Proactive - Interviews for investors

Empire Energy Group Ltd (ASX:EEG, OTC:EEGUF) managing director Alex Underwood joins Jonathan Jackson in the Proactive studio after the company signed a binding, 10-year gas sales agreement with the Northern Territory Government to supply 25 terajoules (TJ) of gas per day from the Carpentaria Pilot Project in the Beetaloo Basin. This agreement, commencing in 2025, covers up to 25 TJ of gas daily, amounting to approximately 75 petajoules over 10 years. It includes an option to increase supply by an additional 10 TJ per day for up to 10 years if production exceeds 100 TJ per day.

Underwood, highlighted the company’s long-term commitment to the Beetaloo Basin, which has been in development since 2011 with significant support from the Northern Territory Government since 2018. He also emphasised the importance of this agreement for the energy security of the Territory, predicting it will attract substantial investment, create jobs, support local businesses and generate revenue for traditional owners and the government.

The agreement stipulates that gas will be delivered to the Power and Water Corporation-operated McArthur River Gas pipeline on an ex-field take-or-pay basis at competitive prices indexed to the Consumer Price Index.

The option for additional supply will be priced slightly lower. The agreement is subject to a final investment decision for the Carpentaria project and various regulatory approvals, which are in advanced stages. Empire Energy plans to start gas sales from Carpentaria’s EP187 licence in mid-2025.

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Arovella Therapeutics Ltd (ASX:ALA) CEO and managing director Dr Michael Baker joins Proactive to recap a busy quarter of development for the biotech company, which is focused on developing its invariant Natural Killer T (iNKT) cell therapy platform for cancer treatment.

During the quarter, Arovella finalised a clinic-ready manufacturing process for ALA-101 and the CAR-iNKT cell platform at Cell Therapies Pty Ltd.

This semi-automated process, crucial for large-scale Good Manufacturing Practice (GMP) production, ensures a high yield and purity of CAR-positive iNKT cells.

The process is designed to be reproducible and aligns with regulatory expectations, enhancing the product's potential for approval and reducing technology transfer risks.

Key milestones expected in the next 12 months include manufacturing clinical batches of ALA-101, securing regulatory acceptance for Phase 1 clinical trials in CD19-positive blood cancers, and presenting preclinical data for gastric cancer and IL-12-TM programs.

The company holds $12.7 million in funding as of 30 June 2024, ensuring financial stability to obtain preliminary data in its planned first-in-human trials.

Arovella's preparations for its Phase 1 clinical trial to treat CD19-positive blood cancers include the recent presentation of preclinical data at the AACR Annual Meeting, detailing the distinct phenotypes and cytotoxic abilities of CD4+ and CD4- CAR-iNKT cells.

The company also strengthened its team with notable appointments, including Dr Michelle Ferguson and Dr Kelvin Yip, and added Professor Gianpietro Dotti to its Scientific Advisory Board.

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Trust Stamp President Andrew Gowasack and Karl Falk, CEO of Botdoc joined Steve Darling from Proactive to announce an exciting new partnership. The collaboration aims to integrate Trust Stamp’s low-code Orchestration Platform into Botdoc Connect product, enhancing Identity Verification and Know Your Customer processes. This integration will include document validation using the Driver License Data Verification System provided by the American Association of Motor Vehicle Administrators. Trust Stamp has obtained a license from AAMVA to access this system, ensuring accurate and reliable identity verification.

Trust Stamp and Botdoc have a history of working together in various industries, including banking, lending, and insurance. Both companies are graduates of the Independent Community Bankers of America ThinkTECH accelerator. They have observed a growing trend of criminals using counterfeit or altered driver's licenses, driving permits, and ID cards to commit fraud. With nearly 80,000 cars stolen from dealerships in the past year, the need for robust identity document validation is more critical than ever.

Through this partnership, Botdoc customers will be empowered to combat fraud more effectively. Trust Stamp’s low-code Orchestration Layer platform offers a variety of solutions, including the real-time capability to verify driver's license and ID information against data from the issuing agency. This feature significantly enhances the security and reliability of identity verification processes, helping businesses protect themselves and their customers from fraudulent activities.

The integration of Trust Stamp’s advanced technology into Botdoc's Connect product represents a significant step forward in the fight against identity fraud. It underscores both companies' commitment to leveraging innovative solutions to address complex challenges in the digital age.

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First Phosphate Corp CEO John Passalacqua Chief Geologist Gilles Laverdiere joined Steve Darling from Proactive to announce that all results from the drilling program at its Bégin-Lamarche project are now available. The 99-hole drill program, totaling 25,929 meters, has uncovered a significant high-quality igneous phosphate deposit. The drilling has shown continuous phosphate mineralization over a length of 2,400 meters, spread across three mineralized zones.

Laverdiere explained that a NI 43-101 resource estimate is currently underway and will be immediately followed by a Preliminary Economic Assessment. A total of 23 drill holes were completed in the Mountain Zone, totaling 5,023 meters. The Mountain Zone exhibits grades of more than 10% P2O5 over widths ranging from 7 meters to 99 meters. In the Southern Zone, drilling was conducted at 100-meter spaced sections over a length of 1,700 meters, with 57 drill holes totaling 15,219 meters.

Passalacqua says the company anticipates having the resource estimate completed in the coming months, marking a significant milestone in the project's development.

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Proactive's William Farrington takes Stephen Gunnion through the latest developments in the cryptocurrency market. Key drivers this week included the Mt. Gox repayment schedule and the Bitcoin 2024 conference.

The Mt. Gox repayment schedule, from the collapsed cryptocurrency exchange in 2014, saw $8 billion worth of customer funds finally being returned to creditors. This repayment could potentially cause selling pressure on Bitcoin if converted to fiat currency. Additionally, the Bitcoin 2024 conference featured Donald Trump as a keynote speaker, who may propose policies impacting the cryptocurrency market.

Bitcoin spot prices reacted positively, rising by 5% week-on-week and 8.8% month-on-month, currently trading at approximately $67,200.

Ethereum ETFs, which launched this week, saw mixed results. The ETFs were approved by US regulators and recorded $1 billion in trading volume on the first day. However, net flows were negative, with a $150 million outflow, mainly from Grayscale ETF funds. This has reflected in Ethereum spot prices, which dropped by 5.4% week-on-week and 4.5% month-on-month, trading at around $33,400.

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The FTSE 100 jumped at the open, buoyed by strong results from Natwest and Rightmove and shrugging off a tech-sector sell-off in the US that carried through to the Asian markets this morning.

In the first half hour of trade, the blue-chip index added three-quarters of a percent to 8,248.

NatWest's shares jumped close to 7% after it said it expects full-year income to be ahead of its original forecast after a strong first-half performance, with the second quarter seeing close to every key metric beating guidance.

Meanwhile, Metro Bank lifted 3% after it confirmed the sale of its residential mortgage book to NatWest. It comes as Metro looks to streamline its balance sheet and "enhance risk-adjusted returns on capital".

Rightmove was also a top riser this morning, up close to 4%, after it backed its guidance in the face of tougher market conditions in the housing sector.

Despite homeowners facing higher borrowing costs, the online real estate platform still expects high single-digit revenue growth, helped as listings are currently booming.

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Cyprium Metals Ltd (ASX:CYM, OTC:CYPMF) executive chair Matt Fifield is back in the Proactive studio to discuss a pivotal partnership with mining giant Glencore, set to resurrect production at the Nifty copper complex in Western Australia.

The milestone collaboration, which includes a cathode offtake term sheet, aims to ensure transparent pricing and access to global markets, mitigating risks for Cyprium and allowing the company to focus on executing its copper strategy.

What’s more, Fifield explains the contract provides revenue certainty during Nifty's initial phases and includes provisions for accepting off-spec cathode materials at Glencore’s Townsville refinery. In addition, Cyprium has flagged it will enter a sulphuric acid supply agreement with Glencore.

One significant feature of the partnership is a A$20 million prepayment/working capital facility on copper production, pending final agreements.

Furthermore, Cyprium and Glencore have agreed on a concentrate offtake term sheet for 100% of copper concentrate from Nifty's new surface mine, starting from 2026. Glencore will make efforts to deliver Nifty concentrates to its Mt Isa Smelter and provide technical support to Cyprium.

The partnership also includes low treatment and refining charges, an option for Cyprium to purchase sulphuric acid and technical support from Glencore Technology. The Cyprium board has approved the partnership, with binding agreements anticipated shortly.

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Cyprium Metals partners with Glencore

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Tryptamine Therapeutics Ltd (ASX: TYP) president and chief scientific officer Jim Gilligan joins Jonathan Jackson in the Proactive studio to discuss the company’s Phase 2a clinical trial at Massachusetts General Hospital (MGH) in the US, targeting the treatment of Irritable Bowel Syndrome (IBS). The trial involves administering oral psilocybin, known as TRP-8802, combined with psychotherapy. MGH, part of the Mass General Brigham health system and Harvard's oldest hospital, is participating in this study for the first time.

Up to ten patients will receive the treatment, with primary efficacy endpoints focused on reducing chronic abdominal pain and visceral tenderness. Results are anticipated in the first quarter of 2025. This trial will guide further research on TRP-8803, an IV-infused psilocin, expected to offer improved efficacy, safety, faster onset, precise control, and reduced intervention duration compared to oral psilocybin.

IBS affects up to 20% of Australians and 15% of the US population and represents a significant unmet medical need, impacting productivity and quality of life. Tryptamine Therapeutics aims to address this need by exploring the gut-brain relationship through their ongoing and future clinical trials.

Gilligan highlighted the collaboration with MGH, noting its prestigious reputation and significant interest in psychedelic compounds for treating unmet medical needs. Tryptamine Therapeutics is also advancing clinical trials for other conditions, including binge eating disorder and fibromyalgia.

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North Bay Resources CEO Jared Lazerson joined Steve Darling from Proactive to provide an operational update on the company's recent acquisition, the Mt. Vernon Gold Mine. Situated in Sierra County, California, near Lake Tahoe, the mine is set to integrate with North Bay's existing 100-ton-per-day gold mill in Inyo County. Crews are gearing up to commence underground operations next week, focusing on sampling and confirmatory work. The mine features a tunnel extending approximately 150 feet, where channel sampling will be conducted on both its north and south faces.

Assays from 2023 have indicated that the main zone contains over one ounce of gold per ton, leading to plans for a mini bulk sample to set the stage for more extensive bulk mining. Initial results from these efforts are expected within a few weeks. This acquisition is in line with North Bay's strategy to utilize its milling capacity, supported by the historical gold production in the area. The Mt. Vernon mine is located upstream from the historically rich Ruby mine and has shown promising assay results similar to those of the Ruby channel. The largely untouched ground suggests significant potential. Lazerson expressed optimism about the acquisition, emphasizing the start of underground work.

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Doubleview Gold Corp CEO Farshad Shirvani joined Steve Darling from Proactive to announce the maiden Mineral Resource Estimate for the Hat project in northwestern British Columbia, emphasizing the project's major contents of copper, cobalt, and the potential for scandium. Shirvani highlighted that the company has made extensive efforts since 1993, with significant progress since 2011, marking a transition from exploration to mining development—a major milestone for its shareholders.

The Hat project currently reports 627 million tonnes of indicated resources and 477 million tonnes of inferred resources, which together represent only 15% of the explored area. The focus on high-grade material has resulted in an estimate of 970 million tonnes of material. The deposit is rich in copper, gold, cobalt, silver, and potential scandium. The inclusion of scandium is particularly significant, given its importance in aerospace and defense, with North America heavily reliant on imports from China and Russia.

Shirvani also announced that Doubleview Gold Corp plans further drilling and baseline environmental studies aimed at expanding the deposit and incorporating scandium into the resource estimate by the end of the year.

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