Movers of Monday 9 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.”
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.”
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.
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.
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