Episode 13 of the Investing Matters Podcast has dropped. Listen to our latest episode featuring John Stepek, the Executive Editor of MoneyWeek here.
2022 Outlook and Guidance
-- Total gold production for 2022 is expected to be in the range of 380-420koz, comprising own gold production of 345-365koz and 35-55koz of gold from 3rd-party concentrate, as the Company continues its transition to processing more own-mined refractory ore
-- The POX hub is expected to operate at/near full capacity throughout 2022 due to increased deliveries from Pioneer and Malomir, which will supply the majority of flotation concentrate to be processed. The plant will process roughly the same volume of 3rd-party concentrate as in 2021, at lower grades but with higher expected recovery rates, which could improve margins
-- Pioneer gold production is projected to increase as the new flotation plant processes refractory ore for the full year
-- Malomir production is expected to remain stable in 2022, with slightly lower grades offset by higher mining and processing volumes, supported by the launch of the flotation plant expansion in the latter part of the year
-- Albyn production is anticipated to be lower in the first half of 2022 as the processing plant works through stockpiles of lower-grade material from the Elginskoye deposit accumulated in 2021, but will stabilise in the second half of the year
-- The outlook for total production is expected to be similar in 2023, but with a higher proportion of gold from own-mined ore, and to improve in subsequent years
04 October 2021
As previously announced, DKE Energy will initially build two gas peaking facilities. Dukemount will manage the construction of the two sites and provide its knowledge of long-dated income funding and finance to optimize the capital structure. DKE Energy's management brings its technical, operational and market expertise of the UK flexible power market, as well as access to a pipeline of further deals. Dukemount believes the opportunities presented by this joint venture to be an important milestone for Dukemount to meet its projected growth targets.
Dukemount is set to rollout further joint venture projects with a focus on gas peaking and battery storage facilities. Both asset types balance the fluctuating power requirements of the grid during periods of high-level demand or shortfalls of electricity supply: a problem which is set to become more acute in the transition to a greater reliance on renewable energy sources. Dukemount is therefore looking for further potential joint venture partners, for a potential pipeline up to 100MW reaching value of approximately GBP100m.
Thu, 10th Mar 2022 10:50
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.
SMALL-CAP - WINNERS
Amala Foods PLC, up 27% at 0.70 pence, 12-month range 0.35p-2.03p. Says proposed rare earths exploration subsidiary, Terra Rara UK Ltd, which has majority interests in three rare earths projects across Angola and Uganda, has seen high-grade results from drilling on the Mungo project. Notes project has the potential to become a "low capex and low opex REE project". Still looking to close acquisition of Terra. Director Aidan Bishop says: "I am pleased with the progress being made on this potential transaction that if successful will result in a complete transformation for the company. The company announced previously that based on the current number of outstanding shares, if successful, the transaction would result in a 'see through' valuation of approximately 2p per share."
He commented: “This is a major box now ticked, if we are to make a light oil discovery at Jade. The comparisons to nearby CNOOC discovery wells look very compelling. Drilling operations continue to run smoothly and safely, with progress to date right on schedule”.
Empyrean Energy subsequently updated its internal Geological Chance of Success to 65% from 41%, with a 47% rise from 35% for its Topaz prospect.
The company confirmed that higher values of methane ranging from 4190ppm to 15440ppm were recorded in the pre-drill interpreted “gas cloud” zone between 1550 metres to 1800 metres measurement difference.
The oil and gas exploration group commented that the results validated its pre-drill interpretation of seismic data encompassing the presence of gas clouds over the Jade prospect, alongside the firm’s Topaz prospect.
Empyrean Energy said that any oil discovered would likely be light oil in the 38-41 API range, in line with discoveries from nearby projects.
The Jade prospect was spudded after its 2 April drilling date was delayed due to bad weather and volatile sea wave conditions on 10 April, however the drilling programme is now reportedly on schedule to deliver results to shareholders on the company’s timeframe.
“The first technical objective of the Jade well has now been drilled,” said Empyrean Energy CEO Tom Kelly in a statement.
“The validation of “gas clouds” through the presence of elevated methane levels in exactly the depth zone we interpreted on the excellent quality seismic data proves that the gas clouds exist and supports the Company’s pre-drill interpretation that the methane is probably coming from light oil in the anticipated reservoir section.”
“This is a major box now ticked, if we are to make a light oil discovery at Jade. The comparisons to nearby CNOOC discovery wells look very compelling. Drilling operations continue to run smoothly and safely, with progress to date right on schedule”.
McColl’s Retail Group continued its mini-recovery as the market awaits the outcome of talks with lenders over the c-store chain’s future, with the stock up 16% to 4.4p.
The Group delivered two-year like-for-like sales growth of 5.9% in the 11 weeks to 13 February 2022, in line with the neighbourhood convenience market. The Group is starting to experience strengthening margin as impulse product sales recover, and has taken further mitigating actions, including a full review of pricing and costs.
Morrisons Daily stores are delivering like-for-like sales growth that is at least 20% better than non-converted, comparable stores, and ahead of the total convenience market. The Morrisons Daily store conversion programme re-commenced in early February 2022, following a scheduled pause over the Christmas and New Year period. So far in 2022, the Group has opened 18 Morrisons Daily stores and a further seven will be converted this week with the full support of Morrisons. The Group remains on track to complete 450 Morrisons Daily store conversions by the end of FY22, fundamentally reshaping the business into a more profitable and sustainable model in the medium term.
They had a couple of bad years because of Covid!
Revenue is 1 billion pounds!
FFS! The banks are not stupid and give MCLS their funding, Covid is now something we live with and lockdowns are gone!
As previously stated, the Group continues to believe that a financing solution will be found that involves its existing partners and stakeholders. However, there are also other options available to it. The Group confirms that it recently received an approach for the whole business, which has subsequently been withdrawn and there are no further discussions with that party or any other party in relation to an offer for the whole business. In addition, the Group has also received indications of interest for parts of the business. The Board will consider all options with the aim of maximising value for all stakeholders.
Timing of FY21 full year results
The Group is in the process of finalising its full year results, but now expects to publish in May 2022 to allow additional time for banking discussions to conclude.
Group order intake during FY22 was GBP223.7m. This represents a year-on-year increase of 31.6% on a reported basis and 35.6% at constant exchange rates. Excluding the recently announced GBP11.0m long term military contract, order intake for the period increased by 25.2% or 29.2% at constant exchange rates. The current order book of GBP84.1m is a record high for the Group (31 March 2021: GBP53.6m).
Portfolio of Assets
There are 6 key parts of Immupharma:
1. Lupuzor – Lupus (Sales Potential >$1bn per annum) Preparing to Commence Phase 3 lupus trial end 2020 / beginning 2021, with SPA application before FDA with decision imminent. Partnered with Avion who are funding the Phase 3 trial. Up to 17% US royalties, with IMM retaining 100% European and ROW rights.
2. Lupuzor (P140) – CIPD (SP >$500m per annum), aim to move into a proof of concept study. Also there is preclinical research to show that many other autoimmune diseases can be targeted including Rheumatoid Arthritis, Mixed Connective Tissue Disease, Sjogren's Syndrome, Multiple Sclerosis, Insulin Dependent Diabetes, Crohn's Disease and Bullous Diseases.
3. Metabolism – New Bioglucagon (SP $500m per annum), bio equivalence study 2021, potential launch 2022
4. Anti Infectives – New BioAMP-B (SP $400m per annum), bio equivalence study 2021, potential launch 2022
5. Nucant Cancer Programme – Phase I/IIa trial of reformulation completed 2015. The intention is to pre-treat with Nucant and then deliver the standard dose of cytotoxic drug, Gemcitabin for example in pancreatic cancer. Discussions to partner with Incanthera broke down in 2019, new partner now sought.
6. 11.9% share in Incanthera with options to buy the same number of shares again, which has a lead product Sol, a formulation designed to deliver into the skin an active ingredient known to prevent the conversion of solar keratoses into skin cancer. Confirmation announced in 2020 of exceeding bioequivalence compared with oral delivery and with statistically significant greater dermal delivery compared with four known comparator products
Low free float
Shares outstanding 284.98m
Free float 139.34m