9th Sep 2024 16:24
(Correcting that Pensana is listed on the Main Market, not AIM.)
(Alliance News) - The following stocks are the leading risers and fallers on AIM on Monday.
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AIM - WINNERS
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Andrada Mining Ltd, up 15% at 3.64 pence, 12-month range 2.84p-7.90p. The critical raw materials producer strikes a deal with Sociedad Quimica y Minera de Chile SA, one the world's largest lithium chemicals producers. Andrada has struck a deal with SQM's SQM Australia (Pty) Ltd arm. As part of the agreement, SQM can earn into the Lithium Ridge asset in Namibia. SQM will pay a USD500,000 participation fee on signing the deal and a further USD1.5 million upon satisfaction of condition. It has the option to invest USD20 million over three and a half years, in different stages to earn 40% of Lithium Ridge. Funding a definitive feasibility study will take that stake to 50%, Andrada adds. "The agreement enables Andrada shareholders and Namibian stakeholders to benefit from the accelerated development of one of Andrada's lithium assets," the AIM listing says.
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Pensana PLC, up 4.3% at 14.18p, 12-month range 13.00p-38.00p. The rare metals exploration company pens an offtake deal with Japanese partner Hanwa Co Ltd. The offtake deal is for up to 20,000 tonnes per year of mixed rare earth carbonate from Pensana's Longonjo mine in Angola over five years and at prices "to be discussed". "Hanwa intends to co-operate with Pensana in the marketing and distribution in the global market but also work towards developing a strategic and sustainable supply chain for magnet metal material," Penansa adds. "Hanwa is considering a deeper co-operation including possibility of an investment to continue to develop the Pensana upstream and downstream projects with the aim of delivering a low embedded carbon magnet metal supply chain supporting Hanwa's customers and future partners."
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AIM - LOSERS
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Pebble Group PLC, down 2.5% at 58.00p, 12-month range 48.60p-100.00p. The Manchester, England-based firm, which provides products and services to the global promotional products industry, says revenue for the six months ended June 30 was GBP60.8 million, falling 4.0% from GBP63.3 million a year ago. Pretax profit was GBP2.9 million, down 6.5% from GBP3.1 million.
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By Eric Cunha, Alliance News news editor
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