The following stocks are the leading risers and fallers on AIM in London on Thursday.
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AIM - WINNERS
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Bradda Head Lithium Ltd, up 24% at 3.40 pence, 12-month range 2.70-9.54p. The North America-focused lithium development company provides an updated mineral resource estimate at its Basin project in the US state of Arizona. Says that based on a further 2,355 metres of sonic drilling, the company has added 729,000 tonnes of lithium carbonate equivalent to the inferred mineral resource. The total new mineral resource now comprises of 17.0 million tonnes in the indicated category and 210 million in the inferred category. Says the continued step out drilling success at the Basin East extension and at Basin North has increased its confidence in achieving its next milestone of 2.5 million tonnes of lithium carbonate equivalent. Looking forward, Chair Ian Stalker says: ‘We believe that 2024 is going to be another exciting year of resource growth for Bradda Head, hopefully in both projects areas - San Domingo Pegmatites and the Basin Clays. We remain well funded, even more so following the royalty payment. More drilling is already planned at Basin North and Basin West upon receipt of the Environmental Assessment from the [Bureau of Land Management] in [the second half of] 2024.’
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Anglo Asian Mining PLC, up 9.5% at 61.31 pence, 12-month range 36.00-124.00p. The Azerbaijan-focused gold, copper and silver producer says radiation levels at the Gedabek gold mine are aligned with natural background conditions for the area and no issues were found with the air quality. Adds that no cyanide was found in any soil sample above the limits of analytical detection. Reports into Gedabek concludes: ‘Opposition to the proposed new tailings storage facility is the result of a lack of proactive communication between the site management team and the local community, longstanding issues regarding land allocation and mineral rights, and the failure to follow accepted international protocols for public consultation, rather than a fundamental technical problem with the current tailings storage facility or the proposed location for the new tailings storage facility.’ Report was commissioned following protest in July by local residents against the proposed construction of a second tailings dam. Company says it is considering the findings and is in dialogue with the government and local communities at Gedabek with regard to implementing the report’s recommendations.
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AIM - LOSERS
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Physiomics PLC, down 12% at 1.90 pence, 12-month range 0.90-6.60p. The oncology consultancy reports a pretax loss of £572,009 in the year ended June 30, widened from £358,972 the previous year. Revenue drops 28% to £597,354 from £830,266. Says it was a ‘difficult year’ for the company, with its income impacted by cost reduction measures carried out by a ‘major’ unnamed client. Explains proportion of revenue derived from its largest customer fell to 35% in financial 2023 from 85% in financial 2019. Looking forward, company is hoping for a a successful financial year 2024 during which it aims to achieve a new ‘best-ever level’ of total income, generated from its current core business and emerging biostatistics consulting offering.
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Hummingbird Resources PLC, down 9.8% at 9.92 pence, 12-month range 4.60-20.50p. The Mali and Guinea-focused gold production, development and exploration company swings to a pretax profit of $4.1 million in the first half of 2023, from a loss of $23.9 million the year prior. Revenue rises to $103.2 million from £70.4 million. Company’s production costs reduce to $51.0 million from $64.9 million, and its cost of sales fall to $77.4 million from $84.3 million. Explains that 51,149 ounces of gold were sold during the half at an average price of $1,927 per ounce, compared to 35,668 ounces sold at an average price of $1,859 per ounce the year prior. Hummingbird adds that it has agreed to refinance a portion of its existing Coris Bank group loan facilities and has secured additional funding. Financing package will provide new loans totalling $55 million.
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