POLAREAN IMAGING (LON:POLX)
SECTOR – HEALTHCARE
RATING CORP*
MARKET CAP – £13.2m
CURRENT PRICE – 16.9p#
ANALYST – LIAM GASCOIGNE-COHEN
Year-end Dec
2017A
Revenue ($m)
1.24
EBITDA ($m)
(3.55)
Adj. pre-tax Profit ($m)
(3.96)
Net Cash/(Debt) ($m)
(0.14)
No forecasts provided
SOURCE: Northland Capital Partners Limited estimates.*Northland Capital Partners Limited provides acts as Nomad and Broker to Polarean Imaging Ltd. and therefore this information should be viewed as a Marketing Communication.
Delivery of Xenon Polariser
NORTHLAND VIEW
- Polarean Imaging announced the delivery of the latest model of its Xenon gas polariser to the radiology department at University of Missouri Health Care (MUHC), a US teaching hospital group.
- The Company’s gas polarisation platform provides a non-invasive, radiation-free method to visualise pulmonary (lung) structure and function using MRI.
- MUHC aims to use Polarean’s gas polariser as part of a research programme it is launching into pulmonary imaging.
Although yet to receive clinical-approval, Polarean continues to sell polarisers to medical research institutes (who have dispensation to use non-clinically approved technology). By using Polarean’s technology, these institutes are producing valuable data which may further develop potential clinical applications for the platform.
Polarean initiated its pivotal Phase III clinical trials in August 2018. These trials are a key milestone for Polarean and, if successful, should allow the Company to launch its platform into the US clinical market.
COMPANY DESCRIPTION
Polarean Imaging is a healthcare technology company with a proprietary drug-device combination in late-stage clinical trials.
PREMIER AFRICAN MINERALS (LON:PREM)
SECTOR – MINING
RATING – SPECULATIVE BUY*
MARKET CAP – £11.6m
CURRENT PRICE – 0.16p#
ANALYST – BARRY GIBB
DR RYAN D. LONG
Year-end Dec
2016A
2016A
Revenue ($m)
0.1
0.4
No forecasts provided
EBITDA ($m)
(1.8)
(6.7)
Adj. pre-tax Profit ($m)
(5.9)
(19.6)
Adj. EPS (c)
(0.2)
(0.3)
DPS (c)
-
-
Net Cash/(Debt) ($m)
(8.9)
(2.9)
P/E (x)
-
-
Dividend yield (%)
-
-
EV/EBITDA (x)
-
-
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited provides commissioned research coverage to Premier African Minerals and therefore this information should be viewed as a Marketing Communication.
RHA Drilling Update, Technical Report and Development Plan
NORTHLAND VIEW
- Through two separate announcements from Premier African Minerals this morning, the Company provided a drilling update together with results of a Technical and Economic Assessment on the RHA Tungsten Mine in Zimbabwe. The Study was prepared in compliance with the guidelines of SAMREC by independent South African mine planning consultants, Bara Consulting (Pty) Limited.
- As announced on 14 September the Company is drilling up to 2,750 metres to expand, as well as to increase the resources at RHA with the view to resuming its mining activities. Today’s drilling update detailed 9 diamond holes completed for 941 metres, with hole RHADD34 intersecting 1.86 metres of 2.39 kg/t WO₃ and 44.8 kg/t over 0.29m.
- Regarding the Technical Study, two scenarios have been evaluated by Bara, although at this stage PREM is only considering underground production at a rate of 6,000 to 7,000 tonnes per month as a basis for re-commencing production. Total mining capital costs for such a project have been estimated at US$1.064m, from which the Technical Study suggests such a scenario results in a positive pre-tax cash flow of US$0.616m over the initial 15-month period based on US$30.0/kg pricing of contained WO₃ in concentrate. The peak funding requirement is US$1.657m in month four, and the underground mine is expected to become cashflow positive in month five. Existing Resource estimates in the underground areas of RHA (excluding any open pit resources) indicates a mine life greater than 10 years.
More positive news. Amid firmer Tungsten prices and an improved prospect for satisfactory resolution to the equity ownership issue that has dogged RHA’s development, this technical and economic assessment now appears to demonstrate a viable basis for a restart of the project. The preliminary internal assay results from RHADD34 also indicate multiple mineralised load structures with wolframite at commercial grades and visible copper mineralisation in the form of chalcopyrite co-existent in the same ore bodies as the wolframite.
COMPANY DESCRIPTION
Premier African Minerals is a multi-commodity exploration and development company with assets located across Africa. Its holds a 49% operator interest in the RHA Tungsten Mine, and 100% interest in the Zulu Lithium Project, both in Zimbabwe.
SECTOR – MINING
RATING – CORP*
MARKET CAP – £2.3m
CURRENT PRICE – 0.12p#
ANALYST – BARRY GIBB
DR RYAN D. LONG
Year-end Dec
2016A
2017A
Revenue (£m)
-
-
No forecasts provided
EBITDA (£m)
(0.6)
(0.4)
Adj. pre-tax Profit (£m)
(0.6)
(0.4)
Adj. EPS (p)
(0.08)
(0.03)
DPS (p)
-
-
Net Cash/(Debt) (£m)
(0.4)
0.5
P/E (x)
-
-
Dividend yield (%)
-
-
EV/EBITDA (x)
-
-
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close.*Northland Capital Partners acts as Nomad and Broker to Alexander Mining and therefore this information should be viewed as a Marketing Communication.
From Tuesday: Proses partnership takes important step forward
NORTHLAND VIEW
- Further to its announcement of 21 February 2018 regarding a commercial and technical partnership agreement with Proses Mühendislik, Danışmanlık, İnşaat ve Tasarım AS, Alexander Mining confirms important progress has been seen regarding the possible establishment of a zinc plant in Turkey.
- Under the Agreement, Proses has been investigating and progressing plans in the country for the creation of a semi-industrial-scale-processing plant (’SISP’) using Alexander's patented AmmLeach® technology for the processing of lower grade zinc oxide ores. Proses confirms it has now entered into a formal royalty agreement with Osmanlı Madencilik Ltd of Turkey, whereupon it will receive a percentage of product from the SISP and from ore produced by Proses at the Osmanlı Mining Licence Area as a royalty.
- Under this agreement with Osmanlı, and subject to environmental impact studies, permitting and Proses securing the necessary funding, the plan is to extract zinc oxide ore from the licence area and to process it in a SISP facility to be established on the site. Proses will also proactively seek to receive or purchase zinc oxide ores from other miners in the region for treatment at this plant.
- The Osmanlı mining licence covers an area of nearly 1,000 hectares and is conveniently located in Yahyalı Township, in Kayseri Province, Central Anatolia, some 60km south of the city of Kayseri. The district is notably rich in zinc (and lead) mineralisation, with both current and significant historic mining activity.
Proses has quickly moved to reach this important milestone. Up until now, lower grade oxide ores with less than 10% zinc content have proved uneconomic to treat. By using AmmLeach®, however, it should be possible to economically treat ores with a zinc grade as low as 5%. The SISP facility is projected ultimately to treat about 100,000 tonnes per annum of such ores, producing a final commercial output of electrolytic zinc metal. From this, Alexander would receive a gross sales revenue royalty based on the value of the SISP output its technology produces. Subject to the plant achieving satisfactory steady-state results, Alexander could then potentially negotiate a wider technology license agreement with the project owners on its standard commercial terms.
COMPANY DESCRIPTION
Alexander Mining is a mineral processing technology business, seeking to commercialise its leaching technologies.