AIM WINNERS & LOSERS: Premier African Minerals slides on project delay

Thu, 25th May 2023 11:22

(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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European Metals Holdings Ltd, up 7.3% at 33.80 pence, 12-month range 29.50p-59.00p. The mineral exploration and development company says testwork confirms separation efficiency and capability of flotation of lithium-bearing zinnwaldite from Cinovec in Czechia. It notes that the updated flotation testwork recently undertaken at Nagrom Laboratories, Perth, has repeatedly reached over 95% lithium recovery from flotation concentrates at target Li-grades and mass yield. "The exceptional lithium extraction results are outstanding and further underline the commercial viability of operations at Cinovec," says Chair Keith Coughlan. "We expect the current testwork to be completed by the end of June and will publish the full results." Cadence Minerals, which has a 6.8% stake in European Metals, was down 1.6%.

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AIM - LOSERS

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Premier African Minerals PLC, down 29% at 0.55p, 12-month range 0.26p-1.04p. The Africa-focused minerals and metals project developer says its process plant at Zulu lithium and tantalum project is now fully commissioned. The supplier has advised Premier African that the milling and sizing component of the plant requires certain limited modifications to allow for full optimisation to design capacity throughput. It now expects the first spodumene shipments in June, and final optimisation in the fourth quarter of 2023 following plant modifications.

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RA International Group PLC, down 23% at 12.10p, 12-month range 11.05p-25.00p. The London-based remote site services provider in Africa and the Middle East says pretax loss narrowed to USD13.2 million in 2022 from USD32.2 million in 2021. Revenue rises 15% to USD62.9 million from USD56.4 million the prior year. However, the company's underlying earnings before interest, tax, depreciation, and amortisation falls by 91% to USD600,000 to USD6.7 million. The underlying Ebitda margin narrowed markedly to 1.0% from 12.3%. The company says this was a reflection of "inflationary pressure impacting the business since the second half of 2021". The margin pressure will abate over time, RA says, "with newly awarded contracts generating improved margins".

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By Sophie Rose, Alliance News reporter

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