Oilex Ltd (LON:OEX) bobbed 2.9% higher to 0.2p in late-afternoon trading after the explorer clinched a deal to sell its interest in the Cooper-Eromanga basin in Australia to UK oiler Doriemus.
The sale will net Oilex around A$764,000 (£396,093) and also remove Australia from its portfolio, with the firm to focus instead on its assets in India and the UK continental shelf.
The new estimate gives Singida 919,000 ounces, grading 2.25 grams per tonne, which represents an improvement of around 725,000 ounces.
Also on the rise was support services firm Ergomed PLC (LON:ERGO), which surged 9.8% to 472p after saying it expects its underlying earnings to exceed market forecasts and added that momentum seen in 2019 had continued into the current year.
The company noted that its order book currently stands at £125mln as at December 31, up 15% year-on-year, which bodes well for 2020.
1.00pm: Atalaya Mining slides as regional government throws Touro project into doubt
The AIM-listed firm said the regional government had signed a negative environmental impact statement for the project that would be formally communicated to the region’s mines, energy and industry department.
Atalaya said the assessment will challenge its ability to guarantee the project will not impact the on the nearby Ulla River, and that it was currently assessing potential next steps while it awaited a response from the government.
A digger seeing better fortunes was Thor Mining PLC (LON:THR), which jumped 8.2% to 0.4p as it unveiled maiden mineral resource estimates for the White Violet and Samarkand tungsten and copper deposits, which are located in areas adjacent to its flagship Molyhil project.
At White Violet some 495,000 tonnes of inferred resources have been estimated with grades of 0.22% tungsten trioxide and 0.06% copper, for 1,090 tonnes of tungsten and 300 tonnes of copper respectively.
Samarkland is estimated to have 245,000 tonnes of inferred resources with grades of 0.19% tungsten and 0.13% copper, for 465 tonnes of tungsten and 320 tonnes of copper.
11.00am: Quixant left out of pocket after profit warning
The AIM-listed group said soft demand from several of its customers had “continued for a longer period and been slightly more pronounced than previously anticipated”, denting the performance of its gaming division and, by extension, its overall profits.
While the firm is still predicting growth for 2020, it has taken a “more conservative view” on the overall amount and was reviewing its costs in line with the lower forecasts.
Elsewhere, Pendragon PLC (LON:PDG) sank 3.1% to 11.2p as it warned losses in 2019 will be at the bottom end of market forecasts as the core car dealership business struggled in the final quarter.
It marks a downbeat end to a traumatic year that saw a huge interim loss and the departure of chief executive Mark Herbert after less than three months in charge.
In the risers, Kodal Minerals PLC (LON:KOD) soared 51.1% to 0.07p after it inked an agreement with Mali Lithium Limited (ASX:MLL), which is developing the Goulaminia project, located close to the AIM-firm’s Bougouni property.
A memorandum of understanding envisages “general cooperation and investigation of synergies” for the respective projects, Kodal told investors.
Specifically, Kodal noted that the two companies recognise the potential to improve each project through the sharing of infrastructure and operational support.
9.00am: Plutus PowerGen surges as it swings to half-year profit
Plutus PowerGen PLC (LON:PPG) shares were the top risers in early trading on Wednesday, surging 17.7% higher to 0.1p after the energy specialist swung to an operating profit in its latest set of half-year results.
The AIM-listed group reported an operating profit for the six months ended 31 October of £115,838 compared to a loss of £131,573 a year ago despite revenues falling 16% to £567,744.
The results may provide some relief for the company’s board, which earlier this month managed to fend off a move by some of its shareholders to remove the executive chairman, the interim chief executive and chief financial officer, and a non-executive director.
For the year ended 31 December, the firm is expecting to report adjusted earnings (EBITDA) of US$60mln, in line with expectations, with revenues of around US$325mln.
Builders merchant Travis Perkins PLC (LON:TPK) was also on the up, rising 2% to 1,601.5p after its Wickes business said sales had risen 4.5% on a like-for-like (LFL) basis and by 3.4% overall in the 13 weeks to 28 December. For 2019 overall, LFL and total sales were up 8.7% and 7.7% respectively.
The results are likely to boost confidence in Wickes as it prepares to demerge from Travis Perkins in the second quarter of this year.
Proactive news headlines:
Kodal Minerals PLC (LON:KOD) has inked an agreement with Mali Lithium Limited (ASX:MLL) which is developing the Goulaminia project, located close to the AIM-firm’s Bougouni property. A memorandum of understanding envisages a “general cooperation and investigation of synergies” for the respective projects, Kodal told investors.
Tremor International Ltd (LON:TRMR) said it is confident in its outlook for 2020 following a “transformational” 2019 which saw its merger with RythmOne. In a trading update for the year ended 31 December, the video advertising firm said it is expecting to report adjusted earnings (EBITDA) of US$60mln, in line with expectations, with revenues of around US$325mln.
Polarean Imaging PLC (LON:POLX) said two phase III clinical trials have “validated the belief” that its technology allows doctors and surgeons to visualise aspects of lung function that have gone undetected using traditional magnetic resonances imaging (MRI) techniques. And it does so in a way that was both safe and allowed for quantitative analysis of the area of the lung being examined, it added. Polarean has developed a drug-device combination that uses hyperpolarised 129-Xenon gas and MRI.
Shanta Gold Limited (LON:SHG) has unveiled a new mineral resource estimate for the Singida project in central Tanzania, adding 194,000 additional ounces of gold. The new estimate gives Singida 919,000 ounces, grading 2.25 grams per tonne, which represents an improvement of around 725,000 ounces.
Ergomed PLC (LON:ERGO) said it expects its underlying earnings to exceed market forecasts and added that momentum seen in 2019 had continued into the current year. The company noted that its order book currently stands at £125mln as at December 31, up 15% year-on-year, which bodes well for 2020.
Minds + Machines Group Limited (LON:MMX) has said it will announce a maiden dividend with its results for 2019 following strong trading for the year. In a trading update, the provider of internet top-level domains (TLDs) said revenue for the year just gone was expected to be “significantly ahead” of 2018, adding that the quality of revenue had continued to improve in line with its strategy of decreasing reliance on one-off brokered sales.
APQ Global Limited (LON:APQ) has beefed up its corporate services and administration offering in the Channel Islands with the acquisition of Parish Group by the emerging markets fund manager for £2.7mln. Parish provides a full range of fiduciary and corporate services from offices in Guernsey and Alderney and has customers in over 30 jurisdictions, including Israel, South Africa, the United Arab Emirates and Qatar.
Anglo Pacific Group PLC (LON:APF) told investors that it has agreed a US$30mln increase in its revolving credit facility (RCF), and, has extended the facilities expiry by twelve months. As a result, the natural resources royalties firm said, it now has some US$90mln available in the RCF, and, it retains the possibility that the lending facility could increase up to US$120mln - if an accordion feature is implemented.
Bango PLC (LON:BGO), the mobile commerce company, said it will deliver a Strategy Day presentation in London for investors and analysts on Wednesday afternoon. The group said the presentations, at which no new material trading or financial information will be disclosed, will be made available on the company’s Bangoinvestor.com website.
Eckoh PLC (LON:ECK), the global provider of secure payment products and customer contact solutions, said it has received notification that, on 28 January 2020, Todd Funk, its senior executive vice president of US Operations, sold a total of 350,000 ordinary shares in the company at a price of 58p each.
Salt Lake Potash Limited (LON:SO4) (ASX:SO4) said that at General Meeting of the company, held on Wednesday, all the resolutions voted on were carried by way of a poll.