Mineral exploration and resource development group Amur Minerals (AMC) was on the front foot with a 6% share price rise, as it served up an update on its investment in Nathan River Resources, the owner of the Roper Bar Iron Ore project in Australia. Here the loading of the first vessel has occurred, and 58,000 tonnes will earn NRR approximately $3.6m. The recent addition of extra capital to the project is likely to accelerate the project.
Natural resources exploration and development company Metals Exploration (MTL) pleased the market in the wake of its interim results, sporting at 30% rise. The reason for the good cheer was the recent debt restructuring agreement with lenders, as well as operating profit soaring to $9.2m. The company also stated that it remains relatively unaffected by the pandemic in terms of its operations.
Shares of Chariot Oil & Gas (CHAR) remained a firm market, with the stock up another 11%, building on recent gains. They came after the energy company said that it had received expression of interest letters with Africa Finance Corporation and a multinational, as well as an investment bank looking to debt finance Chariot’s Anchois Gas Development project in Morocco.
Open Orphan (ORPH), the fast growing pharma services at the heart of the COVID-19 battle rose another 5%. Having signed a significant contract with the UK Government earlier in the month, the company was at it again, revealing a new 2 year contract with a tier 1 German pharmaceutical group. The deal to be executed via Open Orphan’s Venn Life Science subsidiary was said by Executive Chairman Cathal Friel to demonstrate Venn’s position as a market leader in its field.
Multi pronged tech investor Tern (TERN) rose sharply for the second day running, with market makers clearly short of stock, having been caught out by a 52% rise. This was hardly surprising as the company has been in the sights of the bears for so long the share price has generally not been able to sustain gains. However, the change in trend and surge in volume was delivered in the wake of a webinar this week showcasing one of the company’s key portfolio investment, Wyld Networks. The excitement centred around the current interest in “track and trace”, with Wyld’s mobile mesh technology’s ability to create new applications in consumer and enterprise networks and monitor social distancing. In addition to Wyld, there is also a growing appreciation of Tern’s sum of parts valuation being significantly higher than the present market cap.
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