Zanaga Iron Ore (LON: ZIOC) says that test results from the hematite and magnetite orebody lithologies at the Zanaga project in the Republic of Congo show that it is suitable for supplying the low carbon electric arc furnace steel sector. An evaluation of net present value upside of its direct reduction iron grade pellet feed concentrate product. The share price rebounded 12.2% to 8.75p.
Coppe gold explorer Bezant Resources (LON: BZT) says that its 70%-owned subsidiary Hope and Gorob has been issued the formal mining certificate for ML246 in Namibia. There is a JORC compliant resource of 15Mt grading 1.2% copper. Development of the mine can commence. There is potential for open pit mining for five years, followed by underground mining. The share price increased 11.9% to 0.033p.
Helium One Global (LON: HE1) says the competent persons report attributes 245mmcf to the Itumbula and net prospective resources for the ret of the licence area is 589mmcf. The helium is in underground aquifers. A feasibility study has been submitted to the authorities. There would be an initial phase of five development wells, followed by further phases. The company is waiting for the formal award of a mining licence. It is unclear how much developing the project will cost, but more funding will be required. Panmure Liberum has upgraded its target share price from 3.6p to 3.7p. The share price rose 7.47% to 0.935p.
Cavendish has upgraded its forecasts for Hargreaves Services (LON: HSP) following a trading statement saying results will be better than expected. The 2024-25 pre-tax profit forecast has been raised from £16.4m to £17.4m. following a strong performance from the services division. The 2025-26 figure has been raised from £20.2m to £21.2m and that does not include the potential disposal gains from renewable energy assets. Net debt is higher than expected at £23.3m. The share price improved 5.59% to 718p.
FALLERS
Primorus Investments (LON: PRIM) has sold its 8.05% stake in the AI-based services provider to smaller businesses Pri0r1ty Intelligence Group (LON: PR1). This raised £977,000. Primorus Investments shares are unchanged at 4p each. Pri0r1ty Intelligence has applied for a quotation on the OTCQB market in the US. This will help it attract interest of investors in the US. Pri0r1ty Intelligence shares slipped 30.2% to 5.85p.
Oil and gas producer Zephyr Energy (LON: ZPHR) has raised £10.5m at 3p/share after an oversubscribed bookbuild. This will finance the £5.4m acquisition of a portfolio of interests in the Rocky Mountain region, which has production of 400 barrels of oil equivalent/day. This will add $4m to operating income over the first 12 months. The rest of the cash will finance development of assets in the Paradox Basin in Utah. The share price is one-fifth lower at 0.4p.
In 2024, Arkle Resources (LON: ARK) had a cash outflow from operations and investment of €406,000. That left €27,000 in cash. Management says that it has the option of diluting its stake in the Stonepark joint venture in Ireland. The share price fell 17.3% to 3.1p.
Marketing services provider Brave Bison (LON: BBSN) raised £13.5m at 2.45p/share to help fund the £19m acquisition of MiniMBA, which is an MBA level marketing skills and training platform. This fits well with the customer base of Brave Bison. MiniMBA founder Professor Mark Ritson is subscribing for £2m worth of shares. Cavendish has upgraded its 2025 earnings forecast by 9% to 0.31p/share. The pro forma figure for 2025 is 0.34p/share. The share price declined 4.84% to 2.95p.