AIM movers: Kazera Global offtake agreement and weak sales at Portmeirion

Andrew Hore
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AIM movers: Kazera Global offtake agreement and weak sales at Portmeirion

Kazera Global (LON: KZG) 70%-owned subsidiary Whale Head Minerals has secured an offtake agreement with Fujax South Africa for an initial 100,000 dry tonnes of heavy mineral sands from the Walviskop project in return for 80% of the anticipated final sales price less certain costs. Production recently started. Fujax will make a prepayment of $600,000 in two tranches in December and January. The share price increased 28.9% to 1.45p.

Versarien (LON: VRS) subsidiary Gnanomat has ben awarded a grant of approximately £663,000 for a project relating to next generation energy storage services. That covers 70% of anticipated costs of the 24-month project. The share price rose 16.4% to 0.0355p.

Orcadian Energy (LON: ORCA) is selling 50% of HALO Offshore UK to Independent Power Corporation, which is also securing £5m of acquisition finance for gas field buy outs. Orcadian Energy has a 50% increase in the P2634 licence in the North Sea that has been acquired by Serica Energy (LON: SQZ) from Parkmead (LON: PMG). This is a heavy oil prospect. The Orcadian Energy share price improved 14.4% to 12.875p.

GCM Resources (LON: GCM) has agreed an extension of the memorandum of understanding with Power Corporation of China over the Phulbari coal mine development. It lasts until 6 December 2025. The original prospective deal was announced in 2018. The share price is 14.3% higher at 2p.

FALLERS

Impax Asset Management (LON: IPX) has lost the mandate from St James’s Place for its Sustainable & Responsible Equity Fund. It will end in February. There are £5.2bn of assets under management and annualised revenues will be reduced by £12.7m. In 2023-24, group revenues were £170.1m and underlying pre-tax profit was £49.4m. The share price slumped 25.1% to 245.25p.

Portmeirion (LON: PMP) trading has been weaker than expected and the 2024 pre-tax profit forecast has been cut from £4.5m to £1m. South Korea and the US have been weak markets. Christmas stock was delivered late to the US and there were order withdrawals. Net debt is expected to be £7.4m. An unchanged divided of 5.5p/share is anticipated. The fragrance business is the bright spot. The share price slipped 14.6%to 175p.

Ongoing interim wealth management revenues at WH Ireland (LON: WHI) fell from £6.3m to £5.3m. The broking business was sold during the six months to September 2024. The underlying loss was reduced from £1.81m to £1.32m and cost reductions are underway to help to reach breakeven. Assets under management declined from $1.2bn to $1.1bn. The share price declined 8.06% to 2.85p.

Trading in Aura Energy (LON: AURA) shares has been halted pending a capital raising. An assessment of future capacity expansion at the Tiris uranium project in Mauritania. The production target update in September increased the mine life from 17 to 25 years. Options to expand production capacity in the third year of operations from the initial plan to produce to produce 2MIbspa U3O8 to produce up to 4MIbspa U3O8. At 3MIbspa U3O8 NPV8 would be $544m, while at 4MIbspa U3O8 it is $521m. Tamesis has been AIM appointed broker. The share price fell 6.45% to 7.25p.

Inyanga offers investors exposure to the €53bn ocean energy market and its HydroWing technology

UK Investor Magazine
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Inyanga offers investors exposure to the €53bn ocean energy market and its HydroWing technology

Inyanga Marine Energy Group, a pioneer in tidal energy technology, is raising funds to accelerate its innovative HydroWing technology rollout, capturing a share of the ocean energy market estimated to be worth €53bn by 2050.

The company is significantly expanding its global footprint with HydroWing projects earmarked for the UK, Europe and Indonesia.

The HydroWing technology, protected by eight international patents, represents a significant advancement in tidal energy generation. The system utilises next-generation T3 Turbines, each capable of producing 2x600kW, building upon the proven success of their T1 and T2 predecessors, which have accumulated 55 years of operational experience.

In Europe, Inyanga has achieved a notable breakthrough with its inclusion in the Interreg North-West Europe SHINES project, approved for funding on December 11, 2024. The project, which brings together 13 project partners and 4 associated partners from 6 countries, aims to accelerate the adoption of tidal and river energy across Northwest Europe.

The company’s flagship project at Morlais in Wales, scheduled for deployment in 2028, has secured a 20MW capacity allocation through the UK government’s Contracts for Difference scheme. A full-scale demonstration project is planned for 2025, preceding a more extensive deployment in the coming years. Investors participating in this funding round will secure exposure to Inyanga as it begins to deploy its innovative tidal technology.

Inyanga’s growth has been supported by funding from a mix of private investors and funds, including a £1.8 million capital raise in 2021 and a £0.9 million equity investment from the Cornwall and Isles of Scilly Investment Fund.

The company recently welcomed a delegation from Indonesia’s state power company PLN, marking a significant milestone in its international expansion.

The company has secured a binding agreement with a PLN subsidiary to develop a 10 MW tidal project in East Nusa Tengarra, Indonesia, which will be the country’s first tidal energy installation. This follows Inyanga’s recent contract win to construct Southeast Asia’s first tidal energy plant in Capul, Philippines.

CEO Richard Parkinson emphasised the technology’s particular relevance for island communities: “Tidal energy is the perfect solution for remote island communities such as in the Indonesian archipelago, as it can replace expensive and polluting diesel generators and provide base load energy, fuelled by the perpetual tides that surrounds these islands.”

Although Inyanga has identified an opportunity in the islands of Indonesia, the total technology can be deployed anywhere, as demonstrated by projects in Wales and Europe.

The global ocean energy market is projected to reach 350GW and be worth €53bn by 2050, with tidal energy installations having grown by 30.2 MW since 2010. Inyanga’s HydroWing technology aims to address traditional barriers to tidal energy adoption through reduced capital expenditure and maintenance costs, positioning the company to capitalise on this growing market

Inyanga is currently crowdfunding on Crowdcube, find out more here.

Share Tip: Currys – don’t fret about the headlined extra £32m costs because this group’s shares, now 92.65p, have been upgraded to a 155p Target Price 

Mark Watson-Mitchell
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Share Tip: Currys – don’t fret about the headlined extra £32m costs because this group’s shares, now 92.65p, have been upgraded to a 155p Target Price 

Yesterday’s results from Currys (LON:CURY) were very well received by the market, with its shares shooting up 17.28% in reaction. 
The headline being grabbed in the media is that the group has an extra £32m of costs to its operations following the latest Budget increases. 
On the face of it the well-copied headlining of that note by the company is too negative a response. 
However, the group’s accompanying statement with the Interim Results was very positive and, in my view, totally illustrates its potential over the next year or so. 
I believe that yesterday’s upward price...

Impax Asset Management shares sink after St. James’s Place cancels underperforming mandate

UK Investor Magazine
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Impax Asset Management shares sink after St. James’s Place cancels underperforming mandate

Impax Asset Management Group announced today that St. James’s Place (SJP) will terminate its mandate to manage the Sustainable & Responsible Equity Fund, worth approximately £5.2 billion in assets under management.

Impax Asset Management shaes were down 20% at the time of writing and were London’s biggest decliner on the day.

The termination, expected to take effect in February 2025, is subject to approval by the fund’s unitholders at an Extraordinary General Meeting scheduled for January 9, 2025. The move will impact Impax’s annual revenue by an estimated £12.7 million.

According to Impax, SJP’s decision stems from a desire to diversify the fund across different investment styles. However, looking at the fund’s performance, SJP is probably tired of the poor performance.

Trustnet data shows the SJP Sustainable & Responsible Equity fund has consistently underperformed the benchmark having returned only 5% over three years compared to 17.7% for the benchmark.

The mandate represents Impax’s only partnership with St. James’s Place.

St. James’s Place themselves have been the subject of scrutiny in recent months amid accusations of poor service and customer support that is likely to lead to significant redress.

FTSE 100 rises after the NASDAQ storms to record high

UK Investor Magazine
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FTSE 100 rises after the NASDAQ storms to record high

The FTSE 100 jumped on the coattails of a US rally on Thursday after the NASDAQ broke through the milestone 20,000 mark to fresh record highs.

US tech shares have proved they still have the power to lift global investor sentiment. Strong sessions for Tesla and Google’s parent company, Alphabet, helped propel the NASDAQ to record levels, sending a wave of optimism through equity markets.

Alphabet shares rose after the tech giant announced its latest AI development.

“Alphabet unveiled Gemini 2.0 yesterday, its shiny new family of AI models that promises to be faster and smarter,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“Alphabet sees these models as a step toward the next chapter in language models where they handle tasks on your behalf, with highlights like better multitasking, complex reasoning, and tool use. While it’s still early days for this tech, investors liked what they saw from a name that’s sometimes seen as being behind in the AI race.”

Although the FTSE 100 has next to no exposure to technology, hopes the US tech rally could continue helped lift sentiment.

“The FTSE 100 ticked higher on Thursday after US stocks chalked up another landmark. The Nasdaq index yesterday smashed through the 20,000 barrier for the first time,” said Dan Coatsworth, investment analyst at AJ Bell.

“The catalyst for the tech-driven rally was a benign inflation reading. This fuelled expectations for an interest rate cut when the Federal Reserve meets next week.

“The Fed is in tricky position given the uncertainty over the incoming Trump administration’s agenda and the scope for tariffs to revive inflationary pressures.”

A rate cut next week is far from nailed on, but it is the most likely scenario. However, the Federal Reserve’s approach to interest rates in 2025 will drive trade the accompanying commentary next week will have the power to move the dial for global stocks.

Positive developments in the US overnight provided a welcome distraction from the China headline-to-headline trade that has dominated the week so far.

At the time of writing, around half of the FTSE 100’s constituents were trading positively, with banks and utilities helping to support the index.

Diageo was the FTSE 100’s top riser after UBS switched its sell rating to buy with a price target of 2,920p. Diageo shares were 3.4% higher at the time of writing.

IAG continued its rip-roaring rally with another 2% rise, extending its 2024 gains to 89%.

Meeting global tin demand and restarting UK production with Cornish Metals

UK Investor Magazine
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Meeting global tin demand and restarting UK production with Cornish Metals

The UK Investor Magazine welcomed Fawzi Hanano, Chief Development Officer of Cornish Metals, to explore the London-listed tin miner’s recent developments.

We start with tin’s broad electrical applications. Tin is a strategic metal vital in the manufacture of electric cars, computer chips, and the energy transition.

Fawzi highlights the importance of tin in the artificial intelligence boom and the use of tin chips and data centres powering technology adoption.

We discuss the importance of the Western world securing a reliable tin supply amid disruption in Asian markets.

Cornish Metals owns 100% of the South Crofty tin mine in Cornwall. Fawzi outlines plans to bring the mine back into production and ensure the UK’s tin supply for decades to come.

To finish, Fawzi highlights three things investors should keep an eye out for in 2025.

AIM movers: Orcadian Energy farm out and ex-dividends

Andrew Hore
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AIM movers: Orcadian Energy farm out and ex-dividends

Orcadian Energy (LON: ORCA) has revealed a farm out deal for the 145bcf Earlham/Orwell project in the North Sea. A joint venture led by Independent Power Corporation is earning a 50% stake and Orcadian Energy is fully carried to first gas. The joint venture, which has also acquired the $1.5m Shell loan, will be repaid this spending through an additional 30% share of project revenues until the cost is covered. The share price jumped 42.9% to 12.5p.

Parkmead Group (LON: PMG) is selling its subsidiary that holds its UK offshore oil licences. Serica Energy (LON: SQZ) is paying an initial £5m in cash with a further £9m in cash over the next three years and up to £120m of contingent consideration. The contingent consideration relates to the potential Skerryvore and Fynn Beauty. Parkmead is also released from the obligation to spend £16m on drilling a well at Skerryvore. The Netherlands gas licences, and onshore UK renewable energy development assets are being retained. The Parkmead share price is 34.5% higher at 19.5p, while Serica Energy is up 3.65% to 136.2p.

Better news this week for Helix Exploration (LON: HEX). It has made a commercial helium discovery at the Darwin#1 well at the Rudyard field. It is 1.1% helium with the rest primarily nitrogen and the flow is sustainable. The Rudyard field could support multiple production wells, and each could generate $4m in cash/year. The company could begin to be cash generative in 2025. The share price recovered 12.1% to 18.5p.

Sunda Energy (LON: SNDA) has signed a memorandum of understanding with the Timor-Leste government for the potential development of the Chuditch production sharing contract. This could accelerate the development. Commitments are subject to appraisal drilling and documentation. The share price increased 15.4% to 0.075p.

FALLERS

Industrial monitoring and maintenance systems supplier Tan Delta Systems (LON: TAND) says delays in orders mean that 2024 revenues will be lower than expected at £1.2m, down from £1.5m last year. The loss will be £1.2m. Net cash will be £3m. The share price slumped 29.8% to 16.5p.

United Oil and Gas (LON: UOG) has raised £700,000 at 0.1p/share. This provides cash to pay creditors and progress the Jamican farmout. The share price declined 16.7% to 0.1p.

Trading in Artemis Resources (LON: ARV) shares has been suspended on the ASX. It is raising cash to fund gold projects. Trading should recommence on ASX on 16 December. The AIM share price slipped 14.3% to 0.45p.

Reabold Resources (LON: RBD) has bought a further 20.4% of Rathlin Energy for £700,000, taking its stake to 79.8%. Rathlin is operator and owns two-thirds of the PEDL183 licence on the West Newton gas development, onshore east Yorkshire. Reabold Resources directly owns 16.67% of the licence. This is the largest undeveloped onshore gas field in the UK. Based on the full development plan the NPV10 is $179m net to Reabold Resources. The share price fell 9.52% to 0.0475p.

Wound healing technology developer AOTI Inc (LON: AOTI) has been awarded a five-year contract extension by the US department of Veterans Affairs. This is for Topical Wound Oxygen (TWO2®) therapy and NEXA NPWT products. The share price slipped 8.59% to 117p.

Ex-dividends

Celebrus Technologies (LON: CLBS) is paying an interim dividend of 0.95p/share and the share price is unchanged at 296.5p.

Coral Products (LON: CRU) is paying a final dividend of 0.25p/share and the share price dipped 0.125p to 7.625p.

DSW Capital (LON: DSW) is paying an interim dividend of 1p/share and the share price increased 2.5p to 70p.

Northamber (LON: NAR) is paying a final dividend of 0.3p/share and the share price is unchanged at 28p.

Oxford Metrics (LON: OMG) is paying a final dividend of 3.25p/share and the share price slid 2.3p to 57.2p.

Polar Capital (LON: POLR) is paying an interim dividend of 14p/share and the share price fell 12.5p to 529.5p.

Redcentric (LON: RCN) is paying an interim dividend of 1.2p/share and the share price slipped 3.5p to 116.5p.

Vertu Motors (LON: VTU) is paying an interim dividend of 0.9p/share and the share price rose 0.6p to 63.1p.

Vianet (LON: VNET) is paying an interim dividend of 0.3p/share and the share price is 1p higher at 108.5p.

Share Tip: Ultimate Products has not been a good performer so far this year, however, could the times be on the change

Mark Watson-Mitchell
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Share Tip: Ultimate Products has not been a good performer so far this year, however, could the times be on the change

Before tomorrow’s AGM, on Friday 13th December, it is very likely that we could well see a more positive Trading Update, which could help to call the turn in this group’s dismal share price action. 
The Business 
The Oldham-based Ultimate Products (LON:ULTP) is the owner of a number of leading homeware brands including Salter, which is the UK's oldest houseware brand having been established in 1760 and Beldray, the slightly younger laundry, floor care, heating and cooling brand that was established in 1872.  
As I reported in my articles earlier this year, according to its ...

Currys profits surge as strong UK sales help boost profit

UK Investor Magazine
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Currys profits surge as strong UK sales help boost profit

Currys shares were well bid on Thursday after the retailer announced a sharp increase in profits and market share. The UK and Ireland were the bright spots as group revenue increased 2%.

The electronics retailer achieved a group-wide adjusted EBIT of £41 million, representing a 52% increase year-on-year, while free cash flow improved substantially to £50 million, up £46 million from the previous year.

In the UK and Ireland, the company demonstrated robust growth with revenue increasing by 6%, supported by market share gains and successful strategic initiatives. A particular highlight was the performance of its mobile division, with iD Mobile subscribers growing by 32% to reach 2.0 million customers.

“Compared to recent history, Currys had an electric start to the year, with both first-half revenue and profit moving higher. While 2% revenue growth isn’t breakneck speed by any stretch, declines in the Nordics mask 6% growth in the UK and Ireland, as both Online and Store channels charged higher,” said Aarin Chiekrie, equity analyst, Hargreaves Lansdown.

“The positive momentum and continued recovery indicate a potential easing market headwinds and there’s now cautious optimism for the future.

“Market share gains in both major regions are to be applauded. The focus on margins is beginning to bear fruit, with profits jumping higher, albeit from a very low base. Services like device repair, insurance and cloud backup have been a major help on this front as they’re typically higher-margin activities. They also bring a little more revenue visibility to a business model that remains at the mercy of ups and downs in consumer sentiment and one-off purchases of big-ticket items like laptops, TV’s and white goods.”

Currys shares were 9% higher at the time of writing.

Helix Exploration announces commercial helium discovery

UK Investor Magazine
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Helix Exploration announces commercial helium discovery

Helix Exploration has announced a significant commercial helium discovery at its Darwin #1 well within the Rudyard Project in Montana’s Helium Fairway.

The exploration well has yielded high-grade helium concentrations of 1.1%, and Helix projects that individual wells at the Rudyard field could generate approximately $4.0 million in pre-tax annual cash flow.

This will be a welcome development for investors after recent disappointment elsewhere in Helix’s exploration activities, and Helix Exploration shares were 20% higher at the time of writing.

The company conducted comprehensive testing across multiple reservoir horizons, simultaneously perforating a 236-foot section spanning both the Souris and Red River intervals at depths between 5,000 and 5,276 feet.

Testing revealed robust production capabilities, with the well achieving sustained commercial flow rates of 2,750 thousand cubic feet per day (Mcf/d) of raw gas when using a 40/64″ choke.

Further testing indicated an Absolute Open Flow potential exceeding 4,500 Mcf/d, confirming Darwin #1 as a strong producing well.

“Darwin #1 has delivered exceptional results and has demonstrated it has the potential to be a strong producer capable of delivering sustained flow of commercial helium.  The identification of 1.1% helium with commercial flow rates at Darwin #1 makes Rudyard a company making discovery.  With capacity for several production wells to operate on Rudyard field simultaneously the project has potential to generate multi-million-dollar revenues per year,” said Bo Sears, CEO of Helix Exploration.

“With deep experience taking helium projects through exploration into production, the Board is uniquely positioned to rapidly advance our projects.  With low capital requirements and high yield return on investment Rudyard is attractive to many forms of project finance. We look forward to an exciting 2025 as we update the market on plans to become cash generating before the end of next year.”

Notably, the well demonstrated immediate flow following perforation without requiring stimulation or swabbing, while pressure build-up between flow periods remained close to initial shut-in levels, indicating excellent reservoir permeability and minimal wellbore damage.

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