LONDON AIM WINNERS & LOSERS: Ironridge Rallies On Ewoyaa Study Results

(Alliance News) - The following stocks are the leading risers and fallers on AIM on Tuesday.

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AIM WINNERS

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Ironridge, up 45% at 21.00 pence. The Australia-based minerals exploration company reported "exceptional" scoping study results at the Ewoyaa lithium project in Ghana, with the study supporting the business case for 2.0 million tonnes per year production operation with life of mine revenue exceeding USD1.55 billion.

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Alumasc Group, up 23% at 140.00p. The Kettering, Northamptonshire-based building products supplier said conditions in its markets have remained positive, resulting in a "record" profit for the first half. Revenue increased 11% year-on-year to GBP45.6 million in the six months to the end of December and underlying pretax profit surged to GBP6.0 million from GBP2.3 million. Alumasc said it has entered the second half with good momentum and a resumption of its previous dividend policy is being mulled over by the board.

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Microsaic Systems, up 20% at 0.24p. The developer of mass spectrometry instruments said that it has, through Turner Pope Investments, conditionally raised GBP5 million via an oversubscribed placing of 5.00 billion new shares. "The net funds from the placing will fund the commercialisation of Microsaic's current miniaturised products and services, provide funds to further develop Microsaic's product and service portfolio and fund general working capital purposes to drive increased revenues by collaborations and revenue sharing opportunities that build and extend our existing sales, marketing and distribution channels," said Chief Executive Glenn Tracey.

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Trufin, up 15% at 77.44p. The the lending and technology company said revenue for 2020 is expected to be "significantly" ahead of market expectations, at around GBP14.6 million - double the GBP7.3 million posted for 2019. Firm's adjusted pretax loss also expected to be ahead of market forecasts, at no more than GBP8.4 million versus a loss of GBP9.3 million the year before.

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Thor Mining, up 13% at 1.03p. The exploration and development company with projects in Australia said it has raised GBP750,000 via the placing of 88.2 million new shares at 0.85p each. A London-based specialist resources investor is investing GBP600,000 and Artemis Resources - of which Thor director Mark Potter is non-executive chair - is also to invest GBP150,000. Funds will be used for exploration activities at the Ragged Range, gold & nickel project in the Pilbara Western Australia, copper evaluation at Alford East in South Australia, initial drilling of the uranium and vanadium projects in the US, and general working capital.

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AIM LOSERS

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Mountfield, up 19% at 0.49p. The Essex-based flooring and construction firm said accounts for the second half of 2020 show "the impact of the pandemic on the group", as it achieved a level of profitability below that in the first half. As a result of difficult trading conditions and uncertainty over which areas of construction will be in demand following the pandemic, the firm is considering making structural changes to the group.

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Iofina, down 7.2% at 13.45p. The US-focused iodine producer reported second half crystalline iodine production of 325.5 metric tonnes, the highest half-year production total in company history. However, back in October the firm said it was on track to achieve the lower end of its 340 to 360 metric tonne forecast for the second half. Iofina said indications in 2021 suggest the iodine market is recovering after lower demand in the second half of 2020.

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By Lucy Heming; lucyheming@alliancenews.com

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