Oriole Resources (LON: ORR) has signed the earn-in agreement with BCM International for the Mbe gold project. There is an upfront payment of $1m when due diligence is finalised and BCM will spend up to $4m to earn 50% of the Mbe project. The share price jumped 19.2% to 0.31p.
Prospex Energy (LON: PXEN) says that the Podere Malar-1 well in the Selva field is producing gas at the expected levels. Prospex Energy owns a 37% working interest in the Selva Malvezzi production concessions. Operator Po Valley Energy is determining the optimal flow rate. There are plans for further drilling on the concession once permits are secured. The share price is 4.55% higher at 5.75p.
Initial assays from the Anglesey Mining (LON: AYM) project at Parys Mountain are encouraging. The drilling is to confirm previous results, to upgrade resource and extend the mineralisation. The latest drilling encountered thick and strongly mineralised zones. The share price improved 4.35% to 1.8p.
FALLERS
Graphene technology developer Versarien (LON: VRS) has raised £400,000 at 0.08p/share. The share price slumped 41.7% to 0.0875p. The cash will be used to finance the business while it tries to capitalise on the growing opportunities. There is a sales agreement with Go To Gym for Graphene-Wear products in Colombia, Brazil and the US.
Zeus has cut it 2024 and 2025 forecasts for Big Technologies (LON: BIG) after the monitoring technology company’s trading statement. The 2023 figure were in line with expectations, but Big Technologies expects its Colombia contract to end in the first half of this year. The Colombia contract was lost before, but the rival could not provide the service, so Big Technologies carried on supplying the client. This could knock £4m off revenues. Also, investment in growth in the US will hold back short-term profit. This year’s revenues are expected to fall to £51m and the operating profit estimate from £31,7m to £23.9m, down from £28.9m in 2023. The 2025 operating profit is expected to be £27m. The share price dived 22.1% to 99.75p, which is less than 50% of the July 2021 placing price of 200p.
N4 Pharma (LON: N4P) says the University of Queensland has been granted a patent for Nuvec in India. N4 Pharma licences the Nuvec technology. The share price fell 4.64% to 0.925p.
Audio products supplier Focusrite (LON: TUNE) says that content creation products had a challenging first four months of the financial year, but Focusrite is outperforming the market. There are concerns about rising freight rates, but full year expectations are unchanged with a significant second-half weighting. The share price dipped 2.86% to 510p.
