Shares of Russia focused Palladium play Eurasia Mining (EUA) finally reached a major stock market benchmark – the 1bn market cap. This led to a limited level of humble pie on social media from stock market trolls, shorters, and indeed, former burnt out bears. The company remains in focus pending the result of a UBS advised sale process. The stock itself rose another 12% to 38.25p, after being suspended between February and July, perhaps a failed attempt to keep a lid on the share price, as much as anything else.
It would appear that diagnostics group Novacyte (NCYT), another infamous bear target failure along with Eurasia Mining this year, is also determined to stretch towards the £1bn market cap benchmark. While still some £380m short of the big level, the announcement at the end of last month that annual earnings could top €100m, and the afterglow of the September 29 launch of its COVID-19 antibody test have been added catnip for fans of the company. The shares rose 15% to 875p.
Perhaps inspired by the recent float of former footballer David Beckham’s Gild Esports (GILD) vehicle, long standing esports group Gfinity (GFIN) decided to put itself up for sale. This method of extracting shareholder value has at least in the short term delivered the goods, with the stock up another 22%, to end the week on 4.10p. It remains to be seen which of the many strategic options the company is looking at proves to be the winning one – but perhaps just being profitable might be the simplest.
After flatlining for most of the year, shares of Ormonde Mining (ORM) managed to settle at their best close since January, via a 32% rise to 1.125p. This comes in the wake of last month’s tease of the market from the company suggesting that it is to use its €6m cashpile to make a resource project. To this end it had signed an exclusivity agreement and was carrying out a due diligence process. Presumably, judging by the share price rise, this process is reaching its denouement.
Shares of natural resources investor Gunsynd (GUN) were on the front foot for the end of the week, with a 11% rise to 1.17p. The company recently delivered a ShareTalk interview, highlighting its current three pronged strategy, one that is in focus following the new investment made into Angold Resources, itself a company with two properties in Chile, one in Nevada, and another in Canada.
Copper -gold mining group Bezant Resources (BZT) continued to bounce back after releasing a RNS earlier in the week to confirm that no legal proceedings or restraint orders had been served with relation to its Kalengua Processing Project. Investors seemed happy to shake off a Zambia located smear campaign against the UK listed group, taking the shares up another 8% to close at 0.195p.
Shares of Power Metal Resources (POW) rose 13%, as CEO Paul Johnson continued his recent spending spree at the company. His position is now up to 57,000,000 shares, and follows the announcement from the mining group that drilling is to commence shortly at its Molopo project in Botwana.
Friday novelty story of the day surrounded car assembly group Aston Martin (AML) where there was the theory that Mercedes would join Sebastian Vettel on the shareholder list, perhaps even taking over the company. This may have been the result of confusion regarding the manufacture of Aston Martin vehicles – all the important mechanical parts are from Mercedes, while Mercedes parent Daimler is already a shareholder. That said, given the recent financial woes of Aston Martin, anyone taking it over to end the misery might be appreciated. The shares rose just 2% to 52.2p.
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