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TRADING UPDATES: AFC Energy delivers fuel cell; Kistos hails Benriach

Wed, 29th Mar 2023 14:35

(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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AFC Energy PLC - Surrey, England-based provider of hydrogen power generation technologies - Delivers and validates its first high power density liquid cooled fuel cell. Receives GBP2 million follow-on investment from ABB E-mobility which will be made into a GBP2.0 million subscription through issue of 10.0 million shares at 20 pence each. The investment proceeds will be used to develop the S+ Series fuel cell system. AFC says the new S+Series fuel cell stacks exceeded a cumulative 100 kilowatt target output. Chief Executive Officer Frank Muehlon says: "We are pleased to have reached this first important milestone for our continued collaboration as we work on the transformation towards a sustainable mobility infrastructure."

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African Pioneer PLC - exploration company with projects in Namibia, Botswana and Zambia - and Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Note assays are pending for a soil survey at Kalahari copper belt licences in Botswana, with further surveys planned over copper surface sample anomalies over the Kuke prospect. African Pioneer Chair Colin Bird says: "Our partner Sandfire is busy collecting basin-wide data to create a regional scale model to better understand and interpret the structure and ore genesis of the belt. The Sandfire option licences and the licences operated by African Pioneer are all located in ground with high potential. Sandfire is about to commence drilling on its option targets, and we look forward to the results."

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Applied Graphene Materials PLC - Cleveland, England-based graphene materials manufacturer -

Receives UK legal approval through the National Security & Investment Act 2021 to delist and register as a private company. In February, the company said it agreed to sell its main operating subsidiaries. It had signed a deal with Universal Matter UK Ltd, to sell the entirety of its shares in Applied Graphene Materials UK Ltd and Applied Graphene Materials LLC, its main operating subsidiaries, for a total of USD1.3 million. Universal Matter UK is a London-based developer and supplier of graphene-based solutions. Applied's shares will be cancelled on Friday.

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Aura Energy Ltd - minerals company with projects in Mauritania and Sweden - Notes its average steady-state production at the Tiris uranium project in Mauritania jumps to 2.0 million pounds of triuranium octoxide in the base case of its enhanced feasibility study, from 800,000 pounds in its 2021 definitive feasibility study. Post-tax net present value surges to USD226 million from USD79.7 million. The 10 year-average earnings before interest, tax, depreciation and amortisation at full production improves to USD72 million from USD19.9 million, while capital expenditure climbs to USD178.2 million from USD74.8 million. Average all-in sustaining costs slim by 3.5% to USD28.77 per pound of triuranium octoxide, from USD29.81. Managing Director Dave Woodall says: "The EFS confirms the strong financial case for the Tiris uranium project. The Tiris project is unique with its low capital intensity, low operating costs, competitive all-in-sustaining cost and key regulatory approvals in place. With a relatively short timeline for commercial production, the focus is now on the consideration of a final investment decision as early as Q4 2023, which would see commissioning in late 2024 for commercial production in early 2025."

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First Class Metals PLC - metals exploration company seeking large-scale metal discoveries in Canada - Receives CAD140,000, around GBP83,632, Ontario junior exploration grant for work carried out on North Hemlo property. Grant is from Ontario's Ministry of Northern Development, Mines, Natural Resources & Forestry. Says the grant assisted with exploration expenditure costs incurred from high definition low-level magnetic survey and field work across the North Hemlo property.

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Kistos Holdings PLC - energy industry investor with licenses in the Netherlands - Says Benriach, an exploration well located on block 206/05c west of Shetland in Scotland in which it holds a 25% stake, has been spudded by operator Transocean Barents. Anticipates well to complete in the third quarter of 2023, with a dry hole post-cost net of around GBP2.5 million, citing its tax paying position "and the enhanced investment allowances from the energy profits levy". Adds that future work at Zechstein in the Netherlands is being considered, following mixed results. It holds a 60% stake in the Q10-A gas field. Executive Chair Andrew Austin says the company is excited "that the Benriach well is underway".

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By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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21 Aug 2023 20:48

IN BRIEF: Galileo Resources reports pegmatites at Kamativi licence

Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Updates on the Kamativi licence in Zimbabwe. Says, to date, six holes have been drilled at the licence for over 700 metres of diamond drilling. Notes the holes have intersected around 111 metres downhole width of pegmatites with an "appropriately low" potassium/rubidium ratio with the potential to host lithium mineralisation. Follow-up work is also planned in the north-east of the licence area to test in more detail the rare earth element content of pegmatites. Says drilling has intersected "significantly" more pegmatite than was originally anticipated, and adds this has brought some areas of the licence thought to be less prospective "back into the spotlight".

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10 Aug 2023 11:50

Galileo Resources makes "high-grade" lithium discovery at Kamativi

(Alliance News) - Galileo Resources PLC on Thursday said lithium analysis has confirmed the presence of lithium at its Kamativi project in Zimbabwe.

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24 Jul 2023 11:46

IN BRIEF: Galileo Resources intersects pegmatite at Kamativi target

Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Says the first two holes of the recently started drill programme over the Kamativi lithium-tin target in Zimbabwe have intersected multiple pegmatite dykes, some over "substantial" widths. Galileo plans to send split drill core for indicative lithium analysis to a Zimbabwe laboratory, followed by full multielement analysis at the ALS laboratory in Johannesburg.

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29 Jun 2023 21:38

TRADING UPDATES: Atlantic Lithium confident after Ewoyaa study

(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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27 Jun 2023 13:38

Galileo exercises option to acquire 51pc of Shinganda project

(Sharecast News) - Galileo Resources has exercised its option to enter a joint venture and acquire a 51% interest in the Shinganda Copper-Gold Project in Zambia, it announced on Tuesday.

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27 Jun 2023 11:52

Galileo optimistic of returns after exercising option for Shinganda

(Alliance News) - Galileo Resources PLC on Tuesday said that it has exercised the option to enter a joint venture and be issued a 51% interest over the Shinganda copper-gold project in Zambia.

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15 Jun 2023 11:53

Galileo preparing for Kamativi drill programme

(Sharecast News) - Galileo Resources announced on Thursday that preparations for a drill programme had started over the Kamativi lithium-tin target, where it announced the discovery of a previously-unknown lithium anomaly in soils and streams in March.

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15 Jun 2023 11:39

IN BRIEF: Galileo starts preparing for Kamativi drill programme

Galileo Resources PLC - Mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Starts preparations for Zimbabwean Kamativi lithium-tin project drilling programme. Says the Kamativi soil anomaly area will be targeted in the first phase of drilling, with around 1,000 metres of drilling planned in at least 10 holes. Says the programme will also assess tin prospectivity. Adds other anomalies will be evaluated and drill-tested in due course.

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15 May 2023 17:13

TRADING UPDATES: Eden Research gets regulatory approval in New Zealand

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

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23 Mar 2023 14:29

TRADING UPDATES: Eqtec hails French state contract; Conroy finds gold

(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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22 Mar 2023 17:06

Galileo Resources makes progress at Glenover, Bulawayo

(Sharecast News) - Galileo Resources reported progress in two major areas in an update on Wednesday, being the Afrimat option to sell shares in Glenover, and the target delineation over the Bulawayo Gold Project in Zimbabwe.

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9 Feb 2023 12:36

IN BRIEF: Galileo Resources reports resource estimate for Launsobe

Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Reports initial inferred mineral resource estimates for its Launsobe copper project in Zambia, in which it holds a 75% interest. Estimates include 5.8 million tonnes gross at 1% total copper above a cut-off grade of 0.25% total copper for 56,000 tonnes of contained copper, potentially amenable to open pit mining; and 6.3 million tonnes gross at 1.5% total copper above a cut-off grade of 1% total copper for 97,000 tonnes of contained copper, potentially amenable to underground mining.

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2 Feb 2023 22:01

TRADING UPDATES: Dillistone sees revenue growth; Petro plans fundraise

(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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18 Jan 2023 19:03

TRADING UPDATES: Galileo confirms gold zone; Spectral hails results

(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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