Great Western Mining Corp (LON: GWMO) says 50%-owned Western Milling has received a water pollution control permit authorising the construction and operation of the mill for processing precious metal concentrates from mining waste at Sodaville, Nevada. This is subject to appeal by 26 July. The share price increased 11.5% to 0.0435p.
Recent drilling by Oracle Power (LON: ORCP) has increased the target zone at the Northern Zone Intrusive Hosted gold project. Further drilling is planned in mid-August. The share price improved 11.9% to 0.0235p.
Graphene technology developer Versarien (LON: VRS) has converted its €1.25m convertible loan and accrued interest of €207,000 into shares in Gnanomat. That increases its stake from 62% to 90%. This will improve the balance sheet of Gnanomat and help to apply for grant funding in Madrid. The share price recovered 6.45% to 0.0825p.
Vela Technologies (LON: VELA) has subscribed for £300,000 of convertible loan notes from fully listed Liberia-based gold explorer Hamak Gold (LON: HAMA) by issuing 2.42 million shares at 0.012375p. This is an opportunistic, short-term investment because it does not fit the core investment policy. The loan notes are redeemable on 16 July and the annual interest rate is 10%. The conversion price is the lower of a 25% discount to the average market price for five days prior to conversion and 3p/share. The Hamak Gold share price is 1.075p. Hamak Gold hopes to take advantage of a narrowing of the share discount to the NAV of Vela Technologies, which is currently around two-thirds. The Vela Technologies share price moved up 4.55% to 0.0115p.
FALLERS
K3 Business Technology (LON: KBT) shares continue their downward trajectory following the latest interims. The enterprise software provider edged up annualised recurring revenues of £24.9m. There was an interim loss, but full year pre-tax profit is expected to double to £1.6m. Year end net cash is expected to be £9.3m. Eric Dodd recently became chief executive. The share price declined 7.89% to 87.5p.
Chain and transmission equipment manufacturer Renold (LON: RNO) beat upgraded full year expectations and there is another upgrade for the year to March 2025. Last year, pre-tax profit improved from £18.6m to £22.1m even though there was a small decline in revenues. Efficiency improvements are increasing margins. Net debt has fallen to £24.9m after acquisition payments and share buy backs. There was £36m in cash generated from operations. A 0.5p/share dividend has been declared. The 2024-25 pre-tax profit forecast is £22.8m. There was some inevitable profit taking after the recent rise and the share price slipped 4.35% to 59.3p. It is still 69% higher this year.
Data analysis technology developer Cirata (LON: CRTA) has completed a £5.6m fundraising at 55p/share. This follows last year’s $30m fundraising at 50p/share. The cost base has been more than halved to $20m. Bookings are growing and forecast full year bookings are $13m-$15m. The proceeds of the placing could take the business to cash flow breakeven. The share price dipped 4.56% to 54.4p.
Video games developer Team17 Group (LON: TM17) is trading in line with expectations. A pre-tax profit of £40.3m is forecast for 2024. The share price fell 4.03% to 297.5p.