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The Markets
by Proactive
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Small cap wrap: Tiziana Life Sciences, Excellon Resources, Lancaster Resources...

Livium Ltd, through its wholly owned subsidiary Envirostream Australia Pty Ltd, has entered into a landmark recycling agreement with Sell & Parker Pty Ltd, expected to generate revenues exceeding A$5 million over its three-year term.

The new agreement expands on an existing partnership between the two companies and represents Livium’s largest recycling contract to date. It is set to deliver approximately A$3 million in revenue over the next 12 months alone—equivalent to 45% of the company’s FY24 total revenue.

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Novavax, Inc. (NASDAQ:NVAX) shares surged more than 16% after the company shared a positive update on its COVID-19 vaccine, which it believes is “approvable” based on its conversations with the US Food and Drug Administration (FDA).

The company said the FDA has requested additional data on the vaccine as part of a post-marketing commitment (PMC).

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Voyageur Pharmaceuticals Ltd (TSX-V:VM, OTC:VYYRF) announced that it has begun the market introduction of its new line of barium contrast media products in Canada and select international markets that accept Health Canada standards.

The company is targeting jurisdictions aligned with Health Canada standards for initial distribution and is now providing product samples to diagnostic centers for evaluation.

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Panmure Liberum has reaffirmed its 'buy' rating and 3.6p price target on Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF), highlighting strong momentum at the company’s Galactica-Pegasus project in Colorado.

The Jackson-27 development well has reached total depth of 360 metres, with logging confirming free gas in the Upper Lyons Sandstone.

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Peel Hunt is backing Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) despite a slower first quarter, maintaining its Buy rating and 120p price target.

The mining royalty group posted $6 million in revenue for the first quarter, slightly below the previous quarter, largely due to timing issues across its portfolio.

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Excellon Resources Inc (TSX:EXN, OTCQB:EXNRF) has upsized its private placement to C$7 million from C$5 million, citing strong investor demand.

The offering will consist of up to 66.7 million units priced at C$0.105 each, with each unit comprising one common share and one-half of a warrant.

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Tiziana Life Sciences Ltd (NASDAQ:TLSA) announced that the University of Massachusetts has commenced dosing patients in its ongoing Phase 2 trial of its lead candidate intranasal foralumab, a fully human anti CD3 monoclonal antibody, for non-active secondary progressive multiple sclerosis (na-SPMS).

UMass joins Brigham and Women’s Hospital, Yale Multiple Sclerosis Center, and Johns Hopkins University in actively enrolling and treating trial participants.

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Shares in Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) soared 83% in early trading on Wednesday after the networking specialist unveiled a strategic shift and signalled early interest from major telecoms vendors.

While full-year revenue fell to $1.38 million in 2024 from $3.78 million, and losses narrowed modestly, investors focused on signs of traction for the company’s UEP-2025 platform.

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Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) has posted what it described as a “solid start” to the year, reporting a $6 million portfolio contribution in the first quarter of 2025, down from $6.7 million in the previous quarter due to the timing of cobalt deliveries from Voisey’s Bay.

Chief executive Marc Bishop Lafleche said volume growth is expected to accelerate in the second quarter, with a number of key assets coming back into play.

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CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) has said it will appeal a decision by the Chilean government to reject its application for a streamlined lithium production permit at its Laguna Verde project.

The London-listed explorer had sought approval for a Special Lithium Operating Contract (CEOL). Instead, the Ministry of Mining said that the application must go through a short public tender process.

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Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) has reported successful drilling and confirmed free gas at its Jackson-27 development well in Colorado, the latest in a string of promising results from the Galactica-Pegasus helium project.

The fourth well in the development drilling programme reached total depth at 1,183 feet and encountered 60 feet of gas-saturated sands within the Upper Lyons Sandstone Formation.

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European Lithium Ltd and Critical Metals Corp have reported robust economics from the recently completed Scoping Study for the Tanbreez Rare Earth Project in southern Greenland, supported by an existing 30-year approved exploitation permit.

The study estimates a pre-tax Net Present Value (NPV) ranging between US$2.4 billion and US$3.0 billion at discount rates of 10% and 8%, respectively. After-tax NPV estimates range between US$1.8 billion and US$2.2 billion, assuming a 25% tax rate. The project also delivers a high Internal Rate of Return (IRR) of 162% before tax and 116% after tax, with a payback period of approximately three years.

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Race Oncology Ltd made key clinical advancements during the March 2025 quarter, receiving ethics and regulatory approval for the initiation of its Phase 1 trial investigating RC220 bisantrene in combination with doxorubicin. The Southside Cancer Care Centre in Miranda, New South Wales, commenced patient screening, with first patient treatment expected in Q2 CY2025. Additional approvals were granted for Gosford and Wyong Hospitals, pending final site activations.

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Regenerative medicine company Orthocell Ltd has set the stage for a swift entry into the US market, appointing its first four US distributors of flagship nerve repair product Remplir™.

Remplir received US FDA 510(k) approval on April 3, which cleared the way for its immediate commercial distribution into the US.

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