London’s AIM Index has managed to start the week with some very modest gains following a decidedly mixed session, closing less than a quarter of a point higher at 1173.26.
- Xtract Resources up 104%
- Oriole Resources up 59%
- Tiger Royalties up 29%
- Velocys down 27%
- Asiamet Resources down 23%
Xtract Resources [LON:XTR] started the week with a flourish, adding 104% and extending the impressive gains seen in recent days. The company issued another RNS mid-morning, providing a further update on the Bushranger Drilling Programme. As the Executive Chairman noted, “the hole continues to be strongly mineralised well past the planned hole depth, which is very encouraging for the scale of the porphyry system at Racecourse. We will continue to drill until we bottom out of the zone.” Shares, which traded at 1.5p before Christmas, touched 9p at one point today.
Subscribe for more stories like this, 8am weekdays - for free!
Oriole Resources [LON:ORR] was another strong performer, adding 59% in the wake of a market update published before the opening bell. There was nothing new in this statement although drilling results are expected on a project in Senegal in the coming weeks. As with Xtract, this stock has seen a reasonable run up in recent weeks, having traded around 0.4p before Christmas, before reaching intra-day highs above 1.4p today.
Velocys [LON:VLS] found itself at the foot of the table, off 27% after investors tempered enthusiasm for the stock. A note to the market this morning advised that Shell had withdrawn from the Atalto project to generate sustainable biofuels from household waste. British Airways remain invested in the project however and it’s worth noting that the stock remains well above levels seen late last year.
Asiamet Resources[LON:ARS] also struggled, shedding 23% following a corporate update this morning. The company had announced a multi-part agreement with “PT WIN” just before Christmas – one that failed to ignite market support – but requests by the counterparty to change terms and a delay in receiving a promised $2.5m payment have evidently raised fresh concerns.
A shout out for Tiger Royalties [LON:TIR] which added 29%, making it the fourth biggest gainer on the day. The firm has made a slew of appearances in the column of late, but given the stock closed on a 25% spread and the small market cap mean that once again there’s not much to be seen here – for now, anyway.