Weekly Brief 1st May

Along we move into May and, after an eventful few months, one cannot help but wonder what does this new month have in store for us?

Amidst all this uncertainty, one thing is sure: Spring is now in full swing with warmer weather, blue skies and ever longer days to enjoy with summer just beyond the horizon. Today is May Day, the ancient pagan celebration of spring dating back to the Romans who celebrated Dionysus and Aphrodite. The festivities have progressed over the centuries from the Roman’s debauchery, to the Catholic Church’s celebrations, and to the European folk tradition of dancing around the maypole, the first day of May has always been a day of revelry. However, ever since the 19th century, it is shared with International Workers’ Day, which feels particularly significant this year as we give our continued appreciation and admiration to the essential workers that continue to provide and care for us during this tough time.

Client News:

Empire Metals Limited (AIM: EEE) has agreed to acquire a controlling interest in the Munni Munni Palladium Project in Western Australia. The project is the largest undeveloped primary platinum deposit in Australia and marks the start of a new chapter for Empire as they de-risk their growth strategy and diversify their project portfolio.

Erris Resources (AIM: ERIS) defined further high grade results from recent sampling on the Loch Tay Gold Project in Scotland, including the two highest grade gold results to date with 17.15g/t Au and 14.8g/t Au from the Lead Trial Prospect. The results are highly encouraging and reveal a large mineralised system in the Lead Trial and adjacent areas. Furthermore, reviews of historic reports, papers and data relating to the Loch Tay Project and regional geology indicate that the prospects in the Loch Tay area have the potential to host significant gold mineralisation.

MGC Pharma (AIM: MXC) has had a busy week starting with releasing its quarterly update highlighting A$832k received from product sales; over 2,750 prescriptions and over 1,100 patients receiving MGC products. Importantly MGC received the second human research ethics committee approval from the leading Hillel Yaffe Hospital in Israel to conduct the phase II clinical trial to evaluate the safety and efficacy of ArtemiC on Covid-19 patients. In addition to this MGC received firm commitments from new and existing investors to raise A$3.5 million by way of a share placement, providing the funding to complete current and future sales orders of their products and to undertake further clinical testing.

Armadale Capital (AIM: ACP) has raised £550,000 through a private subscription with existing high-net worth shareholders in the company, putting Armadale in a solid financial position. These funds will be used to progress post definitive feasibility study work streams at the Mahenge Liandu graphite project in Tanzania as well as for general working capital purposes. Prior to this subscription Armadale received notice from an investor to convert £20,000 of a convertible loan note into Armadale shares. Accordingly the company has allotted 666,667 new ordinary shares to the investor.

Katoro Gold Plc (AIM: KAT) confirmed that the scoping study being undertaken to assess the technical and economic assumptions of the gold production opportunity at the Blyvoor gold tailings project is now at an advanced stage. Financing discussions with potential third parties are also progressing well, however in light of Covid-19 restrictions Katoro, together with its JV partner Blyvoor Gold, have mutually agreed to extend the deadline for completion of the financing to 29 May 2020.


And some positive news to brighten your day…

Captain Tom Moore celebrated his 100th birthday with his fundraiser reaching £32 million, and was marked by an RAF flypast above his house and has been promoted to honorary colonel by the commanding officer of the 1st Battalion The Yorkshire Regiment.

UK vaccine trials for Covid-19 are underway at the University of Oxford with the first human trial in Europe starting this week and plans for it to be ready for limited use by the end of the year.

If you are struggling to teach your children during lockdown or just want to learn something new yourself, BBC Bitesize is getting some new teachers – like Sir David Attenborough, Professor Brian Cox and Sergio Aguero.

Tens of thousands out-of-work labourers in Pakistan are planting billions of trees across the country instead as part of the Green Stimulus package.

New Zealand is able to lift some of their restrictions as they have ‘effectively eliminated’ coronavirus.

Lower demand for electricity paired with sunnier weather, the UK has set a new record for operating without coal-fired power generation.

A brief history of May Day.


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