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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.
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AIM - WINNERS
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Cornish Metals Inc, up 18% at 11.20 pence, 12-month range 9.50-20.00p. The Cornwall, England-based mineral explorer and developer says that the feasibility study at its South Crofty tin project is advancing on schedule, with a "substantial" amount of the study completed. Chief Executive Richard Williams says it was expected that the mineralisation at South Crofty would respond well to X-ray transmission ore sorting but says the results exceed even the firm's "most optimistic expectations". "We expect this result will have a positive effect on the project economics, allowing for lower power consumption and a smaller process plant and therefore lower capital and operating costs," the CEO says.
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Jadestone Energy PLC, up 12% at 32.17 pence, 12-month range 21.00-93.20p. The Asia-Pacific-focused oil and gas producer concludes its bi-annual redetermination process for its USD200 million reserve-based lending. Says that from October 1 to the next redetermination date on March 31, the borrowing capacity exceeds the maximum facility amount. As a result, borrowing capacity for the upcoming 6-month period will be USD200 million, up from previous forecasts of USD190 million. For the second quarter of 2024 to the third quarter, the borrowing capacity will be lower than the approved banking model as of March 31, or USD150 million. Company adds that, since resuming production on September 2, its Montara project averages 7,000 barrels of oil per day. Says it is expected that, over time, average oil production rates will normalise back towards previous guidance in the 6,000 to 6,500 barrels per day range.
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Eco Atlantic Oil & Gas Ltd, up 12% at 12.00 pence, 12-month range 10.50-46.00p. The South Africa, Nambia and Guyana-focused oil and gas explorer announces the appointment of Alice Carroll and Selma Usiku as directors. Carroll, currently the company's head of corporate sustainability, joins as an executive director. Usiku joins as non-executive director. Helmut Angula retires as non-executive director but will remain in the role of senior advisor to the board. "I am looking forward to the contribution of stakeholder and technical expertise Alice and Selma bring as we build on our latest pivotal transaction in Guyana and very busy continuation of our workstreams across the company's exploration portfolio in Namibia and Orange Basin South Africa," says Chair Peter Nicol.
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AIM - LOSERS
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Mind Gym PLC, down 40% at 33.11 pence, 12-month range 32.00-100.00p. The human capital and business improvement solutions provider says trading in the first half of the financial year ending March 31 has been below expectations. Explains that some of its clients have been undertaking restructuring programmes and deferring training and commitment to new spend. Also notes that a greater number of clients are being cautious, which has pushed out time frames and procurement of new projects. Says this has been particularly marked in the US. Consequently, expects to report revenue of GBP21 million in the first half of financial 2024, down from GBP26.8 million the year prior. Also expects to report a loss at the earnings before interest, tax, depreciation and amortisation level. Expects full-year revenue and profit to be "significantly lower than current market expectations." Mind Gym expects the second half of the year to be stronger than the first.
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By Heather Rydings, Alliance News senior economics reporter
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