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Pin to quick picksAlba Mineral Resources Share News (ALBA)

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TRADING UPDATES: Develop North net asset value down amid rising rates

Thu, 28th Mar 2024 10:28

(Alliance News) - The following is a round-up of updates by London-listed companies, issued this week and not separately reported by Alliance News:

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Develop North PLC - investor in residential and commercial property sector - Net asset value per share at November 30 year end falls 3.5% to 78.9 pence from 81.8p 12 months earlier. Taking into account dividends, this gives a 1.4% NAV total return, easing from financial 2022's 2.3%. "Once again the economic backdrop, especially with regard to real estate-linked investment, has been hallmarked by increases in interest rates, together with high but generally easing inflation figures as 2023 progressed," Develop North says. Maintains dividend for financial 2023 at 4.0p per share, in form of four 1.0p payouts.

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One Heritage Group PLC - residential developer focused on the north of England - Parent company and majority shareholder One Heritage Property Development Ltd agrees revised repayment terms of GBP14.0 million debt facility "in support of the company". One Heritage Group can extend repayment by up to 36 months until end of 2028.

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Infrastructure India PLC - infrastructure fund investing directly into assets in India - Shares restarted trading on Wednesday after publishing its annual results for the financial year ended March 31 on Tuesday. During this period, pretax loss widened to GBP59.2 million from GBP48.4 million a year earlier. The company says: "The group has prepared the interim results on a basis other than going concern due to the uncertainty in relation to the timing of potential transactions, ultimate receipt of sale proceeds and the specifics of any deferred consideration. This basis was considered the most appropriate method for the reporting period."

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JPMorgan Emerging Europe, Middle East & Africa Securities PLC - investor focused on emerging European nations, the Middle East and Africa - Says Pandora Omaset, a portfolio manager, will pursue "other opportunities external to JPMorgan". "Oleg Biryulyov continues to be the company's investment manager supported by JPMorgan Asset Management's investment management team and the investment process for the company's portfolio management will remain unchanged," it adds.

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Onward Opportunities Ltd - UK smaller companies-focused investment firm - Raises GBP1.7 million from subscription by new and existing investors of 1.5 million shares at 110 pence each. "The board and portfolio manager continue to believe that there are compelling structural factors underpinning the investment strategy and that prevailing market conditions create an environment in which the portfolio manager has the ability to generate aggregated portfolio returns in excess of 15% per annum over the long term," Onward says, adding that the fundraise proceeds will provide it will "additional resources with which to pursue its stated investing policy".

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Tlou Energy Ltd - Botswana and Southern Africa-focused energy company - Says placing of entitlement offer shortfall shares raises AUD6.2 million, around GBP3.2 million. Botswana Public Officers Pension Fund increases shareholding in firm to just under 17%. "Funds received will be used to advance the Lesedi power project towards first power generation," Tlou adds.

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i3 Energy PLC - UK and Canada-focused oil and gas company - Says capital reduction is "highly desirable" and gives firm "maximum flexibility to continue the payment of dividends in line with its dividend policy". "The capacity of a UK company to make distributions is restricted by the sufficiency of distributable reserves. The board considers that it is to the benefit of shareholders that the significant value in the group is reflected in the parent company balance sheet and is represented by distributable profits to facilitate a sustainable dividend policy," it adds. i3 notes that there is GBP148.5 million standing in credit of transition reserve. It proposes capitalising that sum by creating capital reduction shares worth GBP0.1234 each. The newly-created capital reduction shares will be cancelled in a court-approved move. i3 adds that the GBP148.4 million standing in its share premium account following capital reduction bonus issue being cancelled.

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Alba Mineral Resources PLC - northern Europe-focused mineral explorer - Raises GBP380,000 through issue of 584.6 million shares at 0.065 pence each, it says on Thursday. Proceeds will go towards "value-enhancing activities". On Tuesday, reports "exceptionally high-grade sampling results returned" from number 4 level at Lower Llechfraith workings, Alba's main target at its Clogau-St David's gold mine in north Wales. "Alba has taken more than 40 samples from No.4 Level at the Llechfraith target, and all have been put through the company's gravity processing plant to produce heavy mineral concentrates. Composites of the concentrates were then sent to a third-party refining facility," it says. "These composites have now returned exceptional gold grades."

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Arc Minerals Ltd - copper exploration company focused on mines in Africa - Buys back 22.5 million shares from Sveriges Larare, a Swedish trade union, for GBP405,715 in total. Each share was purchased at 1.8 pence each. These shares, which make up 1.5% of Arc's issued capital, will be cancelled.

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Ariana Resources PLC - precious metals exploration company focused on the Eurasian Tethyan metallogenic belt - Says reserves at Zenit mining operations in western Turkey are equivalent to around 10 years of further production. Reserves stand at 5.3 million tonnes, with metal content of 248,600 ounces of gold and 1.7 million ounces of silver. Ariana says "further economic and technical studies underway". The projects are operated alongside Proccea Construction Co and Ozaltin Holding AS, with Ariana owning just under 24%.

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Beowulf Mining PLC - minerals and metals exploration company with operations in the Nordics including the Kallak iron ore asset in northern Sweden - Says "highly prospective target for exploration at Parkijaur nr 7 licence in northern Sweden found. "Jokkmokk Iron completed geological mapping and boulder sampling during 2023 and has compiled and reprocessed historic geological, geophysical, soil geochemical and drilling data within the license area to identify 16 high priority target areas," Beowulf adds. "Re-processing of historic soil sampling data has identified an extensive area of anomalous copper in soil, including an anomalous zone striking up to 2 kilometres north-west to south-east and intersecting the largest target zone."

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Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Shenandoah South 1H well achieves "above commercial" average 60-day initial IP60 flow rate of 3.0 million cubic feet per day. "This augurs well for the initial development in the Shenandoah South area as these rates continue to track average flow rates seen in the Marcellus Shale basin in the US," Chief Executive Officer Philip O'Quigley says.

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By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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16 May 2022 18:07

IN BRIEF: UK Oil & Gas wins approval to convert HH-2z into water well

UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - North Sea Transition Authority grants formal consent for the re-completion of Horse Hill-2z into a water reinjection well.

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13 May 2022 13:51

IN BRIEF: UK Oil & Gas and Alba get extension for work at Horse Hill

UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - North Sea Transition Authority grants one-year extension for work programme at PEDL137 licence, which contains the producing Horse Hill oil field. The extension allows UKOG to drill a second well at Horse Hill's Kimmeridge oil pool, with work scheduled to begin before September 2023. UKOG owns an 86% stake in Horse Hill, and is the operator, with a 12% stake held by Alba Mineral Resources PLC. Horse Hill is an oil project near Gatwick Airport in southern England. In May, UKOG won a full production permit for the field.

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13 May 2022 07:53

LONDON MARKET PRE-OPEN: ContourGlobal ahead; Amigo scheme closer

(Alliance News) - Stocks in London were called sharply higher on Friday, helped by a positive session in Asia, as equity markets look to rebound from Thursday's bloodbath.

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12 May 2022 12:34

IN BRIEF: GreenRoc shares rise with upgrade of exploration target

GreenRoc Mining PLC - miners focused mineral projects in Greenland - Upgrades exploration target for the Amitsoq Island deposit in southern Greenland, following the maiden resource estimate. Increases target to tonnage range of 5 to 15 million tonnes at a grade range of 18% to 22% graphitic carbon from a tonnage range of 1.7 to 4.5 million tonnes at a grade range of 24% to 36% graphitic carbon.

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9 May 2022 11:55

GreenRoc CEO Kirk Adams leaves immediately for personal reasons

(Alliance News) - GreenRoc Mining PLC on Monday said Chief Executive Officer Kirk Adams has resigned for personal reasons.

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5 May 2022 13:21

IN BRIEF: UKOG shares rocket on environment permit win for Horse Hill

UK Oil & Gas PLC - London-based oil and gas company - Wins full production permit for its Horse Hill field from the UK Environment Agency. The project is 86% owned by UKOG, with a 12% stake held by Alba Mineral Resources PLC. The permit enables production and water re-injection operations, incineration of waste gas, maintenance and workovers, and the drilling of further development wells. Horse Hill is an oil project near Gatwick Airport in southern England. UKOG can now proceed with its plants to convert HH-2z into a water injector over the year, which would eliminate the requirement to take saline formation water from remote third-party sites, reducing costs.

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5 May 2022 11:22

AIM WINNERS & LOSERS: UKOG, Alba up on permit from Environment Agency

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

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21 Mar 2022 19:11

TRADING UPDATES: Kavango eyes acquisition; PYX ups zicron price

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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21 Mar 2022 12:30

Alba reports strong results from recent Clogau sampling

(Sharecast News) - Alba Mineral Resources updated the market on the Clogau-St David's Gold Mine on Monday, where assay results from a phase two sampling programme at the historic Waste Tip returned gold grades of up to 11.35 grams per tonne.

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17 Mar 2022 11:55

TRADING UPDATES: Portmeirion restores dividend; Empresaria in profit

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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18 Feb 2022 11:47

UK Oil & Gas lauds Horse Hill ruling that allows project continuation

(Alliance News) - UK Oil & Gas PLC on Friday announced that the appeal to overturn the legality of Horse Hill's planning consent has been refused by the Court of Appeal in the UK.

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18 Feb 2022 10:45

AIM WINNERS & LOSERS: UK Oil & Gas "delighted" by appeal court ruling

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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10 Dec 2021 21:48

TRADING UPDATES: Robinson warns on sales volumes; Wandisco wins deal

TRADING UPDATES: Robinson warns on sales volumes; Wandisco wins deal

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3 Dec 2021 12:08

Alba Mineral Resources upbeat on GreenRoc assay results

(Sharecast News) - Alba Mineral Resources updated the market on its portfolio company GreenRoc Mining on Friday, in which it holds a 54% majority interest.

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3 Dec 2021 11:48

GreenRoc and Alba shares surge on high-grade graphite at Amitsoq

GreenRoc and Alba shares surge on high-grade graphite at Amitsoq

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