AIM movers: Keras Resources processing project progress and Libertine strategic review

Keras Resources (LON: KRS) expects the integrated milling and granulator plant in Delta, Utah to be commissioned during May and production will ramp up in the third quarter. This is part of a joint venture with Phosul. It will use rock phosphate from the Keras Resources mine at Diamond Creek. Phosul granule production capacity will be 520 tons/month, rising to 920 tons/month on double shifts. The share price has been rising steadily and is 18.2% ahead at 1.95p.

Fire protection technology developer Zenova Group (LON: ZED) has received a £2.4m fire protection paint order. This is a two-year contract for 200,000 litres of coating for Drips and Sparks to apply to steel surfaces at Greenwood Construction sites. Zenova generated revenues of £108,000 in the first half of 2023. A recent subscription raised £677,500 at 2p/share. The share price recovered 15.8% to 2.2p.

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Mosman Oil & Gas (LON: MSMN) has received government approval for the farm-in by Greenvale Energy for the Australian project EP145, which has prospective gas, helium and hydrogen resources. The helium is the major attraction. Greenvale can earn up to 75% of the project by funding seismic and drilling a well (capped at A$5.5m). There will be an initial cash payment to Mosman Oil & Gas of A$160,000. The share price improved 11.1% to 0.02p.

Cybersecurity services provider Smarttech247 (LON: S247) has secured a three-year deal worth $2.1m with an existing pharma client. The deal was won in conjunction with Splunk Inc. The share price is 10% higher at 22p.


Linear generator technology developer Libertine Holdings (LON: LIB) is reviewing strategic options because further cash is required for progressing the technology into customer programmes. This could mean a takeover or continuing as a quoted company. The board is also considering the sale of HEXAGEN energy storage and waste heat recovery technology to concentrate on developing the intelliGEN hybrid powertrains technology. There is enough cash to last until July. The share price slipped 17.7% to 3.5p.

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Bioplastics and RF technology supplier Biome Technologies (LON: BIOM) reported 2023 revenues improving from £6.19m to £6.98m, but the loss increased from £802,000 to £1.39m. The growth came from bioplastics. Revenues could jump to £9m this year, although first quarter bioplastics deliveries were delayed, and that would more than halve the loss. The share price fell 15% to 85p.

Vast Resources (LON: VAST) says its debt facility providers are extending them from their effective repayment date from 29 February and it is in discussions for major restructuring finance. There is $5.5m owed to Alpha and $1.5m will be repaid on 7 May, $1.5m 30 days later and $1.5m 60 days after the first repayment. Mercuria says it is willing to further extend the $3.9m loan. The first delivery from Baita Plai has been made to Trafigura, but production has been constrained by lack of finance. The processing facility at the Takob mine in Tajikstan was shut down due to extreme cold weather, while production at Aprelevka has improved. The share price declined 13.8% to 0.375p.

Arrow Exploration (LON: AXL) grew average production from 1.3mboe/day in 2022 to 2.2mboe/day in 2023 and revenues increased from $28.1m to $50.6m, which was slightly lower than forecast. There was cash of $13m at the end of 2023 and this fell to $12m at the end of March 2024. Production has reached 2.9mboe/day in March, while drilling activity will lead to further increases in the medium-term. Canaccord Genuity has cut its 2024 revenues forecast from $103.9m to $98.6m and net cash is expected to be $17m at the end of 2024. The share price slid 11.8% to 20.5p.

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