US-based uranium and critical minerals producer Energy Fuels is offering 0.026 of a share and an unfranked dividend of A$0.065 for each Base Resources (LON: BSE) share. That is currently equivalent to A$0.302/share. This is a recommended bid and values Base Resources at A$375m. Two major shareholders owning 51.3% in total intend to support the bid. This will help to fund the development of Base Resources’ Toliara rare earth project in Madagascar. The Base Resources share price soared 127% to 12.25p.
A large pharma company is assessing the Optimer binder technology of Aptamer Group (LON: APTA) with a focus on liver disease. The share price increased 63.6% to 0.9p. This is still more than one-fifth lower than at the start of the year.
Digital technology consultancy Made Tech (LON: MTEC) has expanded its contract with a UK government department and it is worth up to £19.5m over two years. There is no guarantee of the amount to be spent. This should underpin 2024-25 expectations. The share price soared 45.9% to 13.5p – the highest level since January.
Filtronic (LON: FTC) has secured a £15.8m order for E-band amplifiers from SpaceX, which is part of a five-year strategic partnership. SpaceX is receiving warrants over up to 10% of the telecommunications technology developer. The first tranche is exercisable when £30m of orders have been made for E-band amplifiers and the second when there is a similar level of orders for other products. This sparked an upgrade by Cavendish, which raised its 2023-24 pre-tax profit forecast by one-third to £3.3m and the 2024-25 figure by 180% to £6.4m. The share price jumped 38.2% to 47p. This is the highest it has been for nearly a decade.
FALLERS
Trading levels in Indus Gas (LON: INDI) shares were the highest since early 2020. There were 4.8 million shares traded on Friday and nearly 5.5 million shares traded in the last three days of the week – there was no trading on Monday and Tuesday. Most of the trades were small including some trades of one share. The previous week 33 shares were traded and there were none traded in the week before that. The share price slumped 84.8% to 7.5p.
Donald McGarva is stepping down as chief executive of Aferian (LON: AFRN) and leave the video streaming technology developer in October. This follows a trading statement revealing that 2023-24 revenues and EBITDA would be at the lower end of the previously suggested ranges of $47m-$48m and $1.6m-$2.6m respectively. There are delays in purchases of Amino video streaming devices. Costs have already been reduced and a further $3m will be cut. Management hopes to extend the borrowing facility of $16.5m that matures in November. The share price dived 41% to 7.375p.
Bushveld Minerals (LON: BMN) shares have slipped 39.5% to 0.065p on the back of concerns about the vanadium price and the requirement for further funding. Vametco achieved production of 855mt of vanadium in the first quarter of 2024 even though there were 25 maintenance days. The lower level of production meant that cash costs rose from $25.90/kg to 28.40/kg. In contrast higher production by Vanchem meant that cash costs fell to $25.30/kg in the first quarter, and they were even lower in March. Weak steel demand has hit the Vanadium price and it fell from $31.60/kg to $28.40/kg in the most recent quarter. The focus has been on sales to higher margin markets, such as aerospace and chemicals. Bushveld Minerals has $2.2m in cash. The sale of a 50% stake in Vanchem and 64% of the Mokopane project should generate $25m, but regulatory approvals are not expected until July.
Ironveld (LON: IRON) has secured a working capital facility of up to £125,000 from a company associated with its executive chairman John Wardle. Ironveld continues to seek further funding to further develop its Bushveld assets. The share price fell 30.8% to 0.0675p.
