URU Metals (LON: URU) shares jumped 240% to 170p following news that the South African authorities has granted the Zeb Nickel project an integrated environmental authorisation. This is part of the process in obtaining a mining right to permit extraction of nickel and other minerals.
Data analytics software company Rosslyn Data Technologies (LON: RDT) has secured a three-year contract with a major technology company. This has a minimum value of £2m. Management says that the 2023-24 loss will be lower than previously forecast, but at £3m it will still be higher than in 2022-23. Before the latest deal annualised recurring revenues were £2.3m. William Black and Armstrong Investments reduced their shareholding from 10.4% to 9.51%. The share price increased 45.9% to 13.5p.
Neometals (LON: NMT) is lowering annualised overheads by two-fifths and the $3m at 4.5 cents/share raised from William Robert Richmond should last until the end of 2025. The focus will be the Primobius recycling operations. Net cash will be $9.3m and this will finance the company’s lithium-ion battery recycling business to the industrial validation stage. The Previous Metals Recovery option will not be taken up. Third-party funding is being sought for new lithium and vanadium technologies. The share price rose 35.7% to 4.75p.
Oil and gas producer i3 Energy (LON: I3E) is recommending a 13.92p/share bid from Gran Tierra Energy. The market price is 33.6% ahead at 12.48p. The offer is one Gran Tierra Energy share for every 207 i3 Energy shares and 10.43p in cash for each i3 Energy shares. Shareholders will also receive a dividend of 0.2565p/share. The bid, based on a Gran Tierra Energy share price of $8.66, values i3 Energy at £174.1m. Gran Tierra wants to diversify its current Canadian resources.
FALLERS
Interest rate uncertainty continues to hold back Watkin Jones (LON: WJG) with transactions with institutional investors delayed. This means that this year’s return to profit will still happen, but it will be lower than expected. The forecast has been cut to £7m and it could be similar next year. Management is assessing options for 2025-26. Net cash is expected to be £65.2m at the end of September 2024. Forecast net tangible assets are 47.5p/share. Non-exec chair bought 157,000 shares at 32.5p each. The share price slumped 39.8% to 29.75p.
Goldstone Resources (LON: GRL) raised £600,000 at 1.05p/share. This will finance the development of the Homase mine in Ghana and help to deliver 50,000 tonnes of stacked and agglomerated ore and achieve the gold production target of 1,000 ounces/month. The share price declined 32.9% to 1.275p.
Electric hybrid systems developer Proton Motor Power Systems (LON: PPS) says that its principal lender and major shareholder Falih Nahab will stop providing working capital at the end of 2024. At the end of July 2024, Proton Motor Power Systems has drawn down €110.4m out of debt facilities of €121.5m, plus it owes €37.8m in accrued interest. The facilities are repayable by the end of 2025, but the business is unlikely to be cash generative by then. There are talks with other potential providers of finance. Net liabilities were €111.7m at the end of 2023. The share price slipped 31% to 1p.
A weak advertising market meant that first half revenues of media analysis company Ebiquity (LON: EBQ) fell 7%. That hit operating margins, which slumped to 6%. Net debt is £15.3m. The second half should be much better, although just how good it will be will depend on trading in September and October and high operational gearing means that additional revenues will lead to a much bigger jump in profit. The interim results will be published on 26 September. The share price fell 28.9% to 27p.