25th Sep 2023 09:53
(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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Chesterfield Resources PLC, up 14% at 0.74 pence, 12-month range 0.60-2.79p. The Cyprus and Canada-focused copper exploration company notes the pending sale of its shares by Polymetal International PLC to Juniper International FZ LLC, a private investment holding and advisory company with a focus on mining and renewable energy. Interim Chief Executive & Chief Financial Officer Ajay Kejriwal comments: "We are grateful for the support that Chesterfield has received from Polymetal since it became a shareholder in 2020."
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Gulf Keystone Petroleum Ltd, up 12% at 111.64 pence, 12-month range 81.29-234.00p. The operator of Shaikan Field in Iraq reports a consistent increase in local sales from the Shaikan field. Gross average sales currently stand at 33,000 barrels of oil per day. This is up from 28,800 bopd between September 1 and 24, 17,200 bopd in August and 4,900 bopd in July. Realised prices continue to average around USD30 per barrel, in line with local pricing. "Following recent agreements with buyers, GKP has ceased trucking operations and is injecting all crude sales into the pipeline for transportation to a local refinery in Kurdistan. The company is receiving advance payments into its UK bank account for its net entitlement of 36% of gross sales revenue," Gulf Keystone says.
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Anglesey Mining PLC, up 4.5% at 1.39 pence, 12-month range 1.25-3.00p. The Wales, Sweden and Canada-focused mining company says despite the global macroeconomic uncertainty, it has made "encouraging" progress at its Parys Mountain copper-zinc-lead-silver-gold project in Wales and its iron ore project in Sweden. Notes that while base metal prices have softened over the last year, commodities are showing "resilience" overall and demand for climate transition metals remains "strong." "As a board, we retain our confident view that the outlook for minerals, particularly for the copper and zinc minerals at Parys Mountain, and for iron ore where we hold significant investments, is very encouraging," Anglesey says. Further, reports a pretax loss of GBP961,288 for financial year 2023 that ended on March 31, widened from GBP693,242 a year prior.
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SMALL-CAP - LOSERS
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Alphawave IP Group PLC, down 7.1% at 136.60 pence, 12-month range 88.40-166.20p. The London-based company designing high-speed connectivity solutions swings to a loss, despite its revenue tripling in the first half of 2023. Revenue more than triples to USD187.2 million, from USD57.1 million the year prior, thanks, in part, to its acquisition of OpenFive. However, firm swings to a pretax loss of USD11.2 million, from a profit of USD22.2 million a year ago. The loss comes as Alphawave's cost of sales surge to USD104.7 million from just USD1.8 million and its research & development costs climb to USD35.5 million from USD25.2 million. Looking forward, Alphawave reiterates its full-year outlook which sees revenue between USD340 million and USD360 million and adjusted earnings before interest, tax, depreciation and amortisation of around USD87 million. In 2022, revenue totalled USD185.4 million and adjusted Ebitda totalled USD46.8 million.
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By Heather Rydings, Alliance News senior economics reporter
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