Chilean lithium producer SQM is earning an initial 40% interest in the Lithium Ridge project in Namibia, which is operated by Andrada Mining (LON: ATM). There will be a $500,000 participation fee and an additional $1.5m with an option to invest $20m over less than four years to earn the 40% interest. The stake could be increased to 50%. A one-off success fee will be payable to Andrada Mining once a JORC compliant mineral resource estimate exceeds 40 million tonnes. The share price increased 18.1% to 3.75p.
Autoantibody profiling company Oncimmune (LON: ONC) says revenues will grow substantially following recent contract gains. Revenues for the year to August 2024 were £3m and growth this year should enable the company to achieve profitability. The share price rose 16.5% to 22.6p.
Katoro Gold (LON: KAT) has bought White Pine, a Canadian uranium exploration project. There is “an intense radiometric signature over the project, extending at least 14km”. This is the first exposure of the company to uranium exploration. The share price improved 15% to 0.115p.
Trading in Eurasia Mining (LON: EUA) shares has resumed following the publication of 2023 accounts late on Friday. Net cash was £1.1m at the end of 2023. The company has also agreed a one year working capital facility for up to £2.5m. The loan lasts until next August and is convertible at 2.7p/share. There are five tranches with around £1m of the loan dependent on a term sheet to sell the Russian asset. The lender will receive a payment of 12.5% of the facility, plus 5% of any draw downs, in shares at 2.3p each. The share price gained 12.8% to 2.6p.
FALLERS
Armadale Capital (LON: ACP) plans to open historic workings at the Canyon silver project in Idaho by widening the tunnels. The conditions have been more difficult than expected and this has caused delays. The share price dived 15.4% to 0.275p.
Oil and gas explorer Bowleven (LON: BLVN) is declining ahead of its departure from AIM on 24 September. The share price fell 11.1% to 0.2p, although it is still above its 2024 low.
Rockfire Resources (LON: ROCK) reported interim figures showing cash of £510,000 at the end of June 2024. The Molai zinc project in Greece has increased its resource to 15 million inferred tonnes at an average grade of 9.96% zinc equivalent. The farm-in partner for the Lighthouse and Kookaburra precious metals project in Australia failed to spend the minimum required. The share price lost some of last week’s gains and is down 6.98% to 0.2p.
Lupus treatment developer ImmuPharma (LON: IMM) had £1.1m in cash at the end of June 2024. There was a reduced loss in the first half, mainly due to lower R&D spending. Management is concentrating on partnership and commercial deals. Warrants held to subscribe for shares in Incanthera (LON: INC) at 9.5p each have been extended to the end of March 2025 in return for a £75,0000 payment by ImmuPharma. The share price dipped 2.77% to 1.4925p.