Shares of Hummingbird Resources (HUM) appeared to be in recovery mode after last week’s news that the Company has been granted the mining licences for the Kouroussa Gold Project in Guinea by the Government of Guinea. The Government has the right to a 15% non-dilutable free carried interest in the share capital of Kouroussa Gold Mine SA (the wholly owned subsidiary of Hummingbird which owns the Project), with the right to acquire a further 20% participating interest for cash. Since then Hummingbird has announced its audited financial results for the year ended 31 December 2020 with a jump in pre-tax profit to $26.3 million from $9.4 million in 2019.
Interestingly enough, the market appeared to have missed the sizzle contained in the half year report from Tharissa (THS). Here the integrated resources group incorporating exploration, mining, and processing group announced triple digit percentage improvement in many of the key fundamental metrics including operating profit up 368.6% to $104.5m and profit before tax up nearly 5 fold. The shares were up 6p to 144p.
Shares of Hemogenyx (HEMO), which have been struggling for much of the year, seemed to have the look of there being light at the end of the tunnel. This aspect was evident in the wake of the recent move to terminate the Mint Advisors convertible loan note, one which the biopharmaceutical group developing new therapies and treatments for deadly blood diseases, should perhaps have considered more carefully before entering into. Indeed, while it should be the case that investors are jumping for joy since the demise of the facility, it may be that the churn of the 433,333,333 new Ordinary Shares needs to be worked out of the system before the stock can deliver a lasting recovery.
There was positive contract news for Toople (TOOP), with the provider of bespoke telecom services to UK SMEs unveiling three new contract wins in three different sectors. Toople has won the contract to provide telecoms services to a new joint venture between two leading UK brands: Sainsbury's and Carluccio's. In addition, the Company has been chosen by a local city council in the east of England to provide full cloud telephony and data connectivity over a five year period. Toople has also been appointed by a leading UK property company to supply all their mobile sim cards and telephones.
West African focused gold company, Cora Gold (CORA) said that it has entered into a Joint Venture Agreement in respect of the Farani Permit which lies within Cora's Yanfolila Project Area on the Yanfolila Gold Belt in southern Mali. The JV Agreement increases Cora's landholding in a highly prospective area where active exploration is underway. The company said that adding the Farani Permit to Cora's portfolio in the Yanfolila Project Area reinforces Cora's focus on southern Mali and consolidates its position in this region of considerable mineralised endowment.
There was finally a decent close for shares of Netscientific (NSCI) above 70p. Earlier this week the international life sciences and sustainability technology investment Group, announced that David Ribeiro, Chief Executive Officer of NetScientific's wholly owned subsidiary ProAxsis Limited had provided an update on its operations, performance and strategy following the release of the Company's accounts to the year ended 31 December 2020. Whilst COVD-19 impacted sales and research during the Period, the Company said it was able to establish strong foundations for growth.