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A gold bar heavier than a double Big Mac sent stocks soaring Artemis Resources Ltd. a whopping 66 percent increase this week.
In terms of imperial measurements, Artemis was able to gather enough gold from a bumper discovery at its Titan prospect in the Pilbara, Western Australia, to produce a 10.4-ounce gold bar.
“We remain excited by the gold potential our properties continue to offer,” said Artemis CEO George Ventouras, as he showcased a surprise discovery.
“The refocusing of efforts and the exploration strategy on a deposit-wide scale continues to provide evidence of multiple new zones for gold mineralization, which we believe could contain the potential for large-scale deposits,” he added.
Not only that, but copper assays from the Titan area were also very encouraging, leading to a bumper week for Artemis, making the explorer the biggest driver of the AIM junior market this week.
Golden win: Artemis was able to gather enough gold from a bumper discovery at its Titan prospect in Pilbara, Western Australia, to produce a 10.4oz gold bar
Good vibes also abounded in the broader junior market, with the AIM All-Share index adding a percentage point over the week to enter Friday at around 774.
Things were even more lively in the blue-chip sector, with the FTSE 100 adding 2 per cent, boosted by a raft of encouraging macroeconomic news.
The UK economy expanded 0.6 percent in the second quarter, according to Thursday’s gross domestic product data, with the services sector posting solid growth of 0.8 percent.
Then on Friday, a retail sales report from the Office for National Statistics showed volumes rose 0.5 percent in July, following a 0.9 percent drop a month earlier.
This was driven by a surge in purchases at department stores and sports equipment as the European Football Championship and Olympic Games were taking place in Paris.
Tungsten West plc rose 22 percent after appointing veteran mining manager Jeffery Court as its new chief executive.
Kazera Global plc added a considerable 23 percent after the AIM-listed investment company announced it had received certification from South Africa’s National Nuclear Regulator (NNR).
This certification allows its Whale Head Minerals project to imminently commence the extraction and production of heavy mineral sands (HMS).
Orkney energy Shares rebounded 27 percent after announcing a promising update on the status of its three license awards in the 33rd Seaward Licensing Round.
EQTEC SA Shares rose 11.5 per cent in midweek trading after the waste-to-energy expert said it could be close to closing a £2m deal with Logik Developments.
A deal is expected to be reached between the two companies, which would entitle EQTEC to receive the cash once the London-listed firm disposes of Deeside Industrial Park.
Players, be careful, but Rank plc GroupMecca Bingo owner rose 8 percent after announcing it would return to profit.
“With inflation receding, disposable incomes improving, continued investment in the customer proposition and a strong pipeline of growth initiatives underway, we are confident about the future,” said Chief Executive John O’Reilly.
IXICO plc Shares rose 33 per cent following a positive trading update in which the medical imaging specialist said it had secured new contracts worth £5.8m since March.
The recovery story of the week is brought to you by Spirits Maker DistillShares as a whole fell 30 percent to 0.21 pence on Wednesday after it warned it would need immediate short-term funding following a profit warning.
This reaction was perhaps overdone, as shares in the owner of several gin and vodka brands soared as high as 0.42p the following day.
Biome Technologies plc Shares were cut in half on Friday following a round of deeply discounted trading.
On Friday, the bioplastics and radiofrequency technology company announced plans to raise £950,000 by issuing 19 million shares at 5p each. This represents a significant discount of 76.7 per cent to the previous day’s mid-market closing price.
Biome was not in a very good negotiating position: it warned that without a rapid injection of funds, its liquidity would run out within a month.
Actions in Celadon Pharmaceuticals plc plunged 43 per cent amid delays that should have allowed it to access £1.3m of funding.
Finally, BiVictrix Therapeutics plc announced plans to withdraw from AIM 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 cancer therapies, specifically its antibody-bispecific drug conjugates.
Announcing the delisting, chief executive Tiffany Thorn criticised AIM’s apparent inability to do what it does on the exchange.
She said: “To maintain our competitive advantage within this space, we intend to advance our product line and platform rapidly, and following a thorough review, the board has concluded that this will best be achieved by the company being delisted from AIM and re-registered as a private company.”
Thorn further stressed that the current public market valuation “does not reflect the scale of our potential.”
Shares fell 30 percent following the news.
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