Interim figures for Vast Resources (LON: VAST) show revenues improving by 69% to $1.93m and the loss declined to $5.1m. The share price jumped 210% to 0.65p. John Nettleton reduced his stake from 3.49% to 2.7%. Restructuring of mining operations increased capacity at the Baita Plai polymetallic mine. Production is increasing month-on-month. In Zimbabwe the high court has granted a default order against the government relating to diamond joint ventures which will lead to the release of a parcel of 129,400 carats of rough diamonds. This should be concluded in a few days and the stones will be sold via tender.
Digital media marketing company XL Media (LON: XLM) says full year figures will be in line with expectations with revenue of $73.7m and EBITDA of more than $16m. The growth came from sports and gaming as more states in the US legalise online gaming. Revenues from personal finance marketing fell by more than one-quarter and this part of the business may be sold. The share price rose 42.1% to 21.5p.
Conroy Gold and Natural Resources (LON: CGNR) rose 38.7% to 18.375p following news of gold lodes intersected between the Clontibret gold deposit and Corcaskea gold target. There are three gold lode zones with grades of up to 8.3g/t gold over 0.5 of a metre. This increases the potential for the 65km gold trend in Ireland and the JORC resource of 517,000 ounces of gold should increase signficantly.
Immotion (LON: IMMO) is selling its location-based entertainment business for $25.1m, having raised £100,000 from disposing of Uvisan. Shareholders are likely to receive 3p a share out of the sale proceeds with £6.5m retained for the remaining business after buying back shares from management leaving with the location-based entertainment business. Immotion will concentrate on the home-based entertainment business Let’s Explore Media. This will be expanded via acquisitions. The share price jumped 36.7% to 3.35p. Immotion joined AIM in July 2018 at a placing price of 10p a share.
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Fallers
Digital transformation services provider TPXimpact Holdings (LON: TPX) downgraded 2022-23 guidance with revenues expected to be £80m rather than £90m. EBITDA falls more sharply and could be around £2m. Third quarter like-for-like revenues were 15% lower and there was a sharp reduction in margins. Net debt was £17.5m at the end of December 2022 and management warns it is likely to breach debt covenants. Director share buying sparked a small recovery in the share price. Finance director Steve Winters acquired 220,000 shares at 21.34p each and former chief executive Neal Ghandhi bought 196,986 shares at 22.45p each. The share price slumped by 47.8% to 24p by the end of the week.
Orcadian Energy (LON: ORCA) raised £500,000 at 10p a share to fund the progress towards a field development plan for the Pilot licence area in the North Sea. The share price fell 36.7% to 9.5p. A farm-out process is underway for Pilot. Upside resource potential for Pilot is 131MMbbl. Pro forma cash is £723,000.
Morses Club (LON: MCL) gained 75.17% backing to approve the cancellation of the quotation on AIM. This resolution required 75% of the vote so it only just succeeded. Shareholders owning 61.7% of the share capital voted. The last day of dealings will be 10 February. After that, there will be a matched bargain facility on Asset Match. The share price dived by 35.8% to 0.443p.
Mongolia-focused oil and gas producer Petro Matad (LON: MATD) raised £4.9m at 2.5p a share. That is 50% more than the minimum that was sought. A retail offer could raise up to £500,000 more. The share price slumped 29% to 2.84p. The cash will fund the testing of the low-cost, high impact Velociraptor prospect, as well as evaluating other oil licence areas and renewable energy projects.
