Panthera Resources, up 37 per cent at 15.75p, was the week’s top riser after it completed the acquisition of Metal Mining India, the company’s joint venture partner in the Bhukia gold project.
The AIM-listed company issued 3million shares and paid £500,000 in cash to complete the deal. The remaining £120,000 will be paid on 29 April 2022.
The Bhukia project consists of a prospecting licence application that lies within the area of Metal Mining India’s formerly granted permits in southern Rajasthan. A JORC compliant resource of 1.74million ounces at 1.4 grams a tonne gold has previously been estimated for the project.
Full-year figures from online marketing company Dotdigital Group were not so well received
Sector peer Wishbone Gold had a busy week. On Thursday, it completed the acquisition of the Cottesloe Project, issuing 900,000 shares to the vendor at an assumed price of 14p, which equates to £126,000.
On Friday, it said independent consultants reported that the geochemistry programme recently conducted at its Red Setter project in Western Australia has defined four new high priority target zones for follow up drilling.
A drilling rig is scheduled for arrival on or around 29 November after completion of track maintenance at Red Setter.
The shares shot up by around a third this week.
Kefi Gold and Copper, up 18 per cent, was another gold stock on the rise after it said preparations for the project launch have recommenced for the Tulu Kapi Gold Project in Ethiopia.
It sometimes seems the project has been in development since Biblical times and even now, the company is only aiming to start mining and plant commissioning in late 2023.
Elsewhere in the resources sector, Victoria Oil & Gas shot up 26 per cent to 3.6p after it said perforations had been successfully added to well La-108 safely and under budget. As a result, additional net pay has been added in the Upper Logbaba formation in the well.
President Energy, which is in the process of spinning out its Atome Energy subsidiary as an independent listed company, was lifted by news of a memorandum of understanding (MoU) signed between Atome’s Icelandic subsidiary, Green Fuel, and Danish company Haldor Topsoe.
The MoU envisages Haldor Topsoe and Green Fuel partnering to identify efficient and scalable technologies for the production of green ammonia in Iceland and to explore other business opportunities within green ammonia.
The shares were up 20 per cent.
Coro Energy climbed 15 per cent to 0.295p after it entered the fast-growing Vietnamese energy sector as an independent power producer.
The company is to acquire an 85 per cent equity interest in a newly formed joint venture to be named Coro Renewables Vietnam in exchange for initial funding by Coro of $500,000 to immediately develop a five megawatt pilot rooftop project through to ‘Ready to Build’ status.
Braveheart Investment Group reported soaring profits for the first half of the fiscal year and a huge increase in the book value of its investment in PhaseFocus Holdings Ltd.
The news sent the shares 25 per cent higher to 34.5p.
Pre-tax profits came in at £2.8million in the six months to 30 September 2021, up from £449,157 in the same period last year, on income rising to £3.3million from £895,000.
Results from Abingdon Health, a maker of rapid diagnostic tests, sent the shares 20 per cent higher to 14.15p.
Revenue in the year to the end of June more than doubled to £11.6million from £5.2million the year before.
Stripping out revenues from the Department of Health and Social Care, revenues rose even faster, by 138 per cent to £6.5million, although the company still made an adjusted underlying loss of £3.3million, compared to a profit of £800,000 the year before.
Full-year figures from dotDigital Group, the marketing automation company, were not so well received.
The shares dived 21 per cent to 196.4p despite the company boasting of a record year.
Organic or like-for-like revenue growth in the year to the end of June was a commendable 23 per cent to £58.1million but this only translated into a 9 per cent improvement in adjusted underlying earnings, as the gross margin deteriorated to 82 per cent from 91 per cent the previous year.
The decline in overall group gross margin came from the growth of premium messaging channels, (routing purchased via a third party on a per-message basis), such as SMS; the margin on texts is not as high as it is on emails.
Biome Technologies was another stock in the doghouse after a trading update.
The bioplastics and radio frequency technology business warned that full-year revenues are likely to be lower than previously envisaged due to some slippage in expected orders, while the EBITDA loss will likely be a tad deeper than current market expectations.