Proactive - Interviews for investors

The FTSE 100 slipped early on an albeit quiet day for company updates.

Endeavour Mining was among those reporting though, with mixed results and the publication of an investigation into ousted former boss Sébastien de Montessus sending shares lower.

WPP founder Martin Sorrell’s S4 Capital also fell after reporting a fall in revenue for last year, alongside a one-quarter dip in earnings.

In other news, British Gas owner Centrica faced scrutiny after it emerged its chief executive was given a £4.5 million pay rise to £8.2 million last year, as the firm benefitted from higher prices.

And finally, a report from the Institute for Public Policy Research has claimed that nearly 8 million UK jobs could be at risk from artificial intelligence in a worst-case scenario.

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Pegasus Resources' CEO, Chris Timmins, joined Steve Darling from Proactive to announce significant findings from the company's recent sampling program at the Energy Sands project in Utah, a past-producing site with uranium potential. Out of 41 samples collected during the program, 13 have demonstrated uranium (U3O8) grades exceeding 1%. Notably, sample ESRS24-016 returned an impressive 18.8% U3O8, while sample ESRS24-007 returned 3.5% U3O8.

Timmins emphasized to Proactive that the concentration of 18.8% U3O8 in sample ESRS24-016 validates the high-grade uranium potential at the Energy Sands project. These results significantly enhance the company's confidence in the uranium mineralization of the asset, providing crucial guidance for drill targeting and permit applications required to advance Energy Sands to a drill-ready status.

During the 13-day sampling program, Pegasus collected 41 grab samples using the RS-125 handheld spectrometer to identify areas of uranium mineralization. Notable samples were obtained from mineralized outcrops, tailings, and historical mine workings. This comprehensive geological mapping and sampling effort represent a critical step in advancing Pegasus' exploration activities, offering valuable insights into the uranium and vanadium potential of the Energy Sands property.

The company remains committed to leveraging this data for informed decision-making as it continues to pursue sustainable resource development. The promising results from the sampling program underscore the significant potential of the Energy Sands project and position Pegasus Resources for further exploration success in the uranium sector.

In summary, Pegasus Resources' recent sampling program has yielded encouraging results, reaffirming the high-grade uranium potential of the Energy Sands project. With a focus on strategic exploration and resource development, Pegasus is well-positioned to capitalize on the valuable insights gained from this program and drive continued growth in the uranium mining sector.

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Steppe Gold Chief Financial Officer Jeremy South joined Steve Darling from Proactive to announce a significant financing milestone for the Phase 2 Expansion at the ATO Gold Mine, which is 100% owned by the company. This milestone aligns with further progress on the turnkey engineering, procurement, and construction contract, as well as the second project finance drawdown of $40.4 million.

South explained to Proactive that Steppe Gold has successfully reached the next financing milestone by making its second payment of US$37 million towards the Phase 2 Expansion. This payment will cover the procurement of major long lead items, mobilization costs, early construction works, and foundational work. The purchased items include flotation cells, grinding mills, cluster cyclones, thickener units, filters, and pumping systems.

He emphasized that the Phase 2 Expansion of the ATO Gold Mine is proceeding according to projected timelines and budgets, with commissioning planned for Q1 2026. Importantly, the $150 million Phase 2 Expansion is fully funded by the project finance package made available to the company and its affiliates by TDB Capital and the Trade and Development Bank of Mongolia.

This financing milestone underscores Steppe Gold's commitment to advancing the Phase 2 Expansion of the ATO Gold Mine efficiently and effectively. With a fully funded project and progress on procurement and construction, the company remains on track to achieve its expansion goals and enhance its production capacity in the coming years.

In summary, Steppe Gold's successful financing milestone for the Phase 2 Expansion reflects its strong financial position and strategic approach to project development. By securing project financing and advancing procurement activities, the company is poised to unlock further value and solidify its position as a leading gold producer in Mongolia.

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Silver Tiger Metals CEO Glenn Jessome joined Steve Darling from Proactive to provide further details about the company's active development of its mining projects in Mexico, particularly focusing on the El Tigre project located in Sonora. With over 30 years of experience in the mining industry and concentrated efforts on the 30,000-hectare El Tigre project since 2017-2018, Silver Tiger Metals has achieved significant milestones.

According to Jessome, Silver Tiger Metals has made substantial investments totaling over CAD 100 million, including CAD 75 million raised during challenging market conditions over the past few years. This investment has enabled the company to conduct extensive exploration, with over 125,000 meters drilled. The culmination of this exploration effort was the announcement of a substantial resource estimate in 2023 and the completion of a preliminary economic assessment (PEA) for the stockwork zone of the El Tigre project.

The PEA revealed a net asset value of nearly USD 300 million, with an initial capital expenditure of less than USD 60 million. It also indicated a promising payback period of 1.7 years and projected approximately USD 500 million in after-tax free cash flow over the first decade. Currently, Silver Tiger Metals is focused on ongoing drilling efforts aimed at transitioning the PEA into a pre-feasibility study (PFS), scheduled for release in the summer. This PFS will further derisk and enhance the economic viability of the project.

Sonora, known for its mining-friendly environment, offers excellent logistics and proximity to major mines, providing strategic advantages for the El Tigre project. Looking ahead, the upcoming year is pivotal for Silver Tiger Metals, with key reports such as the PFS and continued exploration aimed at expanding and defining the underground resources. These efforts will lay the groundwork for future production phases, positioning the company for long-term success in the mining sector.

In summary, Silver Tiger Metals' commitment to advancing the El Tigre project and its impressive achievements to date demonstrate its potential for significant growth and value creation. With a strategic focus on exploration and project development, the company is well-positioned to capitalize on the vast potential of its mining assets in Mexico.

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Ocean Power Technologies CEO Philipp Stratmann joined Steve Darling from Proactive to share exciting news regarding the company's latest commercial milestone. Ocean Power Technologies has announced the largest quantity order in its history, signifying a significant achievement for the company. A valued customer operating in the offshore energy service industry in Latin America has placed purchase orders for multiple WAM-V USVs (Wave Energy Marine Vehicles), representing a substantial investment totaling over $1.5 million. This milestone underscores OPT’s continued expansion in the region and highlights the growing demand for its innovative solutions.

Stratmann explained to Proactive that the WAM-V USVs will be deployed in hydrographic applications, leveraging their adaptability and reliability to provide the customer with a versatile multi-application solution. This landmark order not only demonstrates the effectiveness of OPT's technology but also solidifies the company's position as a leader in the marine robotics industry. By delivering unrivaled solutions that redefine possibilities in marine robotics, OPT is poised to meet the evolving needs of its customers and drive growth in the region.

The significance of this order extends beyond its monetary value, marking a pivotal moment for Ocean Power Technologies. It showcases the company's commitment to delivering innovative solutions that address the unique challenges of the offshore energy sector. OPT's ability to secure this substantial order underscores its reputation for excellence and positions it for further success in the dynamic Latin American market.

In summary, the largest quantity order in Ocean Power Technologies' history represents a significant milestone for the company, highlighting its continued growth and success in the marine robotics industry. With a focus on delivering unparalleled solutions and driving innovation, OPT is well-positioned to capitalize on emerging opportunities and solidify its position as a leader in the field.

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Torr Metals CEO Malcolm Dorsey joined Steve Darling from Proactive to share exciting updates regarding the company's Kolos Project. Torr Metals has unveiled the final assay results from its 2023 soil sampling program conducted on the Kolos Project, situated just 23 kilometers north-northeast of Merritt, British Columbia, along Highway 5.

Dorsey revealed to Proactive that the comprehensive analysis of a total of 3,348 soil samples, covering an expansive area of 48 square kilometers, has yielded promising results. The analysis has delineated five kilometer-scale mineralized zones within a potential cluster porphyry trend spanning 7 kilometers. Notably, each zone exhibits highly anomalous copper (Cu) concentrations, surpassing 200 parts per million (ppm) and reaching a maximum of 1175 ppm Cu.

Furthermore, Dorsey highlighted significant discoveries in the northern portion of the 2023 soil sampling grid. This includes the Rea Zone (Cu-Au), measuring 1200 meters by 350 meters, and the Clapperton Zone, spanning 1000 meters by 900 meters. Of particular interest is the presence of highly anomalous Cu-Mo mineralization associated with Late Triassic intrusions near large-scale intersecting north-south and northwest-southeast shear structures within the Clapperton Zone. This geological feature suggests a strong comparison to the nearby Highland Valley Cu-Mo porphyry deposit, located approximately 30 kilometers to the northwest.

The promising results from the soil sampling program underscore the potential of the Kolos Project as a significant mineral resource. Torr Metals is optimistic about the prospect of further exploration and development activities, leveraging these findings to advance its understanding of the project's geological characteristics and economic potential.

In summary, the latest assay results from the Kolos Project represent a significant milestone for Torr Metals, affirming the project's prospectivity and positioning the company for future success in the exploration and mining sector. With continued exploration efforts and strategic planning, Torr Metals is poised to unlock further value and deliver positive outcomes for its stakeholders.

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Sierra Metals CEO Ernesto Balarezo joined Steve Darling from Proactive to discuss the company’s financial performance for the three months and full year ending December 31, 2023. Sierra Metals reported robust results, with revenue reaching $60.6 million for the fourth quarter, marking a notable increase of 58% compared to Q4 2022. Additionally, the company achieved an Adjusted EBITDA of $12.2 million and produced 21.1 million pounds of Copper equivalent, representing a substantial 78% increase from Q4 2022.

Balarezo highlighted to Proactive that Sierra Metals aims to capitalize on its strong performance in 2023 by leveraging strategic initiatives and operational enhancements. With the Level 1120 permit now secured at Yauricocha, the company anticipates ramping up production to full capacity later in 2024. Additionally, in Bolivar, Sierra Metals is focused on constructing a new tailings facility, which is expected to increase production capacity by 50% to 7,500 tonnes per day over the next two to three years.

In terms of exploration, Sierra Metals is actively seeking partnerships to develop its assets and maximize their potential. The company remains committed to advancing its projects and is poised to publish new NI 43-101 mineral reserve and resource reports in the near future.

Overall, Sierra Metals' strong financial performance and strategic initiatives position the company for continued growth and success in the mining sector. With a focus on operational excellence, expansion projects, and exploration partnerships, Sierra Metals is well-positioned to create long-term value for its shareholders and stakeholders alike.

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Nextech3D.ai CEO Evan Gappelberg joined Steve Darling from Proactive to announce a significant development: the U.S. Patent and Trademark Office's decision to issue a patent for the company's technology to generate 3D models from 2D images. This patent is viewed as pivotal to Nextech3D.ai’s artificial intelligence technology, as it strengthens the company's intellectual property portfolio and solidifies its position in the rapidly evolving 3D model making for e-commerce business.

Gappelberg explained to Proactive that the patent approval underscores Nextech3D.ai's commitment to enhancing shareholder value by investing in 3D-AI GPT patents and solutions while simultaneously generating annual revenue from 3D modeling services. As the demand for 3D product models continues to grow across diverse industries, particularly within e-commerce, Nextech3D.ai is strategically positioned to capitalize on this trend.

With the increasing shift towards immersive 3D experiences, there is a mounting need for superior user engagement. Nextech3D.ai's technology addresses this need by enabling the effortless transformation of 2D images or content into 3D using user-friendly software tools. This innovative approach not only enhances the user experience but also provides businesses with valuable tools to showcase their products in a more interactive and engaging manner.

The issuance of this patent further strengthens Nextech3D.ai's competitive advantage in the market, as it builds a moat around its 3D model generation capabilities. By leveraging its industry expertise and intellectual property, including its GPT AI-powered technology, Nextech3D.ai is well-positioned to expand its market share and meet the growing demand for high-quality 3D models across various sectors.

In summary, the approval of this patent reaffirms Nextech3D.ai's leadership in the 3D modeling industry and highlights the company's commitment to innovation and technological advancement. With a focus on providing cutting-edge solutions to meet the evolving needs of businesses and consumers, Nextech3D.ai is poised for continued success and growth in the dynamic e-commerce landscape.

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Inspired PLC chief executive Mark Dickinson takes Proactive's Stephen Gunnion through the highlights of the company's 2023 financial year, including double-digit organic growth in revenue, adjusted EBITDA, and pre-tax profit, marking the successful execution of a transformation into a full-suite sustainability service provider.

For the first time, Dickinson said Inspired has also introduced non-financial KPIs, highlighting effective cross-selling and increased revenue per customer. With over 600 customers using multiple division services and a significant increase in optimization projects, the company demonstrates its ability to meet the repeatable demand for carbon emission and energy consumption reduction.

Despite challenges in the energy markets, he said Inspired sees an improved backdrop, advising long-term flexible contracts for businesses to manage energy crises effectively.

Looking forward, the first quarter of 2024 showed solid performance and improved cash conversion metrics. The company anticipates further success from its cost sales strategy, with the assurance division maintaining trusted client relationships and the ESG division capitalizing on new legislation like the corporate sustainability reporting directive in Europe. The optimisation division is seen as a key growth driver, focusing on reducing carbon emissions and energy consumption.

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Kodal Minerals PLC (AIM:KOD) CEO Bernard Aylward joins Proactive's Stephen Gunnion with details of the latest milestones at the Bougouni lithium project in southern Mali.

Aylward highlighted that the project has seen significant progress following the completion of a transaction last November, ensuring the development is fully funded, including Phase One development, exploration, and further developments. The integration of teams from Kodal Minerals and their joint venture partner, Hainan Mining, has led to engineering improvements for better recovery and optimisation of the project.

Work on Dense Media Separation (DMS) units and the crushing circuit has commenced, with mining contractors expected to mobilise soon. The initial focus will be on civil work, including site preparation and clearing, to ready the operation for commissioning in late October or November, aiming for full production by year-end.

Phase One of the project involves a quick development process with a capital expenditure of $65 million. Phase Two aims to extend the mine life to 10-15 years, increasing production to over 370,000 tonnes per annum by adding a flotation plant for processing ore from additional prospects.

Aylward said the project enjoys support from the Malian government and local communities, with the Environment Minister visiting the site and expressing satisfaction.

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