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:

----------

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."

----------

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."

----------

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.

----------

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."

----------

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.

----------

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".

----------

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com