Kazera Global (LON: KZG) 70%-owned subsidiary Whale Head Minerals has secured an offtake agreement with Fujax South Africa for an initial 100,000 dry tonnes of heavy mineral sands from the Walviskop project in return for 80% of the anticipated final sales price less certain costs. Production recently started. Fujax will make a prepayment of $600,000 in two tranches in December and January. The share price increased 28.9% to 1.45p.
Versarien (LON: VRS) subsidiary Gnanomat has ben awarded a grant of approximately £663,000 for a project relating to next generation energy storage services. That covers 70% of anticipated costs of the 24-month project. The share price rose 16.4% to 0.0355p.
Orcadian Energy (LON: ORCA) is selling 50% of HALO Offshore UK to Independent Power Corporation, which is also securing £5m of acquisition finance for gas field buy outs. Orcadian Energy has a 50% increase in the P2634 licence in the North Sea that has been acquired by Serica Energy (LON: SQZ) from Parkmead (LON: PMG). This is a heavy oil prospect. The Orcadian Energy share price improved 14.4% to 12.875p.
GCM Resources (LON: GCM) has agreed an extension of the memorandum of understanding with Power Corporation of China over the Phulbari coal mine development. It lasts until 6 December 2025. The original prospective deal was announced in 2018. The share price is 14.3% higher at 2p.
FALLERS
Impax Asset Management (LON: IPX) has lost the mandate from St James’s Place for its Sustainable & Responsible Equity Fund. It will end in February. There are £5.2bn of assets under management and annualised revenues will be reduced by £12.7m. In 2023-24, group revenues were £170.1m and underlying pre-tax profit was £49.4m. The share price slumped 25.1% to 245.25p.
Portmeirion (LON: PMP) trading has been weaker than expected and the 2024 pre-tax profit forecast has been cut from £4.5m to £1m. South Korea and the US have been weak markets. Christmas stock was delivered late to the US and there were order withdrawals. Net debt is expected to be £7.4m. An unchanged divided of 5.5p/share is anticipated. The fragrance business is the bright spot. The share price slipped 14.6%to 175p.
Ongoing interim wealth management revenues at WH Ireland (LON: WHI) fell from £6.3m to £5.3m. The broking business was sold during the six months to September 2024. The underlying loss was reduced from £1.81m to £1.32m and cost reductions are underway to help to reach breakeven. Assets under management declined from $1.2bn to $1.1bn. The share price declined 8.06% to 2.85p.
Trading in Aura Energy (LON: AURA) shares has been halted pending a capital raising. An assessment of future capacity expansion at the Tiris uranium project in Mauritania. The production target update in September increased the mine life from 17 to 25 years. Options to expand production capacity in the third year of operations from the initial plan to produce to produce 2MIbspa U3O8 to produce up to 4MIbspa U3O8. At 3MIbspa U3O8 NPV8 would be $544m, while at 4MIbspa U3O8 it is $521m. Tamesis has been AIM appointed broker. The share price fell 6.45% to 7.25p.