Weekly Brief 7th May
The first of the summer bank holidays is tomorrow but it is particularly different this year and not just because we are still in lockdown – it has been moved to this Friday from its usual place on the first Monday of May in order to commemorate the 75th anniversary of VE Day.
Although it will be different than any before it, the usual celebrations will still go on: the commemorative wreath laying, the Queen’s address, 2 minutes silence, and the re-broadcast of Churchill’s speech will all be shown on the BBC. And neighbourhoods are determinedly decorating their streets, adding a new spot of colour everyday for people to enjoy on their daily walks, social-distanced street parties are going ahead in full force, and of course there are plenty of online resources to find ways to celebrate at home. The respect and excitement that brings everyone together on this day is heartwarming as people up and down the country are embracing the challenge to find creative ways to bring happiness during this time – much like 75 years ago, we must all work together and remind ourselves that lighter times will soon come again. So how will you choose to spend your day? Maybe learning the steps to a VE-era dance like the Charleston or Lindy Hop, or joining your neighbours (2 metres apart, of course) for a singalong on the street? Or just enjoying a relaxing cuppa at home, honouring the memory of the war with the commemorative toast: “To those who gave so much, we thank you”.
Client News
FastForward Innovations Ltd (AIM: FFWD) provided an update on its portfolio company Portage Biotech Inc., in which it holds a 1.18% interest. Portage’s subsidiary company Saugatuck Therapeutics ltd., an early stage biotechnology company focused on the development of co- formulation of different types of immune based therapeutics, has achieved initial proof of concept of its nanolipogel formulation using an initial investment from Portage. This triggers the next tranche of capital infusion of USD$700,000 from Portage in Saugatuck, which will support the exploration of multiple PD1 based co-formulations with small molecules and other DNA aptamers.
Cora Gold (AIM: CORA) appointed international environmental consultants Digby Wells Environmental to conduct the Environmental and Social Impact Assessment for its Sanakoro Gold Project in Mali. The project continues to advance after its positive scoping study and Cora is focused on its resource growth as they look to complete its Definitive Feasibility Study by the end of next year, supporting its future plans to transition from explorer to developer. Later in the week, Cora received the first set of results from the 2,000m Reverse Circulation drill programme at their Madina Foulbé Permit in eastern Senegal. Although the programme is currently suspended due to Covid-19 restrictions, these encouraging results demonstrate a consistent gold mineralised system. With around one third of the maiden RC drill programme completed at the site, good widths of gold mineralisation have been continuously intersected and a new additional target has been identified, Cora is eager to build on these initial results once work can recommence.
Erris Resources Plc (AIM: ERIS) raised approximately £0.33 million, before expenses, through a placing of 7,767,357 new ordinary shares in the company at a price of 4.25 pence per share. The proceeds will be used to advance the high-grade gold targets at their Loch Tay Gold Project in Scotland, including a major soil sampling campaign over the Lead Trial – Dunan and Glen Almond target areas with ongoing licence wide sampling and geological mapping. Additionally, Turner Pope has been appointed as their sole corporate broker going forward.
MGC Pharma (ASX: MXC) has commenced the Phase II clinical trials of their product ArtemiC on patients diagnosed with Covid-19 at the Nazareth Hospital EMMS in Israel, with a total of 50 patients undergoing treatment. The trial will last 14 days per patient and new patients are expected to be recruited every week. Recruitment will end in September 2020 and results will be available in October 2020.
Dekel Agri-Vision (AIM: DKL) issued a first monthly production update for its 100-owned Ayenouan palm oil project in Cote d’Ivoire. A strong April, during which operations continued largely uninterrupted by COVID-19, saw crude palm oil production increase by 9.6% compared to April 2019, building on what was a record performance for March the previous month. Encouragingly, extraction rates improved to 23.1% in April 2020 which helped to offset weakness in CPO prices caused by reduced global demand as a result of COVID-19. This is Dekel’s first monthly update and the Company intends to continue providing more regular production figures until the pandemic subsides and trading conditions normalise.
Armadale Capital Plc (AIM: ACP) announced that a former director has exercised his option over 1,000,000 ordinary shares at a price of 2p per share in the capital of the company, providing them with proceeds of £20,000.
Katoro Gold Plc (AIM: KAT) received the results of the scoping study at the Blyvoor Gold Tailings Project confirming that it is a technically robust and economically viable near-term gold project. The study demonstrated an unlevered project NPV of US$131million, a 25% internal rate of return and a return on investment of 260%. It also confirmed a mine life of 25 years building to a production capacity of 500,000 tons per month, and a low cost operation with total project capital costs of US$110m across the life of the project. The study confirms that sufficient historical work has already been undertaken to allow the project to immediately progress to the definitive feasibility stage and a detailed review is now underway to outline the next steps in project development.
Jubilee Metals Plc (AIM: JLP) announced positive developments at it operations in both South Africa and in Zambia during the current Covid-19 lockdown in the countries. Its Windsor PGM and Windsor Chrome Operation in South Africa have recommenced operations along with previously announced Inyoni PGM and Chrome operations, and it has successfully completed the commissioning of the cobalt production line to compliment the producing copper refinery and sulfuric acid plant at the Kabwe Sable Refinery in Zambia.
In the news this week…
Ferro-Alloy Resources (AIM: FAR) spoke with is Proactive Investors on continuing ore processing operations and pushing ahead with its feasibility study despite Covid-19 disruptions.
Despite the difficulties of the global pandemic, it seems to be influencing gold demand with a 12% increase from last year.
And here are some news stories about VE Day…
What VE Day looked like around the UK 75 years ago
Two new sites added to the heritage list to mark its anniversary
The story from the US radio operator who sent the news of the German surrender.
Read about the ‘Tommy in the window’ campaign produced by RBLI, with over 2,000 sold so far and all proceeds going towards the charity
Ideas on how to celebrate from home.