AIM movers: Potential power project for Zanaga Iron Ore and Bens Creek reports higher loss

Shares in WH Ireland (LON: WHI) continue to recover after yesterday’s results and cautiously optimistic outlook. They jumped another two-fifths to 5.25p, which is the highest level since October. The underlying interim loss doubled to £1.8m, but annualised cost savings of £3.8m have been made. Underlying monthly profitability was achieved in November 2023 thanks to cost cutting and there was cash of £6.8m.

Zanaga Iron Ore (LON: ZIOC) has signed a memorandum of understanding with China Machinery Engineering for the potential construction of hydroelectricity project to power the Zanaga project in the Republic of Congo. The feasibility study update process is progressing well, and it should be concluded in the first quarter of 2024. The share price improved 23.3% to 10.775p.

Drilling results from the Tobias-14 well in Angola, where Corcel (LON: CRCL) has a 20% interest, appear to confirm that production can be reactivated through an early production system. The well will be tested and there is potential for near-term income. The share price rose 18% to 0.69p, which is the highest level for 18 months.

Finance director Anna Brown has acquired an initial 29,388 shares in automotive interior components supplier CT Automotive (LON: CTA) at 68p each. The share price moved up 4.55% to 69p.


Dial Square Investments has changed its name to EnergyPathways (LON: EPP). The former standard list shell moved to AIM on 20 December after it acquired the Marram gas project in the Irish North Sea. The share price is 12.5% lower at 3.5p, which means that it has lost most of its gains since joining AIM.

Coal miner Bens Creek (LON: BEN) has fallen 12% to 11p, just above the original placing price of 10p. The net sales price has declined over the past year, but higher production meant that interim revenues increased from $17.4m to $23.5m although the loss rose from $11.7m to $13.7m. Net debt, including deferred consideration, is more than $38m.

Autonomous drilling rig developer Tribe Technology (LON: TRYB) has not completed the latest drill rig due to technical issues and it will be delayed until the first quarter of 2024.It should be shipped to the customer by the summer. This means that revenues may be delayed until the next financial year. A field trial of the sample potting and handling system has been postponed. The 5 September placing price was 10p and the share price has declined 10.8% to 8.25p. There is £3.34m in cash left.

Oil and gas company Reabold Resources (LON: RBD) is holding the requisitioned general meeting on 10 January to appoint four directors and remove two others. Requisitioner Kamran Sattar and related parties have a 40% stake in Daybreak Oil & Gas, where Reabold Resources has a 42% holding. Fully listed Zenith Energy (LON: ZEN) boss Andrea Cattaneo is proposed as chief executive, and another proposed director is Zenith Energy chairman. Nominated adviser Strand Hanson is undertaking due diligence on the proposed directors. If they are appointed before this is complete, Strand Hanson says that it would have to resign. That would spark a share suspension and then one month to find a replacement or the quotation would be cancelled. The share price slipped 4.26% to 0.1125p.

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Andrew Hore is the publisher of AIM Journal, which is an online monthly publication covering the Alternative Investment Market.