Renewable energy company SIMEC Atlantis Energy (LON: SAE) generated cash in 2023 due the sale of the Uskmouth energy storage project and ongoing revenues from MeyGen tidal project. Net debt was reduced from £54.1m to £50.6m, with the majority of debt in the MeyGen project, which is set to be expanded. Core company debt was £13.7m, before the subsequent receipt of £7m from a land sale. This puts the company in a strong position make further energy storage project investments. The share price soared 104.8% to 2.15p, although that is down from the day’s high.
The Supreme Administrative Court has upheld the Swedish government’s decision to award the exploitation concession for the Gallok / Kallak iron ore project being developed by Beowulf Mining (LON: BEM). The share price rose 20.3% to 47.5p.
Musical instruments retailer Gear4Music (LON: G4M) reported full year figures in line with the recent trading statement. Revenues were 1% higher at £83.1m, while the company returned to profit. Founder Andrew Wass will focus on growth strategy and Gareth Bevan will take over as chief executive. The new strategy involves continued investment in the platform, enhancing the product range and diversifying channels to market. This year, pre-tax profit is expected to improve from £1.1m to £2.8m. The share price recovered 10.1% to 147.5p.
Golden Metal Resources (LON: GMET) says that the first two exploration drilling holes at Pilot Mountain have produced “exciting visual results”. The first hole identified tungsten mineralisation. The geophysical programme will complete soon. The share price improved 8.7% to 25p.
FALLERS
Nevada-focused Great Western Mining Corporation (LON: GWMO) has raised £500,000 at 0.04p/share. The cash will be used to finance the transportation of raw material to the company’s 50% owned Western Milling and the continuing exploration at West Huntoon and Rhyolite Dome. An independently verified copper porphyry has been established at West Huntoon. The share price declined 16.3% to 0.041p.
Nasdaq has sent two written notices to Renalytix (LON: RENX) because the ADS price has fallen below $1 for at least 30 consecutive days. It is also below the minimum market valuation of $50m. Renalytix will appeal the determination that trading in the ADSs will be suspended on 2 July and they will subsequently be kicked off Nasdaq. Management will present a plan to become compliant again. The share price slipped 15.4% to 13.75p.
Pressure Technologies (LON: PRES) made a slightly higher underlying interim operating loss of £700,000. Net debt was £900,000 at the end of March 2024. A new defence contract and recovery in oil and gas demand helped improve revenues from £13.8m to £15m, but the growth was in precision machined components. The sale of the precision machined components division is expected in August. This will repay the loan facility and provide investment in the core business. The core cylinders business will perform better in the second half, but there will still be a shortfall in the full year due to delayed orders. That disappointment knocked 12.8% off the share price to 34p.
Kibo Energy (LON: KIBO) hopes to publish its 2023 accounts by the end of July / early August. The share price continues to fall ahead of suspension on 1 July. The share price fell 9.09% to 0.01p.
