Proactive - Interviews for investors

Reconnaissance Energy Africa CEO Brian Reinsborough joined Steve Darling from Proactive to provide an update on the company’s financial performance for the recent quarter, highlighting several key developments.

Reinsborough discussed the progress on the Naingopo exploration well, which has reached a depth of over 2,400 meters (7,875 feet). This well is a significant project, targeting 181 million barrels of unrisked prospective light/medium oil resources or 937 billion cubic feet of prospective natural gas resources.

In addition to operational progress, the company made a strategic move by entering into a definitive farm down agreement with BW Energy. This agreement involves the sale of a 20% working interest in Petroleum Exploration Licence 73, located in northeast Namibia. As part of the deal, BW Energy has made a $22 million strategic equity investment in Reconnaissance Energy Africa to support a multi-well exploration program. The agreement also includes contingent payments of up to $171 million, which will be triggered upon meeting certain development, production, and cash flow milestones.

Reinsborough also highlighted the company’s ongoing efforts to improve its financial health. Reconnaissance Energy Africa has achieved nearly a million dollars in savings on General and Administrative (G&A) costs in Q1 2024 compared to the same period last year. Additionally, the company has announced its inaugural Sustainability Report, which will be made available on its website in the coming weeks. This report will provide insights into the company's commitment to sustainable practices and its impact on the environment and communities in which it operates.

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BioHarvest Sciences CEO Ilan Sobel joined Steve Darling from Proactive to discuss the company’s impressive financial and operational results for the second quarter of 2024. For the first time, BioHarvest Sciences reported revenue surpassing the $6 million mark, reaching $6.03 million. This represents a 119% increase compared to the $2.8 million reported in the same quarter the previous year, and a 13% sequential growth from the first quarter of 2024.

Sobel highlighted that the company's gross margins improved to 52% in the second quarter, up from 40% in the same period the previous year. This improvement is attributed to ongoing margin optimization efforts. In the U.S., total subscribers to the VINIA® product line increased by 135% compared to the same quarter in the previous year. A major contributor to this growth was the VINIA business, which set a new record for monthly sales orders in May 2024, achieving $2 million in sales—a 101% increase compared to May 2023. The company anticipates that revenues in the third quarter of 2024 will be at least $6.5 million.

Additionally, Sobel shared exciting news about the company's VINIA® Superfood Coffee and Decaf Coffee. This "functional" coffee product line, which integrates BioHarvest's VINIA Red Grape Superfood into a premium coffee in Keurig-compatible pod format, has surpassed $1 million in cumulative sales since its launch in December 2023. The company is also planning to introduce new Nespresso-compatible pods before the end of the year, further expanding its product offerings and market reach.

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Firefly Neuroscience Executive Chair Dave Johnson joined Steve Darling from to announce the company's strategic partnership with the Neurology Consultants of Dallas (NCD). This collaboration aims to enhance early detection efforts and improve disease management for patients experiencing cognitive decline.

Johnson explained that NCD will integrate Firefly's Brain Network Analytics (BNA) technology into their patient workflow. This partnership also includes conducting clinical studies to identify biomarkers that could predict the onset of dementia, potentially optimizing patient care pathways.

Furthermore, Johnson emphasized the significance of establishing a cognitive baseline for every patient. By doing so, healthcare providers can more accurately monitor cognitive changes over time, facilitating the early detection and effective management of cognitive decline. The incorporation of BNA technology is anticipated to revolutionize neurology testing across the United States, promoting the widespread adoption of advanced diagnostic tools and benefiting millions of patients.

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The FTSE 100 inched higher in early trades as investors mulled the share price slide in Nvidia overnight despite more impressive numbers.

London’s blue-chip index was up eight at 8,352 though Nvidia shares fell almost 7% in overnight trading. This was as sales more than doubled over the second quarter to US$30 billion with guidance of US32.5 billion for the third.

Here, Imperial Brands eased lower as the government is said to be considering a wider ban on smoking to include outdoor areas such as pub gardens.

Lloyds and Natwest were also under the spotlight as another government-focused rumour this morning is that the banks could face a substantial tax hit in the Budget.

Finally, car production fell in the UK for the fifth month in a row throughout July with a 14.4% drop on a year earlier said the Society of Motor Manufacturers and Traders.

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Surefire Resources NL (ASX:SNR) managing director Paul Burton joins Proactive’s Tylah Tully to discuss progress at the Victory Bore Vanadium Project. The company has made a series of strategic agreements - a joint cooperation agreement (JCA) with Mid West Ports Authority and a heads of agreement with DRA Global Ltd for a total engineering services package.

The JCA with the Ports Authority aims to secure port access and logistics solutions for the export of 1.25 million tonnes per annum of magnetite concentrate from the project via the Port of Geraldton. This partnership is crucial for the company's plans to transport the concentrate to Saudi Arabia, where it will undergo further processing into high-value products like vanadium pentoxide and ferro-vanadium.

Surefire recently extended an MoU with Saudi Arabia's Ajlan & Bros. Mining and Metals, focused on downstream processing in the Kingdom. The extension provides additional time to finalise binding agreements and aligns with the Kingdom's Vision 2030 initiative.

Surefire’s heads of agreement with DRA Global Ltd will enable it to deliver a comprehensive engineering services package, from feasibility studies to construction and operation. This agreement leverages DRA Global's expertise, particularly in Saudi Arabia, to support the development and operational readiness of the Victory Bore Project.

Surefire continues to engage with various stakeholders to ensure the successful development and global distribution of its vanadium products.

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Elixir Energy (ASX:EXR, OTC: ELXPF) managing director Neil Young joins Proactive’s Tylah Tully to discuss developments at the Daydream-2 well within Project Grandis in Queensland's Taroom Trough.

The well is now in the clean-up phase, with gas and completion fluid flowing back to the surface without assistance after the successful removal of all temporary plugs across its six stimulated zones. Thus far, 4,300 barrels of the 10,392 barrels of stimulation fluid pumped have been recovered.

The Coil Tubing Unit, which facilitated these operations, has been released to a neighbouring operator. Young stated that the final flow testing phase is proceeding as planned, with all stimulated zones now exposed. Elixir will continue gathering data to understand the potential of the multi-stacked pay zones in the Taroom Trough.

Later this week, a production logging tool (PLT) will be deployed to assess fluid levels, flow contributions from individual zones, and flowing pressures. The complete clean-up of the well may take several weeks, possibly requiring the CTU's return to remove any remaining fluid before completing the testing program.

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Ocean Power Technologies CEO Philipp Stratmann joined Steve Darling from Proactive to discuss the company's significant global expansion and the strategic initiatives driving its success. Stratmann provided an update on ongoing projects in key regions such as the Middle East and Latin America, where there is a growing demand for the company's advanced buoy systems and autonomous vehicles.

He emphasized the importance of demonstrating their cutting-edge technology in real-world settings, which has significantly enhanced customer confidence and resulted in a surge of inquiries and new business deals. Throughout the summer, Ocean Power Technologies has been active in preparing systems for delivery, conducting demonstrations, and finalizing several new partnerships and reseller agreements.

Stratmann highlighted the crucial role of these partnerships in scaling operations to meet global demand. The company's strategy focuses on working closely with integrators to ensure seamless project execution, further solidifying its position in the renewable energy sector. He expressed excitement about the future, noting that more commercial deals and partnerships are on the horizon, as Ocean Power Technologies continues to deliver tangible benefits such as cost savings, carbon reduction, and overall value to its customers. "These are real systems delivering real cost savings, real benefits, real carbon savings to our customers," Stratmann stated, underscoring the impactful innovations the company is bringing to the market.

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Theralase Technologies CEO Roger DuMoulin-White joined Steve Darling from Proactive to announce a significant advancement in cancer treatment. The company's lead drug formulation, Rutherrin, has demonstrated a remarkable ability to enhance the efficacy of Cisplatin, a commonly prescribed chemotherapy drug, in treating chemotherapy-resistant Non-Small Cell Lung Cancer in a preclinical animal model.

DuMoulin-White detailed the experimentation process, where mice were divided into two groups: a control group treated with Cisplatin alone and an active group treated with a combination of Cisplatin and Rutherrin. The results were striking. The mice in the active group showed a significantly higher enhancement of Cisplatin efficacy, marked by a notable increase in overall survival compared to the control group. The statistical significance of these results highlights the potential impact of Rutherrin in improving treatment outcomes for patients with aggressive NSCLC.

Theralase Technologies believes that the efficacy of Rutherrin could be further improved by combining it with additional treatments such as radiation or Metformin, which could activate Rutherrin® while it resides in NSCLC cells. This promising preclinical data lays the groundwork for future studies and potential clinical applications, offering new hope for patients battling resistant forms of lung cancer.

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Torr Metals CEO Malcom Dorsey joined Steve Darling from Proactive to reveal final assay results from a total of 33 rock grab samples collected during the company's 2024 reconnaissance programs. These results have identified additional high-grade rock grab assays within the Kirby, Rea, and Clapperton exploration target zones. Notably, a new copper-gold discovery has been made in the northern portion of the Sonic Zone at the Kolos Copper-Gold Project.

Dorsey emphasized that these latest results not only reaffirm the high-grade potential of the Kolos Project but also underscore the significant untapped exploration opportunities across multiple zones. The discovery of the Sonic Zone is particularly exciting, as it opens up a new area of mineralization that bears geological similarities to the high-grade New Afton copper-gold porphyry deposit, located just 27 km to the north. The geophysical and geological similarities between the Sonic Zone and New Afton make it a compelling target for further exploration. Torr Metals has planned an extensive soil and rock sampling program for 2024 to further investigate this promising area.

In addition, the potential for expanding the Clapperton Zone has been significantly bolstered by the discovery of large angular boulders. These boulders, which are interpreted as being close to their original source, returned anomalous copper values up to 816 parts per million (ppm), located more than 1,000 meters east of the 2023 soil sampling grid boundaries.

With these discoveries, Torr Metals continues to demonstrate the vast potential of the Kolos Copper-Gold Project, positioning itself for further success in uncovering valuable mineral resources.

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OS Therapies CEO Paul Romness joined Steve Darling from Proactive to share news the company has been accepted into Johnson & Johnson Innovation – JLABS, a prestigious platform that supports innovation in the life sciences sector. Through this membership, OS Therapies aims to advance its tunable Antibody Drug Conjugate (ADC) linker-based platform into clinical development. This platform utilizes pH-sensitive linkers and coating technology designed to reduce off-target effects, thereby improving safety and increasing the number and diversity of therapeutic payloads that can be delivered.

The tunable ADC platform being developed by OS Therapies holds the promise of offering enhanced efficacy compared to other ADCs currently available or in development. The drug candidates produced using this platform benefit from a unique linker technology, creating new intellectual property for both novel and off-patent targeting antibodies and drug payloads.

In addition to this significant milestone, Romness announced that OS Therapies has added Dr. Borys Shor, PhD, to its Antibody Drug Conjugate Advisory Board. Dr. Shor brings over 20 years of experience in oncology discovery programs, particularly in leading preclinical discovery and development efforts for small molecule kinase inhibitors, biologics, and nanoparticles at major pharmaceutical and biotech companies. In his advisory role, Dr. Shor will guide OS Therapies in selecting the most appropriate antibodies and payloads for development using the company's proprietary pH-sensitive SiLinker™ silicone linker technology.

These strategic advancements mark a pivotal moment for OS Therapies as it moves closer to bringing innovative and effective cancer therapies to the market.

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