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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.
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AIM - WINNERS
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Corcel PLC, up 18% at 0.28 pence, 12-month range 0.20p - 2.20p. Enters into a farm-out and joint venture agreement with Riversgold Ltd, covering its recently acquired rare earths elements project in Laverton, Australia. Riversgold earns a 50% interest in the project through paying the whole of the work programme. This amounts to AUD500,000 over a year period. AUD30,000 in cash, around GBP17,093, is immediately payable to Corcel. Chief Executive Scott Kaintz says: "We are delighted to follow directly our acquisition of Mt Weld with a farm out of half of the position to fund 100% of the near-term development and exploration costs. This is highly accretive against our acquisition cost and further reinforces the board's view of the project's immediate potential upside and overall attractiveness."
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CyanConnode Holdings PLC, up 13% at 16.08 pence, 12-month range 11.00p - 23.50p. Says its subsidiary, CyanConnode India Pvt Ltd, has received an order from Montecarlo Ltd for 983,525 Omnimesh modules. Notes the order relates to a smart metering deployment in Jabalpur, India. The supply of Omnimesh modules is expected to start during the first quarter of 2023. The installation of smart meters will be completed within 30 months and will be followed by a seven-and-a-half-year support and maintenance contract, which will start upon completion of the installation phase. Around 60% of the contract will be paid for during the installation phase.
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AIM - LOSERS
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Enwell Energy PLC, down 23% at 12.55 pence, 12-month range 8.00p - 41.00p. Notes new legislation for the natural resources sector in Ukraine, which it says may negatively impact its hydrocarbon extraction licences in the country. The new legislation will come into force on March 28 and is designed to improve the regulatory process relating to the exploration and development of natural resources in Ukraine. However, the oil and gas explorer explains that the legislation includes provisions that if the ultimate owner of a mineral or hydrocarbon licence becomes the subject of sanctions in Ukraine, then the Ukrainian State Authorities may suspend or revoke that licence. This concerns the firm as Vadym Novynskyi, a major indirect shareholder in the firm, has sanctions against him by the Ukrainian authorities. It is now investigating whether the its hydrocarbon extraction licences will be affected by these provisions in the new law.
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Pathfinder Minerals PLC, down 14% at 0.41 pence, 12-month range 0.35p - 0.95p. Says its option agreement with Acumen Advisory Group LLC for the sale of its wholly-owned subsidiary, IM Minerals Ltd, has been extended until January 31. This is to allow Acumen Advisory to complete due diligence. Chief Executive Peter Taylor says: "We continue to work with AAG towards the potential monetisation of the company's valuable claim against the Government of Mozambique." The option agreement includes the rights to bring a claim against the Government of Mozambique for the expropriation of Mining Concession 4623C.
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By Heather Rydings, Alliance News senior economics reporter
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