Helium One Global (LON: HE1) says the Itumbula West-1 has reached its total depth of 961 metres and elevated helium shows have been consistently measured. The helium shows increased in frequency and concentration in fault zones. Formulation evaluation will be done and then drill stem testing across zones of interest. The share price jumped 210% to 0.62p, which is the highest level for more than one month – since the announcement of the fundraising at 0.25p/share prior to Christmas.
Primorus Investments (LON: PRIM) investee company Payapps Ltd is being acquired by software supplier Autodesk. Payapps is a construction payment and compliance management services provider and Primorus Investments owns 3.07 million shares. The bid price was not revealed. The Prmorus Investments share price rose 63.3% to 4p.
The backing of the Swedish government of the Kallak iron ore project pushed up the Beowulf Mining (LON: BEM) share price by 53.8% to 2p. The local indigenous community had objected to the development of the project because of potential harm to reindeer husbandry, but the government says the original award of the licence is politically and commercially important for Sweden and Europe. The community still has an outstanding legal action against the government.
Golden Metal Resources (LON: GMET) has completed analysis of sampling at the Garfield project in Nevada and it reveals a “bullseye” anomaly in the high-grade zone. This increases the site’s overall prospectivity and gold and silver potential. The next steps for exploration are being assessed. The share price is 51.3% higher.
FALLERS
Active Energy (LON: AEG) says discussions with Player Design about the construction of the Ashland CoalSwitch facility continue but Player Design is no longer willing to commit to a date when production will commence or the potential volumes from the facility. Active Energy is seeking to get back cash it has paid to Player Design. There is potential demand for CoalSwitch fuel if production can be started. A different site may be required. The share price slumped 70.6% to 0.5p, which is a new low.
Molecular Energies (LON: MEN) has raised £500,000 at 35p/share. The share price declined 49.7% to 37p. The cash will finance ongoing activities while the spin-out of Green House Capital Group is progressing and the company awaits payments related to the disposal of the oil and gas assets in Argentina. So far, $500,000 out of $13m of debt has been repaid, while a $2m payment for the business is due in September. An exploration well is being drilled on the Pirity concession in Paraguay and management is seeking new opportunities.
Film localisation services provider Zoo Digital (LON: ZOO) says that delays in film and television productions mean that there will be a higher than expected loss in 2023-24. This is because there was a slower than expected pick up in work after the writers’ strike ended. There should be an improvement in workflow after the end of the financial year. The share price is 31.9% lower at 40.5p, which is still above the low during the strike.
Plastic products supplier Coral Products (LON: CRU) says trading has been weaker in recent weeks due to adjustments in customer stock levels. Forecast revenues are being reduced by 10% to £32.2m and the pre-tax profit slashed to £600,000, down from £1.7m last year. That the means that the dividend will be cut. There are more positive signs for future demand, but 2024-25 forecasts have also been reduced. The new chief executive has identified restructuring opportunities that could achieve significant cost savings. The share price slipped 30.9% to 11.75p.
