The FTSE100 is down to three-week lows following losses in the US and Asia.

The glum start hasn’t been helped by a prediction from the IMF that the UK will be the only major economy in the world to shrink in 2023, as high fuel prices and inflation continue to bite.

The report suggests a contraction in the size of the UK economy of 0.6% - worse than any other G7 country and even the heavily-sanctioned Russian Federation.

Elsewhere British American Tobacco says its streamlining its operations by reshuffling its regional departments and cutting its business units from 16 down to 12.

Over in the US, Elon Musk’s Twitter has made its first interest payment on debt leftover from his US$44bn October takeover. The payment of US$300mln went to seven banks, including Morgan Stanley.

And in small caps, Thor Energy shares have jumped over 7% this morning after saying it would focus on uranium prospects and base metals this year.

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Sipa Resources Limited (ASX:SRI) MD Pip Darvall looks back on the company’s December quarter and outlines what the coming months are likely to have in store for the precious and base metals explorer. Sipa is finalising budget and program priorities at the Paterson North Project in advance of the field season and is reviewing results from recent diamond drilling at the Barbwire Terrace JV aimed at identifying new targets.

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Helix Resources Ltd (ASX:HLX) MD Mike Rosenstreich tells Proactive the company is off to a strong start to 2023 drilling at Canbelego Copper Project JV with Aeris Resources Ltd (ASX:AIS) in western NSW with drilling intersecting “significant” shallow copper mineralisation. An RC drilling program of seven holes for 906 metres to test for extensions of shallow high-grade copper has been completed with encouraging drill chip observations ahead of an updated resource estimate planned for late March 2023.

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Emyria Ltd (ASX:EMD) MD Michael Winlo tells Proactive the company has dosed its first patients in the pivotal Phase 3 clinical trial of lead drug candidate EMD-RX5. This marks an important milestone in the development of EMD-RX5 as the first potential over-the-counter (OTC) treatment for the symptoms of psychological distress.

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Allup Silica Ltd (ASX:APS) chairman Andrew Haythorpe tells Proactive that the company’s main activities during the December quarter related to the permitting and approvals required for its various silica sand projects. He says work has also continued on developing the best possible processing solution for each of the target location types of silica sand to achieve a product suitable for the ‘Ultra-Clear’ glass specification used in photovoltaic (solar panel) manufacture.

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Magnetite Mines Ltd (ASX:MGT) CEO Tim Dobson talks Proactive through the company’s December quarterly report. He says optimisation studies for the Razorback Iron Ore Project are on track for completion by the end of March and he also highlights that the global magnetite iron ore mineral resource estimate for the project has increased to 5.74 billion tonnes.

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American Rare Earths Ltd (ASX:ARR) CEO Chris Gibbs tells Proactive the company has identified a potential new rare earth deposit in the Halleck Creek District of Wyoming. He adds that 118 new claims have now been staked covering the new rare earth mineralisation. Detailed exploration activities are planned for early spring when the snow clears.

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Magmatic Resources Ltd (ASX:MAG) MD Adam McKinnon tells Proactive the company has encountered visible sulphides spanning nearly one-kilometre thanks to step-out drilling at the Myall Project’s Corvette prospect in central New South Wales. The explorer recently completed its ninth diamond drill hole at the project, intersecting disseminated, vein and breccia-style visible sulphide mineralisation along the way.

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Filamon Ltd chairman Graham Kelly tells Proactive the company is a biotech incubator for major pharmaceutical firms. He says its mission is to stop the progression of cancer from a manageable to an unmanageable state. Filamon has assembled a pipeline of three unique drug assets which all target the inflammatory forces employed by cancer cells to manipulate their environment.

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