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Arc Minerals surges as it finds a potential buyer for its Šturec gold project

A look at the day's major movers, including AO World, ECSC, Tri-Star, Spectris, ITM Power, Kape Technologies, PetroTal and Plutus PowerGen

Gold ingots
The net proceeds of the disposal will be applied to exploration and development activities in Zambia

Arc Minerals Ltd (LON:ARCM) has sold for A$30,000 an option to sell its interest in the Šturec gold project in Slovakia.

MetalsTech Limited, an Australian listed mineral exploration company, will be able to exercise the option to acquire the project or a gross consideration of up to US$8mln.

Shares in Arc were up 8% at 2.7p on the news.

2.30pm: AO World's Dutch courage rewarded

AO World PLC (LON:AO.) has had a tough time since floating on the stock market but it was up 13% at 64.3p today.

The white goods seller said it is to close its operations in the Netherlands to focus on its German business.

AO World’s Dutch operation, which made a £2.8mln adjusted underlying loss in the six months to 30 September, will be closed in the second half resulting in a full-year impact of £3mln.

1.30pm: ECSC hits the button in the third quarter

ECSC Group PLC (LON:ECSC) hailed a “strong return to growth” in the third quarter, sending the shares 23% higher to 92.5p.

The cybersecurity company reported record levels of Consulting, Managed Services and Incident Response revenue in the three-month period.

The three business lines had seen organic growth of around 25% in the period, while for the fourth quarter-to-date consulting bookings reached record levels.

12.30pm: Tri-Star hits production milestone in Oman

Investors were diving into Tri-Star Resources PLC (LON:TSTR), pushing the shares up 26% to 39p, after the minerals processing company hailed a major production milestone.

The company’s antimony-gold processing facility in the Port of Sohar Free Zone, located in the Sultanate of Oman, produced antinomy metal at the world standard commercial grade of 99.65%.

Tri-Star’s share of the processing facility is held through its 40% interest in Strategic & Precious Metals Processing.

“This proves the metallurgy of the process and enables us now to focus on full-scale commercial production,” claimed Adrian Collins, the chairman of Tri-Star.

11.30am: Spectris on track to meet full-year expectations

Instrumentation and controls company Spectris PLC (LON:SXS) was 4.5% higher at 2,716p after it reiterated full-year guidance.

The FTSE 250 company has made a decent fist of things in a tough second half of the calendar year, with like-for-like (LFL) sales flat year-on-year in the four months since the beginning of July.

"Our LFL sales were flat in the period, up 1% in the year to date, against a tough comparator last year and the slowdown in the macroeconomic environment. We have the usual second-half weighting and significant fourth quarter to deliver. We remain on track to meet our expectations, subject to end markets not deteriorating further, as we continue to focus on what we can control,” said Andrew Heath, the chief executive of Spectris.

10.30am: ITM Power and Iwatani to collaborate in North America

ITM Power PLC (LON:ITM) advanced 10% to 78.8p after signing a collaboration agreement with Japan’s Iwatani Corporation.

The companies will work together to deploy multi-megawatt electrolyser-based hydrogen energy systems in North America.

Particular areas of interest lie in the California hydrogen refuelling station market and large-scale liquid and gaseous renewable hydrogen production for domestic and export markets.

9.45am: Kape Technologies the top riser after proposing acquisition of digital privacy specialist

Software firm Kape Technologies PLC (LON:KAPE), up 33% at 102.5p, topped the risers on Tuesday after announcing the proposed acquisition of Private Internet Access.

The company is paying US$95.5mln for LTMI Holdings, the company that owns Private Internet Access, and is also taking on around US$32.1mln of LTMI's debt.

Kape will also acquire LTMI's suite of digital privacy products.

9.00am: Cash calamities befall PetroTal and Plutus

PetroTal Corp (LON:PTAL) shares plunged 18% to 20.6p after the company revealed its cash pile was not as high as previously indicated.

The seventh bullet point in the oil producer's third-quarter update slipped the bad news in with no fanfare: the company's cash and cash equivalents position as at September 30 was US$20.5mln and not roughly US$40mln as stated in the company's stock market announcement of 21 October.

The company said its October announcement incorrectly classified some current asset items as cash and cash equivalents.

The year of woe for Plutus PowerGen PLC (LON:PPG) continues, with the shares practically halving to 0.09p today after a grim update.

The company revealed it has ceased to receive management fees from its six FlexGen sites and its management contract with Attune Energy.

The loss of management fees will have a negative impact on the company's working capital position, leaving it “highly constrained” as this is presently the group's sole revenue stream.

Proactive headlines

Secure payments specialist Eckoh PLC (LON:ECK) maintained its full-year guidance after a confident start to its financial year – one in which operating profits grew 235%.

ECSC Group PLC (LON:ECSC) has hailed a “strong return to growth” after reporting record levels of Consulting, Managed Services and Incident Response revenue in its third quarter.

ITM Power PLC (LON:ITM) has signed a collaboration agreement with Japan’s Iwatani Corporation to deploy multi-megawatt electrolyser-based hydrogen energy systems in North America.

Redx Pharma PLC (LON:REDX) said grant funding for its latest project provided “validation” of its scientific capabilities.

Equals Group Plc (LON:EQLS) is expecting to add 1,000 corporate customers to its roster following the acquisition of UK-based payments firm Casco.

Hurricane Energy PLC (LON:HUR) is beginning drill stem testing on the Warwick West well, located in the UK’s West of Shetland continental shelf.

Oracle Power PLC’s (LON:ORCP) resource on Block VI at Thar in Pakistan has been officially recognised as a potential coal gasification into fertiliser project. 

Alien Metals Ltd (LON:UFO) has notified the seller of the Hancock Ranges and Brockman iron ore projects, Windfield Pty Ltd, that it intends to exercise its option to acquire a 51% interest. The decision follows the completion of the technical due diligence report. 

Arc Minerals Ltd (LON:ARCM) has signed an US$8mln option agreement to sell its wholly-owned Šturec gold project in Slovakia to MetalsTech Limited (ASX:MTC), in a bid to exit gold interests.

Thani Stratex Resources, a company 26.1% owned by Oriole Resources PLC (LON:ORR), has reached an agreement with its joint venture partner Onyx for the funding of an exploration programme in Djibouti. 

Cadogan Petroleum Plc (LON:CAD) expects production to resume soon at the Blazhiv field in Ukraine, after the awarding of 20-year production license was delayed.

Columbus Energy Resources PLC (LON:CERP) has appointed Tony Hawkins as its chief executive with immediate effect, with Leo Koot remaining as executive chairman.

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