SMALL CAP CHANGES: Artemis Resources finds gold in Australia
A gold bar heavier than a double Big Mac sent stocks into Artemis Resources Ltd a massive 66 percent increase this week.
In imperial terms, when Artemis found Titan in the Pilbara, Western Australia, she managed to collect enough gold to produce a 10.4 ounce gold bar.
“We continue to be excited about the gold prospects that our concessions continue to deliver,” said George Ventouras, Artemis CEO, as he showcased the exciting discovery.
‘The refocusing of exploration efforts and strategies at the concession scale is increasingly providing evidence for the presence of multiple new zones of gold mineralisation. We believe these zones have the potential to contain large deposits,’ he added.
Additionally, copper levels in the Titan area were very encouraging, leading to a great week for Artemis, making the explorer the biggest gainer on the AIM junior market this week.
Gold win: Artemis was able to collect enough gold from a major discovery at its Titan prospect in Pilbara, Western Australia, to produce a 10.4-ounce gold bar
There was also plenty of positive sentiment on the broader junior market, with the AIM All-Share Index rising one percentage point over the week to start at around 774 on Friday.
In the blue-chip sector, things were even livelier, with the FTSE 100 rising as much as 2 percent, buoyed by a series of encouraging macroeconomic news.
The UK economy grew by 0.6 percent in the second quarter, based on Thursday’s gross domestic product price, with the services sector posting solid growth of 0.8 percent.
On Friday, a retail sales report from the Office of National Statistics showed volumes rose 0.5 percent in July, after a 0.9 percent decline a month earlier.
This was fuelled by an increase in purchases in department stores and for sports equipment during the European Football Championship and the Olympic Games in Paris.
Tungsten West plc rose 22 percent after veteran mining executive Jeffery Court was appointed as new CEO.
Kazera Global plc rose a tidy 23 percent after the AIM-listed investment firm announced it had received certification from South Africa’s National Nuclear Regulator (NNR).
This certification will enable the Whale Head Minerals project to commence mining and production of heavy mineral sands (HMS) shortly.
Orcadian energy shares rose 27 percent after a promising update was announced on the status of the three license awards in the 33rd Seaward Licensing Round.
EQTEC plc Shares rose 11.5 percent in mid-week trading after the waste-to-energy expert said it could be close to closing a £2 million deal with Logik Developments.
An agreement between the two companies, which entitles EQTEC to the money, is expected to be completed once the London-listed company sells the Deeside Industrial Park.
Attention gamblers, but Rank Group plcthe owner of Mecca Bingo, rose 8 percent after announcing the company returned to profit.
“With inflation declining, disposable income increasing, continued investment in our customer offering and a strong pipeline of growth opportunities, we are confident about the future,” said CEO John O’Reilly.
IXICO plc Shares rose 33 percent after a positive trading report saw the medical imaging specialist say it had secured £5.8 million in new contracts since March.
The rebound story of the week is brought to you by spirits maker DistillingShares fell around 30 percent to 0.21p on Wednesday after it was warned the company needed immediate short-term funding following a profit warning.
This reaction may have been a bit of an overreaction, as shares in the owner of several gin and vodka brands rose again the next day to 0.42p.
Biome Technologies plc Shares were halved on Friday after a deeply discounted funding round.
On Friday, the bioplastics and radio frequency technology company said it plans to raise £950,000 by issuing 19 million shares at 5p each, a steep 76.7 percent discount to the previous day’s mid-market closing price.
Biome was not in a good negotiating position: the company warned that without a quick capital injection, its cash supply would be depleted within a month.
Shares in Celadon Farmaceutica plc fell 43 percent due to delays that would have allowed the company to access £1.3 million in funding.
Finally, BiVictrix Therapeutics plc announced plans to delist from the AIM stock exchange and re-register as a private limited company.
The proposal is part of the company’s strategy to better position itself for the development of its next generation of cancer therapies, particularly its bispecific antibody-drug conjugates.
When announcing the IPO, CEO Tiffany Thorn criticized AIM for its inability to do what it was designed to do.
She said: ‘To maintain our competitive advantage in this sector, we want to rapidly develop our pipeline and platform. After extensive research, the board has concluded that this can best be achieved by delisting the company from AIM and re-registering as a private limited company.’
Thorn further stressed that the current valuation on the public market ‘does not reflect the size of our potential’.
Shares fell 30 percent on the news.
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