AIM movers: Baron Oil completes farm-up and Made Tech bookings slump

Baron Oil (LON: BOIL) says that the Timor-Leste authorities have approved the farm-up agreement with TIMOR GAP Chuditch Unipessoal relating to the TL-SO -19-16 production sharing contract. Baron Oil’s subsidiary will retain 60% of the production sharing contract and the partner, which has increased its interest from 25% to 40%, will be responsible for 20% of all costs, including the Chuditch-2 appraisal well. The share price jumped 77.5% to 0.15p.

Vanadium producer Bushveld Minerals (LON: BMN) has completed the refinancing of its unsecured convertible loan notes. This totalled $47.1m including interest. There is a new $14.1m convertible maturing at the end of June 2028 (conversion price of 3.99p/share), a term loan of $28.3m lasting until June 2026, conversion of $4.7m into 124.7 million shares and a supplemental royalty of not more than 0.264% of Bushveld gross revenues, which will be reduced by four-fifths when the term loan matures. The share price is 46.9% higher at 1.575p.

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Power Metal Resources (LON: POW) has raised project financing through a £1.3m placing at 1p/share, which was at a premium to the market price that has subsequently risen 16% to 1.125p. There was a strategic Saudi Arabian investor. The cash will finance exploration activities.

Potash project developer Emmerson (LON: EML) says the scoping study of the Khemisset potash project in Morocco has enhanced economic returns and reduced the environmental impact. This is based on a ground-breaking processing method, which reduces water consumption by 50%. It also increases the recovery rate. Post-tax NPV8 is increased by 120% to $2.2bn. Annual EBITDA could be $440m and all0in sustaining cost is $163/tonne. Project capex is $525m. The share price increased 12.3% to 2.05p.


Better utilisation and less use of contractors has helped to improve profit at digital technology consultancy Made Tech (LON: MTEC) even though revenues declined from £20.6m to £19.1m. First half bookings fell from £12.6m to £32.6m and clients remain cautious. Singer has retained its full year pre-tax profit forecast at £1.3m with net cash of £6m at the end of the year. However, investors are not confident that this can be achieved and the share price slid 21.2% to 10.25p.

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Supercapacitors manufacturer Cap-XX (LON: CPX) increased interim revenues by two-fifths to A$2.3m with the growth coming from product sales. Legal expenses more than doubled because of patent cases and the reported loss rose from A$2.57m to $3.43m. There was cash of A$300,000 at the end of 2023. The share price slipped 21.1% to 0.75p.

There was profit taking in Tekcapital (LON: TEK) shares, which fell 12.8% to 10.25p, following the flotation of investee company MicroSalt (LON: SALT). The low-sodium salt developer raised £3.14m at 43p/share and has immediately gone to a significant premium with the current share price of 51.5p valuing the company at £29.4m. That values the Tekcapital stake of 77.2% at £22.7m. Tekcapital’s market capitalisation is £18.3m.

Online gaming company B90 Holdings (LON: B90) spent more on marketing than expected in 2023. Zeus has raised its estimated loss from €2.7m to €2.9m, but it has maintained its forecast 2024 pre-tax profit at €400,000. The share price dipped 11.8% to 3.75p.


Impellam Group (LON: IPEL) is paying a special dividend of 22.5p/share and the share price is unchanged at 855p.

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