Proactive - Interviews for investors

Bit Digital CEO Sam Tabar joined Steve Darling from Proactive to discuss the company’s acquisition of Enovum Data Centers, a high-performance computing (HPC) datacenter operator, for approximately CAD $62.8 million (USD $46M). This acquisition represents a vertical integration of Bit Digital's HPC business, bringing a fully operational Tier 3 datacenter and a diverse customer base under its wing. The move will allow Bit Digital to offer new services, such as colocation and on-demand computing, alongside its existing GPU offerings.

According to Tabar, Enovum’s integration will allow Bit Digital to capture additional margins from HPC customers, previously hosted with third-party providers. The acquisition also strengthens Bit Digital’s market position by offering an integrated GPU cloud solution, enabling on-demand services in a highly time-sensitive sector. By leveraging Enovum’s facilities, Bit Digital gains operational flexibility, allowing it to house GPU inventory and provide just-in-time capacity to meet client demand swiftly.

Enovum’s development pipeline includes 288 MW, with 93 MW under Letter of Intent (LOI) with various landlords. Plans are underway to bring 8 MW online by the end of Q2 2025, supported by approximately USD $50M in capital expenditure. The facilities will be located in major cities, designed to support advanced cooling solutions like direct-to-chip liquid cooling, underscoring Bit Digital’s commitment to cutting-edge datacenter infrastructure.

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Dr. Seth Lederman, CEO of Tonix Pharmaceuticals joined Steve Darling from Proactive to share news about the company's submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration for its drug TNX-102 SL, a non-opioid analgesic designed to treat chronic pain associated with fibromyalgia. TNX-102 SL demonstrated statistically significant pain reduction in two Phase 3 studies and was well tolerated by patients.

Dr. Lederman highlighted that the drug was granted Fast Track designation by the FDA in July 2024, a process aimed at speeding up the review of new treatments for serious conditions that address unmet medical needs. If approved, TNX-102 SL would be the first new class of fibromyalgia medication in over 15 years, offering hope to a large patient population that has struggled with limited treatment options. The drug, designed to be taken at bedtime on a daily basis, targets the non-restorative sleep characteristic of fibromyalgia, which Tonix believes is key to alleviating the condition's widespread pain.

The company has also announced it has received its first payment from the Defense Threat Reduction Agency within the U.S. Department of Defense, to develop small molecule broad-spectrum antiviral agents for the prevention or treatment of infections to improve the medical readiness of military personnel in biological threat environments. The previously announced award is for up to 34 million dollars over five years.

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Ocean Power Technologies CEO Philipp Stratmann joined Steve Darling from Proactive to share updates on OPT's recent completion of the second set of exercises as part of Project Overmatch, under a follow-on contract as a subcontractor to EpiSci. During these exercises, OPT deployed multiple WAM-V autonomous surface vehicles (ASVs) in the Mission Autonomy Proving Grounds to further support the U.S. military.

Stratmann noted that the latest completion will support immediate revenue recognition, emphasizing the strategic importance of OPT’s ruggedized autonomous maritime technologies for enhancing operational capabilities. Following the successful initial round of exercises this summer, these latest deployments underline OPT’s commitment to advancing autonomous capabilities for the U.S. Navy and allied forces, positioning its WAM-V ASVs as a pivotal tool for the military’s future autonomous operations.

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Ondo InsurTech PLC CEO Craig Foster joined Steve Darling from Proactive to share news the company has has ramped up production capacity for its LeakBot devices at its UK contract manufacturing facility in response to surging demand, especially in the U.S. market. LeakBot, the company’s signature claims-prevention technology for home insurers, addresses water damage claims by detecting and preventing leaks before they escalate.

Foster shared with Proactive that Ondo is in advanced discussions with several major U.S. insurance companies regarding new contracts and significant expansions of current partnerships, with further updates expected soon.

To support this demand, Ondo is investing in a second dedicated production line at its manufacturing partner, Asteelflash, in Bedford, England, quadrupling its output capacity from 10,000 to 40,000 units per month. This expansion is expected to align production with the anticipated rise in demand from the U.S.

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VettaFi Head of Energy Research Stacey Morris joined Steve Darling from Proactive to about about the resilience of the midstream energy sector in 2024, which has delivered strong results despite broader energy sector challenges.

Unlike other energy segments, midstream companies focus on transporting energy via long-term, fee-based contracts, offering more stable cash flows independent of oil price shifts. Morris noted that midstream firms have thrived on rising natural gas demand, driven by power sector needs and data center growth, with some companies experiencing 60-80% growth.

Additionally, Morris discussed VettaFi’s recent transition to a new underlying index for the Alerian Midstream Energy Dividend, enhancing the fund’s structure and targeting high-performing companies, resulting in an average dividend yield of around 5%. The sector’s growth and stability position it well for continued demand-driven returns.

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Shield Therapeutics CEO Anders Lundstrom and CFO Santosh Shanbhag joined Steve Darling from Proactice to share its released an unaudited Q3 2024 trading update revealing $7.2 million in net revenues from ACCRUFeR prescriptions, with an average net selling price of $167 per prescription. Excluding July's summer buying trends, the NSP averaged $192 in Q3, and Shield anticipates maintaining this level into Q4. Shield looks to gain traction, especially in the United States, where it partners with Viatris, deploying a sales force of 100 to promote ACCRUFeR.

To support its objective of achieving cash flow positivity by 2025, Shield has expanded its working capital financing with Sallyport Commercial Finance from $10 million to $15 million. Additionally, Shanbhag also noted that steps are being taken to improve Shield’s cash position, including a planned 10% cost reduction and expanded financing from Sallyport, which he believes will support Shield’s objective of reaching cash flow positivity by the end of 2025.

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European Green Transition CEO Aiden Lavelle joined Steve Darling from Proactive to share promising early results from the company’s 13-hole drill program at the Olserum Rare Earth Element (REE) Project in Sweden. This initial phase of drilling, focused on de-risking the project, has validated Olserum’s potential as a district-scale REE asset, bringing the project closer to monetization.

Lavelle highlighted that the first four diamond drill holes revealed significant REE mineralization within a shear zone at Djupedal, reinforcing the structural model and regional scale potential of Olserum. Notably, Hole OLS24-01 intersected 1.5 meters at 3.48% Total Rare Earth Oxides (TREO), including 0.5 meters at 7.7% TREO, with heavy rare earth oxides (HREO) making up 32% of the TREO content. The results mark a critical milestone in EGT’s strategy to monetize Olserum through sale or partnership, enabling the company to pivot toward more immediate revenue opportunities.

Further assay results, including from deeper hole OLS24-05, are anticipated, potentially extending the mineralized zone to a depth of 150 meters. These encouraging findings strengthen Olserum's position as a significant REE project within EGT’s portfolio.

HeraMED Ltd (ASX: HMD) managing director and CEO Anoushka Gungadin joins Proactive’s Tylah Tully after the company raised $3.1 million in a two-tranche placement targeting sophisticated and professional investors.

Priced at 1.7 cents per share, the placement represents a 19% discount to the company’s 15-day volume-weighted average price (VWAP) of 2.1 cents.

Proceeds will be directed towards expanding the HeraCARE platform into large healthcare systems, private clinics and platforms across the US, Australia and Europe. This includes support for commercial deployments, pilot programs and technology integration.

The platform continues to grow and the company recently set a new record number of active and accumulated users with in excess of 3,800 expectant mothers as at September 30, 2024.

Gungadin highlighted the significance of this funding in enhancing HeraCARE’s reach amid global challenges in maternity care access.

Recent successful implementations, including at Broward Health in the US, underscore the platform’s viability.

Funds will also support further evidence-based research, strategic partnerships and grant applications as HeraMED pursues its Four-Point Strategic Plan.

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Element 25 Limited (ASX: E25; OTCQX: ELMTF) managing director Justin Brown joins Proactive’s Tylah Tully to discuss the company’s revised mineral resource estimate (MRE) for the Butcherbird Manganese Project in the Pilbara region of Western Australia.

Following a recent infill drilling program, the measured and indicated resources at the project have increased by 142% to 130 million tonnes with an average grade of 10.23% manganese.

Overall, the total MRE has risen by 6% to 274 million tonnes at an average of 10% manganese, with measured and indicated resources now comprising 47% of the global resource total.

The updated figures result from drilling at the Yanneri Ridge, Coodamudji, Richies Find and Mundawindi deposits within the project’s existing mining lease.

These enhanced estimates are part of Element 25’s plans for the Stage 2 expansion at Butcherbird, building on Stage 1 mining and processing operations.

Mine optimisation and scheduling efforts are underway to support an updated ore reserve statement, expected to bolster the project’s long-term viability.

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CuFe Ltd (ASX:CUF) executive director Mark Hancock sits down with Proactive’s Tylah Tully to discuss a strategic alliance the company has entered with Emmerson Resources Ltd and Tennant Minerals Ltd, to explore copper, gold and critical metals opportunities in the Tennant Creek region of the Northern Territory.

The alliance will assess the feasibility of a single multi-user processing facility and undertake an in-depth scoping study and pre-feasibility study (PFS) on various development options for jointly controlled mineral resources.

This work will cover aspects such as plant configuration, mine scheduling, product outputs, workforce and infrastructure requirements, environmental approvals and general logistics.

Each company will contribute expertise and funding, with the project potentially providing a streamlined path to production by consolidating resources through a ‘hub and spoke’ model, similar to historical operations in the Tennant Creek district.

This collaboration reflects a commitment to tackle financial and regulatory challenges through joint efforts.

The alliance's initial activities will begin in Q4 2024, with future developments contingent on scoping study outcomes.

CuFe, Emmerson and Tennant collectively control a significant volume of copper and gold resources in the region, including Tennant Minerals’ Bluebird discovery and Emmerson’s Jasper Hills and Hermitage discoveries, which have shown high-grade mineralisation.

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