Precious metals equities-focused investment company Golden Prospect (GPM) has announced results for the first half of the 2023 calendar year, emphasising opportunity for investors as “the discount between the Net Asset Value and the share price expanded to 23%; the worst since the height of the market sell-off in 2020”.
Mobile data computing and managed services company Touchstar (TST) has announced its results for the first half of the 2023 calendar year and an outlook for “another good year for the business and create momentum into 2024”. So further upside from a current 96.25p share price - we tipped it an 80p offer not long ago?
Software and services to the publishing industry company Ingenta (ING) has announced results for the first half of the 2023 calendar year and that “on balance, the board remain confident in the outlook for the year and expects that EBITDA for the year ended 31 December 2023 will be ahead of market expectations”. Sounds good, but we focus on the bottom-line rather than EBITDA so how’s that outlook from a current around 120p share price?
Last week we noted on Kefi Gold & Copper (KEFI) that it was seeking Tulu Kapi project further progress in the week including the finalising of capital controls details with the Ethiopian central bank and addressing the few remaining loose-ends of Ethiopian Ministry of Mines-facing agreements. It now is pleased to report a number of important outcomes from its meetings.
Designer, manufacturer and supplier of plastic products Coral Products (CRU) has announced results for its year ended 30th April 2023 and that, whilst it is mindful of macroeconomic and geopolitical risks, it remains confident about the current prospects for the business. So what of a share price currently slightly up to 16.5p?
An “AGM Statement” on August from CML Microsystems (CML) included that it “has commenced its new financial year positively and remains on course to achieve a year of further growth and improvements in revenues and operational profit” and is “excited by the growth that a combination of organic and acquisitive growth can deliver”. We concur from current share price levels – with, despite the AGM update, the shares still down from approaching 600p earlier this year to a 440p offer price.
Bluebird Merchant Ventures (BMV) has announced results for the first half of the 2023 calendar year and that it remains confident in outlook, with the sum of the parts of the business “not reflected” in an around 0.70p share price.
Describing itself as “the UK's leading provider of digital and information management and secure lifecycle services”, Restore plc (RST) recently announced results for the first half of the 2023 calendar year noting “a difficult period” but that “current trading remains in line with the board's revised expectations to achieve an adjusted profit before tax of £31m for the full year”. On HotStockRockets, we noted that we considered that suggested recovery value from a then 142p offer price of the shares just over a week ago. The shares are already now at 180p.
Bluebird Merchant Ventures (BMV) has announced that Catalyse Capital Ltd has reached an agreement to acquire the 122.5 million shares in Bluebird held by Southern Gold (ASX - SAU), emphasising that this should “remove a significant perceived 'overhang' in the trading of Bluebird's shares and allow investors to focus on the inherent value of the three-project portfolio”. What of a current share price response up to a 0.80p offer price?
Cybersecurity services group Smarttech247 (S247) has announced an agreement with behavioural AI-based email security platform business Abnormal Security and that this has already resulted in a contract win with “a global aviation organisation”. What now with this currently helping the shares up to a 35p offer price?
Smarttech247 Group (S247) describes itself as a provider of AI-enhanced cybersecurity services. With cybersecurity a clear growth area and AI seemingly currently the ‘hot’ thing, a prevailing circa £45 million market cap might be considered worthy of a trade even if there was not currently encouragement and promise from the financials. Here there are those too though.
Mining services company Capital Limited (CAPD) has announced results for the first half of the 2023 calendar year, stating that it is “delighted with the performance delivered across all business divisions” and that underlying demand “continues to remain strong”. Good news from a current 82p offer price?
Shares in LED lighting, electronic and electro-mechanical system designer and manufacturer LPA Group (LPA) rose to above 100p in June but are now back to an 84p offer price following half-year results later that month. We though see outlook positives from the results announcement and consider that those playing out should help the shares back above a pre-covid 115p.
Shares in “provider of products and services for real-time financial market data processing and trading” Arcontech (ARC) responded higher following a significantly ahead of expectations earnings update for its year ended 30th June 2023 last month. However, a recently slipped back share price compares to 100p early last year and prior much higher levels – and we consider that there are the potential catalysts to take the shares back well above 100p again.
Power and data transmission products integrated manufacturer Volex (VLX) has announced receipt of competition authority clearances in both Turkey and Macedonia for its proposed acquisition of Murat Ticaret Kablo Sanayi and that completion of the acquisition is now expected at the end of this month.
Our July tip of the month at a 155p offer price, cloud and managed communications services provider Maintel (MAI) has issued a trading update for the first half of 2023 emphasising “significant progress” and helping the shares up to over 180p. This sounds good.
Kefi Gold & Copper (KEFI) has noted the Ethiopian Government's declaration of a state of emergency in the Amhara region of the country but that this is only applicable to a current conflict area in that region, specifically Gondar, approximately 700 kilometres from the company's Tulu Kapi project and that it “remains on track for project launch”.
Beauty brand group Brand Architekts (BAR) recently noted a second half of its year ended 30th June 2023 “significant improvement on the performance in H1” and a net cash position of c.£8.2 million. With reasons to consider trading improvement can continue and a market cap, at a current 32p offer price for the shares, of below £9 million, we rate the shares a recovery Buy.
Provider of software and services to the publishing industry Ingenta (ING) has announced continued growth in the first half of the year and that it is confident of full-year results “comfortably in line with market expectations”. Sounds good, but what’s the detail?
Events and communications consultancy services company Aeorema Communications (AEO) has announced its year ended 30th June 2023, “following a strong second half… is expected to be another record year for the group with increased revenue and profit, and a strong cash balance” and that it “is confident that the 2024 financial year will be another successful year”. This sounds encouraging.
Mining services company Capital Limited (CAPD) has issued a trading update noting second quarter revenue up 7% year-on-year to $76.5 million, taking the half-year to $154.3 million – up 12% year-on-year, and that it looks forward to “a strong second half driven by the ramp up of three high quality contracts”.
Technology for defence and related markets company Cohort (CHRT) has announced results for its year ended 30th April 2023, noting a record performance slightly above market expectations and that it continues to expect its current year will be ahead of this. Sounds like good news with the shares currently up to a 490p offer price.
A most recent, 6th June, announcement from structural steel and construction safety company Billington Holdings (BILN) included that “2023 has started positively… we have a robust business with significant momentum”. However, the shares, having reached above 450p in April, have since fallen back to a 330p offer price. We believe that there are the likely upcoming trading catalysts to see the shares regain those previous highs again.
Behavioural data technology company D4t4 Solutions (D4T4) has announced results for its year ended 31st March 2023 headlined “Significant ARR growth, improved go-to market approach beginning to deliver”. What of this and a current higher share price response?
PGMs and chrome producer from South Africa, Tharisa (THS) has issued an update on the third quarter to end-June of its year, with 'highlights' including “PGM output increased to 37.0 koz (Q2 FY2023: 34.3 koz) with yield maintained and recoveries improving” and “Karo Platinum Project remains on track with major milestones of first concrete pour and pilot mining commenced” currently helping the shares up by more than 7% to 75p. But we consider there is much further upside potential here.
OptiBiotix Health (OPTI) has issued a “SweetBiotix” update announcement, including significant progress in commercial scale production development with final product taste tested and accepted by its US partner. However, what about a more than 60% share price rise in response and now even more?
Agricultural products group Wynnstay (WYN) has announced results for its half year ended 30th April 2023 and that “the overall outlook for the group's performance in the second half is encouraging, with the arable sector looking strong”.
Provider of software and services to the publishing industry, Ingenta (ING) has announced that it expects results “comfortably in line with market expectations”, along with two contract wins which “have secured a significant proportion of the group's new sales targets for 2023”. So what of the shares currently up more than 15% at 106.5p in response?
MS International (MSI) recently announced results for its year ended 30th April 2023 showing post-tax profit down from £4.9 million to £4.1 million and unrestricted cash down from £18.1 million to £12.3 million. However, there looks good reasons for those and for a rebound in the now current year which could have the potential to take the shares beyond 800p.
Formerly Fox Marble, the marble quarrier and processer, and now also a modular housing business, Eco Buildings Group (ECOB) has announced that it expects its factory to be operational and fully commissioned in the next quarter, enabling it to commence production and sales – with it already having two supply and manufacture contracts with a value of €114 million deliverable within the next three years. So material cash flow soon.
Safety-critical industries training technology and product support services group Pennant International (PEN) has announced new contract wins, emphasising they showing recent momentum being maintained, and currently helping the shares up to 38p.
Mining services company Capital (CAPD) has announced a new “approximately $30 million of revenue per annum once fully operational” earthmoving and crushing services contract and an increased revolving credit facility. So what of a current just over 6% higher share price response to 102.5p?
Shanta Gold (SHG) has announced commercial production for its Singida mine in Tanzania with it having achieved 30 consecutive days of mill throughput exceeding 95% of nominal nameplate capacity of 1,000 tonnes per day, overall plant utilisation and gold recovery exceeding 95% and plant availability above 90%, and it now looks forward to this month providing production guidance including a 5 year forecast. With the shares currently up to 11.5p to buy in response, good news.
Technology for defence and related markets company Cohort (CHRT) has issued a trading update including “trading performance for the year ended 30 April 2023 is slightly ahead of expectations on higher revenue” and “closing order book of over £325m (30 April 2022: £291.0m)”. That sounds like good progress then.
Plastic products designer, manufacturer and supplier Coral Products (CRU) has issued a trading statement including that unaudited management accounts indicate its year ended 30th April 2023 revenue and adjusted EBITDA are ahead of market expectations and that it “maintains a robustly healthy balance sheet with cash and cash equivalents of circa £5 million”. How positive is this from a current 16.5p offer price, £14.9 million market cap?
Shares in power and data transmission products company Volex (VLX) have performed well over recent months, though are still up less than 13% this year and down from above 340p at the start of last year having been higher during that year. Considering the valuation and a recent positive trading update, we rate the shares a BUY and suggest a return to above a 350p share price is quite realistic.
Chrome and PGM producer from South Africa, Tharisa (THS) has announced results for its half-year ended 31st March 2023, including noting industry supply issues, buoyant chrome demand and improving platinum auto catalytic demand. That sounds encouraging for its prospects.
Publishing industry software and services company Ingenta (ING) has announced results for the 2022 calendar year and “strong trading in early 2023 as a number of key projects complete, generating growth in revenues and profit over the prior period”. So what of a current 113p offer price for the shares?
Gold producer in the Philippines, Metals Exploration (MTL) has announced results for the 2022 calendar year noting “exceeding its guidance for gold production and at an All-In-Sustaining-Cost (AISC) of US$1,235 per ounce, below the FY2022 AISC guidance” and continuing positive cash flows. So what of the shares now at 1.93975p?
Industrial chains and related power transmission products company Renold (RNO) has announced it has reached agreement for the extension of its core banking facilities that were due to mature in April 2024 to May 2026 with an option to extend for a further two years and the shares have responded further higher to above 29p.
Bluebird Merchant Ventures (BMV) has announced results for the 2022 calendar year, including emphasising that “the value of the two projects was highlighted in the publication of a Scoping Study which included a post-tax NPV of USD 181 million… conducted on a USD 1,750 per oz gold price”. So what of a current 1.4p share price, £9.7 million market cap?
Safety-critical industries training technology and integrated product support services group Pennant International (PEN) has announced results for the 2022 calendar year, emphasising “a much-improved performance” and “a contracted year end order book of £25 million (2021: £22 million), underpinning forecasts and providing good visibility for 2023 and beyond”.
Fox Marble (FOX) has, eventually, announced further details of its proposed Eco Buildings Group reverse takeover along with a proposed further £2.7 million of equity issuance at 55p per share. Exciting times ahead?
Technology for the broadcast and streaming service markets group Pebble Beach Systems (PEB) has announced results for the 2022 calendar year and that it looks forward to continuing the progress being made.
Our tip of the month last month at an 85p offer price, mobile data computing and managed services provider Touchstar (TST) has announced results for the 2022 calendar year and a “strong start to 2023… the outlook for 2023 is very positive”, helping the shares up approaching 19% on the day to 95p.
Shanta Gold (SHG) has issued an update on the first quarter of 2023, emphasising a now more diversified business as well as announcing the proposed appointment of a new non-executive director (Matthieu Bos, a trained metallurgist and former mining investment banker), but also that CEO Eric Zurrin “has informed the board of his decision to step down from his role after six years with the company”.
This is a very pleasant surprise. Kefi Gold & Copper (KEFI) has announced the signing of the Final Umbrella Agreement for the project financing of the Tulu Kapi gold project in Ethiopia and that it is preparing for full construction start to coincide with the next dry season at Tulu Kapi, which is expected to start in October. What very good news!
Mining services company Capital Limited (CAPD) has issued a first quarter of the year trading update, emphasising “a solid platform to achieve another record year milestone for 2023” and helping the shares to currently 99.8p.
Industrial chains and related power transmission products business Renold (RNO) has issued a trading update commencing “the strong momentum in the company's performance experienced in the first nine months of the year continued through the final quarter”. Good news.
Platinum group metals and chrome co-producer from South Africa, Tharisa (THS) has announced second quarter of its year production has been impacted by adverse weather but that it still generated healthy free cash flow.
Pennant International (PEN) has announced an acquisition of Track Access Productions Limited for an Enterprise Value of £0.585 million, emphasising that it “significantly enhances existing Rail offering, adds recurring revenues and further diversifies group business lines”.
Shares in supplier of electronics products for specialist and harsh environments, Solid State (SOLI) are down from above 1430p as recently as December to an 1145p offer price despite a recent trading update noting “continued strong trading in the second half of the year, resulting in a performance for the period that is at least in line with consensus expectations” and “confident it will continue to deliver further growth for shareholders”.
Flowtech Fluidpower (FLO) has announced its results for the 2022 calendar year and that “with global supply chains now more consistent, we can reduce inventories to match our needs and return to generating strong cashflows to support our investment activities, whilst exploiting our new digital capabilities”. That sounds encouraging, so what’s the company’s current position?
NFT Investments (AQSE - NFT) has announced that a “tender offer will be for a maximum of 857,142,857 shares” and at “a maximum of whichever is the greater of 3.5p per share and an amount equal to the Net Asset Value per share”. That sounds good with it currently having 1,004,500,000 shares, a share price of 1.75p and a stated net asset value of 3.61p per share as at 20th March, but…
NFT Investments (AQSE - NFT) has issued a “Q1 Crypto Holdings Trading Update” including that it had unaudited Crypto assets with a valuation of £27.8 million (2.77p per share) as at 2nd April. So what of that comparing to a current 1.5p share price?
A late January trading update from Touchstar (TST) included “revenue and profits in line, net cash generation and EBITDA ahead of expectations… the buoyant level of the current order book and trading momentum underpin the prospects for 2023” and that it expects to report results in “late April”. Ahead of those, we suggest there looks strong value in the shares from an 85p offer price.
Kefi Gold & Copper (KEFI) has announced a maiden Mineral Resource Estimate for the Al Godeyer project of its planned to be up to 30% owned Saudi Arabia joint venture ahead of further drilling planned to commence this quarter.
East Africa-focused Shanta Gold (SHG) has announced its first gold pour at Singida in Tanzania on schedule and on budget, marking its next phase of growth as a 100,000 ounces per year gold producer. It adds that “looking ahead, Singida is transitioning from a cost centre to a cash generator. As our focus turns to mine life extension, we are confident that we will unlock further long-term value for our shareholders” and that “the Singida 2023 guidance and 5-year mine plan is expected to be communicated in Q2 2023”.
Technology and supporting services to content providers and publishers company, Ingenta (ING) has previously been featured on this website – most recently towards the end of last year when we banked a near 40% offer-to-bid gain in little more than two months with the shares at a 130p bid price. That was with the swift gains, though we had targeted 140p+ as the underlying cash generation became clearer and on further earnings/cash upgrades. A subsequent trading update, ahead of results expected in April, has added to our confidence, yet the shares are down to 114p and the following is why we consider 150p+ now realistic.
Platinum group metals and chrome producer Tharisa (THS) has announced what it emphasises as a further “key step” in its development with an agreement, “subject to the fulfilment of certain conditions”, for a $130 million debt facility with Société Générale and Absa Bank. However, also noting end-2022 net cash of $101.1 million, what’s the debt facility agreement a “key step” for?
Information systems and transport technical services company Journeo (JNEO) has announced a 5 year software and support services contract at Gatwick Airport, following two other purchase orders and a contract win already this month.
Medical device group focused on point of care asthma diagnosis and management, Niox (NIOX) has announced calendar year 2022 results and that it has made a positive start to 2023 with revenue up 19% in the first two months of the year on the equivalent period in 2022.
Agricultural and specialist merchanting group Wynnstay (WYN) has announced that trading is “broadly in line with management expectations” with that it “remains well placed to deliver a good outcome for the year”.
Kefi Gold & Copper (KEFI) has issued a quarterly operational update, including on the Tulu Kapi gold project in Ethiopia that regarding the government it “expects to resolve all outstanding issues in the coming weeks” and on its projects in Saudi Arabia that it continues to progress activity.
Information systems and transport technical services company Journeo (JNEO) “is pleased to announce that it has signed a Software as a Service contract with Transport for Wales to supply a new displays Content Management System” for buses, noted to add to the company's strong order book and strengthening market position.
Mining services company Capital (CAPD) has announced results for the 2022 calendar year and that “tendering activity across all business units remains robust, with a number of opportunities progressing”.
Shanta Gold (SHG) has now announced West Kenya project and group resource updates, emphasising that now over the past 5 years its resources have increased threefold to now 3.7 million ounces of gold despite its existing mining.
Bluebird Merchant Ventures (BMV) states that it “is delighted to announce a Scoping Study for its Kochang and Gubong gold projects in South Korea” and the shares have currently responded up to just above 2p. But there looks clear potential for much more to come.
Security and surveillance systems company Synectics (SNX) has announced results for its year ended 30th November 2022 and that “with recovering markets, a sound order book and a strong pipeline of opportunities, the board is confident of further profitable growth this year”.
Providing a range of products and services for defence and related markets, there looks to be strong macro tailwinds in terms of defence spending for Cohort plc (CHRT). However, the shares are currently 490p compared to above 650p as recently as 2021 and we now look for an earnings recovery to take them back to such levels.
OptiBiotix Health (OPTI) has announced that a director and CEO of its operating business René Kamminga is to “leave the business on 28 February 2023 to pursue other opportunities”, with OptiBiotix CEO Stephen O'Hara to resume the role as CEO of the operating business and to “lead a minor restructuring of the business, with further announcements to be made in due course”. So what’s really going on here?
Shares in “cybersecurity, advisory and managed security services group” Shearwater (SWG) approached 140p last summer and were above 115p in November before results for its half-year ended 30th September 2022. Having commenced 2023 at 100p, the shares are now available at a 95p offer price and we consider that there is attractive recovery potential from here.
Manufacturer of industrial chains and related power transmission products used in a wide variety of international industries including manufacturing, transportation, energy, steel and mining, Renold (RNO) recently announced that it “now anticipates that underlying operating profit for the full year will be above current market forecasts” and that there is a “positive market outlook”. This looks far from discounted in the current share price and, as the results and following updates make the financials picture clearer, we expect the shares to spark from here.
Touch sensors company Zytronic (ZYT) has announced that the average monthly order intake is at levels similar to the second half of the prior year and that “business development and the opportunities pipeline continue to progress positively”. So what of its current valuation?
Shanta Gold (SHG) has announced continued construction progress at the Singida project in Tanzania, with the mine, which is set to see the company become a 100,000 ounces per annum gold producer, on schedule for first production next month.
Asiamet Resources (ARS) has announced that it has been “extremely busy” progressing a feasibility study update for the BKM copper project in Central Kalimantan, Indonesia, including estimates which are “very positive for the capital cost of the project relative to original inputs”.
Bluebird Merchant Ventures (BMV) states that it is delighted to announce that it has signed an agreement with a Philippine company, whose owners have decades of experience in mining, to develop the high grade Batangas gold project in the Philippines.
Gold producer in the Philippines, Metals Exploration (MTL) has issued its report for the fourth quarter of 2022, emphasising “record quarterly positive free cash flow” and “a very solid platform from which to build on in the coming year”. Good news.
Shanta Gold (SHG) has announced an updated mineral resource estimate for its West Kenya project in Kenya and that “the high-grade Indicated category… points towards a high margin cash flow during future operations”.
Shares in Probiotix Health (AQSE - PBX), spun-off onto Aquis by OptiBiotix Health (OPTI), have slumped over the past few days to 10p, a £12.2 million market cap, following the ‘lock-up period’ on the shares ending. However, we’ve spoken to boss Stephen O'Hara and we are certainly not selling our shares here.
Ariana Resources (AAU) has announced drilling results and an update on the drilling programme at the Salinbas project of its 23.5%-owned joint venture in Turkey. This includes continuity of gold and silver mineralisation and presence of significant molybdenum mineralisation.
In August we downgraded our stance on touch sensors company Zytronic (ZYT) to sell with the shares at 135p as we noted the short-term outlook looked challenged. Despite the recent somewhat stock market recovery, that has proven sensible as the shares are now at an offer price of...135p. That is though a recovery from 112.5p at the start of October and there now looks reason to believe that the recovery has a good deal further to go.
Kefi Gold & Copper (KEFI) has issued a Tulu Kapi gold project financing update including that it is “pleased to report that all lead contracting and equity investment parties have agreed their draft agreements… The company expects all outstanding issues to be addressed imminently, the exact timing of which will largely be driven by the Government process”. Is this "funding secured"?
Centamin (CEY) has emphasised a “most welcomed” Egyptian Supreme Constitutional Court judgment and that “operations at Sukari Gold Mine remain unaffected and continue as normal”. So what’s the “most welcomed” news?
Platinum group metals and chrome producer in South Africa, Tharisa (THS) has issued an update on its first quarter of the year, including news that mining volumes were impacted by rainfall not seen in the history of the Tharisa mine but that it maintains full-year production guidance of 175koz-185koz PGMs (6E) and 1.75Mt-1.85Mt chrome concentrates. So what of a current 97.5p share price?
Probiotix Health (PBX), spun-off onto Aquis by OptiBiotix Health (OPTI) which retains a 44% shareholding, has issued a “Commercial and scientific update” including that “with growing sales, operational profitability, and a clear strategic focus on growing the business by commercialising ingredients and final products across more territories and more application areas with existing and new partners, we look forward to 2023 with great confidence and excitement”. What’s the detail from a current 21.5p share price, £26.2 million market cap?
Fuel, food and feed distribution group NWF (NWF) has announced “ahead of the board's expectations” trading and an acquisition it states further expands and infills the geographic coverage of its Fuels business within the UK and is expected to be immediately earnings-enhancing.
Security and surveillance systems company Synectics (SNX) has announced “second half profit is expected to be higher than in the first half, resulting in an underlying profit for the full year being slightly ahead of market expectations” with gross margins holding up well.
Plastic products designer, manufacturer and supplier Coral Products (CRU) has announced results for its half-year ended 31st October 2022 and that, following investments made, it is “confident of the group's future prospects”.
UK technology consultancy group Triad (TRD) has announced admitted “disappointing” results for its half-year ended 30th September 2022 but is “delighted to say that the beginning of our second half year has seen a strong upturn in levels of new business wins and bidding activity”.
Bluebird Merchant Ventures (BMV) has announced it has raised £0.23 million at 2p per share and opened discussions with a streaming fund for the entire capital needed for the development of the high grade Kochang gold and silver mine.
Fluid power products business Flowtech Fluidpower (FLO) is a company we have successfully covered on this website before – banking a less than six months 39.5% offer to bid gain last year at a 117.5p bid price, though also noting then that on continuing strong trading recovery delivery there is likely some further upside. The shares went on to reach 150p and this year’s half-year numbers showed further positive trading recovery… but the shares are currently available at a 109.5p offer price. We therefore now ride again, targeting a return to 140p+ as trading delivery is further proven and market sentiment improves from here.
Tharisa (THS) has announced results for its year ended 30th September 2022 and that “the long-life Karo platinum project, when added to the 60+year LOM of the Tharisa PGM and chrome operations in South Africa, sets the foundation for Tharisa's growth”.
Industrial fastenings and components principally for major global assembly industries business, Trifast (TRI) has recently announced results for its half-year ended 30th September 2022 including earnings per share down to 3.33p, increased net debt and noted continuing macro challenges. However, it also noted various “significant progress” which encourages for the second half of the year and beyond and suggests share price recovery potential.
OptiBiotix Health (OPTI) CEO Steve O'Hara states that he is “pleased with the interest shown from new and existing shareholders in this fundraise which will support further company growth”. We weren’t pleased and managed to interrupt his holiday in the West Indies to get some answers.
Ariana Resources(AAU) has announced “a tremendous enhancement for Tavsan, as construction continues on site” as this project is further progressed as a second 23.5% interest gold mining operation here.
Shanta Gold (SHG) has recently announced that “after further engagement and having taken advice from its financial advisors, the board has concluded that there is no merit in continuing discussions with Shandong and Chaarat, which both parties have accepted”. That ended current bid talks and sees the shares currently down to a 10.5p offer price. However, the company added that it is now “focused on optimising and growing its quality portfolio to continue to deliver long-term sustainable returns for shareholders with a number of value catalysts in train for 2023”. We consider that they can re-spark these shares back to the 16p+ of last year.
Jubilee Metals(JLP) has noted “key milestones achieved in its southern copper and cobalt operations in Zambia” and that, with these, for its prospective northern operations it “expects to receive the final recommendation on capacities from its design teams by mid-January 2023… look forward to updating shareholders in this regard”. So what are the milestones and how significant are they?
Managed IT services, cyber security and cloud hosting company SysGroup (SYS) has announced results for its half-year ended 30th September 2022 and that “trading for the second half has continued with positive momentum and the board is therefore confident in meeting its full year expectations”. So what’s the detail here?
Kefi Gold & Copper(KEFI) states that it “is pleased to announce that the updated US$320 million Tulu Kapi gold project costings and finance plan has now been agreed by all the Tulu Kapi syndicate lead contractors, investors and lenders. It is currently being processed for final reviews and entry into definitive documentation to be signed as soon as possible, with the expectation to achieve this next month”. Is this though what was expected at this point?
OptiBiotix Health(OPTI), a developer of “compounds to tackle obesity, cardiovascular disease and diabetes”, has recently provided an update presentation on its commercial strategy and future plans. At a current 19p, the shares are at least up from 16.5p lows last month but remain well down from above 30p as recently as August and 46p at the start of this year and we’ve spoken to CEO Steve O'Hara.
Aeorema Communications (AEO) has announced results for its year ended 30th June 2022, noting “record revenue and profits” and that it is confident in its strengthened market position with a pipeline of event activity that sees it “solidly into 2023”.
We’ve recently noted we’re looking for depressed precious and related metals sector sentiment to turn as the production returns still being generated at current prices become clearer and US dollar strength and interest rate hikes expectations prospectively ease. Meanwhile, Anglo Asian Mining (AAZ) recently announced “production figures remain robust, with total production of 14,309 gold equivalent ounces in the quarter” and that it “is making excellent progress on the development of its future new mines”. We see significant further recovery potential, more than 33%, from a current 88p offer price.
Horizonte Minerals (HZM) has issued a quarterly update and results, including emphasising “Araguaia construction running in line with project execution schedule” and “Feasibility Study contract awarded to Wood plc for Vermelho nickel-cobalt project”. It sounds like good progress here then.
Agricultural supplies group Wynnstay (WYN) has issued a trading update including that its “results for the financial year will be ahead of market forecasts” as beneficial trading conditions continued. So what of a share price currently helped up further above 600p?
OptiBiotix Health(OPTI) has announced the opening of an online shop on Tmall.com for its Go-Figure products and that it has launched GoFigure shakes containing patented weight management aid SlimBiome on Tmall China. What of this and of a share price edging up to 19p to buy?
Kefi Gold & Copper(KEFI) has announced that it “is extremely pleased to note the announcement of a permanent end to hostilities in Northern Ethiopia and expresses its determination to do whatever is possible within its business mandate to contribute to the economic recovery plans set by the Ethiopian Government”. We suggest the news bodes very well for near-term progress of the Tulu Kapi gold project for the company.
SysGroup (SYS) recently issued a trading update stating that it “is pleased to report a strong trading performance, despite the challenging macro-economic environment”. With the shares having fallen from approaching 50p last year to a 24p offer price, such a trading performance suggests a lowly valuation and strong recovery potential.
This company is somewhat bigger than the ones we usually cover, but it struck us as a relatively low risk trading buy and, although already well up from a below 300p tip price at approaching 350p, there looks some more to go. This follows a recent trading update from easyJet (EZJ) having emphasised continuing demand for its leading network alongside “step-changed” ancillary revenue and the rapid and profitable growth of the easyJet holidays business. The shares responded positively, but were above 400p as recently as August and above 700p earlier this year and, despite some clear challenges, we suggest that there is further recovery potential from here as we look to 29th November-scheduled results and beyond.
Iofina (IOF) has announced third quarter production from its five IOsorb production facilities in Oklahoma, USA, of 143 metric tonnes of crystalline iodine and that it has now completed all agreements with a new brine supply partner to construct a latest plant in Western Oklahoma.
Previously delayed production and a recent discounted placing are not typically good starting places for a value opportunity. However, in this case, the material fundraise at only a tiny discount in the current extremely challenging stock market conditions and the production it is set to enable with the on-the-ground progress that has been made, suggests a compelling opportunity from a current 37p offer price, prospective £97.3 million market cap.
Ingenta (ING) recently announced results for the first half of 2022 and that it “anticipates that results for the year ended 31 December 2022 will be ahead of current market expectations”. With the current valuation looking modest and the above despite prevailing macroeconomic angst, there looks good value.
Writing on Bluebird Merchant Ventures(BMV) last week we noted, with the shares at a 1.4p offer price, that upcoming “advancing/monetising” news from the Batangas project in the Philippines should help the shares as well as progress in South Korea. Now there has been a Batangas licence extension announcement and the shares currently up to a 1.6p offer price – and there should still be much to come.
An information systems and technical services provider to the transport sector, Journeo (JNEO) has this month followed half-year results emphasising “strong revenue growth, is profitable and has generated its largest order intake” with a further contract win – to provide real-time information systems and on-vehicle hardware for shuttle services at Dublin airport. Further delivery to expectations would suggest the shares are currently very cheap.
Agricultural supplies business Wynnstay Group (WYN) announced recently that “it is now clear that the group's trading results for the financial year will be significantly ahead of current market forecasts”. The shares have responded higher, but at a current 610p remain below above 650p reached in June and, as the numbers to be reported become clearer, we expect further meaningful share price progress.
OptiBiotix Health(OPTI) has announced what it states is an important extension of its commercial experience and reach in the Asia Pacific region – with an agreement with Nutraconnect Pte., Ltd to develop and implement a market strategy there.
Kefi Gold & Copper(KEFI) states that it “is pleased to note a widely publicised request for a permanent ceasefire by the Tigrayan rebel leadership in Ethiopia”, viewing it as a positive development for the country and the company's Tulu Kapi gold project.
Jubilee Metals(JLP) has announced that its newly constructed Zambian copper concentrator, Project Roan, has now reached nameplate capacity to help its Zambian Southern copper refining strategy to 12,000 tonnes of copper per annum through the Sable refinery.
We’ve noted recent ramptastic proclamations on Wishbone Gold (WSBN) – and it now also emphasises “significant copper and gold grades from drilling in Queensland, Australia”. However, that comes with a discounted placing.
Bluebird Merchant Ventures(BMV) has announced it has opened discussions with potential partners to develop its high grade Batangas gold project in the Philippines and that it is in South Korea this week to finalise the plan to fulfil qualifying spend in accordance with 20-year mining licence terms there. These are encouraging from a current 2.15p share price, below £14 million market capitalisation, here.
Ferrexpo (FXPO) has announced that, despite constraints particularly logistically, the first half of 2022 still saw net cash increased by $54.7 million to $171.7 million on 4.4 million tonnes of iron ore pellets sold. What’s the outlook from a 143.2p offer price, £843 million market cap?
Aeorema Communications (AEO) has announced its scale of work completed in the final weeks of its financial year, primarily at Cannes Lions, has had a further positive impact on expected profitability and that “there is undoubtedly strong demand for Aeorema's innovative event services… pleased to announce that it has opened a new office in Amsterdam”, helping the shares up to currently 78.5p.
We noted just earlier this week on Wishbone Gold (WSBN) as the shares rose up to 14p that we continued to consider that drilling excitement and ramping building could take the shares up to a target to sell of around 20p. They are currently a bit further closer on the back of a “Encouraging Visual Drilling Results at Red Setter”-titled announcement.
Jadestone Energy (JSE) has announced “H1 2022 production of 15,008 boe/d… cash balance: US$161.1 million”, with the latter comparing to $117.9 million at the end of 2021 but also that it now “has taken the decision to temporarily shut-in production from Montara”.
Crestchic (LOAD) has announced “trading momentum has again accelerated” and that it remains very confident in its strategy, the strength of its markets and in its prospects for continued growth. Sounds good!
Last month Synectics (SNX) announced a half-year (to May 31st) pre-tax profit of £0.5 million and said that period end net cash was £4.2 million. At a current 115p offer price, the market cap is £20.5 million, so how much upside potential is there? We believe there is enough value and impending newsflow to get the shares to 155p and here is why.
Gold producer in the Philippines, Metals Exploration (MTL) has issued a second quarter update including that it “is well positioned for a strong second half of 2022 as the grade in the mine improves once the higher grade ore in Stage 3 is accessed”.
Wishbone Gold(WSBN) has announced the intersection of multiple encouraging zones from drilling at its Red Setter project in the Patersons Range area in Western Australia and that it is resultantly now securing an additional diamond drill rig.
Kefi Gold & Copper(KEFI) states that, via its 30%-owned joint venture in Saudi Arabia, it “is pleased to announce positive licencing progress on the Jibal Qutman project, plus the award of two further exploration licences”. So what of a current 0.60p to buy share price?
Ferrexpo (FXPO) emphasises that it produces high grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers. That sounds good, but it does so from Ukraine. That is why it has seen a share price fall from approaching 500p last summer, but we can now see reasons why the shares could bounce sharply.
MyHealthChecked (MHC) has announced that four of its cheek-swab DNA at-home wellness tests are now available to purchase through the Amazon UK site (with Glucose Management expected to follow), emphasising that “following the success of our partnership with the UK's top high street pharmacy retailers for our COVID testing service, we have seen the real value that additional retail partners can bring to the business by broadening our customer base and significantly increasing our market share”.
MyHealthChecked (MHC) has announced half-year trading “has been stronger than expected and ahead of management budgets”, that increase in COVID-19 infection rates has led to a significant increase in demand for lateral flow test kits in recent weeks and that it is “very pleased” with the feedback around its recently-launched wellness tests – for which it has now also announced availability on Amazon.
Kefi Gold & Copper(KEFI) has announced the award of two additional exploration licences on initial five year terms through its 30% joint venture in Saudi Arabia and that “positive progress has been made in discussions with the Deputy Minister for Mineral Resources relating to the Jibal Qutman project - anticipated resolution in the current quarter”, as well as a quarterly 'operational update'. What of the shares having responded up to 0.65p to buy?
A most recently published, 30th September 2021, balance sheet from 600 Group plc (SIXH) showed current assets of $36 million outweighed by total liabilities of $39.3 million, with that including net debt of $14 million. However, in April the group completed the Machine Tool Solutions division sale which has transformed its financial position and outlook. The share price does not look to reflect that at all.
Iron ore pellets producer Ferrexpo (FXPO) has issued a production report noting sales in the first half of 2022 of 4.4 million tonnes, representing a year on year decrease of 21%, with logistics availability “the largest constraint” on the business but that it is “in advanced discussions with a number of logistics providers to resume access to seaborne markets via neighbouring countries”.
On recent 81p offer price recommendation, we noted we saw upside potential for shares in Jadestone Energy (JSE) on Montara fears reducing and operations being restored over the next few weeks. Now a “Resumption of Production Operations at Montara” announcement.
Having recently reached above 200p, shares in Northbridge Industrial Services, now Crestchic plc (LOAD), have fallen back to a current 200p offer price, £56.5 million market cap. However, recent corporate activity and trading mean we target a more than 250p share price within three months and here’s why.
Kefi Gold & Copper(KEFI) has issued an announcement stating that it notes recent local press reports inaccurately referring to a loss of the company's Tulu Kapi licence in Ethiopia and that it is instead confident of the signing of an umbrella funding agreement by the end of this month.
Kefi Gold & Copper(KEFI) has issued an “Ethiopia Development Update”-titled announcement, with Executive Chairman Harry Adams emphasising that the company has significant momentum as it progresses three advanced projects. Then again he recently considered yet another placing ‘pleasing’, so what is the “significant momentum”?
Kefi Gold & Copper(KEFI) has announced calendar year 2021 results and emphasises now a “focus on a sequential development path to build a mid-tier mining company with aggregate annual production of 365,000 ounces of gold and gold equivalent, in which KEFI will have a beneficial interest of 187,000 ounces of gold and gold equivalent”.
A distributor of fuel, food and feed across the UK, NWF Group (NWF) issued a trading statement recently including “the full year result now likely to be significantly ahead of the board's previously upgraded expectations”. Such trading momentum looks far from reflected in a current 224p offer price for the shares...
Seed Innovations(SEED) has emphasised a “significant milestone” for B2B developer of 3D gaming applications investee company Fralis LLC, trading as Leap Gaming, with the granting of a content supply licence by the United Kingdom Gaming Commission.
Wishbone Gold(WSBN) has announced it has signed a drilling contract for its Wishbone II gold-copper project in Northern Queensland, Australia and that deployment for drilling is dependent only on weather in the area improving.
Red Rock Resources(RRR) has announced results for its half-year ended 31st December 2021, with Chairman Andrew Bell emphasising “there will be a strong focus on cash generation and creating opportunities for value crystallization”. Time for action, not words though Andrew!
Gold miner in the Philippines, Metals Exploration (MTL) has announced an update on the first quarter of the year and that it is “well set to continue to deliver our planned strategy for the coming year”.
i3 Energy (I3E) has announced delivery on a farm-in by Europa Oil & Gas (EOG) to the New Serenity Block and it to “now commence the detailed planning and permitting process for the Serenity appraisal well, which we now expect to spud in late Q3”.
Iofina (IOF) has announced first quarter production of 103.8 metric tonnes of crystalline iodine from its five operating IOsorb plants in Oklahoma, USA, in line with its budgeted projections and that “iodine spot prices have reached $60/kg and above, up 20% since the beginning of the year”. This sounds encouraging.
Kefi Gold & Copper(KEFI) states that it “is pleased to announce an oversubscribed fundraising to raise gross cash proceeds of £8.0 million… at a price of 0.8 pence per ordinary share”, with also a warrant per two placing shares at an exercise price of 1.6p exercisable for two years. But then it admits “the placing price represents a discount of 25% against the ten-day VWAP to 19 April”. So the stock was handed out cheaply so making the placing oversubscribed. Well done 'arry bloody Adams and team aren't you clever boys?
Fox Marble(FOX) has announced it has raised approximately £400,000 by way of a convertible at 6p per share, 5 year, loan note at a 2% per year interest rate deferred for 2 years… though not for its current marble quarrying and processing business in Kosovo and the Balkans. Instead it is to provide a 2% per annum interest loan facility to a recently incorporated English private company focused on buildings made from glass fibre reinforced gypsum modular sections. However, there is far more to this move.
Kefi Gold & Copper(KEFI) has emphasised a recent months “improved enormously” security situation in Ethiopia and regulatory and further operational progress in Saudi Arabia mean that it is now well set.
In January last year we banked a 16 months, 50% gain on RiverFort Global Opportunities (RGO) at 1.20p per share. The shares went on further, to exceed 2p so that sell was premature but you never go bust banking profits! However, despite a successful development of the strategy, the shares are back below our prior sell price. Therefore, there now looks attractive potential again here. Buy again at a 1.1p offer.
Newcastle-upon-Tyne touch sensors manufacturing company Zytronic(ZYT) has announced a trading update including that “revenues for the first five months are approximately 25% ahead year-on-year and we are maintaining operating margins at the improved levels of last year. The order book is 45% ahead of the same period last year”. That sounds good, but what does it mean tangibly?…
Tharisa plc (THS) has announced agreements with “BEE shareholders Thari Resources owning 20% and The Tharisa Community Trust owning 6%” to acquire their interests to make a wholly owned subsidiary. What now, with the shares having responded up to 144p to buy?
Kefi Gold & Copper(KEFI) has made a Tulu Kapi gold project (TKGM) update including that “the Ethiopian Ministry of Mines has allowed until 8 July 2022 for full project financing and launch commitments to be achieved”. So what of a share price still around 0.70p?
Ariana Resources(AAU) says that it is pleased to announce a 19% increase in Kiziltepe sector (Ariana – 23.5%) gold resource over the previous (2020) undepleted mineral resource estimate and that this shows the potential here. AIM companies though always say they are pleased to announce basically anything, so should Ariana really be pleased?
In our October tip of the month, we noted on Coral Products (CRU) its acquisition of Customised Packaging Limited, a plastic products producer using sheet extrusion technology and vacuum forming capabilities. Coral has now announced it will be paying an earn-out consideration to the vendors of Customised Packaging.
Mobile data computing services provider to industry Touchstar (TST) has announced “the unaudited full year outcome for FY21 is above market expectations in terms of profitability and cash generation” and that it believes “the rate of growth in revenue and EBITDA will accelerate in 2022 driving further substantial improvement in financial performance”. Good news.
Real Estate & Built Environment recruitment company Prime People (PRP) has announced proposed cancellation of its stock market listing, with the directors shareholdings representing approximately 56.1% of the share capital.
Amongst the travel and leisure shares having fallen as covid variant from Africa fears abounded the stock market is building services company, with key sectors of Infrastructure, Residential & Hotels, Engineering services, Technologies and Facilities Management, TClarke (CTO). However, a recent trading statement from the company actually provides significant confidence and, as Tom argues here,the hard facts behind the Botswana variant should not be a game changer.
Ariana Resources(AAU) has announced mineral resource updates for Kokkinoyia and Apliki in Cyprus, emphasising the former “contains a substantial tonnage of mineralised material across several domains beyond what was already understood from the historical work” and that it will now be looking into the potential to integrate a part of Kokkinoyia with the planned Apliki copper mine development project.
PGMs and chrome concentrates producer in South Africa Tharisa (THS) has announced results for its year ended 30th September 2021 and “FY2022 production guidance of between 165 koz and 175 koz PGMs (6E basis) and 1.75 Mt and 1.85 Mt of chrome concentrates” – further increases on the year just ended.
Plastic products company Coral Products (CRU) has announced its results for its half-year ended 31st October 2021 and that it “remains confident of the group’s future prospects”. This sounds encouraging.
Kefi Gold & Copper(KEFI) has made an “operational update” including that preparations continue for Tulu Kapi gold project launch with focus on satisfying all technical conditions by the end of January and preparing the community and that it is on track to update and upgrade the Mineral Resource Estimate at the Hawiah copper-gold project before the end of this year.
UK technology consultancy group Triad (TRD) announced results for its half year ended 30th September 2021 this month. The shares were 120p before the announcement and are currently available at 120p to buy. We believe the announcement though greatly encourages for the future.
Describing itself as a “value-add AV & IT distributor” to resellers, Northamber plc (NAR) has announced results for its year ended 30th June 2021 showing a post-tax profit of £0.337 million and a proposed dividend per share of 0.4p. However, the shares are up to 62p, a £16.9 million market cap…but there looks significant further value potential.
Coral Products (CRU) has announced the completion of sale of its freehold premises in Haydock and that net proceeds of £3.5 million have been received. This has helped the shares up to 15.5p, but still the proceeds are quite material to a £12.5 million market capitalisation.