PREMIER AFRICAN MINERALS (LON:PREM)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £21m
CURRENT PRICE – 0.38p#
From yesterday: Interim Results and Board Appointment
NORTHLAND VIEW
During H117 LBT increased to $4.5m compared to $3.3m in H116, this was largely due to a $1m revaluation of the Company’s investment in Circum Minerals Limited and a small increase in administrative expenses.
At the RHA Tungsten Mine, further changes to the front end crushing circuit are required for full utilisation of the X-Ray sorting capacity. Prem expects this to be completed by the end Q417 after which time RHA is expected to be operationally profitable.
Ongoing drilling at the the Zulu Lithium Project, continues to confirm the good continuity within the main zone and also discover new areas of pegmatite bodies. A preliminary economic assessment (PEA) has been commissioned and results are expected before year end.
Operations in Togo may be discontinued in the near future unless there is some resolution to the ongoing issues with the Ministry of Mines.
Godfrey Tsikayi Manhambara has been appointed as a Non-Executive Director to the Board.
The continued improvement in the tungsten price is boding well for Prem, which is seeking to have changes to the front end crusher completed before the year end, allowing the mine to become operationally profitable by Q417. Prem is continuing to advance and expand the area of known mineralisation at Zulu and a PEA is expected to be published before the end of the year, which will be another important milestone for the Company.
COMPANY DESCRIPTION
Premier African Minerals is a multi-commodity exploration and development company with assets located across Africa. Its principal asset is a 49% operator interest in the RHA Tungsten Mine located in Zimbabwe. It has also recently acquired a Limestone and Forestry business located in Mozambique.
PHOTONSTAR (LON:PSL)
SECTOR – TECHNOLOGY
RATING – CORP.*
MARKET CAP – £2.5m
CURRENT PRICE – 1.13p#
FY17 Interim results: revenue -11%YoY
NORTHLAND VIEW
For the six months to 30 June 2017 PhotonStar LED Group reported revenue of £2.259m, -10.8%YoY. The Group noted continued progress in the transition to becoming a retrofit connected lighting and building management specialist. Its halcyon cloudBMS and HalcyconPRO2™ products became commercially available in April 2017, subsequent to which PhotonStar announced customer intent for deployment. Additional development work means that this is yet to generate revenues. Several new trials – in healthcare, hospitality and housing associations – are scheduled for Q4.
Lighting fixtures revenue was £1.361m, -15%; contract manufacturing revenue was £0.789m +16%; Halcyon™ revenue was £0.109m -58%. Gross contribution was £0.731m (32.4% margin compared to 33.0% in H116). Administrative expenses were reduced by 24% to £1.340m. Adjusted EBITDA loss was £(0.23)m compared to a £(0.54)m loss in H116. As at 30 June, the cash balance was £95,000, with net debt at £0.81m (H116: £0.68m). PhotonStar reported that hardware sales of halcyonPRO2™ are now underway. halcyon cloudBMS development has been slower than expected; sales in this category are now expected in FY18.
Following promising interest in its halcyon-based product and building management systems range, a further phase of product development has been required, although progress is expected in Q4 and into FY18.
COMPANY DESCRIPTION
PhotonStar LED Group plc is a leading British designer and manufacturer of intelligent lighting and building control solutions. The Group’s proprietary technology, Halcyon™, is a scalable, secure wireless IoT platform for retrofit into commercial buildings, for energy reduction, asset monitoring and control, and real-time environmental, behavioural and energy insights.