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HEMO can only raise £340k, will last a few weeks to keep the lights on. What a joke.

Raise came before farmout

When reviewing the last financial report and looking what they have done since, you can see that they needs more funding. The question is, can they delivery anything on Namibia first or do they need to raise first?

Avacta has added £40m of market cap based on speculation on divesting the diagnostic business for £20m.

The divestment price better be much higher than £20m, otherwise this stock is going straight back down.

They shipped 5 container when target is 50!!! Only 10% of target is a disaster.

"Further to the Company's announcement of 9 December, during December 2024, 5 containers were shipped from the port of Libreville. It remains our target to achieve production of up to 50 containers per month which we are aiming to achieve by late spring."

Production / shipping target pushed forward, same old same old.

The holiday season is over now its time to raise and fund the trial.

Next step will be fund raise to finance the trial as per the 22 November EGM Notice

" To enable the Company to raise sufficient funding to take the HEMO-CAR-T clinical trials forward to the extent necessary and to enable the Company to have sufficient working capital for the period up to the next annual general meeting, the Directors are also seeking authority to disapply pre-emption rights over 50% of the Company's issued ordinary share capital."

How is it ahead of schedule when it was supposed to start up in Q4 before it was delayed to Q1 2025?

Https://www.youtube.com/watch?v=YGT9NtuQ7X4

Https://substack.com/home/post/p-153983772

Elcobbledore, Stage 2 wont happen until the lithium prices goes higher. KOD cant fund their share without a higher lithium price. But more importantly Stage makes no economic sense for any of the partners without a higher lithium price.

Kodal said that the offtake price would have floor which wouldnt be below cost ($647) so that is not helping them at the current price.

Revenue 125000t * 810 = $101.2m

Cost 125000 * 647 = $81m

100% EBITDA $20m

Kodal share 31.8%

$6.52m

This is EBITDA before KOD own overhead costs.

At the current spot price of $810 and KOD guided cash cost of $647. If the Stage 1 deliver 125k per year and KOD share is 31.8%. KOD share of annual EBITDA is $7m.

At the current market cap of £93m a run rate EBITDA of $7m is exceptionally expensive give where they are operating. Resolute Mining with its prime asset in Mali is trading on 3x EV/EBITDA and that is after moving to the 2023 mining code in Mali.

This feels like a year end spike which wont last long.

Surin, KOD has 49% share in KMUK who owns a 65% stake in the project, so Kodal effectiv stake is 31.8%.

PREM will raise this week or next week.

Doing a trial dosent come for free.

From the recent EGM notice:

"To enable the Company to raise sufficient funding to take the HEMO-CAR-T clinical trials forward to the extent necessary and to enable the Company to have sufficient working capital for the period up to the next annual general meeting, the Directors are also seeking authority to disapply pre-emption rights over 50% of the Company's issued ordinary share capital."

Capital raise is coming

Which test results are we waiting for now?