Shares in Geo Exploration jumped as much as 15% after the AIM-listed natural resources group announced it had repaid in full an interest-free loan from chief executive Omar Ahmad, leaving the company debt-free as drilling begins at its flagship Juno project.
The $270,000 loan was provided in July 2024 at a critical moment for the business, giving management the stability to press ahead with operational plans.
Although Ahmad had offered to extend the facility, the board opted to repay it early as part of a wider strategy to strengthen the balance sheet.
Geo Exploration’s chief financial officer, Hamza Choudhry, said the support had been pivotal: “Since his appointment, the Company has experienced a significant uplift in sentiment and valuation, driven by his shareholder-focused approach and commitment to putting the company first.”
With the debt cleared and maiden drilling at Juno progressing, the company says it is entering an important phase. The project is being closely watched by investors as a potential value driver.
The board expressed gratitude to Ahmad for both the financial support and his ongoing leadership. Shares have gained strongly in recent months, helped by growing optimism over the exploration campaign and the company’s strengthened financial position.
After the initial burst, the stock settled at 0.39p, up 7%.