Hydrogen Utopia International (LON: HUI) confirmed that the FCA has approved its admission to the standard list, and this is set to happen on 9 January. The share price rose 10.8% to 16.625p.
Steen Andersen became chief executive of probiotics products developer ProBiotix Health (LON: PBX) at the beginning of 2023. Revenues are improving and a trading statement will be published in the next few months. Product ranges are expanding and being launched in new countries. ProBiotix e-commerce revenues could be between £250,000 and £500,000 in 2023. The share price improved by 10.3% to 21.5p.
The pre-feasibility study for the Amapa iron ore project in Brazil, where Cadence Minerals (LON: KDNC) has a 30% stake in a joint venture that can be increased to 49%, indicates a capital cost of $399m to bring the mine back into production. Based on the cost estimates in the study, WH Ireland believes that at full production the mine could generate a profit contribution of $292m a year – based on iron ore prices of $100/t and $120/t depending on the grade. It believes the project could breakeven at an iron price of $85/t. The price is currently around $115/t. Chief executive Kiran Morzaria bought 45,454 shares at 11p each. The share price rose 6.43% to 12p on the week.
Marula Mining (LON: MARU) said it did not know why the share price had risen early in the week. It did fall back but remained 6% ahead at 4.4p. Management did note that there is increasing interest in its lithium, graphite and copper projects in Africa.
Fenikso Ltd (LON: FNK), which was previously called Lekoil, has completed the settlement agreements with Lekoil Nigeria Ltd and its former chief executive, as well as terminating arrangements with Savannah Energy (LON: SAVE). However, Lekoil Nigeria has been given additional time to surrender the 107.7 million shares it holds in Fenikso, which has no operating assets. The share price moved up by 2.74% to 0.75p.
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Fallers
AQRU (LON: AQRU) is the worst performer of the week falling 25.5% to 0.51p. It is an investor in Streaks Gaming (LON: STK), which has joined the standard list raising £3m at 3p a share and the share price ended the week at 3.5p (3p/4p). AQRU invested £2.3m in the placing.
Three brokers published notes on Invinity Energy Systems (LON: IES) last week. Forecast 2023 revenues were upgraded after recent contract wins. Canaccord Genuity and VSA both have buy recommendations and all three have target prices well above the current share price of 41p, down 4.65% on the week. Canaccord Genuity has the lowest target price of 75p.
Guanajuato Silver Company Ltd (LON: GSVR) has increased its proposed fundraising from C$7.5m to C$8.5m via an issue of units at C$0.425 each. The unit comprises one share and 0.5 of a warrant exercisable at C$0.60. A first tranche of C$6.8m has been issued and the rest should be issued by 10 January. The share price slipped 1.89% to 26p.