Zinnwald Lithium (LON: ZNWD) has published an updated mineral resource estimate for the 100%-owned Zinnwald lithium project in Saxony, Germany. This has made it the biggest mover on the day with a rise of 35.5% to 7.25p, having been near to 8p at one point. There is a measured resource and indicated resource of 194mt with a further 33.3mt of inferred resource containing 429,000t of lithium at an average grade of 0.5%. That is a 445% increase in tonnes and a 243% increase in contained lithium compared to the 2018 mineral resource estimate. The operating costs were already relatively low, and the additional resource should reduce them further. The Zinnwald project is in a region with automotive manufacturers that could be end users of the lithium.
Financial terminals software developer Arcontech (LON: ARC) improved interim revenues by 7% to £1.45m and it had net cash of £5.7m at the end of December 2023. Cavendish has upgraded its full year pre-tax profit forecast by 44% to £800,000. The share price is 6.9% ahead at 93p.
INTERPOL has chosen Windward (LON: WNWD) maritime technology to address illegal activities at sea. This is the public announcement of a contract won in the second half of 2023. The AI technology will be used to identify, track and prevent criminal activities. The share price has lost most of its early gains but it is still up 2.22% to 23p.
Keystone Law Group (LON: KEYS) performed strongly in the year to January 2024. Sustained demand and new joiners meant that revenues were better than anticipated. There were 51 new principals recruited last year, taking the total to 432. Pre-tax profit will be slightly ahead of expectations of £10.7m. The full year figures will be published on 18 April. The share price is 3.7% higher at 560p.
FALLERS
Shield Therapeutics (LON: STX) is making progress with Accrufer iron deficiency treatment sales, but a third party overstated the number of prescriptions in 2023. There would have been 90,500 on the previous methodology, which was lower than expected, but the revised figure is 77,000. Year-end cash was $13.9m. Costs are being controlled, but there is no guarantee that there is enough cash to reach breakeven. Shield Therapeutics expects to be cash flow positive in the second half of 2025 instead of later this year. The share price slumped 47.8% to 2.95p.
TomCo Energy (LON: TOM) has raised £300,000 at 0.045p/share, which was a large discount to the market price that has fallen 38.2% to 0.0525p. The cash will finance the development of Tar Sands Holdings II site in the Unita Basin in Utah. A subsidiary has a 10% interest and had an option to acquire the other 90% for $17.25m. The option has expired, but TomCo Energy is trying to negotiate an extension to the option period.
Optical equipment manufacturer Gooch & Housego (LON: GHH) has been hit by weakness in the industrial and medical markets. Profit will be second half weighted and the 2023-24 pre-tax profit forecast has been reduced by £3m to £9.5m. The order book has improved to £128.5m and £85m should be recognised during the current financial year. The share price has dived 16.6% to 509p, but that is less than the downgrade in forecast earnings.
EnergyPathways (LON: EPP) has a memorandum of understanding with MCS Subsea Solutions and Mermaid Subsea Solutions for the provision of engineering services for the Marram gas project in the UK Irish Sea. First production is targeted for 2025. The share price slipped 11.3% to 2.75p.
