Small Cap Feast

30th March 2022

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What’s Cooking In The IPO Kitchen?

First Tin plc, a tin development company with advanced, low capex projects in Germany and Australia, intends to list on the Main Market. First Tin is led by an experienced team of tin specialists, committed to the environmentally sensitive and low carbon development of advanced hard rock tin projects in conflict free, low political risk jurisdictions. The Company has raised £20m to execute its plan to bring its two 100% owned tin mines into production before the end of 2025 so that it can provide provenance of supply to support the current global clean energy and technological revolutions. Expected 8 April 2022.

Asimilar Group plc, currently listed on AIM, intends to the join Aquis Stock Exchange Growth Market. The Group invests in the technology and software sectors and aims to focus primarily on opportunities in the Big Data, Machine Learning, Telematics and Internet of Things areas. Whilst the Directors are principally focused on making investments in private businesses, they do not rule out investments in listed businesses if this presents, in their judgment, the best opportunity for Shareholders. Expected 4 April 2022.

Probiotix Health plc intends to join the Aquis Stock Exchange Growth Market. ProBiotix develops probiotics (live microbes that, when ingested, can alter the composition of the microbiome, and improve human health) to tackle cardiovascular disease and other lifestyle conditions which are affecting growing numbers of people across the world. Mkt Cap and Capital to be raised TBC. Expected 31 March

Anglesey Mining, a UK mining company currently listed on the Main Market (Premium) intends to move to AIM. Anglesey’s principal asset is a 100% interest in the Parys Mountain copper-zinc-lead-gold-silver project on the island of Anglesey in North Wales. Anglesey is currently exploring and developing the property, which has a high potential for the discovery of additional mineral resources through the development of a new, modern mine in an environmentally sustainable manner. Anticipated Mkt Cap TBC, current capitalisation c£8m. Expected 8 April 2022.

Cordiant Global Agricultural Income plc intends to float on the Main Market (Premium). The Company’s investment objective will be to seek to provide an attractive yield, with potential capital growth, by providing secured medium-term finance to the global agricultural sector. The Company will seek to promote more sustainable crop production and help address a capital solutions gap which exists in the agricultural sector in select regions. The Company will provide finance for crop inputs and for capital investment in new technologies and infrastructure which help increase crop yields and have a sustainable benefit. Mkt Cap and Capital to be raised TBC.

Shellraise plc, to join AQSE Growth Market. The Company will focus on identifying investment opportunities in companies operating in the viticulture sector which require funding to increase output. Mkt Cap and Capital to be raised TBC. Expected 1st April 2022.

Carbon Air, a nano-technology company which leverages the adsorption properties of activated carbon and other advanced materials to improve suspension systems, enhance acoustics or reduce noise, to join AIM. The Company’s proprietary technology has allowed it to develop a unique portfolio of solutions for a variety of sizeable end markets, including vehicle suspension systems, acoustic insulation for domestic appliances and micro-speakers for smartphones. Mkt Cap and Capital to be raised TBC. Due Late March.

Recycling Tech Group to join AIM, a UK-based engineering, research and manufacturing company that has developed a modular and mass producible machine, the RT7000, which processes hard to recycle plastic waste into a synthetic oil that can be sold back to the petrochemicals industry as a chemical feedstock to make new plastics. Mkt Cap and Capital to be raised TBC. Due early April 2022.


Breakfast Buffet

ADM Energy* 0.67p £1.7m (ADME.L)

The natural resources investing company, announced the result of a competent person’s report (CPR) on the Barracuda prospect in OML141, offshore Nigeria. ADM commissioned Xodus Group Limited to prepare a CPR on the Barracuda area and Xodus has calculated gross, unrisked Prospective Resources for the RSA using standard geological and engineering approaches applied to the data made available by ADME. The Company and Xodus identified four potential Agbada Sandstone reservoirs: C, D1A and D1B plus a ‘Deep Prospect’. STOIIPs (Stock tank oil initially in place) for these reservoirs were calculated probabilistically. The prospective resource has been assessed separately for each individual reservoir unit and collectively for the combined reservoirs. This approach aligns with that of previous evaluations. In all cases, Xodus used a slab model (a range of constant thicknesses over the fixed areas of reservoir extent). The estimate of STOIIP pertaining to the combined reservoirs, C3, D1A, D1B and ‘Deep Prospect’ on a combined basis rangers from 275mmbbl at P90 to 574mmbl at P10. The economic model supplied by ADME has been reviewed against the RSA scope and provisions to confirm that the economic model represents the RSA accurately. Xodus has used this model with its independent production profiles, and CAPEX and OPEX adjustments to assess the economics of the RSA. For the 2U (P50) case the NPV10 is +$99mm with an IRR of 45% and therefore the prospect is considered to be robust for development, assuming at least 70mmbbl STOIIP is discovered.

Alien Metals 0.8p £33.3m (UFO.L)

Update on the Company’s Hancock Iron Ore Project, part of its Hamersley Iron Ore Project, Western Australia, further to its announcement of 2 March 2022. Results from a recent rock chip sampling programme conducted at part of the Hancock Phase 3 drilling has confirmed the potential for additional DSO grade Fe mineralisation at surface. During the programme, 67 rock chip samples were taken across newly identified target areas with 25 samples returning assays of greater than 60% Fe and with an average grade of 63% Fe. The programme highlights excellent continuity of potential high-grade zones with at least 5 new high-grade ridge targets defined. In total, over 3km strike length of new drill targets have been identified and the results further support the Company’s belief of repeat high-grade ridges across the Hancock Project. None of these newly identified targets have yet been drill tested.

Empire Metals 1.35p £4.2m (EEE.L)

Update on the reverse circulation (RC) drilling programme recently completed at the Gindalbie Gold Project in Western Australia, over which Empire holds a Tribute Agreement granting exploration, development and mining rights. 1,676m of RC drilling completed, focused mainly on known mineralised trends based on historical workings, soil geochemistry mapping and previous RAB/RC drill results, being Homeward Bound, Laurel-Bulletin, South Gippsland #3, Golden Puzzle and Bud’s Find. Of the four RC holes drilled at the Homeward Bound target, three reported very high-grade intercepts: 5m @ 8.99 g/t Au from 31m downhole, including 1m at 40.90 g/t Au, 3m @ 8.96 g/t Au from 98m downhole, including 2m at 13.28 g/t Au, 3m @ 9.88 g/t Au from 46m downhole, including 1m at 26.20 g/t Au, and the fourth hole encountered 2m at 3.0 g/t Au from 43m downhole. Significant intercepts were also reported at Bud’s Find and Laurel-Bulletin: 3m @ 1.15 g/t Au from 27m downhole at Laurel and 2m @ 0.64 g/t Au from 89m downhole at Bud’s Find.

Gaming Realms 30.10p £87.2m (GMR.L)

The developer and licensor of mobile focused gaming content, has gone live with Loto-Québec in the Canadian province of Quebec, which has a population of approximately 8.5m people. Loto-Québec, a State corporation, is the only regulated operator of igaming in Quebec. Gaming Realms’ portfolio of Slingo Original games will launch across Loto-Québec’s igaming platform. The launch sees Slingo Extreme and Blackjack Xchange go live initially, with the rest of the games portfolio following imminently. The Slingo brand is already present in the Quebec lottery market, with several million Slingo branded scratch tickets sold every year. Gaming Realms is proud to launch its content with a member of the World Lottery Association for the first time. The games are launching through Gaming Realms’ integration with its North American partner, Light & Wonder (previously Scientific Games Corporation), the leading cross-platform global game company, connecting more than 60 partners with over 400 operator brands.

EEnergy 10.5p £36.2m (EAAS.L)

The digital energy services company, has signed an exclusive partnership agreement with EO Charging the trading name for Juuce Ltd, the electrical vehicle (EV) technology solutions provider, with the potential to install at least 50k EV chargers by 2030 as part of its commitment to create the UK’s largest public sector charging network through the launch of its new service “eCharge”. The Partnership Agreement commits the parties to work together to introduce and develop EV charging opportunities within the education sector, with EO (as equipment supplier) and eEnergy (as project charge point operator), on a mutually exclusive basis with intentions to strengthen the relationship through customer cross-referrals. eCharge provides customers with funded charging solutions and can be paired with clean energy procurement and energy-saving solutions, including LED lighting upgrades, to enable schools, colleges, hospitals, councils, and other businesses to protect themselves against rising energy bills. eEnergy will install chargers (manufactured by EO) with a focus on the public sector, making a significant contribution towards the Government’s 2030 target of 145k extra charge points in the UK, to coincide with the ban on new Internal Combustion Engine vehicles.

Oracle Power 0.39p £10.3m (ORCP.L)

The international natural resources project developer, has entered in to a joint venture agreement with the Private Office of His Highness Shaikh Ahmed Dalmook Al Maktoum, represented through Kaheel Energy FZE, a wholly owned free zone company incorporated under the laws of Dubai, UAE with the objective of advancing the Company’s green hydrogen project in Pakistan. The joint venture company, Oracle Energy Limited, which was wholly owned by Oracle, aims to invest in, develop, own and operate a facility for the manufacture of green hydrogen in the Province of Sindh, Pakistan and also undertake its storage, transportation and sale. Oracle Energy, a limited liability company incorporated under the laws of Pakistan, will be funded on a 70:30 basis by Kaheel Energy and Oracle Power respectively. Kaheel Energy, which is 100% owned by His Highness Shaikh Ahmed Dalmook Al Maktoum, will leverage His Highness’s relevance and influence in new energy generation and infrastructure to rapidly develop the Project through Oracle Energy. The joint venture structure is intended to provide a vehicle to support the accelerated development of the Project to meet the growing international and domestic demand of green hydrogen and clean energy. At the same time, this structure will significantly mitigate the early-stage development risk and funding requirement for the Project.

REDX Pharma 74.5p £205m (REDX.L)

The clinical-stage biotechnology company focused on discovering and developing novel, small molecule, highly targeted therapeutics for the treatment of cancer and fibrotic disease, announced the nomination of RXC008, a potential first in class treatment for fibrostenotic Crohn’s disease, as its next clinical development candidate. RXC008 is a Gastrointestinal (GI) targeted Rho Associated Coiled-Coil Containing Protein Kinase (ROCK) inhibitor designed to act exclusively in the GI tract at the site of fibrosis in Crohn’s disease patients. Up to 50% of patients with Crohn’s disease can develop significant fibrosis and stricture formation within ten years after diagnosis; this fibrosis associated with Crohn’s disease is known as fibrostenotic Crohn’s Disease. The current management of fibrotic strictures of the GI tract is primarily surgical as no drugs are specifically approved for fibrosis, which can progress despite intervention with anti-inflammatory therapies. RXC008 is designed to work specifically at the site of fibrosis in the GI tract and to degrade quickly, if absorbed into the bloodstream, through enzyme-mediated metabolism. Preclinical data from Redx’s GI-targeted ROCK inhibitor research project shows strong anti-fibrotic therapeutic effects in multiple animal models of inflammatory bowel disease. RXC008 could address the high unmet need in the treatment of fibrostenotic Crohn’s disease by potentially slowing or reversing disease progression and avoiding the need for surgical intervention, thereby improving patients’ quality of life.

Savannah Resources 4.54p £75.2m (SAV.L)

The European lithium development company, has signed a Memorandum of Understanding with global technology leader ABB in connection with the previously announced Decarbonisation Study for the construction and operation of Savannah’s Barroso Lithium Project in northern Portugal. Savannah is undertaking a Definitive Feasibility Study (DFS) for the construction of a lithium concentrate production facility in northern Portugal. The decarbonisation strategy, which was formally announced on 3 March 2022 is part of Savannah’s commitment to move towards net zero Scope 1 and 2 emissions for the Project by maximizing the use of renewable electricity to power mineral production and processing operations. Savannah’s strategic vision is to build a state-of-the-art mineral production operation for a premium, ultra-low carbon spodumene concentrate as a strategic raw material in Europe’s battery supply chain. Under the early-stage agreement, ABB will apply its technical expertise to outline production control and process solutions for lithium concentrate production and integrated spodumene mining operations in line with Savannah’s target of zero emission operations by 2030. Savannah will also work towards binding agreements with ABB in relation to electrification, automation and digital solutions in the future.

Secure Property And Development Investment 6.25p £8m (SPDI.L)

The South Eastern European focused property company, announced the transfer of a 21.2% stake in Lelar Holdings Limited to Arcona Property Fund N.V. in exchange for the issue to SPDI of 315,668 new shares in Arcona and 76,085 warrants over shares in Arcona. Lelar Holdings Limited holds the Delenco Office Building asset in Bucharest. Delenco is a fully let office building in Bucharest, generating c.EUR140k lease income monthly, with the main tenant being the Romanian Telecommunications Regulator ANCOM, which renewed its lease in June 2021. Based on the closing price of Arcona’s shares on 28 March 2022, the Transfer values the Delenco stake at c.EUR2.05m (excluding the issue of the warrants), while based on the current net asset value per Arcona share, the Transfer values the Delenco asset stake at EUR3.73m (excluding the issue of the warrants). Both valuation numbers exclude past dividends declared to be distributed to SPDI and deferred capital gains tax shared with Arcona, together totalling approximatively EUR 0.52m. For the year ended 2020, the Company recorded Delenco with an audited net asset value of EUR4.4m.

Symphony Environmental Technologies* 15p £26.9m (SYM.L)

The global specialists in technologies that make plastic and rubber products “smarter, safer and sustainable”, announced its preliminary results for the year ended 31 December 2021. Group revenues £9.16m (2020: £9.77m), lower principally due to £0.50m of product missing year end shipping cut-off. R&D spend expensed and/or capitalised £0.66m (2020: £0.60m). Reported loss before tax £1.53m (2020: £0.44m) d2p Technologies. US FDA further approval for antibacterial plastic technology with greater loading and wider film use in bread packaging. Canadian Health approval obtained for antibacterial bread packaging films. Meditech nitrile glove manufacturing, marketing and distribution agreements. Antimicrobial ten-minute Coronavirus kill rate achieved. Substantial progress in many product areas including an increase in customer trials and product-tests currently underway. Significant potential sales identified in many of the current pipeline projects. Major Expansion with Joint Venture into India with Indorama Corporation – completed in February 2022. Investment continues in the sales team, and new Head of Innovation appointed to accelerate the commercialisation of the Group’s growing portfolio of new and highly innovative products · Several patent applications filed to protect our IP as many new products reach commercialisation. Small Caps Award: ESG Company of the Year. Current trade has started to improve following a slow start to the year, and tangible progress is continuing to be made with the pipeline of development projects. Many of these are customer led, providing the Board with confidence that Symphony’s financial performance will be much stronger in 2022 and beyond.

30 March 2022
*A corporate client of Hybridan LLP

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The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.

The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).

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In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.

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