First Development Resources (LON: FDR), a minerals exploration company recently spun out from Power Metal Resources (LON: POW), has clawed back some of its losses over the past fortnight. London-based First Development Resources is focusing on the Wallal gold copper project in the Paterson province in Western Australia. On admission, £2.3m was raised at 6.67p/share and the company valued at £7.06m. The share price subsequently fell but it has rebounded 13.6% to 6.25p.
Falcon Oil & Gas (LON: FOG) says that the Shenandoah South 2H sidetrack at the Betaloo in Northern Territory achieved an average 90-day initial production flow rate of 6.7 million cubic feet per day. This suggests significant potential for the area. The drilling campaign continues. The share price increased 12.3% to 7.75p.
Detection technology developer Kromek (LON: KMK) has received a new contract award from the MoD to develop methods of enhancing detection of biological agents and orders for CBRN detection equipment worth £860,000 in total and most of this will be recognised in the first half of the current financial year. The share price rose 7% to 5.35p.
Metals One (LON: MET1) has invested £1m in the latest placing by Chile-focused lithium project developer CleanTech Lithium (LON: CTL). The placing raised a total of £4.3m at 5p/share. The cash was raised to finance the acquisition of an additional 30 licences in the Laguna Verde project for $600,000 and finance the development of the enlarged project. The additional licences should help to seek streamlined approval for the project. The Metals One share price improved 9.45% to 6.0195p, while the CleanTech Lithium share price slipped 18.5% to 5.5p.
FALLERS
Mobile Tornado (LON: MBT) is asking for shareholder approval to leave AIM. There is limited liquidity and one major shareholder in the mobile communications technology company, so the quotation is not worth the cost. The board intends to seek a buyer in the next two years and believe it would be easier as a private company. The plan is to leave on 9 September. The share price dived 53.6% to 0.65p, having been below 0.5p at one point this morning.
Versarien (LON: VRS) intends to accelerate the sales process of the remaining parts of the group, while it tries to secure additional finance for the group. If the disposals happen the proceeds are unlikely to cover liabilities and Versarien would be placed in administration. The share price slumped 34.2% to 0.0125p.
Autonomous vehicles developer Aurrigo International (LON: AURR) says weaker activity has hit revenues this year. Disruption from tariffs and delayed tenders have pushed revenues into next year. The tariffs are hampering demand for its supply of equipment to the automotive sector. Aurrigo has been awarded more than £1m of grant funding. Canaccord Genuity has slashed its 2025 forecast revenues from £12m to £7.5m and that means the expected loss is £3.9m. Net cash should be around £1m at the end of the year. The share price dipped 28.1% to 52.5p.
Pharmacogenetic testing company Genedrive (LON: GDR) expects revenues to double to £1m in the year to June 2025. There is also £600,000 of visible revenues for this year, and the growth is likely to be international. Genedrive is confident that there are significant long-term opportunities in the NHS, but this remains a challenging market. Cash is around £700,000 and ways of raising more money are being assessed. The share price fell 15.6% to 0.95p.