Tungsten West (LON: TUN) has updated its feasibility study for the Hemerdon tungsten and tin mine and it shows a post-tax NPV of £297m. There is a 27 year mine life. Remaining capital investment requirement for the project is £31.1m. The share price jumped 12.7% to 15.5p.
Intelligent Ultrasound (LON: IUG) 2022 revenues will be one-third higher at £10.1m. AI revenues remain small, but they have grown to £700,000. The share price moved up by 12.2% to 9.4p.
Faron Pharmaceuticals (LON: FARN) says that additional data in the study of Bexmarilimab as a treatment for haematological malignancies is encouraging. There were no additional adverse events. The share price improved by 12.2% to 9.4p.
Tracking systems developer t42 IoT Tracking Solutions (LON: TRAC) has secured a two-year agreement with an Israel-based customer for 5,000 Lokies tracking units. There will be 1,500 units supplied in the first half of 2023. The share price rose 11.5% to 7.25p.
Cannabis-based medicines developer Celadon Pharmaceuticals (LON: CEL) says that its Midlands facility has been registered with the UK Medicines and Healthcare products Regulatory Agency for manufacturing its active pharmaceutical ingredient. Celadon Pharmaceuticals has applied to the Home Office to update its existing licence. That is required to begin to supply customers. The share price rose by 8.74% to 56p.
Panther Securities (LON: PNS) is paying a special interim dividend of 10p a share. The property investor says that it expects net assets to increase by £19m in 2022, mainly due to the removal of two derivatives liabilities relating to interest rates on debt. Loan-to-value is less than 40%. Debt refinancing discussions will begin later this year. The share price increased by 10.2% to 325p.
Semiconductor wafers manufacturer IQE (LON: IQE) says that 2022 revenues will be slightly lower and the loss will be around £12m. This year will continue to be tough as inventory corrections by customers hit the first half. There could be a recovery in the second half, although bad debts are also possible. The loss should reduce this year. The share price dived 18.9% to 48.575p.
An update on the strategic review by Tekmar Group (LON: TGP) confirms that the preferred partner has been given a 14 day extension to its period of exclusivity. This relates to financing proposals and does not mean that an offer can be made by a third party. The share price slumped 15.9% to 14.5p.
Electrolyser technology developer ITM Power (LON: ITM) expects lower full year results and a higher loss. There will higher costs – particularly hitting contracts near to completion – increased warranty provisions and inventory write-downs. The new chief executive is reviewing strategy. There was £318m in the bank at the end of October 2022. This should last into 2025. The share price has been falling for two years and it declined a further 13.2% to 90.15p.
Clontarf Energy (LON: CLON) is raising £1.3m at 0.065p a share, which will nearly double the number of shares in issue. The share price slipped 9.09% to 0.075p. The cash will finance lithium projects in Bolivia and petroleum projects in Ghana and Australia.
Oil and gas company Tower Resources (LON: TRP) is raising up to $6m with a place over 24 months. The initial tranche of $1.7m will be raised at 0.36p a share – more than double the previous market price. The share price dipped 8.06% to 0.1425p. The later placings will be at an 8% discount to the five daily volume-weighted average prices for a period prior to the placing. The discount goes up to 10% after 12 months. The cash will help to finance the NJOM-3 well on the Njonji structure in the Thali PSC are in Cameroon.