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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.
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AIM - WINNERS
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Tertiary Minerals PLC, up 28% at 0.17 pence, 12-month range 0.08p-0.2p. The mineral exploration and development company focused on energy transition metals says its 96%-owned subsidiary signs a definitive earn-in agreement for the Konkola West copper project in Zambia. The deal is with US privately-held mineral explorer KoBold Metals Co and its subsidiary's local partner Mwashia Resources Ltd. "KoBold will bring a strong technical team and financing to the Konkola West project. It has been drilling with multiple rigs throughout the summer on its adjacent Mingomba Copper Deposit and is now committed to a deep drilling programme at Konkola West," says Tertiary's Executive Chair Patrick Cheetham.
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AIM - LOSERS
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Engage XR Holdings PLC, down 25% at 2.09p, 12-month range 1.9p-6.5p. The virtual reality software and technology group says some contracts it was hoping to sign in 2023 have been pushed into next year. It says it expects the benefits of its Lenovo partnership to be seen in the first quarter of 2024, rather than the final one of this year. It now estimates annual revenue to be between EUR3.6 and EUR3.8 million, which would be down from EUR3.9 million in 2022. It expects negative earnings before interest, tax, depreciation and amortisation of around EUR4.6 million, which would be narrowed annually from EUR5.8 million. However, it says its net cash position at the end of the year will be around EUR7.3 million, providing enough funds to reach break-even "in the short to medium term".
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Touchstone Exploration Inc, down 15% at 47.4p, 12-month range 46p-95p. The Calgary, Canada-based oil and gas company focused on Trinidad & Tobago outlines its product guidance and capital expenditures budget for 2024. Next year, it expects average daily production to be between 9,100 and 9,700 barrels of oil equivalent, the vast majority of which will be natural gas. This would be up sharply from the 2,456 boepd average in the first nine months of 2023. It expects to invest around USD33 million of capital over the year, with 42% allocated for its Cascadura field, 38% for its Coho assets, and the remainder to legacy oil properties, exploration license payments and corporate infrastructure. Also notes "advanced discussions" with existing lender to increase current debt capacity to facilitate this budget. It is considering upping the revolving component of its credit facility to USD20 million from USD7 million in the first quarter.
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By Elizabeth Winter, Alliance News deputy news editor
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