Cornish Metals (LON: CUSN) says the feasibility study for South Crofty tin mine is progressing well. The successful test work confirms that there is potential for a resource upgrade. Process design optimisation should reduce capital and operating costs. The share price increased 13.2% to 10.75p.
Oil and gas company Jadestone Energy (LON: JSE) has renegotiated its debt facility and for the next six months the borrowing capacity will be $200m, followed by $150m in the next six months. This will provide the funds required for the Akatara development, which is 70% complete. First gas should be produced in mid-2024. Total production averaged 17,000 barrels of oil equivalent/day. The share price rose 10.2% to 31.75p.
Film and TV facilities provider Facilities by ADF (LON: ADF) continues to rise on the back of the end of the writers’ strike, although the actors are still on strike. The share price further improved 5.26% to 60p, which is the highest level since June.
Premier Miton has increased its stake in Serabi Gold (LON: SRB) from 4.77% to 5.1%. The share price is 5.56% higher at 28.5p.
FALLERS
Training and business improvement services provider Mind Gym (LON: MIND) says that revenues and profit will be well below expectations in the year to March 2024. There will be a first half loss. Clients are restructuring and delaying training programmes and the US has been particularly weak. A full year loss of £6.2m is forecast, compared with a pre-tax profit of £600,000 last year. The share price slumped 37.8% to 34.5p.
Mining tools supplier Mincon (LON: MCON) says demand from the core mining sector remains weak, although geothermal and construction sectors are holding up. Revenues have declined by 7% in the first nine months of the year. Shore has reduced its 2023 operating profit forecast by two-fifths to €11.5m. Lower inventories have improved the cash position. The share price dived 11.2% to 67.5p.
Impax Asset Management (LON: IPX) increased assets under management by 5% to £37.4bn in the year to September 2023, even though there was a net outflow of £893m in the fourth quarter. That was mainly due to retail investors withdrawing cash from the markets. The share price is 10.3% to 407.25p.
Chaarat Group Holdings (LON: CGH) chief executive Mike Fraser has resigned following the sale of the Kapan mine. The share price fell 6.82% to 3.69p.
Drug developer Sareum (LON: SAR) reported an increased loss of £3.2m for the year to June 2023 because of increased development spending. The loss is expected to be more than £5m this year, although Hybridan has increased its end-June 2024 cash forecast to £995,000. The share price dipped 6.25% to 75p.