Movers of Monday 9 May 2022

Vox Markets
Market Report
15:30, 9th May 2022

Ncondezi Energy (NCCL) shares jump 50% to 0.9p as the Board proposes 'significant opportunity' in solar project

Following an internal review of the company’s 300MW power project, Ncondezi’s Board said it believes there is potential for a grid scale solar plus battery storage power project at the site.

Preliminary studies to date have confirmed that the project site enjoys “favourable solar conditions” as well as access to the Mozambique grid, the company told investors today.

The Board said a solar project, which would be feasible without compromising delivery of the main project, represents “a significant opportunity to unlock additional value to shareholders.”

NCCL price chart

Vast Resources (VAST) shares jump again by 37.5% to 1.65p following record week

Shares in the stock have increased by nearly 250% in value in the past week alone. On 3 May 2022, shares in the resource company increased by 436% in value after it announced that it had joined a consortium with local company Takob in a new, unnamed project in Tajikistan.

In 1Q22, revenue rose by 236% to $2.3m. Vast now expects 2Q to see a change in the way the underground Baita Plai mine operates as it moves to mechanised drilling and cleaning.

As a result, Vast has forecasted a substantial increase in production of copper concentrate, starting in June 2022, which it expects to be reflected in results “from 3Q22 onwards.”

VAST price chart

Lexington Gold (LEX) shares tick up 4.17% to 2.5p as it returns final assay results 

Today, Lexington Gold reported the remaining assay results from its recently completed 5,000m reverse circulation (RC) drilling programme at the Jones-Keystone-Loflin project. 

CEO, Bernard Olivier, said the results continue to return significant shallow level intersections including intersections outside of the known north-eastern boundary of Loflin’s main resource. 

All of the current assay results from the Jones-Keystone project remain pending and will be announced as soon as they are received from American Assay Labs ("AAL"), it reported.

LEX price chart

Amur Minerals (AMR) shares dropped by 30.60% to 1.373p following $105m subsidiary sale

The nickel-copper sulphide mineral exploration and resource development firm which is focused on the far east of Russia, together with its wholly owned subsidiary Irosta Trading, is selling 100% of its interest in Irosta's Russian subsidiary, AO Kun-Manie for US$105 million.

For a total consideration of US$105m, Stanmix Holding Limited will purchase AO KM and the benefit of all amounts owed by AO KM to Amur under intra-group loans, it explained today.

The AO KM subsidiary holds the  exploration and mine production mineral licence for the Kun-Manie nickel-copper sulphide project located in Amur Oblast of the Russian Federation.

AMR price chart

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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