Cora Gold (LON: CORA) says exploration work at the Sanankoro gold project in southern Mali has identified twenty new targets within eight gold bearing structures – four primary and four secondary structures. There are seven key targets. This provides potential to extend the existing gold resource of 920,000 ounces. There are signs that the Mali government may lift the moratorium on issuing permits. The existing DFS was based on a gold price of $1,750/ounce and even at this price level the project would generate $71.8m of free cash in the first year. The share price jumped 80.6% to 2.8p.
Ovoca Bio (LON: OVB) reported a halved loss of €1.2m due to lower overheads. Cash was €2.9m at the end of June 2024 and cash refunds from the Australian government of €650,000 are anticipated. The share price rebounded 55.6% to 1.05p.
Emmerson (LON: EML) is hopeful that it will receive the environmental permit for the Khemisset potash project in Morocco before the end of the year. There will also be the release of lab results from the second round of crop trials that examine the effectiveness of the potash providing phosphate to lettuces. Emmerson currently has $1.7m in cash. This should last well into 2025. The share price recovered 41.7% to 1.7p.
Retail software developer Itim Group (LON: ITIM) managed to breakeven in the first half of 2024 on a 19% increase in revenues to £8.8m. Net cash is £3m. Zeus upgraded its 2024 expectations to a loss of £700,000, down from £1m. Net cash should be £2.1m at the end of 2024. The share price rose 34.3% to 47p.
FALLERS
Deltic Energy (LON: DELT) is rising ahead of completion of the second farm-out of the Selene prospect, where Deltic Energy will retain a 25% interest. There was £3.7m in the bank at the end of June 2024. The share price had been hit by the withdrawal from the Pensacola discovery and the uncertainty concerning the North Sea oil and gas tax regime. Richard Sneller reduced his stake from 9.9% to below 3%. The share price dipped 43.7% to 5.35p.
Energy services supplier Enteq Technologies (LON: NTQ) has raised £1.5m from a placing and subscription at 5p/share. A retail offer could raise up to £500,000 and it closes on 30 September. The cash will help to finance the commercial launch of the SABER (Steer-at-Bit Enteq Rotary) tool. Testing with the first customer is ongoing. The fleet of SABER tools will be raised to ten. The share price slumped 42.9% to 5p.
Spirits supplier Distil (LON: DIS) is raising £650,000 at 0.12p/share with non-exec Roland Grain subscribing £200,000 and Dr Graham Cooley £90,000. The shares come with placing warrants exercisable at 0.36p each. Allenby has been appointed as broker. The cash will fund promotion and production of stock. The share price slid 35% to 0.13p.
Cancer diagnostics developer Angle (LON: AGL) reported a drop in interim revenues from £1.2m to £1m. The order book is worth £1.9m. The focus is developing pharma relationships and cutting annual costs by £8m by the end of 2024. There is £17.9m in cash and the outflow from operating activities was £6.8m. Management believes that Angle could become cash flow positive in the second half of 2026. The share price declined 28.3% to 8.25p. which is not far off the all-teom low in 2009.