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.

Presentation at Metals and Mining conference

ASX:GTR   Jul 27, 2022

Investment Memo: GTR IM-2022


This morning we noticed that our US uranium exploration Investment GTI Energy (ASX: GTR) would be presenting the virtual Metals and Mining conference powered by OTCMarkets.

GTR’s Executive Director Bruce Lane will be presenting at 11:30 pm AEST tonight.

For readers who want to stay up late and view the presentation, they can do so using the following link: https://www.virtualinvestorconferences.com/

Quarterly report - $17.2M in cash

ASX:MAN   Jul 27, 2022

Investment Memo: MAN IM-2022
Investment Thesis 1 : Strong balance sheet: At 25 March 2022, MAN had $16.4M in cash


This morning, our junior exploration investment Mandrake Resources (ASX: MAN) put out its June quarterly report.

MAN clarified its cash position at $17.2M as at 26 July and reiterated that “All technical and legal due diligence completed” for the acquisition of the “Delfin” copper project in Chile.

With the due diligence date extended to 24 August 2022 MAN confirmed that the company’s focus was now on obtaining “full support of the community to ensure a clear path to immediate exploration activities ahead of acquisition completion”.

This should mean that as soon as the due diligence process is completed, MAN will have already gone through a lot of pre drilling permitting hurdles, and can instead focus on exploration as soon as the acquisitions done.

MAN is currently trading with a market cap of $19.2M which gives it an enterprise value (EV) of only $2M when its current cash balance is taken into account.

With an enterprise value this low and cash balance so high we think the company is perfectly positioned to re-rate off the back of any exploration success after it completes the acquisition of its copper project.

We covered the acquisition in detail in our last MAN note which you can read here: Cashed up MAN picks up high grade Chilean copper asset

IRD advancing potential green hydrogen port opportunity

ASX:IRD   Jul 27, 2022 Announcement

Investment Memo: IRD IM-2022
Objective 2 : Greenlight Cape Hardy Port Development



This morning, our Wise-Owl long-term iron ore investment Iron Road (ASX:IRD) announced that it had completed its market sounding process to discern commercial interest in the longer-term development of its Cape Hardy site as a green hydrogen hub/ industrial precinct.

A shortlist of 10 green hydrogen proponents - primarily comprising globally significant players in the power generation and emerging energy transition sectors - have expressed formal interest in developing Cape Hardy.

Location map
Location map

IRD will now enter discussions with these parties, with a view to enter commercial arrangements following the close of the expressions of interest phase during 4Q 2022.

The project also has strong government support. The South Australian Government recognises the opportunity, and the Federal Government has provided a $25m grant commitment to assist with development.

IRD fully owns the 1,200 hectare greenfield site at Cape Hardy, and has primary development approval for a high-grade iron concentrate and multi-commodity export facility. Besides the green hydrogen opportunity, Cape Hardy provides the logical logistical channel for IRD’s flagship asset, the Central Eyre Iron Project (CEIP).

IRD has been progressing the CEIP since 2008 through to DFS, having spent approximately $180M in the process. The project hosts Australia’s largest undeveloped magnetite deposit, with a 3.7 billion tonne Ore Reserve, capable of producing 589Mt of high-grade magnetite (66.7% Fe) over the life of the mine. As it typically takes decades to progress significant iron ore projects to development, we believe IRD’s flagship represents one of the next significant iron ore projects globally to next transition into production.

The next key milestone we are keen to see IRD deliver remains securing a partner to greenlight development.

Green light from local councils & new licence area

ASX:VUL   Jul 26, 2022 Announcement

Investment Memo: VUL IM-2022
Objective 3 : Expansion of scope
Risk 4 : Stakeholder risk



Our zero carbon lithium and geothermal Investment Vulcan Energy Resources (ASX:VUL) has received the green light from eight local councils to carry out 3D seismic survey work across the company’s project area in Germany.

VUL says that positive momentum is building at the local level for its Zero Carbon Lithium™ Project and that so far, all local votes for its Phase 1 area work plan applications have been positive.

This is news that we like to hear, as VUL being granted local approvals was an issue that some commentators had previously questioned.

The 3D seismic survey work is planned to start in September and will assist in planning future development drilling.

VUL also reported that it has been granted a new exploration license (“Ried”), increasing its license area in the Upper Rhine Valley Brine Field (URVBF).

Importantly, this expands the size of VUL’s project area by 24% to a total of 1,440km2 over what is already the largest JORC compliant lithium resource in Europe.

The Upper Rhine Valley region has seen extensive exploration and development historically conducted by oil and gas companies, and this new licence area comes with some existing 3D seismic data.

VUL is leveraging the work done by the hydrocarbons industry to cut the time needed to gather data and accelerate the Zero Carbon Lithium™ Project.

VUL's exploration licences in the Upper Rhine Valley Brine Field (URVBF)

Farm-in progress during the June quarter

ASX:IVZ   Jul 26, 2022 Announcement

Investment Memo: IVZ IM-2022
Objective 3 : Financing for drilling


Our 2020 Energy Pick Of The Year Invictus Energy (ASX: IVZ) just put out its June quarterly report.

The report included a brief update on progress being made on the farm-in front.

IVZ said it had “received three farm-in offers for the Cabora Bassa Project, with ongoing due diligence and internal approvals being undertaken by additional parties which may result in further bids being received”.

IVZ also confirmed that “The results of these current, and potential future, farm-in bids are subject to certain conditions precedent and further updates will be provided in due course.”

Farm-in agreements in the oil and gas sector are unique whereby they are a simple exchange of cash for a % ownership in the projects.

This means that IVZ can leave the signing of this type agreement right down to the last minute before drilling begins.

With drilling expected to commence in August, IVZ should have a few more weeks to get this deal over the line.

The positive is that there are multiple offers already on the table, so it’s more a case of ironing out the details and satisfying whatever conditions are being placed on the offers.

These type agreements need to strike the perfect balance between financial commitment from a partner and the expertise they bring to the project, so we are not surprised the process is taking a while to finalise.

We hope that whoever IVZ decides to bring on as a partner makes a significant financial contribution to the project and also has oil and gas development experience.

Environmental management plans approved, drilling in August

ASX:IVZ   Jul 26, 2022 Announcement

Investment Memo: IVZ IM-2022
Objective 4 : This is the most important: We want to see the first drill.


This morning our 2020 Energy Pick Of The Year, Invictus Energy (ASX: IVZ), announced the renewal of its Environmental Impact Assessments through to July 2023.

With the renewals approved, IVZ confirmed that it has concluded “the permitting requirements” which allow the company to conduct in-field seismic and exploration drilling.

IVZ is now a few weeks out from drilling its Mukuyu prospect in Zimbabwe - the largest undrilled oil and gas prospect onshore Africa.

The first well will target a giant prospective resource totalling 20 trillion cubic feet (Tcf) and 845 million barrels of gas condensate — a gross mean unrisked prospective resource of ~4.3 billion barrels of oil equivalent.

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.

Searching for high impact energy projects

ASX:PRM   Jul 25, 2022 Announcement


Following the disappointing result at the Sasanof Well, Prominence Energy (ASX:PRM) continues its search for high impact opportunities in the oil and gas, hydrogen and helium sectors.

PRM today confirmed that it was “adequately funded in the near term to fund the selection and evaluation of prospective projects” with $2.8M cash as at June 30. With a market cap of $4.8M, the company is currently trading with an enterprise value of just $2M.

The company reported that it is reviewing a steady stream of new venture opportunities, as it tries to find and secure the right project for the company.

PRM is seeking projects:

  • With a high probability of success, focused on appraisal and development projects as opposed to high-risk, high-reward exploration.
  • Early entry opportunity such as acreage applications where drilling can be substantially funded via farm-out.
  • Opportunities in Helium, Hydrogen or other green energy projects.
  • Near term cash flow generation projects.

As part of its strategy to invest in alternative energy and carbon friendly projects, PRM has acquired a 10.9% ($100,000) stake in Ecostorage Solutions Pty Ltd (ECOSSAUS) in a seed capital raising.

ECOSSAUS has seven tenement applications across 3,322km2 in Northern Territory, South Australia and Queensland believed to be prospective for the solution mining of salt and the potential subsequent use of resultant salt caverns for storage purposes.

PRM is also continuing to work on the Bowsprit project which it believes could provide a free cash flow generating avenue for PRM given the current energy climate.

While we were disappointed, but not shocked at the results of the high-risk, high-reward Sasanof Well, we are encouraged that the company is progressing in its search for new opportunities.

Diamond drilling program ongoing in Kazakhstan

ASX:SGA   Jul 25, 2022 Announcement

Investment Memo: SGA IM-2022
Objective 4 : Complete metallurgical testwork
Objective 3 : Increase confidence in the resource - upgrade JORC resource from inferred to indicated


The first piece of newsflow from our latest Portfolio addition came in this morning, with our graphite Investment Sarytogan Graphite (ASX: SGA), releasing an operations update on its current drilling program.

As of 22 July 2022, the company had completed ~25% of the ~4,000m of diamond drilling planned at its graphite project in Kazakhstan.

The drilling program has four main objectives:

  1. Drilling inside the “central graphite zone” - This will expand on the 2021 drilling program, which was primarily focused on the “north graphite zone”.

  2. Test for extensions outside of its current JORC resource - Some of the current drilling will look to extend the size of SGA’s deposit. This could potentially lead to an increase in the size of its JORC resource.

  3. To use diamond drillcore samples for metallurgical testing - The goal is to obtain high quality drillcore samples so SGA can complete the processing testwork. (Objective #1 from our 2022 SGA Investment Memo).

  4. To upgrade the JORC resource into the indicated classification - The aim is to increase the confidence level of SGA’s giant 60mt contained graphite JORC resource. The more drilling data SGA gathers the more of its giant inferred resource can be upgraded into an indicated classification. (Objective #2 from our 2022 SGA Investment Memo).

Next for this round of drilling:

SGA expects to release the drilling results progressively, with the first batch of results expected later this quarter.

Immediately after the resource update, we expect to see SGA put out an updated JORC resource. We want to see as much of the resource upgraded into the indicated classification as possible.

We also expect to see the company put out updates from its ongoing Metallurgical testwork.

Quarterly reveals strong cash position

ASX:GTR   Jul 25, 2022 Announcement

Investment Memo: GTR IM-2022


This morning our US based uranium exploration Investment GTI Energy (ASX: GTR), put out its quarterly reports ahead of the month end deadline.

One thing that stood out to us was the strong cash position GTR has managed to put itself in ahead of its planned drilling program across its uranium projects in Wyoming.

The company held $6.9M in cash plus 5,000,000 shares in Regener8 Resources (worth ~$825k based on Regener8’s current share price of 16.5c per share).

With GTR trading at a market cap of ~$22M, this would give the company an enterprise value (EV) of ~$14.3M after the cash and shares are accounted for.

Next:

We look forward to seeing GTR kick off its 100,000 foot drilling program across its uranium projects in Wyoming, USA, to follow up on its discovery earlier this year.

Drill rig now arriving on site, drilling expected in August.

ASX:IVZ   Jul 25, 2022

Investment Memo: IVZ IM-2022
Objective 4 : This is the most important: We want to see the first drill.


Over the weekend, we saw a video from our 2020 Energy Pick Of The Year, Invictus Energy (ASX: IVZ), confirming that its Exalo 202 drill rig is arriving on site ahead of its maiden drilling program expected in August.

Below is a link to that post where you can see the video of the rig equipment arriving on site.

IVZ is gearing up to drill its elephant scale prospect in Zimbabwe with the potential to open up an entirely new oil and gas basin in the country.

As IVZ’s LinkedIn post mentioned, a new discovery could be a game changer for IVZ, Zimbabwe and the broader southern African energy markets.

The first well will target a giant prospective resource totalling 20 trillion cubic feet (Tcf) and 845 million barrels of gas condensate — a gross mean unrisked prospective resource of ~4.3 billion barrels of oil equivalent.

With the rig now arriving at the well site, IVZ expects drilling to commence in August.

OTC listing update - Depository trust company status approved

ASX:IVZ   Jul 25, 2022 Announcement

Investment Memo: IVZ IM-2022


This morning our 2020 Energy Pick Of The Year Invictus Energy (ASX: IVZ) confirmed that it has received approvals for depository trust company status (DTC) in the OTC markets in the USA.

The DTC approvals will allow real time electronic clearing and settlement, streamlining the trading process for IVZ shares in the USA.

The key advantages of today’s news is as follows:

  1. Trades and settlements are in USD.
  2. Trading in the North American time zone
  3. IVCTF is the same class of shares traded on the ASX.

All of this should mean the process of buying and selling IVZ shares in the US is simplified to the point where it becomes more accessible to investors in North America.

Generally, OTC listings and subsequent DTC status improve liquidity and bring more eyeballs to a company.

We suspect a good portion of US investors are very much aware of the gas supply crisis playing out right now and with IVZ getting ready to drill its elephant scale prospect in Zimbabwe, we think today’s news could see some more trade volumes come through from US investors.

The company last traded for US$0.14/per share which translates to a ~20.5c at the current USD/AUD exchange rate.

The company is trading under the ticker “IVCTF” and trading activity can be viewed via the following link: www.otcmarkets.com/stock/IVCTF/overview.

Australia - “the new Saudi Arabia of green energy and minerals"?

ASX:PRL   Jul 22, 2022

Investment Memo: PRL IM-2022
Investment Thesis 1 : Ideal location for the project


One thing that stands out from the following AFR article is the singling out of Australia as a potential future energy superpower.

For some context, Australia represents 0.32% of the world's population and ranks 13th when measured by gross domestic product (GDP) - the point being Australia is tiny on the world stage.

For the COO (Mr Patrick Lammers) of a European utility company to publicly say that Australia has the potential to be a future global superpower in the energy industry and "the richest country in the world" is big praise if you ask us.

Mr Lammers comments specifically touch on the potential for Australia to produce and then export green hydrogen to the world.

We have long held the view that Australia's access to abundant natural renewable energy resources, including solar and wind power, uniquely positions it to produce the cleanest form of hydrogen - green hydrogen.

Mr Lammers agrees with us, saying Australia is "one of the best geographical places, geopolitical places" to produce green hydrogen.

We are Invested in Province Resources (ASX: PRL), which is looking to develop Australia's first truly zero carbon, green hydrogen project.

To see why we are Invested in PRL, the key objectives we want to see the company achieve in 2022 and the key risks to our Investment thesis, check out our 2022 PRL Investment Memo here.

Below are our key takeaways:

  • Chief Operating Officer of European utility E.ON (Patrick Lammers) thinks Australia has the potential to be "the new Saudi Arabia" of green energy and minerals.
  • Mr Lammers said, "Australia if it really gets their act together ... could be the powerhouse of green hydrogen for the world because it's actually one of the best geographical places, geopolitical places to do this".
  • He also said, "Australia could be the new Saudi Arabia, but then not only having the energy exports, you also export the new minerals in a very green way. This makes you the front-runner, and you could be the richest country in the world".
  • Europe, particularly Germany, is facing a crisis in energy supply, exacerbated by the war in Ukraine as Russia reduces pipeline gas flows to the region.
  • With Europe's dependence on Russian gas reaching boiling point, Mr Lammers said, "Green hydrogen we see has a pivotal role to keep industry in Europe,".

To read the full AFR full article, click here.

More domestic gas needed to fix the east coast crisis

ASX:TEE   Jul 22, 2022

Investment Memo: TEE IM-2022


The following AFR article discusses the latest developments in the Australian east coast energy markets.

The article discusses explicitly regulatory intervention forcing export ready gas to be directed into the domestic market to avoid shortages and ease domestic soaring prices.

CEO of Woodside Energy Meg O’Neil blames these issues on a lack of investment in new gas supply across the country.

The situation domestically is being made worse with increased demand for Australian Liquefied Natural Gas (LNG) exports due to global supply shortages stemming from the Russia/Ukraine conflict.

We have long held the view that there has been chronic underinvestment in new gas supply worldwide, especially here in Australia.

This is why we are Invested in domestic gas explorer Top End Energy (ASX: TEE), which holds prospects in the NT and QLD.

To see why we are invested in TEE and what we are looking to see the company achieve over the next 12 months, check out our 2022 TEE Investment Memo here.

Below are our key takeaways:

  • On Tuesday, the Australian Energy Market Operator (AEMO) directed Queensland’s LNG producers to make more gas available for domestic consumption.
  • The country’s largest producers responded, with the east coast gas pipeline at about 90% capacity on Thursday.
  • This is the latest development in Australia’s energy crisis, with electricity and gas prices across the east coast soaring to record levels.
  • CEO of ASX listed Woodside Energy (one of the biggest gas suppliers to the east coast markets), Meg O’Neill, blamed the east coast gas crisis on under-investment in new supply due to political and policy decisions.
  • O’Neil is quoted saying, “The reality is there’s no quick fixes to this. The underinvestment is structural, that’s been underway for multiple years”.

To read the full AFR full article, click here.

Presentation at Metals and Mining conference

ASX:GTR   Jul 27, 2022

Investment Memo: GTR IM-2022


This morning we noticed that our US uranium exploration Investment GTI Energy (ASX: GTR) would be presenting the virtual Metals and Mining conference powered by OTCMarkets.

GTR’s Executive Director Bruce Lane will be presenting at 11:30 pm AEST tonight.

For readers who want to stay up late and view the presentation, they can do so using the following link: https://www.virtualinvestorconferences.com/

Quarterly report - $17.2M in cash

ASX:MAN   Jul 27, 2022

Investment Memo: MAN IM-2022
Investment Thesis 1 : Strong balance sheet: At 25 March 2022, MAN had $16.4M in cash


This morning, our junior exploration investment Mandrake Resources (ASX: MAN) put out its June quarterly report.

MAN clarified its cash position at $17.2M as at 26 July and reiterated that “All technical and legal due diligence completed” for the acquisition of the “Delfin” copper project in Chile.

With the due diligence date extended to 24 August 2022 MAN confirmed that the company’s focus was now on obtaining “full support of the community to ensure a clear path to immediate exploration activities ahead of acquisition completion”.

This should mean that as soon as the due diligence process is completed, MAN will have already gone through a lot of pre drilling permitting hurdles, and can instead focus on exploration as soon as the acquisitions done.

MAN is currently trading with a market cap of $19.2M which gives it an enterprise value (EV) of only $2M when its current cash balance is taken into account.

With an enterprise value this low and cash balance so high we think the company is perfectly positioned to re-rate off the back of any exploration success after it completes the acquisition of its copper project.

We covered the acquisition in detail in our last MAN note which you can read here: Cashed up MAN picks up high grade Chilean copper asset

IRD advancing potential green hydrogen port opportunity

ASX:IRD   Jul 27, 2022 Announcement

Investment Memo: IRD IM-2022
Objective 2 : Greenlight Cape Hardy Port Development



This morning, our Wise-Owl long-term iron ore investment Iron Road (ASX:IRD) announced that it had completed its market sounding process to discern commercial interest in the longer-term development of its Cape Hardy site as a green hydrogen hub/ industrial precinct.

A shortlist of 10 green hydrogen proponents - primarily comprising globally significant players in the power generation and emerging energy transition sectors - have expressed formal interest in developing Cape Hardy.

Location map
Location map

IRD will now enter discussions with these parties, with a view to enter commercial arrangements following the close of the expressions of interest phase during 4Q 2022.

The project also has strong government support. The South Australian Government recognises the opportunity, and the Federal Government has provided a $25m grant commitment to assist with development.

IRD fully owns the 1,200 hectare greenfield site at Cape Hardy, and has primary development approval for a high-grade iron concentrate and multi-commodity export facility. Besides the green hydrogen opportunity, Cape Hardy provides the logical logistical channel for IRD’s flagship asset, the Central Eyre Iron Project (CEIP).

IRD has been progressing the CEIP since 2008 through to DFS, having spent approximately $180M in the process. The project hosts Australia’s largest undeveloped magnetite deposit, with a 3.7 billion tonne Ore Reserve, capable of producing 589Mt of high-grade magnetite (66.7% Fe) over the life of the mine. As it typically takes decades to progress significant iron ore projects to development, we believe IRD’s flagship represents one of the next significant iron ore projects globally to next transition into production.

The next key milestone we are keen to see IRD deliver remains securing a partner to greenlight development.

Green light from local councils & new licence area

ASX:VUL   Jul 26, 2022 Announcement

Investment Memo: VUL IM-2022
Objective 3 : Expansion of scope
Risk 4 : Stakeholder risk



Our zero carbon lithium and geothermal Investment Vulcan Energy Resources (ASX:VUL) has received the green light from eight local councils to carry out 3D seismic survey work across the company’s project area in Germany.

VUL says that positive momentum is building at the local level for its Zero Carbon Lithium™ Project and that so far, all local votes for its Phase 1 area work plan applications have been positive.

This is news that we like to hear, as VUL being granted local approvals was an issue that some commentators had previously questioned.

The 3D seismic survey work is planned to start in September and will assist in planning future development drilling.

VUL also reported that it has been granted a new exploration license (“Ried”), increasing its license area in the Upper Rhine Valley Brine Field (URVBF).

Importantly, this expands the size of VUL’s project area by 24% to a total of 1,440km2 over what is already the largest JORC compliant lithium resource in Europe.

The Upper Rhine Valley region has seen extensive exploration and development historically conducted by oil and gas companies, and this new licence area comes with some existing 3D seismic data.

VUL is leveraging the work done by the hydrocarbons industry to cut the time needed to gather data and accelerate the Zero Carbon Lithium™ Project.

VUL's exploration licences in the Upper Rhine Valley Brine Field (URVBF)

Farm-in progress during the June quarter

ASX:IVZ   Jul 26, 2022 Announcement

Investment Memo: IVZ IM-2022
Objective 3 : Financing for drilling


Our 2020 Energy Pick Of The Year Invictus Energy (ASX: IVZ) just put out its June quarterly report.

The report included a brief update on progress being made on the farm-in front.

IVZ said it had “received three farm-in offers for the Cabora Bassa Project, with ongoing due diligence and internal approvals being undertaken by additional parties which may result in further bids being received”.

IVZ also confirmed that “The results of these current, and potential future, farm-in bids are subject to certain conditions precedent and further updates will be provided in due course.”

Farm-in agreements in the oil and gas sector are unique whereby they are a simple exchange of cash for a % ownership in the projects.

This means that IVZ can leave the signing of this type agreement right down to the last minute before drilling begins.

With drilling expected to commence in August, IVZ should have a few more weeks to get this deal over the line.

The positive is that there are multiple offers already on the table, so it’s more a case of ironing out the details and satisfying whatever conditions are being placed on the offers.

These type agreements need to strike the perfect balance between financial commitment from a partner and the expertise they bring to the project, so we are not surprised the process is taking a while to finalise.

We hope that whoever IVZ decides to bring on as a partner makes a significant financial contribution to the project and also has oil and gas development experience.

Environmental management plans approved, drilling in August

ASX:IVZ   Jul 26, 2022 Announcement

Investment Memo: IVZ IM-2022
Objective 4 : This is the most important: We want to see the first drill.


This morning our 2020 Energy Pick Of The Year, Invictus Energy (ASX: IVZ), announced the renewal of its Environmental Impact Assessments through to July 2023.

With the renewals approved, IVZ confirmed that it has concluded “the permitting requirements” which allow the company to conduct in-field seismic and exploration drilling.

IVZ is now a few weeks out from drilling its Mukuyu prospect in Zimbabwe - the largest undrilled oil and gas prospect onshore Africa.

The first well will target a giant prospective resource totalling 20 trillion cubic feet (Tcf) and 845 million barrels of gas condensate — a gross mean unrisked prospective resource of ~4.3 billion barrels of oil equivalent.

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.

Searching for high impact energy projects

ASX:PRM   Jul 25, 2022 Announcement


Following the disappointing result at the Sasanof Well, Prominence Energy (ASX:PRM) continues its search for high impact opportunities in the oil and gas, hydrogen and helium sectors.

PRM today confirmed that it was “adequately funded in the near term to fund the selection and evaluation of prospective projects” with $2.8M cash as at June 30. With a market cap of $4.8M, the company is currently trading with an enterprise value of just $2M.

The company reported that it is reviewing a steady stream of new venture opportunities, as it tries to find and secure the right project for the company.

PRM is seeking projects:

  • With a high probability of success, focused on appraisal and development projects as opposed to high-risk, high-reward exploration.
  • Early entry opportunity such as acreage applications where drilling can be substantially funded via farm-out.
  • Opportunities in Helium, Hydrogen or other green energy projects.
  • Near term cash flow generation projects.

As part of its strategy to invest in alternative energy and carbon friendly projects, PRM has acquired a 10.9% ($100,000) stake in Ecostorage Solutions Pty Ltd (ECOSSAUS) in a seed capital raising.

ECOSSAUS has seven tenement applications across 3,322km2 in Northern Territory, South Australia and Queensland believed to be prospective for the solution mining of salt and the potential subsequent use of resultant salt caverns for storage purposes.

PRM is also continuing to work on the Bowsprit project which it believes could provide a free cash flow generating avenue for PRM given the current energy climate.

While we were disappointed, but not shocked at the results of the high-risk, high-reward Sasanof Well, we are encouraged that the company is progressing in its search for new opportunities.

Diamond drilling program ongoing in Kazakhstan

ASX:SGA   Jul 25, 2022 Announcement

Investment Memo: SGA IM-2022
Objective 4 : Complete metallurgical testwork
Objective 3 : Increase confidence in the resource - upgrade JORC resource from inferred to indicated


The first piece of newsflow from our latest Portfolio addition came in this morning, with our graphite Investment Sarytogan Graphite (ASX: SGA), releasing an operations update on its current drilling program.

As of 22 July 2022, the company had completed ~25% of the ~4,000m of diamond drilling planned at its graphite project in Kazakhstan.

The drilling program has four main objectives:

  1. Drilling inside the “central graphite zone” - This will expand on the 2021 drilling program, which was primarily focused on the “north graphite zone”.

  2. Test for extensions outside of its current JORC resource - Some of the current drilling will look to extend the size of SGA’s deposit. This could potentially lead to an increase in the size of its JORC resource.

  3. To use diamond drillcore samples for metallurgical testing - The goal is to obtain high quality drillcore samples so SGA can complete the processing testwork. (Objective #1 from our 2022 SGA Investment Memo).

  4. To upgrade the JORC resource into the indicated classification - The aim is to increase the confidence level of SGA’s giant 60mt contained graphite JORC resource. The more drilling data SGA gathers the more of its giant inferred resource can be upgraded into an indicated classification. (Objective #2 from our 2022 SGA Investment Memo).

Next for this round of drilling:

SGA expects to release the drilling results progressively, with the first batch of results expected later this quarter.

Immediately after the resource update, we expect to see SGA put out an updated JORC resource. We want to see as much of the resource upgraded into the indicated classification as possible.

We also expect to see the company put out updates from its ongoing Metallurgical testwork.

Quarterly reveals strong cash position

ASX:GTR   Jul 25, 2022 Announcement

Investment Memo: GTR IM-2022


This morning our US based uranium exploration Investment GTI Energy (ASX: GTR), put out its quarterly reports ahead of the month end deadline.

One thing that stood out to us was the strong cash position GTR has managed to put itself in ahead of its planned drilling program across its uranium projects in Wyoming.

The company held $6.9M in cash plus 5,000,000 shares in Regener8 Resources (worth ~$825k based on Regener8’s current share price of 16.5c per share).

With GTR trading at a market cap of ~$22M, this would give the company an enterprise value (EV) of ~$14.3M after the cash and shares are accounted for.

Next:

We look forward to seeing GTR kick off its 100,000 foot drilling program across its uranium projects in Wyoming, USA, to follow up on its discovery earlier this year.

Drill rig now arriving on site, drilling expected in August.

ASX:IVZ   Jul 25, 2022

Investment Memo: IVZ IM-2022
Objective 4 : This is the most important: We want to see the first drill.


Over the weekend, we saw a video from our 2020 Energy Pick Of The Year, Invictus Energy (ASX: IVZ), confirming that its Exalo 202 drill rig is arriving on site ahead of its maiden drilling program expected in August.

Below is a link to that post where you can see the video of the rig equipment arriving on site.

IVZ is gearing up to drill its elephant scale prospect in Zimbabwe with the potential to open up an entirely new oil and gas basin in the country.

As IVZ’s LinkedIn post mentioned, a new discovery could be a game changer for IVZ, Zimbabwe and the broader southern African energy markets.

The first well will target a giant prospective resource totalling 20 trillion cubic feet (Tcf) and 845 million barrels of gas condensate — a gross mean unrisked prospective resource of ~4.3 billion barrels of oil equivalent.

With the rig now arriving at the well site, IVZ expects drilling to commence in August.

OTC listing update - Depository trust company status approved

ASX:IVZ   Jul 25, 2022 Announcement

Investment Memo: IVZ IM-2022


This morning our 2020 Energy Pick Of The Year Invictus Energy (ASX: IVZ) confirmed that it has received approvals for depository trust company status (DTC) in the OTC markets in the USA.

The DTC approvals will allow real time electronic clearing and settlement, streamlining the trading process for IVZ shares in the USA.

The key advantages of today’s news is as follows:

  1. Trades and settlements are in USD.
  2. Trading in the North American time zone
  3. IVCTF is the same class of shares traded on the ASX.

All of this should mean the process of buying and selling IVZ shares in the US is simplified to the point where it becomes more accessible to investors in North America.

Generally, OTC listings and subsequent DTC status improve liquidity and bring more eyeballs to a company.

We suspect a good portion of US investors are very much aware of the gas supply crisis playing out right now and with IVZ getting ready to drill its elephant scale prospect in Zimbabwe, we think today’s news could see some more trade volumes come through from US investors.

The company last traded for US$0.14/per share which translates to a ~20.5c at the current USD/AUD exchange rate.

The company is trading under the ticker “IVCTF” and trading activity can be viewed via the following link: www.otcmarkets.com/stock/IVCTF/overview.

Australia - “the new Saudi Arabia of green energy and minerals"?

ASX:PRL   Jul 22, 2022

Investment Memo: PRL IM-2022
Investment Thesis 1 : Ideal location for the project


One thing that stands out from the following AFR article is the singling out of Australia as a potential future energy superpower.

For some context, Australia represents 0.32% of the world's population and ranks 13th when measured by gross domestic product (GDP) - the point being Australia is tiny on the world stage.

For the COO (Mr Patrick Lammers) of a European utility company to publicly say that Australia has the potential to be a future global superpower in the energy industry and "the richest country in the world" is big praise if you ask us.

Mr Lammers comments specifically touch on the potential for Australia to produce and then export green hydrogen to the world.

We have long held the view that Australia's access to abundant natural renewable energy resources, including solar and wind power, uniquely positions it to produce the cleanest form of hydrogen - green hydrogen.

Mr Lammers agrees with us, saying Australia is "one of the best geographical places, geopolitical places" to produce green hydrogen.

We are Invested in Province Resources (ASX: PRL), which is looking to develop Australia's first truly zero carbon, green hydrogen project.

To see why we are Invested in PRL, the key objectives we want to see the company achieve in 2022 and the key risks to our Investment thesis, check out our 2022 PRL Investment Memo here.

Below are our key takeaways:

  • Chief Operating Officer of European utility E.ON (Patrick Lammers) thinks Australia has the potential to be "the new Saudi Arabia" of green energy and minerals.
  • Mr Lammers said, "Australia if it really gets their act together ... could be the powerhouse of green hydrogen for the world because it's actually one of the best geographical places, geopolitical places to do this".
  • He also said, "Australia could be the new Saudi Arabia, but then not only having the energy exports, you also export the new minerals in a very green way. This makes you the front-runner, and you could be the richest country in the world".
  • Europe, particularly Germany, is facing a crisis in energy supply, exacerbated by the war in Ukraine as Russia reduces pipeline gas flows to the region.
  • With Europe's dependence on Russian gas reaching boiling point, Mr Lammers said, "Green hydrogen we see has a pivotal role to keep industry in Europe,".

To read the full AFR full article, click here.

More domestic gas needed to fix the east coast crisis

ASX:TEE   Jul 22, 2022

Investment Memo: TEE IM-2022


The following AFR article discusses the latest developments in the Australian east coast energy markets.

The article discusses explicitly regulatory intervention forcing export ready gas to be directed into the domestic market to avoid shortages and ease domestic soaring prices.

CEO of Woodside Energy Meg O’Neil blames these issues on a lack of investment in new gas supply across the country.

The situation domestically is being made worse with increased demand for Australian Liquefied Natural Gas (LNG) exports due to global supply shortages stemming from the Russia/Ukraine conflict.

We have long held the view that there has been chronic underinvestment in new gas supply worldwide, especially here in Australia.

This is why we are Invested in domestic gas explorer Top End Energy (ASX: TEE), which holds prospects in the NT and QLD.

To see why we are invested in TEE and what we are looking to see the company achieve over the next 12 months, check out our 2022 TEE Investment Memo here.

Below are our key takeaways:

  • On Tuesday, the Australian Energy Market Operator (AEMO) directed Queensland’s LNG producers to make more gas available for domestic consumption.
  • The country’s largest producers responded, with the east coast gas pipeline at about 90% capacity on Thursday.
  • This is the latest development in Australia’s energy crisis, with electricity and gas prices across the east coast soaring to record levels.
  • CEO of ASX listed Woodside Energy (one of the biggest gas suppliers to the east coast markets), Meg O’Neill, blamed the east coast gas crisis on under-investment in new supply due to political and policy decisions.
  • O’Neil is quoted saying, “The reality is there’s no quick fixes to this. The underinvestment is structural, that’s been underway for multiple years”.

To read the full AFR full article, click here.

Noosa Mining Investor Conference round-up

Jul 22, 2022

Macro: Commodities


Spanning three days on the pristine Sunshine Coast of Queensland, the Noosa Mining Investor Conference kicked off its 12th year on Wednesday. Attracting a diverse and large spread of corporates, brokers, retail and institutional investors, this year’s event featured over 60 companies presenting and over 1,000 people in attendance, all hosted within the coastal town's Peppers Resort.

At the event, we caught up with a number of executives from our Investment companies (including AKN, AOU, BPM and PFE) as well as companies of interest, either as potential additions to one of our Portfolios, or to gain expert insight to macro and regional headwinds impacting the markets.

The conference is held in the ideal location to mix work with pleasure, and meet a host of CEOs of ASX juniors. Each day ends with a short ‘business at the bar’ session that quickly morphs into talking tactics about where to eat and drink. On Thursday and Friday nights, many head to the Noosa Surf Club for its networking sessions, enjoying its glassed indoor area and open deck to the beach.

We look forward to providing updates on companies we met with down the road.

Tesla profit jumps, ASX lithium stocks jump

Jul 22, 2022

Macro: Lithium


Yesterday, Elon Musk’s Tesla notched a 57 per cent jump in adjusted earnings per share (EPS) in its latest quarter, a 42% rise in revenue on this time last year and forecasted annual sales growth of 50 for the foreseeable future:

The good numbers out of Tesla were enough to see a number of ASX listed lithium stocks jump on the news, including three of our lithium Investments.

These include the following (with yesterday’s moves):

Vulcan Energy Resources (ASX:VUL) - +8.76%

Latin Resources (ASX:LRS) - +8.33%

European Metals Holdings - +5.33%

What we think is playing out here is perhaps a bit of market pushback against bearish lithium narratives - which in part originated out of Goldman Sachs and Credit Suisse in mid-June.

This, despite the lithium price holding steady at a very elevated level for the last three months:

After tax loss selling in June slowly ground to an end - we’re seeing a bit of life coming back into the market - with potentially a bit of bargain hunting going on.

We remain bullish on lithium’s prospects as part of a decade-long battery metals boom and remain long-term holders of the three companies listed above.

There’s an easy way to see these companies on our portfolio page, along with our other portfolio filters (click the image to see our lithium companies all in one place):

Samsung may build US$200B of chip facilities in Texas

ASX:GGE   Jul 22, 2022

Investment Memo: GGE IM-2022
Investment Thesis 2 : Location of project
Investment Thesis 1 : Helium a critical raw-material for Semiconductors


Samsung, the electronics giant and the leading maker of memory chips is considering spending US$200B on 11 new chip facilities in Texas:

While the first chip facility likely wouldn’t be in operation until 2034 - we think it is indicative of growing impetus behind the US localising chip manufacturing.

We think these moves should also interact with the broader trend of increased demand for helium from a rapidly growing semiconductor industry.

That additional chip manufacturing will need a lot of helium - helium that we’re hoping our Investments in Grand Gulf Energy (ASX:GGE) and Noble Helium (ASX:NHE) can produce and sell.

GGE recently proved it has found commercially viable grades of helium in Utah, USA.

Our other helium Investment, NHE, is pursuing a resource that if proven out, has the potential to be the world’s third largest helium reserve behind the nations USA and Qatar, and the largest ever reserve held by a single company.

The news from Samsung comes at a time when the US is looking to pass the CHIPS Act which would allocate around US$50B to domestic chip production - the Biden administration has pressed Congress to pass the bill before an August recess.

What’s next for GGE and NHE? GGE will re-enter Jesse #1A to test for flow rates in Q3-2022. Meanwhile NHE is likely to commence an airborne gravity gradiometry survey in Tanzania soon, ahead of a 3D seismic survey to firm up targets for a maiden drill campaign in Q3 2023.

EV1’s battery cycling testwork - graphite is “super-premium”

ASX:EV1   Jul 21, 2022 Announcement

Investment Memo: EV1 IM-2022
Objective 2 : Assess Downstream “Value Add” Opportunities
Milestone 3 : Market update battery specific value add (studies or partnerships)


EV1 has been testing out its Chilalo graphite (fines) to see how suitable it would be for lithium-ion batteries like the ones found in EVs.

And we think the results from early cycling work are very encouraging.

This comes after EV1 proved that its fines product:

Today’s test work shows that the surface coated graphite from Chilalo achieved an irreversible capacity loss of 6.95%, below the 7% threshold required for “super-premium” battery applications which fetch between U$18,000 to $22,000 per tonne.

Irreversible capacity loss is a measure of how many times a graphite battery material can be used and reused - basically a measure of its longevity/durability.

This is essential to use cases in EVs as consumer preferences favour batteries with a long life.

What’s next for EV1? The preliminary results from the long-term battery cycling program mean that EV1 has enough data to go and commence qualification initiatives of their coated battery anode materials with targeted battery manufacturers. EV1 has done 20 cycles and will continue the work through to 100 cycles.

We’ve long held the view that this downstream work is essential to re-rating EV1’s market cap to fall in line with its larger graphite peers - so we’re very pleased with their progress on the downstream front.

More high grade gold hits for Los Cerros

ASX:LCL   Jul 21, 2022 Announcement

Investment Memo: LCL IM-2022


Our gold exploration Investment Los Cerros (ASX:LCL) has provided an update on infill drilling at its Tesorito porphyry discovery in Colombia, delivering more high grade gold intercepts.

The short three drill hole infill drilling program was designed to better define the high-grade potential starter pit within the 1.3Moz Tesorito Inferred Resource pit shell, as part of LCL’s plan to advance and de-risk mature prospects within the Quinchia Gold Project.

The best results from surface include:

These results give greater certainty to the nature of the high grade porphyry core of the Tesorito discovery.

We think the move towards infill drilling is sensible given the nature of markets right now, and in particular, the lack of market sentiment for gold stocks.

This follows results of Tesorito metallurgical test work that demonstrated Tesorito ore is likely to be amenable to a conventional process flow and to enjoy typical porphyry style recovery performance characteristics.

LCL’s strong cash position of over $13 million at the end of June leaves it well funded to continue advancing the Miraflores and Tesorito deposits.

Company presentation - Three drilling programs back to back

ASX:TG1   Jul 20, 2022 Announcement

Investment Memo: TG1 IM-2022


This morning our micro cap exploration Investment TechGen Metals (ASX: TG1) released a new investor presentation.

The presentation laid out what looks like a busy second half of the year full of drilling for TG1.

TG1 outlined its plan to drill THREE of its projects over the next five months, starting with:

  1. NSW (Jackadgery) - Drilling for gold.
  2. Ashburton Basin, WA (Mt Boggola) - Drilling for copper, gold and silver.
  3. Ashburton Basin, WA (Station Creek) - Drilling for copper, gold and silver

What's especially interesting is that TG1 is drilling three projects, testing high priority targets that have NEVER been drilled before.

With a market cap of just $6.1M, ~$2M in cash (as of 31 May 2022), TG1 is trading with a tiny enterprise value of just $4.1M.

If TG1 makes a new discovery at any of the three upcoming drilling programs, we think its tiny EV leaves the company with plenty of room to re-rate off the back of drilling success.

To check out the updated investor presentation, click here. Alternatively, click on the image below:

Helium project ownership increases to 70%

ASX:GGE   Jul 20, 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), took its ownership interest in its helium project in Utah, USA, to 70%.

This comes after GGE renegotiated its earn-in agreement in December to increase its eventual ownership to 85% of the project.

After drilling the first well and contributing more than the required US$1.5M GGE today, confirmed its ownership interest of the project now sits at 70%.

Below is an update of where GGE is with respect to the acquisition terms:

GGE still holds the right to increase its ownership interest to 85% by contributing a further US$1.5M to two more wells.

With planning already underway for the second well in Q3-4 this year, we could see GGE achieve these milestones well before the 30th September 2023 deadline.

Next:

We are waiting to see GGE follow up its helium discovery at its Jesse #1A well with a workover rig in mid August. The ultimate aim will be to produce a commercially viable flow rate.

To see where we set our expectations going into that flow testing program, check out our previous GGE note here: GGE confirms helium discovery - next step is to bring it to the surface.


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