London’s AIM All Share index started the week on something of a mixed footing, although managed to outperform markets in mainland Europe. The junior index was trading down around two points at 744.59 approaching 4pm.
- Zanaga Iron Ore +30%
- Atlantic Lithium +27%
- Cadence Minerals +19%
- RC Fornax -36%
- Vast Resources -24%
Zanaga Iron Ore LON:ZIOC was 305% higher at copy time, leading the board after a TR-1 disclosure was filed. Earlier last week, a US entity took a stake of more than 4% in the business but the update was only posted this morning. The spread stands at more than 13% and volumes were far from abnormal but the move has propelled the stock back to levels not seen since the start of the year.
Atlantic Lithium LON:ALL was in second place, 27% higher at copy time. This appears to align with hopes that the Ghanaian government will ratify an improved deal on royalty payments over the company’s operations. Shares traded back to levels not seen since February as a result.
Cadence Minerals LON:KDNC was 19% higher, with the company reporting yields as expected which underpin an offtake financing agreement.
RC Fornax [LON:RCFX] was sitting 36% lower, reflecting the discount offered against the stock in a funding round which was announced on Friday evening. Funds will be used for further product development as well as providing working capital support for potential contract wins.
Vast Resources LON:VAST was trading down 24% on the day. A partial loan repayment has given the company space to extend terms until the end of the year but the market seems underwhelmed with the proceeds of further diamond sales anticipated as providing the necessary income here.
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