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AIM WINNERS & LOSERS: Power Metal And Red Rock Gain On Licence Grant

Tue, 02nd Feb 2021 11:19

(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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European Metals Holdings, up 11% at 61.00 pence, 12-month range 8.2p-84.0p. The mineral exploration and development company announces that interim test results from the six recently completed holes at the Cinovec lithium-tin project in Czech Republic were in line with or better than expectations. European Metals, which holds a 49% interest in the Cinovec project, says in all of the six holes, the upper section of the drilled ore body is elevated in tin. The best intercept was returned from the hole CIS-22, with an interval of 28 metres averaging 0.3% tin.

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PetroTal Corp, up 7.4% at 14.50p, 12-month range 5.5p-28p. The oil & gas development and production company focused on Peru announces the successful completion of the placement of a USD100 million bond issue. The company says it completed the placement of a 3-year USD100 million senior secured bond with a fixed coupon of 12% and a borrowing limit of USD125 million. The bond issue was announced in early January. PetroTal intends to use the proceeds to repay all outstanding loans, to finance the continued development of the Bretana oil field in Peru, to provide support for crude oil hedging transactions and to finance potential acquisitions.

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Draper Esprit, up 6.0% at 750.40p, 12-month range 255p-752p. Shares in the investor in digital technology firms rose after it notes investee and robotic process automation software business UiPath has completed a USD750 million fundraising round at a USD35 billion valuation. Draper says the round was led by Alkeon Capital Management and technology-focused investment manager Coatue. Altimeter Capital Management, Dragoneer, IVP, Sequoia Capital, Tiger Global Management and funds advised by T Rowe Price Associates also participated.

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Power Metal Resources, up 3.9% at 2.68p, 12-month range 0.16p-3.49p. Red Rock Resources, up 7.7% at 1.05p, 12-month range 0.11p-1.28p. The miners say joint venture company Red Rock Australasia has received three formal license grants. Red Rock owns 50.1% of RRAL, with the remaining 49.9% being owned by Power Metal. All three licenses are granted for a period of five years and RRAL is to launch an "expeditious" exploration programme.

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AIM - LOSERS

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Alien Metals, down 9.1% at 1.20p, 12-month range 0.06p-3.19p. The Australia and Mexico focused minerals explorer says it is making good progress at San Celso silver project in Mexico and as well as Elizabeth Hill silver project in Australia. Alien Metals notes the completion of final legal registration to acquire the Nueva Andromeda permit, which is "strategically contiguous" to the San Celso project. The rights to explore and mine within the Neuva Andromeda area will cost a minimal annual fee of USD3,000 for a period of three years with an option to buy the rights to the property at the end of the three-year period. Detailed mapping and sampling at Nueva Andromeda will soon follow, the company says. Alien says it is waiting for the authorisation of environmental drilling permits at San Celso and Los Campos, also in Mexico.

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Filtronic, down 5.8% at 8.01p, 12-month range 5.4p-11.9p. The antenna manufacturer says its operations were "resilient" during the first half of financial 2021, but flagged an uncertain outlook. Filtronic says its pretax loss for the six months ended November 30 narrowed to GBP143,000 from GBP671,000 in 2019. Revenue in the period was down 5.3% to GBP7.1 million from GBP7.5 million in the equivalent period in 2019. Chair Reg Gott says: "Whilst the impact of Covid-19 on the outlook remains uncertain, the fundamentals of the group remain intact with year-on-year growth of EBITDA anticipated for 2021 despite the disruption we are seeing in the wider economy. The broadening of the customer base is the key strategic objective of the group but with travel restrictions constraining commercial engagement this has proved more challenging to achieve."

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Gfinity, down 6.0% at 4.70p, 12-month range 0.3p-62.0p. The e-sports and gaming solutions provider says it delivered a strong performance in December. As a result, on an adjusted EBITDA basis, Gfinity was profitable for the final quarter of the year. Gfinity says that, due to the project-based nature of its revenue streams and some seasonality in the business, in the short term it will not always be profitable on a monthly basis going forward.

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By Arvind Bhunjun; arvindbhunjun@alliancenews.com