The following stocks are the leading risers and fallers on AIM on Tuesday.
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AIM - WINNERS
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Xtract Resources PLC, up 11% at 0.78 pence, 12-month range 0.50p-1.50p. The Australia and Zambia-focused mining company hails ‘encouraging’ results from a metallurgical study at the Bushranger copper and gold project. Test work using the NovaCell Kinetic technique shows 78% of copper mineralisation concentrated into only 5% of the mass. ‘As the average grade of the world’s overall copper resources continues to fall, ore pre-concentration will become an increasingly important part of the process to allow copper mineral resources to be economically mined and it is pleasing to see that the copper-gold mineralisation from the racecourse deposit responds well to ore pre-concentration,’ Executive Chair Colin Bird says.
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Fusion Antibodies PLC, up 8.4% at 4.39 pence, 12-month range 2.80p-9.50p. The provider of antibody development services expects improved half-year earnings. For the first half ended September 30, it expects to report revenue of £1.2 million, doubling from £541,000 on-year. A positive gross margin of 29% is expected, compared to negative 16% a year earlier.
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AIM - LOSERS
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Inspirit Energy Holdings PLC, down 58% at 0.0038p, 12-month range 0.0032p-0.0086p. The firm says it will become a cash shell with immediate effect, following the departure of a key member of its Inspirit Energy Ltd subsidiary. The design & development director of the unit now needs to ‘devote his full time and attention to caring for a close relative with recently received life changing issues’. ‘This lead engineer is a key and pivotal member of the team, and the board has concluded that him leaving his employment with Inspirit will have critical impact on the project. As such, the company’s previously announced agreements and discussion with potential commercial partners should be regarded as being on hold unless advised otherwise,’ the waste heat recovery technology and decarbonisation engineering solutions company says. The firm says its best course of action is to preserve its existing cash balance and ‘pursue other opportunities’, becoming a cash shell in the process. It adds: ‘In the meantime, the company will seek to realise value from the IP developed to date if it can. As an AIM Rule 15 cash shell, the company will have six months to make an acquisition or acquisitions which constitutes a reverse takeover.’
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