(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.
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AIM - WINNERS
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Rockfire Resources PLC, up 21% at 0.26 pence, 12-month range 0.13p-0.58p. The Greece and Australia-focused gold, base metal and critical mineral explorer updates on its geotechnical drilling programme at the Molaoi zinc deposit in Greece, which intersected "the highest zinc grades ever encountered" at Molaoi. Results include an interval of 0.2 metres grading 50.8% zinc has been returned from drill hole MO_GTK_003A at 142.7 metres depth, immediately followed by an interval of 0.7 metres grading 43.2% zinc. "These spectacular assay results highlight the quality of the Molaoi deposit. Results from our geotechnical drilling continue to confirm the continuity of mineralisation throughout the length of the deposit," says Chief Executive David Price. The high grades encountered may enhance the overall average grade of the resource, he adds.
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Quadrise PLC, up 8.6% at 1.1454p, 12-month range 1.05p-2.8p. The innovator and licensor of residual oil technology says first phase of engine testing with Vertoro BV joint-venture confirms material improvements in efficiency and emissions reductions with bioMSAR fuel. Says it has produced stable blends of bioSMAR containing up to 40% of Vertoro's crude sugar oil, which shows energy efficiency improvements of 7%, resulting in reduced fuel consumption and lower carbon dioxide emissions. Quadrise and Vertoro have been working together since September last year to develop a cost-effective supplement or alternative to glycerine in Quadrise's bioMSAR fuel. Quadrise Chief Executive Officer Jason Miles says: "CSO products are potentially the most price competitive net-zero biofuel solutions for the marine sector. This offers another compelling solution for the marine sector as it looks to accelerate decarbonisation and emissions reduction economically and safely."
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AIM - LOSERS
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Pan African Resources PLC, down 23% at 13.0p, 12-month range 12.24p-21.45p. The Rosebank-headquartered gold producer cuts its production estimate to around 175,000 ounces for the financial year ending June 30, from the previous guidance of between 195,000 ounces and 205,000 ounces. In 2022, output was at 205,459 ounces. The group estimates that a production loss of about 10,000 ounces was attributed to electricity loadshedding, which hit all its operations. Slower than anticipated ramp-up of continuous operations at Barberton mines also contributed to the production downgrade, the company says. The gold producer also says Evander underground operation had underperformed as a result of geological challenges due to faulting of the Kimberley Reef at the tail end of the 8 Shaft Pillar mining area, and a slower than anticipated transition to full production from 24 Level.
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XLMedia PLC, down 12% at 9.85p, 12-month range 9p-41.9p. In a statement at the digital publisher's annual general meeting, Chief Executive Officer David King says that in the US, it saw a "strong" start to the first quarter with the launch of online sports betting in Ohio. However, revenue in the first half will be "inevitably" be lower than the prior comparator period, which benefited from the launch of online sports betting in New York. King adds that the launch of online sports betting in Massachusetts in mid-March, after the NFL season ended, it did not see the spike in revenues normally seen on a state launch. King says the level of acquisition spend by operators in the first half is not comparable to 2022. "We expect the current softness in the market to continue across the early summer, with a return to significant investment in customer acquisition, and the launch of new products commencing in the run-up to the new NFL season bolstering the second half of the year," he says.
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By Elizabeth Winter, Alliance News senior markets reporter
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Pan African (PAF)
Xlmedia (XLM)
Rockfire (ROCK)
Quadrise (QED)