AIM weekly movers: Share buying in Tungsten West

There was significant trading in the shares in Cornish minerals company Tungsten West (LON: TUN) in the last three days of the week. There were 2.81 million shares traded on Thursday and 2.17 million shares on Friday. These are the largest numbers of shares traded on individual days since flotation in 2021. The share price jumped 137% to 3.2p. At the end of March, £1.6m was raised via a convertible, which will help finance a feasibility study.

Diagnostic tests developer genedrive (LON: GDR) benefited from NICE’s recommendation of the CYP2C19-ID test for genotype-guided clopidogrel treatment in the NHS. It is the preferred platform for UK point-of-care testing for the management of ischemic stroke and transient ischaemic attack patients. It is advised that these patients should have a genetic test before antiplatelet treatment. The share price improved 88.9% to 6.375p.

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The Gelion (LON: GELN) share price continues to rise after yesterday’s announcement that the energy density testing of its lithium-sulphur battery technology shows that it far exceeds lithium-ion batteries. The 9.5 Ah pouch cell achieved an energy density of 395 Wh/kg, which 60% higher than lithium-ion batteries. This means that the batteries could be lighter and cheaper than rival technologies, as well as being made from more abundant materials, but there is some way to go to get to commercialisation. Gelion has cash of £7.5m. The share price is 86.9% higher at 28.5p, which is back above last November’s £4.4m fundraising price of 24p/share.

Horizonte Minerals (LON: HZM) says senior lenders have agreed to further waivers on interest payments until the end of April. If it is not extended further deferred interest payments for the past two quarters will become immediately due. The company’s Brazilian subsidiary is in a 60-day stay period against the enforcement of debt and security held by lenders and creditors and Horizonte Minerals is a guarantor of the debt. Any claim could force Horizonte Minerals into administration. The share price recovered 41.7% to 2.125p.


Redx Pharma (LON: REDX) is the latest AIM company that has decided to leave the junior market. A plan to reverse into a Nasdaq shell fell through last year and there is limited liquidity because two shareholders own more than 84% of the company. There are already enough votes to guarantee that the proposal is passed at the general meeting on 19 April. The share price dived 77% to 4.25p. Last October, £14.1m was raised at 26p/share. Management believes that it will be easier to raise money as a private company.

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Portable oxygen technology developer Belluscura (LON: BELL) has suffered from the distraction and delays in the acquisition of standard list shell TMT Acquisition. This delayed the launch of the DISCOV-R product until June and the acquisition of components. Manufacturing is being moved to InnoMax in China. Cash flow breakeven has been delayed until the first quarter of 2025. A line of credit is being sought to cover non-recurring expenses. There is $3m in cash at the end of March 2024. The 2024 revenues will be lower than the previous range of $16m-$19m. There will be impairment charges in the 2023 accounts. The share price is 50% lower at 9.25p.

Infection protection technology developer Byotrol (LON: BYOT) shares have halved to 0.075p as they continue their fall ahead of the planned exit from AIM. The operations need to be restructured and costs reduced. Management believes there will be more flexibility as a private company. Asset Match will provide a matched bargain facility.

Perpetual has reduced its stake in semiconductors designer Sondrel (LON: SND) from 3.95% to less than 2.3%. The share price slumped 43.8% to 3.375p. Siemens sold its stake at 6p/share at the end of 2023.

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