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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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First Tin PLC - London-based tin development company, fotheycused on advanced, low-capital expenditure projects in Germany and Australia - Updates on the definitive feasibility study at its Taronga tin project in Australia. The project is owned by First Tin's 100% owned Australian subsidiary, Taronga Mines Pty Ltd. Explains the resource is significantly larger than estimated due to a combination of, a lower cut-off grade and newly identified mineralisation to the south-west. As a result, a higher throughput has been decided on for the DFS, resulting in economies of scale. Expects completion of the DFS in the first quarter of 2024. Chief Executive Thomas Buenger says: "We are pleased with the DFS outcomes at our flagship Taronga tin deposit, which have validated our assumptions held prior to the study. The simple mineralogy and subsequent mineral processing characteristics, combined with the low strip ratio and open pit mineability of the deposit, make it one of the most straightforward hard rock tin deposits in the world."
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Molecular Energies PLC - oil, gas and alternative energy company with an exploration asset in Paraguay - Says final on-site commissioning of the drilling rig in Paraguay is taking place. Understands from the drilling company that the repaired blow out preventer has passed its operational tests in Brazil, from where it is due to be shipped, and is currently expected to be on site at or around the end of the second week of November. Explains the BOP is a critical safety component of the drilling rig and Molecular will not authorise any drilling activities unless it receives certification. Points out the well, if successful, will potentially unlock a complex of prospects, estimated to contain in aggregate over 260 million of barrels of oil. The potential of the prize makes this exploration well compelling, company says. Further, notes the cash flow from the recent sale of the Argentine hydrocarbon assets will commence during 2024, providing an uplift to the company's financial position. Thereafter, and irrespective of the outcome of the Paraguay exploration programme, intends to focus resources on originating and developing alternative energy projects of scale with attractive long-term returns. Also plans to pursue interests in sustainable aviation fuels.
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Power Metal Resources PLC - metals exploration company focused on North America, Africa, and Australia - Provides business update following end of financial year to September 30. Chief Executive Sean Wade says he expects "various news updates in the near term, informing shareholders of the outcomes of current exploration programmes, the launch of new exploration activities and the results of our corporate activities seeking value crystallisation and streamlining of the company." Says short term objectives are to complete transactions with third parties looking to acquire business interests, and enter into joint ventures; to focus on major metal discoveries from its retained in-house portfolio; to expand the ownership of Power Metal shares into new investor groups; identify new territories for future business opportunities, including notably Saudi Arabia and Oman; and focus on value growth in the Power Metal portfolio through exploration and value crystallisation, so as to materially increase the company's market valuation.
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Tribe Technology PLC - Belfast-based developer and manufacturer of autonomous mining equipment - Enters into a GBP3.0 million secured term loan facility agreement with BPC UK Lending DAC. Explains funds will refinance the legacy debt arrangements and further progress the previously outlined execution strategy. Following drawdown of the facility, the company will have repaid its entire GBP0.52 million existing debt facility with Growth Finance Fund LP inclusive of accrued interest and fees. The facility is for a five-year term and bears interest at 13% per year.
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Franchise Brands PLC - Manchester-based owner of ChipsAway, Willow Pumps and Metro Rod brands - Provides trading update for the three months to September 30. Reports the business to business units, are all trading at record levels despite some softening in demand over the summer period. Consequently, the third quarter was a little softer than in the first half, but there was a modest increase in activity at the start of the fourth quarter. Says Pirtek is integrating well and has met expectations at the time of its acquisition. Plans to accelerate the integration process. States the business to consumer division continues to operate in a challenging environment, although profitability is being maintained in line with expectations. Group debt has reduced to GBP76.0 million as at September 30 from GBP79.1 million at June 30, and the company is trading comfortably within key banking covenants. Expects adjusted earnings before interest, tax and amortisation for the year ending December 2023 to be in line with current consensus market expectations.
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Sound Energy PLC - London-based, Morocco-focused upstream gas company - Confirms the extension of both the Office National de l'Electricite et de l'Eau Potable gas sales agreement and the Attijariwafa bank funding offer until December 31. Graham Lyon executive chair says: "Various elements within the GSA are being amended to meet the debt funders criteria and to meet international standards. As such, Sound Energy, ONHYM, ONEE and Attijariwafa bank are engaged under the auspices of the Ministry of Energy to conclude a revised GSA by year end."
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Angle PLC - Surrey, England-based medical diagnostics company - Publishes study using the Parsortix system that sheds new light on the phenotypic characteristics of circulating tumour cells in head and neck squamous cell carcinoma. The study demonstrates the feasibility of using mass cytometry for the comprehensive characterisation of CTCs captured by the Parsortix system in HNSCC patients. This enables simultaneous analysis of multiple proteins on and within individual CTCs, providing an understanding of their phenotypic status and diversity. HNSCC is an aggressive, genetically complex, and difficult to treat group of cancers with limited options for early detection and monitoring. Chief Scientific Officer, Karen Miller, says: "The Parsortix system allows for the unbiased isolation and harvest of CTCs and as such, can enable the evaluation of phenotypically diverse CTCs in a patient's blood. This could lead to future improvements in clinical decision making."
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Angus Energy PLC - UK-focused oil and gas development company - Ahead of general meeting, clarifies that the agreement with Kemexon, originally announced March 28, requires that any conversion of the loan into equity was conditional on a conversion being mutually agreed by Kemexon and the company. Explains that due to the company's financial position, the company was only able to agree conversion of the loan at a price per share of 0.66 pence. Recognises that this is below the initially intended conversion price of 1p. But, due to the drop in share price, feels it was a good result to have discharged a loan at market price and therefore at no discount to the prevailing share price.
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By Jeremy Cutler, Alliance News reporter
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