AIM weekly movers: Rockfire Resources encounters high zinc grades

Gold and base metals explorer Rockfire Resources (LON: ROCK) has announced the highest zinc grades ever encountered at the Molaoi deposit in Greece. In one case there was 50.8% zinc from a drill hole. This could help to increase the overall grade. The drilling has confirmed the continuity of mineralisation throughout the deposit. The share price soared 53.5% to 0.33p.

Edenville Energy (LON: EDL) is raising £1.47m at 5p a share from Q Global Commodities Group, which will take its stake to 29.95%, and Gathoni Muchai Investments, which will own 20.1%. The share price jumped 45.5% to 8p. The two shareholders will also receive warrants exercisable at 35p until 25 May 2024. The cash will fund reviews of potential new and strategically complimentary projects in Africa. Jason Brewer of Gathoni Muchai Investments has been appointed as an executive director.

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Telecoms marketing software and services provider Pelatro (LON: PTRO) has won a large contract for campaign management service for a Middle East telecoms company. This extends an existing relationship. The overall contract provides annual recurring revenues of around $650,000. Last year’s group annual revenues were $5.4m and recurring revenues were $4.3m. The share price rose 34.8% to 7.75p.

Telecoms services provider Maintel Holdings (LON: MAI) said trading was in line with expectations when it held its AGM. The new strategy plan is already helping to reduce costs. The share price jumped 31.8% to 145p, which is still only nine times prospective 2023 earnings, falling to less than five in 2024. This indicates a lack of confidence in Maintel delivering these figures. If it does then there could be a further re-rating.



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Amur Minerals Corporation (LON: AMC) went ex-dividend last Thursday ahead of the 1.8p a share special dividend. Ascent Resources (LON: AST) subsequently bid one share for every 21 Amur Minerals shares. At an Ascent Resources share price of 3.55p, each Amur Minerals share is valued at 0.17p. Amur Minerals is considering the offer. The share price fell 86.1%, or 1.55p, to 0.25p.

Digital marketing service provider Silver Bullet Data Services (LON: SBDS) grew revenues by 53% to £5,82m in 2022, but there was a flat underlying loss before tax. The cash outflow from operating activities did fall from £7.22m to £5.14m and capitalised development spending was reduced from £1.46m to £1.1m. This meant that Silver Bullet Data Services moved into net debt of £487,000. A convertible loan note issue raised £500,000 last week. There is an 8% cash interest payment with a 4% payment in additional loan notes. The conversion price is 50p. The share price slumped 52.7% to 21.5p. The June 2021 placing price was 257p.

Antibody profiling company Oncimmune (LON: ONC) reported a cash outflow from operations of £2.32m in the six months to February 2023. This is prior to the recent sale of the IVD EarlyCDT Lung blood test antibody technology to US biotech Freenome for £13m. That disposal will lower ongoing costs. Even so, there are concerns about how long the company’s cash will last and how quickly it can move to breakeven. The share price declined by 46.1% to 19.95p.

Mineral sands project developer Capital Metals (LON: CMET) has been sent a notice of cancellation for the Industrial Mining Licences for the Eastern Minerals project by the Sri Lanka authorities, which claim that certain licence conditions have not been complied with. The licences were suspended in December and all mining activities were halted. The share price dipped 37.5% to 2.25p, which is just above the all-time low.

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