It is normally the case on the stock market that it is better to travel ahead of news, than arrive. However, in the case of Block Energy (BLOE), the Georgia focused exploration company, the arrival of its latest operational update was an excuse for the stock to rocket by 42%. This was achieved off the back of an operational update, with a progress report on its Early Production Facility on the West Rustavi oil & gas field. Block Energy said that construction of its gathering line between the EPF and the WR-38Z well has been completed on time and on budget.
Things were on the move as far as Ncondezi Energy (NCCL) as it announced it had signed a Supplementary Agreement to the Joint Development Agreement with China Machinery Engineering Corporation of earlier this month. CMEC will fund specified accelerated development works at the Ncondezi 300MW coal-fired power project and coal mine in Tete, Mozambique, something which was enough to power up the Ncondezi share price by 30%.
Natural resources and power developer Oracle Power (ORCP) lived up to the first part of its description as it followed up on its recent promise to be a mining sector developer, as well as pursuing its flagship Thar project in Pakistan. In the latest news Oracle unveiled the acquisition of two highly prospective gold projects in Western Australia. The first is the Northern Zone Project near the Kalgoorlie Super Pit, while the second is the Jundee East Project, near Northern Star’s Jundee Gold Mine. Oracle said that in addition to the new Australian projects, there is ongoing evaluation work regarding major shareholder HH Shiekh Maktoum to add to the company’s multi-commodity, multiple revenue stream going forward. Oracle shares jumped 9%.
Sticking with the mining space and sticking with Australia, there was not one but two RNS releases for exploration company Wishbone Gold (WSBN). The second RNS focused on the company’s plans for the Red Setter project in the Paterson Ranges in Western Australia. Wishbone said it initial plans are to compile a new detailed subsurface picture of the magnetic signature of the newly identified and untested 2,400m long by 400m wide set of magnetic targets at depths starting at only 150m in depth, as identified by its independent consultants.
There was a decent 11% share price rise for relative market newcomer, Castillo Copper (CCZ). The impetus for the gain was the Australia and Zambia base metal explorer announcing visible copper oxide and sulphide mineralisation at shallow depths after viewing samples from the first seven drill-holes at the Big One Deposit in the Mt Isa copper-belt district of Queensland, Australia.
After an extended bear run there was finally a decent rebound for shares of Rambler Metals & Mining (RMM), with a 12.5% gain. This was as bottom fishing investors pointed to a current project NPV of £140m versus a planned NPV of as much as £215m. The market cap of barely £3m was regarded as being extremely undervalued, if only for a copper producer, especially after the recent dilution for the stock.
Finally, for recent buyers of Tasty (TASTY) there was an opportunity to cash in their chips at the restaurant chain group, as it flipped to delivery and takeaway in the wake of the second lockdown. At the same time the shares have tripled since the low near 1p in the first week of November, proving their contrarian mettle.
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