While the mention of the “L” word – lithium – does wonders for Arian Silver’s share price, a company associated with another “wonder” material – graphene – is not doing so well.
Applied Graphene Materials PLC (LON:AGM) shed 13p at 189.5p following its interim results.
The loss before tax narrowed to £2.1mln from £2.3mln the year before, but it is the depletion of the cash reserves to £5.6mln at the end of January from £10.2mln the year before that most likely put the wind up investors.
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Hit even harder was Red Emperor Resources NL (LON:RMP) after the energy firm’s quarterly report.
The Philippines Department of Energy is still to ratify the redistribution of equity following the withdrawal of a partner from the joint venture that owns Block SC 55, which means the geological interpretive work programme has not yet kicked off.
Red Emperor shares fell as low as 1.10p from 1.26p overnight before recovering to 1.18p.
9.10 ... Lithium sexier than silver?
Is a name change in the offing at Arian Silver Corp (LON:AGQ) now it has diversified into lithium?
The mineral, a key component of batteries used to power mobile phones, tablets, lap-tops and electric cars, is a good deal sexier than silver in the market’s view, judging by the 54% increase in the Arian share price after it announced it has taken out an option to acquire three lithium exploration projects in Mexico.
READ Arian Silver diversifies into lithium in Mexico
Frontera Resources Corporation (LON:FRR) has been one of the more volatile stocks this year and it was at it again this morning, rising 17.4% to 0.4225p as it filed a “notice of feasibility of commercial production”.
The notice relates to the company's work within its Block 12 licence area in Georgia and has been filed with the Georgian state-owned oil and gas company in accordance with the terms and provisions of the company's production sharing agreement.
“This is an important milestone for Frontera, as the notice is primarily associated with operations targeting the substantial oil bearing Eldari Formation and other related geologic targets,” the company said.
Proactive news summary
Savannah Petroleum PLC (LON:SAVP) has sketched in some detail to plans for a three-well drilling programme in Niger, revealing it will focus on the company’s R3 Area.
It believes R3 sits within a proven petroleum sweet-spot and points out it is sandwiched between significant discoveries to the north and south.
Hummingbird Resources PLC (LON:HUM) has sealed a US$60mln debt agreement on better than anticipated terms that will fund the build of its Yanfolila gold mine in Mali.
The facility is with Coris Bank, one of the largest and fastest growing lenders in West Africa.
Iofina plc (LON:IOF), which extracts iodine from brine water, has told investors it performed well in the first three months of 2017 despite having to deal with a couple of challenges.
The firm’s IOsorb plants have performed solidly so far this year and are producing crystalline iodine at forecast rates, while its Iofina Chemical division benefited from strong demand for non-iodine halogen derivatives.
The rapid diagnostics specialist Akers Biosciences Inc (LON:AKER, NASDAQ:AKER) expects the growth in sales of its heparin allergy product to provide the foundation stone for progress in 2017.
Second-half sales of the PIFA PF/4 device were strong as the company targeted hospitals in the US and generated significant early revenues from China.
Genedrive PLC (LON:GDR) is to showcase its rapid diagnostic device for Hepatitis-C (HCV) to industry professionals at the International Liver Conference in Amsterdam later this month.
The clinical validation data for the Genedrive HCV ID Kit will be presented at the conference by Dr Darragh Duffy from the Institut Pasteur in Paris, one of the world’s leading research centres.