AIM movers: Sovereign Metals drilling release expected and Alpha Growth NAV decline

Trading in Sovereign Metals (LON: SVML) shares has been halted on the ASX, but on AIM there has been a 19.6% rise to 27.5p. There are plans to release infill drilling results at the Kasiya rutile project in Malawi. This is near to the Mkango Resources (LON: MKA) Songwe Hill rare earths project, which has received approval from the environmental authorities. Sovereign Metals is demerging its graphite interests.

Inspecs (LON: SPEC) shares continue to rise following yesterday’ positive trading statement. It is a 21.8% ahead at 114.5p. The share price is back to around the level it was before the previous profit warning.

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Ironveld (LON: IRON) is entering into a joint venture with Pace SA to produce and sell Dense Media Separation grade magnetite from the company’s mine in Limpopo, South Africa. Pace will provide the initial cash investment of £1.65m for a 50% stake in the joint venture. First production is expected in the middle of 2023. The share price is 3.23% higher at 0.32p. This is the highest it has been for more than six months.

Investment company APQ Global (LON: APQ) reported net assets of 7.29p a share at the end of 2022, down from 981p a share at the end of November 2022. The share price fell 7.14% to 6.5p.

Faron Pharmaceuticals (LON: FARN) has raised €12m at €3.25 a share. Additional data from the study of Bexmarilimab as a treatment for haematological malignancies is encouraging and the cash will accelerate the development. The cash was also required to meet financial covenants. The share price improved by 6.62% to 317.5p.

Goldstone Resources (LON: GRL) issued a £2.4m convertible loan note and 60 million warrants exercisable at 4p each to Blue Gold International. The share price fell 5.19% to 3.65p. The conversion price is 3.25p a share. The cash will help to expand the Homase gold mine in Ghana. Blue Gold owns 90% of the Bogoso Prestea gold mine in Ghana.  

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Trading in Applied Graphite Materials (LON: AGM) shares will be suspended on 1 February due to the annual report not being published. The share price fell 6.5% to 5.75p.

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