Tertiary Minerals (LON: TYM) has secured an earn-in agreement with KoBold Metals for the Konkola West copper project in Zambia. The deal requires the funding of 2,000 metres of drilling over 14 months. This relates to two holes and must start by May. That will lead to KoBold Metals owning 51% of the project, which could be further raised to 70%. That would leave Tertiary Mineral’s subsidiary with a 20% stake. The share price is one-quarter ahead at 0.1625p.
Mongolia-based oil and gas producer Petro Matad (LON: MATD) is making progress towards approvals for production and development at the Heron field. The full approvals should be gained in time to commence operations in April. An offtake agreement is likely with Petro China. Some production had been expected from the Heron field this year, but the 2024 sales expectations have been edged up. The share price increased 29.8% to 3.7p.
Financial adviser Tavistock Investments (LON: TAVI) improved interim revenues by 19% to £20.6m and moved back into profit. Since the end of September, cash has improved to £5m. Precise Protect was acquired in April and it has been rebranded Tavistock Protect. The share price improved 9.68% to 4.25p.
Filtronic (LON: FTC) has won a £4.5m defence contract starting in January. Revenues will be recognised in 2024-25 and 2025-26. Interim results will be published on 6 February. Trading is in line with expectations. The share price rose 7.69% to 21p.
FALLERS
Virtual reality provider Energy XR (LON: EXR) says contract delays will hit 2023 revenues. The forecast was €5.4m and guidance is €3.6m-€3.8m, although the expected EBITDA loss of €4.6m is not much higher than previously. The relaunch of the Lenovo headset with Engage AI features will be at the start of 2024. The share price slumped 23.2% to 2.15p. The February placing was at 4p/share.
Trinidad-focused oil and gas producer Touchstone Exploration (LON: TXP) is guiding 2024 production of 9,100-9,700 barrels of oil equivalent/day, which is a multiple of the 2023 figure. Even so, near-term production estimates are not as high as previously expected with a greater proportion of gas. There are plans to invest $33m next year and management is talking with its lender to increase the debt facility. The share price dipped 15.6% to 47.25p.
Ethernity Networks (LON: ENET) is raising £700,000 at 1p/share and chief executive David Levi is converting £75,000 of loans into shares. This will boost cash balances to $2.1m. The company has to agree a settlement payment with its creditors. The share price declined 10.9% to 1.025p, which is a new low.
Lending platform operator Lendinvest (LON: LINV) grew assets under management by 11% year-on-year to £2.7bn even though the lending market has fallen over the past year. Net interim revenues fell from £33.8m to £13.1m, although the comparatives were boosted by £12.5m of securitisation gains. Cash improved to £88m by the end of September 2023. The dividend will be reviewed when the full year results are published. The share price is 10.3% lower at 26p.
