Potential**** Initial Public Offerings:
ITF announced:
8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make financial progress on its “Bisie North Tin Project”. The Company’s first day of trading on AIM is expected to be 26th July 2024. The Primary Offer expected size is approximately £4.0m.
Atlantic Lithium 19.91p £129.3m (ALL.L)
The African-focused lithium exploration and development company targeting to deliver Ghana's first lithium mine provides an update regarding the latest developments relating to the Ewoyaa Lithium Project. The application for the grant of the Mining Lease in respect of the Project has been submitted to the Ghanaian parliament. The necessary parliamentary process is now underway for parliament to ratify the Mining Lease. Additionally, following the Company's cooperation with the Minerals Commission's investigation into the tragic incident that occurred at the Project site on 9 July 2024, which was led by the Chief Inspector of Mines, the site has been released back to Atlantic Lithium and operations have been authorised to recommence. The Company is taking a steady approach to resuming operations since the incident, ensuring alignment with the recommendations made by the Minerals Commission.
Cadence Minerals 2.8p £5.4m (KDNC.L)
The early stage investment and development company within the mineral resource sector announced that it has raised £625k before expenses by the way of a placing at an issue price of 2.5 pence per share. The issue price represents a discount of approximately 18% to the closing price of 3.05 pence per ordinary share on 11 July 2024. In addition, Andrew Suckling, Kiran Morzaria, and Donald Strang (Subscriber Directors) have agreed to subscribe for an aggregate of £125k worth of shares at the issue price. The total gross proceeds of £750k will be used to fund Cadence's investment in the Amapá Iron Ore Project in Brazil.
Corcel 0.15p £3.7m (CRCL.L)
The pan Angola-Brazil focused exploration and production company announces that Mr. Antoine Karam will step down from the role of non-executive Chairman and Mr. Andrew Fairclough will assume the role of interim non-executive Chairman. Mr. Fairclough has over 28 years of experience in finance and in the oil and gas industry having held various CFO roles in publicly listed companies. The Company also confirms Mr. Scott Gilbert's appointment as permanent CEO, having previously been appointed as interim CEO, as announced on 25th April 2024. Mr. Gilbert will also be joining the Board as executive Director. Corcel also announces that Mr. Deepak Kohli will no longer be joining the Board.
ECR Minerals 0.32p £5.9m (ECR.L)
The exploration and development company focused on gold provides the fire assay gold results from the historic Duke of Cornwall Mine, Swifts Creek (Tambo), Victoria, Australia. Fire assay of 37 rock chips at the Duke of Cornwall Lode improves earlier best results from photon analysis from 51.5 g/t Au to 52.2 g/t Au. 10 Samples returned results above 5 g/t Au. Additional gold results for 19 rock chips include more best results including 9.79 g/t Au, 8.55 g/t Au and 5.31 g/t Au. The next step is to confirm the consistency of gold hits within the vein structure, which is likely to include a short drill program.
KEFI Gold and Copper 0.612p £37.1m (KEFI.L)
The gold and copper exploration and development company focused on the Arabian-Nubian Shield with a pipeline of projects in the Federal Democratic Republic of Ethiopia, and the Kingdom of Saudi Arabia, announces the appointment of Addis Alemayehou as an independent Non-executive Director of the Company with effect from the closing of the Company's AGM to be held on 22 July 2024. Mr. Addis Alemayehou, who is based in Ethiopia, is the Chairman of Kazana Group, a diversified investment firm dedicated to early-stage, high-impact, tech-driven, and climate-smart initiatives, aiming to generate mass employment in Africa.
Oracle Power 0.0235p £1.8m (ORCP.L)
The international project developer provides an update on progress at its Blue Rock Valley Copper and Silver Project (the Project) in the northwest region of Western Australia, where positive assay results have been received from the rock chip and grab samples taken during the recent site visit, ranging from 8.56% to 25.70% copper (see RNS dated 27 June 2024). The Company is currently assessing further potential exploration programme workstreams., including a ground gravity, electromagnetic or other geophysical programme over the greater project area to better define the mineralisation. Quotes have been obtained for a ground based electromagnetic (EM) survey over the airborne EM anomaly that was defined previously and is currently undrilled and untested. Gold and uranium are also being targeted as such deposit types are known to occur within the Ashburton Basin.
PipeHawk 2.2p £0.8m (PIP.L)
The company that provides advanced engineering solutions announces that, further to its announcement on 5 July 2024, the directors of QM Systems Limited (QM), a subsidiary of PipeHawk, have resolved to appoint RSM UK Restructuring Advisory LLP as administrators to QM. The board of directors of PipeHawk (the Board) takes the view that the steps taken to protect the interests of QM's creditors through placing QM into administration will not impact PipeHawk's broader group of companies and the Board believes that the remainder of the Group will be able to continue to trade as a going concern.
System1 Group 745p £94.5m (SYS1.L)
The marketing decision-making platform issues a trading update for the first quarter of the financial year ending 31 March 2025 (Q1 FY25). Total Q1 FY25 revenue was £9.5m, 53% higher year-on-year, with Platform Revenue growing by 74% to £8.6m and non-platform consultancy falling by 30% to £0.9m, in line with expectations. Growth was driven by the US market, with US Total Revenue up by 94% to £3.3m and US Platform Revenue up by 164% to £2.9m. New business performance was strong in the quarter with over 75 new client wins. All geographic regions were well up on Q1 FY24 except LatAm which was slightly down. The Group achieved an 87% gross profit margin in Q1 FY25, in line with the same period last year.
Van Elle Holdings 36p £38.4m (VANLL)
The UK's largest ground engineering contractor announces a contract award, a new strategic collaboration and completion of an investment in its precast pile factory. The Group has been awarded a scheme by Keepmoat at the former Boots site in Nottingham. The scheme is worth up to £3m across several phases and is the largest single scheme awarded to its Housing division in the last 12 months. This will be the 15th project over the last three years that Van Elle has delivered for Keepmoat. The Group also announces it has completed a capacity expansion project at the precast pile factory at its headquarters in Kirkby in Ashfield, Nottinghamshire. Although the Group anticipates housebuilding volumes to remain subdued in the immediate future, orders in Housing for the year to date are up 20% compared to last year.
Zinnwald Lithium 7.95p £37.3m (ZNWD.L)
The European focused lithium company developing the integrated Zinnwald Lithium Project in Germany, provides an operational update. This follows the Mineral Resource Estimate (MRE) published in June 2024, which established the Project as the second largest hard rock lithium project in the EU and the third largest in Europe. The updated MRE provides potential for a project of significant scale through a phased development approach with an initial phase 1 production of 16,000-18,000 tonnes per annum (tpa) of battery grade (99.5%) LiOH - c. 50% increase on production of c. 12,000 tpa in the 2022 Preliminary Economic Assessment. A Pre-Feasibility Study is to be completed to optimise the enlarged Project. The Project is applying to be formally designated as a strategic project under the EU's Critical Raw Materials Act. The Company’s current cash position is EUR9.3m.
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