Daily Brief Australia: Freelancer Ltd, Iron Ore, ADX Energy Ltd, Qantm Intellectual Property and more

Freelancer reported a mixed performance in H124, with Escrow.com volumes down significantly after a very strong Q123, while the Freelancer platform benefited from growth in the Loadshift business. There are several promising opportunities in the enterprise business, including providing AI model training services and integration into new verticals within Escrow.com, that could reinvigorate growth from H224. Management is focused on making incremental improvements to the core marketplace platform with the aim of encouraging clients to become regular users of the platform and expanding the size of projects.

• Champion Iron Ore, also known as Champ, is a premium producer in the iron ore sector with potential for increased attention over time.
• Adriatic Metals is ramping up production at their Vares silver-zinc polymetallic deposit in Bosnia, but facing challenges with cash flow and development rates.
• Cash flow issues, teething problems with mining services, and logistical challenges are hindering Adriatic’s ramp up, but they are on track to reach their nameplate by Q4.

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• Independent consultants have calculated that each of the three reservoirs encountered at Welchau (Reifling – 128 metres, Steinalm -118 metres and the Guttenstein – 111 metres) are hydrocarbon bearing with uncertainty on the hydrocarbon type.
• Laboratory work on the Steinalm reservoir has confirmed the full properties ofthe 43° API light sweet oil that was recovered in an MDT sample run in the Steinalm Formation.
• The vertical extent of this light oil in the Steinalm or in the shallower Reifling and deeper Guttenstein is uncertain and there is no clear evidence of a hydrocarbon-water contact in any of the reservoir formations based on the open hole wireline log data.

• RaaS has published an update report on IP services group QANTM Intellectual Property (ASX:QIP) following the company’s EGM which saw more than 98.6% of shareholders vote in favour of the Scheme of Arrangement.
• Directors have declared, subject to the Scheme becoming effective, a fully-franked special dividend of $0.071/share, which will be included in the $1.817/share consideration being paid by Adamantem Capital.
• Next steps are approval of the Scheme at a second court hearing scheduled for today, shares suspension from close of trading on Monday 5 August with the Scheme to be implemented on 19 August, subject to all conditions being met.