Energy supplier Yu Group (LON: YU.) is trading well above expectations and Liberum has upgraded its earnings expectations by 42% to 61.1p a share – double the previous year. That is similar to the previous 2024 forecast which has been upgraded by 10% to 68.4p a share. Net cash could reach £34.9m by the end of 2023. The share price jumped 26.1% to 580p.
Lithium project developer Savannah Resources (LON: SAV) has received a positive declaration of environmental impact from the Portuguese authorities for the Barroso lithium project. Savannah Resources has agreed to the conditions issued. A new scoping study should be done in the second half. The share price moved ahead by 19.7% to 4.4p.
Oil and gas company Challenger Energy Group (LON: CEG) has updated the market on its OFF-1 licence offshore of Uruguay and the related prospects. The prospective recoverable resources for three prospects based on the mean have been increased to 1,986mmbls. A discovery of 150-200mmbls is required to be economic. Each of the three prospects has the potential for this. Cash generated from producing wells in Trinidad can cover ongoing costs. The share price increased 13.5% to 0.105p.
Shares in Premier Premier African Minerals (LON: PREM) have recovered following yesterday’s premium article on UK Investor Magazine: Was Premier African Minerals’ share price destruction justified? – UK Investor Magazine. The share price recovered 8.77% to 0.62p.
Offshore services provider Tekmar Group (LON: TGP) has won a new contract for the Generation 10 cable protection system worth more than £5m. The project will be delivered in 2024. The share price edged up 8.33% to 1.95p.
Lecram Holdings does not intend to make a bid for Purplebricks (LON: PURP), so the sale of the business and assets to Strike Ltd is set to go ahead if it receives shareholder approval. The general meeting is on 2 June. The share price fell 20.6% to 0.5p, which values the company at £1.9m. The cash remaining after costs, which could be £2m, will be distributed to shareholders, but that won’t happen until early next year.
Antibody profiling company Oncimmune (LON: ONC) reported a cash outflow from operations of £2.32m in the six months to February 2023. This is prior to the recent sale of the IVD EarlyCDT Lung blood test antibody technology to US biotech Freenome for £13m. That will lower ongoing costs. The share price declined by 21.8% to 28.7p.
Kefi Gold and Copper (LON: KEFI) has raised £6.44m at 0.7p a share, while the share price slipped 19.7% to 0.671p. This cash will help to complete the project financing for the Tulu Kapi gold project and the share of the cost of the exploration programme in Saudi Arabia.
There has been profit taking at Empire Metals (LON: EEE) following yesterday’s announcement showing a giant-scale hydrothermal titanium and copper mineral system at its Pitfield project in Western Australia. The maiden drilling programme indicated a metal-rich 40km by 8km system with more to be drilled. The share price fell 13.9% to 2.625p, which is still well above the 1.85p the share price closed at on Friday.
