Aquis weekly movers: Marula Mining moves towards copper ore processing in Tanzania

Asimilar Group (LON: ASLR) cancelled its AIM quotation last Friday. The share price has been increased by one-third to 1p, even though no trades have been announced in the past week.

Marula Mining (LON: MARU) says the 75%-owned Kinusi copper project in Tanzania is moving towards copper ore processing activities in the second half of 2023. Final design work and costings are underway. Marula Mining is establishing a copper and graphite mining subsidiary in Kenya. The share price was 6.58% to 10.125p.

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Hydrogen Future Industries (LON: HFI) is buying the 49% it does not already own of HFI IP for an initial 14 million shares, with up to 20 million more shares that could be issued if milestones are achieved. The company is about to start the third phase of testing of an upgraded version of the one metre diameter wind turbine. The data will be used in the design of larger diameter wind turbines. Testing of an electrolyser has also started. Daniel Maling has become executive chairman, while David Ormerod has stepped down to a non-executive role. The share price moved ahead by 4.17% to 6.25p.

Shore Capital has updated its forecasts for Arbuthnot Banking Group (LON: ARBB) following the recent fundraising and AGM trading statement. The benefits of interest rate rises have helped in the first four months of 2023. Loan balances are 1% higher at £2.2bn. The pre-tax profit forecast has been raised from £45m to £48.5m. The share price rose 1.6% to 950p.

Cadence Minerals (LON: KDNC) investee company European Metal Holdings (LON: EMH) has gained EU approval for potential grant funding from the Just Transition Fund of €1.6bn for the 49%-owned Cinovec lithium tin project in the Czech Republic. The maximum grant could be €49m. Metallurgical test work shows lithium recovery of more than 95% from flotation concentrates. Investee company Evergreen Lithium has identified rare earth elements at the Kenny project in Western Australia. Savings of around $28m have been identified on port refurbishment costs for the Amapa iron ore project. A loan facility has been secured for the project. The stake in Amapa will increase to 33%. The Cadence Minerals share price increased 1.54% to 9.9p.

Shareholders passed all the resolutions at the NFT Investments (LON: NFT) including for a proposed tender offer by April 2024. The tender will be for up to 857.1 million shares and the price will be the greater of 3.5p a share or NAV for each share. The share price improved by 1.54% to 1.65p.

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Share trading in Oscillate (LON: MUSH) shares restarted after the suspension ended on Monday 22 May. They fell 26.7% to 0.55p. Shareholders will be given the opportunity to vote on whether the company should continue for a further 12 months. If shareholders vote against the proposal, then they will be distributed assets. Currently cash is £1.17m and there are stakes in two Aquis companies Psych Capital (LON: PSY) – down 17.5% to 4.125p – and Igraine (LON: KING) – unchanged at 0.275p.

Wishbone Gold (LON: WSBN) has identified eight priority targets from MobileMT results at the Cottesloe Properties in Paterson Range, Western Australia. All targets are less than 400 metres from surface. SP Angel has been appointed as broker, replacing Peterhouse. The share price slipped 8.51% to 2.15p.

Invinity Energy Systems (LON: IES) is selling four VS3 vanadium flow batteries with a storage capacity of 0.88MWh to the Detroit branch of the International Brotherhood of Electrical Workers. There is potential for sales to other regions. The share price fell 7.79% to 35.5p.

Foresight, through Thames Ventures VCT1, has a 11.7% stake in DXS International (LON: DXSP). This follows the recent fundraising and debt conversion where chairman Bob Sutcliffe raised his stake to 1.33% and chief executive David Immelman took his stake to 10.2%.  The share price fell 7.14% to 3.25p, which is below the 4p placing price.

Tap Global Group (LON: TAP) has appointed David Hunter as chairman. He will receive 500,000 options, exercisable at 4.5p, vesting on achievement of revenues of £4.2m by June 2024. A further 500,000 options are exercisable at the nominal share price if revenues reach £8m by June 2024. The share price declined 3.51% to 2.75p.

Valereum (LON: VLRM) has signed an option agreement to purchase Sparta, which provides company services in Gibraltar. The services will be extended to include trust formation. The deal requires approval of the Gibraltar authorities. The consideration is £100,000. The share price fell 2.86% to 5.1p.

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