Europa Metals Ltd (LON: EUZ) has agreed a farm-in for the Toral project in Spain with Denarius Metals Corp. If it assumes operatorship and spends $4m on Toral then it will receive a 51% stake. Completion of a pre-feasibility study and payment of $2m to Europa Metals will take the Denarius stake to 80%. Europa Metals has raised £580,000 at 4.5p a share. The share price jumped 42.9% to 4p.
Zanaga Iron Ore Company (LON: ZIOC) says it is acquiring a controlling shareholding in the Zanaga iron ore project from Glencore Projects in return for the issue of a 48.26% stake in the company. Glencore can appoint two directors and has to retain the shares for six months. Glencore has exclusive marketing rights for the iron ore produced at the mine. The Zanaga Iron Ore share price rose 16.2% to 3.88p.
Webis (LON: WEB) subsidiary WatchandWager.com has received its two-year licence approval from the California Horse Racing Board. This enables the acceptance of online pari-mutuel wagers from residents of California. The share price moved up by 12% to 1.4p.
Mkango Resources Ltd (LON: MKA) says HyProMag Gmbh, where it has an effective 42% stake, has been awarded a €3.7m grant to develop infrastructure and recycled NdFeB production capacity. Initial capacity will be at least 100tpa NdFeB. There will be recycled rare earth sintered magnets, alloy pellets and powders. Production could commence in 2024. The Mkanaga share price increased by 10.7% to 15.5p.
Empire Metals Ltd (LON: EEE) has commenced exploration at the Pitfield copper project in Western Australia. The focus is previously underexplored areas. The share price rose 5.71% to 1.85p.
Applied Graphene Materials (LON: AGM) has launched a strategic review to assess the options including securing debt funding or a strategic investor. It could also lead to the sale of the company’s assets. Staff redundancy consultations have commenced. The share price slumped by a further one-third to 3.25p.
Health products supplier Alliance Pharma (LON: APH) says Kelo-cote destocking has hit fourth quarter trading. Underlying pre-tax profit will be at least £30m, compared with previous expectations of £43m. That knocked 31% off the share price leaving it at 42.05p. There will be a trading statement on 17 January. The chief executive is taking time off for personal reasons and he is expected to return in January.
Xtract Resources (LON: XTR) has updated the inferred mineral resource estimate for the Racecourse prospect to 512Mt @ 0.22% copper equivalent. Racecourse is on the Bushranger copper gold project in central New South Wales. Open pit mining can be used for most of the resource. The share price dipped 11.9% to 2.95p.
Compliance services provider Marlowe (LON: MRL) increased interim revenues 66% to £222.9m, which includes organic growth of 8%. The full year pre-tax profit forecast has been downgraded by Cenkos from £59.5m to £54m because of additional finance costs following acquisitions. That led to a 12.2% share price decline to 643p.
Full year revenues jumped 236% to £12.1m at Parkmead Group (LON: PMG) thanks to strong gas prices. Underlying pre-tax profit was £3.6m. The forecast pre-tax profit for this year has been trimmed by 4% to £16.4m due to higher costs, while earnings will be hit by an increased tax charge. Decommissioning costs will be higher than expected so net cash is expected to be £4.5m lower than previous forecasts at £12.5m by the end of June 2023. The share price fell 9.64% to 60.9p.
