Strategic Minerals (LON: SML) has more than trebled revenues from Cobre magnetite to $1.3m in the second quarter of 2024. First half sales are $2.1m and they should exceed $4m for the full year, up from the previous expectation of $3.5m. This could be the highest annual revenues since 2017 when they were $5.7m. The share price jumped by one-third to 0.2p.
An updates study of the Amapa iron ore project, where Cadence Minerals (LON: KDNC) owns 34.2%, shows process plant optimisation can be improved. The mine life of 15 years can have a throughput of 13Mt/year of iron ore. Cash cost is reduced to $33.50/t. The NPV10 for the project has increased by one-fifth to $1.1bn. The Cadence Minerals share price rose 29% to 4p.
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Argentex (LON: AGFX) is trading in line in the first half of 2024. The financial and currency service provider recovered in the second quarter, but revenues dipped 4% to £23.9m. New management has been hired and the balance sheet is stronger following the recent fundraising. The share price recovered 15% to 31.05p.
Haydale Graphene (LON: HAYD) has signed a $4m contract with a Chinese tooling manufacturer which will distribute the company’s silicon carbide cutting tools. This is a minimum commitment for five years. The deal includes non-exclusive rights in two other territories. Haydale Graphene will be able to sell its partner’s product in the UK and US. The share price increased 6.78% to 0.315p.
FALLERS
Tavistock Investments (LON: TAVI) has terminated its ten-year strategic partnership with Titan Wealth Holdings because of a period of “unacceptable performance”. Tavistock Investments expects final sums due to be paid. The share price dipped 8.22% to 3.35p.
Biome Technologies (LON: BIOM) shares are still falling because of delays in orders at its bioplastics division and weaker demand in the coffee packaging market. Overall revenues will be well below expectations and a small loss is expected. Additional funding may be required. The share price slipped a further 6.25% to 37.5p, which is an all-time low.
Shares in Knights Group Holdings (LON: KGH) continue to decline following yesterday’s figures for the year to April 2024. Pre-tax profit improved from £11.5m to £14.8m and the total dividend raised to 4.4p/share. This year has started well with residential property business recovering. The share price declined 3.08% to 133.75p. This is still 20% higher than at the start of the year.
Oil and gas producer Zephyr Energy (LON: ZPHR) has started the well production test on the State 36-2R LNW-CC well in the Paradox Basin in Utah. Initial results are encouraging. Over the next two weeks the data will be collected to estimate overall potential recoverable resources. The share price fell 2.06% to 4.75p.