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EARNINGS: Rockfire interim loss widens due to increased expenses

Fri, 29th Sep 2023 12:21

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

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Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Pretax profit increases 14% to GBP1.6 million in its financial year ended March 31, from GBP1.4 million the year prior. Says operating expenses rise to GBP1.3 million, from GBP753,321. Chair Colin Bird says: "I look forward to the coming year, realising one of our projects, any one of which could be transformational for the company and its shareholder."

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Rockfire Resources PLC - Australia and Greece-focused base metal, gold, and critical mineral exploration company - Pretax loss widens to GBP411,145 in the first half of 2023, from GBP302,582 the year prior. Says loss is due to expenses from subsidiary Hellenic Minerals SA. Says interest income was GBP1.00, up from no income. Adds that it is targeting the acquisition of Emirates Gold DMCC and Emperesse Bullion LLC. Says these acquisitions will be "potentially transformational".

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Essentially Group PLC - UAE-based health food company - Posts a 14% revenue increase to GBP593,164 in the first half of 2023, from GBP519,311 the year prior. Says pretax loss widens to GBP400,175, from GBP176,808 a year ago. Adds that retail footprint grew 53% during the first half, with benefit of expansion to "materialise in the coming months". Notes that it listed on Aquis in March.

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Woodbois Ltd - Africa-focused forestry, timber trading and afforestation company - Says revenue decreased 57% to USD4.9 million in the first half of 2023, from USD11.3 million a year ago. Adds that pretax loss was USD3.4 million, widening from USD489,000 the year before. Notes unseasonal weather in the first quarter affected operations, as did a military coup in Gabon in the third quarter. Says it is "optimistic" that the fourth quarter onwards will see an upturn in activity, and aims to deliver positive earnings before interest, tax, depreciation and amortisation and profitability in 2024. Chief Executive David Rothschild says: "2023 has been a very difficult year for the company thus far, but having weathered some pretty severe challenges and having re-built the company's balance sheet, we now are rebuilding production, performance and profitability across the company's divisions."

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Bluejay Mining PLC - Greenland and Finland-focused miner - Says it swung to pretax loss of GBP659,135 in the first half of 2023, from profit of GBP524,724 a year ago. Adds that cost of sales rose to GBP32,033, from nothing a year ago. Notes that it raised GBP600,000 after the period's end, which it says will set it up for a "transformational 2024" by enabling it to develop it projects. Says it will continue to explore and develop its projects, and is aiming to increase their value. Adds that it is still "extremely well positioned" to deliver on its strategy. Does not declare a dividend for the first half, unchanged from a year ago.

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By Harvey Dorset, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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19 Mar 2024 18:41

EARNINGS AND TRADING: UK Oil in Broadford blow; SolGold optimistic

(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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4 Mar 2024 14:29

TRADING UPDATES: Beowulf ups Vardar stake; Impellam buyout nears

(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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1 Feb 2024 20:00

EARNINGS AND TRADING: Tandem FY sales down 17%; Hikma's opioid deal

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

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30 Jan 2024 14:02

IN BRIEF: Rockfire confident about twinned holes at Maloi zinc deposit

Rockfire Resources PLC - London-based mineral exploration company - Says drilling at Maloi zinc deposit in Greece replicates historical drill holes. Finds 73.44 grams of silver per tonne at hole MO_GTK_009, as well as 30.63 grams of germanium per tonne. Chief Executive Officer David Price said: "This replication of historical holes was requested by SRK Consulting Geologists to provide increased confidence in the positioning and grades/widths of historical drill holes. The results indicate that the similarities between the original holes and the new holes are close. The width varies in hole MO_GTK_009, however this is likely due to differences in sample lengths and sampling intervals selected. This drilling provides confidence in the original data and validates many of the historical drill holes to be included into a future resource upgrade."

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19 Jan 2024 10:29

Rockfire touts positive drill results from Lighthouse tenement

(Alliance News) - Rockfire Resources PLC on Friday noted Sunshine Metals Ltd's "encouraging" drill results at the Lighthouse tenement in Queensland.

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12 Dec 2023 11:23

IN BRIEF: Rockfire shares rise as it secures USD2 million repayment

Rockfire Resources PLC - London-based mineral exploration company - UK Government's Office of Financial Sanctions Implementation confirms that an exemption licence is not required for Rockfire to secure the return of a USD2 million payment, which can now be transferred back to the firm. Rockfire paid this initial consideration for a 10% shareholding in Emirates Gold DMCC and Emperesse Bullion LLC, but applied for the exemption license earlier this month after withdrawing from the conditional share purchase agreement.

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4 Dec 2023 16:27

Rockfire requests exemption license from OFSI for return of USD2Million

(Alliance News) - Rockfire Resources PLC has applied to the UK government's Office of Financial Sanctions Implementation for an exemption license relating to the cancelled purchase of shares in Emirates Gold DMCC and Emperesse Bullion LLC.

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15 Nov 2023 13:05

TRADING UPDATES: BiVictriX patent boost; 4Global deal extended

(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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13 Nov 2023 16:43

TRADING UPDATES: PCI-PAL picked by Zoom; Biome in project delays

(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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8 Nov 2023 18:19

IN BRIEF: Rockfire Resources taking legal advice amid Paloma sanctions

Rockfire Resources PLC - Australia and Greece-focused base metal, gold, and critical mineral exploration company - Notes the announcement by the UK Foreign, Commonwealth & Development Office imposing sanctions on Paloma Precious DMCC and 28 other individuals and entities. In September, Rockfire said it acquired 100% of Emirates Gold DMCC and 99% of Emperesse Bullion LLC from Paloma Precious DMCC via a share purchase agreement which constituted a reverse takeover. Subsequently, Paloma notified the company it had sold its entire interest of 400 million shares in Rockfire in an off-market transaction. In light of the sanctions announced today, says taking urgent legal advice in order to determine the impact on the transaction.

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13 Oct 2023 15:14

Rockfire launches drilling programme at Molaoi

(Sharecast News) - Base metal, gold and critical minerals explorer Rockfire Resources announced a precise drilling programme at its wholly-owned Molaoi zinc deposit in Greece on Friday.

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13 Oct 2023 12:58

Rockfire Resources begins drilling at Molaoi in Greece

(Alliance News) - Rockfire Resources PLC on Friday said it has begun drilling at its 100%-owned Molaoi zinc deposit in Greece.

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21 Sep 2023 21:14

IN BRIEF: Rockfire Resources raises GBP3.5 million via investors

Rockfire Resources PLC - Australia and Greece-focused base metal, gold, and critical mineral exploration company - Successfully raises GBP3.5 million through two new institutional investors subscribing for 700.0 million new shares at 0.5 pence per share. Net proceeds will be used to satisfy the initial USD2 million consideration for the acquisition of 100% of Emirates Gold DMCC and 99% of Emperesse Bullion LLC from Paloma Precious DMCC via a share purchase agreement. The final consideration will be USD18 million. On admission of the shares, the company's issued share capital will consist of 2.54 billion shares.

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15 Sep 2023 09:52

Rockfire Resources acquires two precious metals businesses

(Alliance News) - Rockfire Resources PLC on Friday said it has acquired 100% of Emirates Gold DMCC and 99% of Emperesse Bullion LLC from Paloma Precious DMCC via a share purchase agreement.

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