Golden Metal Resources (LON: GMET) is undertaking high-resolution ground magnetic surveying at the Pilot Mountain project. A large magnetic anomaly has been identified and that could represent a potential buried porphyry system in depth. At the Garfield project geophysical work will help to delineate drill targets. Yesterday, Golden Metal Resources raised £506,250 at 22.5p/share from Purebond Ltd. The share price is 10% higher at 27.5p.
Destiny Pharma (LON: DEST) says it has been awarded innovation passport designation by the UK MHRA for its XF-73 Nasal treatment to prevent post-surgical infections. This should mean that there will be a quicker path to commercialisation. The share price recovered 5.6% to 16.5p.
Plastic products supplier Coral Products (LON: CRU) has reassured the market that it has made a pre-tax profit of £1.11m for the year to April 2024. Market have been recovering since January. Investment in manufacturing capacity has been completed and this will help to improve margins. The dividend has been restarted and 0.5p/share is forecast for the full year. The share price improved 6.25% to 12.75p.
Insurance businesses investor BP Marsh (LON: BPM) has launched a new share buyback programme of up to £1m following annual results. In the year to January 2024, pre-tax profit improved from £27.6m to £43.6m. This was predominantly due to disposals of stakes in Kentro Capital and Paladin Holdings. There was £40.4m in cash, plus £49.5m of assets that were sold after the year-end, at the end of January 2024. NAV increased by 102.8p/share to 629p/share. The share price is 5.68% ahead at 502p.
Smart vending machines technology developer Vianet (LON: VNET) had a strong second half with revenues 15% higher. The full year revenues rose from £14.1m to £15.2m, while pre-tax profit improved from £600,000 to £1m. Net debt was £1.5m at the end of March 2024. Profit is expected to more than double this year as Vianet gains more customers. The share price increased 5.61% to 113p.
FALLERS
Helium One Global (LON: HE1) has raised £8m at 0.5p/share. This will finance the deepening of Itumbula West-1well and the extended well test, as well as the development of the helium project in Tanzania. The extended well test should start in the third quarter. The share price dived by two-fifths to 0.66p.
Deltic Energy (LON: DELT) has been unable to find a partner for the Pensacola project in the North Sea. This means that Deltic Energy cannot finance its share of the development costs and it is withdrawing from the licence and transferring its 30% share to Shell and ONE-Dyas. Canaccord Genuity has reduced its NPV10 target price to 100p. The share price slumped 22.9% to 15.26p.
Yesterday evening, AFC Energy (LON: AFC) announced a fundraising and it has generated £13.8m via an oversubscribed placing and subscription at 15p/share. Up to £2m more can be raised via a REX retail offer, which closes at 5pm today. This will fund the investment in the Speedy Hire joint venture and the rollout of related orders of hydrogen-based equipment to replace the diesel alternative. Manufacturing capacity will be scaled up. The share price slipped 20.4% to 15.26p.
Novacyt (LON: NCYT) has settled its dispute with the UK government about its Covid tests. Novacyt will pay £5m. No admission of liability has been made. Novacyt had cash of £44.1m at the end of 2023. The share price fell 19.3% to 56.3p and values the company at £48.7m.
