Kodal Minerals (LON: KOD) remains on track with construction at the Bougouni lithium project in Mali and it is within budget of $65m. Full run rate production should be reached in the first quarter of 2025. Drilling suggests the mine life can be extended. Discussions continue with joint venture partner Hainan Mining over the $15m owed to the Mali government and whether it should be paid by Kodal Minerals and not the joint venture that owns the Bougouni lithium project. The share price recovered 15.9% to 0.365p.
Deltic Energy (LON: DELT) says Shell has provided an updated total well cost estimate of $48m for the Selene well site in the North Sea. Deltic Energy is carried for costs of up to $49m. There are plans for a second licence term as the partners move towards a final investment decision. This news and the full inclusion of tax losses has led Canaccord Genuity to increase its NPV10 share price target from 30p to 38p. The share price improved 15.4% to 5.25p.
Interim results from business software provider AdvanceAdvT (LON: ADVT) show revenues of £19.9m. Pro forma growth was 17%. At the end of August 2024, cash was £83.3m and the company still has a 9.8% stake in M&C Saatchi (LON: SAA), which increased in value by £4.26m during the period. Excluding that gain, pre-tax profit was £4m. The AdvanceAdvT share price increased 6.34% to 142.5p.
Wellhead safety technology supplier Plexus (LON: POS) has gained a $1m rental order for its Exact exploration wellhead equipment and related services from the Middle East. This an important breakthrough in that region. There are also opportunities for decommissioning in the North Sea. The share price rose 3.78% to 9.6p.
FALLERS
Mongolia-focused oil producer Petro Matad (LON: MATD) is having mixed fortunes with the Heron-1 well outperforming, but Heron-2 disappointing. Heron-1 is producing 200-300 barrels/day, and this could be quadrupled. Heron-2 production reached 30 barrels/day and has been suspended. Shore has cut its NAV estimate from 7.2p/share to 6.8p/share – mainly down to foreign exchange and changes in the oil price. The share price slumped 31% to 1.725p.
Phoenix Copper (LON: PXC) says NIU Invest is reviewing the Empire mine project ahead of setting out a new drawdown schedule for the $80m corporate copper bond. So far, $5m has been drawn down. The company is talking to other potential bond investors. There is enough cash to reach the second quarter of 2025. The share price dived 23.4% to 5.25p.
Decision intelligence software developer ActiveOps (LON: AOM) continues to add to annualised recurring revenues by winning new clients and generating higher revenues from existing customers. Net revenue retention is 108% and annualise recurring revenues reached £14.3m. Revenues were 10% ahead at £14.3m and pre-tax profit jumped from £100,000 to £470,000. There will be an increase in costs in the second half because of five additional sales and marketing personnel. This will hold back profit in the second half and Investec forecasts full year profit one-fifth lower at £1.6m. There is also going to be a relatively large client loss at the end of the year, which could knock 5% off year-end annual recurring revenues although new clients will more than make up for this. The fourth version of the main software product ControlIQ will be launched by the end of the year and two clients have been signed up. The share price dipped. The share price dipped 11.8% to 112.5p.
Ex-dividends
Anpario (LON: ANP) is paying an interim dividend of 3.25p/share and the share price fell 7.5p to 347.5p
James Halstead (LON: JHD) is paying a final dividend of 6p/share and the share price dipped 4.5p to 198.5p.
Mincon Group (LON: MCON) is paying an interim dividend of 1.05 cents/share and the share price is unchanged at 37p.
Portmeirion Group (LON: PMP) is paying an interim dividend of 1.5p/share and the share price is unchanged at 225p.
Wynnstay Properties (LON: WSP) is paying an interim dividend of 10p/share and the share price is unchanged at 710p.