Small Cap Feast

9th February 2023

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What’s Cooking In The IPO Kitchen?

Fulcrum Metals, a holding company of a mineral exploration group with base, precious and energy metal projects in Canada, intends to join AIM. On Admission, the Group's projects will comprise six gold and base metal projects in Ontario, Canada. The Group's projects are pre-discovery with large, diversified land packages that have either substantial historical samples or prospective geology and are located nearby mineral rich deposits or producing mines. Expected mid-February 2023

Breakfast Buffet

Anglesey Mining 2.0p £5.6m (AYM.L)
The UK minerals development company announces that, further to the announcement on 12 January 2023 regarding the agreement to acquire an additional 29.8% of Grangesberg Iron, the entity that owns the Grangesberg Iron Ore Project in Sweden, the acquisition has now completed and Anglesey will issue 14,544,827 new ordinary shares at an issue price of 3 pence per share to Roslagen Resources. Following the issue of the consideration shares, Roslagen now holds approximately 4.9% of the issued share capital of Anglesey.

Edenville Energy 8.625p £2.4m (EDL.L)
As previously announced the Company has agreed terms to supply 2,000 tonnes of washed coal per month, at a now agreed pre-transport price of US$98 per tonne at the mine gate. The Company has committed to supply 2,000 tonnes per month from June 2023. Prior to this date contract supply volumes under this agreement are subject to variation based on production figures at Rukwa given the ongoing rainy season. It is expected the net price achieved will be approximately US$55 per tonne. Discussions regarding the previously announced sale of 1,500 tonnes per month of fines remain ongoing.

Fusion Antibodies 47.5p £12.4m (FAB.L)
The specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announces its launch of Mammalian Display for high volume mammalian cell surface expression and screening of antibodies. The service is particularly suited to companies specialising in the identification of therapeutic antibodies from focussed libraries of sequences, such as would be required by those entities using artificial intelligence or machine learning. The service covers each stage of pre-clinical antibody development. A fully integrated end-to-end service from therapeutic target nomination and discovery through to stable cell line development in readiness for GMP production is also available.

Galileo Resources 1.2p £13.9m (GLR.L)
The exploration and development mining company announces the results of an initial Inferred Mineral Resource Estimate for the Luansobe copper project in Zambia. Galileo holds a 75% interest in the Project. Inferred Mineral Resources reported in accordance with the JORC code 2012 edition, including approx. 5.8m tonnes gross at 1% total Cu above a cut-off grade of 0.25% total Cu for 56,000 tonnes of contained Cu, potentially amenable to open pit mining and approximately 6.3m tonnes gross at 1.5% total Cu above a cut-off grade of 1% total Cu for 97,000 tonnes of contained Cu, potentially amenable to underground mining. Tendering for mining contractors can commence once an optimised block model is available as part of general Project planning work.

Journeo 133.5p £21.7m (JNEO.L)
The supplier of information systems, software and services to transport operators and local authorities, provides a trading update for the year ended 31 December 2022: revenue up by 35% to £21.1m (2021: £15.6m) and profit in line with market expectations. Order intake for the year increased by 50% to £27m (2021: £18m), providing good earnings visibility for the current financial year. On 18 January 2023, the Group completed the acquisition of IGL Limited (including Infotec Limited) following the completion of a significantly over-subscribed placing and retail offer. The Infotec acquisition brought across an US$18m contract to provide displays for New York subway trains.

Horizonte Minerals 153p £410.7m (HZM.L)
The Company announces that it has entered into a five-year mining services agreement, thereby securing services for mining, stock pile generation, plant feeding and slag handling activities for its 100%-owned Araguaia Nickel Project in Brazil, where construction is underway and first production remains on track to commence in Q1-2024. The contract has been awarded to Fagundes Construco e Mineraco, a Brazilian company with a strong track record of providing mining services in Para State.

Logistics Development Group 14.5p £81.5m (LDG.L)
The UK-based logistics and supply chain company announced that further to its notification on 1 December 2022 regarding a loan of EUR 18.5m to Synsion TopCo, a private holding company of the Synsion Group, formed by DBAY Advisors Limited, the Company's investment manager, specifically to invest in the pan-European digital business SQLI S.A. (ENXTPA:SQI). The investment has been utilised by the Synsion Group to acquire an additional stake in SQLI at EUR44.25 per share and has increased the Synsion Group's holding in SQLI by 9% to 81.3%. LDG's loan of EUR18.5m to Synsion Topco is being converted into an approx. 11.1% equity interest in Synsion Topco.

Malvern International 15.5p £3.8m (MLVN.L)
The global learning and skills development partner provides a trading update. The unaudited revenue for the year ended 31 December 2022 has increased 170% to circa £6.5m (FY21: £2.4m). Loss before tax will be significantly reduced at circa £1.1m (FY21: £1.6m, pre-adjustment for Singapore disposal). Unaudited net debt as at 31 December was 4.4m (FY21: £5.8m) including lease liabilities of £3.1m. Management expect revenue in 1H23 to be significantly ahead of H122, with a combination of pre-booked income from the University Pathway courses. The Board is increasingly confident for Malvern's prospects and expects it achieve growth in all divisions in 2023.

Record Plc 93.6p £186.3m (REC.L)
The specialist currency and asset manager is hosting a Capital Markets Teach-In today. The company reiterates its medium-term financial targets: revenue of at least £60m for the year ending 31 March 2025 (FY25), growth of operating margin to approximately 40% by FY25, maintenance of ordinary dividend target payout ratio in the 70%-90% range and develop opportunities to outperform through performance fees.

Redx Pharma 49p £164.1m (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, provides a update on lead fibrosis candidate RXC007. RXC007 is an oral, selective Rho Associated Coiled-Coil Containing Protein Kinase 2 (ROCK2) inhibitor currently a Phase 2a study in idiopathic pulmonary fibrosis (IPF). Following the announcement on 11 October 2022 of first patient enrolment in the trial, regulatory and ethics approvals for both the 28-day and the 12-week cohorts have been received in five countries across Europe, and recruitment is progressing at a number of study sites. Based on the current patient recruitment rate, topline data from this Phase 2a study are expected to be available in Q1 2024.

9 February 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


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