The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.
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SMALL-CAP - WINNERS
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Canadian Overseas Petroleum Ltd, up 19% at 2.03 pence, 12-month range 1.42-20.50p. The Canada and US-focused oil and gas explorer and developer says its wholly-owned subsidiary, COPL American Inc, has signed a non-binding letter of intent for a joint venture with an unnamed ‘established energy company’ to develop its oil reserves and resources at its Cole Creek project in Converse and Natrona counties in the US state of Wyoming. CEO Arthur Millholland says: ‘We have been working on this project for some time. We first identified the potential at Cole Creek before completion of our Atomic acquisition in March 2021. Our acquisition of the complimentary assets of Cuda in July 2022 gave our company full control of the Cole Creek project. This LOI is the first step completed in a process initiated in October of last year after the Cuda acquisition. The company that has entered into the LOI with us is the best partner we could have of the ones we have considered.’
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Technology Minerals PLC, up 7.5% at 2.15 pence, 12-month range 0.85-2.80p. Reports that its 48%-owned battery recycling business, Recyclus Group Ltd, continues to make good progress through the commissioning phase at the UK’s first industrial scale lithium-ion battery recycling facility in Wolverhampton, England. Says the commissioning phase is advancing on schedule with the plant steadily increasing its hours of operation as it builds up to continuous operations. The facility has also passed inspections conducted by all relevant agencies, ensuring the uninterrupted continuation of operations without any delays. The plant has a permit to process up to 22,000 tonnes of Li-ion batteries per year and Recyclus expects that 8,300 tonnes will be processed in the first year. Technology Minerals is a London-based company looking to create a circular economy for battery metals within one group.
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SMALL-CAP - LOSERS
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S4 Capital PLC, down 18% at 113.60 pence, 12-month range 101.75-249.00p. Says revenue in the first half of 2023 was below budget, reflecting ‘challenging’ macroeconomic conditions and clients remaining ‘cautious’ and ‘very focussed on the short term’. As a result, the advertising agency’s operational earnings before interest, tax, depreciation and amortisation and operational Ebitda margin are also below budget, but show ‘progress’ on the prior year. S4 is now targeting full-year like-for-like net revenue growth in a range of 2% to 4%, as opposed to 6% to 10% previously, and operational Ebitda margin of 14.5% to 15.5%, as opposed to 15% to 16% previously.
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Castillo Copper Ltd, down 16% at 0.40 pence, 12-month range 0.38-1.55p. The Australia-focused base metal explorer retracts an earlier announcement regarding the preliminary pit optimisation study for the Big One deposit. The announcement had said the optimisation study delivered a A$28 million - around £14.7 million - net present value for the deposit, which is part of the NWQ copper project. Retracts the announcement following discussions with the Australian Securities Exchange which said the information was not consistent with ASX listing rules as the company had based its production targets in the announcement on an inferred resource.
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