Welcome to Sponge Shares

Research Area

Welcome to the research area. Here you will find a number of research notes I have produced on a variety of companies I have invested in.

I only produce research notes on companies that I myself would invest in having done my own due-diligence and research. Most of these stocks fall into the mid-term, higher risk, high growth stocks category I mention in my strategy and are stocks I hope to see the biggest gains from.

Please remember these notes are my own opinion and do not constitute investment advice.


Contango Holdings PLC

rock formation close up photography

Contango own 70% of the LUBU coking coal project in Zimbabwe. The project start-up is fully funded with the aim to commence production Q4 2020

The company offer near-term, significant cash flow generation with the aim to implement an early dividend policy with remaining cash for expansion or re-investment


Goldstone Resources

Goldstone is in my opinion a hidden gem! They have two gold projects in close proximity in Ghana and on strike of one of the worlds largest producing gold mines.

Homase is the starter phase 1 project that sports an initial 144% IRR but has significant development and exploration upside potential.

Akrokeri, also a previously producing mine offers similar potential but with exceptionally high grades.


Fusion Antibodies Part 2

Fusion Antibodies offers a complete range of antibody-related services in discovery, engineering and supply and have guided hundreds of projects through critical preclinical stages.

In Part 2 I focus on the Mammalian antibody library and the work they are doing in the COVID-19 space. Validating the MAL would be a game-changer for the company.


Horizonte Minerals

Horizonte Minerals is the leading Nickel developer listed on the AIM market. They are currently developing two tier 1 nickel projects based in Brazil.

Ive been invested in Horizonte for a few years now and I believe today the investment opportunity is the best it has ever been.


Armadale Capital

In this research note I cover Armadale Capital, emerging Graphite producer in Tanzania. The company are developing a low cost, low capex, high purity and high grade graphite project with robust economics

East Africa is expected to be a critical source of natural flake graphite going forwards as the EV boom kicks in along with the demand for EV battery materials.


Fusion Antibodies Part 1

In this brief research note, I’m going to focus on Fusion Antibodies given it has a current market cap of £25m at time of writing largely under-pinned by its core business.

The company has recently executed a fundraise primarily to advance the Mammalian Antibody Library and to validate the library for commercialisation.  

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