Staffing firm Staffline (LON: STAF) is selling its workplace training business PeoplePlus for up to £6.9m – £12m minus £5.1m deduction for advanced payments. The change in government has led to uncertainty concerning training and delays in client decisions. PeoplePlus was expected to make a 2025 pre-tax profit of £300,000, down from £1.3m in 2024. Panmure Liberum expects an £11.1m non-cash write down on the business. A share buyback has been launched. This could acquire up to £7.5m worth of shares. The share price recovered 15.4% to 27.7p.
Great Western Mining Corporation (LON: GWMO) plans to consolidate 200 existing shares into one new share and then reduce the par value, which is currently higher than the share price, from €0.02 to €0.0001. This will enable the Nevada-focused miner to issue shares. The share price improved 14.3% to 0.012p.
Arkle Resources (LON: ARK) has found magnesium grades of more than 1% from eight samples from its Makgadikgadi Salts Pans project in Botswana. Shallow drilling is planned to obtain a bulk sample for direct lithium extraction sample analysis. This should help Arkle Resources to attract a joint venture partner. The share price rose 7.69% to 0.35p.
Rome Resources (LON: RMR) has announced results from two holes at the Bisie North Kalayi that confirm tin at depth consistent with the geological model. The deposit is similar to the one 10km away at Mpama South. There are also signs of copper mineralisation. The current drilling campaign should finish by the end of March. There are more assay results to come shortly. An inferred resource assessment is likely in the second quarter. Allenby believes the project could reach pre-feasibility in 2026. The share price is 3.45% higher at 0.3p.
FALLERS
The stake in Thor Energy (LON: THR) held through Spreadex has fallen from 6.67% to 3.15%, this includes 1.18% held through financial instruments. The share share price slipped 11.6% to 0.65p.
Bezant Resources (LON: BZT) is planning to sell Puna Metals, which owns the Eureka gold and copper mine in Argentina, to Main Market shell Ajax Resources (LON: AJAX). It will pay $120,000 in cash and $100,000 in shares – which will be based on the price of a fundraising. The Ajax Resources share price was suspended at 3p. The Bezant Resources share price fell 6.38% to 0.022p.
Asia-focused oil and gas producer Jadestone Energy (LON: JSE) increased average production in 2024 by 35% to 18,696 barrels of oil equivalent/day. Revenues improved from $309.2m to $395m. The Akatara gas processing facility is up and running. Net debt was $104.8m at the end of 2024. This year production is expected to average 19,000-22,500 barrels of oil equivalent/day. Based on a Brent oil price of $70-$80/barrel Jadestone Energy believes it can generate $270m-$360m of free cash flow between 2025 and 2027. The share price declined 5.65% to 29.25p.