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AIM round-up: Sunrise Resources, Reabold Resources, Atome Energy

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London’s AIM Index traded below 1,000 for the first time since mid-March during Wednesday’s session. Expectations over a US rate hike are being compounded by the fact Europe is on the cusp of turning off oil imports from Russia, weighing on sentiment as a result. The index closed down more than fourteen points at 999.04.

  • Sunrise Resources +30%
  • Reabold Resources +24%
  • Atome Energy +19%
  • EEnergy Group -28%
  • Artemis Resources -28%

Sunrise Resources LON:SRES topped the board, up 26% in the wake of an update on its Pozzolan project, which paves the way for a greener method of production for cement. The company believes it is ahead of the curve here, working one of the few fully permitted, undeveloped natural pozzolan deposits in the US.

Reabold Resources LON:RBD was the day’s second biggest gainer, adding 24% in the wake of news that the company is set to acquire a series of exploration licenses from Corallian, in which it already owns 49.99%. The fee here – some £250k – is evidently seen as good value, enabling these projects to be quickly de-risked.

A notable mention for Atome Energy LON:ATOM which more than recovered yesterday’s losses after announcing it had signed a power purchase agreement in Paraguay to facilitate green hydrogen and ammonia production. The spread remains wide however and it has backed away from early session highs, but remains one worth watching.

EEnergy Group LON:EAAS is at the bottom of the pack, off 28% following an earnings downgrade. However part of the challenge here is longer conversion times, so the numbers should arrive – just not yet. There is however a strong growth pattern here, with EBITDA still forecast to grow around 70% year on year.

Artemis Resources [LON:ARV] also struggled, again off 28% at the bell. Early assay results released this morning have disappointed, but the company was quick to stress that there’s still a lot more drilling to be done on the current project before December’s rainy season arrives in Western Australia.

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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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