TRADING UPDATES: Anglo Asian eyes "pivotal" 2023, Cordel signs deal

Thu, 23rd Feb 2023 18:37

(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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Anglo Asian Mining PLC - Azerbaijan-focused gold, copper and silver producer - Forecasts 2023 production between 50,000 and 54,000 gold equivalent ounces, including between 4,100 and 4,300 tonnes of copper and 30,000 to 32,000 ounces of gold. Says: "2023 is a pivotal year for Anglo Asian as it begins its transition to achieve significant copper production with the opening of its new Gilar and Zafar mines and the delivery of the increased capacity of its flotation plant. Copper production is forecast to increase by 63% to 71% and gold production to decrease by 26 to 30%. This is in accordance with the company's growing focus on copper, capitalising on the global decarbonisation agenda."

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DG Innovate PLC - Bradford, England-based electric mobility and energy storage research and development company - Signs collaboration agreement with Brist Axle Systems Srl and Base Studio Arge ve Teknoloji Sanayi AS on electrification of axle ranges. Says agreement reflects the desire of all three parties to collaborate, in order to establish a significant position in the growing heavy vehicle electric drivetrain market. Company says: "A particular focus of the agreement involves the electrification of Brist and Base's existing axle ranges, using DG Innovate's electric drive motors and associated control systems". DG Innovate Chief Executive Officer Peter Tierney adds: "Both have a significant existing market presence in our key target areas of heavy commercial and speciality vehicles, including military. The collaboration is expected to provide DG Innovate with an accelerated route to market for our Enhanced Drive Technology, together with the ability to offer a much broader product offering, encompassing full drivetrain systems. These systems will be applicable both for new vehicles and in the retrofit market."

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Invinity Energy Systems PLC - London-based utility-grade energy storage manufacturer - Raises GBP19 million through placing 59.4 million new shares at a price of 32 pence per shares. Says placing is oversubscribed and expects to increase size of offering. Follows announcement on Wednesday, when it planned GBP16 million fundraise. Chief Executive Officer Larry Zulch says: "The capital raised will support the expansion of our activities in line with significant and growing demand for our products."

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PYX Resources Ltd - Sydney-based zircon producer - Says PT Tisma secures a 10-year exploration licence renewal for Tisma mineral sands project in Kalimantan on the island of Borneo, Indonesia. Chair & Chief Executive Officer Oliver Hasler says: "This is a key development for the Company, extending the term of the tenement license where the company operates, and thus enabling PYX to continue its critical exploration and mining activity, at a time when the mineral sands market is experiencing increased demand and consistent growth." Also receives total investment of USD7.0 million from US institutional investor L1 Capital Global Opportunities Master Fund. Says USD7.0 million investment is for USD7.8 million worth of PYX shares.

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Guanajuato Silver Co Ltd - Precious metals producer in Mexico - identifies 5 metres at 1,219 grammes of silver equivalent per tonne and 0.4 metres at 6,981 grammes at San Ignacio mine in Guanajuato, Mexico. Says additional drilling is planned at the mine. Chair & Chief Executive Officer James Anderson says: "SI22-006 is the best drill hole the company has drilled at any of its mines recently acquired from Great Panther Mining in August of 2022. The primary focus of our most recent San Ignacio drill program was to target the Melladito vein system with the goal of extending silver and gold mineralization in the south and north areas of the mine. This outstanding result will be followed up with additional drill holes attempting to follow the down dip extension of the vein within the company's 2023 drill campaign."

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Cordel Group PLC - London-based artificial intelligence platform for transport corridor analytics - Signs three-year renewal of agreement with Holland LP, who provide geometry, rail wear, and track strength testing services for over 120 freight, transit, short line, and other customers in North America, covering more than 80,000 miles of track. Says it follows original partnership announced in September 2021. Americas Vice President Nick Wayne says: "We've taken our learnings from the first phase of our partnership and have updated the product offering, commercial model, and operational components in a way that will make this partnership even more effective going forward." Chair Ian Buddery adds: "geometry, rail wear, and track strength testing services for over 120 freight, transit, short line, and other customers in North America, covering more than 80,000 miles of track."

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Ironveld PLC - Caerphilly, Wales-based mining company - Proposes fundraising of GBP2.0 million through placing 666.7 million shares at a placing price of 0.30 pence. Comprises of GBP840,000 in firm placing and GBP1.16 million in a conditional placing. Every two placing shares will have one warrant attached, exercisable at 0.50p per warrant, for a period of two years from the date of their grant. Says net proceeds of fundraising will be used for general working capital purposes and to accelerate final works necessary to reach full production capacity at the Rustenburg smelter complex in the coming months.

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Pollen Street PLC - London, England-based asset manager - December 31 year-end net asset value is GBP578 million or GBP9.00 per share, while tangible NAV is GBP347 million or GBP5.40 per share. Says total assets under management were GBP3.4 billion, up 36% over 2022. Says momentum in deployment has continued with average fee-paying AuM increasing to GBP2.3 billion for 2022.Announces a fourth-quarter dividend of 16 pence per share, in line with previously issued targets. Will publish annual results on March 23.

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Agronomics Ltd - Isle of Man-based venture capital firm focused on opportunities within the field of cellular agriculture - Invests USD500,000 in Wild Microbes Co through "simple agreement for future equity" as part of the latter's USD3.3 million pre-seed financing. Says subscription paid using cash from Agronomics's own resources. Says SAFE is expected to convert into preferred shares in Wild Microbes at a future equity financing round, giving Agronomics an approximate equity ownership of 4.2% on a fully diluted basis. Says: "Wild Microbes' proprietary technology will allow it to genetically engineer novel microbial strains for use as host-organisms to produce proteins and other high value molecules. Currently, the majority of precision fermentation companies rely on a small handful of microorganisms to produce proteins. Wild Microbes have the tools that it expects can be used to generate a catalogue of superior microorganisms which can vastly improve production efficiency for the entire industry and bring down costs."

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Jadestone Energy PLC - Asia Pacific-focused oil and gas company - Completes acquisition of 9.5% non-operated interest in the producing Sinphuhorm gas field and a 27% interest in the Dong Mun gas discovery onshore in northeast Thailand. Says headline cash consideration fell to USD27.8 million from USD32.5 million on completion, due to an effective date of January 1 and customary closing adjustments, as disclosed in an announcement later in the month. Says Sinphuhorm acquisition adds 4.6 million barrels of oil equivalent to 2P reserves at effective date of January 1 and around 1,600 barrels of oil equivalent per day production net to Jadestone based on current rates. Chief Executive Officer Paul Blakeley says: "This is clear evidence of increasing mergers and acquisitions activity in the region, which in turn underpins our confidence in the delivery of our growth strategy in the near to medium term."

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By Greg Rosenvinge, Alliance News reporter

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