Small Cap Feast

15th May 2023

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Arrow Exploration 19.75p £46.6m (AXL.L)
The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, provides an update on the drilling of Carrizales Norte 1 (CN-1), an exploration well on the Tapir Block in the Llanos Basin of Colombia. The CN-1 well was spud on May 1, 2023 and reached total depth on May 11, 2023. The well was drilled to a total measured depth of 9,190 feet (8,511 feet true vertical depth) and encountered approximately 148 feet of net oil pay measured depth (128 feet TVD). The hydrocarbon bearing intervals are as follows: 26 feet of net pay in Carbonera C7 sands; 64 feet of net oil pay within the Gacheta formation; 58 feet net oil pay within the Ubaque formation. Tests will be conducted over the following weeks, with production forecast to commence in early June 2023. The Carrizales Norte-2 (CN-2) well will be drilled immediately upon completion of CN-1.

Autins Group 11p £6m (AUTG.L)
The UK and European manufacturer of the patented Neptune melt-blown material and specialist in the design, manufacture and supply of acoustic and thermal insulation solutions, announces the appointment of Andrew Burn as Non-Executive Director of the Company, effective immediately. Andrew is a chartered accountant and a fellow of the ICAEW. He spent over 20 years at KPMG where he was a partner and during COVID-19 was the Head of Automotive in the UK.

Critical Metals 25.5p £15.3m (CRTM.L)
The mining investment company established to acquire mining opportunities in the critical and strategic metals sector, provides an operational update on activities at the Company’s Molulu copper/cobalt asset in the Democratic Republic of Congo. The Company has mined over 6,500 tonnes of oxide ore at an average grade of 3%, which is available for sale. After surveying the Molulu copper grades, the mining focus is on the high-grade sulphide copper ore. Mining the sulphide zones has the potential to increase profitability by orders of magnitude above the oxide only mining. Mapping, geophysics, and IP (induced-polarisation) programmes are expected to be completed by the end of May, and the drilling programme will begin in June. A number of potential buyers of copper ore have recently visited Molulu and took samples for testing in their plants. First sales of oxide ore could commence as soon as the bridge is installed, and the road rehabilitation completed.

GENinCode 15.25p £14.6m (GENI.L)
The predictive genetics company focused on the prevention of cardiovascular disease, announces its collaboration with the University Clinic Dresden, Department of Internal Medicine and Department of Human Genetics, based in Germany, to use its LIPID inCode® test in primary care for the diagnosis of hypercholesterolemia (high levels of cholesterol) and familial hypercholesterolemia (FH). LIPID inCode® is the first polygenic product to be introduced in Germany to improve the diagnosis and treatment of hypercholesterolemia to prevent cardiovascular disease (CVD). LIPID inCode® testing will initially support the lipid centre in the region of Saxony to deliver its preventative care plans to identify individuals at risk of CVD. The collaboration follows the positive results of the LIPID inCode® Dresden clinical study and pilot.

Greenroc Mining 4.4p £5.9m (GROC.L)
A company focused on the development of critical mineral projects in Greenland, announces that it has awarded the contract to undertake a formal Preliminary Economic Assessment (PEA) for its Amitsoq Graphite Project to SLR Consulting Limited (SLR). SLR will commence work on the PEA in May 2023 and it is expected to be completed by September 2023. The completion of a PEA is an important step in the development of the Amitsoq Project towards commercial production. GreenRoc also announces that it has established a wholly owned Greenlandic registered subsidiary, Greenland Graphite a/s, to which the two graphite mineral exploration licences (2013-06 and 2022-03) currently owned by GreenRoc's subsidiary Obsidian Mining Ltd will be transferred, pending approval by the Greenland Government.

Instem 640p £146.4m (INS.L)
A provider of IT solutions to the global life sciences market, announces its audited results for the year ended 31 December 2022. Total Group revenues increased 28% to £58.9m (2021: £46.0m), with Software as a Service (SaaS) revenues increasing 41% to £13.7m (2021: £9.7m) and recurring revenues (annual support and SaaS) increased 43% to £34.5m (2021: £24.1m), 59% of total revenue (2021: 52%). Adjusted EBITDA increased 32% to £10.9m (2021: £8.3m), representing an adjusted EBITDA margin of 18.4% (2021: 17.9%). Cash balance as at 31 December 2022 of £14.0m (2021: £15.0m), after making deferred and contingent payments of £5.4m in 2022 in relation to the acquisitions made during 2021. Instem also announce that the Company has been granted exclusive rights to transition the ToxHub Platform from eTRANSAFE. The Platform has been designed to speed up the development of medicines, will be commercialised by Instem following integration into the Company's unique in silico suite, which it has rebranded as Centrus®. ToxHub will sit alongside the Company’s existing, data sharing, predictive modelling and insight generation solutions.

Journeo 175.5p £28.5m (JNEO.L)
The information systems and transport technical services group, announces that its recently acquired subsidiary, Infotec, has received a £0.9m purchase order for the manufacture and supply of passenger information displays for Northern Trains. On completion, this new purchase order will take the total number of displays supplied to Northern for their station upgrade to around 50% of its estate and the Directors consider that, due to the ongoing demand for Infotec's displays technology there is potential for additional revenue opportunities for the Company in 2024 and 2025 as Control Period 7 commences and Northern continues with the remainder of its station upgrade programme. The display systems are scheduled to enter production during H2 2023 with revenue recognised late in Q4 2023 and early Q1 2024 and are included in management's expectations of performance for FY2023.

Lexington Gold 9.25p £26.2m (LEX.L)
The gold exploration and development company with projects in North and South Carolina, USA, announce that, on 13 May 2023, it entered into, via its wholly owned recently incorporated subsidiary, conditional share subscription and loan agreements to acquire 76% of White Rivers Exploration Proprietary Limited (WRE) an exploration and development company with significant gold assets in South Africa. LEX has also entered into conditional loan assignment agreements with each of Mark Creasy and Sunswell Holdings Pty Ltd to acquire all of the outstanding loans they have historically made to WRE. The aggregate amount payable by the Company is £0.3m, by way of the provision of a subordinated loan to WRE, and up to £6.4m to be settled by way of the issue of new common shares in Lexington Gold.

Mirriad Advertising 3.45p £9.6m (MIRI.L)
The in-content advertising company, announces it has renewed a three-year agreement with Univision, the world's leader in Spanish language media and a top-10 US content supplier. The renewal additionally allows Mirriad to be the main sales channel for Univision's in-content placements. Univision is part of Mirriad's Multicultural Marketplace, a collection of film, television, streaming, digital and music content creators and companies.

Orcadian Energy 5p £3.6m (ORCA.L)
Orcadian announces that following extensive discussions with the North Sea Transition Authority (NSTA) that the NSTA has declined Orcadian's request to extend Phase A of Licence P2320. As a consequence the Licence determined (expired) on 14 May 2023. In addition, the potential disposals of interests in sub-areas of the licence to Rapid Oil and Carrick Resources will not now proceed. Orcadian has been in farm-out discussions with multiple counterparties regarding the drilling of an exploration well within the former P2320 licence area. Orcadian intends to make an out-of-round application for a new licence covering the extensions of the Pilot field into the P2320 area, the Blakeney and Feugh discoveries, and the prospects identified using the TGS seismic data and Quantitative Interpretation products. Licence P2244 (the Pilot field) remains the Company's key asset and key focus; and the Company's interest in this licence is unaffected by the NSTA decision on Licence P2320.

15 May 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged

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