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AIM WINNERS & LOSERS: Neometals falls on vanadium project pull out

30th Oct 2023 10:25

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

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AIM - WINNERS

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Cadence Minerals PLC, up 49% at 7.25 pence, 12-month range 4.55p-17.50p. The London-based investor backing mineral resource assets says its joint venture company Pedra Branca Alliance, alongside DEV Mineracao SA, signs an accord for the Amapa iron ore project in Brazil with Tianjin Cement Industry Design & Research Institute Co Ltd. Tianjin Cement Industry is a wholly-owned subject of Sinoma International Engineering Co Ltd. Cadence Minerals says the memorandum of understanding follows ongoing discussions between the parties to progress the development of the Amapa project jointly.

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Insig AI PLC, up 18% at 20.70p, 12-month range 11.10p-27.00p. The London-based data science and machine learning firm launches a new data science product The Transparency & Disclosure Index, which uses "evidence based analysis of more than 200 million machine readable sentences from corporate disclosure documents" to demonstrate "what stakeholders and market participants require: how well a company is disclosing non-financial information and how transparent it is". It says the product was developed following discussions with FTSE 100 and FTSE 250 companies at chief executive officer, chief financial officer and head of investor relations level. It also says it reflects feedback from our data collaboration with the UK Financial Conduct Authority's Techsprint, where the FCA refers to Insig AI as a "key contributor".

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AIM - LOSERS

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Powerhouse Energy Group PLC, down 19% at 0.30p, 12-month range 0.30p-1.67p. The Bingley, England-based non-recyclable waste-to-energy conversion firm decides to defer further progress towards committing to the Longford non-recyclable waste plastic to hydrogen facility in Ireland. This is while it takes stock of the final position in its negotiations with Hydrogen Utopia International, with whom it agreed a head of terms in March over the proposed joint development of the Longford project. Powerhouse Energy has a number of potential projects in its pipeline and needs to prioritise and assess the impact of each on its existing cash resources. As a result, the board decides its currently proposed capital contributions for the project are not in its best interests.

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Neometals Ltd, down 11% at 15.50p, 12-month range 15.00p-64.00p. The London-based sustainable battery materials producer advises Critical Metals Ltd, its partner in a Finnish vanadium recovery project, that it does not wish to proceed with the construction of the facility. The company says: "Despite the potential lowest-quartile operating cost and low-carbon footprint, the state of the global financial markets dictate that the company preserves its cash balance and not contribute further material funding to [project] evaluation activities. Neometals earned a 72.5% interest in the project via its ownership in Recycling Industries Scandinavia AB, with Critical Metals holding 27.5%.

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By Greg Rosenvinge, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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