May 10, 2026 · 1h 9m
Biotech promise meets copper development risk
S11 Ep68: Sunday Roast featuring Coiled Therapeutics PLC and Halo Resources #COIL #HALO #EPP #DELTA #KEN #AEG
The episode contrasts Coiled Therapeutics’ clinical ambitions with Halo Minerals’ path from permitted project to copper production and expansion.
- 1Coiled Therapeutics is positioning AO252 for clinical proof of concept across several cancer indications before seeking a larger pharmaceutical partner.
- 2Halo Minerals argues Playa Verde combines near-term copper development with environmental remediation, but financing and construction remain material risks.
- 3The hosts connect geopolitical news and weekly market movers to the valuation pressures facing small-cap companies.
Don't miss
Sotirios George Stergiopoulos sets out how AO252 could move from a funded clinical program toward proof of concept and a larger pharmaceutical partnership.
The brief
The hosts open with UK election results and tensions involving Iran, the United States and the Strait of Hormuz, framing a market discussion around politics, currencies and rates.
Sotirios George Stergiopoulos explains how Coiled Therapeutics acquired and licensed AO252, including its blood-brain-barrier penetration, oncology applications and planned route to clinical proof of concept.
The biotech case rests on financing and execution: an £8.5 million raise is intended to fund development through 2027 while the company optimizes dose and formulation.
David Minchin and Charles Archer present Halo Minerals’ Playa Verde as a permitted copper project with remediation benefits, but financing, dredger procurement and construction remain decisive hurdles.
The standout contrast is valuation: Halo’s speakers place its enterprise value against project NPV while describing offshore expansion as a possible source of longer-term growth.
What was said on this episode
27 statements · 24 positive · 1 negative · 1 mixed · 1 neutral
US interest rates will fall for political reasons.
“I can't see anything but interest rates lower. Because politically that's what needs to happen.”
Listen at 5:13
AO-252 reaches brain tissue at roughly blood-equivalent levels.
“Our ability to actually have pretty much on a 1-to-1 level of what the, the in the blood versus what's in the brain”
Listen at 11:03
AO-252 has an approximately 80% clinical benefit rate.
“our clinical benefit rate is at about 80%.”
Listen at 13:08
AO-252 reduced a tumor by 30% in a heavily pretreated patient.
“it still takes 30% of the tumor down.”
Listen at 13:41
AO-252 can convert immunologically cold tumors into hot tumors.
“We're able to transform that and really make it into a hot tumor.”
Listen at 17:11
Coiled Therapeutics intends to avoid becoming a commercial entity.
“we're not looking to become a commercial entity ourselves in any way”
Listen at 23:51
AO-252 could address a market approaching or exceeding $100 billion.
“you could be reaching anywhere close to $100 billion plus.”
Listen at 25:03
AO-252 may have applications beyond cancer.
“Could there potentially be other uses? Yes, potentially they can”
Listen at 29:23
AO-252 will become a major blockbuster and justify buying Coiled shares.
“this is going to be a huge blockbuster, we believe, and one that will definitely be worth the buying of the share.”
Listen at 31:37
AO-252 is worth substantially more than its implied £6–8 million value.
“the value is much greater than that.”
Listen at 32:23
AO-252 has already demonstrated tumor effects below its maximum tolerated dose.
“we've already shown that that's the case, and we showed it with doses that aren't even at the maximum tolerated dose yet.”
Listen at 32:51
Coiled expects clinical answers on AO-252 within months, not years.
“we'll have our answers fairly quickly.”
Listen at 35:07
Halo Minerals aims to begin Playa Verde construction before end-2026.
“we can be on stream to commence production— sorry, commence construction before at the end of 2026.”
Listen at 39:16
Halo Minerals’ share price has stabilized near 12p and can rise from there.
“we've stabilized at around the 12p mark, and I think this is the floor from which we, we can climb”
Listen at 41:04
Playa Verde’s offshore expansion could produce an NPV above $250 million.
“With this, um, uh, application for the offshore expansion, uh, we're looking at 250 plus.”
Listen at 43:06
Halo’s valuation gap to a roughly $500 million NPV will eventually close.
“to have a company with an NPV of half a billion being valued at $8, you know, the, the gap there will get bridged eventually.”
Listen at 43:26
Halo has received substantial inbound interest in offtake and non-dilutive financing.
“we've already received a fair amount of organic inbound interest with regards to offtake agreements, non-dilutive financing.”
Listen at 46:35
Playa Verde remediation can deliver environmental and community benefits.
“we are able to, you know, the ESG components, you know, it works out.”
Listen at 51:22
Playa Verde could provide Halo a repeatable model for expanding across South American tailings projects.
“it gives us a blueprint for expansion.”
Listen at 54:11
Halo can double plant capacity and process its resource over 20 rather than 50 years.
“we can double the plant because we've got a much larger resource and we want to be working through it in 20 years, not 50 years.”
Listen at 59:37
Halo is fully permitted, two years from production, and trades below 10% of NPV.
“A de-risked, fully permitted, uh, copper play, 2 years from production, trading at less than 10% of its, uh, NPV value.”
Listen at 1:01:13
Energy Pathways’ gas-storage license could transform the company.
“it's a company maker because of the gas storage”
Listen at 1:02:22
Energy Pathways could become a billion-pound company following the gas-storage license.
“a billion-pound company. It is the starter.”
Listen at 1:02:42
Energy Pathways could generate hundreds of millions in revenue and profit within five years.
“in 3, 4, 5 years' time, this could be, could be producing hundreds of millions of pounds in terms of both revenue and profit.”
Listen at 1:02:48
Delta Gold’s valuation could increase tenfold from its current level.
“It could, it could still do 10 times from here.”
Listen at 1:04:41
Kendrick Resources is valued far below a comparable rare-earth company.
“the one that was probably most relevant has a market cap of $910 million and Kendrick's worth about $11 or $12 million.”
Listen at 1:05:47
Active Energy will generate substantial revenues from its UAE expansion soon.
“I think we're going to see big valuations— or sorry, big revenues coming from that in the not too distant future.”
Listen at 1:07:20
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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