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TRADING UPDATES: Harmony Energy plans raise; Kavango sets drill target

Wed, 28th Sep 2022 22:10

(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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Harmony Energy Income Trust PLC - London-based investment company focused on energy projects - Proposes capital raising through issue of new C shares, which will be used to fund its pipeline of 2-hour duration battery energy storage systems. Notes it has exclusivity via a right of first refusal over 687.5 megawatts of pipeline of additional 2-hour duration BESS projects which are under the control of Harmony Energy Ltd. Will issue new C shares at 100 pence, with the maximum to be raised at GBP130 million. Also notes it is targeting 8p annual dividend from 2023 onwards.

Chair Norman Crighton adds: "Whilst recognising the current challenging economic and market backdrop, we believe it to be beneficial for the company, with our shareholders' support, to take advantage of its exclusive rights over Harmony Energy's pipeline as envisaged at IPO and continue to build on the positive momentum."

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Angle PLC - Surrey, England-based medical diagnostics company - Notes University of Birmingham study in head and neck squamous cell carcinoma which uses company's Parsortix. The study shows HNSCC sees epithelial-mesenchymal transition status of circulating tumour cells. "EMT is clinically significant due to its role in tumour progression and invasion, the development of metastasis, metabolic reprogramming, immune evasion, and resistance of cancer cells to therapy," it adds. Chief Executive Andrew Newland "pleased" Parsortix system as a tool for HNSCC EMT classification.

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Engage XR Holdings PLC - Waterford City, Ireland-based virtual communications solutions - Notes consumer electronics firm Lenovo launches virtual reality headset, which will see Engage build its own 'Lenovo Metaverse'. "Engage XR will help build and offer a Lenovo presence within the Metaverse using Engage Link. Engage Link is Engage's enterprise-focused metaverse set to launch later this year. Lenovo is one of the five confirmed launch partners for Engage Link," it explains.

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Kavango Resources PLC - London-based mineral explorer focused on Botswana - Finalises drill strategy for four of its prospecting licences in the Kalahari Copper Belt. Finds 13 target areas across licences. Chief Executive Ben Turney says: "Through our flexible proposed drill programme, we have a total of 188 viable drill locations over 13 priority areas, each of which we believe gives us the chance of encountering copper mineralisation. In total, our exploration drilling could total as much as 37,600 metres, which emphasises the scale of Kavango's opportunity. Our ground could host multiple deposits, which is why we have been as thorough as we have in our approach."

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Atlantic Lithium Ltd - lithium asset developer and producer focused in West Africa - Partner at Ewoyaa project in Ghana, Piedmont Lithium, completes pre-feasibility study for the project. Says the study shows 255,000 tonnes per year of 6% lithium spodumene concentrate over 12 and a half year mine life with ore reserves of 18.9 million tonnes at 1.24% lithium oxide.

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By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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2 May 2024 16:11

TRADING UPDATES: Microsaic wins contract; Frontier inks Canadian deal

(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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1 May 2024 17:01

Kavango Resources raises GBP3.1 million via bookbuild

(Alliance News) - Kavango Resources PLC on Wednesday said that it has raised GBP3.1 million via an accelerated bookbuild, at a price of 1.2 pence per share.

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29 Apr 2024 15:45

TRADING UPDATES: Smarttech247 inks USD2.1 million contract

(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 Apr 2024 19:58

EARNINGS AND TRADING: Graft Polymer extends loan; ASA profit down 30%

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

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23 Apr 2024 15:03

IN BRIEF: Kavango finds 9.95 gold grammes per tonne at Hillside

Kavango Resources PLC - Botswana and Zimbabwe-focused exploration company - Says drilling at Hillside Prospect 2 finds up to 9.95 gold grammes per tonne. Intends to test the gold-bearing potential of these shears by drilling a fence of holes to test for a bulk-minable gold deposit across the entire zone, it says. The Hillside gold project is in Zimbabwe. On Monday, Kavango reported that it had found up to five potentially mineralised shear zones identified from an induced polarisation survey at Hillside. Chief Executive Officer Ben Turney says: "Results from Prospect 2 at Hillside are even stronger than those we've recently reported at Prospect 4. The 7.2 meters wide zone running at 9.95g/t is significant in itself, but viewed in the context of the other gold intercepts in Hole BRDD001 the open-pit potential is clear."

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22 Apr 2024 15:49

IN BRIEF: Kavango finds potentially mineralised zones at Hillside

Kavango Resources PLC - Botswana and Zimbabwe-focused exploration company - Finds up to five potentially mineralised shear zones identified from an induced polarisation survey at its Hillside gold project in Zimbabwe. Two of the zones identified from the IP survey coincide with a series of parallel artisanal workings. Adds that three additional shear zones have been interpreted under slightly thicker cover and remain undiscovered. Chief Executive Officer Ben Turney says: "We are looking forward to testing the bulk-minable gold potential at prospect 4. The possible presence of four parallel, gold-bearing shear zones makes this an increasingly attractive exploration target."

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19 Apr 2024 11:24

Kavango Resources announces drill tender for drilling at Karakubis

(Alliance News) - Kavango Resources PLC on Friday said that it is tendering for the first phase of scope drilling on the Kalahari copper belt at its Karakubis project in Botswana.

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18 Apr 2024 14:38

IN BRIEF: Kavango Resources loss widens; eyes Kalahari drilling start

Kavango Resources PLC - Botswana and Zimbabwe-focused exploration company - Pretax loss widens 49% to USD3.3 million in 2023, from USD2.2 million in 2022. Notably, Kavango reports pre-licence exploration costs of USD1.2 million for 2023, compared to none a year prior. Administrative cost decrease 7.0% to USD2.1 million from USD2.2 million. The company is in a pre-revenue state so far. Kavango expects to start drilling at Kalahari copper belt project in Botswana in the middle of the second quarter of 2024. Notes that in March it signed its first contract to start immediate gold mining operations at the Hillside project in Zimbabwe.

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16 Apr 2024 20:34

EARNINGS AND TRADING: AssetCo deputy retiring, Chapel Down ups revenue

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

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15 Apr 2024 11:01

IN BRIEF: Kavango celebrates drilling results at Hillside, Zimbabwe

Kavango Resources PLC on Monday said - London-based, Southern Africa-focused metals exploration company - Finds 29.08 grammes of gold per tonne at the Hillside Prospect 4 gold asset in Matabeleland, southern Zimbabwe after drilling SKDD001 hole. Says hole contains multiple further broad zones of geochemically anomalous gold values thought to relate to additional shear zones. Results are pending on four other holes drilled across three other Hillside prospects, it adds. Kavango will also examine near surface gold mining potential at prospect 4, based on intersected grades and ongoing artisanal mining in the area. Chief Executive Officer Ben Turney says: "This result far surpasses our expectations at prospect 4. Prospect 4 is our fourth-ranked target at Hillside. These results underline the Hillside project's overall potential to host over [one] million ounces of mineable gold."

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12 Apr 2024 10:30

IN BRIEF: Kavango completes magentic survey at Nara project, Zimbabwe

Kavango Resources PLC - London-based, Southern Africa-focused metals exploration company - Completes ground magnetic survey on Nara gold project in Zimbabwe. Says it has identified magnetic low lineaments interpreted as shear zones. Shear zones are commonly associated with gold mineralisation, it explains, adding this discovery will lead to a follow-up survey. Chief Executive Ben Turney says: "We've mobilised the rig to our Nara Project in March and have just completed our fifth diamond hole here. We will provide an update on drilling in the coming weeks but based on visual observations of core we decided to push ahead with a ground magnetic survey of the project area. Our goal was to learn more about the structure we are drill testing." This comes after Kavango on Thursday said that it had received authorisation to export drill core samples from the Hillside project, also in Zimbabwe.

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11 Apr 2024 09:46

Kavango Resources gets approval to export Zimbabwe test samples

(Alliance News) - Kavango Resources PLC on Thursday said that it has received authorisation to export drill core samples from the Hillside gold project in Zimbabwe.

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2 Apr 2024 16:27

TRADING UPDATES: Ground Rents refinances; ECR Minerals loss narrows

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

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22 Mar 2024 12:03

Kavango Resources completes airborne survey of Bostwana copper asset

(Alliance News) - Kavango Resources PLC on Friday announced the completion of the final geological survey of its property in Botswana's Kalahari copper belt.

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8 Mar 2024 10:41

IN BRIEF: Kavango rises as eyes revenue from Zimbabwe mining arm

Kavango Resources PLC - Southern Africa-focused metals explorer - Announces that it expects to move to revenue in March, adding that it aims to double current production to one kilogram of gold a month over the course of 2024. Kavango also announces that it has signed its first contract to start immediate gold mining operations at its Hillside project in Zimbabwe. Also says that it has formed a new subsidiary in Zimbabwe, Kavango Mining Ltd. Chief Executive Ben Turney says: "Current revenue at Hillside amounts to around AUD30,000 per month, and the operation there is already profitable. Continuous production at Zimbabwe gold projects secures the ground and forms an important part of any long-term development plan. Our objective is to become a significant gold producer in this country, and this is our first step towards achieving this goal. If all goes well, there are other production opportunities we hope to bring to Kavango."

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