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SmallCap Round Up: Zanaga Iron Ore, ITIM, Red Rock Resources


London’s AIM Index slipped again today with losses sitting at around three points by the closing bell, to sit at 786.83.

  • Zanaga Iron Ore +37%
  • ITIM Group +24%
  • Red Rock Resources +19%
  • Capital Metals -48%
  • Bidstack Group -39%

Zanaga Iron Ore LON:ZIOC was the day’s biggest riser, up 37%, with sharply elevated levels of trade being seen in the stock. There’s no official news out but a partial or entire takeover of the business may be looming.

ITIM Group LON:ITIM was in second place, up 24%. Trade has however been very thin in the £10m stock and all one sided, leaving a closing spread of almost 10%. Again no formal news out.

Red Rock Resources LON:RRR gets the notable mention having advanced by 19%. Interest in the stock has been sharply elevated since that Lithium update last week, although early gains proved unsustainable. Today’s rally recovers part of that, but there must be a degree of disappointment that the early gains proved unsustainable.

Capital Metals LON:CMET was the biggest faller, off 48% in the wake of placing news. Proceeds will be used for general working capital and also to secure the lifting of the suspension of the company’s mining licenses. Given the modest scale of the raise versus the hit the market cap has taken, there can be few fans here.

Bidstack Group LON:BIDS slipped 39% off the back of its full year results filing. By and large the numbers seemed positive although there is a hint of caution when it comes to cost reductions being implemented to extend the company’s runway and the prospective use of a convertible loan note to secure further funding. Management believe full year results for FY24 will be in line with expectations.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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