Serabi Gold (LON: SRB) has renewed its trial mining licence at the Coringa mine in Brazil for three years. This allows 50,000 tonnes of ore to be processed at the company’s Palito Complex each year. In 2024, gold production is expected to grow from 33,153 ounces to 40,000 ounces. Coringa could end up producing 30-35,000 ounces of gold each year. The share price has been rising all morning and is 29.5% ahead at 50.5p. That is the highest level since April 2022.
There was 25.5% share price increase to 10.35p following a trading statement by broadcast software Pebble Beach Systems (LON: PEB). The 2024 revenues were slightly higher than expected at £12.4m and net debt continues to fall, reaching £4.8m at the end of 2023. However, pre-tax profit has been downgraded from £1.7m to £1.6m by Cavendish.
Electrolyser technology developer ITM Power (LON: ITM) increased interim revenues from £2m to £8.9m, while the loss was reduced by more than two-thirds to £18.2m partly due to additional interest income. There was a £27.5m outflow from operating activities and cash was £253.7m at the end of October 2023. Management says that short-term economic concerns are slowing down the growth of the green hydrogen market. The share price is 24.6% higher at 59.68p.
Drilling contractors are on site at the Molopo Farms Complex, where Power Metal Resources (LON: POW) owns 87.7%, and drilling on a priority target will start in the next few days. This is a PGEs and nickel project. The share price increased 17.7% to 1p.
FALLERS
Symphony Environmental Technologies (LON: SYM) has failed to get the EU court to declare EU legislation invalid. This legislation relates to the d2w biodegradable technology, which is not included in the single-use plastic directive and the company says that this has hampered the take-up of the technology. The share price dived 48% to 3.25p, which is the lowest it has been for more than one decade.
Respiration equipment supplier Inspiration Healthcare (LON: IHC) had a poor fourth quarter and full year revenues will be £6m lower than expected at £37m, down from £41m the previous year. That will result in a full year loss. Net debt is higher than anticipated at £6.4m. There were contract delays for neonatal products. This business should happen in 2024-25 and a rebound to a pre-tax profit of £2.9m is forecast, although that is lower than the previous estimate of £4.7m. The share price slumped 24.3% to 40.5p.
The operator of the Duyung PSC, where Empyrean Energy (LON: EME) has a 8.5% interest, says that the capital costs of the first phase of the Mako gas project will cost $325m. It could cost $250m to get to first revenues. Further efficiencies could reduce the figures. The final investment decision has been delayed to the middle of 2024. Shares in Empyrean Energy fell 14.8% to 0.3195p. Coro Energy (LON: CORO) has a 15% interest in the Duyung PSC and the share price declined 12.2% to 0.165p.
Graphene technology developer Directa Plus (LON: DCTA) has renewed its contract with Romanian automotive business FORD Otosan. The contract is for waste disposal and recycling services and it is worth €1.9m – 46% increase on the original contract in 2020 – and it will be recognised in 2024. That is more than 10% of forecast revenues of €17.7m. The share price slid 109% to 20.5p, which is an all-time low.
