The shares climbed 12% to 4.75p after the company told investors about a previously untested target, which it has dubbed KinValley, that has been interpreted to be a shallowly buried volcanogenic massive sulphide deposit.
"This is the second major target of our upcoming drill programme at Troodos West,” said executive chairman, Martin French.
2.30pm: Greatland Gold glistens as Newcrest's drilling at Havieron confirms high-grade mineralisation
The shares rose 15% to 2.05p after the company said “excellent drill results” confirm the presence of higher grade gold-copper mineralisation at the Havieron licence in the Paterson region of Western Australia.
Australian mining giant Newcrest Mining Ltd (ASX:NCM), which has the right to acquire a 70% stake in the project by spending up to US$65mln on exploration and development work, started drilling in May.
1.15pm: IDE back in the black
IDE Group Holdings PLC (LON:IDE) returned from suspension 145% higher at 1.9p after publishing its delayed full-year results.
The mid-market network, cloud and information technology managed services provider saw its revenue decline to £41.1mln in 2018 from £53.7mln in 2017.
The adjusted loss before interest, tax, depreciation and amortisation from continuing operations was £3.9mln, versus a profit of £4.1mln the year before.
Since the year-end there has been a marked improvement in the pipeline of opportunities across the business both with existing and new customers and the group has been trading profitably at an adjusted before interest, tax, depreciation and amortisation level in the year to date.
12.05pm: Cobham shares jump as it succumbs to private equity offer
Funds managed by Advent International Corporation have offered to pay Cobham shareholders 165p per share.
The directors have recommended acceptance of the offer.
11.15am: RELX's interims underwhelm
The group saw underlying revenue and adjusted operating profit growth across all four business areas, and recent acquisitions are reportedly performing well.
The group completed £400mln of share buybacks in the first half of 2019 and plans to spend half of that amount in the second half of the year.
10.30am: Metro Bank chairman steps down as profits plunge
Pre-tax profit fell to £3.4mln in the first half of the year from £20.8mln a year ago as customers withdrew £2bn of deposits over the period following a misreporting scandal.
Total deposits dropped to £13.7bn at the end of June from £15.7bn at the start of the year.
9.30am: Tyman fails to blow the bl**dy doors off
The company saw a 10% increase in half-year revenue to £301.9mln compared to £274.9mln in the same period of 2018 but this was due to the contribution from acquisitions; on a like-for-like basis, revenue was down 1%.
Profit before tax slumped 24% to £11mln from £14.5mln the year before.
The shares were off 8.0% at 41p despite the chief executive officer, Gordon Marr, expressing delight at the group achieving a 6% year-on-year increase in sales despite “the amount of regulatory change taking place in our market”.
“While we have incurred a number of costs for the full year to support future growth and improve operational efficiency, our implemented strategy in the UAE [United Arab Emirates] is proving a significant success and we look forward to capitalising on our recently announced licence in Japan during the course of the current financial year," he added.
Proactive news headlines:
Advanced Oncotherapy PLC (LON:AVO) chief executive Nicolas Serandour said the company remained on course to treat its first patient with its next-generation proton therapy system for cancer by the end of 2020.
Trading in the current fiscal year has been strong at custom electronics maker discoverIE Group PLC (LON:DSCV).
Frontier IP (LON:FIPP) said an investee company specialising in artificial intelligence has signed a drug discovery deal with an American biotech.
Shefa Gems PLC (LON:SEFA) has had its exploration permits for the Kishon River and Kishon Mid Reach Zones 2 and 3 prospects for a further year.
PCF Group Plc (LON:PCF) has appointed a former Virgin Money director to its board. Marian Martin, who was chief risk officer at Virgin Money, has joined PCF as a non-executive director with immediate effect.
Union Jack Oil PLC (LON:UJO) highlighted comments made by the operator of the West Newton oil discovery.In a stock market statement, the company relayed what Rathlin Energy told a community liaison group which said that it is progressing plans to test the WNA-2 well.
Westminster Group PLC (LON: WSG) has conditionally raised £1mln through the placing of new shares to support its contracts and project developments.