Align Research

Align Research is a commissioned research company founded in November 2015 in order to provide the under-served smaller company space with high quality analysis. We have an initial focus on the natural resources sector, in which we see significant opportunities given the current once in a generation bear market, however all undervalued small caps (sub £100m) are considered by our team. Align was founded by industry professionals with decades of experience in the stock markets, headed up by highly qualified individuals from both fund management and analytical backgrounds.

Dr. Michael Green

Ironveld - Initiation of Coverage

Ironveld joined AIM in 2012 with Prospecting Rights over a vast 165km² area in the Bushveld, South Africa, with plans to mine magnetite iron ore as feedstock for its own pig iron plant. Since then, there has been a large JORC-resource delineated (2013), a cracking DFS (2014), mining licences secured, environmental approval gained, plus confirmation of power supply from Eskom - major milestones on the road to putting this project into production. All great news but in recent years Ironveld has been treading water. Post a recent £1.15m funding, the board now has 12-months to finally do a financi...

Dr. Michael Green

Coro Energy - Initiation of Coverage

Highly compelling regional energy play in both renewables and gas benefitting from the rapidly growing SE Asian economies Coro Energy is the old Saffron Energy, which joined AIM in February 2017 with onshore gas producing interests in Italy. Within 12 months a new management team had taken over, led by James Parsons as Chairman, bringing a brand-new strategy for expansion and transformational growth focused on South East Asia. Early 2019 saw Coro acquire a 15% interest in the Duyung PSC in a deal which involved helping to fund highly successful appraisal drilling which saw 2C resources grow...

Richard Gill, CFA

Argo Blockchain - Update

Infrastructure expansion boosts results in 2020 Numbers for the six months to 30th June 2020 reported that Argo mined 1,669 Bitcoin equivalent in the first half of its financial year, up from 306 in H1 2019 mainly due to the expansion of the mining estate. Revenues for the period were up by 280% at £11.1m, with EBITDA up 96% to £3.23m. Well placed to benefit from surge in the Bitcoin price After falling to a low of c.$4,900 in March amidst the coronavirus inspired sell off, following a significant rally from the $10,000 level in September, the Bitcoin price has gone on to reach a three ...

Richard Gill, CFA

Eco (Atlantic) Oil & Gas - Initiation of Coverage

Eco started trading on the TSX-V in 2011 with Namibian oil interests. 2016 saw the company teaming up with Tullow to acquire a licence in Guyana to explore similar basins in the margins on the other side of the Atlantic Ocean, ahead of becoming dual-listed in 2017. The shares began rising on Eco’s announcement to drill and climbed to 190p+ following the drilling of two discovery wells in Guyana which confirmed the prospectivity of the upper & lower Tertiary fairways. However, the stock price fell by two thirds in a matter of days following Tullow’s news that the wells contained heavy oil with ...

Richard Gill, CFA

Gaming Realms - Valuation Update

Gaming Realms is a creator and licensor of innovative games for mobile, with operations in the UK, U.S. and Canada. Flagship brand Slingo® is a highly popular and unique game genre which combines elements of slot, bingo and table gameplay. These games are licensed by some of the biggest online gaming operators in the world, including DraftKings, Sky Betting & Gaming and GVC, and distributed directly to operators or via global partners such as Scientific Games & Relax Gaming using the company's proprietary Remote Game Server platform. Interims show revenue growth of 66% and a substantial E...

Gulfsands Petroleum

​Gulfsands Petroleum is an AIM listed oil & gas exploration and development company whose primary asset is a 50% working interest in a Production Sharing Contract (PSC) on Block 26 in Syria. Other assets are located in Morocco, Tunisia and Colombia. The ongoing conflict in Syria, coupled with the collapse in the oil price, has driven the shares to an all-time low.

Dr. Michael Green

Ironveld - Initiation of Coverage

Ironveld joined AIM in 2012 with Prospecting Rights over a vast 165km² area in the Bushveld, South Africa, with plans to mine magnetite iron ore as feedstock for its own pig iron plant. Since then, there has been a large JORC-resource delineated (2013), a cracking DFS (2014), mining licences secured, environmental approval gained, plus confirmation of power supply from Eskom - major milestones on the road to putting this project into production. All great news but in recent years Ironveld has been treading water. Post a recent £1.15m funding, the board now has 12-months to finally do a financi...

Dr. Michael Green

Coro Energy - Initiation of Coverage

Highly compelling regional energy play in both renewables and gas benefitting from the rapidly growing SE Asian economies Coro Energy is the old Saffron Energy, which joined AIM in February 2017 with onshore gas producing interests in Italy. Within 12 months a new management team had taken over, led by James Parsons as Chairman, bringing a brand-new strategy for expansion and transformational growth focused on South East Asia. Early 2019 saw Coro acquire a 15% interest in the Duyung PSC in a deal which involved helping to fund highly successful appraisal drilling which saw 2C resources grow...

Richard Gill, CFA

Argo Blockchain - Update

Infrastructure expansion boosts results in 2020 Numbers for the six months to 30th June 2020 reported that Argo mined 1,669 Bitcoin equivalent in the first half of its financial year, up from 306 in H1 2019 mainly due to the expansion of the mining estate. Revenues for the period were up by 280% at £11.1m, with EBITDA up 96% to £3.23m. Well placed to benefit from surge in the Bitcoin price After falling to a low of c.$4,900 in March amidst the coronavirus inspired sell off, following a significant rally from the $10,000 level in September, the Bitcoin price has gone on to reach a three ...

Richard Gill, CFA

Eco (Atlantic) Oil & Gas - Initiation of Coverage

Eco started trading on the TSX-V in 2011 with Namibian oil interests. 2016 saw the company teaming up with Tullow to acquire a licence in Guyana to explore similar basins in the margins on the other side of the Atlantic Ocean, ahead of becoming dual-listed in 2017. The shares began rising on Eco’s announcement to drill and climbed to 190p+ following the drilling of two discovery wells in Guyana which confirmed the prospectivity of the upper & lower Tertiary fairways. However, the stock price fell by two thirds in a matter of days following Tullow’s news that the wells contained heavy oil with ...

Richard Gill, CFA

Gaming Realms - Valuation Update

Gaming Realms is a creator and licensor of innovative games for mobile, with operations in the UK, U.S. and Canada. Flagship brand Slingo® is a highly popular and unique game genre which combines elements of slot, bingo and table gameplay. These games are licensed by some of the biggest online gaming operators in the world, including DraftKings, Sky Betting & Gaming and GVC, and distributed directly to operators or via global partners such as Scientific Games & Relax Gaming using the company's proprietary Remote Game Server platform. Interims show revenue growth of 66% and a substantial E...

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