Great Western Mining (LON: GWMO) says its 50/50 joint venture Western Mining has completed construction of a mill in Nevada, which will begin processing at 35t/day and ramp up to 200t/day. This will process pre-mined gold and silver material. A study of geochemical signatures of granites is being conducted at the porphyry target at the Huntoon Valley. The share price is two-fifths ahead at 0.0525p.
Supercapacitors manufacturer Cap-XX (LON: CPX) says that the Delaware District Court found in favour of Maxwell Technologies in a patent infringement case. Both patents expired in 2019 and ongoing patents are not affected. Cap-XX is considering an appeal. The share price increased 17.9% to 0.825p.
Spirit brands supplier Distil (LON: DIS) says third quarter revenues were 39% ahead at £571,000 and nine month revenues improved from £870,000 to £1.2m. Volumes were 10% higher. A RedLeg Limited Edition spiced rum was launched in the quarter and sold out. Blackwoods gin and vodka sales more than doubled. Promotional activity increased, offsetting the additional gross profit. The share price improved 16.7% to 0.7p.
Totally (LON: TLY) has gained a contract extension for the provision of national resilience support for NHS 111. The contract lasts 12 months and is worth £13m, up from £10m last year. This reflects increased demand for NHS 111. The share price recovered 13.5% to 5.25p.
Another positive trading statement from payments services provider Cornerstone FS (LON: CSFS) has led to an upgrade of December’s previous upgrade. A maiden pre-tax profit of £800,000 on doubled revenues of £9.6m is forecast for 2023. Revenues per customer increased by around two-thirds to more than £10,000. The company moved from net debt to net cash. The share price rose 13.2% to 30p.
FALLERS
Mercantile Ports and Logistics (LON: MPL) says some trading activity was deferred last December. Cavendish reduced its 2023 revenues forecast from £6.9m to £5.4m. Coal import to the Karanja port were lower because of destocking. The loss will be higher. Management hopes to replace the current debt facilities with a new facility with lower interest charges. The share price slumped 40.6% to 1.575p. The June 2023 fundraising was at 3p.
Electricals retailer Marks Electrical (LON: MRK) continues to grow revenues, but margins are declining and hitting profit. Revenues have grown by 22% so far this year and installation operations are growing. Gross margins have been hit by changes in profit mix and consumers trading down. There were also lower volume rebates from brands. Gross margin is set to fall from 26.6% to 25% this year. Canaccord Genuity has halved its full year pre-tax profit forecast to £2.9m on unchanged forecast revenues. Market share is still being gained. The share price dived 27.3% to 66.5p.
ECR Minerals (LON: ECR) reported a review of the Lolworth gold project in Queensland and says that the work undertaken has proved that gold exists in multiple sectors. This based on soil, rock chip and stream sediment sampling. The share price dipped 3.64% to 0.265p.
