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(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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Atlantic Lithium Ltd - Africa-focused lithium exploration and development company - Reports a definitive feasibility study at Ewoyaa lithium asset in Ghana. Study "confirms project's economic viability". Project has a post-tax net present value of USD1.5 billion with free cash flow of USD2.4 billion and life of mine revenue of USD6.6 billion. The capital cost estimate is a "modest" USD185 million. Study outlines 3.6 million concentrate production over a 12-year mine life under "conservative pricing". Chief Executive Keith Muller says: "The definitive feasibility study has reaffirmed the Ewoyaa lithium project's impressive economic outcomes and profitability potential, providing improved confidence in Ewoyaa's ability to become a significant, near-term producer of spodumene concentrate."
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i3 Energy PLC - oil and gas company, focused on the UK and Canada - Average first-quarter production amounts to 22,773 barrels of oil equivalent per day, up 24% year-on-year. "Q1 2023 was another busy quarter for i3 as we commenced our planned 2023 drilling programme in Canada, drilling production wells in Central Alberta, Wapiti and key Clearwater wells in our Dawson and Marten Creek acreage. Average production in Q1 resulted in another consecutive quarter of growth, dating back to Q2 2021, which is a testament to the quality of our asset base and operations staff," Chief Executive Officer Majid Shafiq says. Revises down capital and dividend forecasts, amid "prevailing and forecast commodity pricing". Capital programme is worth USD25 million, plus USD6 million for a revised drilling programme targeting the Clearwater asset. Adjusted dividend programme is expected to result in payouts totalling GBP15.4 million for the first nine months of the year. "Due to slower than expected global demand growth and resilient supply dynamics, commodity prices have subsequently fallen significantly," i3 says. Back in December, it had outlined a capital budget of USD64 million.
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Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Reports "substantial" gold targets after soil sampling analysis at Queen's mine located close to Bulawayo, Zimbabwe. "New targets represent extensions of known gold-bearing structures that typically host both commercial and small-scale gold mining operations in the Queen's mine region. Several drill targets will be selected ahead of the commencement of an evaluation programme to test gold-bearing structures at a range of depths below surface," Galileo says. Adds that further soil sampling has also been carried out at other targets in the area. Chair and Chief Executive Colin Bird says: "Our intention now is to prioritise anomalies with a view to commencement of drill-testing by the end of the third quarter 2023."
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Echo Energy PLC - Latin America-focused energy company - Says unable to report results for 2022 by Friday's deadline, under AIM rules. Auditors have requested additional time, Echo Energy explains. Echo Energy adds: "Accordingly, the company is targeting the publication of the 2022 annual report during July 2023 once the auditor has completed its processes."
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All Things Considered Group PLC - London-based music firm providing talent management, live booking and livestreaming - Raises GBP4.2 million from placing of 2.8 million shares and subscription of 1.7 million shares, both at 92.5 pence each. Company on Wednesday had said proceeds will be used primarily to buy a 60% holding in Sandbag Ltd, a full-service merchandise company for GBP2.4 million, and provide capital for future accretive opportunities.
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SulNOx Group PLC - London-based company which specialises in providing solutions towards the decarbonisation of liquid hydrocarbon fuels - Tergeo Ltd has become "a major shareholder", with a stake of 9.9%, following series of off-market transactions. Tergeo holds the interests of Constantine Logothetis, chair of Alithea Capital, a private family office based in London. He is the founder of Libra Group, a conglomerate with interests in renewable energy, hospitality and real estate. Logothetis's total holding in SulNOx, including through Tergeo, now stands at just under 11%. Chair Radu Florescu says: ""I am delighted to welcome Mr Logothetis and Tergeo as a significant shareholder in SulNOx. Mr Logothetis brings a wealth of experience in target sectors highly relevant for SulNOx, as well as an extensive network of potential clients and investors. The company now has a cornerstone shareholder who is ready to bring further financial and commercial resources to support our growth aspirations and unlock the true potential of our products. I am very excited about the opportunities for growth that Tergeo's investment presents and Iook forward to updating shareholders on progress towards these in the near future."
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By Eric Cunha, Alliance News news editor
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