Goldstone Resources (LON: GRL) says gold production at the Homase project in Ghana was 1,400 ounces by the middle of June, with gold recoveries doubled to 68%. Production is set to increase to 1,000 ounces/month. The share price soared 181.5% to 1.9p.
Echo Energy (LON: ECHO) says two samples from mining shafts at the Tesoro gold concession in southern Peru show high gold grades and recovery rates are more than 90%. Echo Energy has a 50% stake in Tesoro. Production could start later in the year. The share price is one-quarter higher at 0.004p.
ITM Power (LON: ITM) has gained a 500MW PEM electrolyser stack capacity reservation with a global customer. This capacity will be installed in Europe and the US. The agreement lasts until 2028. To put this in perspective, last year 33MW of capacity was sold. Zeus estimates that the deal could be worth a total of £150m. The share price increased 16.4% to 58.6p.
Thor Energy (LON: THR) has started drilling at the Alford East copper project in South Australia. There will be three water bores that will provide information for hydrological baseline studies. The drilling is a step in the process of demonstrating the viability of in-situ copper recovery at the site. The share price rose 11.8% to 0.95p.
FALLERS
Biome Technologies (LON: BIOM) is still suffering from delays in orders at its bioplastics division and technical validations may not be finalised until later in 2024. Also, the coffee packaging market has weakened. In contrast, there should be significant revenues from the RF Technologies division. Overall revenues will be well below expectations. A small loss is expected for 2024. Additional working capital may be required. The share price slumped 42.9% to 40p.
TV programmes producer Zinc Media (LON: ZIN) has secured 2024 revenues of £28m, which is lower than the same time last year. There have been delays to signing deals, so that could be a timing issue. Improving TV advertising revenues could reduce the constraints on budgets and increase activity in the second half. Singer is maintaining its 2024 forecast revenues at £41m. The corporate video and branded content business has been restructured and costs reduced. The share price fell 21% to 66p.
Late on Friday, oil and gas company Orcadian Energy (LON: ORCA) says that the expected funds from its partner have not arrived. Shell International Trading and Shipping is aware of the delays and is reserving its rights under the agreement with Orcadian Energy because of the funding delays. The share price is 12.1% lower at 7.25p.
Communications and power products supplier Solid State (LON: SOLI) reported a jump in full year pre-tax profit from £10.8m to £15.6m, but this level of profit will not be maintained this year. There was strong demand in the systems division and a £10m order was delivered earlier than expected. There will also be additional investment in integrated systems this year to secure larger contracts. WH Ireland forecasts a 2024-25 pre-tax profit of £10.1m, following a dip in revenues from £163.3m to £142.1m. This could be boosted by one-off deals. The share price dipped 4.25% to 1465p.