Greatland Gold plc (LON:GGP) jumped again as it reported an airborne survey at its Ernest Giles project had identified several new structural targets indicative of gold mineralisation.
The survey covered a large portion of the 1,800 sq km Ernest Giles gold project, including the recently acquired East tenements.
WATCH: Greatland boss: 'The market is finally waking up'
Gravity and seismic surveys are currently underway and once these are finished Greatland will use the data to narrow its choice of target for drilling. Shares gained 15.5% to 0.41p.
Hardide Plc (LON:HDD) also shined after the advanced surface coating specialist signed an additional agreement with Minneapolis-based Graco Inc.
The seven-year deal will see Hardide coat various pump components for Graco and is expected to be worth more than US$4mln over the period.
Given that Hardide’s market cap is currently less than £25mln, that’s a pretty significant agreement. Shares reacted accordingly, gaining 9% to 1.6p.
Pembridge Resources PLC (LON:PERE) didn’t fare quite so well after telling investors it was likely to be suspended from AIM as it seeks a listing on the main market.
The natural resources explorer needs to complete a reverse takeover, convert to an AIM Rule 8 investing company, or move to the standard segment of the London Stock Exchange before the June 14 deadline.
Given that it isn’t looking to follow through with either of the first two options anymore and it doesn’t expect to secure a standard listing before the cut-off date, Pembridge conceded its shares are likely to be suspended.
“Given the unique strategy being pursued by Pembridge we feel that an LSE standard listing will be more in line with our strategic objectives and ultimately more advantageous to the company and our shareholders,” said chief executive David Linsley.
1.35pm...Metals Exploration tumbles as it swings to a loss
Metals Exploration Plc’s (LON:MTL) final results failed to shine today, with the stock shedding almost a third of its value as a result.
The firm said the ramping up of operations at its Runruno gold project in the Philippines had taken longer than expected, which meant gold production and gold sales was lower than it had originally targeted.
As a result, the group swung to a loss of £20.5mln, compared to a profit of £236,000 a year earlier. Shares lost 29% to trade at 2.4p.
Shares in Eden Research PLC (LON:EDEN) also slumped today after the agri-biotech firm saw revenues tumble and losses widen in 2016.
The company said its change of focus to product sales from technology licensing contributed to revenues almost halving to just £392,000.
That had a knock-on effect on the bottom line, with Eden’s pre-tax loss widening to £1.9mln from £1.3mln a year earlier.
9.15am...Active Energy and co push AIM All-Share towards all-time highs
Like the FTSE 100, the AIM-All Share got off to a strong start on Monday, with several big risers pushing the junior market towards all-time highs.
The index peaked at 979.99 on Wednesday before falling back later on the week, but it’s back up to 979 this morning with a test of 980 looking likely at the moment.
One of those pulling the junior market higher is Active Energy Group PLC (LON:AEG), which is one of the biggest risers in the City after soaring more than 30% higher.
The AIM-quoted group has signed an in-principle deal for a Crown timber licence and forest management agreement with the Province of Newfoundland and Labrador in Canada relating to two Forest Management Districts covering 1.2mln hectares.
On top of that, both parties are also evaluating “a number of other collaborative opportunities” involving timber processing and the commercialisation of Active’s CoalSwitch product.
Echo Energy Plc (LON:ECHO) was on a tear as well, with investors seemingly excited about the next stage for the company formerly known as Independent Resources.
The explorer secured another £10mln in funding from a Bahamas-based investor on Friday which Chairman James Parsons said was the “last of an initial phase” of institutional investment.
The financing was seen as a precursor to the group’s first proposed acquisition in South America, meaning Echo could be set to splash some cash in the coming weeks.
Thor Mining PLC (LON:THR) also ticked higher in early deals after it announced a 55% tungsten resource inventory increase at its Pilot Mountain project in Nevada.
The total resource inventory now stands at 11.73 million tonnes at 0.28% tungsten, and executive chairman Mick Billing reckons Pilot Mountain resource inventory still has “considerable growth potential”. Shares added 7% to 0.83p.