Proactive - Interviews for investors

ETC Group founder and chief strategy officer Bradley Duke discusses recent trends in Bitcoin's market performance and future expectations with Proactive's Stephen Gunnion.

He noted Bitcoin's peak prices above $72,000 in March and April, attributing these to the SEC approval of spot Bitcoin ETFs in the US. Duke described the subsequent price retracement to below $60,000 as a normal aspect of market cycles, involving profit-taking and no cause for panic.

Regarding the Bitcoin halving event, Duke explained that while immediate effects on Bitcoin prices are minimal, historical data shows significant price movements tend to occur around 100 days post-halving, with the most pronounced effects about 400 days later. He linked these movements to reduced mining rewards, which gradually impact supply and, by extension, prices.

Additionally, Duke shared ETC Group's projection that Bitcoin could reach or surpass $100,000 by the end of 2024, which is conservative compared to some investment bank forecasts.

He also highlighted the launch of the ETC Group Core Bitcoin ETP (BTC1), designed to enhance liquidity by aligning with trading times across North America, Europe, and Asia Pacific.

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Technology Minerals PLC chairman Robin Brundle provides insights into the company's operations and strategy in an interview with Proactive's Stephen Gunnion.

The company focuses on raw material exploration needed for lithium-ion batteries and addresses ecological issues by recycling these batteries for reuse. Technology Minerals is developing the UK's first sustainable circular economy for battery metals, incorporating a leading recycling process at its Wolverhampton plant, capable of handling all types of lithium-ion battery chemistries.

Brundle highlighted the company's achievements, including the operation of the UK’s first full-scale industrial plant for recycling lithium-ion batteries, and a lead acid recycling facility in Tipton, West Midlands. The company is also involved in early-stage mining projects and recently secured a $10 million deal for its Irish assets.

Key leadership, including Brundle and co-director Alex Stanbury, bring diverse experiences from corporate finance, mineral exploration, and technology sectors. Over the next six to 18 months, Technology Minerals anticipates significant milestones like the expansion of its recycling facilities and partnerships for refining black mass.

The company stands out in the industry by not patenting its unique recycling process but instead keeping the intellectual property private, maintaining a competitive edge. Brundle expressed pride in the company's British roots and its role in the British Stock Exchange. He also shared personal reflections on past business challenges and the importance of agility in the technology sector.

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Argent BioPharma managing director and CEO Roby Zomer speaks to Proactive's Stephen Gunnion

following the company's rebranding from MGC Pharmaceuticals, alongside a comprehensive restructuring.

Zomer explained the shift marks a refined focus on the pharmaceutical sector, discarding previous activities not aligned with pure pharmaceutical processes. Zomer highlighted the company’s advancement in drug discovery, particularly through a multidisciplinary approach and modern technologies such as nanotechnology and mRNA modulation. These innovations are targeted at addressing unmet medical needs.

The company has developed notable products including CannEpil and CimetrA. CannEpil targets refractory epilepsy and has shown efficacy in controlling seizures without reported adverse events. CimetrA, developed during the COVID-19 pandemic, is designed to alleviate COVID-19 symptoms and prevent cytokine storms, with potential applications in treating other autoimmune diseases. Both drugs are now being prescribed in key markets including the United States and Europe.

Zomer expressed optimism about the future, emphasizing ongoing research and progress in obtaining regulatory approvals. The focus will remain on enhancing early patient access schemes, which are expected to significantly impact revenue. Over the next 24 months, Argent BioPharma plans to introduce more innovative treatments to the market.

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Poolbeg Pharma PLC (AIM:POLB, OTCQB:POLBF) chief legal officer John McEvoy joins Proactive's Stephen Gunnion with news that POLB 001's Immuno-modulator II has received the fully granted patent from the US Patent Office.

McEvoy explained the patent encompasses a class of drugs for treating and preventing hypercytokinemia (cytokine storms) in patients triggered by an immune response, applicable across multiple disease indications.

The granted patent further solidifies Poolbeg Pharma's robust intellectual property portfolio for POLB 001, potentially increasing the asset's value and making it more attractive to potential partners. McEvoy highlighted the company's ongoing efforts to strengthen and expand their IP portfolio, noting existing patents covering p38 MAP kinase inhibitors for influenza treatment and hypercytokinemia. Additional patents have been filed, particularly focusing on cancer immunotherapy applications of POLB 001.

The company has also applied for patents concerning dosage regimens based on results from their recent LPs trial, aiming to protect innovations and maintain a competitive edge in the pharmaceutical market. This strategic IP protection is crucial for safeguarding the company's products and ensuring shareholder value, particularly as they seek partnerships to further develop POLB 001.

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Nexus Minerals Ltd managing director Andy Tudor joined Proactive's Stephen Gunnion with details of a significant expansion of the Crusader Templar resource at the Wallbrook gold project, which now exceeds 300,000 ounces. This growth is attributed to extensive drilling activities conducted throughout 2021 and 2022, with the resource update encompassing a more comprehensive analysis of the geology and mineralisation.

Tudor emphasised the higher quality of this resource, marked by a lowered cut-off grade that better reflects the deposit's specific characteristics. Economic factors have played a crucial role in the updated resource estimate, with increased emphasis on potential economic extraction prospects, which have been integrated into the 2024 Mineral Resource Estimate. The updated estimate also considers dilution, recovery rates, and current gold prices, among other economic variables.

Tudor also discussed ongoing mining studies and a scoping study that is well underway, which incorporates extensive current data on metallurgy, geotechnical aspects, and environmental factors. This includes flora and fauna surveys, heritage assessments, and logistical considerations such as proximity to existing infrastructure.

Despite the significant increase in the resource estimate, Nexus Minerals continues to explore further, with additional drilling planned to enhance the understanding of the deposit's potential and refine the economic viability of extracting these resources.

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London’s FTSE 100 has edged higher after several companies posted better-than-expected results.

Clothing retailer Next kept with its tradition of under-promising and overdelivering after its first-quarter sales came in stronger than previously forecast. Despite the sales beat, second-quarter revenues are expected to slip, meaning full-year guidance has been maintained for the time being.

GSK also beat its first-quarter guidance, with both sales and profits coming in higher than analysts had forecast. However, unlike Next, the pharma giant now expects stronger operating profits and earnings per share growth in the full year.

GSK-listed spin-off Haleon also reported its first quarter results this morning, but with sales slowing due to currency headwinds, it was not in a position to tweak guidance higher.

Similarly, Aston Martin Lagonda also kept its guidance the same after its revenues dropped by a double-digit percentage and its underlying earnings tumbled 34%.

In macro news, markets will likely keep attention fixed on the US tonight, as the Federal Reserve looks to decide on whether to begin cutting or maintain interest rates.

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Botala Energy Ltd (ASX:BTE) non-executive director Peter Grant sits down with Proactive’s Jonathan Jackson to discuss several milestones passed during the March quarter including the receipt of environmental approval for the commercial development of its Serowe Coal Bed Methane (CBM) project, known as Project Pitse, in Botswana. This marks a significant step in transitioning the project from exploration to production, allowing for the construction of around 100 kilometres of pipeline linking the wellfield to the upcoming Leupane Energy Hub and Industrial Park near Palapye.

The company has completed a coring program at the S3-4 well under Project Pitse and has initiated desorption testing of the cores to ascertain the gas content of the coal seams. The outcomes of these tests are crucial as they will help refine resource estimates and enhance the feasibility of the project.

Additionally, Botala Energy has completed a geophysical survey aimed at optimally locating three new exploration wells. These wells are planned for drilling in the next two quarters and will explore coal seams to the south and east of Project Pitse, potentially expanding the operational area and increasing the resource base.

Grant highlights that these developments significantly de-risk the project and strengthen the company’s position with potential partners. He emphasized Botala Energy’s commitment to sustainable energy development in line with global standards.

Looking ahead, Botala Energy remains focused on advancing its flagship Serowe CBM Project along with its renewable energy initiatives. The company has also provided updates on gas desorption testing and technical mapping subsequent to the previous quarter's achievements.

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Far East Gold Ltd (ASX:FEG) joins Jonathan Jackson in the Proactive studio to discuss new findings from ongoing exploration activities at the Trenggalek Copper Gold Project. In conjunction with Eurasian Resources Group (ERG), the companies have identified an additional porphyry-related mineral system at the Ngerdani target area, further expanding the project's potential.

The recent updates are supported by reinterpretations of structural and magnetic data, along with recent surface mapping and rock sampling. A key development includes 3D magnetic inversion modelling of historical ERG magnetic survey data which revealed the presence of a deep magnetic body associated with extensive advanced argillic alteration and coincides with high temperature clays, mineralized hydrothermal breccia and elevated molybdenum levels in soil, suggesting the presence of a porphyry system.

Historical exploration data from Ngerdani includes significant trench channel sample assays such as 10 metres at 26.38 g/t gold, including 2 metres at 131 g/t, among others. These findings, particularly the high-grade zones, are associated with hydrothermal breccia featuring a black silica-pyrite matrix, indicating the potential scale of the mineral system.

The identification of this new porphyry system brings the total number of porphyry-related systems within the Trenggalek IUP to six, with nine specific targets now defined for testing in the planned Phase 1 drill program.

Far East Gold plans to continue its assessment of the Ngerdani prospect to define the optimal location for a scout drill hole. This drilling will aim to test the potential for significant porphyry-type mineralisation, building on the promising geological indicators already identified.

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QMines Ltd (ASX:QML) executive chairman Andrew Sparke sits down with Jonathan Jackson in the Proactive studio to discuss the company milestone Pre-Feasibility Study (PFS) for its flagship Mt Chalmers project, located 17km north-east of Rockhampton, Queensland. The PFS evaluates the commercial viability of a standalone mining operation focusing exclusively on the Mt Chalmers Resource, with the potential addition of resources from Develin Creek (Sulphide City & Scorpion) and Woods Shaft providing further growth opportunities.

The study proposes a three-stage open pit mining operation with an onsite processing plant designed by COMO Engineers to handle one million tonnes of ore per annum (1Mtpa). The processing plant will produce copper/gold, zinc/silver, and pyrite/gold concentrates using standard crushing, grinding, and flotation techniques. The flow sheet accounts for two types of ore material—Volcanic Hosted Massive Sulphide (VHMS) and Stringer material, with a planned throughput composition of 30% VHMS and 70% Stringer.

Key financial metrics from the PFS indicate a robust outlook for the Mt Chalmers project:

· Capital cost estimate: A$191 million

· Initial mine life: 10.4 years

· Life of mine revenue: A$1.64 billion

· Life of mine free cash flow: A$636 million

· Net Present Value (NPV8): $373 million

· Internal Rate of Return (IRR): 54%

The estimated production for the initial life of the mine includes 65,000 tonnes of copper, 160,000 ounces of gold, 30,600 tonnes of zinc, 1.8 million ounces of silver, and 583,000 tonnes of pyrite. Additionally, a maiden ore reserve of 9.6 million tonnes (Proved and Probable) has been declared.

The PFS concludes that the Mt Chalmers project is technically achievable and commercially viable, presenting an opportunity for QMines to establish a significant presence in the critical metals sector. The project’s attractive risk-return profile and clear potential for enhancing returns through production rate increases and life extension further underscore its strategic value.

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Leeuwin Metals Ltd (ASX:LM1) joins Proactive’s Jonathan Jackson to discuss the progress in its operations during the last quarter and what’s to come, particularly highlighting the Cross Lake Lithium Project in Manitoba, Canada. Piggott emphasises the advancement of this project, where 4.7 kilometres of lithium-rich pegmatites have been identified and sampled, showcasing the site's potential for a large-scale lithium operation.

The company is poised to start its maiden drilling program at Cross Lake, with plans to drill a 2,500-metre phase-1 program targeting multiple high-grade spodumene-bearing pegmatites. This will be the first significant exploration in the area in over 40 years, focusing on known high-grade intercepts and aiming to explore both shallow mineralisation and down dip extents with hole depths ranging from 50 to 200 metres.

In addition to Cross Lake, Leeuwin Metals is reviewing work at the William Lake Nickel Project in Manitoba, exploring for nickel and platinum group elements (PGE). This review aims to guide further exploration and identify additional PGE opportunities.

In Western Australia, Leeuwin started field activities in early 2024, with soil sampling revealing a promising 9.5-kilometre rare earth elements (REE) anomaly in the Gascoyne region. The company has conducted further mapping and sampling, with assay results pending, and continues to explore additional tenure opportunities in this region.

Leeuwin Metals maintains a robust cash position and a focused exploration team, both crucial as they advance these critical metals projects in Canada and Australia. The upcoming summer season's activities, including detailed mapping and geochemical sampling, are anticipated to further underscore the exploration potential across its diverse portfolio.