RNS Hotlist: AMTE, Canadian, Chaarat, Cornerstone, DeepVerge, Intuitive, Kromek, Light Science, Mila, Oracle, Pensana, Tullow

DeepVerge (DVRG), announced that the company's unaudited revenues in H1 2022 grew by 95% to £6.47m (H1 2021: £3.32m). Orders to August of £8.87m are booked for delivery in H2 (H2 2021: £3.91m). The Board conservatively expects revenue to be in excess of £18m for the full year to 31 December 2022, which is below current market expectations, leading to a smaller projected EBITDA figure, a modest reduction in gross margins and a slight increase in overheads. The company said H1 2022 has been another exceptional fast growth period for DeepVerge.

Chaarat (CGH), the AIM-quoted gold mining Company with an operating mine in Armenia and assets at various stages of development in the Kyrgyz Republic, announces its production and operational results for the half year ended 30 June 2022  for its Kapan Mine in Armenia and a general corporate update. The company said Kapan made good progress operationally in the quarter despite mining in narrower vein areas which had an impact on grade. Financial performance was impacted by lower commodity prices and a higher Armenian Dram compared to the US Dollar. The company noted the final resolution of the dispute between Centerra and the Kyrgyz government. This was a material condition to progressing funding of its Tulkubash project in the second half of 2022.

AMTE Power (AMTE), a manufacturer of battery cells for specialist markets, has signed a memorandum of understanding with automotive engineering company Cosworth to support the development of next-generation electric vehicles. The non-binding MoU paves the way for AMTE Power to supply its Ultra High Power cells for use in Cosworth's advanced propulsion technologies.

Oracle Power (ORCP), the international natural resources project developer, has raised gross proceeds of £500,000 by way of a placing at a price of 0.275p. The net proceeds of the Placing will be primarily applied to support the advancement of the Company's green hydrogen project through the joint venture with His Highness Sheikh Ahmed Dalmook Al Maktoum.

Pensana (PRE) announced that Fundo Soberano de Angola, the Angolan Sovereign Wealth Fund, will make a further equity investment in the company of $10.0 million. These funds will be directed towards the Longonjo project’s early works programme which is now underway. The company said this independent Report validates what we announced at the start of the year and highlights the significant potential of its “fantastic” Wyoming asset.

Mila Resources (MILA), the post-discovery gold exploration accelerator, confirmed that its Stage 2 drilling programme is poised to commence at the Kathleen Valley Gold Project in Western Australia as part of its ongoing ~13,500m programme.  This follows the success of Stage 1, which delivered excellent results at the flagship Coffey Deposit, defining mineralisation over a zone 200m long, 220m down dip and ranging from 2m to 10m in true thickness, with results including 6.6m at almost 15 grams gold and 22 grams silver.  Stage 2 will look to build on the success of these results, focussing solely on Coffey.

Cornerstone FS (CSFS), the cloud-based provider of international payment, announced that it has completed the Placing and issue of a new convertible loan note which is now closed. The Fundraising totalled approximately £1.085 million. The company said quite understandably, that it was pleased to have successfully raised £1.085 million in this Fundraising which will provide additional working capital for the Group.

Intuitive Investments Group (IIG), a closed-end life sciences investment company, has invested a further £100,000 into existing portfolio company PneumoWave Limited, formerly known as Altair Medical.

Tullow Oil (TLW) announced that drilling operations at the Beebei-Potaro exploration well, drilled in the Kanuku licence, offshore Guyana, have been completed. The well encountered good quality reservoir in the primary and secondary targets but both targets were water-bearing. The Noble Regina Allen rig drilled the Beebei-Potaro well to a Total Depth of 4325 metres in 71 metres of water and the well has been plugged and abandoned. Tullow will integrate the well results into its regional subsurface models and work with its joint venture partners before deciding on next steps.

Kromek Group (KMK), a developer of radiation and bio-detection technology solutions, announced that it has completed a fundraising of £1.7 million through the issue of convertible loan notes. The proceeds of the Fundraising will be used to provide additional working capital to minimise any potential supply chain disruption to the delivery of contracts during the year.

Light Science Technologies (LST), the controlled environment agriculture group, announced results for the six months ended 31 May 2022. The company said with Group revenue increasing by 4.2% for the six months to 31 May 2022, alongside its forward order book and contracts worth £18 million, it has seen an increase in its pipeline of quoted business due to a demand for reshoring manufacturing to the UK, as customers look to increase product security and reduce risk.