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(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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Andrada Mining Ltd - Technology metals mining company with a portfolio of mining and exploration assets in Namibia - In the first financial quarter to May 31, notes 42% increase in contained tin metal output to 216 tonnes from 152 tonnes a year prior. Further, quarterly tin concentrate output grows 50% annually to 359 tonnes from 239 tonnes. The increase lays the foundation for sped up growth the firm expects for the balance of financial year 2024 ending in late February, Chief Executive Anthony Viljoen says. "We are committed to keeping costs within the lower range of our guidance. The completion of the tantalum circuit will introduce the initial by-product and enable Andrada to fully harness the additional revenue," he adds.
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Bens Creek Group PLC - London-based owner of a metallurgical coal mine in US state of West Virginia - Says arrival, installation, and start of operations of highwall miner Unit 81 HWM 81 has been temporarily withdrawn from service, as the company waits for completion of repairs and the re-establishment of necessary benching after a mining incident earlier in June. Meanwhile, raises USD6.5 million through its subsidiary Bens Creek Operations LLC via issuing unsecured loan notes to its largest shareholder Avani Resources Pte Ltd. Simple interest of loan notes is 15.1% per year from date of issue.
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BlueRock Diamonds PLC - South Africa-focused diamond producer - Says will not be in a position to publish its annual results for 2022 by the deadline on Friday, with its shares continuing to be suspended, as they have been since February. Company says will make further announcements "in due course as appropriate."
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Capricorn Energy PLC - upstream energy company with assets in the UK North Sea, Mexico, Suriname, Mauritania and Egypt - Reports year to date output to the end of May averages 31,500 barrels of oil equivalent per day, with full year working interest output guidance remaining at between 32,000 and 36,000 boepd. Company reports USD191 million net cash, down sharply from USD597 million at the end of 2022. Capital expenditure guidance stays at between USD155 million to USD175 million, at least 8.1% higher than USD143.4 million at the end of 2022.
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Chesterfield Resources PLC - copper and gold explorer in Cyprus and Newfoundland & Labrador, Canada - Says is in a "very stable financial condition for the foreseeable future" with no debts and very low cash outlays. Notes start of work on properties on licences at Sail Pond in Newfoundland and Adeline in Labrador, optioned via Sterling Metals Corp, a Canadian explorer.
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Guanajuato Silver Co Ltd - Mexico-focused precious metals explorer and producer - Presents results from preliminary economic assessment of El Cubo mines complex in Guanajuato in Mexico. At El Cubo, estimates 2.84 grams of inferred gold per tonne and 129,900 inferred gold ounces in total. Further, estimates 219 grams of inferred silver per tonne and 9.6 million inferred silver ounces in total. At El Pinguico, estimates 1.67 grams of underground stockpile gold per tonne and 166 grams of underground stockpile silver per tonne. Chair & Chief Executive Officer James Anderson says: "This updated PEA envisions a six-year mine life; however, El Cubo has already demonstrated a production history that has extended well over 100 years. Our goal is to continually increase mineral resources through in-fill and exploration drilling to end each year with 125% of the total resources that we started the year with; if we can achieve this, we believe that El Cubo can continue to be a significant silver producer for decades to come."
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Sareum Holdings PLC - Cambridge-based biotechnology company developing kinase inhibitors for autoimmune diseases and cancers - Hails two new granted patents. First patent relates to its lead TYK2/JAK1 kinase inhibitor, SDC-1801, granted in China. Second patent has been granted for SDC-1802 and several analogues in the US, which it says extends the scope of protection beyond immuno-oncology. Chief Scientific Officer John Reader says: "Although oncology remains the primary focus of this asset, this bulwarks our intellectual property position and gives us optionality to explore opportunities in other therapeutic areas."
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By Tom Budszus, Alliance News reporter
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