Proactive - Interviews for investors

Mosman Oil and Gas Ltd (AIM:MSMN) CEO Andy Carroll joins Jonathan Jackson in Proactive’s Australian studio to discuss the final government approval for the farm-in into its Australian project, EP 145, where it holds a 100% interest. The company is now set to proceed with the next steps of exploration at the Northern Territory project in partnership with Greenvale Energy Ltd (ASX: GRV). A farm-in agreement was established in October 2023, allowing Greenvale to earn a 75% interest in EP 145 by funding seismic and drilling activities up to AU$5.5 million.

As part of the agreement, Greenvale will pay Mosman AU$160,000 within five business days and cover the costs for the third and fourth-year work programmes at EP 145, including seismic acquisition and processing, estimated at AU$2 million, to be completed by August 2024, and drilling a well, with expenses dictated by various factors, targeted for completion by August 2025.

EP 145, located in the Amadeus Basin of the NT, has previously encountered hydrocarbons in two drilled wells. The basin is known for high concentrations of helium, with significant content found in most tested wells. Prospective resource estimates for EP 145 suggest substantial quantities of gas, helium and hydrogen.

The project benefits from existing pipeline infrastructure that provides an opportunity for early commercialisation and is strategically located near the producing Mereenie Oil & Gas Field and successful helium wells.

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Magnetite Mines Ltd (ASX:MGT) CEO Tim Dobson is back with Proactive’s Elisha Newell to deliver the highlights of the company’s latest quarterly report.

The first three months of 2024 saw MGT make headway on several key endeavours as it continues to shape the cornerstone Razorback Iron Ore Project, where it's out to deliver premium ‘DR-grade’ iron ore concentrates to support emerging demand from the decarbonising iron and steelmaking industry.

Over the quarter, the company made headway on its strategic partnering discussions, with due diligence completed by several key groups and transactional negotiations in progress. This process took company reps to Japan and Saudi Arabia to engage in face-to-face meetings with some prospective partners, which accelerated relationships with several of MGT’s target groups.

Another highlight was a memorandum of understanding inked with the Port Pirie Regional Council, which positions the district as a future hub for green iron production and potential downstream processing. More broadly, Dobson says MGT is focused on aligning the company’s vision with both state and federal governments to foster support for Razorback’s development alongside the emerging ‘green iron’ industry.

Progress was also made on a key regulatory milestone: Magnetite Mines' Razorback mining lease proposal is now 90% complete, with submission expected during the current quarter. All things considered, Dobson says the iron ore hopeful is ramping up for another busy season as it works to bring its sustainable magnetite vision to life.

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EDM Resources CEO Mark Haywood joined Steve Darling from Proactive to share news the company is poised for an exciting period of exploration as it ramps up activities at its flagship Scotia Mine property near the Halifax airport. Haywood shared insights into the company's progress, highlighting significant milestones achieved and future plans.

The Scotia Mine project, set to produce zinc, lead, and gypsum, is nearing the completion of its permitting process, with full permitting expected by July. Major permits have already been secured from the Department of Fisheries and Oceans, with only a final federal permit pending. Financially, the project demonstrates robust economics, with a net present value (NPV) of CA$107 million and an after-tax internal rate of return (IRR) of 65%. Projected operating free cash flow of over CA$357 million over its 14-year lifespan further underscores its economic viability.

With approximately 150 long-term jobs expected to be generated, the project requires CA$31 million to commence production, with funding secured through non-dilutive debt financing. The favorable economic outlook of the mine is bolstered by rising zinc prices and operational enhancements, including upgrades to crushing and grinding equipment and a new dense media separation study aimed at improving ore quality.

In addition to operational advancements, EDM Resources Inc is expanding its board and plans to provide regular updates through its newsletter, reflecting its commitment to transparency and stakeholder engagement.

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Century Lithium CEO Bill Willoughby joined Steve Darling from Proactive to reveal the highly promising outcomes of its extensive 43-101 Feasibility Study conducted on its flagship Clayton Valley Lithium Project in Nevada. The company's comprehensive analysis underscores a compelling future for the project, driven by a proposed three-phase production plan set to yield an average annual output of 34,000 tonnes of battery-grade lithium carbonate.

Backed by over two years of rigorous testing at the company's Pilot Plant, the Feasibility Study presents a solid foundation for the project's viability. Notably, the Mineral Resource Estimate encompasses Measured and Indicated resources totaling a substantial 1,207.33 million tonnes, boasting an average grade of 957 parts per million lithium. This translates to a remarkable lithium content of 1.155 million tonnes or 6.148 million tonnes of lithium carbonate equivalent.

CEO Bill Willoughby highlighted key financial metrics, affirming the project's attractiveness. With a projected 40-year mine life, the Phase 1 Capital Cost stands at $1.537 billion, facilitating a production capacity of 13,000 tonnes per annum of lithium carbonate equivalent. Moreover, the project boasts a commendably low operating cost, with $8,223 per tonne of Li2CO3 produced or $2,766 per tonne after sales of surplus sodium hydroxide.

The Feasibility Study further underscores the project's financial strength, with an after-tax Internal Rate of Return (IRR) of 17.1% and an after-tax net present value (NPV) of $3.01 billion at an 8% discount rate. These figures are based on price assumptions of $24,000 per tonne for Li2CO3 and $600 per dry metric tonne for NaOH.

With the completion of the Feasibility Study, Century Lithium is now poised to shift its focus towards engineering and permitting activities. Simultaneously, the company is actively engaging with government agencies, strategic partners, and other stakeholders to secure funding, maximizing value for its shareholders in line with the promising findings outlined in the study.

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One Media iP Group PLC CEO Michael Infante takes Proactive's Stephen Gunnion through the company's 2023 financial performance, describing it as robust and in line with expectations despite a challenging global context.

Infante highlighted the resilience and profitability of the business, which has maintained a focus on recurring income from music rights. The company continues to pay dividends and has successfully navigated challenges that have impacted larger firms.

Infante also detailed advancements in its technical copyright analysis tool (TCAT) subsidiary, developed to detect music piracy across major platforms like Spotify and Apple Music. The software, leveraging AI, aids in combating the increasingly complex issue of music piracy.

Further, Infante introduced a new desktop application called TCAT Protect, designed to help artists and labels ensure their music tracks on streaming platforms are correctly reported and compensated. This tool is set for launch by the end of May and represents a significant step forward in music rights management.

Operational highlights from the year include the acquisition of the licensor's income share of the Entertain Me catalog and the renewal of their distribution deal with The Orchard. Infante also noted the industry's structural trends, mentioning the resurgence of vinyl and its impact on their business strategy.

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Ondo InsurTech PLC (LSE:ONDO) chief executive Craig Foster joins Proactive's Stephen Gunnion with an update on the deployment of its LeakBot devices to Nationwide clients in the United States.

Foster said since partnering with Nationwide, one of the US's largest home insurance companies, in November, the first deployment in the state of Ohio had exceeded expectations, with an installation rate of over 70%, significantly higher than usual rates. He said the unsolicited shipment approach used, led to this high uptake.

Further deployments are anticipated following this initial success, with discussions ongoing about expansion into additional states.

Additionally, Foster touched on Ondo InsurTech's broader US operations, noting launches in Washington, New Jersey, and New York with various insurance partners, all receiving positive feedback.

Foster emphasized the similarity of customer service and claims results between the US and Europe, reinforcing confidence in the firm's strategy. The company sees significant potential in tackling the US home insurance market's $16 billion annual problem related to water damage, positioning its technology as a unique solution.

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Immunic Inc CEO Dr Daniel Vitt joins Proactive's Stephen Gunnion on the International Day of Immunology to discuss the broad and crucial role of immunology in human health.

Vitt said immunology encompasses immune responses against pathogens like viruses, including the coronavirus, and also plays a significant role in combating cancer. He highlighted the importance of the immune system in managing and preventing autoimmune diseases, where the body mistakenly attacks its own cells, leading to various conditions.

Focusing on Immunic's efforts, Vitt detailed their drug development pipeline, particularly in addressing chronic inflammatory and autoimmune diseases such as multiple sclerosis, ulcerative colitis, Crohn's disease, and celiac disease. He spotlighted multiple sclerosis, with ongoing phase three studies in its relapsing form and a phase two study, named the CALLIPER trial, for its progressive form. The latter holds particular promise as it targets an area with currently no available treatments.

For celiac disease, Vitt reported promising results from a phase one B proof-of-concept study that showed positive data across various metrics, including histology and biomarker levels. Plans are underway for further phase two studies in celiac disease and potentially other indications.

Vitt also shared his personal journey from chemistry to immunology, driven by the potential to develop drugs that address significant medical needs.

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The FTSE 100 notched up yet another intraday high of 8,185 as a busy week of earnings got underway.

Royal Mail owner IDS was among the early risers after news broke of unexpected support from its main trade union to cut the firm’s letter delivery obligations.

Hipgnosis also climbed after agreeing to terms on a new, higher takeover offer from Blackstone, which would value the music management company at US$1.57 billion.

Investors in British Airways parent IAG seemed undeterred by comments from EU regulators that its takeover of Air Europa could be anti-competitive as shares climbed.

And finally, insurer Beazley fell as the market opened after announcing higher insurance written premiums for the first quarter, but a dip in its cyber risks wing.

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Atrato Capital chief investment officer Steven Noble joins Proactive's Stephen Gunnion with news that Supermarket Income REIT PLC (LSE:SUPR, OTC:SUPIF) has acquired a portfolio of 70 omnichannel supermarkets in France from Carrefour through a sale and leaseback transaction valued at €75 million.

The deal ensures a leaseback to Carrefour for 12 years, yielding an initial return of 6.3% with the advantage of annual uncapped inflation-linked rent reviews.

Noble emphasized that this move aligns with Atrato Capital's ongoing strategy to focus on omnichannel stores, crucial for both online and in-store grocery sales. The acquisition not only fits its existing investment strategy but also expands its addressable market to the French grocery sector, valued at €284 billion. France was specifically chosen due to its significant online growth potential and Carrefour's strong market position and omnichannel capabilities.

Although the UK remains its core market, Noble hinted at possible future acquisitions in Europe to increase shareholder value, maintaining its strategic approach towards omnichannel grocery property investments. This expansion into France with Carrefour is viewed as a natural progression of Supermarket Income REIT's business model, providing promising growth and long-term valuation opportunities.

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Hemogenyx Pharmaceuticals PLC CEO Dr Vladislav Sandler tells Proactive's Stephen Gunnion that 2023 was a significant year for the company, marked by notable progress with its HEMO-CAR-T product candidate.

The key achievement for the year was the submission of a new Investigational New Drug (IND) application to the US Food and Drug Administration (FDA) to commence a phase one clinical trial for the treatment of relapsed refractory acute myeloid leukemia. However, the process faced a setback due to issues with lentivirus purity, resulting in a clinical hold. After re-manufacturing the lentivirus, Hemogenyx successfully addressed the FDA's concerns and received approval to proceed with the clinical trials.

Furthermore, Sandler reported a successful fundraising which will support the upcoming clinical studies. The company also entered a service agreement with Prevail Infoworks for the clinical trials.

In addition to its advancements in HEMO-CAR-T, Hemogenyx continued developing other programs, such as its proprietary Chimeric Bait Receptor (CBR) platform, showing promise in treating non-Hodgkin lymphoma and exploring applications in solid rare tumors.

For 2024, the primary focus remains on advancing these clinical trials, particularly the phase one studies, with an immediate goal to initiate patient treatment.

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