Oracle Power (LON: ORCP) has received the final batch of assay results for the drilling at the Northern Zone intrusive hosted gold project. These show high grades over an expanded area. A mineralisation report is expected by the end of November and then a mining lease application will be submitted. Cantor Fitzgerald has reduced its stake, and Mahfuz Chowdhury has taken a 3.72% shareholding. The share price soared 171% to 0.032p.
TomCo Energy (LON; TOM) subsidiary AC Oil has applied to the Utah authorities for a permit to drill six holes on its lease area near Vernal, Utah. If approved, the drilling could start in 2025. The share price doubled to 0.07p.
Orosur Mining Inc (LON: OMI) has completed the acquisition of Minera Monte Aguila giving it 100% ownership of the Anza gold project in Colombia. Drilling has commenced at Pepas. The share price increased 80.8% to 4.7p.
Quadrise (LON: QED) has signed two long-awaited agreements. The deal with shipping company MSC and Cargill involves production of bioMSAR and MSAR fuels in Antwerp and will enable vessel trials on board the MSC Leandra. Cargill will supply feedstocks and sell the fuels to MSC. The trial should start in the first quarter of 2025. There is also an agreement with fuel supplier Auramarine to develop decarbonisation products in the marine sector. They will enable companies to comply with new environmental regulations. The share price improved 69% to 3.3p.
FALLERS
i-nexus Global (LON: INX) intends to leave AIM. The cloud-based software provider says poor share price performance and liquidity has led to the proposal. There should be direct cost savings of £250,000. The business has been consistently loss making. There is a three-year growth plan. i-nexus Global raised £10m at 79p/share when it joined AIM in June 2018. The cancellation will happen on 27 December if shareholders agree. The share price has recovered some of its initial loss – it fell to 0.65p at one point – but it is still down 44.4% to 1.75p. The market capitalisation is £500,000.
Helix Exploration (LON: HEX) reports that the Amsden formation at the Clink#1 well in the Ingomar Dome in Montana has sub-economic grades of helium. Amsden was always thought to be a small proportion of the potential resource. The more important Flathead formation at the same well had 2.5% helium. The company believes that there could be helium below the Amsden formation and there will be appraisal testing of the Charles formation. Investor sentiment is likely to be volatile and the share price slumped 29.1% to 14.75p.
There was no news from ImmuPharma (LON: IMM), but Aquis-quoted investee company Incanthera (LON: INC) has been accused of potential patent infringement in the formulation of its Skin + Cell skincare range. Even though Incanthera believes that there is no merit to the accusation, but the launch of the Skin + Cell range of products has been delayed. There is cash in the bank following a £2.6m subscription at 15p/share. ImmuPharma sold its 9.9 million shares in Incanthera, raising £1.5m, but it still holds 7.3 million warrants exercisable at 9.5p each. These had been in the money, but the share price has slumped well below the exercise price. The 24.3% decline in the ImmuPharma share price to 1.185p appears overdone on this basis.
ECR Minerals (LON: ECR) says that the potential buyer of assets in Victoria and related tax losses of A$75m is assessing the appropriate structure of the deal. The exclusivity has been extended to the end of January. ECR Minerals is raising £950,000 at 0.33p/share. The cash will be used to advance projects in Victoria and Queensland, including completing assessment of gold production at Blue Mountain, which could be generating revenues in the near future. The cash will fund the 2025 programme of work. ECR Minerals is collaborating with James Cook University in Queensland for the exploration of the Lolworth rare earths project. The share price fell 24.1% to 0.315p.