London shares held steady after official data revealed a 1% rise in retail sales volumes for February, marking the highest level since July 2022. UK shares were muted at the end of the trading week, with the FTSE 100 edging down just 0.08%, or 7 points, to close at 8,658. The FTSE 250 fared slightly worse, slipping 0.3%.
The AIM All-Share extended its winning streak to two weeks, rising 1.3% to 698.77 and outperforming a subdued FTSE 100.
Gold breaks through record highs, on track for its best quarter since 1986. Gold has surged to a record high of $3,087, signaling strong bullish momentum. Investors are now targeting the following resistance levels at $3,125 and $3,177, anticipating further gains.
The reason behind Premier African Minerals Ltd’s (PREM) 205% share price surge remains unclear. Led by the charismatic and often entertaining CEO George Roach, the company hasn’t released any updates since its discounted interim fundraising earlier this month. However, it did mention actively pursuing a “fully funded solution” for its Zulu Lithium and Tantalum Project in Zimbabwe, fueling speculation that news may be forthcoming.
Metals One (MET1) successfully launched a retail offer to raise up to £100,000 at 2p per share. Planned since January, the offer closed on March 28, reaching its full target. Earlier in the week, the company completed a ten-for-one share consolidation, which initially resulted in the share price dropping to 7p. However, it rebounded sharply, ending the day up 53.57% at 21.5p and hitting a 52-week high of 24p.
It’s been a standout week for Naked Wines PLC (WINE), as new CEO Rodrigo Maza reset the company’s direction—earning strong approval from the market. The renewed focus on cash generation and future shareholder returns has struck a chord with investors. With approximately £33 million in cash on hand and inventory being reduced, the company’s total liquidity now comfortably surpasses its £50 million market cap.
Unsurprisingly, Panmure Liberum has taken a shine to the stock, upgrading it to ‘buy’ with an ambitious 150p price target—three times its previous estimate. Trading at 85p, up 61% for the week, the shares still appear to have significant upside, with the broker pointing to a clear valuation disconnect, even after the recent rally.
Empyrean Energy (EME) reported that drilling at the Wilson River-1 well has reached total depth. Petrophysical analysis is currently underway, with results to be benchmarked against nearby wells. The share price briefly dipped below 0.1p before rebounding to 0.1425p, ending the week up 42.5%.
Equipmake Holdings (EQIP) shares surged 60% to 1.4p, driven by a rise in trading volumes. The stock has now returned to levels last seen in January but still a long way from the 6.25p high last year.
European Metals Holdings (EMH) shares surged 42.9% to 12.5p after the EU designated its Cinovec lithium project as a strategic initiative. The announcement initially drove the stock as high as 22p before profit-taking set in. As a strategic project, Cinovec will benefit from a streamlined permitting process and backing from financial institutions.
FALLERS
Now to the decliners. In a fresh example of AIM’s struggles as a reliable gauge of value, ADVFN PLC (AFN) announced plans to delist from the junior market, sending shares down 57.7% to 5.5p. The company cited poor liquidity and a depressed share price as key barriers to pursuing acquisitions. To maintain some trading flexibility, a matched bargain facility is being arranged with JP Jenkins.
Interim revenues dipped from £2.29 million to £2.02 million, but a cut in administrative expenses helped reduce the interim loss to £453,000. Despite the challenges, the company still holds £3.5 million in cash.
It was a similarly bleak week for Celadon Pharmaceuticals PLC (CEL), with shares tumbling 42.9% to 8p following confirmation of plans to delist from AIM and the immediate resignation of four non-executive directors. A general meeting will be held to vote on the proposed cancellation. Should the resolution pass, the chairman is expected to step down, and a matched bargain facility via JP Jenkins will likely be arranged to allow continued share trading.
Wishbone Gold (WSBN) resumed trading following a suspension, but shares fell 28.6% to 0.125p after the proposed reverse takeover of Evrensel Global Natural Resources was called off. Alongside the news, Anthony Moore stepped down from the board, while David Lenigas has joined the company as a consultant.
A £700,000 placing was completed at 0.1p per share, with £500,000 earmarked to cover costs and outstanding liabilities. Additionally, one of the group’s operating subsidiaries is undergoing restructuring, with £190,000 allocated to settle its reduced obligations.
GCM Resources (GCM) has raised £1 million at 3p per share to bolster its working capital. However, progress on its Phulbari coal and power project in Bangladesh continues to be sluggish, dependent on securing key government approvals. As of the end of 2024, the company held £900,000 in cash. Shares fell 30.3% to 2.72p following the announcement.
Marula Mining (MARU) has approved a five-year budget for its 80%-owned Kilifi manganese processing plant, which is expected to generate $63.5 million in pre-tax operating cash flow and $43.4 million post-tax, starting from April. In South Africa, the company has secured environmental authorisation for its Blesberg lithium and tantalum project.
Meanwhile, an environmental assessment is underway at the Kinusi copper project in Tanzania. Despite all these developments, the share price dropped 22.2% to 4.375p.
