16th Jul 2024 11:21
(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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Metals One PLC, up 4.2% at 0.94 pence, 12-month range 0.80p-5.70p. The developer of strategic metals projects in Finland and Norway announces the maiden JORC inferred mineral resource for the P5 area of the Black Schist project in Finland. At 29 million tonnes, it brings the total resource for the Black Schist project to 57.1 million tonnes - which is more than twice the previous estimate. "Looking ahead, this increased resource base will underpin a preliminary economic assessment of the project which we expect to commence in the near future. This represents a major milestone for the company as we transition to project development," says Chief Executive Officer Jonathan Owen. Gunsynd PLC, an AIM-listed investor with a 6.25% stake in the project, notes the announcement. Shares in Gunsynd rise 5.2%.
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Spectra Systems Corp, up 12% at 257.55p, 12-month range 162p-268p. The developer of systems to protect against fraudulent transactions wins contract worth USD37.9 million to manufacture sensors for an unnamed "existing central bank customer". Says second tranche of USD1.7 million is expected later in the year, which would bring sensor manufacturing revenues from the contract to USD39.6 million. Expects to receive bulk of the revenue from the first quarter of 2024 through to the final quarter of 2027. "This manufacturing contract margin is expected to result in profits over its term that are significantly higher than previously estimated," Spectra says.
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AIM - LOSERS
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Chaarat Gold Holdings Ltd, down 70% at 0.25p, 12-month range 0.20p-9.75p. The mining explorer and developer calls a general meeting to vote on a proposed recapitalisation and cancellation from trading on AIM. Says the deal would reduce liabilities by around 50% to under USD20 million, revise maturity for its debt, and provide a new USD5 million working capital facility. This would allow the company "to focus on maximising the value of its Kyrgyz Republic assets", it says. Chaarat says its directors believe the firm has no other viable funding options. A general meeting to vote on the proposals is set for August 8.
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By Elizabeth Winter, Alliance News deputy news editor, Global services
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