Tern (LON: TERN) invested £48,000 in cash and converted £87,000 owed into £270,000 of unsecured convertible loan notes in Talking Medicines. They have a 10% interest rate and if conversion is triggered the share price will be at a 20% discount to a fundraising or exit price. If not triggered, then the convertibles mature on 21 November 2029. The Tern share price gained 44.4% to 1.3p.
Geo Exploration (LON: GEO) has started the work programme on the Gorge project in Western Australia. The airborne LiDAR has been completed ahead of schedule and the magnetic and radiometric survey has started. The share price increased 39.4% to 0.115p.
Bradda Head Lithium (LON: BHL) has secured a key drilling permit for the Whitejacket lithium project in Arizona. A drilling programme will meet earn-in commitments and go towards a mineral resource estimate. The share price improved by one-third to 3.8p.
Copper explorer Arc Minerals (LON: ARCM) has settled with Handa Resources Ltd, Unico Minerals Ltd and Kopara Investments Ltd and Zambia Mineral Exchange Corporation Ltd, Lunda Resources Ltd and Mumena Mushinge in Zambia. This will enable development of the Kabompo West project in Zambia.Karl-Erik von Bahr owns 3.27% of the company. The share price rose 30.7% to 0.49p.
FALLERS
Sound Energy (LON: SOU) is selling its development assets in Morocco for $57m in cash and relinquishing nearby exploration assets. This will leave the company with $11m in cash after debt repayment. There are also solar and hydrogen joint ventures. Annual overheads are $2.9m. New oil and gas assets outside Morocco are being considered. The share price slumped by three-fifths to 1.88p.
Union Jack Oil (LON: UJO) has published further information about AGM resolutions 7 and 10. Non-executive director John Americanos, who is the largest shareholder with 6.78%, disagrees with the other directors on the resolutions. Resolution seven is for the appointment of Craig Howie as a director. The board, other than John Americanos, is against Craig Howie being reappointed to the board following his removal as an executive director in January, prior to the appointment of John Americanos. The argument was that he did not have the knowledge for his job and breaches of confidentiality. A nominee shareholder requested that resolution 7 was included at the AGM, as well as resolutions for the re-election of directors. Resolution 10 would reduce the nominal value of shares from 5p, which is above the market price, to 0.05p, so that shares can be issued. Net production of 0.16m barrels of oil equivalent/day was achieved by Union Jack Oil in 2025 and that generated revenues of £2.5m. Cash was £1.6m at the end of 2025. In 2026, revenues are forecast at £3.1m, and net cash is expected to be £1.3m at the year end. The total risked NAV estimate is 35p/share. The share price declined 22.1% to 3.7p.
Jangada Mines (LON: JAN) says high grade intersections confirm that the Molly gold project in Brazil is a multi-target polymetallic discovery. Gold, silver and copper mineralisation has been found. Results have been delayed because of a lab backlog and the full results have still to be assessed. The share price fell 21.7% to 1.175p.
Low sodium salt developer MircoSalt (LON: SALT) reported a jump in revenues from $800,000 to $2.1m in 2025 and they could more than double again this year as new contracts come through. However, the 2026 revenues forecast has been downgraded from $7m to $4.6m because of a delay in production at customer 3. Zeus says that this delay pushes revenues out by five months and 2027 guidance remains that revenues could be $15m. Net debt could be $1.9m by the end of 2026 with 2027 set to be cash generative. The share price dipped 18.2% to 40.5p.