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The Markets
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Small cap wrap: ReconAfrica, Power Metallic, Immunic, Replenish Nutrients...

Sovereign Metals Ltd has marked a productive March 2025 quarter, advancing both the technical and social dimensions of its flagship Kasiya Rutile-Graphite Project in Malawi.

The company continues to de-risk the project while sharpening its economic outlook through a Rio Tinto-supported optimised prefeasibility study (OPFS) and ongoing definitive feasibility study (DFS) work.

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Race Oncology Ltd has kicked off its flagship oncology trial, dosing the first patient in its Phase 1 clinical trial investigating RC220 for the treatment of advanced solid tumours.

The initial dosing was carried out at the Southside Cancer Care Centre in Miranda, New South Wales, with no adverse effects or phlebitis reported.

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G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF) is entering a “new phase of value creation” after delivering a new preliminary economic assessment for its Oko West project in Guyana.

“With a larger, higher-grade, and unencumbered asset in Oko West, we see G Mining entering a new phase of value creation,” the analysts wrote.

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McEwen Copper Inc is planning an initial public offering in New York or Toronto to finance construction of its Los Azules copper project in Argentina’s San Juan province, according to Bloomberg.

Rob McEwen’s copper venture is preparing to tap public markets to fund one of Argentina’s most closely watched mining projects, as investor optimism builds under President Javier Milei’s market-friendly agenda.

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Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) saw its annual revenue rise 15% in 2024 as it progresses towards launching green hydrogen production at its Sorel-Tracy facility in 2025.

Revenue climbed to C$325,753 for the year ended December 31, 2024, up from C$282,724 in 2023, driven by continued contributions from its Wolf River hydroelectric operations.

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Century Lithium Corp. (TSX-V:LCE, OTCQX:CYDVF), which is advancing the Angel Island lithium project near Silver Peak in Nevada, has welcomed recent executive orders from the White House prioritizing domestic mining and processing of critical minerals.

"Century Lithium is uniquely prepared to contribute to a domestic solution for lithium products at Angel Island," Century Lithium CEO Bill Willoughby said in a statement.

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OKYO Pharma Ltd (NASDAQ:OKYO) has announced plans to accelerate the clinical development of urcosimod, formerly called OK-101, to treat neuropathic corneal pain.

The company has chosen to end its Phase 2 trial being conducted at the Tufts Medical Center in Boston early, with 17 patients having completed the study.

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Genflow Biosciences PLC (LSE:GENF, OTCQB:GENFF) reported progress across its research programmes and raised new funds during the 2024 financial year.

The company advanced its lead programme GF-1002, targeting MASH, to the pre-IND stage. It received positive feedback from the FDA, which encouraged pilot studies using appropriate animal models.

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US Gold Corp (NASDAQ:USAU) said on Wednesday it is preparing to begin final feasibility study work on its fully permitted CK Gold Project in Wyoming by late May, targeting completion in the third quarter of 2025, as it advances toward potential project development.

The update coincided with the company's annual shareholder meeting on April 28 and follows a year of significant gains in market value.

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Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has shipped a Wave Adaptive Modular Vessel (WAM-V) 22-foot vessel equipped with autonomous capabilities designed for extended offshore surveys.

The company said the vessel can operate continuously for multiple days without returning to base, supporting 24/7 payload operations.

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Giyani Metals Corp (TSX-V:EMM, OTC:CATPF) said on Wednesday it has appointed Gavin Horscroft as operations manager and promoted Sean Thijsse to vice president, corporate development, as the company pushes forward with its K.Hill battery-grade manganese project in Botswana.

Horscroft, a chemical engineer with four decades of experience in Africa’s mining and metallurgical industries, joins Giyani following senior roles at Impala Platinum and AngloGold Ashanti, where he oversaw operations in the Democratic Republic of Congo.

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Black Swan Graphene (TSX-V:SWAN) has appointed Jobin George as technical sales manager for the Europe, Middle East, and Africa (EMEA) region, the company said in a statement on Wednesday.

The hiring strengthens the company’s global commercial team following the February appointment of Dan Roadcap as head of technical sales and business development.

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Immunic Inc (NASDAQ:IMUX) has reported promising results from its Phase 2 CALLIPER trial of vidofludimus calcium, which showed a 30% reduction in the risk of 24-week confirmed disability worsening in patients with primary progressive multiple sclerosis (PPMS) compared to placebo.

The study enrolled 467 patients with progressive multiple sclerosis (PMS), including subpopulations with PPMS and non-active secondary progressive multiple sclerosis.

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Northern Superior Resources Inc. (TSX-V:SUP, OTCQX:NSUPF) said on Wednesday that ONGold has appointed veteran geologist Paul Dunbar as vice-president, exploration, to spearhead a renewed push at its Monument Bay gold project in Manitoba.

Dunbar brings nearly four decades of experience in global gold exploration and development. He most recently served as Director of Exploration at Argonaut Gold Inc., where he led the resource expansion and development of the Magino gold mine in Ontario, a 10,000-tonne-per-day operation acquired by Alamos Gold in 2024.

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Replenish Nutrients Holding Corp (CSE:ERTH, OTC:VVIVF) said it expects revenue, margins and cash flow to improve in 2025 as full-scale granulated fertilizer production begins at its upgraded Beiseker facility.

The plant, now in the final stages of automation and exterior construction, is on track to reach its operational capacity of about 2,000 metric tonnes per month by mid-2025.

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Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) CEO Brian Reinsborough has reflected on “another transformational year” for the company in 2024 along with the filing of its annual financial statements for the period.

Reinsborough highlighted the completion of the company’s agreement with BW Energy Ltd for a 20% farm down of Petroleum Exploration License (PEL) 73 as a significant milestone.

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Shares in Nuformix (LSE:NFX) rose 16% on Wednesday after the company confirmed that European regulators had issued a positive opinion on orphan drug designation for its lead asset, NXP002, in the treatment of idiopathic pulmonary fibrosis (IPF).

The European Medicines Agency’s Committee for Orphan Medicinal Products concluded that NXP002, which delivers the anti-inflammatory drug tranilast via inhalation, has the potential to offer significant clinical benefit for patients with IPF - a rare and often fatal lung disease with limited treatment options.

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Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) highlighted ‘a period of progress’ at the Vares Silver Mine, as it reported on its first quarter.

The junior miner reported a 46% increase in silver equivalent production to 1.4 million ounces in the quarter. Ore milled rose by 40% to 66,000 tonnes.

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Atlantic Lithium Ltd (AIM:ALL, OTCQX:ALLIF, ASX:A11) said on Wednesday it is ready to begin construction at its Ewoyaa Lithium Project in Ghana, with all key permits now in place and only final parliamentary ratification outstanding.

The company described this as the last major hurdle before groundworks can start at what would be the country’s first lithium mine.

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Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) told investors it is expecting to complete production testing at the State 36-2 LNW-CC-R well in the coming days.

The well testing, at the Paradox project in Utah, experienced minor delays due to operational and equipment availability issues, it said in a statement.

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Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) has reported natural gas flow test results from the Jackson-27 well, at the Galactica project in Colorado, with positive readings to date.

Jackson-27 flowed naturally at over 320 thousand cubic feet per day (Mcfd), with stabilised rates anticipated between 350 Mcfd and 450 Mcfd, and a potential maximum rate of 550 Mcfd.

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Australian Vanadium Ltd made good progress on its vertically integrated vanadium supply chain during the March 2025 quarter, as the company continued to move its flagship Australian Vanadium Project (AVP) from mine development through to battery storage applications.

Phase 2 of the company’s optimised feasibility study (OFS) for the Australian Vanadium Project continued at pace, with detailed mine scheduling and design work completed.

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In the march 2025 quarter, Silver Mines Ltd continued to engage with the New South Wales Department of Planning, Housing and Infrastructure (DPHI) and other agencies to reinstate the development consent for the Bowdens Silver Project. A key step was taken post-quarter with the company submitting an application for the Planning Secretary to determine whether the transmission line forms part of a single proposed development under recent amendments to the Environmental Planning and Assessment Act. The company emphasised that the existing development application remains active and has not yet been finally determined by the Independent Planning Commission (IPC).

A 2,000-metre diamond drilling program also started at Bowdens to obtain geo-metallurgical samples aligned with the Optimisation Study’s flow sheet released in December 2024. The drilling is focused within the first 10 years of the proposed mine plan, aiming to generate concentrate for pilot plant testing, certification, and marketing. Several intercepts just below the pit design suggest the potential to expand the current ore reserve base of 32.8 million tonnes (71.7 million ounces silver), including 3 metres at 286 grams per tonne (g/t) silver and 3.2 metres at 10.39% zinc and 0.99 g/t gold.

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Terra Metals Ltd has made significant progress at its Dante polymetallic project in Western Australia, completing metallurgical testwork and advancing exploration activities during the March 2025 quarter.

Terra achieved notable milestones across metallurgical, exploration and corporate fronts.

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