Second helium well now planned for Q3-4 2022.

ASX:GGE   Aug 05, 2022 Announcement

Investment Memo: GGE IM-2022
Investment Thesis 4 : Performance milestones incentivising drilling & analog fields


This morning our 2021 Catalyst Hunter Pick of The Year Grand Gulf Energy (ASX: GGE) just confirmed when it expects to drill its second helium exploration well at its helium project in Utah, USA.

Today, GGE announced that the second helium exploration well at its helium project is planned for Q3-4 2022.

We previously covered GGE’s exploration prospects and mentioned:

  1. That GGE has four mature step out drilling locations whereby it can follow up its recent discovery at the Jesse prospect
  2. That GGE has three NEW and independent prospects where GGE can drill to try and make an entirely new discovery.

To see our deep dive on these prospects click here and scroll down to the section “Plenty of other targets to follow up after this well”.

Workover rig scheduled to conduct helium flow test

ASX:GGE   Aug 05, 2022 Announcement

Investment Memo: GGE IM-2022
Objective 3 : Drilling First Well
Risk 2 : Flow rate risk


This morning our 2021 Catalyst Hunter Pick of The Year Grand Gulf Energy (ASX: GGE), detailed the forward work program for its new helium discovery in Utah, USA.

GGE announced that it had scheduled a work-over rig to conduct a flow test at the Jesse #1A well later this month or early September.

This well will follow up on the discovery GGE made at its first pure play helium well (Jesse #1A), where GGE returned helium grades consistently measuring between 0.44 and 0.65%.

With the flow test, GGE will be looking to complete the final part of the process to take GGE from helium explorer to producer.

  1. A proven helium structure that can be followed up with additional drilling. ✅
  2. Commercially viable helium grades above our 0.4% expectation (GGE’s grades were between 0.44 and 0.65%). ✅
  3. Commercially viable flow rate 🔄- (Today’s announcement)

In a previous GGE note, we detailed our bullish, base and bearish case expectations for the flow test results.

To read that note, click here.

Russian gas cuts threatening world ammonia & fertiliser supply

ASX:MNB   Aug 05, 2022

Investment Memo: MNB IM-2022


This morning we saw the following interview between macro analyst Tony Greer and a digital chicken (Doomberg).

With reference to a Wall Street Journal article titled "Russian gas cuts threaten world's largest chemical hub", Greer made the following comments.

  • "You need natural gas to produce ammonia and energy to mine phosphate."
  • "You need phosphate and ammonia to produce fertiliser."
  • "You need fertiliser to grow food at scale."
  • "You need food to keep the peace."

Tony's comments come as a result of the impacts the European energy crisis is having on the German industrial sector, with a lack of access to affordable gas threatening to shut down supply chain critical manufacturing facilities.

The specific focus is on the BA SF (European chemicals conglomerate) owned chemicals plant in Germany, the biggest of its kind in the world and home to one of Europe's largest ammonia plants.

Globally, more than 90% of ammonia is produced from fossil fuels and, more specifically, natural gas.

So the specific issues being discussed are energy scarcity and a lack of gas supply threatening ammonia supply.

These are areas where we think our Investment in Minbos Resources (ASX: MNB) will succeed.

MNB is currently progressing towards the development of a phosphate (fertiliser) project while at the same time putting together a plan to build from the ground up a zero carbon ammonia plant.

The zero carbon factor is its primary positive differentiating factor as part of a move away from a reliance on fossil fuels and, more specifically, gas.

Having already secured cheap affordable zero carbon hydropower for its plant, we think MNB is positioning itself uniquely in a part of the economy where supply chain issues are only starting to bubble up to the surface.

We think that as the supply chain issues become more obvious, MNB's project will start to have implications globally and not just regionally in Africa.

CHIPS Bill Almost Signed and Semiconductors Need Helium

ASX:GGE   Aug 05, 2022

Macro: Helium

Investment Memo: GGE IM-2022
Investment Thesis 1 : Helium a critical raw-material for Semiconductors


US politicians in Taiwan, hundreds of billions in funding for chip manufacturing and one strategic gas.

US House of Representatives Speaker Nancy Pelosi has just left Taiwan and the US$280B Chips and Science Act is heading to President Joe Biden’s desk shortly - the semiconductor supply chain is now mainstream news.

Taiwan retains a dominant position in the chip making industry and the US is keen to attract more chip manufacturing for strategic reasons with the US$280B Chips and Science Act.

Importantly, semiconductor manufacturing is expected to make up 28% of helium demand in the next 5 years.

We’ve previously drawn a link between our helium Investment, Grand Gulf Energy (ASX:GGE), and the large number of proposed manufacturing hubs or “fabs” which could be built in neighbouring states to GGE’s operations in Utah, USA.

In short, we expect domestic helium supply to continue to increase in strategic significance as chip makers start to build out US-based manufacturing capacity.

We also expect helium demand to remain very firm in the short to medium term, and market interest in helium investments to increase in the years to come on the back of its role in the semiconductor supply chain.

Just as the move to secure domestic semiconductor supply chains gathers momentum, securing the helium supply chain will correspondingly also become important.

Recently, the US House of Representatives’ passed the Chips and Science Act which will allocate $52B in grants and incentives for domestic semiconductor manufacturing:

Key takeaways:

  • US$52.7 billion allocated in order to encourage chip makers to develop and research semiconductors and chips in the U.S
  • President Biden to sign in the coming days
  • Part of a broader trend of Western governments incentivising chip production - Germany has announced it will fund 32 semiconductor projects via a €10B fund proposed in May. Meanwhile Japan has also approved US$6.8B in funding for domestic semiconductor investment

What’s next for GGE?

GGE will re-enter Jesse #1A to test for flow rates in Q3-2022. If GGE can prove out a commercially viable flow rate then it could see itself go from helium explorer to producer off the back of its maiden drilling program.

Further rhodium mineralisation at Callisto

ASX:GAL   Aug 04, 2022 Announcement

Investment Memo: GAL IM-2022
Objective 4 : Cobalt and palladium exploration at Norseman


Galileo Mining (ASX:GAL) this morning announced that assays from drilling at its Callisto PGE discovery in WA revealed consistent rhodium grades.

The assays reported today are from the first four drill holes of the second RC program at Callisto and have returned consistent rhodium grades over the previously reported mineralised intervals.

GAL has now confirmed rhodium mineralisation across all drill holes analysed to date.

This is significant as rhodium is now priced at ~US$14,700 per ounce (~$A745 per gram) — so the occurrence of rhodium at Callisto has potential to add significant value to the overall project.

Rhodium is a very rare metal, almost always produced as a by-product of platinum, palladium, copper, or nickel mining. It is predominantly used in automotive catalysts for pollution control, as well as jewellery.

The last time GAL reported rhodium mineralisation assays we noted how the deposit was shaping up against the Platreef PGE deposits in South Africa.

Brad touched on this in today’s announcement mentioning that GAL’s Callisto discovery has the same disseminated sulphide style as seen at Platreef.

For some context, GAL’s assays returned rhodium grades of ~0.03-0.06g/t, while the Platreef deposit’s resource has rhodium grades of ~0.07g/t, both using a 1g/t cut off.

The key difference between the two is the depth of mineralisation. GAL’s discovery starts from a depth of ~110m, whereas the Platreef deposits starts from ~500m and extend to depths of up to 1,200m.

Here are updated major drill intercepts, now including rhodium in 4E calculation where available (4E = palladium + platinum + gold + rhodium):

It had already been a busy news week for GAL with today’s rhodium assays following an announcement on Tuesday of GAL’s planned 50-hole RC drilling program, followed by assay results on Wednesday. You can read more on those updates in our Note from yesterday.

Having only recently raised capital, GAL has $26.4 in the bank (as at 21 July) — plenty to further expand drilling as required.

With this cash balance and GAL’s more than five kilometres of prospective strike length, we can expect plenty more drilling ahead.

Greater financial flexibility following final MNF repayment

ASX:VN8   Aug 04, 2022 Announcement

Investment Memo: VN8 IM-2022


This morning, our small cap telco investment Vonex (ASX:VN8) reported that it has made the final monthly cash payment to Symbio Holdings Ltd (ASX: SYM) for its transformative $31M acquisition of the MyNetFone Direct Business (refer ASX announcement 7 June 2021).

As a result, VN8’s net cash flow will now improve to the tune of $833k per month, or about $10M annually.

VN8 is now completely unencumbered by deferred acquisition payments, providing greater financial flexibility moving forward. This will be useful for further acquisitions and growth opportunities, or accelerating repayment of the $16M debt facility (of which $14.5M has been drawn).

VN8 delivered a strong financial result in its latest quarterly report, posting record revenues, sales and customer growth. The results come on the back of the telco’s aggressive growth by acquisition strategy, which has also led to record Annual Recurring Revenues (a useful indicator for future ongoing revenue) topping $36M.

We have provided a deep dive into these financial results as well as what is in store for the company in our latest article VN8 following the telco playbook for growth.

Project development and downstream update webinar

ASX:EV1   Aug 03, 2022 Announcement

Investment Memo: EV1 IM-2022


This morning our 2021 Wise-Owl Pick of the Year Evolution Energy Minerals (ASX: EV1) announced the details for an upcoming webinar where the company plans to provide a “project development and downstream strategy update”.

EV1’s Managing Director Phil Hoskins will be running the call at 11:00am AEST (9:00am Perth time) this Friday (5th of August).

For readers who want to tune into the webinar the Zoom registration link is below:

https://us02web.zoom.us/webinar/register/WN_PpDiiv8sQa6zdM8IZCupfQ

Invictus Awarded Three Carbon Offset Projects in Zimbabwe

ASX:IVZ   Aug 03, 2022 Announcement

Investment Memo: IVZ IM-2022


This morning Our 2020 Energy Pick Of The Year, Invictus Energy (ASX: IVZ) just made a move towards potentially being the first “cradle to grave” carbon neutral oil and gas project.

In this case, “cradle to grave” means that carbon neutrality is secured from exploration through to production and the end of the project's useful life.

Today, IVZ took that first step by being awarded three different carbon offset projects over a ~30 year term over 301,565 hectares of indigenous forests.

The three projects are the Ngamo, Gwayi & Sikumi projects which are classified under the Reducing Emissions from Deforestation and forest Degradation (REDD+) framework.

REDD+ is basically a framework created by the United Nations that aims to reduce carbon emissions from deforestation and forest degradation.

IVZ is 50:50 partnered with the Forestry Commission of Zimbabwe and plans to develop deforestation programs so as to protect the indigenous forests. Under the REDD+ framework, this constitutes emissions reduction programs which then generate carbon credits that can be sold on the open market.

IVZ is now going through the verification process to get the carbon credits recognised up to the point where they are tradable, with the company expecting this to take ~12 months to complete.

With carbon credits forecast to be worth US$80 to $150/tonne in 2035, IVZ has managed to put together a strategy to reduce carbon emissions and work towards developing one of the first ever carbon neutral oil and gas projects as well as make money from the carbon credits generated.

Next:

We are waiting to see IVZ update the market with respect to a farm in agreement and, most importantly, mobilise its drill rig ready ahead of next month’s spudding.

88E's $1.55 billion neighbour strikes oil

ASX:88E   Aug 02, 2022

Investment Memo: 88E IM-2022
Investment Thesis 3 : North Slope in Alaska - one of the most oil rich places on the planet
Investment Thesis 2 : Nearology to Pantheon Resources


Over the weekend London listed Pantheon Resources (capped at $1.55 billion) put out an update on the drilling of its first horizontal production well adjacent to the ground held by our oil and gas exploration Investment 88 Energy (ASX: 88E).

Pantheon’s Alkaid #2 well was drilled to a total depth of 8,950 feet, hitting oil across all three formations it was targeting:

  1. The Shelf Margin Deltaic - Net ~83m oil bearing reservoir encountered which was thicker and of better reservoir quality than pre-drill estimates.

  2. The Alkaid anomaly - Net ~47m oil bearing reservoir encountered with the interception exceeding pre-drill expectations of reservoir thickness and quality.

  3. The Alkaid Deep anomaly - Reservoir quality encountered was better than pre-drill expectations. Analysis is currently underway to determine net reservoir thickness.

The connection to 88E is that the reservoir that Pantheon is intercepting are the same ones that extend into 88E’s ground to the south.

Interestingly the London markets liked Pantheon’s initial results, with Pantheon’s share price up ~20%, adding a total of ~$300M to Pantheon’s market cap.

Pantheon is now preparing to drill horizontally to get a flow test for the well which will ultimately determine whether or not the project can produce economically.

If Pantheon puts out commercially viable flow rates, we suspect the market will start to show an interest in 88E, speculating on the probability of the reservoirs extending into 88E’s ground.

Widespread elevated helium, gradiometry next

ASX:NHE   Aug 02, 2022 Announcement

Investment Memo: NHE IM-2022
Objective 2 : Target generation to produce two drillable targets
Milestone 1 : Airborne gravity gradiometry (Q2-Q3 2022)
Milestone 2 : 3D seismic (Q2-Q4 2022)
Milestone 3 : Geochemistry survey (Q2-Q3 2022)


Our helium exploration Investment Noble Helium (ASX:NHE) has reported “outstanding” Soil Gas Survey results from the western side of its North Rukwa Basin Helium Project in Tanzania.

NHE got up to 7.3 parts per million (ppm) of helium on the western side of the project from Soil Gas Surveying (part of the geochemical arm of its Tanzanian helium exploration).

This was part of an overall pattern of “widespread elevated” helium levels that NHE found.

That 7.3 ppm result is 35% above background levels which is a promising early sign that there is helium trapped below NHE’s grounds.

NHE is now moving to the eastern side of its project for additional Soil Gas Surveying to be completed by early August and detailed analysis to come in mid-August.

It’s all part of an exploration program that will combine geochemistry with the legacy 2D seismic data, airborne gravity gradiometry and a more sensitive 3D seismic survey to generate two targets for drilling in 2023.

In yesterday’s announcement, it was also pleasing to see that the plane for the airborne gravity gradiometry is due to arrive this week and the survey will commence by this weekend.

NHE will be using a top of the line Lockheed-Martin gradiometry instrument which should contribute to target generation with “maximum confidence.”

It’s good to see NHE sticking to a tight schedule as it goes after a potentially globally significant helium resource.

We’ve updated our milestones accordingly on our NHE Investment Memo:

🔄 Airborne gravity gradiometry (Q2-Q3 2022)

🔄 Geochemistry survey (Q2-Q3 2022)

We also appreciated NHE providing an update on how the 3D seismic campaign interacts with its ongoing knowledge transfer and stakeholder efforts. The survey is anticipated to create 250 jobs and the vast majority of those jobs will be local Tanzanians drawing on their relationship with University of Dar Es Salaam.

What’s next for NHE? In addition to the gradiometry survey and the final analysis of the geochemistry results, the big milestone coming up is the 3D Seismic survey in Q3 2022, right around the corner.

RC drilling aims to unveil an even larger mineralised system

ASX:GAL   Aug 02, 2022 Announcement

Investment Memo: GAL IM-2022
Objective 4 : Cobalt and palladium exploration at Norseman


Following up on its Callisto PGE discovery at the Norseman Project in WA, our long term exploration Investment, Galileo Mining (ASX:GAL) has commenced a 10,000 metre RC drill campaign.

The ~50 drill hole campaign will see GAL begin to test the true extent of mineralisation discovered at Callisto. GAL has five kilometres of untested strike length along with good potential for more mineralisation of the same style.

The drill campaign consists of 50-metre spaced drill holes around the known mineralisation as well as stepping out up to one kilometre to the north of the existing drill holes.

Below are the target zones around known sulphide mineralisation for the upcoming drill campaign:

Regional drilling up to one kilometre away (off plan to the north) from existing drill holes is also planned within the current program.

What’s Next?

The drilling program is expected to run for twelve weeks with samples will be delivered to the lab weekly and assay results from this round of drilling expected from early September 2022.

GAL also reports that it has signed a diamond drilling contract with that program planned to start in the coming weeks.

Callisto geological section with discovery drill hole NRC266:

$1.05M raised, entitlement offer launched to raise $3.9M.

ASX:TMR   Aug 01, 2022 Announcement

Investment Memo: TMR IM-2022
Risk 2 : Financing risk


Late last week our gold exploration Investment Tempus Resources (ASX:TMR) detailed its latest capital raise.

TMR raised a total of $1.05M via a placement at 5c per share with the shares expected to be issued on 3 August (this Wednesday).

TMR plans to use the cash to finance the ongoing drilling program at its Canadian gold project where the company has already drilled the first 14 of the planned 30 drillholes.

Investors who participated in the raise also got issued one free option for every share purchased. The options expire in three years and are exercisable at 7.5c per share.

We also saw the company announce an entitlement offer of up to $3.9M in new shares for existing shareholders, on the same terms and conditions as the placement.

We especially like that TMR has kept the placement portion of the raise small. and offered almost 4x more in shares to existing shareholders. With the share price trading at ~7c per share, the entitlement offer gives existing shareholders the opportunity to top up their shareholdings at a discount to the current market price for TMR.

Given where the company’s share price is trading, we like that TMR hasn’t solely reserved the placement for sophisticated investors.

The key dates for the entitlement offer are:

  • Ex date 8 August 2022 - This is when TMR shares start trading on an ex-rights basis, meaning the rights will no longer apply if shares are purchased on or after this day.

  • Record date 9 August 2022 - This is the date at which entitlements are calculated, i.e if you are a shareholder in TMR at this date then you get to purchase shares in the entitlement offer.

  • Offer closing date 26 August 2022 - Last day to accept entitlement.

  • Offer issue date 2 September 2022 - This is when the entitlement offer shares are expected to be issued.

High grade manganese confirmed ahead of first drilling

ASX:PFE   Aug 01, 2022 Announcement

Investment Memo: PFE IM-2022
Objective 2 : Drilling at PFE’s Manganese project.


Pantera Minerals (ASX:PFE) has identified multiple high grade manganese targets at its WA manganese project, Weelarrana.

The previously reported 22 rock chip samples analysed by pXRF returned equivalent or improved manganese grades. The assays of crushed and pulped rock samples included grades of up to 44.1% manganese.

PFE expects to commence RC drilling in early October 2022 upon completion of the Cultural and Heritage survey. The survey was scheduled for late May 2022 but was delayed due to rainfall and is now scheduled for late August 2022.

PFE has planned a 1500m RC drilling program at Area 1, while drill planning and permitting is underway for Areas 2 and 3 with drilling expected in Q3 2022.

We look forward to the upcoming drill program as this will be the first time the manganese mineralisation here has been drill tested.

ONE quarterly - more hardware ahead of sales push

ASX:ONE   Jul 29, 2022 Announcement

Investment Memo: ONE IM-2022
Objective 1 : Fast revenue growth and contracted beds in excess of 15,000


Our health tech Investment Oneview Healthcare (ASX:ONE) quarterly report has revealed a significant investment in hardware ahead of a major sales push in Q3.

The outlay on hardware was €500K (~A$730k) which was part of the reason net cash outflows for this quarter were €1.98m (~A$2.9m).

Receipts from customers were down 19% on last quarter from €1.6m to €1.3m (~A$2.3m - $2.8m). We know that ONE sales are lumpy so this isn’t completely out of character for the company.

Other things to note were that the increased sales and marketing spend seems to be having the desired effect with the US Sales pipeline growing by over 100% for the quarter.

Given the share price action today, it seems that for now the market is relatively pleased with the results.

Our perspective on the ONE quarterly is that while we’d hoped the company was closer to operating cash flow positive, the sales pipeline should see some bigger conversions in the next quarter after the breakthrough BJC Health System deal in May.

That was ONE’s biggest deal ever and we hope it’s a sign of things to come.

Although there was no specific update on total contracted beds (which is like an active user metric for any tech company), we did some back of the envelope calculations based on the information in this quarterly report, and we think ONE is now hovering around the 14.5K contracted bed mark.

That’s mighty close to our #1 objective from our ONE Investment Memo.

What’s next for ONE? We want to see a big deal come through from the sales pipeline and ONE to smash through the 15K contacted bed mark.

Pilot production program commencing soon

ASX:EXR   Jul 29, 2022 Announcement

Investment Memo: EXR IM-2022
Objective 1 : Pilot production program at the gas project


This morning, our 2019 Energy Pick of the Year Elixir Energy (ASX: EXR) put out an update on its upcoming pilot production program for its coal bed methane (CBM) gas project in Mongolia.

EXR report that all of the equipment required for drilling, completion and testing of the two production wells is now in Mongolia, and the extended pilot production program is on track to start towards the end of August.

EXR has engaged the same group of drilling contractors who worked for Rio Tinto on its Oyu Tolgoi mine, located with EXR’s landholding in Mongolia, which we hope will translate into an efficient work program.

EXR expects completing and producing these wells “within weeks of drilling being completed”, with the commercial viability of the wells to be assessed over months by measuring gas flow rates.

This should mean that by early 2023 we will know whether EXR’s wells can commercially produce gas.

The pilot production program is key objective #1 in our 2022 EXR Investment Memo, so today’s news shows that the company is making progress towards starting and completing something we have been patiently waiting for.

To see all the other key objectives we set that we wanted EXR to achieve this year, check out our 2022 EXR Investment Memo here.

Second helium well now planned for Q3-4 2022.

ASX:GGE   Aug 05, 2022 Announcement

Investment Memo: GGE IM-2022
Investment Thesis 4 : Performance milestones incentivising drilling & analog fields


This morning our 2021 Catalyst Hunter Pick of The Year Grand Gulf Energy (ASX: GGE) just confirmed when it expects to drill its second helium exploration well at its helium project in Utah, USA.

Today, GGE announced that the second helium exploration well at its helium project is planned for Q3-4 2022.

We previously covered GGE’s exploration prospects and mentioned:

  1. That GGE has four mature step out drilling locations whereby it can follow up its recent discovery at the Jesse prospect
  2. That GGE has three NEW and independent prospects where GGE can drill to try and make an entirely new discovery.

To see our deep dive on these prospects click here and scroll down to the section “Plenty of other targets to follow up after this well”.

Workover rig scheduled to conduct helium flow test

ASX:GGE   Aug 05, 2022 Announcement

Investment Memo: GGE IM-2022
Objective 3 : Drilling First Well
Risk 2 : Flow rate risk


This morning our 2021 Catalyst Hunter Pick of The Year Grand Gulf Energy (ASX: GGE), detailed the forward work program for its new helium discovery in Utah, USA.

GGE announced that it had scheduled a work-over rig to conduct a flow test at the Jesse #1A well later this month or early September.

This well will follow up on the discovery GGE made at its first pure play helium well (Jesse #1A), where GGE returned helium grades consistently measuring between 0.44 and 0.65%.

With the flow test, GGE will be looking to complete the final part of the process to take GGE from helium explorer to producer.

  1. A proven helium structure that can be followed up with additional drilling. ✅
  2. Commercially viable helium grades above our 0.4% expectation (GGE’s grades were between 0.44 and 0.65%). ✅
  3. Commercially viable flow rate 🔄- (Today’s announcement)

In a previous GGE note, we detailed our bullish, base and bearish case expectations for the flow test results.

To read that note, click here.

Russian gas cuts threatening world ammonia & fertiliser supply

ASX:MNB   Aug 05, 2022

Investment Memo: MNB IM-2022


This morning we saw the following interview between macro analyst Tony Greer and a digital chicken (Doomberg).

With reference to a Wall Street Journal article titled "Russian gas cuts threaten world's largest chemical hub", Greer made the following comments.

  • "You need natural gas to produce ammonia and energy to mine phosphate."
  • "You need phosphate and ammonia to produce fertiliser."
  • "You need fertiliser to grow food at scale."
  • "You need food to keep the peace."

Tony's comments come as a result of the impacts the European energy crisis is having on the German industrial sector, with a lack of access to affordable gas threatening to shut down supply chain critical manufacturing facilities.

The specific focus is on the BA SF (European chemicals conglomerate) owned chemicals plant in Germany, the biggest of its kind in the world and home to one of Europe's largest ammonia plants.

Globally, more than 90% of ammonia is produced from fossil fuels and, more specifically, natural gas.

So the specific issues being discussed are energy scarcity and a lack of gas supply threatening ammonia supply.

These are areas where we think our Investment in Minbos Resources (ASX: MNB) will succeed.

MNB is currently progressing towards the development of a phosphate (fertiliser) project while at the same time putting together a plan to build from the ground up a zero carbon ammonia plant.

The zero carbon factor is its primary positive differentiating factor as part of a move away from a reliance on fossil fuels and, more specifically, gas.

Having already secured cheap affordable zero carbon hydropower for its plant, we think MNB is positioning itself uniquely in a part of the economy where supply chain issues are only starting to bubble up to the surface.

We think that as the supply chain issues become more obvious, MNB's project will start to have implications globally and not just regionally in Africa.

CHIPS Bill Almost Signed and Semiconductors Need Helium

ASX:GGE   Aug 05, 2022

Macro: Helium

Investment Memo: GGE IM-2022
Investment Thesis 1 : Helium a critical raw-material for Semiconductors


US politicians in Taiwan, hundreds of billions in funding for chip manufacturing and one strategic gas.

US House of Representatives Speaker Nancy Pelosi has just left Taiwan and the US$280B Chips and Science Act is heading to President Joe Biden’s desk shortly - the semiconductor supply chain is now mainstream news.

Taiwan retains a dominant position in the chip making industry and the US is keen to attract more chip manufacturing for strategic reasons with the US$280B Chips and Science Act.

Importantly, semiconductor manufacturing is expected to make up 28% of helium demand in the next 5 years.

We’ve previously drawn a link between our helium Investment, Grand Gulf Energy (ASX:GGE), and the large number of proposed manufacturing hubs or “fabs” which could be built in neighbouring states to GGE’s operations in Utah, USA.

In short, we expect domestic helium supply to continue to increase in strategic significance as chip makers start to build out US-based manufacturing capacity.

We also expect helium demand to remain very firm in the short to medium term, and market interest in helium investments to increase in the years to come on the back of its role in the semiconductor supply chain.

Just as the move to secure domestic semiconductor supply chains gathers momentum, securing the helium supply chain will correspondingly also become important.

Recently, the US House of Representatives’ passed the Chips and Science Act which will allocate $52B in grants and incentives for domestic semiconductor manufacturing:

Key takeaways:

  • US$52.7 billion allocated in order to encourage chip makers to develop and research semiconductors and chips in the U.S
  • President Biden to sign in the coming days
  • Part of a broader trend of Western governments incentivising chip production - Germany has announced it will fund 32 semiconductor projects via a €10B fund proposed in May. Meanwhile Japan has also approved US$6.8B in funding for domestic semiconductor investment

What’s next for GGE?

GGE will re-enter Jesse #1A to test for flow rates in Q3-2022. If GGE can prove out a commercially viable flow rate then it could see itself go from helium explorer to producer off the back of its maiden drilling program.

Further rhodium mineralisation at Callisto

ASX:GAL   Aug 04, 2022 Announcement

Investment Memo: GAL IM-2022
Objective 4 : Cobalt and palladium exploration at Norseman


Galileo Mining (ASX:GAL) this morning announced that assays from drilling at its Callisto PGE discovery in WA revealed consistent rhodium grades.

The assays reported today are from the first four drill holes of the second RC program at Callisto and have returned consistent rhodium grades over the previously reported mineralised intervals.

GAL has now confirmed rhodium mineralisation across all drill holes analysed to date.

This is significant as rhodium is now priced at ~US$14,700 per ounce (~$A745 per gram) — so the occurrence of rhodium at Callisto has potential to add significant value to the overall project.

Rhodium is a very rare metal, almost always produced as a by-product of platinum, palladium, copper, or nickel mining. It is predominantly used in automotive catalysts for pollution control, as well as jewellery.

The last time GAL reported rhodium mineralisation assays we noted how the deposit was shaping up against the Platreef PGE deposits in South Africa.

Brad touched on this in today’s announcement mentioning that GAL’s Callisto discovery has the same disseminated sulphide style as seen at Platreef.

For some context, GAL’s assays returned rhodium grades of ~0.03-0.06g/t, while the Platreef deposit’s resource has rhodium grades of ~0.07g/t, both using a 1g/t cut off.

The key difference between the two is the depth of mineralisation. GAL’s discovery starts from a depth of ~110m, whereas the Platreef deposits starts from ~500m and extend to depths of up to 1,200m.

Here are updated major drill intercepts, now including rhodium in 4E calculation where available (4E = palladium + platinum + gold + rhodium):

It had already been a busy news week for GAL with today’s rhodium assays following an announcement on Tuesday of GAL’s planned 50-hole RC drilling program, followed by assay results on Wednesday. You can read more on those updates in our Note from yesterday.

Having only recently raised capital, GAL has $26.4 in the bank (as at 21 July) — plenty to further expand drilling as required.

With this cash balance and GAL’s more than five kilometres of prospective strike length, we can expect plenty more drilling ahead.

Greater financial flexibility following final MNF repayment

ASX:VN8   Aug 04, 2022 Announcement

Investment Memo: VN8 IM-2022


This morning, our small cap telco investment Vonex (ASX:VN8) reported that it has made the final monthly cash payment to Symbio Holdings Ltd (ASX: SYM) for its transformative $31M acquisition of the MyNetFone Direct Business (refer ASX announcement 7 June 2021).

As a result, VN8’s net cash flow will now improve to the tune of $833k per month, or about $10M annually.

VN8 is now completely unencumbered by deferred acquisition payments, providing greater financial flexibility moving forward. This will be useful for further acquisitions and growth opportunities, or accelerating repayment of the $16M debt facility (of which $14.5M has been drawn).

VN8 delivered a strong financial result in its latest quarterly report, posting record revenues, sales and customer growth. The results come on the back of the telco’s aggressive growth by acquisition strategy, which has also led to record Annual Recurring Revenues (a useful indicator for future ongoing revenue) topping $36M.

We have provided a deep dive into these financial results as well as what is in store for the company in our latest article VN8 following the telco playbook for growth.

Project development and downstream update webinar

ASX:EV1   Aug 03, 2022 Announcement

Investment Memo: EV1 IM-2022


This morning our 2021 Wise-Owl Pick of the Year Evolution Energy Minerals (ASX: EV1) announced the details for an upcoming webinar where the company plans to provide a “project development and downstream strategy update”.

EV1’s Managing Director Phil Hoskins will be running the call at 11:00am AEST (9:00am Perth time) this Friday (5th of August).

For readers who want to tune into the webinar the Zoom registration link is below:

https://us02web.zoom.us/webinar/register/WN_PpDiiv8sQa6zdM8IZCupfQ

Invictus Awarded Three Carbon Offset Projects in Zimbabwe

ASX:IVZ   Aug 03, 2022 Announcement

Investment Memo: IVZ IM-2022


This morning Our 2020 Energy Pick Of The Year, Invictus Energy (ASX: IVZ) just made a move towards potentially being the first “cradle to grave” carbon neutral oil and gas project.

In this case, “cradle to grave” means that carbon neutrality is secured from exploration through to production and the end of the project's useful life.

Today, IVZ took that first step by being awarded three different carbon offset projects over a ~30 year term over 301,565 hectares of indigenous forests.

The three projects are the Ngamo, Gwayi & Sikumi projects which are classified under the Reducing Emissions from Deforestation and forest Degradation (REDD+) framework.

REDD+ is basically a framework created by the United Nations that aims to reduce carbon emissions from deforestation and forest degradation.

IVZ is 50:50 partnered with the Forestry Commission of Zimbabwe and plans to develop deforestation programs so as to protect the indigenous forests. Under the REDD+ framework, this constitutes emissions reduction programs which then generate carbon credits that can be sold on the open market.

IVZ is now going through the verification process to get the carbon credits recognised up to the point where they are tradable, with the company expecting this to take ~12 months to complete.

With carbon credits forecast to be worth US$80 to $150/tonne in 2035, IVZ has managed to put together a strategy to reduce carbon emissions and work towards developing one of the first ever carbon neutral oil and gas projects as well as make money from the carbon credits generated.

Next:

We are waiting to see IVZ update the market with respect to a farm in agreement and, most importantly, mobilise its drill rig ready ahead of next month’s spudding.

88E's $1.55 billion neighbour strikes oil

ASX:88E   Aug 02, 2022

Investment Memo: 88E IM-2022
Investment Thesis 3 : North Slope in Alaska - one of the most oil rich places on the planet
Investment Thesis 2 : Nearology to Pantheon Resources


Over the weekend London listed Pantheon Resources (capped at $1.55 billion) put out an update on the drilling of its first horizontal production well adjacent to the ground held by our oil and gas exploration Investment 88 Energy (ASX: 88E).

Pantheon’s Alkaid #2 well was drilled to a total depth of 8,950 feet, hitting oil across all three formations it was targeting:

  1. The Shelf Margin Deltaic - Net ~83m oil bearing reservoir encountered which was thicker and of better reservoir quality than pre-drill estimates.

  2. The Alkaid anomaly - Net ~47m oil bearing reservoir encountered with the interception exceeding pre-drill expectations of reservoir thickness and quality.

  3. The Alkaid Deep anomaly - Reservoir quality encountered was better than pre-drill expectations. Analysis is currently underway to determine net reservoir thickness.

The connection to 88E is that the reservoir that Pantheon is intercepting are the same ones that extend into 88E’s ground to the south.

Interestingly the London markets liked Pantheon’s initial results, with Pantheon’s share price up ~20%, adding a total of ~$300M to Pantheon’s market cap.

Pantheon is now preparing to drill horizontally to get a flow test for the well which will ultimately determine whether or not the project can produce economically.

If Pantheon puts out commercially viable flow rates, we suspect the market will start to show an interest in 88E, speculating on the probability of the reservoirs extending into 88E’s ground.

Widespread elevated helium, gradiometry next

ASX:NHE   Aug 02, 2022 Announcement

Investment Memo: NHE IM-2022
Objective 2 : Target generation to produce two drillable targets
Milestone 1 : Airborne gravity gradiometry (Q2-Q3 2022)
Milestone 2 : 3D seismic (Q2-Q4 2022)
Milestone 3 : Geochemistry survey (Q2-Q3 2022)


Our helium exploration Investment Noble Helium (ASX:NHE) has reported “outstanding” Soil Gas Survey results from the western side of its North Rukwa Basin Helium Project in Tanzania.

NHE got up to 7.3 parts per million (ppm) of helium on the western side of the project from Soil Gas Surveying (part of the geochemical arm of its Tanzanian helium exploration).

This was part of an overall pattern of “widespread elevated” helium levels that NHE found.

That 7.3 ppm result is 35% above background levels which is a promising early sign that there is helium trapped below NHE’s grounds.

NHE is now moving to the eastern side of its project for additional Soil Gas Surveying to be completed by early August and detailed analysis to come in mid-August.

It’s all part of an exploration program that will combine geochemistry with the legacy 2D seismic data, airborne gravity gradiometry and a more sensitive 3D seismic survey to generate two targets for drilling in 2023.

In yesterday’s announcement, it was also pleasing to see that the plane for the airborne gravity gradiometry is due to arrive this week and the survey will commence by this weekend.

NHE will be using a top of the line Lockheed-Martin gradiometry instrument which should contribute to target generation with “maximum confidence.”

It’s good to see NHE sticking to a tight schedule as it goes after a potentially globally significant helium resource.

We’ve updated our milestones accordingly on our NHE Investment Memo:

🔄 Airborne gravity gradiometry (Q2-Q3 2022)

🔄 Geochemistry survey (Q2-Q3 2022)

We also appreciated NHE providing an update on how the 3D seismic campaign interacts with its ongoing knowledge transfer and stakeholder efforts. The survey is anticipated to create 250 jobs and the vast majority of those jobs will be local Tanzanians drawing on their relationship with University of Dar Es Salaam.

What’s next for NHE? In addition to the gradiometry survey and the final analysis of the geochemistry results, the big milestone coming up is the 3D Seismic survey in Q3 2022, right around the corner.

RC drilling aims to unveil an even larger mineralised system

ASX:GAL   Aug 02, 2022 Announcement

Investment Memo: GAL IM-2022
Objective 4 : Cobalt and palladium exploration at Norseman


Following up on its Callisto PGE discovery at the Norseman Project in WA, our long term exploration Investment, Galileo Mining (ASX:GAL) has commenced a 10,000 metre RC drill campaign.

The ~50 drill hole campaign will see GAL begin to test the true extent of mineralisation discovered at Callisto. GAL has five kilometres of untested strike length along with good potential for more mineralisation of the same style.

The drill campaign consists of 50-metre spaced drill holes around the known mineralisation as well as stepping out up to one kilometre to the north of the existing drill holes.

Below are the target zones around known sulphide mineralisation for the upcoming drill campaign:

Regional drilling up to one kilometre away (off plan to the north) from existing drill holes is also planned within the current program.

What’s Next?

The drilling program is expected to run for twelve weeks with samples will be delivered to the lab weekly and assay results from this round of drilling expected from early September 2022.

GAL also reports that it has signed a diamond drilling contract with that program planned to start in the coming weeks.

Callisto geological section with discovery drill hole NRC266:

$1.05M raised, entitlement offer launched to raise $3.9M.

ASX:TMR   Aug 01, 2022 Announcement

Investment Memo: TMR IM-2022
Risk 2 : Financing risk


Late last week our gold exploration Investment Tempus Resources (ASX:TMR) detailed its latest capital raise.

TMR raised a total of $1.05M via a placement at 5c per share with the shares expected to be issued on 3 August (this Wednesday).

TMR plans to use the cash to finance the ongoing drilling program at its Canadian gold project where the company has already drilled the first 14 of the planned 30 drillholes.

Investors who participated in the raise also got issued one free option for every share purchased. The options expire in three years and are exercisable at 7.5c per share.

We also saw the company announce an entitlement offer of up to $3.9M in new shares for existing shareholders, on the same terms and conditions as the placement.

We especially like that TMR has kept the placement portion of the raise small. and offered almost 4x more in shares to existing shareholders. With the share price trading at ~7c per share, the entitlement offer gives existing shareholders the opportunity to top up their shareholdings at a discount to the current market price for TMR.

Given where the company’s share price is trading, we like that TMR hasn’t solely reserved the placement for sophisticated investors.

The key dates for the entitlement offer are:

  • Ex date 8 August 2022 - This is when TMR shares start trading on an ex-rights basis, meaning the rights will no longer apply if shares are purchased on or after this day.

  • Record date 9 August 2022 - This is the date at which entitlements are calculated, i.e if you are a shareholder in TMR at this date then you get to purchase shares in the entitlement offer.

  • Offer closing date 26 August 2022 - Last day to accept entitlement.

  • Offer issue date 2 September 2022 - This is when the entitlement offer shares are expected to be issued.

High grade manganese confirmed ahead of first drilling

ASX:PFE   Aug 01, 2022 Announcement

Investment Memo: PFE IM-2022
Objective 2 : Drilling at PFE’s Manganese project.


Pantera Minerals (ASX:PFE) has identified multiple high grade manganese targets at its WA manganese project, Weelarrana.

The previously reported 22 rock chip samples analysed by pXRF returned equivalent or improved manganese grades. The assays of crushed and pulped rock samples included grades of up to 44.1% manganese.

PFE expects to commence RC drilling in early October 2022 upon completion of the Cultural and Heritage survey. The survey was scheduled for late May 2022 but was delayed due to rainfall and is now scheduled for late August 2022.

PFE has planned a 1500m RC drilling program at Area 1, while drill planning and permitting is underway for Areas 2 and 3 with drilling expected in Q3 2022.

We look forward to the upcoming drill program as this will be the first time the manganese mineralisation here has been drill tested.

ONE quarterly - more hardware ahead of sales push

ASX:ONE   Jul 29, 2022 Announcement

Investment Memo: ONE IM-2022
Objective 1 : Fast revenue growth and contracted beds in excess of 15,000


Our health tech Investment Oneview Healthcare (ASX:ONE) quarterly report has revealed a significant investment in hardware ahead of a major sales push in Q3.

The outlay on hardware was €500K (~A$730k) which was part of the reason net cash outflows for this quarter were €1.98m (~A$2.9m).

Receipts from customers were down 19% on last quarter from €1.6m to €1.3m (~A$2.3m - $2.8m). We know that ONE sales are lumpy so this isn’t completely out of character for the company.

Other things to note were that the increased sales and marketing spend seems to be having the desired effect with the US Sales pipeline growing by over 100% for the quarter.

Given the share price action today, it seems that for now the market is relatively pleased with the results.

Our perspective on the ONE quarterly is that while we’d hoped the company was closer to operating cash flow positive, the sales pipeline should see some bigger conversions in the next quarter after the breakthrough BJC Health System deal in May.

That was ONE’s biggest deal ever and we hope it’s a sign of things to come.

Although there was no specific update on total contracted beds (which is like an active user metric for any tech company), we did some back of the envelope calculations based on the information in this quarterly report, and we think ONE is now hovering around the 14.5K contracted bed mark.

That’s mighty close to our #1 objective from our ONE Investment Memo.

What’s next for ONE? We want to see a big deal come through from the sales pipeline and ONE to smash through the 15K contacted bed mark.

Pilot production program commencing soon

ASX:EXR   Jul 29, 2022 Announcement

Investment Memo: EXR IM-2022
Objective 1 : Pilot production program at the gas project


This morning, our 2019 Energy Pick of the Year Elixir Energy (ASX: EXR) put out an update on its upcoming pilot production program for its coal bed methane (CBM) gas project in Mongolia.

EXR report that all of the equipment required for drilling, completion and testing of the two production wells is now in Mongolia, and the extended pilot production program is on track to start towards the end of August.

EXR has engaged the same group of drilling contractors who worked for Rio Tinto on its Oyu Tolgoi mine, located with EXR’s landholding in Mongolia, which we hope will translate into an efficient work program.

EXR expects completing and producing these wells “within weeks of drilling being completed”, with the commercial viability of the wells to be assessed over months by measuring gas flow rates.

This should mean that by early 2023 we will know whether EXR’s wells can commercially produce gas.

The pilot production program is key objective #1 in our 2022 EXR Investment Memo, so today’s news shows that the company is making progress towards starting and completing something we have been patiently waiting for.

To see all the other key objectives we set that we wanted EXR to achieve this year, check out our 2022 EXR Investment Memo here.

New coal bearing sub-basin discovered

ASX:EXR   Jul 29, 2022 Announcement

Investment Memo: EXR IM-2022
Objective 2 : Exploration drilling


This morning, we also got an exploration update from our 2019 Energy Pick of the Year, Elixir Energy (ASX: EXR).

The highlight of today’s announcement was that EXR discovered yet another coal bearing sub-basin at its “Venetian-1” exploration well.

The positive for us here is that EXR continues to discover new sub-basins at parts of its project where we have set no expectations. We see these sub-basin discoveries as almost like free options at growing the size of EXR’s project and make for unexpected positive newsflow.

A bit of a dampener on the positive update today was the mechanical issues EXR is having with its drill rigs, which is, in turn, slowing down the progress of the 2022 exploration program.

Back to back record quarterly sales result

ASX:VN8   Jul 29, 2022 Announcement

Investment Memo: VN8 IM-2022


This morning, our small cap telco investment Vonex (ASX:VN8) produced another strong quarterly result, underlined by revenues increasing 81% year-on-year (YoY) to a new record $10.5M.

The previous record was delivered last quarter, with $10.2M in revenues, obviously a pleasing trend for shareholders.

The robust financial results provide an endorsement of the company’s aggressive acquisition strategy, namely: Voiteck (acquired January 2022), the Direct Business (August 2021), Nextel (February 2021) and 2SG (March 2020). These acquisitions have accelerated customer acquisition and expanded VN8’s national footprint, feeding into the increases in sales and revenue.

Another key metric we track is annual recurring revenue (ARR), which basically indicates the amount of revenue that a company expects to repeat. As at 30 June 2022, VN8 has an ARR of ~$36.2M, up 97% YoY.

With VN8 capped at ~$23M - well below its ARR - and cash at bank of $3.2M at the end of the quarter, we like the prospects for a positive market re-rate in the year ahead.

Also of significance during the quarter, VN8 entered a binding heads of agreement with Commonwealth Bank-backed telco provider, More to become its exclusive provider of Hosted PBX services to new and existing CBA customers.

VN8 will also deliver a new hosted PBX and IP telephony enablement platform for More's new and existing small to medium enterprise (SME) customers. We expect this to positively impact ARR through new license fees, hardware and call carriage.

The quarterly results bodes well for our key objectives we’d like to see VN8 achieve this year:

Following today’s results, we plan to provide a more detailed update on VN8 in early August.

DXB Quarterly Reveals FSGS Patient Numbers

ASX:DXB   Jul 28, 2022 Announcement

Investment Memo: DXB IM-2022
Objective 3 : Progress the Phase III Clinical Trial for Rare Kidney Disease (FSGS)
Milestone 6 : Patient Recruitment Updates


The Dimerix (ASX:DXB) quarterly report released yesterday morning gave us a good look at how the company is tracking, in particular with our “main bet,” the FSGS trial.

FSGS or focal segmental glomerulosclerosis is characterised by a dysfunction in the part of the kidney that filters blood.

11 patients (or 15% of the target 72 patients) have now been recruited to the company’s DMX-200 phase 3 trial for FSGS and 60% of the 75 sites for the trial are now activated.

This is the primary reason we are Invested in DXB.

DXB also said that it expects the remaining 40% of clinical trial sites to complete protocol training and activation in the next 4-6 weeks.

This marks the first update on patient recruitment:

🔄Patient Recruitment Updates

DXB flagged cash outflows of $7.2M, leaving the company with a cash balance of $9.6M.

We’re mindful that clinical trials are expensive to get up and running and the start up costs represent the largest chunk of clinical trial costs, so we’re expecting the cash outflows to be significantly reduced next quarter.

We were glad to hear DXB reiterate that it is on track for the first interim analysis for the FSGS trial, which will be released in the first half of 2023.

Quarterly report - advancing multiple clinical trials

ASX:BOD   Jul 28, 2022 Announcement

Investment Memo: BOD IM-2022


Our long-term Wise-Owl cannabis investment, BOD Australia (ASX:BOD) released its quarterly results earlier today.

While the company improved in several financial metrics that we track on a quarter-vs-quarter basis (total quarterly sales up 46% to $943,608), it declined on a previous-corresponding-period last year basis ($1,173,498).

This is partially explained by the company now focussing more on its R&D pipeline with the hopes of unlocking several growth opportunities (and future revenue sources) in the year ahead.

Bod holds $3.67M cash at bank as of 30 June 2022, which we think likely means the company doesn’t need to raise capital for the rest of the year, unless a significant new investment/ growth opportunity arises.

Capped at ~$10.5M, Bod’s enterprise value (EV) is now under $7M.

That said, as per our Investment Memo, we are more interested in how Bod’s numerous clinical trials are advancing.

On this front, we like the progress being made. During the quarter, BOD dosed the first patients for the following two trials:

  1. Insomnia (Phase IIb) - for an over-the-counter (OTC) treatment available at pharmacists
  2. Long-COVID (Open label, “Proof of Concept”)

These both address substantial markets, and hence successful outcomes on either trials could ultimately lead to new products and potentially prosperous revenue sources. Typically this is when significant market re-rates can occur.

Of interest, Bod is planning to launch a new low dose cannabidiol product through Australian SAS-B channels (i.e. via a prescription from a medical practitioner), providing the company with another sales channel and additional delivery format for consumers ahead of any OTC launch.

We will provide a more detailed analysis on the progress of the clinical trials in August.

More assay results on its way to a JORC resource

ASX:LRS   Jul 27, 2022 Announcement

Investment Memo: LRS IM-2022
Objective 4 : JORC resource at the Brazilian lithium projects
Milestone 1 : 25,000 metre infill resource definition drilling
Milestone 2 : Assay results (ongoing)



This morning Latin Resources (ASX: LRS) put out an update on its resource definition drilling program at its Brazilian lithium project.

LRS is now ~25% of the way through its 25,000m drilling program, after which it hopes to put together a maiden JORC resource.

Some of the notable intercepts from today’s release were:

  • Drillhole 17: 13.86m at 1.33% lithium from 173m.
  • Drillhole 18: 9.16m at 1.68% lithium from 133m.
  • Drillhole 19: 11.96m at 1.64% lithium from 206m.

Given these results are from an infill drilling program, the lithium intercepts are expected by the market, and we think the reason why there was limited share price movement on this news today.

These results continue to prove out LRS’s lithium deposit, and with the arrival of a fourth diamond drill rig on site, LRS is moving quickly to establish a maiden JORC resource estimate for its new discovery.

We think that this will be LRS’s next major catalyst, allowing the market to compare its deposit to larger peers with established JORC resources.

We set the following expectations for LRS’s JORC based on peer comparisons in the lithium sector.

  • Bullish case (Exceptional) = >15Mt JORC resource
  • Base case = 5-15Mt JORC resource
  • Bearish case = <5Mt JORC resource

Read our latest LRS article to see our reasoning behind these expectations: Lithium deposit getting bigger - plenty more drilling to come.


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