Buying activity in the shares of Tan Delta Systems (LON: TAND) has pushed up the price by 41.7% to 25.5p. Earlier this month, a product agreement with an engine manufacturer to develop a sensor to monitor coolants and water-based hydraulic solutions was announced. The initial value of the agreement is £200,000, but it could increase to £2m.
After two decades in the role, Dr Patrick Cross has been replaced as chairman of Empyrean Energy (LON: EME) by John Laycock, although he remains on the board. The share price improved 8.45% to 0.3595p.
Neometals (LON: NMT) is lowering annualised overheads by two-fifths and the has $3m at 4.5 cents/share from William Robert Richmond should last until the end of 2025. The focus will be the Primobius recycling operations. Net cash will be $9.3m and this will finance the company’s lithium-ion battery recycling business to the industrial validation stage. The Previous Metals Recovery option will not be taken up. Third-party funding is being sought for new lithium and vanadium technologies. The share price increased 5.88% to 4.5p.
Oil and gas producer Petro Matad (LON: MATD) is continuing to make progress with Block XX in Mongolia. The Heron-1 well has been completed and production should commence during the second half of 2024. There are discussions with PetroChina about processing of the oil produced. Drilling on Heron-2 should start in September. The share price rose 4.42% to 2.95p.
Programmatic advertising platform operator Nexxen International (LON: NEXN) raised second quarter net revenues by 4% to $83.1m and EBITDA rose 27% to $26.8m, which was better than expected. Growth is likely to accelerate in the second half. Full year pre-tax profit is forecast to increased from $44.9m to $65.3m in 2024. The share price is 5.57% higher at 303.5p.
Empire Metals (LON: EEE) has identified a new deposit at the Pitfield project in Western Australia that adds to the value of the project. It is enriched with high-purity anatase formed from the weathering of the original titanite-rich, bedded sediments. The discovery also confirms high grades of titanium dioxide with very low impurities. Anatase is a feedstock for titanium chloride and titanium metal markets. Empire Metals continues to progress towards a maiden mineral resource estimate. The share price firmed 1.86% to 8.2p.
FALLERS
Electric hybrid systems developer Proton Motor Power Systems (LON: PPS) says that its principal lender and major shareholder Falih Nahab will stop providing working capital at the end of 2024. At the end of July 2024, Proton Motor Power Systems has drawn down €110.4m out of debt facilities of €121.5m, plus it owes €37.8m in accrued interest. The facilities are repayable by the end of 2025, but the business is unlikely to be cash generative by then. There are talks with other potential providers of finance. Net liabilities were €111.7m at the end of 2023. The share price slumped 37.9% to 0.9p.
A weak advertising market meant that first half revenues of media analysis company Ebiquity (LON: EBQ) fell 7%. That hit operating margins, which slumped to 6%. Net debt is £15.3m. The second half should be much better, although just how good it will be will depend on trading in September and October and high operational gearing means that additional revenues will lead to a much bigger jump in profit. The interim results will be published on 26 September. The share price dived 30.3% to 26.5p.
Ariana Resources (LON: AAU) says the Kiziltepe and Tavsan mines in Turkey produced 8,500 ounces of gold and 66,300 ounces of silver in the first half of 2024. This generated revenues of around $20m for the Zenit Madencilik partnership where Ariana Resources owns 23.5%. This also now owns the Salinbras project. The share price fell 3.26% to 2.225p.
Lung cancer diagnostics developer LungLife AI (LON: LLAI) had cash of $2.62m at the end of June 2024, following a cash outflow from operating activities of $1.94m in the first half of 2024. First orders have been received under an Early Access Programme. A strategic partner is required to accelerate the sales of LungLB. The share price slipped 1.89% to 13p.
Ex-dividends
Cohort (LON: CHRT) is paying a final dividend of 10.1p/share and the share price declined 11p to 881p.
Supreme (LON: SUP) is paying a final dividend of 3.2p/share and the share price fell 4p to 182.5p.