IRLAB Therapeutics - External validation boosts quarterly recap

In its Q124 report, IRLAB recapped its efforts in targeting major aspects of Parkinson’s disease (PD). The update was enhanced by the recently announced R&D collaboration for IRL757, which is anticipated to fully fund all development activities through clinical proof-of-concept and support the advancement of the development programme through efficacy signal readouts in both PD and Alzheimer’s patient populations. IRLAB will take the compound into a Phase I study, funded by the MJFF, later this month. Both of IRLAB’s most advanced assets continue to progress through the clinic, with management ...

Q1 report: building up IRL757

IRLAB Therapeutics - MSRD agreement early validation for IRL757

The McQuade Center for Strategic Research and Development (MSRD) has signed an exclusive R&D collaboration for IRLAB’s preclinical candidate IRL757, following recent clearance by Swedish authorities to start clinical trials. This positive development provides early validation of IRLAB’s preclinical pipeline, in our view, and potential upside to our valuation provided there is clinical progress. Under the collaboration, MSRD will fund IRL757’s clinical development to proof-of-concept (PoC) in addition to paying IRLAB US$3m in upfront payments and up to US$5.5m in development milestones. Note th...

Pan African Resources - Upgraded FY24 production guidance

On 9 May, Pan African announced that it was narrowing its production guidance for the year ending 30 June 2024 to 186–190koz (cf 180–190koz previously), notwithstanding the cessation of production from surface sources at Evander in H2. Group AISC guidance was maintained at US$1,325–1,350/oz (at ZAR18.50/US$) however. Consequently, we have increased our H2 production forecast by 2.5% as well as increasing our H224 gold price by 9.2% to result in a US$20.6m positive variance in H224e revenue, only partially offset by incidental higher costs, to result in a 41.7% increase in H224e normalised EPS ...

Alkane Resources - Kaiser takes on the World

As with Boda before it, April’s resource update at Kaiser saw substantially all of its resource promoted from the inferred to the indicated category at a materially higher grade of both gold and copper. The close-spaced nature of the drilling required to achieve this will now allow these resources to be quickly and easily promoted to reserve status for the purpose of Alkane’s scoping study – or preliminary economic assessment – to be announced later this quarter.

Alpha Bank - Q1 beat, buy-back proposal

Alpha Bank’s Q124 profit after tax reached a record €211m, up by 90% y-o-y, 75% q-o-q and 8% above consensus. The beat was driven by better trading gains and impairment losses, with net interest income (NII) and operating expenses largely in line. Adjusted return on tangible equity (RoTE) was 13.5%, ahead of the full-year target of 13%. Alpha also announced a change in proposed FY23 profit distribution. The previously indicated €0.05 dividend (€122m distribution) is now proposed to be split 50:50 into a €0.025 dividend and €61m buy-back, subject to regulatory approval. Any buy-back would be va...