Savannah Resources (LON:SAV) – CORP: Lithium Projects update
Market Cap: £17m; Current Price: 4.4p
Exploration commences at Somero and Eräjärvi
Savannah Resources announces that its Somero and Eräjärvi reservation permits received no landowner objections during the one month statutory objection period.
An exploration programme is now underway consisting of geological mapping, surface rock chip and channel sampling. This programme will target pegmatites with known lithium bearing minerals with the aim of generating drill targets in 2016. The programme is expected to take 8-10 weeks.
NORTHLAND CAPITAL PARTNERS VIEW: Savannah Resources has now commenced its initial exploration programme at its projects in Finland. Mapping by the Finnish Government at the projects has previously highlighted the presence of lithium bearing minerals including spodumeme, lepidolite and petalite.
Keras Resources (LON:KRS) – CORP: Quarterly operations update
Market Cap: £15.5m; Current Price: 1.15p
Lower productivity leads to loss during quarter ending 30/06/16
The provisional quarter ending 30 June 16 saw production from the small scale open pits at Anomaly 22 and Accord totalled 2,763oz Au at a grade of 1,36g/t Au.
Average opex including tribute agreement costs was A$1,736/oz Au, greater than the average gold price received of A$1,687/oz.
Based on our estimates provisional revenue for the period totalled A$4.66m but provisional operational costs totalled A$4.80m. This was largely a result of lower than expected productivity in the small pits resulting in higher opex.
At the end of the quarter the Company has net cash of £750,000.
NORTHLAND CAPITAL PARTNERS VIEW: A disappointing quarter from Keras Resources with the Company making a loss on its initial production where it has previously indicated positive cash flow was expected. Following this setback the Company has reacted quickly to improve margins by re-evaluating mining protocols and operating procedures. Higher-grades and the move to profit share rather than a production royalty should also help to improve margins as the Company starts mining at the Wycheproof Project.
Premier African Minerals (LON:PREM) – CORP: Directorate change
Market Cap: £12.3m; Current Price: 0.65p
From yesterday: Pamela Hueston steps down and Russel Swarts appointed
Ms. Pamela Hueston has resigned as a Director of Premier African Minerals and Mr Russel Swarts has been appointed as a consultant to the Company and will provide oversight of the financial management.
NORTHLAND CAPITAL PARTNERS VIEW: Mr Swarts is a Chartered Accountant (South Africa) and has been in senior financial roles with a number of JSE listed companies and was also CFO of URU Metals (URU.L). He was CEO of the largest specialist telecommunication group in South African and a Director of a private equity investment group involved in energy and natural resources.
Octagonal (LON:OCT) – CORP: Trading update
Market Cap: £5.9m; Current Price: 1.05p
GIS reports record quarter to 30th June 2016
Octagonal’s wholly owned subsidiary Global Investment Strategy (GIS) reported a record quarter to June 30th 2016 with sales of £1,542,300 and an unaudited net profit of £635,445 that represents a 18.9% increase YoY.
The Company has also undertaken significant work to improve processing efficiencies, client reporting and reducing frictional costs, all of which is expected to have a positive effect on earnings during the rest of the year.
The strong USD also has a positive effect for the business as 70% of earnings are in USD and only 20% of the costs.
GIS is in the process of launching a new range of services to existing clients to include FX trading, Futures and Options trading and Portfolio management.
NORTHLAND CAPITAL PARTNERS VIEW: The strong 30th June 16 quarter follows on from the positive financial year to 31st March 16, despite the political and economic uncertainty for Octagonal and its wholly owned subsidiary Global Investment Strategy.
ValiRX (LON:VAL) – CORP: Patent Grant
Market Cap: £3.5m; Current Price: 6.75p
ValiSeek JV receives New Zealand Patent Grant Allowance
ValiRx Plc, the life science company focused on clinical stage cancer therapeutic development, commercialisation of medicines and partnering, announces that ValiSeek Limited, its joint venture with Tangent Reprofiling Limited, has received notification of a New Zealand Patent Grant Allowance.
Notification from the New Zealand Patent Office advises that the patent, which was granted a U.S. patent (US9072743) on 14th May 2015, has received allowance of grant in New Zealand. This patent covers both the formulation of VAL401 and its use as a treatment against hormone-related cancers, including lung cancer
Dr Suzanne Dilly, CEO of ValiSeek Limited, commented: "This is the first non-US patent grant allowance received for the VAL401 project and as such, it provides an international validation of the programme to support world-wide commercialisation"
Sunrise Resources (LON:SRES) – SPECULATIVE BUY*: Project update
Market Cap: £2.5m; Current Price: 0.22p
From yesterday: Stakes licences over the Stonewall prospect
Sunrise Resource has staked 15 claims over the Stonewall epithermal gold prospect in the Walker Lane Mineral Belt in addition to the current gold-silver projects in its Westgold subsidiary. The Stonewall claims cover a large vein that has epithermal vein textures. Sunrise is currently researching historic exploration results from the area and will update in due course.
Following an internal review of its projects in Australia, Sunrise has surrendered its Corona Gold Project ahead of the next annual rental payment. Sunrise is seeking a joint venture partner to test its drill ready targets at the Bakers Project.
NORTHLAND CAPITAL PARTNERS VIEW: A mixture of portfolio expansion and rationalisation from Sunrise Resources. Exploration over the Corona and Bakers project in 2014 and 2015 defined low level anomalies at Corona that were considered a lower priority than those at the Bakers projects. This has lead Sunrise to drop Corona while seeking a joint venture partner for Bakers.