Proactive - Interviews for investors

Digitalbox PLC (AIM:DBOX) CEO James Carter tells Proactive's Stephen Gunnion that 2023 marked the fifth consecutive year of profitability for the company despite facing significant challenges.

Carter said Digitalbox encountered difficulties due to audience loss from key platform changes, particularly by Meta and Facebook, and was impacted by the broader economic downturn affecting the UK and global ad markets. Despite these setbacks, the team addressed key platform issues, enhancing audience engagement for its primary brands, Entertainment Daily and The Tab, in the fourth quarter.

Strategic acquisitions, including TV Guide and a substantial social media following through a deal with Media Chain, have contributed positively, with notable audience growth and content amplification.

The global ad market remained subdued throughout 2023, with Digitalbox observing a flat ad market and a decrease in the programmatic digital market by 10 to 20%. Moving into the first quarter of 2024, the company has seen encouraging performance, although the ad market challenges persist. Carter highlighted Digitalbox's resilience and growth in such a market, especially with The Tab increasing its average session values by 25%.

He also discussed the ongoing adjustments with Facebook and Google's algorithms, impacting traffic and content distribution. Specific updates from Google and policy enforcement by Facebook have presented hurdles, but Digitalbox has managed to navigate these changes successfully.

The acquisition of media assets from Media Chain has allowed Digitalbox to reach younger demographics and significantly increase audience sizes for Entertainment Daily and The Tab.

Looking ahead, Digitalbox is focused on further developing its proprietary ad stack, Graphene, exploring new acquisition opportunities, and ensuring its brand portfolio is well-positioned to handle future platform changes.

With £1.9 million in cash at the end of 2023, Carter said the company is prepared to leverage opportunities presented by the current economic climate.

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Gladiator Metals Corp (CVE:GLAD) CEO Jason Bontempo is in the Proactive studio to discuss the company’s copper exploration in Canada’s prestigious Whitehorse Copper Belt. With a seasoned team renowned for transforming discoveries into production, Gladiator Metals is tapping into the high-grade potential of the underexplored Whitehorse Copper Project.

In a region recognised for its stable mining environment, Whitehorse is ripe for a world-class discovery, offering year-round access and a host of producing mines nearby. The project benefits from existing infrastructure, skilled workforce and hydro power access, setting the stage for cost-effective, low-emission copper production.

Historical copper production ceased in 1982, yet recent efforts by Gladiator Metals aim to revive the Cowley Park prospect, targeting an inferred resource status by early 2024.

Bontempo delves into Gladiator Metals’ strategic exploration in Canada and how local support is propelling the company towards sustainable mining.

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Northstar Gold Corp's CEO, Brian Fowler joined Steve Darling from Proactive to announce the commencement of borehole electromagnetic (BHEM) and surface electromagnetic (EM) surveys at the Cam Copper Mine area on the Company’s Miller Copper-Gold Property in Ontario. The Cam Copper Mine is a historically significant site, characterized as a road-accessible shaft mine and a small-scale, past producer of high-grade ‘direct shipping’ copper ore, situated within the historic Boston Creek Copper Trend.

Fowler explained to Proactive that the Cam Copper Crone Pulse-EM surveys aim to delineate Cam Copper VMS (volcanogenic massive sulfide) horizon extensions and conductors across a 900-metre strike length towards the southeast. The primary objective is to identify areas with thicker accumulations of copper-rich massive sulfides. Additionally, a borehole BHEM survey will be conducted on the four Cam Copper diamond drill holes completed in 2023.

The utilization of Pulse-EM technology and surveys, similar to those employed in previous VMS discoveries across Canada, underscores the Company's strategic approach to exploration. Notably, Pulse-EM technology played a pivotal role in several past discoveries, including Hudbay Minerals' Lalor VMS deposit discovery in Manitoba in 2003.

The commencement of these surveys represents a significant step forward in Northstar Gold Corp's exploration efforts at the Miller Copper-Gold Property. By leveraging advanced surveying techniques and proven exploration methodologies, the Company aims to enhance its understanding of the geological characteristics of the Cam Copper Mine area. Ultimately, these surveys are expected to provide valuable insights that will guide future drilling activities and contribute to the Company's ongoing exploration success.

In summary, Northstar Gold Corp's commitment to utilizing cutting-edge technologies and conducting comprehensive surveys underscores its dedication to unlocking the full potential of the Miller Copper-Gold Property. With the commencement of the borehole electromagnetic and surface electromagnetic surveys at the Cam Copper Mine area, the Company is well-positioned to advance its exploration objectives and create significant value for its shareholders.

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i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) chief executive Majid Shafiq joins Proactive's Stephen Gunnion with details of a positive refinancing for the company.

The company has entered into a reserve-based lending (RBL) facility, secured against its Canadian reserves and assets. The facility totals C$75 million, comprising a C$55 million revolver and a C$20 million operating loan, with an option to index the rate to the Canadian prime rate. This new arrangement offers a slightly better interest rate compared to the previous loan and is expected to reduce as central bank interest rates fall. It also effectively halves the company's current interest costs due to cash balances being held with the lending bank, offsetting the loan.

Shafiq said the refinancing has freed up $25 million Canadian annually, previously allocated to amortising the existing loan. This amount will now be reinvested in the business. Approximately C$50 million remains undrawn from the new facility, available for future investment to grow the business. The flexibility and lower interest payments provided by this facility are highlighted as significant benefits.

Shafiq emphasised the importance of partnering with a Canadian bank, noting their understanding of the Canadian oil and gas sector and the capability to assess risk accurately, leading to potentially lower capital costs. This relationship is also strategic for accessing development capital for organic growth and mergers and acquisitions (M&A).

Shafiq said the company's 2023 reserves update reveals stable reserves despite production, with 93 million barrels 1P and 180 million barrels 2P. He said this stability, achieved with minimal capital expenditure due to low gas prices, underscores the quality of i3 Energy's assets and its efficient management. The company maintains a low production decline rate and a diverse portfolio, enabling flexibility in response to commodity price changes.

Looking ahead, Shafiq said i3 Energy plans to use its enhanced liquidity for growth initiatives and will update the market on its capital programme. The relationship with a major Canadian bank is expected to provide significant flexibility and options for the company's growth strategy.

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KEFI Gold and Copper PLC has made further progress on its Tulu Kapi gold project in Ethiopia, crossing another milestone with the $320 million development budget.

Executive chairman Harry Anagnostaras-Adams discussed the complexities of raising substantial funds in a new jurisdiction for mining, highlighting the challenges and achievements in navigating development banking and financing in a frontier market.

In an interview with Proactive's Stephen Gunnion, discussed the complexities of raising substantial funds in a new jurisdiction and mentioned the normalcy of the project's development pace, considering the pioneering nature of their work in Ethiopia, including overcoming regulatory obstacles and securing protections necessary for mobilizing the required capital and personnel.

Anagnostaras-Adams also elaborated on recent regulatory changes that have positively impacted the project's finance costs by altering the debt-to-equity ratio. Initially facing a closed economy with a 50% borrowing limit, KEFI Gold and Copper secured a major concession allowing a 70:30 ratio, which was further improved to 80:20 by the National Bank of Ethiopia. This adjustment enables the use of more lower-cost capital, significantly benefiting the project.

Looking forward, KEFI Gold and Copper aims to finalize agreements and refresh key components of the project by the end of May, with a final model and schedule set by the end of June. This includes updating the plant costing, property surveys for resettling communities, and adjusting the mining contractor's rise and fall clause for inflation.

The company is coordinating with every syndicate party across various countries to ensure alignment and adherence to the timeline, emphasizing the collaborative effort to navigate development funding in Ethiopia.

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Hydrogen Utopia International PLC (LSE:HUI, OTCQB:HUIPF) CEO Aleksandra Binkowska and Powerhouse Energy Group PLC (AIM:PHE) CEO Paul Emmitt join Proactive's Stephen Gunnion with details of their joint venture to develop a facility in Longford, Republic of Ireland, for converting non-recyclable plastic waste to hydrogen.

The CEOs discussed the strategic significance of the project. Longford, identified through the EU's Just Transition Fund for its high unemployment and demand for hydrogen, presents a promising opportunity. The city, historically industrial with varied factories including a closed denim factory, has faced economic decline and job losses. The project aims to revitalise Longford, leveraging the site's advantages such as its location, existing industrial infrastructure, and the supportive community.

The joint venture entails Powerhouse Energy providing engineering expertise and Hydrogen Utopia International contributing the site, with the partnership structured around equal financial contributions and shared development responsibilities.

Commercial terms include a €100,000 initial payment from Powerhouse Energy to Hydrogen Utopia International, followed by shared development costs and further payments upon achieving project milestones. The project's approach is technology-agnostic, deferring the decision on which hydrogen technology to deploy until necessary approvals are secured to ensure project viability.

The next steps focus on community engagement, educating Longford's residents about hydrogen technology's benefits and potential job creation. The CEOs also highlighted ongoing efforts to secure additional funding and grants. The collaboration signifies a move towards sustainable energy solutions, aiming to demonstrate a successful model for similar projects in Europe.

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Castelnau Group Ltd (LSE:CGL) Richard Brown and chief investment officer Gary Channon, who is also the founder of Phoenix Asset Management Partners Limited, discuss their investment approach and future plans in an interview with Proactive's Stephen Gunnion.

Channon elaborated on their investment philosophy, inspired by Warren Buffett, focusing on high-return businesses they can understand, monitor, and buy at attractive prices. The inception of Castelnau was driven by the desire for permanent capital to own and enhance businesses indefinitely, integrating modern techniques into traditional businesses, symbolised by the name 'Castelnau' - new castles.

Their strategy involves control and risk reduction, starting with initial companies in insurance and improvement positions.

Brown highlighted the clarity and opportunity in their approach, aiming to enhance intrinsic value through strategic investments and improvements.

Key investments include Dignity, the UK's largest private funeral business, and Hornby, a portfolio of heritage toy and collectable brands, with a focus on modernising and leveraging core brands for future opportunities.

Castelnau's approach to portfolio companies emphasises innovation, culture, technology, and strategic growth without the pressure of exit timelines. The "Castelnau Way" framework encapsulates their knowledge and expertise, aiming to foster a unified identity and philosophy across portfolio companies.

For 2024, investors can expect improvements in businesses and potential NAV increases, with Castelnau aiming to compound growth over time through business development and strategic acquisitions, underpinned by a continuous improvement machine.

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Oriole Resources PLC CEO Tim Livesey joins Proactive's Stephen Gunnion with and update on the companhy's Bibemi orogenic gold project in Cameroon.

The company is working in partnership with BCM International to expand and extend the mineral resource at the Bibemi site. Recent interpretation of geophysical data has identified several new geophysical targets, promising for the expansion of the project. This year's drill programme aims to confirm these targets, potentially adding to the existing mineral resource estimate (MRE).

Livesey highlighted the distinction between January's MRE upgrade and the current targets, emphasizing the addition of brand-new areas for exploration.

The 2024 drilling strategy focuses on defining resources at shallow depths and expanding the MRE, with expectations of drilling up to five new targets. Furthermore, Oriole and BCM are progressing exploration at the Mbe target, with results expected soon.

The company also plans to advance exploration on its other licences in Cameroon, signalling a busy year ahead with a growing local team. Livesey expresses optimism for significant resource confirmation in 2025 and maintains a dynamic exploration schedule across their portfolio.

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Awale Resources Ltd (TSX-V:ARIC) CEO Andrew Chubb joins Proactive's Stephen Gunnion with an update on the drilling programme at the Odienné project in Côte d'Ivoire, highlighting a particularly remarkable drill hole at the Charger target as "nothing short of spectacular."

Chubb said the drill hole yielded 32 metres at 45.7 grammes per tonne of gold within a 57-metre interval averaging 26 grammes per tonne. Chubb described this find as the best drill hole of his career, noting its consistency of high-grade mineralisation without reliance on large gold nuggets, which underscores the significance of the find.

Chubb also indicated that Awalé Resources has only begun to explore the project's potential and announced plans for follow-up drilling. The imminent drilling programme will target both the BBM and Charger sites, with rigs expected to commence within two weeks. The BBM target, announced last week as a new discovery, and the Charger target, known for its visible gold breccia pipe system, are areas of focus due to their previously identified high-grade intercepts.

Chubb expressed enthusiasm for the future, citing the Odienné project's drilling results as among the highest-grade gold sections in Africa in decades. With 25,000 metres of drilling planned for the year, he anticipates further significant discoveries and commits to keeping stakeholders informed on the project's progress.

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Light Science Technologies Holdings PLC (AIM:LST) CEO Simon Deacon joins Proactive's Stephen Gunnion with details of a £188,251 from The Department for Environment, Food and Rural Affairs (Defra) and Innovate UK, as part of a £299,748 collaboration aimed at transforming food production.

The grant supports the development of sensors for monitoring soil conditions, complementing the company's existing air zone sensors. This initiative, led by Light Science Technologies in collaboration with Bridge Farms and Zenith Nurseries, aims to enhance crop yields and make agricultural practices more cost-efficient by optimising fertiliser and energy usage.

The project aligns with the company's broader goal of enabling continuous crop growth in controlled environments such as glasshouses and vertical farms. Deacon also highlighted the smart agriculture market's potential, noting a global value projected at $55 billion by 2032, with a 12% growth rate.

The company, which has established a global distribution network expects to integrate the new sensor technology into its SensorGrow product range for commercial sale after a 12-month trial period.

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