Strategic Minerals (LON: SML) says that the Cobre magnetite operation has regained a major client that has ordered 30,000 tons. There could be a second contract of a similar size. This follows a halving of sales volumes in 2023. The share price jumped 75% to 0.175p.
Positive drilling results from Thor Energy (LON: THR) pushed up the share price 56.7% to 2.35p. The drilling at the Wedding Bell and Radium Mountain uranium prospects in Colorado intersected high-grade uranium. Grades were up to 0.69%. This follows positive results from the Groundhog prospect. The assay results should be received in February. There are plans to drill other prospects in the region. The uranium price has moved above $100/lb.
Oriole Resources (LON: ORR) has signed the earn-in agreement with BCM International for the Mbe gold project. There is an upfront payment of $1m when due diligence is finalised and BCM will spend up to $4m to earn 50% of the Mbe project. The share price improved 56.3% to 0.375p.
Eqtec (LON: EQT) has drawn down a €2.9m bank facility. This will finance the Italy Market Development Centre in Tuscany and repay shareholder loans. The site will be used to promote the company’s syngas technology. There is also a joint venture agreement with CompactGTL to develop waste-to-liquid fuel technology. This led to a 37.5% jump in the share price to 3.3p.
FALLERS
Trading in scientific instruments developer Microsaic Systems (LON: MSYS) has recommenced after a 625-for-one share consolidation and a placing raising £2.1m at 1.25p. The consolidated share price was 4.0625p and it fell to 1.4p in initial dealings and stayed at that level, which is a 65.5% decline. Cash will be used to acquire assets from DeepVerge. Full year results for 2022 and interims for 2023 were published to enable the shares to recommence trading after suspension.
Cancer diagnostic tests developer Oxford BioDynamics (LON: OBD) generated revenues and other operating income of £1.3m in 2022-23. Two tests have been launched in the US in the past year, but it will take time to build up revenues. There was a £11.4m loss and an operating cash outflow of £9.1m with £5.25m left in the bank at the end of September 2023. The share price dipped 46% to 18.15p because of cash concerns.
Paper and technical fibres maker James Cropper (LON: CRPR) has been hit by weak trading in the paper business and slower growth in sales to hydrogen companies in advanced materials. As a highly operationally geared business this has led to a slashing of current year pre-tax profit forecast from £5.9m to £500,000. Employee numbers have been reduced in the paper division, completing the restructuring. Higher capacity utilisation will improve the profit contribution. The share price slumped by 45.2% to 430p, which is the lowest level for more than eight years.
Graphene technology developer Versarien (LON: VRS) has raised £400,000 at 0.08p/share. The share price slipped 45% to a new all-time low of 0.09675p. The cash will be used to finance the business while it tries to capitalise on the growing opportunities. There is a sales agreement with Go To Gym for Graphene-Wear products in Colombia, Brazil and the US.
