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EARNINGS AND TRADING: East Star, Getech strike Kazakhstan JV

Thu, 29th Feb 2024 19:42

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

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East Star Resources PLC - Kazakhstan-focused gold and copper exploration and development company - Enters into joint-venture agreement with fellow London listing Getech Group PLC. JV concerns exploration of "sediment-hosted copper deposits in Kazakhstan". East Star says: "Getech will deploy its unique data set, geoscience expertise, AI-driven analytics, and extensive GIS capabilities, to carry out initial targeting in return for an option to obtain 5% of the JV company upon the granting of an exploration licence within the outlined area of interest. East Star will provide on-the-ground logistics and project management including licence procurement, as well as geological expertise led by East Star director, Chris van Wijk." Getech says pact is firm "implementing its equity participation strategy".

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Resolute Mining Ltd - Africa-focused gold miner - Revenue in 2023 totals USD631.1 million, down 3.1% from USD651.1 million. Swings to pretax profit of USD188.0 million from loss of USD14.1 million. Choef Executive Terry Holohan adds: "In 2023 we returned to profitability showing the results of our ongoing business turnaround. During the year we became cash positive, declared a maiden ore reserve at Syama North and approved the first phase of expansion at Syama." The CEO continues: "Our key focus for 2024 is to continue the sustainable reduction in costs across the group, deliver the Syama phase I expansion and progress a near-mine satellite resource to extend the Mako mine beyond 2026."

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Bens Creek Group PLC - owner and operator of metallurgical coal mines across the US, including the 10,000-acre Bens Creek mining project in West Virginia - Inks pact with largest shareholder Avani Resources Pte Ltd for delivery of 400,000 tonnes of coal. Bens Creek says: "The delivery of the coal is expected to be made over 12 months, subject to any train delays, starting from 1 April 2024 unless otherwise mutually agreed between Bens Creek and Avani. It is the intention of the parties to supply three to five trains per month, subject to levels of coal production and train availability." Coal is being bought by Avani at "prevailing market rates".

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Zephyr Energy PLC - oil and gas company focused on resource development from carbon-neutral operations in the Rocky Mountain region of the US - Says fourth-quarter output averages 1,053 barrels of oil equivalent per day, a rise of 7% quarter-on-quarter. Output for 2023 was below forecast, however, albeit only "marginally". It records output of 1,040 boepd, versus a 1,150 boepd forecast. For 2023, expects revenue of USD26.3 million "of which it is expected more than 90% is made up of oil sales".

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Coro Energy PLC - South East Asian energy company - Notes claiming damages of EUR300,000 "for the capital and related costs" for replacement of equipment, as well as EUR7 million in further "consequential losses" amid claim against Italian contractor. Claim is in relation to cessation of production at the Bezzecca field in Italy. "The company alleges that the original construction at Bezzecca lacked an effective cathodic protection system which was required to avoid corrosion, which ultimately led to the shut-in of gas production at the Bezzecca field in March 2020 for safety and environmental reasons. Production at Bezzecca was re-established in November 2022," Coro says. It adds: "The judge has set the first hearing for 5 June 2024, before which various supplementary memorandums are required to be filed by both sides. Further updates will be provided as necessary."

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Amaroq Minerals Ltd - mining company focused on gold and energy-transition mineral assets in southern Greenland - Says drilling confirms "presence of high tenor mineralisation, typical of a high grade nickel-copper deposits" at Stendalen project. Chief Executive Officer Eldur Olafsson says: "A new mineral discovery such as that seen at Stendalen is the culmination of many years of hard work by the Amaroq geological team, and is testament to our belief that South Greenland holds exceptional opportunities to host world class deposits. The discovery of strategic metals such as copper and nickel, critical for the energy transition, in a region with such a strong geopolitical position, cannot be overstated. These initial results give us the confidence to deploy a larger proportion of the company's Gardaq JV fully funded 3 year exploration programme to this project during 2024 and beyond."

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Thor Energy PLC - US and Australia-focused mineral exploration company - Completes reverse circulation drilling program on its wholly owned Wedding Bell and Radium Mountain projects and hails results. The projects are located in the uranium-vanadium mining district of the Uravan Mineral Belt, southwest Colorado, US. "The high-grade uranium (up to 0.6%) and vanadium (1.8%) assay results confirm the high-grade nature of the Saltwash style sandstone uranium systems, within the prolific Uravan Mineral Belt. The assay results also confirm the presence of wide intervals of high-grade uranium mineralisation within a halo of vanadium mineralisation," says Nicole Galloway Warland, managing director of Thor Energy. "Whilst these 100% owned projects are uranium assets, the 10:1 vanadium-to-uranium confirms the rich vanadium endowment."

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Beacon Energy PLC - oil and gas company - Raises EUR3.0 million through issue of 5.1 million shares. "We're pleased to have completed this fundraise and thank our new and existing shareholders for their support in the process. Having attempted various low-cost remedial works to bring the SCHB-2(2.) well into production at the volumes expected from the sub-surface results of that well, it became clear that the proposed side-track would be required," says CEO Larry Bottomley. "As previously guided, based on the excellent reservoir properties and light oil recovered by the well, and the higher rates of production achieved on historic wells in the area, management maintains belief that the well can produce at materially higher levels."

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EnSilica PLC - Oxfordshire, England-based semiconductor designer - Receives payment for the 2023 R&D tax credit. In its half-year results earlier in February, it said: "The board originally anticipated to receive R&D tax credit from HMRC in December 2023. While the timing of the receipt of this continues to remain outside of the company's control, this is now anticipated to be received in the first quarter of 2024."

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Arecor Therapeutics PLC - West Sussex, England-based commercial biotechnology company - Notes Ogluo glucagon prefilled autoinjector pen product launched in Netherlands to treat severe low blood sugar in adults, adolescents, and children aged two years and over living with diabetes mellitus.

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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.

More News
28 Dec 2023 09:13

Bens Creek shares fall as interim loss widens; revenue jumps

(Alliance News) - Bens Creek Group PLC shares dropped early Thursday, after it reported that its interim loss widened on higher costs.

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30 Nov 2023 15:39

IN BRIEF: Bens Creek shares up as agrees coal sale to Avani Resources

Bens Creek Group PLC - Owner of a metallurgical coal mine in the US state of West Virginia - Sass wholly-owned subsidiary Bens Creek Operations WV LLC agrees with Bens Creek's largest shareholder Avani Resources Pte to deliver three unit trains comprising a total of 33,000 short tons of Bens Creek High Vol B metallurgical coal. Says the delivery of the coal is expected to be made, subject to train delays, no later than the end of January. Says this sale is in addition to "existing and ongoing business". Says the coal is being purchased by Avani at a price which is "in line with current market rates for the sale and purchase of High Vol B coal" and that the quality of the coal will be "in keeping with standard production" from the Bens Creek mine. Says this agreement follows on from Avani entering into a non-exclusive sales and marketing agreement, as announced in July. Bens Creek Chief Executive Officer Adam Wilson says: "We are delighted to book our first trade with Avani. It demonstrates their ongoing commitment to the business, and it is the first step to what will, we hope, become a burgeoning and profitable partnership."

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20 Oct 2023 15:44

UK shareholder meetings calendar - next 7 days

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4 Oct 2023 11:39

Bens Creek reports strong upswing in coal production

(Sharecast News) - North American metallurgical coal miner Bens Creek Group reported a substantial increase in production for the six months ended 30 September on Wednesday.

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4 Oct 2023 10:12

IN BRIEF: Bens Creek shares rise as produces more metallurgical coal

Bens Creek Group PLC - Owner of a metallurgical coal mine in the US state of West Virginia - Produces 50,100 tonnes of metallurgical coal in September, up sharply from 17,630 tonnes a year prior, and 17% higher than 42,691 tonnes in August. For the six-month period to September 30, coal output more than doubles to 204,998 tonnes from 99,928 tonnes year-on-year. Bens Creek expects October production to rise from September. Chief Executive Officer Adam Wilson says: "With both highwall miners now in full operation the company expects to be able to continue the growth in production into the next quarter. This increased production is further enhanced by the reduction of costs per ton from June 2023, and the recent rebound in the met coal price from its lows of USD191 in August 2023 to USD238 at the current time."

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29 Sep 2023 21:54

EARNINGS: Bens Creek sees "difficult" year; Challenger swings to loss

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

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20 Sep 2023 15:50

UK earnings, trading statements calendar - next 7 days

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13 Sep 2023 12:05

Bens Creek breaks clean coal production record in August

(Alliance News) - Bens Creek Group PLC on Wednesday said it recorded its highest monthly production in August, despite only having one functioning highwall miner.

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14 Aug 2023 09:49

Bens Creek highwall miner set to restart operations

(Sharecast News) - North American metallurgical coal miner Bens Creek Group announced on Monday that highwall miner unit 81 (HWM 81) is set to restart operations by 21 August.

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14 Aug 2023 09:28

IN BRIEF: Bens Creek Group highwall miner unit 81 to return to use

Bens Creek Group PLC - owner of a metallurgical coal mine in the US state of West Virginia - Says the highwall miner unit 81 is expected to recommence operating on Monday next week. In June, Bens Creek said arrival, installation, and start of operations of highwall miner unit 81 was temporarily withdrawn from service, as it waited for completion of repairs and the re-establishment of necessary benching after a mining incident earlier that month.

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26 Jul 2023 14:18

TRADING UPDATES: NewRiver hails performance; AFC Energy gets grant

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

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11 Jul 2023 14:54

Bens Creek issues $7.6m in new, unsecured loan notes

(Sharecast News) - Metallurgical coal miner Bens Creek announced the issue of $7.57m in unsecured loan notes to ACAM on Tuesday.

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11 Jul 2023 13:15

IN BRIEF: Bens Creek issues USD7.6 million of unsecured loan notes

Bens Creek Group PLC - owner of a metallurgical coal mine in the US state of West Virginia - Enters into unsecured loan note agreement with ACAM LP for a total subscription of USD7.6 million of loan notes, for the now cancelled USD6.0 million of convertible loan notes issued to ACAM on December 14. Loan notes have a term of 18 months, and are not convertible into company shares. Bens Creek issues ACAM with a total of 21.1 million warrants to subscribe for shares in Bens Creek exercisable at 28 pence per share. Warrants have a life of 5 years from issue date.

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7 Jul 2023 11:59

IN BRIEF: Bens Creek issues loan notes to raise USD6.5 million

Bens Creek Group PLC - Owner of a metallurgical coal mine in US state of West Virginia - Raises USD6.5 million through the issue of loan notes to shareholder Avani Resources Pte Ltd. Says loan notes have an 18-month term. Adds issue of loan notes to Avani is a related party transaction. Avani owns a 30% stake in Bens Creek. Bens Creek currently has an outstanding convertible loan note of around USD5.6 million with ACAM LP, issued in February, due for repayment by the end of summer. Proceeds of the issue of loan notes will be used to repay ACAM and for its general working capital requirements.

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26 Jun 2023 17:33

TRADING UPDATES: New patents for Sareum; Guanajuato hails assessment

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

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