AIM movers: Strategic Minerals fusion agreement and Eneraqua Technologies delays

Strategic Minerals (LON: SML) has signed a five-year memorandum of understanding with Oxford Sigma, which is a nuclear fusion technology developer. Strategic Minerals subsidiary Cornwall Resources, which owns the Redmoor tungsten mine, will collaborate with Oxford Sigma on securing supply of tungsten for fusion. Each fusion reactor needs between 100-5,000 tonnes of tungsten. The share price increased 23% to 0.15p.

Cambridge Cognition (LON: COG) has won a major contract using its core services combined with the recently acquired Winterlight services. The initial contract for providing the services to a clinical trial and training is worth £1m. Revenues will start to be recognised in 2023 and will last two years. If the trial goes well then there is potential for a larger contract. The share price is 6.43% ahead at 74.5p.

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Power Metal Resources (LON: POW) has identified significant uranium targets at the Tait Hill ad Soaring Bay projects in Saskatchewan. The results of laboratory tests on soil samples are awaited. Discussions have begun with third parties. The share price rose 6.4% to 0.665p.

Last night, Safestyle (LON: SFE) said it had engaged Interpath Advisory to assist with raising cash or potentially selling the replacement windows and doors business. There is already interest in acquiring the business, while the bank remains supportive based on expectations of a positive outcome to the current process. The share price is 0.82% higher at 2.45p, having been above 3.5p earlier in the day.


Eneraqua Technologies (LON: ETP) is still suffering from delays in energy efficiency spending by social housing companies, although it continues to win contract in this and other sectors. Uncertainty about water standards for new housebuilding have hit the water efficiency technology demand. There had already been downgrades prior to the interims, which were in line with those downgrades, but the full year pre-tax profit forecast has been further reduced by 69% to £1.6m, with £2.4m expected next year. There continues to be underlying demand for the company’s products, but a significant recovery could be a year or more away. The share price slumped 58.4% to 38.5p.

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Property investor Caledonian Trust (LON: CNN) has not been able to agree a sale of St Margaret’s House in Edinburgh. Talks with the interested parties did not come to a satisfactory conclusion. The property will be marketed next spring if market conditions improve. The interest rate on a £4m loan from Leafrealm, which is controlled by the Caledonian Trust chief executive, will be reduced from 10 October 2023. The share price declined 18.8% to 130p. NAV was 200.3p/share at the end of 2022.

Shares in Calnex Solutions (LON: CLX) have fallen a further 18.2% to 54p following yesterday’s profit warning that had led to a 30.2% decrease. The telecoms and network testing instrumentation supplier is uncertain about the timing of telecoms customer orders. Revenues will be up to 30% lower than previous expectations.

Steppe Cement (LON: STCM) says third quarter cement revenues improved by 8%, but nine-month figures were 5% lower. The price received for cement declined by 3%. However, cost inflation means that 2023 profit will be lower. The share price is 9.09% lower at 25p.

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