Corporate finance adviser Marechale Capital (LON: MAC) says that investee company Weardale Lithium has received a committee report from Durham County Council recommending approval of planning permission for the development of a lithium extraction project. The planning committee hearing is planned for 5 February. The Weardale Lithium investment is valued at £3m. The share price soared 115% to 3.55p.
Mosman Oil and Gas (LON: MSMN) says the operator of the Vector helium project, where Mosman Oil and Gas has a 20% working interest, has signed a drilling contract to drill five wells. The purchase of an 82.5% stake in Sagebrush project should be completed by early February. A six-month suspension and extension of the EP-145 permit year three of a five year term has been granted by the Northern Territories authorities. This keeps the permit in a good position while the sale is completed. The share price jumped 53.8% to 0.04p.
Property developer Paul Elliott has been appointed as a director of biomass technology developer Active Energy Group (LON: AEG). He has been involved in the turnarounds of distressed assets. Accountant Pankaj Rankaj has joined the board as a non-executive director. The share price rose 45.5% to 0.4p.
Telematics company Microlise Group (LON: SAAS) has bounced back from its cybersecurity problems. Although 2024 revenues of £81m were slightly lower than forecast, EBITDA was ahead of expectations at £11.3m. Exceptional costs relating to the cyber attack should be reclaimed via insurance. No customers were lost. Net cash was £11.4m at the end of 2024. Annualised recurring revenues of £56.6m underpins 62% of forecast 2025 revenues. The share price rebounded 41.3% to 130p, returning to the level at the beginning of November.
FALLERS
Proton Motor Power Systems (LON: PPS) shares continue to decline ahead of the general meeting on 7 February to gain shareholder approval to leave AIM. The share price has slumped 46.2% to 0.175p.
Futura Medical (LON: FUM) traded in line with expectations in 2024, but US sales of erectile dysfunction product Eroxon are not growing as quickly as hoped. US distributor Haleon is refining its marketing strategy. Some European launches have been delayed. It is unclear whether the market size will be as large as anticipated. Net cash is £6.6m. That will last until late 2026. The share price dived 44.9% to 16.96p.
Metals One (LON: MET1) is raising up to £5m, or £3m after costs, plus up to £100,000 from a retail offer. A convertible loan note will raise £600,000, which will be interest free, and £4.4m via a warrant instrument. There will also be a ten-for-one share consolidation – the retail offer price will then be 2p. The effective exercise of the warrant instrument depends on the consolidation and shareholder approval, plus a 24-month consulting agreement with MavDB costing £2m. The PEA for the Finland – Black Schist Ni-Cu-Co-Zn project has been published. The share price declined 37.5% to 0.25p.
Cannabis medicines developer Celadon Pharmaceuticals (LON: CEL) says it should receive the remaining £103,000 from its committed credit facility in February. There is enough cash to last until March if the drawdown is further delayed. Discussions have ended with one previously mentioned potential finance provider, but there are still other potential providers. The share price slipped 28.9% to 16p.