What’s Hot, Not & Doing
Brought to you by TSN Contributor & Wealth Advisor Nick Kelso
What’s Hot – CMG, COV, BBT, APX & 1AI
What’s Not – DGR & NWC
What’s Hot
CMG – Critical Minerals Group Limited today closed up 33% to finish at 20c on $510k stock traded. The reason they were up today was because they announced a fully underwritten entitlement offer to raise $2.5m @ 15c through the boys and girls at Morgans Corporate.
The funds raised will be used to progress the Lindfield Feasibility Study and closing out the pre-feasibility study elements.
The proceeds will also be allocated to the completion of pre pilot plant metallurgy testing and commencement of pilot plant testing, continuation of environmental studies & approvals documentation and progressing the vanadium electrolyte business.
COV – Cleo Diagnostics Limited today closed up 17% to finish at 37.5c on $180k stock traded. The reason they were up today was because they announced initial US clinical trial sites had been selected in support of its FDA application for its ovarian cancer diagnostic blood test.
Prior to submission with FDA, COV will complete a study that will benchmark its technology through a 500-patient clinical trial.
The first patients are being recruited with the trials to begin mid-August; CLEO is pursuing expedited FDA approval via the 510(k) application pathway.
This approach provides the quickest pathway to achieve regulatory approval for devices that achieve substantial equivalence to an existing predicate.
BBT – Bluebet Holdings Limited today closed up 14% to finish at 24c on $400k stock traded. The reason they were up today was because they released its quarterly report which highlighted a record net win of $17.7m which is a 18.8% increase on the previous corresponding period (pcp).
Throughout the quarter, BBT made a transformational merger with betr to create a profitable, leading Australian wagering operator, with a combined management team and a new Board of Directors.
The realisation of cost synergies, expected to be $14m per annum remains on track, with regulatory and compliance synergies being fully realised.
APX – Appen Limited today closed up 12% to finish at 75c on $36m stock traded. There was no news out today but yesterday they released its quarterly report which highlighted an underlying EBITDA of $600k in comparison to a $7.2m loss on the previous corresponding period (pcp).
Revenue had fallen 16% to $55m on the pcp which was mainly driven by the loss of its biggest customer Google which made up $18.3m in revenue.
Appen’s target remains to reach cash EBITDA positive on a run-rate basis in early H2 2024.
Appen is a global market leader in data for the AI Lifecycle, their expertise includes a global crowd of more than 1 million skilled contractors in over 200 countries, as well as their advanced AI data platform.
1AI – Algorae Pharmaceuticals Limited today closed up 11% to finish at 1c on $570k stock traded. The reason they were up today was because they announced additional positive results from its pre-clinical program to assess AI-116.
The pre-clinical program found AI-116 significantly reduces glutamate-induced toxicity in vitro, exceeding that of existing FDA registered drug for dementia, Donepezil (Aricept).
Relative to glutamate-only treated control cells, AI-116 restored a mean of 53% of total relative cell viability, this is compared to a 17% relative cell viability for Donepezil in the presence of elevated glutamate.
Donepezil was registered by the FDA in 1996 for the symptomatic treatment of Alzheimer’s disease, helping to improve cognitive function and quality of life for individuals with the condition.
What’s Not
DGR – DGR Global Limited today closed down 27% to finish at 1.6c on $160k stock traded. There was no news out today but roughly a fortnight ago they announced its 6.6% owned SolGold had entered into a gold only streaming agreement.
The gold streaming agreement is with a syndicate comprising 2/3 Franco Nevada and 1/3 Osisko Royalties for the provision of US$100m in short-term funding to progress the flagship Cascabel copper Gold in northern Ecuador.
The funding package endorses the US$3.2B NPV and after-tax rate of return of 24% in SolGold’s March 2024 PFS which adopts conservative metals prices of copper at $3.85/lb ($4.51 right now) and gold at $1750/oz ($2,427).
NWC – New World Resources Limited today closed down 24% to finish at 1.9c on $2m stock traded. The reason they were down today was because they announced assay results from its Antler and Javelin Copper Projects located in Arizona, USA.
Mineral resource expansion drilling at the Pinafore and Red Cloud Deposits within the Javelin Project intersected up to 3m @ 2.64% Cu, 5.62% Zn, 0.14% Pb, 20.2 g/t Ag and 0.15 g/t Au.
NWC has commenced systematically stepping out from the known mineralization to increase the extents of the deposit, while also seeking to discover thicker and/or higher-grade mineralisation.
Rats Rant – IMPORTANT INFORMATION
The idea of this report is to be informative and hopefully point out some stocks that you wouldn’t ordinarily have seen during the day, maybe even have a laugh too.This report IS NOT personal advice. Sanlam Private Wealth Pty Ltd DOES NOT PROVIDE personal advice, Sanlam Private Wealth provides General Financial Product Advice.All advice included in The Rat’s Rant is General Advice. Please refer to the General Advice Warning. The views expressed in this report are my views and may not necessarily reflect the same views as Sanlam Private Wealth.It is very important to refer to the ASX website for information on any companies / stock that are contained in this report and as always please consult your financial adviser before acting.
Important Notice
Rat Consulting Pty Ltd (ABN 81 148 181 588 ) Authorised Representative (No 001281456) of Sanlam Private Wealth Ltd (ABN 18 136 960 775) holder of Australian Financial Services Licence (AFSL 337 927).