The stake of Dr CW Powell in lead, zinc and silver projects developer Europa Metals (LON: EUZ) has risen from 7.17% to 8.19%. The stake has been built up from below 3% in nearly three months. The share price has risen by one-quarter so far this year and is 46.7% higher on the week at 2.2p.
Shield Therapeutics (LON: STX) iron deficiency treatment ACCRUFeR has been approved by the authorities in Canada. It is the only oral iron therapy approved as a prescription drug for adults with anaemia. This sparks a £250,000 milestone payment from Canadian partner Kye Pharmaceuticals. The share price improved 44.9% to 5p.
Indus Gas Ltd (LON: INDI) says the extension of the PSC for Block RJ-ON/6 for a period of ten years is still under consideration. The current PSC period ended on 20 August. The maintenance of the customer’s power plant continues so there is a reduced offtake of gas. The share price rose 38.9% to 10.525p.
Peter Edwards has taken a 3.3% stake in Shuka Minerals (LON: SKA). Last week, the Africa-focused mining company wanted to draw down £500,000 of the £2m unsecured convertible note instrument provided by AUO Commercial Brokerage, but the funds are not yet available. AUO is owned by Shuka Minerals chairman Quinton Van Der Burgh. There is no indication of when the funds will be available. Shuka Minerals has enough cash until the end of October. The share price recovered 35.6% to 6.1p.
FALLERS
Helium One Global (LON: HE1) is acquiring 50% of Blue Star Helium’s Galactica-Pegasus project and other licences in Colorado. There are confirmed helium discoveries of an average of 3% helium. Gross resource estimates are 675 million cubic feet. Blue Star Helium will continue to be operator. An initial six development wells are planned for later this year. They could generate an annual income of $2m. Cynosure Capital is subscribing £6.43m at 1.09p/share. The share price dipped 28.2% to 1.4p. That cash will fund $1.5m of past costs, plus up to $2.7m on the six wells. There will also be $2.55m required for capital investment. The extended well test at Itumbula West-1 in Tanzania has flowed at up to 7.6% helium. The well flowed an average of 786 barrels per day.
Tertiary Minerals (LON: TYM) raised £880,000 at 0.08p/share. This will fund exploration at Zambian copper targets, Mushima North and Jacks, which is near to the Chambishi project where production is being raised. Six targets have been identified at Mushima North. The Swedish authorities have refused the application for a mining concession on the Storuman fluorspar project. The share price is one-quarter lower at 0.0825p.
Exchange services provider Aquis Exchange (LON: AQX) has been hit by one technology contract not being renewed, because of the client’s trading problems. That will knock £1m off revenues and pre-tax profit in 2024. The other parts of the group all grew revenues in the first half. Aquis Markets share of market trading has risen to 5.2%. Canaccord Genuity has cut its 2024 pre-tax profit forecast from £6.3m to £4.9m with the rest of the shortfall due to increased investment. The interims will be published on 12 September. The share price fell 18.2% to 390p.
Audio equipment supplier Focusrite (LON: TUNE) says full year revenues will be around £157m, but EBITDA will be lower than expected at around £25m (£27.1m was previously expected) because of higher shipping and logistics costs. Shipping costs are continuing to rise, and promotional spending remains at high levels. New products have been launched, but a major distributor has been cutting stock levels. Net debt has fallen to £15m. The final results will be published in late November. The share price declined 15.7% to 300p.