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9th August 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: Global Ports Holding Plc (GPH.L) has delisted from the standard listing segment of the main market. GRC International Group (GRC.L) has delisted from the AIM market Univision Engineering Limited (UVEL.L) has delisted from the AIM market What’s baking in the oven? ** Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs research@hybridan.com Banquet Buffet*** CMO Group 16p £11.5m (CMO.L) The online-only retailer of building materials today announces a trading update for the seven months ended 31 July 2024. As reported at the preliminary results in May, poor weather in Q1 had a detrimental effect on sales, with sales particularly soft in the Tiles business. The Group has seen an improving sales trend and positive momentum through Q2 and July. Sales for H1 2024 were £30.3m (H1 2023: £36.9m). In July, there was a strong performance from the plumbing superstore where like-for-like sales increased 9.6%. The Group continues to have a sound financial position. Cash at the end of H1 2024 stood at £2.3m (H1 2023: £4.7m), with net debt of £2.5m and available facilities of £3.0m. Galileo Resources 1.15p £13.4m (GLR.L) The resources company confirms the granting of a contract to undertake the Shinganda Phase 3 drill programme to assess up to 10km strike length of Cu - Au mineral-bearing fault structures broadly defined by the Company to date. The planned Reverse Circulation drilling programme will focus on delineating further shallow, open-pittable copper-gold mineralisation along a combined strike length of about 10km on the Shinganda Main Fault and Splay structures. Getech Group 2.2p £1.5m (GTC.L) The locator of subsurface resources announces a retail offer via the BookBuild platform to raise up to £0.2m through the issue of new ordinary shares at a price of 2p per share. The Company has conditionally raised £1.5m through a placing and subscription at the Issue Price. The Issue Price represents a premium of approximately 11.11% to the closing share price on 8 August 2024 of 1.8p per share. Hornby 24p £40.8m (HRN.L) The international models and collectibles group today announces Neil Sachdev MBE has joined the Group as a Non-Executive Chairman with immediate effect. Neil is currently Chair at HM Land Registry, EastWest Rail Company and Network Rail Property Company, as well as being a Council Member at The University of Warwick. During Neil's Exec career he served as Stores Board Director at Tesco, responsible for property and operations for the UK business, and Group Property Director at J Sainsbury. Hummingbird Resources 6.75p £54.0m (HUM.L) A multi-asset, multi-jurisdiction gold production, development and exploration company announces its operational and trading update for the second quarter ending 30 June 2024. Q2-2024 Group production totalled 19,855 ounces of gold (oz) with a total of 42,722 oz produced in the first half of 2024. The Company recorded a Group adjusted EBITDA loss of $13.5m in Q2-2024, driven by reduced production from Yanfolila in the second quarter. With progress at Kouroussa and performance at Yanfolila, the Company has updated its FY-2024 Group guidance to 115,000 - 145,000 oz at an AISC below $1,500. Kazera Global 0.5p £4.7m (KZG.L) A mining investment company that focuses on developing early-stage assets in the resources and energy sectors announces that it has entered into a debt facility agreement with each of its two largest shareholders, Richard Jennings and Tracarta Limited, pursuant to which they have agreed to provide the Company with unsecured term loan facilities of £150k and £350k respectively. The proceeds will be used to fund the cash element of the consideration payable to Tectonic Gold PLC under the terms of the agreement announced on 7 August 2024 and to provide additional working capital whilst the Company works to bring Deep Blue Minerals and Whale Head Minerals into production and cash generation. Kinovo 74p £46.6m (KINO.L) The property services Group that delivers compliance and sustainability solutions announces that it has received a number of direct awards from new clients following its successful placing on the National Housing Maintenance Forum (NHMF) Framework for Planned Maintenance, Net Zero Carbon and Passive Fire Safety Works. The direct awards received under the NHMF Framework for Planned Maintenance, Net Zero Carbon and Passive Fire Safety Works relate to retrofit works under our Renewables pillar, to improve the energy efficiency for up to 282 properties across North and East London on behalf of housing association members of the North River Alliance, and includes support from the Social Housing Decarbonisation Fund. Oncimmune Holdings 12p £8.0m (ONC.L) The autoantibody profiling company providing research services to the pharmaceutical and biotechnology industry to enable the delivery of precision medicine announces a significant new contract win with a Top 10 Global Pharma company. Following a successful pilot carried out for a major pharmaceutical company, Oncimmune has entered into an agreement for a major new project with the same customer, with a contract value of at least $1.5m. The new project is expected to be delivered over the next six months, with the majority of the revenue therefore falling into FY2025 and helping to underpin a sizeable portion of that year's forecasted revenues. Revolution Bars Group 1.3p £3.2m (RBG.L) The operator of premium pubs and bars, trading mainly under the Revolution, Revolucion de Cuba and Peach Pub brands announces that the Restructuring Plan proposed by the Group's Subsidiary, Revolution Bars Limited , was sanctioned by the Court on 8 August 2024. As previously announced, the Plan, which was launched on 31 May 2024, will enable the Revolution Bars to restructure certain of its liabilities. This includes amending and extending the Group's secured lending facilities, exiting the leases of certain loss-making sites, and implementing necessary rent reductions on certain other sites to enable them to return to profitability at a sustainable level. The Board expects the Plan to deliver a significant annualised EBITDA improvement of c. £3.8m. Tan Delta Systems 16.5p £12.1m (TAND.L) The provider of intelligent monitoring and maintenance systems for commercial and industrial equipment announces that it has entered into a non-exclusive new product development agreement with a global engine OEM. The Agreement is for the development and commercialisation of a new real time sensor (based on the Company's core technology) to monitor the condition and degradation of aqueous fluids such as coolants, cutting fluids and water based hydraulic fluids. The Agreement is worth approximately £200k which is expected to be fully recognised in the current financial year ending 31 December 2024. The Company plans to have the product completed and ready for live trials by the end of Q4 2024. Post this development phase, potential revenue in the subsequent five years could exceed £2.0m
GLR GTC HUM KZG TAND HNB OCY
Galileo has received full assay results from the Phase 1, 10-hole diamond drill programme at the company’s Kamativi lithium-tin project in Zimbabwe. The results confirm earlier in-country assays and include a zone of 4m at 1.03% Li2O from 35m depth. As ever, Galileo’s project portfolio is vast and rather complex at first glance but at a market cap of £11m the company provides good exposure to African discovery upside and potential value accretion.
Galileo Resources Plc
Galileo is pushing ahead with an exciting exploration programme in the Kalahari Copper Belt (KCB) in Botswana. We view the KCB as one of the largest and most promising underexplored copper belts in the world, one which is starting to be unlocked by advances in geophysics. The KCB already hosts world-class copper-silver deposits and Galileo’s licences are strategically positioned in key parts of the belt along trend from major discoveries.
Base Resources (BSE LN) – Kwale North Dune mineral resource estimate | Bushveld Minerals* (BMN LN) – Vanchem acquisition to potentially add 4,200mtVpa and unlock Mokopane Vanadium Project | Galileo Resources (GLR LN) – Offtake negotiations for Star Zinc | Hummingbird Resources (HUM LN) – Liberia assets update | Mkango Resources* (MKA LN) – Full year 2018 results
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Altus Strategies* (ALS LN) – New prospect identified at Diba, Mali | BHP (BHP LN) – Q3 operations update highlights the impact of Cyclone Veronica and focus on copper exploration | Canyon Resources (CAY AU) – Drilling at Minim Martap returns wide >50%Al2O3 low silica intersections | Altus Strategies* (ALS LN) is set to receive 30m shares in CAY | Galileo Resources (GLR LN) – Raising £500,000 to advance Star Zinc | KEFI Minerals* (KEFI LN) – Q1 update (replacement announcement) | Infinity Lithium (INF AU) – San Jose lithium hydroxide PFS update
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Altus Strategies* (ALS LN) – Exploration update on Daro project in Ethiopia | Galileo Resources (GLR LN) – Second drilling programme underway at Star Zinc | BMR Group* holds 15% of Star Zinc. Galileo Resources hold 85% | KEFI Minerals* (KEFI LN) – Tulu Kapi progress report | Keras Resources* (KRS LN) – Geochemical results from Warrawoona | Scotgold Resources* (SGZ LN) – Scotgold advances permits towards Decision Notice for end-September
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Australian mines (AUZ AU) – raises A$20m to accelerate cobalt, nickel projects | Condor Gold (CNR LN) 41p, Mkt Cap £25.2m – Results from final six holes at Mestiza | Galileo Resources (GLR LN) 1.6 pence, Mkt Cap £4m – Star Zinc Project | Ortac Resources* (OTC LN) 2.8p, £6.4m Mkt Cap – Acquisition of CASA Mining
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Galileo Resources (GLR LN) | Griffin Mining (GFM LN) | Highfield Resources (HFR AU) | Kefi Minerals* (KEFI LN) | Richland Resources (RLD LN) | Rockwell Diamonds (RDI CN)
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