeks of the new financial year saw the successful AIM flotation of Light Science Technologies Holdings plc (AIM:LST), which subsequently delivered an unrealised 2.9x return-on-investment (‘ROI’), contributing to a 19% increase in NAV over the first c.11.5 months of activity to 30 November 2021.

Date: 30/11/2021

In anticipation of a sharp ramp-up in operational activities during 2022, MGC has today announced its successful raising of £5.5m (gross) new funding through an equity placing priced at 2p/share that was subscribed by a mix of new and existing shareholders. Added to the AUD$4.2m cash-at-bank held at the end of September 2021, along with access to an additional AUD$9.25m undrawn from its AUD$15m facility with Mercer Street Opportunity Fund LLC, the Group now appears to be well resourced to accelerate a number of key and timely projects. These include its Phase III Clinical Trial for CimetrA™, in tandem with securing Good Manufacturing Process (‘GMP’) accreditation for its new Maltese facility with the aim of commencing the drug’s first scale production in mid-2022, given potential for both Emergency Use Authorisation in India and fast-track approval in the US.

Date: 24/11/2021

Alien has entered into a Binding Heads of Agreement (the ‘Agreement’) with ASX listed Platina Resources Limited (ASX: PGM) (‘PGM’) to acquire its 30% joint venture (‘JV’) interest in the Munni Munni Platinum Group Metals and Gold Project in the West Pilbara, Western Australia (‘the Project’). Covering four granted Mining Leases and one Exploration Lease over a combined 75.9 km2, Artemis Resources Limited (ARV:ASX) (‘ARV’),the JV’s Project operator, holds remaining 70%. Hosting what is generally considered to be one of Australia’s largest platinum group elements (‘PGE’) deposits and having seen more than AUD$20m spent on it over the past two decades, Alien’s Board consider there is significant potential to rapidly update feasibility and development planning of this exciting palladium dominant opportunity.

Date: 22/11/2021

Zephyr Energy has entered into a binding agreement to acquire a large portfolio of working interests in 228 wells, of which 163 are already producing, from Kaiser Acquisition and Development – Sanish Non-op LLC for a consideration of US$36m. This deal is forecasted to be highly accretive as well as non-dilutive for shareholders and following the payment of a non-refundable deposit of US$3.0m, the balance is expected to be funded through a structured debt facility. We believe that this transaction will be transformational for Zephyr, contributing an initial 871 boepd of production to the company upon the anticipated closing date of 22 December 2021.

Date: 16/11/2021

Cora Gold has completed a substantial upgrade to its mineral resource estimate for the Sanankoro Gold Project, located in Southern Mali, which is likely to feed into the upcoming definitive feasibility study. The new total JORC 2012 mineral resource estimate has increased the gold inventory by over 200% to 809,300 ounces of gold, at a grade of 1.15g/t Au. Importantly, not only is this resource estimate pit constrained, over 77% is located with the oxide zone and 22% in the transition zone (Figure 1), and recoveries have previously been shown to be above 95%, making the gold mineralisation open-pittable, free-digging with high-recoveries.

Date: 11/11/2021

After two weeks of flow testing on highly restricted chokes, the State 16-2LN-CC well is demonstrating highly encouraging average daily facility-constrained hydrocarbon flow rates of 420 boepd with hourly peaks in excess of 690 boepd when chokes are reduced slightly. With further results to be determined as completion fluid continues to be recovered and facility constraints are addressed, indications are that State 16-2LN-CC is a highly successful and commercial ‘proof of concept’ well in the Cane Creek reservoir.

Date: 09/11/2021

Orosur has provided an update on its Anzá Project in Colombia (‘the Project’). Assays from five additional holes that were drilled primarily for geological and stratigraphic reasons, demonstrated a high level of consistency with further intersections of thick anomalous zones of mineralisation. Coming shortly after the Board confirmed much anticipated news that its Colombian Joint Venture (‘JV’) partner, Minera Monte Águila SAS (‘Monte Águila’), had elected to exercise its right to assume operatorship of the Project, today’s news is a useful reminder of the scale of the regional opportunity seen by two of the world’s largest gold miners.

Date: 08/11/2021

The global megatrends of increasing water scarcity, unabated climate change, heightening population and relentless urbanisation are accelerating the international reduction in stock of arable-grade land per capita. Such circumstances are seen not only to prospectively undermine the world’s traditional farming model, but also heighten food insecurity for the worst affected countries/regions, whose governments also increasingly recognise their populations’ vulnerability to a potential breakdown of international supply chains, as was recently exemplified during the worldwide Pandemic.

Date: 04/11/2021

In a potential landmark announcement, the Irish Government has today become the first to fully publicly endorse DeepVerge’s COVID-19 Microtox® PD technology. This follows extensive due diligence and numerous site visits as part of a detailed verification process. Recognising that a number of the original non-disclosure agreements (‘NDAs’) that DeepVerge entered with international government agencies (including the UK and European/Asian countries) are now also starting to fall away, other similar endorsements might be expected to follow shortly.

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