Unusually high levels of buying in Tungsten West (LON: TUN) shares pushed up the price 92.6% to 6.5p. This is the highest level the tungsten and tin project developer share price has reached since May 2024.
Shares in oil and gas company Savannah Energy (LON: SAVE) recovered some of yesterday’s loss after they returned from suspension and raised £30.6m at 7p/share. The share price is 18.1% higher at 11.75p, but it is still 55.1% lower this week.
Team Internet Group (LON: TIG) shares also rebounded 9.61% to 58.75p following yesterday’s slumped due to the decision by Verdane not to make an offer for the company because of search marketing changes by Google. The company reduced EBITDA guidance from $57m to $20m-$25m in 2025 as it adjusts to the switch to Related Search on Content (RSOC).
Oriole Resources (LON: ORR) has reported the results from the second set of holes at the Mbe project. They intersected 60 metres of recurrent gold mineralisation at 0.2g/t. There are wider zones of lower grade mineralisation than in the first set of holes. There is potential for an open pit operation. The share price rose 5.13% to 0.205p.
Mkango Resources (LON: MKA) says an independent study by Minviro for HyProMag USA, a joint venture with CoTec, indicates the low carbon footprint potential of HyProMag’s recycling technology. This shows that HyProMag has the potential to provide the US with the lowest carbon domestic source of permanent magnets. US rare earth permanent magnet production is a strategic priority in the US. The share price increased 5.82% to 10p.
Metals Exploration (LON: MTL) has bought a processing plant for the La India gold project in Nicaragua for $9.7m. This is payable in stages. The plant should be shipped by the end of August. The plan is to commence production by the end of 2026. The operating life of the mine should be at least 12 years. The share price improved 4.63% to 5.65p.
FALLERS
Versarien (LON: VRS) has posted a circular to shareholders to gain approval for to issue more shares. The previous approvals for issuing shares have been used up and the board wants to renew them. There is a potential strategic investor that wants to take a stake of up to 15%. The share price declined 10.9% to 0.0285p.
A trading updated from clod-based data analytics company Rosslyn Data Technologies (LON: RDT) reveals delays to the roll out of its technology with a major client. This means that some of the revenues will not be recognised in the year to April 2025. Forecast revenues have been cut from £4m to £3.3m. The loss estimate has been increased to £2.3m. Net cash is expected to be £1.7m at the end of April 2025. The share price is 7.61% lower at 4.25p.
Yesterday evening it was announced that Andrada Mining (LON: ATM) chief strategy officer Frans Van Daalen sold 7.38 million shares, nearly all his shareholding, at 1.96p each and chief operating officer Christoffel Smith sold 655,873 shares at the same price. This was reported to be due to tax obligations. The share price fell 7.55% to 1.775p.