Shares in oil and gas company Tower Resources (LON: TRP) doubled to 0.026p. Management believes that the completion of the financing for the NJOM-3 well in Cameroon is near. The well could be spudded in early 2025. There is also outside interest in the PEL96 licence in Namibia. An increase in receivables helped to generate $270,000 in cash from operating activities in the first half of 2024. There was $1.02m spent on exploration.
SRT Marine Systems (LON: SRT) shares have risen 18.2% to 30.5p following a live webcast by the marine technology company at 8.30am.
Tern (LON: TERN) says 30%-owned Device Authority has agreed to defer the completion of tranche two of its fundraising until the end of 2024, so the Tern stake is not diluted yet. This shareholding is valued at £4.2m. The share price is 11.6% higher at 1.2p.
GreenRoc Strategic Materials (LON: GROC) has submitted its application for an exploration licence for the Amitsoq graphite project in south Greenland. After initial consideration, this will be sent for public consultation for 35 days. This is one of t few near-development ready projects in Europe. China produces more than three-fifths of the world’s flake graphite. The post-tax project NPV is $621m. The share price improved 11.1% to 1.5p.
FALLERS
Ceramic disc brake technology developer Surface Transforms (LON: SCE) increased interim revenues by 58%, but growth is still not meeting expectations even though there is further growth in third quarter revenues. There are delays to installing additional capacity. Full year revenues are expected to be £11m, compared with previous expectations of £17.5m. There was £5m in cash at the end of June 2024. The share price slumped 70.7% to 0.425p.
Legal services provider RBG Holdings (LON: RBGP) is still suffering from delays in projects and Singer has withdrawn forecasts. There was an interim loss of £2.8m. The full year outcome will be below previous expectations. The £24m debt facilities are fully used and there is also accrued interest. That leaves little flexibility for the company. It needs to show that there is some potential for revenues to grow and the business to return to profit. The share price has fallen 41.2% to a new low of 3.5p.
Celadon Pharmaceuticals (LON: CEL) finance director Jonathan Turner left the board last Friday. Celadon Pharmaceuticals is still waiting for £400,000 from the May fundraising. Interim revenues were £63,000 and the loss was £2.4m. Following fundraisings since June, there is £500,000 in the bank. Discussions continue with potential investors. The share price is 28.8% lower at 26p.
Harvest Minerals (LON: HMI) says the Arapua project fertiliser sales remain disappointing due to weak commodity prices. A new marketing campaign had limited effect. Total sales of 35,000 tonnes are projected for the full year. There is potential for rare earth elements at the project. The interim loss was $1.78m. The share price declined 16.2% to 0.775p.