Rockfire Resources (LON: ROCK) has increased the size of the resource at the Molaoi zinc lead silver germanium deposit in Greece by 500%. The JORC 2012 compliant mineral resource estimate is 15 million tonnes at an average grade of 9.96% zinc equivalent. Allenby estimates that it is one of the top 20 undeveloped zinc prospects. There is also 4.8mt of germanium. There are high recovery rates. Only 2.1km of the 7km potential strike has been tested so far. Allenby estimates a fair value of 2.6p/share. The share price is one-quarter higher at 0.225p.
Battery storage technology developer Gelion (LON: GELN) has developed a lithium-sulfur pouch cell that achieved 4012Wh/kg, which is more than 60% better than existing lithium-ion batteries. The technology is designed to be low weight and low cost, and commercial partners will be sought. The share price rose 6.38% to 25p.
Mosman Oil and Gas (LON: MSMN) says the completion date for the sale of its US production asset has been extended until 9 September. The cash raised will fund the acquisition of 10% of a US helium project in Las Animas County. The share price improved 4.85% to 0.054p.
Magnetic resonance imaging developer Polarean Imaging (LON: POLX) has increased interim revenues from $100,000 to $1.1m and the full year outcome is expected to be between $2.5m to $3m. Lower operating expenses have reduced the cash outflow. The share price increased 4.55% to 1.725p.
FALLERS
Eqtec (LON: EQT) has received £2m from the sale of land for the former project at Deeside. The waste-to-energy technology company is raising £1.1m from a placing at 1p/share with up to £200,000 more coming from a retail offer. There will also be £522,000 of debt converted to equity. The share price slipped 20.4% to 0.975p.
Helium One Global (LON: HE1) has completed the extended well test at Itumbula West-1. The fractured basement interval flowed at a sustained average of 5.5% helium and a maximum of 6.7% helium. There was also hydrogen. The faulted Karoo Group interval flowed at a sustained average of 5.2% helium and a maximum of 7.9% helium. The preliminary model demonstrates positive project economics. The share price slumped 21.9% to 1.055p.
Andrew Carter has resigned as chief executive of wines producer Chapel Down Group (LON: CDGP) and will become the boss of Timothy Taylor next year. Interim revenues fell 11% to £7.12m due to a slump in off-trade sales. There was not the expected restocking by retailers. Pre-tax profit slumped to £40,000. Net debt was £5.8m at the end of June 2024 after investment in further planting at the Buckwell vineyard. The share price declined 15.8% to 58.5p.
Shield Therapeutics (LON: STX) had $8.1m in gross cash at the end of June 2024 with a milestone payment of $5.7m expected in the second half. The first half cash outflow was $5.8m. Management believes that the business should be monthly cash flow positive during the second half of 2025. Iron deficiency treatment ACCRUFeR generated revenues of $11m in the US in the first half and total group revenues were $12.1m. Full year US revenues could be $27m. The share price is 10.4% lower at 4.75p.