Great Western Mining (LON: GWMO) is planning to set up a joint venture with an experienced Nevada mining contractor to process gold and silver from mining waste material. This will come from the company’s Mineral Jackpot and Olympic Gold properties, plus some sourced from the partner and third parties. An operating agreement is being negotiated. A site has been found for the proposed mill and there is an initial design. There has been $100,000 set aside for planning and obtaining permits. The share price has rise 15.7% to 0.1475p.
Mattress retailer eve Sleep (LON: EVE) has jumped 24.1% to 0.9p, although there is no news about the strategic review and formal sale process. The share price 0.65p at the end of June and it is still well below the 1.65p when the strategic review was announced. A lack of cash is hampering growth and eve Sleep needs more funding.
There were no new disappointments from legal services provider Knights Group Holdings (LON: KGH) in its full year results. The share price had been hit by a profit warning earlier in the year, but organic growth was still 2%. Revenues were 22% higher at £125.6m, thanks to acquisitions, and although profit increased, earnings per share fell nearly 6% to 17.23p due to more shares being in issue. The share price recovered 16.3% to 110.5p.
Kefi Gold and Copper (LON: KEFI) has been awarded two additional exploration licences in Saudi Arabia for a five-year term. They are Jibal Hillit and Qunnah, which have historically yielded grades of 15.3g/t and 46g/t respectively. The licences are 30km apart. The share price is 15% higher at 0.629p.
Market research services provider System1 (LON: SYS1) released full year results and a trading statement for the first quarter to June 2022. The latter reported a one-fifth decline in revenues. This reflects inflationary pressure and tighter marketing budgets. Management is cautious about the rest of the year. System1 is still planning to return £1.5m to shareholders through share buy backs and a tender offer. The shares have fallen 13.6% to 268p.
Investors have had more time to react to the second quarter production update from BlueRock Diamonds (LON: BRD) released yesterday afternoon. The share price fell 2.9% to 8.25p. Lower grades meant that there was a one-third decline in diamond production to 3,570 carats compared to the second quarter of 2021. Bad weather is blamed for the lower grade material being processed. Fewer carats were sold, but this was partly offset by a 35% increase in the average price obtained.
