Small Cap Feast

Small Cap Feast – 19 August 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 884

Total number of AIM Companies trading: 800*
* As at 19 August 2019

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 87*

Total number of NEX Growth Market Companies trading: 85*
* As at 19 August 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 166*

Total number of Standard List Companies trading: 144*
* As at 19 August 2019

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What’s Cooking in the IPO Kitchen?

Breakfast Buffet

Tri-Star Resources Plc (TSTR) 40.5p £33.89m

Tri-Star Resources plc the minerals processing company, announced that production of commercial grade dore has commenced at  the antimony-gold processing facility in the Port of Sohar Free Zone located in the Sultanate of Oman, which is owned by Strategic & Precious Metals Processing LLC in which the Company holds a 40% interest.

Overview:

SPMP produced first ingot with a gold concentration in excess of 2%, the minimum commercial grade

Focused on ramping up production and building volumes for sale

Purity of antimony metal increased to 99.11% up from 98% in July 2019

SPMP is confident of increasing the purity of antimony metal to the commercial grade of 99.65% plus

Advancing negotiations in respect of converting SPMP’s existing mezzanine loans into an interest free shareholder loan and/or equity

IXICO plc (IXI) 45.5p £15.9m

IXICO plc (AIM: IXI), the data analytics company delivering insights in neuroscience, announced that the Company has continued to see strong growth in revenue in the second half of the year. Growth has been accelerated by new and expanded contracts coming on line, deployment of newly developed algorithms and faster turnaround times in trial initiation. The Company is further able to confirm that it anticipates this improved revenue performance will drive additional operating leverage and the Board expects to build on the breakeven position reported at the half year.

Given the performance in the period to date, the Board anticipates that the results for the full year ending 30 September 2019 will be materially ahead of current market expectations.

AfriTin Mining (ATM) 3.7p £22.55m

AfriTin Mining Limited a tin mining company with assets in Namibia and South Africa, announced production of its first tin concentrate production at its flagship Uis Tin Mine in Namibia. Furthermore, the Company has entered into an offtake agreement with Thailand Smelting and Refining Co., Limited .

Tin production comes soon after the Company announced the completion of the Phase 1 Pilot Plant on 26 July 2019 and that hot and cold commissioning were nearing completion ahead of production ramp-up (see the Company’s announcement on 31 July 2019). The Company will now focus on ramping up the plant to its design capacity of 500,000 tonnes of ore per annum, which will produce approximately 60 tonnes of tin concentrate per month by the end of Q4 2019.

Cora Gold Limited (CORA) 9.5p £9.48m

Cora Gold Limited the West African focused gold exploration company, announced assay results that have been received from three out of four core holes completed at the Sanankoro Gold Discovery, Southern Mali in Q3 2019.

Highlights

Vertical continuity of gold mineralisation at the Selin prospect confirmed to depths of 170m 

Core drill programme at Selin and Zone A, Sanankoro intended to provide information on potential for gold sulphide mineralisation at depths previously untested by the Company

Intersections reported include:

o  13m @ 1.84 g/t Au

o  17.5m @ 2.70 g/t Au

Results demonstrate potential to significantly expand scale of discovery at Sanankoro

GAN PLC (GAN) 66.50p £54.53m

GAN plc an award-winning developer and supplier of enterprise-level B2B Internet gambling software, services and online gaming content in the United States, today updated the market following the publication on August 16, 2019, by the Pennsylvania Gaming Control Board (“PGCB”) of Internet gaming and Internet sports betting financial information for the calendar month of July 2019 in Pennsylvania. 

Highlights from the PGCB include:

Internet Gaming Win was $2.9m in July compared to $1.4m in the prior sequential month, reflecting an increase of 100.7%.

Total Internet Sports Wagering Handle(1) was approximately $39.0m for the month of July, compared to:

$19.3m for the month of June;

$0.6m for the month of May; and

nil for the month of April.

Internet Sports Wagering Gross Revenues for the month of July were $2.9m, compared to:

o  $1.4m for the month of June;

Atalaya Mining PLC (ATYM) 197.5p £274.68m

Atalaya Mining Plc the European mining and development company, announced that the Expansion Project to 15Mtpa has reached full mechanical completion. The new SAG mill, new primary crusher and all associated equipment have now been running continuously and are ready to start receiving ore and ramp up production during wet commissioning. The additional electricity supply for the expansion is expected to come on stream during Q3 2019.

As reported by the Company in previous announcements, the new flotation and concentrate handling areas have also been completed and are operating normally.

The Company believes the start-up of the expanded plant will reach its nameplate capacity of 15Mtpa by December 2019. This Expansion Project demonstrates once again the Company’s ability to achieve low capital intensity projects in a timely and cost effective manner.

Redx Pharma plc (REDX) 9.75p £11.70m

Redx, the drug discovery and development company focused on cancer and fibrosis, announces that it has successfully completed dosing of the first cohort of patients in its ongoing phase 1/2 study with RXC004. Following a review of the data from this cohort, the Safety Review Committee has recommended that the dose can now be escalated. Consequently, recruitment of the second patient cohort, who will be administered the drug at a higher pre-specified dose of RXC004, has begun as per the trial protocol.

RXC004 is an oral porcupine inhibitor targeting the Wnt signalling pathway. On successful completion of this initial phase 1 monotherapy study, RXC004 has the potential to be developed in different cancers and in different treatment settings with major unmet medical need based on two distinct mechanisms of actions: as an immuno-oncology agent and by direct tumour targeting in patients with upstream Wnt signalling pathway alterations. The Phase 1 monotherapy dose-escalation study is expected to complete in H1 2020 along with start of monotherapy dose-expansion.

BlueRock DiamondsPLC (BRD) 59p £1.81m

BlueRock Diamonds plc, the AIM listed diamond mining company, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, announced that it has sold a 7.63 carat diamond for USD52,000 (USD6,815/carat), in the August tender.

This is the fifth diamond that has been sold this year at a price in excess of USD50,000 realising a total sale price of USD500,000.

Mike Houston, Executive Chairman commented, “The continued and improving regularity of discovery of high-quality stones underpins the potential value of the Project and the effectiveness of our recent improvements in operational practises.  I look forward to updating our shareholders on further developments at Kareevlei as we continue to implement operational initiatives to optimise the performance of the mine.”.

Adamas Fin Asia Ltd (ADAM) 35p £35.13m

Adamas Finance Asia Limited the London quoted pan-Asian diversified investment vehicle, is pleased to announce its quarterly net asset value  update.

As at 30 June 2019, the consolidated unaudited estimated NAV per share was US$1.10/GBP0.88 per share. The Company has used the USD:GBP (US$1.00:GBP0.80) exchange rate as at 25 July 2019 to determine the GBP values.

The NAV per share remained unchanged from 31 March 2019 as at 30 June 2019.

OKYO Pharma Limited (OKYO) 4.38p £23.82m

OKYO Pharma Limited, a biotechnology company developing targeted drugs for inflammatory dry eye diseases and chronic pain,  announced a collaborative agreement with Pedram Hamrah, MD, Ophthalmology Scientist and Cornea Specialist at Tufts Medical Center, and Professor of Ophthalmology at Tufts University School of Medicine, Boston, MA, to evaluate proprietary lead compounds, targeting G-protein coupled receptors (“GPCRs”), as non-opioid analgesics.

Head Chef:

Derren Nathan
0203 764 2344
derren.nathan@hybridan.com

*A corporate client of Hybridan LLP

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