SMALL-CAP WINNERS & LOSERS: MetalNRG up as Kyrgyzstan ends uranium ban

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.

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SMALL-CAP - WINNERS

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MetalNRG PLC, up 33% at 0.23 pence, 12-month range 0.036p-0.24p. Says the Kyrgyzstan Parliament approves bill to lifts ban on prospecting, exploration, development and mining of uranium and thorium. The firm has a "significant interest" in the Kamushanovskoye uranium deposit. It holds a 9.9% stake in International Mining Co Invest Inc, which owns the deposit. "The value of MetalNRG's stake in IMC was fully impaired in 2022, and is held at zero value, due to the prohibition on uranium mining in the Kyrgyz Republic. This valuation will be reviewed in due course," MetalNRG says.

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Contango Holdings PLC, up 31% at 1.28 pence, 12-month range 0.88p-5.80p. The company announces a new investor has bought a majority stake in its Muchesu coal project in Zimbabwe. Contango says the investor, Wencai Huo, is "a prominent Zimbabwe-based Chinese national with extensive mining and business investments in Zimbabwe and the southern African region". Huo will buy a 51% stake in the Muchesu mine. Contango currently holds a 70% interest via its Monaf Investments (Pvt) Ltd subsidiary. This interest is expected to rise to 74.75% in the near term, so Huo's acquisition will leave Contango with a 23.75% stake. Huo will make a cash investment in Contango at the recent average market price to take a 20% stake. The investor also will spend at least USD20 million to develop Muchesu, matching what Contango has already invested in the project.

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SMALL-CAP - LOSERS

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Global Ports Holding PLC, down 2.9% at 239.00p, 12-month range 180.00p-290.00p. The cruise port operator falls again after a 6.5% decline on Friday. Global Ports on Monday says it is considering a takeover proposal from its majority owner Global Investments Holding. GIH on Friday said it is a cash offer of USD3.00 per share, giving the London listing an equity valuation of USD229.3 million, around GBP181.0 million. GPH is currently worth GBP183.8 million.

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By Eric Cunha, Alliance News news editor

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