Arkle Resources (LON: ARK) says that sampling has started in the Makgadikgadi Salt Pans in Botswana. There is potential lithium bearing brine below the crust. Initial sampling will take two weeks. In Zimbabwe, Arkle Resources is seeking traces of spodumene or lepidolite rock. The share price rose 11.1% to 0.25p.
Sovereign Metals (LON: SVML) says a spiral concentrator plant has been installed at the Kasiya project in Malawi. This has a capacity of three tonnes per hour and will produce graphite. The main focus of the project is rutile. Both minerals are visible at surface. The share price improved 6.56% to 32.5p.
Global Petroleum (LON: GBP) has appointed Omar Alumad, who the company says has a record of identifying early opportunities, as chief executive and Hamza Choudhry as finance director. The share price increased 5.88% to 0.09p.
Ascent Resources (LON: AST) has raised £763,000 at 2.3p/share – the same as the April placing price. The share price is 5.88% higher at 1.8p, although it was 1.9p earlier. Investment vehicle CB Energy VI has subscribed for the shares. Substantial shareholder MBD Partners will receive an introducers fee of $25,000.
FALLERS
Publishing technology provider Ingenta (LON: ING) increased income from the content division, but the commercial division revenues were down by one-fifth due to customers taking longer to convert interest into sales. Overall revenues were 12% lower at £5.1m, while pre-tax profit halved. Cavendish forecasts revenues will be 7% lower than previously expected, despite two new content contracts, and the pre-tax profit forecast has been cut slightly more to £1.6m, which is below the levels in 2022 and 2023. The share price slumped 21.6% to 92.5p.
Jade Road Investments (LON: JADE) has constituted up to £1m of principal value convertible loan notes lasting 10 months. There is no interest charge, and the conversion price is a 30% discount to the lowest closing bid price in the 30 days prior to conversion. Jade Road Investments has issued £80,000 of convertibles to strategic partner MBM. The share price declined 15.4% to 0.55p.
Shore Capital has downgraded its full year expectations for Christie Group (LON: CTG) following a trading statement by the professional services company. Revenues will be near to previous expectations, but a pre-tax profit of £1.6m has been recalculated as a loss of £600,000 even after a lower estimate for incentivised pay. This is due to one major disposal mandate not going ahead. There was also weaker trading in other activities. The interims will be published on 30 September. The share price slipped 11.45 to 97.5p.
Delayed projects by aerospace clients due to supply issues have hit demand for Velocity Composites (LON: VEL). The Airbus A350 production has not accelerated as expected. These are all outside factors. The outsourced composite aerospace components supplier was expected to breakeven this year, but a loss of £1.5m is likely. Breakeven has been delayed until next year. The share price fell 7.95% to 40.5p.