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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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Kendrick Resources PLC - London-based exploration company focused on Norway, Sweden and Finland Says the soil and rock chip samples collected on 4 of the Airijoki Vanadium copper project licences have been submitted for analysis. Identifies three styles of copper mineralisation at Airijoki and the potential for additional vanadium mineralisation. Says the reports for both an independent evaluation of Espedalen geophysics data and a mineralogical study are pending. "We will be targeting drilling to extend the existing resource and to test new targets at Espedalen and elsewhere. I also remain convinced that vanadium will play a significant role in static energy storage in the near future and as a result we are pursuing our vanadium projects vigorously. We are analysing and working on the combination of historic and in-house generated raw data, executing further metallurgical test work and scheduling more drilling of known extensions to Airijoki all with a view to increasing our existing mineral resource," Executive Chair Colin Bird says.
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Galileo Resources PLC - mining company focused on US and Africa - Identifies evidence for historic and current gold mining along a 7 kilometre-long outcropping greenstone trend at the Bulawayo gold project in Zimbabwe. Says that the exploration also discovered visible sulphides and associated alteration in multiple shear-hosted quartz veins and stockworks. "I am very encouraged by our early success with our work programmes and I look forward to bringing in drilling rigs to test our generated targets and hopefully identifying a gold and/or nickel project for early development." Three targets have been prioritised, Queens West, Bembeshi Nickel and Bembeshi Gold. Exploration comprising ground geophysics to complement the recent airborne survey, soil geochemistry and detailed geological mapping and sampling has in every case generated targets of merit that are quickly evolving into probable drill targets to be tested early in the New Year," CEO & Chair Colin Bird comments.
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Grit Real Estate Income Group Ltd - Pan-African property investment and management company - Signs a variation to guarantee a deal with the Government Employees Pension Fund of South Africa. Explains that the addendum to the agreement will enable the company to take direct ownership of their proportionate number of Drive in Trading Pty Ltd security shares in exchange for making the USD17.5 million guarantee agreement payment to the fund. The existing agreement only provides for the sale of 23.3 million Grit shares owned by the DiT. "We are pleased to have agreed an accretive resolution to the winding up of the Drive in Trading structure, whilst fully discharging Grit of its obligations under the guarantee agreement and removing a market overhang. On a 30 June 2022 pro forma basis, the combined impact of this transaction would have delivered an increase in the company's EPRA NRV from the last reported USD79.4 cents per share to USD80.5 cps," CEO Bronwyn Knight says.
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Caerus Mineral Resources PLC - copper miner in Cyprus - Enters into a subscription deal with EV Metals Group PLC to subscribe for unsecured convertible loan notes up to GBP625,000. The funds raised from the convertible loan notes have a conversion price of 7.5p, it says. The funds will support general working capital requirements and help accelerate opportunities created through its EVM alliance.
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Keystone Positive Change Investment Trust PLC - invests in companies which make positive social or environmental impact and is managed by Baillie Gifford - Net asset value per share as at September 30 stands at 222.2p, down from 347.0p the year before. Records a NAV total return of negative 35.2%, underperforming the comparative index, the MSCI All Country World Index, which returned negative 3.7%. The share price total return for the same period was negative 43.3%, as the discount widened to 13.2% from 0.9%. This reflects "a widening of discounts across investment companies generally and exacerbated by a broader deterioration in sentiment towards growth style mandates." Recommends a final dividend of 0.4p per share.
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By Abby Amoakuh; abbyamoakuh@alliancenews.com
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