gets warm reception for acquisition of Quidco


GCM Resources (AIM:GCM) PLC climbed 29% to 6.75p after announcing it is in discussions with China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. (NFC).

The AIM-listed group is negotiating a 12-month extension of the framework agreements announced in October 2020 which expired last week.

It would allow the miner to progress its 572mln tonne coal resources at the Phulbari Coal and Power Project in North-West Bangladesh.

2pm: Alien Metals jumps after scoping study supports development of Hancock iron ore project

Alien Metals Ltd (LSE:UFO) jumped 14% to 0.825p at noon after an initial independent Scoping Study for the Hancock iron ore project showed “exceptionally” strong returns are possible from a potential development.

The current resource of 10.4mln tonnes will sustain an eight-year mine life, based on a mining rate of 1.25 million tonnes per year (Mtpa), and a pre-production capital estimate of less than US$30mln (GBP22mln).

The AIM-quoted company also reported that strip ratios were exceptionally low, about 1:1 on the Ridges deposits, and that operating costs are estimated to be below US$60 a tonne on a ‘Free on Board’ basis.

11.15am: McBride lower as raw material and distribution costs continue climbing

McBride PLC (LSE:MCB) shed 5% to 66.2p in the late morning after admitting trading has been hit by supply chain woes.

Raw material and packaging costs have moved faster and to a higher level than previously expected, while the shortage of haulage capacity and higher fuel costs has pushed distribution costs up, with no signs of short-term improvement yet.

The manufacturer had to increase prices for its customers to cope with the situation.

10am: (LSE:MONY) gets warm reception for acquisition of Quidco (LSE:MONY) Group PLC issued a trading statement that was “the very definition of mixed”, according to AJ Bell’s investment director, Russ Mould, but the shares have still risen 8.1% to 219.4p.

The reason for the rise could be the group’s acquisition of Quidco, a cashback site, for GBP87mln in cash plus a possible further GBP14mln depending on how well the business performs.

Quidco is the second-largest cashback business in the UK with around one million transacting users. It offers cashback at around 4,500 merchants including retail, travel and switching services.

8.55am: Rambler roams higher after Ming mine update

Rambler Metals & Mining PLC was an early riser on Tuesday, adding 7% to 22.75p on the back of fresh results from the Ming Copper-Gold Mine in Canada.

The miner said that the ongoing 2021 underground diamond drill programme unearthed encouraging resources, including 1.17 metres at 5.32% copper and 16 metres at 2.15% copper.

“With drilling on three of the four infill targets completed, the company has improved its confidence in near-term production plans,” said president and chief executive Toby Bradbury.

“While we are still awaiting assays on some holes, our confidence has been bolstered by the assay results we have seen to date and by the recent development results obtained on 790L of the Upper Footwall Zone.”

Elsewhere, Feedback PLC (AIM:FDBK) advanced 6% to 0.85p after revealing it will participate in a pilot scheme to provide Community Diagnostic Centre (CDC) services with the Sussex Integrated Care System (ICS).

The pilot scheme, which will be conducted with the Queen Victoria Hospital NHS Foundation Trust (QVH), will use Feedback’s digital infrastructure to facilitate patient-specific pathways through the CDCs, linking both primary and secondary care settings.

The CDC programme is a GBP10bn programme designed to help reduce the elective care backlog facing the NHS by bringing diagnostic investigations closer to patients in community settings. The Sussex ICS is one of the UK’s CDC exemplar sites.


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