AIM movers: Bens Creek chief executive resigning and assay results from Artemis Resources next week

Artemis Resources (LON: ARV) has stopped trading in its shares on ASX. Earlier in the week, the company said it has discovered spodumene bearing pegmatites with Li2O grades of up to 1.82% at the Mount Marie prospect in the Greater Carlow project. This is the first tangible proof of spodumene bearing pegmatites and it could be part of a lithium corridor according to WH Ireland. Assay information is being assessed and should be published on 13 February. The share price improved a further 84.9% to 1.525p, which is nearly doubled over five days.

The Centers for Medicare and Medicaid Services has published a draft local coverage determination for Renalytix (LON: RENX) for KidneyIntelX and kidneyintelIX.dkd. The Medicare price is $950/test. The specified coverage is for patients with diagnosed Tupe 2 diabetes and Stage 1-3b Chronic Kidney Disease. The share price recovered 31.7% to 13.5p.

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RF components and systems developer Filtronic (LON: FTC) shares continue to rise following the £7.8m contract for ground station antenna amplifiers for a leading global supplier of LEO satellite communications equipment. It also released interims with revenues 1% ahead at £8.5m. The cost base has been increased to cope with future growth, so there was a swing from profit to loss. Cavendish has raised its full year revenues expectations from £20.5m to £23.5m and pre-tax profit estimate has more than trebled from £800,000 to £2.5m.The share price is 15.8% higher at 36p.


Adam Wilson is stepping down as chief executive of coal supplier Bens Creek (LON: BEN) once a replacement has been found. Lower metallurgical coal prices led to a shortage of cash last year and $13 of convertible loan notes were issued to 29.9% shareholder Avani Resources. That cash should have lasted until the end of 2024. The company blames poor weather in West Virginia for interrupting production and delaying trains transporting coal. Avani Resources has offered another $5m as a working capital facility. While details are worked out Avani has advanced $1.25m. A 12-month offtake agreement for 40,000 short tons of coal is being negotiated with Avani Resources. The share price slumped 21.2% to 6.5p. The October 2021 placing price was 10p.

Cambria Africa (LON: CMB) will not release its accounts to August 2023 by the end of March so trading in the shares will be suspended on 1 March. The company is awaiting the completion of the $1.74m disposal of its shareholding in AF Phillips. Properties in Harare worth $2.3m are being marketed. There is $1.45m in the bank. The share price dipped 19.6% to 0.225p.

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Kinovo (LON: KINO) reported a mixed trading statement. The 2023-24 profit is expected to be in line with expectations even though revenues are likely to be below forecast. However, the legacy DCB projects are delayed and will cost much more than the £5.72m expected. The underlying 2023-24 pre-tax profit id forecast to be £5.8m. The share price slipped 10.5% to 55.5p.

Premier African Minerals (LON: PREM) has released a new SAMREC compliant mineral resource on the Zulu lithium and tantalum project. Li2O contained in spodumene is 107,366 tonnes and the direct conversion to spodumene concentrate is 1.79 million tonnes. The share price fell 8.33% to 0.33p.

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