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AIM movers: IQGeo beats expectations and Bushveld Minerals still waiting for cash

A trading statement from IQGeo (LON: IQG) shows 2023 revenues 6% ahead of forecast and a much higher cash figure of £11m. Annualised recurring revenues are 50% higher at £21.1m. This has sparked an upgrade of 2024 estimates by Cavendish with revenue of £49.8m and pre-tax profit of £5.5m, up from £3.4m in 2023. New contracts continue to be won providing further upside. The share price is up 14.4% to 318p, which is back to the all-time high.

Thor Explorations (LON: THX) produced 84,609 ounces of gold from the Segilola mine in Nigeria in 2023 and guidance for 2024 is 95,000-100,000 ounces. Exploration drilling is planned for the first half of this year. An updated mineral resource estimate will be published for the Douta project in Senegal in the first quarter. The share price improved 6.34% to 14.25p.

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Ascent Resources (LON: AST) shares are 5.45% higher at 2.9p after it successfully prevented its joint venture partner in Slovenia declaring insolvency in order to get out of the oil and gas company’s claim against them.

RF components and systems developer Filtronic (LON: FTC) has won another contract. This time it is a £2m defence contract as preferred partner of radar subsystems supplied by QinetiQ – a new client. That is phase 1 of the contract and revenues will be recognised in 20224-25 and 2025-26. The share price rose 4.76% to 22p.

FALLERS                                                                                                           

Bushveld Minerals (LON: BMN) has still not received the $12.5m of cash from Southern Point Resources. The investor blames administrative and holiday delays. Bushveld Minerals has suspended some operations and creditor payments. The share price slumped 29.1% to 1.525p. The issue price of the shares was 3p.

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Iofina (LON: IOF) reports that fourth quarter iodine production was 16% ahead of the same period last year. However, second half volumes of 318 tons were slightly lower than expected. Production of 275-295 tons is expected for the first half of 2024. The 2023 earnings forecast has been trimmed from 3.5 cents/share to 3.3 cents/share and the 2024 figure cut from 4.2 cents/share to 3.3 cents/share. This assumes a small fall in the iodine price during the year. The share price has lost its recent gains. The share price lost its more recent gains and dipped 14.4% to 22.25p.

Oil and gas producer Jadestone Energy (LON: JSE) says average production was 13,800boe/day, which was slightly better than expected. Next year’s guidance is 20,000-23,000boe/day based on up to $110m of capital investment. Life of field costs at the Montara and Stag fields will be higher than anticipated. The Skua-11 well at Montara will have to be redrilled later this year. The share price is 13.7% lower at 31.75p.

Pawnbroker Ramsdens (LON: RFX) reported 2022-23 figures in line with previously upgraded expectations. Pre-tax profit improved from £8.3m to £10.1m. The pawnbroking book is at a record high. Foreign exchange volumes were lower and higher minimum wage levels will hold back profit growth. Cash was lower than expected due to additional working capital for jewellery stock. The share price fell 4.65% to 205p.

TPXimpact (LON: TPX) founder and non-exec director Neal Gandhi sold 3.4 million shares at 33p each. The share price declined 4.82% to 39.5p.

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