News Release
Condor Gold hoping to conclude sale of La India "in the new year"
Condor Gold PLC
Condor Gold PLC CEO Mark Child provides Thomas Warner from Proactive with an update on the company's efforts to sell its La India Gold Project in Nicaragua. The update follows news that Condor Chairman Jim Mellon has invested £1 million to extend the company's financial runway in support of a sale process that he still describes as "impressive". Despite active discussions with potential buyers, including eight companies under non-disclosure agreements (NDAs) and three site visits, a final sale agreement has not been reached, primarily due to pricing considerations. Child emphasises the company's commitment to maximising shareholder value and outlined his current engagements in Nicaragua, including meetings with the Chinese Embassy. He acknowledges the geopolitical challenges associated with operating in Nicaragua, particularly due to U.S. sanctions, but stressed the government's supportive stance towards mining and the country's stability compared to other regions. The CEO also discussed Condor Gold's alternative strategies, including smaller-scale operations and a pilot plant, but the board currently prefers to sell the assets. He pointed out the project's economic viability, citing the feasibility study's projection of 80,000 to 250,000 ounces of gold per year at a cost significantly lower than the gold price. Child remains optimistic about the project's future, expecting increased interest in 2024 due to favourable gold market trends and potential mergers and acquisitions in the sector. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:19 PM Eastern Standard Time
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News Release
Ethernity Networks CEO looks forward to 2024 after "reviving" business in H2
Ethernity Networks Ltd
Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) chief executive David Levi speaks to Proactive's Thomas Warner after the networking and security software solutions company released a trading update for calendar year 2023 - a year Lev himself describes as "extremely challenging." Levi starts by talking about some of the positives from the year, noting what he calls the collection of $4.5mln, an increase in gross margin and the announcement of an improvement in the company's cash position during the second half. He describes the action taken during the second half as a "successful revival of the business operation." He goes on to talk about his hopes for 2024, saying that he expects to generate positive cash flow, saying "all in all we completed product development, and now is the time to monetise the business based on what he have developed." "The major thing for investors is that... we plan to operate a positive cash flow but we need in order to do that we need to improve our balance sheet to attain new customers." Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:18 PM Eastern Standard Time
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News Release
Rainbow Rare Earths CEO says $50mln investment brings US government "closer to Rainbow"
Rainbow Rare Earths Ltd
Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF) CEO George Bennett speaks to Thomas Warner from Proactive after the magnet rare earth metals company announced partner TechMet has confirmed is to invest US$50 million into the Phalaborwa project in South Africa funded by US agency, the International Development Finance Corporation (DFC). The investment originates directly from the US government as part of it strategic effort to establish an independent supply chain for critical minerals originating from outside of China. Bennett highlights the green aspect of the project, emphasising its role in the circular economy by reprocessing gypsum waste. Bennett says that the $50 million investment covers over 50% of the equity financing needed for the Phalaborwa project, with the remainder expected to come from debt financing. The DFC's involvement in the equity side indicates potential support in the debt financing aspect as well, offering Rainbow a more comprehensive and attainable financial package. Despite this significant backing, Bennett clarifies that the project timeline remains unchanged, although the new funding provides greater clarity and resources to meet the established goals. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:16 PM Eastern Standard Time
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News Release
Thor Energy reveals "validating, high-grade" results from uranium drilling program
Thor Energy PLC
Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) Managing Director Nicole Galloway-Warland speaks to Thomas Warner at the Proactive London studio after the uranium and energy metals-focused exploration company released uranium results from its latest drilling at the Groundhog prospect at the Wedding Bell and Radium Mountain projects in Colorado. Galloway-Warland describes the results as both exciting and validating for the project, noting recent strength in uranium spot prices. She goes on to highlight the discovery of 2.7% uranium from downhole gamma at their sites, emphasising the potential of these shallow, high-grade areas. Looking ahead, the company has sent assays to Canada for further analysis and is expecting results by January. These will not only provide more information on uranium but also on vanadium. Thor Energy's future plans include designing an infill and extension program, with the intention of resuming drilling early next year. Warland reflects positively on the year for Thor Energy, describing it as a period of consolidation and planning, capped off by a successful drilling program. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:14 PM Eastern Standard Time
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News Release
DiscoverIE Group CEO hails profit increase
discoverIE Group PLC
DiscoverIE Group PLC (LSE:DSCV) CEO Nick Jefferies speaks to Thomas Warner from Proactive London after the electronic component manufacturer released interim results for the six months to 30 September 2023 showing an increase in profitability. Jefferies gives an overview of the figures, highlighting a 17% increase in operating profits on 4% sales growth. This success translates into an 8% rise in both profit before tax and earnings per share, alongside a significant 25% boost in cash flow. Jefferies also highlights the company's sustained growth trajectory, having expanded by over 50% in the past three years. He attributes this success to a balanced strategy of driving top-line growth and achieving operational efficiencies as the company scales up. Despite what he calls the cyclical nature of the market and a general economic slowdown post-COVID, discoverIE has demonstrated resilience and continued momentum, particularly through operating efficiencies and robust cash flow. Looking ahead, Jefferies expressed confidence in the company's position, with a focus on navigating through the industry's inventory correction phase and continuing to drive growth. He also affirms the company's readiness for further acquisitions, supported by a strong balance sheet and ample banking facilities, expecting more acquisitions in the latter half of the year. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:13 PM Eastern Standard Time
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DeepTech Recycling secures fresh funding in fight to create circular economy for plastics
NetScientific PLC
DeepTech Recycling Managing Director and CTO Marvine Besong speaks to Thomas Warner from Proactive about the company's groundbreaking work in plastic recycling. He explains that DeepTech Recycling specialises in transforming end-of-life plastics into reusable materials, noting that only 12% of all plastic waste is currently recycled. Their innovative approach involves heating waste plastics in a proprietary modular unit that ultimately turns it back into an oil-like substance that can then be treated and turned into new petrochemical feedstock. The aim is to promote a circular economy for plastics, preventing them from ending up in landfills or polluting the environment. Recently, DeepTech Recycling secured £1 million in funding, which Besong says will be used to consolidate the assets acquired from Recycling Technologies in December 2022 and to develop and commercialise their technology. This includes setting up a new operating base with labs and bench scale facilities. Besong emphasises the company's strategy to install recycling facilities at Material Recovery Facilities (MRFs), enabling efficient local processing of plastics. This approach aligns with their vision to tackle plastic waste as close to the consumer as possible, converting low-density plastic into easily transportable liquid form. Besong says his current focus is on business development, customer engagement, and advancing the company's technology to achieve commercial-scale operations. He stresses the importance of customer-focused models in scaling up their technology. DeepTech Recycling is a NetScientific portfolio company. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:10 PM Eastern Standard Time
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Arecor Therapeutics reveals deal with "global medical products company"
Arecor Therapeutics PLC
Arecor Therapeutics PLC (AIM:AREC) Chief Business Officer Manjit Rahelu speaks to Thomas Warner from Proactive after the biopharmaceutical group announced a significant development from its Specialty Hospital division. A new collaboration with an unspecified "global medical products company" will focus on reformulating a blockbuster oncology drug into a ready-to-use liquid form, enhancing its efficiency and ease of use for patients. This marks a significant shift from its powdered form, which was complex and time-consuming to prepare. The reconstituted drug is not only more convenient but also aims to reduce waiting times for patients, thereby improving overall healthcare delivery. Dr. Rahelu highlighted the collaborative effort involving a global partner with expertise in R&D, manufacturing, commercialisation, and regulatory affairs. This partnership aims to leverage both entities' strengths, combining Arecor's innovative in-house development with the partner's global capabilities. Arecor's technology has been instrumental in this advancement, underscoring their capability to apply their technology across various therapeutic areas beyond diabetes. This development is the second major outcome from Arecor's in-house pipeline and Rahelu says it demonstrates Arecor's ability to independently identify and develop promising candidates, translating R&D efforts into value-driving collaborations. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:09 PM Eastern Standard Time
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Cornerstone FS CEO says business has "turned a corner"
Cornerstone FS PLC
Cornerstone FS PLC (AIM:CSFS) chief executive James Hickman speaks to Thomas Warner from Proactive London after the foreign exchange and payments solutions company released a trading update suggesting that it anticipates reporting revenue and adjusted EBITDA for the year to 31 December 2023 "materially ahead of current market expectations." The update boosted Cornerstone's share price by almost a third in early trading. Hickman attributes the improvement in the performance of the business to a strategic focus on revenue generation, expanding sales capabilities, and leveraging technology. He emphasises the importance of being customer-focused, a key factor in the company's turnaround, and says the increase in performance shows the business has "turned a corner." He says the company's strategy for the upcoming year includes continued emphasis on revenue, cost control, and expanding its geographic and market footprint. Hickman highlights plans for product enhancement and development, driven by customer feedback. Furthermore, Cornerstone FS plans to expand its payment network, increasing its ability to deliver currency locally and extend its jurisdictional reach. Detailed expansion plans are expected to be announced in January. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:07 PM Eastern Standard Time
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News Release
AFC Energy unveils "world-first" modular ammonia cracker
AFC Energy PLC
AFC Energy PLC (AIM:AFC, OTC:AFGYF) CEO Adam Bond speaks to Thomas Warner from Proactive after the hydrogen technology provider unveiled what it calls its world-first modular ammonia cracker system. Bond speaks to Proactive from COP28 in Dubai, where he explains he's been talking to people about hydrogen's role in the global economy. He goes on to explain the significance of today's news, saying that the modular cracker enables the efficient transportation and conversion of ammonia into hydrogen, a key element in the emerging green economy. Ammonia, composed primarily of hydrogen, is an effective medium for hydrogen transport. Bond explained that the modular nature of their technology allows for scalability and adaptability in various settings, including maritime applications, addressing a major logistical challenge in the green energy transition. AFC Energy's technology has already been installed in the UK, showcasing the complete value chain from production to consumption. The modular system allows for scaling according to demand, minimising overinvestment. Additionally, it opens possibilities for use in the maritime sector, supporting the shift to ammonia as a fuel in global shipping. Following the successful demonstration, AFC Energy anticipates further commercial success and partnerships, including a recently signed letter of intent for joint marketing of ammonia supply and hydrogen production. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
December 05, 2023 12:06 PM Eastern Standard Time
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