Corcel (LON: CRCL) continues to rise following yesterday’s announcement that the Tobias-13 well in Angola, where Corcel has an 18% interest. This field has previously produced 29 million barrels of oil and the remaining oil in place could be 65 million barrels of oil. Corcel contribution to costs is $1.6m. The share price improved a further 30.9% to 0.36p – the highest level since May.
Atlantic Lithium (LON: ALL) has secured terms of agreement with the Minerals Income Investment Fund of Ghana for total investment of $33m. There will be $28m of investment in the company’s subsidiaries in Ghana for 6% of the lithium portfolio (although Piedmont can earn more of Ewoyaa to reduce the relevant stake to 2.7%). There will also be a $5m investment in Alliance Lithium at 21p/share, plus warrants exercisable at 29.4p each. This cash will help to provide funding for the Ewoyaa project. There have been concerns about changes to mining legislation in Ghana. The share price jumped 27.4% to 26.5p.
Power Metal Resources (LON: POW) has discovered a significant helium anomaly at the Perch River uranium project. Helium is a product of radiogenic decay, so it is a sign of uranium mineralisation. The share price is 14.3% higher at 0.8p.
Better trading news from musical instruments retailer Gear4Music (LON: G4M) with cost reductions securing improving margins. The second-hand service has started well and handled several thousand trade-ins since March. This service is being broadened to Europe. A trading statement will be released on 19 October. The share price has recovered 18.3% to 103.5p.
FALLERS
AMTE Power (LON: AMTE) is raising £2.1m at 1.7p/share at 1.7p/share, plus an additional retail offer to raise £250,000. The share price slumped 75.4% to 2.275p. The battery technology developer is raising the cash to keep going until the proposed cash injection of £2.5m is completed. Due diligence by the potential investor could continue until the end of October and it believes that it can introduce potential offtake customers to AMTE.
Harland & Wolff (LON: HARL) increased interim revenues by nearly two-thirds to £25m and it expects to reach £100m for the full year and this could double in 2024. Recent contract wins mean that the order book is worth £1bn. However, the estimated 2023 loss has been increased from £15.6m to £22m due to higher costs. That leads to higher net debt of around £114m, which is expected to rise to £144m in 2024. The share price fell 9.84% to 13.75p.
Satellite communications equipment supplier Global Invacom (LON: GINV) has fallen a further 14.3% to 3p because it is asking shareholder permission to leave AIM and maintain the one on the Mainboard of the Singapore stock market. There is a lack of liquidity on AIM, and this makes it difficult to raise cash.
Anne Whitaker is stepping down from the board of Faron Pharmaceuticals (LON: FARN). Dr Marie-Louise Fjallskog and Christine Roth are being appointed to the board at a general meeting on 22 September. The share price is 5.88% lower at 320p.