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(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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Blencowe Resources PLC - London-based miner focused on developing the Orom-Cross graphite project and Akelikongo nickel project in Uganda - Receives approval from the Ugandan Ministry of Energy & Mineral Development to export materials from its Orom-Cross graphite project to Chinese testing facilities. This will enable a final bulk metallurgical test work to be undertaken in 2023. "China is currently the most mature graphite market worldwide and entering into an offtake relationship there would be very valuable to us given the highly attractive economics at Orom-Cross, which already has an NPV8 of USD482 million based on an initial 14-year mine life, from just 2% drilled from our broader graphite resource," Executive Chair Cameron Pearce says.
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Jangada Mines PLC - London-based mining company focused in Brazil - Notes that Blencowe received approval from the Ugandan authorities for the export of bulk graphite samples. It holds a 9.5% interest in Blencowe.
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Atome Energy PLC - Leeds, England-based producer and marketer of green hydrogen and ammonia - Signs a mandate letter with the multilateral investment institution IDB Invest for the financing of its green hydrogen and ammonia facility in Villeta, Paraguay. Says that IDB Invest agrees to provide "certain" grant funding towards the costs of the environmental and social impact assessment. The agreement will also enable IDB Invest to access confidential information and financial resources to conduct all required due diligence. "IDB Invest's mandate is an important step in the matrix of our funding strategy, complementary to the ongoing work with our financial advisor Natixis and reflective of the increasing incoming interest shown by credible substantial parties in funding Villeta at the project level," Chief Executive Olivier Mussat comments.
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Guanajuato Silver Co Ltd - silver producer in Mexico - Closes the second and final tranche of its non-brokered private placement offering, totalling CAD8.5 million, or GBP5.2 million, announced on December 12. Issues 4.1 million units for gross proceeds of CAD1.7 million. "The strengthening of our balance sheet at this time gives us the flexibility to deploy targeted capex at specific areas of our business that we believe will prove accretive to shareholders as we aim to expand production across all four of our producing silver mines in Mexico," Chair & CEO James Anderson says.
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Cornish Metals Inc - Vancouver-based mineral exploration company - Drills 8 holes at its Carn Brea South exploration area. Says the drill holes confirm up-dip, near-surface, extensions. Discovers high-grade tin mineralisation in new "Wide Formation" area. "The shallow, high-grade, tin intersects from the Great Flat Lode, represent an opportunity to define nearby and near-surface Mineral Resources to complement those we have already identified at South Crofty," CEO Richard Williams comments.
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Longboat Energy PLC - London-based North Sea-focused exploration and production company - Says it was awarded new licences under the Norwegian 2022 APA Licensing Round. "We are pleased to have successfully been offered these additional, low-risk licences, which could add substantial value to two of our core areas where Longboat has already discovered significant volumes during 2022. We look forward to working with our partners to build on this success and add incremental volumes in these emerging development areas," CEO Helge Hammer comments.
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Technology Minerals PLC - London-based company focused on creating a circular economy for battery metals - Appoints Nick Pickard as head of research and development, effective from January 3. He has more than 30 years' experience designing, manufacturing and servicing recycling machinery, the company says.
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B&M European Value Retail SA - Luxembourg-based variety store chain - Says Executive Director Simon Arora bought 17.7 million senior secured notes 3.625% due July 2025 at a price of GBP0.9485 each on Tuesday.
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UK Oil & Gas PLC - London-based exploration and production company focused on the UK and Turkey - Says that the Resan joint venture, in which it owes a 50% stake, has identified a new potential shallow oil accumulation, Pinarova. Further, it plans to drill in the first quarter of this year. "Pinarova's prospectivity, potential success case volumes and modest drilling costs make it an attractive short-fuse project worth pursuing. We are actively supporting our operator AME to get Pinarova-1 drilled as soon as practicable in 2023 and, if successful, either Pinarova-2 and/or a Basur-4 appraisal well drilled from a new site 1 km west of the Basur-1 discovery," CEO Stephen Sanderson comments.
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Hurricane Energy PLC - oil exploration and production company - Records a production average 8,464 barrels of oil per day for 2022, down versus 10,300 bopd in 2021. Reports annual crude oil sales 3.2 million barrels compared to 3.6 million barrels in 2021. Guides for production of 5,900 to 7,100 bopd in 2023. "This coming year brings its own challenges and we look to deliver both near term shareholder returns through either the successful outcome of the formal sale process or with a substantial capital return programme, as well as creating additional value for our shareholders," CEO Antony Maris comments.
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Wentworth Resources PLC - Tanzania-focused natural gas production company - Says that ERC Equipoise Ltd valued its oil and gas assets at a range of USD59 million to USD75 million. Reiterates that it signed an agreement with Etablissements Maurel & Prom SA for the acquisition of its entire share capital for 32.5 pence per share. The acquisition values Wentworth at around GBP61.7 million. "The board believes that the valuation underlines its view that the terms of the acquisition are fair and reasonable, not least given the substantially lower revenues expected in 2023 due to the depletion of the historic cost pool. Furthermore, material capex is required to maintain, let alone increase, production at the Company's only non-cash asset," Chair Tim Bushell comments.
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By Abby Amoakuh, Alliance News reporter
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