Kodal Minerals Share News (KOD)

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

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AIM - WINNERS

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Mkango Resources Ltd, up 9.0% at 10.08 pence, 12-month range 8.12p-19.50p. The mineral explorer and developer with an extensive exploration portfolio in Malawi says that Maginito Ltd has successfully increased its ownership in HyProMag Ltd to 100% for a cash and share consideration. It holds a 90% shareholding in Maginito, which is focused on developing green technology opportunities in the rare earths supply chain. CoTec Holdings Corp holds the remaining 10%. According to the terms of the transaction, Maginito will pay a GBP1 million cash consideration to HyProMag shareholders, funded from existing working capital. It will also issue 9.7 million Mkango shares, equivalent to GBP1 million, at a price per share of 10.26 pence.

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Team17 Group PLC, up 6.6% at 325.00p, 12-month range 300.00p-500.00p. The developer of video games, educational entertainment apps for children, and working simulation games updates shareholders ahead of interim results, scheduled for September 19. Team17 says it continues to expect to trade in line with market expectations for all of 2023. "Our group's portfolio of titles across all divisions has performed well in H1 against a backdrop of a particularly competitive retail market," says Chief Executive Officer Debbie Bestwick. These include titles related to Barbie and Lego toys. "We remain ever cautious and will continue to focus on the delivery of our plans in H2," she says.

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Kodal Minerals PLC, up 5.3% at 0.50 pence, 12-month range 0.20p-0.93p. The Mali-focused mineral exploration and development company says it has received a prepayment of USD3.5 million, as part of the funding package for the Bougouni Lithium project. The package was announced in January, and is for up to USD117.8 million in total.

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AIM - LOSERS

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Devolver Digital Inc, down 23% at 14.98p, 12-month range 14.98-85.00p. The digital publisher and developer of independent video games hits 52-week low. Devolver says expectations for performance for 2023 have been impacted by three key factors: delays to new title releases, a reduction in revenue from subscription deals and a lower contribution from its back-catalogue. In light of the performance year-to-date, it now expects normalised adjusted earnings before interest, tax, depreciation and amortisation to be negative in the first half of 2023. For the full year, it expects normalised adjusted Ebitda to be at least break-even. Looking further ahead, Devolver expects normalised adjusted Ebitda to return to growth in 2024 and to "accelerate" in 2025. "We are disappointed that 2023 performance will be lower than expected, as we see an impact from delays to new titles, fewer subscription deals and weaker back-catalogue revenue," says Chair Harry Miller.

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By Sophie Rose, Alliance News reporter

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