Small Cap Feast

5th May 2023

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What’s Cooking In The IPO Kitchen?

Golden Metal Resources Plc a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA intends to join AIM. It was established on 22 April 2021 as a company registered in England and Wales for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc (AIM:POW). The Company holds four mining assets comprising the wholly owned Pilot Mountain, Garfield and Stonewall projects together with an earn-in option over the Golconda Summit project. Each of the projects consists of mining claims located entirely on land managed by the United States Bureau of Land Management. £1.98m total capital to be raised. Anticipated market capitalisation on admission £7.16m. Expected Admission 10 May 2023.

Breakfast Buffet

Anpario 242.5p £58.2m (ANP.L)
The independent manufacturer of natural sustainable animal feed additives for health, nutrition and biosecurity, advises that Kate Allum will step down as Non-Executive Chairman and Chair of the Nomination Committee, leaving the Board at Anpario's AGM on 29 June 2023. Matthew Robinson will take over as Non-Executive Chairman from that date.

Aptamer Group 13p £9.0m (APTA.L)
The developer of Optimer® binders to enable innovation in the life sciences industry, announces a trading update for the year ending 30 June 2023. The Group expects full year revenues to be materially below FY2022. Revenue for the ten months ended 30 April 2023 was approximately £1.4m, as the existing pipeline of new business has taken longer than expected to convert, especially their licensing and royalty-based contracts. The Group cash balance was £0.7m and is making cost savings in order to extend the cash runway.

CleanTech Lithium 40p £42.6m (CTL.L)
An exploration and development company advancing sustainable lithium projects in Chile for the EV transition, announces its audited final results for the twelve months to 31 December 2022. The Company has raised £17.9m comprised of 1) IPO on London Stock Exchange's AIM market after raising £5.6m and 2) raised an additional £12.3m in October 2022 to fund work programme for 2023. The Company holds cash of £12.4m at year end. The Company demonstrated robust economics at Laguna Verde for a multi-decade commercial (20,000tpa) lithium operation with low operating cost of US$3,875 per tonne of lithium carbonate. Results included an NPV8 of US$1.83bn, IRR of 45.1% and a payback period of 1 year and 8 months.

Corcel 0.38p £3.4m (CRCL.L)
The industries exploration and development company, with interests in battery metals including nickel, cobalt, and rare earth elements, announces that it has agreed the sale of a 20% interest in its Mt. Weld Rare Earth Element project to Extraction Srl, for a cash consideration of AUD$1.0m payable by 31 May 2023. Following this transaction CRCL will have an 80% interest in the project pending the results of the first earn in period. The Company will now focus on its first transaction following its recent pivot to oil and gas.

Eden Research 4.25p £16.2m (EDEN.L)
The company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products, announces its preliminary results for the year ended 31 December 2022. Revenue for the year increased 50% to £1.8m (2021: £1.2m ), with a loss before tax of £2.6m (2021: £3.4m). Adjusted EBITDA was £1.7m loss, a reduction of 15% (2021: £2.0m loss) and the Company held cash position of £2.0m (2021: £3.9m). The Company also received regulatory approval granted by the United States Environmental Protection Agency in September 2022 for all six petitions submitted. The team are focused on delivering strong sales growth in the future.

EQTEC 0.185p £21.4m (EQT.L)
A technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels and energy generation announces its audited results for the year ended 31 December 2022. Revenue decreased 13% to EUR8.0m (2021: EUR9.2m). EBITDA loss increased by 29% to EUR4.9m (2021: EUR3.8m), net loss including significant and non-recurring items was EUR10.5m (2021: EUR4.7m). This includes an investment impairment of EUR4.7m in relation to the North Fork project in California. The Company added contaminated plastics to their feedstock library after testing success, followed by a collaboration agreement with a French waste management company towards future plants. EQTEC continue to focus on core capabilities and development to support its design, engineering and technology integration.

Goldplat 9p £15.1m (GDP.L)
The mining services group, with international gold recovery operations located in South Africa and Ghana, servicing the African and South American Mining Industry, announces an operational update for the 3rd quarter ended 31 March 2023 (Q3). The two recovery operations achieved a combined operating profit for the quarter of £1.47m, a 36% decrease (Q3 2022 - £2.286m). The combined operating profit for the operating entities for 9 months decreased 20% to £4.84m (Q3 2022 - £6.045m). Despite the reduced operating performance in Q3, the Company still expects to meet current market expectations for the current financial year.

Proton Motor Power Systems 11p £170.9m (PPS.L)
The developer and producer of fuel cells and fuel cell electric hybrid systems with a zero-carbon footprint, announces that it has received an order from Shell Deutschland Oil GmbH, a subsidiary of the international energy group (Shell), for two HyShelter® 240 containerised hydrogen fuel cell hybrid systems. Proton Motor's technology is reflected in the HyShelter and the rest of the Hy-brand portfolio of solutions for infrastructural applications. They ensure a safe and clean energy supply where there is no or insufficient infrastructure.

Sareum Holdings* 140p £95.3m (SAR.L)
A biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces that its application to conduct Phase 1 clinical studies on SDC-1801 in Australia has been granted approval by the Human Research Ethics Committee (HREC). SDC-1801 is a TYK2/JAK1 inhibitor being developed as a potential new therapeutic for a range of autoimmune diseases with an initial focus on psoriasis, an autoimmune condition affecting the skin. With the approval, Sareum, working alongside specialist clinical units in Melbourne, Australia, expects to initiate a Phase 1a trial in the coming weeks. Provided satisfactory safety data are obtained from this initial study, a Phase 1b clinical study is expected to commence in psoriasis patients in 2024.

TPXimpact Holdings 42.5p £49m (TPX.L)
The technology-enabled services company focused on digital transformation, provides an update on its Q4 trading for the year ended 31 March 2023. The Board expects to report revenue of c.£83m with an adjusted EBITDA margin of approximately 3% and its net debt position below £18m. New business generation totalled £36m, and the momentum has continued into the new financial year with business wins exceeding £80m. The Board is raising its guidance on organic revenue growth to 15-20% for FY24 (from 10-15% previously) and is targeting an adjusted EBITDA margin of 5-6%. Trading for the fourth quarter of the year was at the higher end of previous guidance.

5 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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