Recent new admission Medpal AI (LON: MPAL) continues its share price rise and it is up 23% to 11.5p. The digital health and AI company raised £2m at 4p/share prior to joining AIM. This will finance the commercialisation of the company’s wellness app.
Jangada Mines (LON: JAN) has started exploration at the Paranaita gold project. This is designed to validate the existing resource of 210,000 ounces of gold and expand it. The share price jumped 26.1% to 0.725p.
Atlantic Lithium (LON: ALL) has secured up to £28m in funding though a deal with Long State Investments, who will receive 5% commission plus shares and warrants, and this will enable the Ewoyaa lithium project in Ghana to progress. A mining lease still has to be ratified by the authorities and cash outflows have been reduced until it is received. There is an initial placing to raise £2m at 8.07p/share with potential for three more placings of £2m each. A committed equity facility could raise up to £20m over 24 months. This is subject to shareholder approval. The share price increased 14.5% to 9.25p.
At its AGM, paper and advanced materials manufacturer James Cropper (LON: CRPR) said trading has been slightly better than expected and net debt is falling – £10.3m at the beginning of August. Profit is set to recover this year. The share price recovered 12.5% to 270p.
Cora Gold (LON: CORA) announced figures for its definitive feasibility study for the Sanankoro project in in southern Mali showing an NPV8 of $221m at a gold price of $2,750/ounce. Initial capex is expected to be $124m. There is potential to produce 47,000 ounces each year at a cost of $948/ounce and all-in sustaining cost of $1,478/ounce. The permitting process is progressing. The share price improved 11.1% to 10p.
FALLERS
Telecoms services provider Maintel (LON: MAI) is finding it tougher to close deals and one major expected deal was not won. This will hit revenues in 2025, and forecasts have been cut from £101m to £95m. The pre-tax profit estimate has been slashed from £3.8m to £700,000. The share price slumped 22.2% to 140p.
Autonomous vehicles developer Aurrigo International (LON: AURR) has sent a circular to shareholders to gai approval for the recent fundraising. The share price fell 5.26% to 45p.
Churchill China (LON: CHH) had already flagged the interim figures in its recent trading statement. UK and US trading held up, but Europe and the rest of the world were weaker. Interim revenues fell from £40.6m to £38.5m, while pre-tax profit was harder hit falling more than one-third to £3.1m. Efficiency is being improved and there are signs of recovery in Germany. Churchill China is reducing its interim dividend by 39% to 7p/share. The share price slipped 1.16% to 425p.