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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.

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