AIM weekly movers: Bens Creek runs out of cash

Shares in Molecular Energies (LON: MEN), Byotrol (LON: BYOT) and Redx Pharma (LON: REDX) have all recovered following their declines after they said they intended to leave AIM. Molecular Energies shares jumped 159% to 17.5p, but that is still below the level prior to the announcement of the AIM exit. Redx Pharma chief executive Lisa Anson bought 399,000 shares at 7.5p each, taking her stake to 562,183 shares. That helped the share price to recover 94.1% to 8.25p. David and Monique Newlands have reduced their stake in Byotrol to below 3%. The Byotrol price doubled to 0.15p.

Later this month, drilling will begin at the Tertiary Minerals (LON: TYM) copper project in Zambia. This will take place at the north east part of the Kokola West project. The share price improved 65.4% to 0.1075p.

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Oracle Power (LON: ORCP) has secured an option to acquire 100% of the Blue Rock Valley copper and silver project in Western Australia. The option cost £30,000 in shares. If the option is exercised there will be 913.2 million shares issued – valued at £200,000. The geotechnical study has been completed for the renewable power production facility in Sindh province of Pakistan. The share price moved up 59.5% to 0.0335p.

Westminster Security (LON: WSG) has signed the ten plus year contract to provide security services for five airports in the Democratic Republic of the Congo. This was initially announced in June 2021. The contract includes setting up a training academy. Revenues are based on a fee per passenger. This could generate $10m in the first full 12 months. The latest group interim revenues were £2.9m. The share price rebounded 55.6% to 3.5p, which is the highest since early 2022.


Coal miner Bens Creek (LON: BEN) is laying off workers at its mine in West Verginia, which will be operated on a care and maintenance basis. There are 44 employees being laid off and that is described as “a substantial number” of the employees at the mine. Management is in discussions with largest shareholder and offtake partner Avani Resources to provide further finance. Earlier in the week, the company said it had secured a one-off sale of 20,000 tons of coal to Avani Resources for $1.2m, of which $1m has been received in advance of delivery. This is lower quality coal, and the deal is separate to the offtake agreement. This did not prove enough to alleviate the poor financial position of the US-based metallurgical coal miner. The share price fell 60.9% to a new low of 0.575p.

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First quarter revenues at carbon brake technology developer Surface Transforms (LON: SCE) were £3m, which was lower than target. However, production yields improved in March when revenues were £1.5m. Revised delivery schedules have been agreed. Cavendish has raised its 2024 forecast loss to £3m because of higher scrappage costs and there are likely to be higher working capital requirements. There should still be net cash at the end of 2024. The share price continued its slide and is down 54.1% to 4.25p – the lowest level for around a decade.

Bermuda-based R&Q Insurance Holdings (LON: RQIH) will make a significant loss this year. It is selling its joint venture to its partner Obra Capital. This will raise $27m in cash and Obra will give up $3m of preference shares in Randall & Quilter PS Holdings Inc. The disposal of the Accredited business should be completed by the summer. The share price slumped 41.2% to 3p.

Active Energy Group (LON: AEG) has been reviewing its operations and how to secure funding. It believes it cannot raise the cash it requires to construct a CoalSwitch biomass fuel plant and commence production. A buyer is being sought for the CoalSwitch assets. If that happens, then the company would become a shell. The share price slipped 30% to 0.35p.

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