Cadence Minerals (LON: KDNC) says that the 36.2%-owned joint venture that owns the Amapa iron ore project in Brazil has signed a memorandum of understanding with Sinoma Tianjin Cement Industry Design, which will provide a final proposal to complete a definitive feasibility study for the project and then submit a fixed price contract to construct the project. It will also attempt to obtain the financing required. The share price jumped 59.8% to 7.75p, but this is only back to the level in September. It has still declined by nearly one-third this year.
Machine learning developer Insig AI (LON: INSG) has launched the Transparency and Disclosure Index, which shows how well a company is doing with its level of disclosure. It should help to simplify corporate reporting, so it focuses on the important information. The share price improved by on-fifth to 21p.
Eyewear company Inspecs (LON: SPEC) improved revenues by 5% to £159.1m in the nine months to September 2023. Net debt has fallen by £6.4m to £21.2m. The new factory in Vietnam will be completed in the first half of 2024. The share price increased 8.57% to 76p.
Solid State (LON: SOLI) has sparked another upgrade after its first half trading statement. Security and defence demand has pushed up organic growth and Custom Power made a full contribution. Interim pre-tax profit will be at least £7m. Cavendish upgraded full year pre-tax profit by £600,000 to £12.5m and net debt is likely to be lower than expected at £4m. The share price rose 6.88% to 1165p.
FALLERS
Mineral sands company Base Resources (LON: BSE) says mining will end at Kwale in December 2024. There is insufficient resource development potential to extend the mine life. The share price slumped 24.3% to 6.625p.
Graphene technology developer Versarien (LON: VRS) are still marketing non-core businesses and the amount that will be received is uncertain. Discussions continue with potential customers in the leisure and construction sectors. The share price decreased a further 18.8% to 0.61p – just above the recent low.
Powerhouse Energy (LON: PHE) is deferring development of the Longford project in Ireland. It will assess the position with Hydrogen Utopia (LON: HUI). The Powerhouse Energy share price slipped 17.3% to 0.31p.
Quantum Blockchain Technologies (LON: QBT) has raised £2m from a placing at 1.5p/share, compared with the current price of 1.525p, down 15.3%. The cash will be spent on research and development. This will enable development of cloud service infrastructure in North America for the SaaS-based bitcoin mining market. Revenues could come from fees for each mining rig and/or a share of additional mined bitcoins.
Neometals (LON: NMT) has decided not to progress with vanadium tailings retreatment project in Finland because of difficulty in financing. The price of vanadium has been falling in recent months. Neometals will concentrate on licensing its vanadium recovery process. There was cash of A$14.2m at the end of the first quarter. The share price fell 11.4% to 15.5p.