Galileo Resources (LON: GLR) says initial surface work has uncovered a copper porphyry mineralised system at the Ferber licence in Nevada, where it is working alongside Bronco Creek Exploration Inc. A drilling programme is planned. The share price increased by one-fifth to 0.75p.
Tungsten West (LON: TUN) has secured investment of up to £71m from the National Wealth Fund. This is via a £36m equity investment at 36p/share, for a 7.42% stake in Tungsten West, and a £25m debt facility, plus a £10m uncommitted accordion facility. The UK government has an opportunity to secure an offtake agreement for up to 50% of tungsten production at the Hemerdon project. First production is targeted for the third quarter of this year and there are also offtake talks with a downstream tungsten refiner. The share price gained 16.6% to 50.25p.
Norman Broadbent (LON: NBB) has been appointed to the UK Government Commercial Agency’s RM6394 Executive & Non-Executive Search 3 framework. The lasts for four years and provides opportunities in central government and other parts of the public sector. No level of work is guaranteed. The share price rose 3.68% to 197p.
Systems support software and training provider Pennant International (LON: PEN) has secured another Auxilium software contract with a US defence user through its partnership with Siemens. This takes Auxilium annualised recurring revenues to £2.9m. The share price improved 3.45% to 30p.
FALLERS
Investment company Shaires Holdings (LON: SHR) has raised $3.4m from a retail offer at $20/share, adding more than 670 new shareholders and taking the total raised to $14.3m. There are more than $500m of investment opportunities. The Capital Access Window has closed, and the shares returned from suspension. The share price fell 12.2% to $21.50.
Southern Energy Corp (LON: SOUC) expects to report the result of the Terrible Creek 21-2 #2 oil well in September. This is on the Williamsburg field and if the well is successful then another will be drilled before the end of the year. Southern Energy Corp announced that its second quarter production was 3% higher than the previous quarter at 1,743 barrels of oil equivalent per day, but lower prices meant that revenues were one-quarter lower at $4.2m. Cash generated from operations was $700,000 and cash was $8.6m at the end of the period. The share price declined 6.67% to 3.5p.
IT managed services provider Tialis Essential IT (LON: TIA) has formalised its agreement with joint venture with AI Auxesis, which will provide strategic advice. The initial term is 12 months, and AI Auxesis will receive a fee of £192,000. It will also receive 10% of any gain on disposals. Tialis Essential IT reported interim revenues falling from £8.8m to £7.6m due to delayed orders and the loss of two contracts. The reported loss declined from £912,000 to £394,000. The share price slipped 3.13% to 46.5p.
Emmerson (LON: EML) says the arbitration tribunal has confirmed the procedural calendar with the Morocco government required to set out its defence by January 2027. Emmerson has until October 2027 to reply, and the Morocco should reply to that by January 2028. The hearing will take place in July 2028. Emmerson is seeking compensation of $1.2bn for loss and damage due to Morocco expropriating the company’s Khemisset phosphate project. The share price dipped 2.94% to 1.65p.