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Highlights
· The company recently completed the excavation of a bulk sample weighing 2,378kg of high-grade iron ore from the Ridge C resource
· A series of grabs taken from the bulk sample have returned high-grade results with an average grade of 62.2% Fe across the samples and low levels of impurities
· The sampling indicates that the high-grade material commences from less than 1m below surface
· The samples represent a homogenous bulk sample across the centre of the Ridge C resource and provides further confirmation of grade and quality of the deposit
Project Update
· Ethiopia's civil war abated at the end of Q4-2021 and its State of Emergency is being lifted
· Security conditions at the Tulu Kapi site, district and transport routes are improving
· The Project finance syndicate remains in place to launch the Project as soon as normal conditions that govern the execution of such a project and its financing are satisfied
· TKGM is in extensive consultations with the Ethiopian Ministry of Mines (the "Ministry"), to provide the assurances being sought to minimise further project delays. Meetings have now been scheduled for next week, including high-level meetings on 7 February 2022
· Operationally our activities continue:
o this month's Project priorities include reviewing detailed resettlement plans for the affected households with the newly-appointed local government administration and to complete all outstanding documentation with the Ministry and other Government agencies; and
o in the following few months to finalise documentation for execution whilst, on the ground, finish preparing the new lands for resettling households
We don’t hear much about new oil discoveries these days. Onshore discoveries are almost unheard of because nearly everything except the African final frontier has been explored. Offshore discoveries are few and far between
That makes all the exploration activity in Namibia the foundation for another Guyana story–but this time we think there could be a lot more room for investor reward.
Suddenly, Namibia is a growing source of exploration news, with a significant discovery by Shell (NYSE:RDS) offshore and maiden drills by Recon Africa (TSXV:RECO, OTC:RECAF) onshore in the giant Kavango Basin already providing clear evidence of a working petroleum system.
Now, it’s about to get a lot more exciting
Namibia is already turning heads in the oil world. It may have even caught the eye of some of the largest oil exploration companies in the world—and for good reason.
With geological similarities to Brazil and Guyana—the latter having seen astounding oil exploration success—explorers are sinking tons of money into finding and tapping these potential resources.
Namibia’s northern neighbor, Angola, already has a successful oil industry and is a long-time member of OPEC, producing an average of more than one million barrels per day.
Namibia may have the potential to rival this northern neighbor, and with oil prices approaching $90 per barrel, we think it is even more likely that Namibia could become the next big oil and gas player on the global scene.
Year End Trading Update
Proteome Sciences today provides an unaudited trading update for the financial year ended 31 December 2021.
The Company is pleased to report that it has continued to show strong growth in its services business with TMT® revenues holding firm, despite the continued impact of the Covid-19 pandemic on international business. The Company expects to report a c7% increase in Group revenues to c£5.1m (2020: £4.75m) for the full year, with services expected to increase c32% to c£1.9m (2020: £1.44m) and sales and royalties attributable to TMT® and TMTpro™ reagents to be c£3.2m (2020: £3.27m).
The Company anticipates an estimated trading profit of between £0.6m and £0.8m (2020: £0.50m) (excluding interest, currency and share based payments effects) which shows a positive development of the operational business. Investment in staff and facilities in line with our renewed strategy will give rise to a marginal increase in operational costs versus the prior year. Overall, the Company expects an estimated result before tax close to break-even (2020: £0.24m profit) and a similar result after tax (2020: £0.29m profit after tax) for the year.
Cash reserves at the year-end increased to £2.4m (2020: £2.21m).
The Board looks forward to providing shareholders with a full update of the Company's performance and outlook for 2022 with the publication of the audited full year results.
Following a detailed process to identify the best way to generate investment and strengthen our Sports business, BT Group today announced that it has entered exclusive discussions with Discovery, Inc. on a deal to create a new sport and entertainment offering for customers in the UK.
The new business would be a 50/50 joint venture, bringing together BT Sport with Eurosport UK. The new combined business would remain committed to retaining BT Sport's existing major sports broadcast rights while BT Sport customers would get access to Discovery's sport and entertainment content, including the discovery+ app.
BT Group are aiming to conclude the exclusive discussions with Discovery, Inc. in early Q1 for the new company to be operational later this year, subject to completion of the deal and approval by the relevant competition authorities.
Marc Allera, CEO BT Consumer, said: "The proposed joint venture with Discovery, Inc. would create an exciting new sports broadcasting entity for the UK and would act as a perfect home for our BT Sport business. With a shared ambition for growth, as well as the combination of our world class sports assets along with Discovery's premium sports and entertainment content, our customers will benefit from even more content in more places."
8.4 MWh Sale to Canadian Solar + Storage Project
Invinity announces its largest North American energy storage sale to date
Invinity Energy Systems plc (AIM:IES), leading global manufacturer of utility-grade energy storage, is pleased to announce the sale of a 8.4 MWh Invinity VS3 flow battery to Elemental Energy Inc ("Elemental Energy") for a utility-scale energy project in Alberta, Canada. This is the Company's largest sale in the North American market to date.
The Chappice Lake Solar-Storage project, which is at an advanced stage of development, will couple 8.4 MWh of Invinity VS3 vanadium flow batteries ("VFBs") with 21 MWp of solar generation to generate enough low-carbon electricity to serve the daily needs of more than 7,000 Albertans.
The project, which has received funding support from Emissions Reduction Alberta, will demonstrate how energy storage allows greater use of renewable energy generation in Alberta's electric grid. Delivering solar-generated energy when it is most valuable is an ideal use for Invinity's VFBs, emphasising the Invinity VS3's ability to deliver long-duration, high-cycle energy storage without capacity degradation. The project, near the city of Medicine Hat, is expected to directly deliver emissions reductions of almost 20,000 tCO2e/year, the equivalent of taking 4,300 passenger vehicles off the road.
Construction on the project site is expected to commence in H1 2022. The Invinity system will comprise 38 Invinity VS3 flow batteries plus ancillary components. The project is expected to be commissioned in late 2022.
The Chappice Lake project will be owned and operated by Elemental Energy, a Vancouver-based private renewable energy development company with over 100 MW of wind, solar and hydro projects in construction or operation and over 700 MW of further projects under development. Elemental Energy has partnered with the Cold Lake First Nation who hold an equity interest in the Chappice Lake project.
Avacta Announces Dose Escalation in the Phase I Clinical Study of AVA6000 Pro-doxorubicin
Avacta Group plc (AIM: AVCT), a clinical stage oncology drug company and developer of powerful diagnostics based on its innovative Affimer® and pre|CISION™ platforms, announces that the first-in-human Phase I trial (ALS-6000-101) of AVA6000 Pro-doxorubicin will advance to the next dose cohort following a positive review of the safety data from the dosing of the first cohort.
Avacta's Safety Data Monitoring Committee (SDMC), comprised of clinicians currently recruiting patients, has completed its review of the safety data from the first cohort dosed with AVA6000 at 80mg/m2 in the ongoing Phase I trial. Following this review, the SDMC has recommended that the clinical trial continues as planned and escalates to the next dose of AVA6000 at 120mg/m2.
AVA6000 is a novel form of doxorubicin that has been modified with Avacta's pre|CISION™ platform to improve its safety and therapeutic index. Anthracyclines such as doxorubicin, a generic chemotherapy with a market size that is expected to grow to $1.38bn by 20241, are widely used as part of standard of care in several tumour types, but their use is limited by cumulative toxicity. AVA6000 has been designed to limit cell penetration of the drug, and therefore its cell killing effect, until it is specifically activated by fibroblast activation protein a (FAP) which is in high concentration in many solid tumours compared with healthy tissues. The resulting reduced exposure of healthy tissues to active doxorubicin has the potential to significantly increase its therapeutic index by reducing the incidence of adverse effects, including cardiotoxicity and myelosuppression
Royalty Strategic Alliance for Early Lung Cancer Detection in China
Cizzle Biotechnology, the UK based diagnostics developer, is pleased to announce that following the signing of a Memorandum of Understanding ("MOU") with the International Co-Innovation Centre for Advanced Medical Technology ("iCCAMT") and Shenzhen Intelliphecy Life Technologies Co., Ltd. ("Intelliphecy"), announced on 25 November 2021, a full commercial agreement has now been executed to develop and market the Company's proprietary early lung cancer diagnostic tests in China (the "Agreement").
Highlights
· Commercial agreement reached with iCCAMT and Intelliphecy
· iCCAMT backers include German Medical Valley, Robert Bosch GmbH and Sinopharm Group
· iCCAMT and Intelliphecy to fund all activities in China, including development, clinical trials, manufacture and distribution
· 10% royalty for the Company over all sales of products and services using CIZ1B in China
· Initial pilot of 300 patients planned
Arkle Resources plc (AIM: ARK) is pleased to announce that drilling has commenced on the Stonepark group of licences in Limerick. The Stonepark project is a joint venture with Group Eleven Resources Corp., who hold a 76.56% interest and Arkle the remaining 23.44%.
The first hole of a six hole programme totalling 2,300 metres began yesterday. The hole at Carrickittle North has a target depth of 750 metres and is a 250 metre step out from previous drilling. The target is in the unexplored southern margin of the Limerick Volcanic Complex which, it is believed has the potential to target zinc mineralisation similar to the large nearby Glencore Pallas Green zinc lead deposit.
Overhang getting lower and lower as the shareholder base increases