AIM WINNERS & LOSERS: Tertiary Minerals teams up; Scirocco to hold GM

Thu, 15th Sep 2022 11:14

(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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Tertiary Minerals PLC, up 85% at 0.20 pence, 12-month range 0.1p-0.3p. The mineral exploration and development company says it has signed a technical co-operation agreement with First Quantum Minerals Ltd for two of its copper exploration projects in Zambia. The pact covers Tertiary's Mukai and Mushima North project interests. The firms will work together to advance exploration and development of the projects. "For Tertiary, the agreement will effectively harness the expertise of one of the world's largest copper producers without the associated cost, and in return FQM will gain first-hand knowledge of any new discoveries that we make," says Executive Chair Patrick Cheetham.

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Oriole Resources PLC, up 18% at 0.19p, 12-month range 0.15p - 0.50p. The West Africa-focused exploration company says phase 4 drilling its 90%-owned Bibemi gold project shows "multiple grade-bearing, sub-horizontal veins" as well as the previously tested subvertical veins. The results include an extension to the previously reported phase 2 drillhole BDD034, returning values of 2.00 metres at 39.42 grammes per tones gold from 160 metres, including 1.0 metres at 75.36 grammes per tonnes gold. "These are extremely exciting results...confirming that we have two gold-bearing vein sets at Bakassi Zone 1 and that we have additional potential for mineralisation at the two Lawa prospects," says Chief Executive Officer Tim Livesey.

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AIM - LOSERS

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Longboat Energy PLC, down 11% at 38p, 12-month range 33p - 93p. North Sea-focused exploration and production company says it will plug and abandon the Copernicus exploration well offshore Norway, after the well came up dry. The well in licence PL1017 was drilled to a total vertical depth of 2,400 metres below sea level, but no effective reservoir was encountered. "Naturally, we are disappointed that the Copernicus well was not a success but we look forward to continuing our fully-funded, gas-focused exploration programme with the results of the Oswig well expected shortly," says Chief Executive Officer Helge Hammer.

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Scirocco Energy PLC down 19% at 0.2p, 12-month range 0.2p - 1.25p - The Leeds, England-based oil & gas investment company confirms in a circular it will hold a general meeting on October 13, as requested by a group of shareholders in August. The five resolutions relate to the "very poor performance" of its shares, and urge a rethink of its investment strategy and for the firm to provide explanations for decisions taken in regards to its Ruvuma asset and the AD Plant investment. The board says it strongly recommends shareholders vote against the resolutions.

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By Elizabeth Winter; elizabethwinter@alliancenews.com