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TRADING UPDATES: Duke profit swells; Mila begins exploratory drilling

Fri, 3rd Dec 2021 14:45

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



Duke Royalty Ltd - royalty finance company - Posts cash revenue for six months ended September 30 of GBP7.8 million, up 78% from GBP4.4 million prior year. Total income rises 38% to GBP9.8 million from GBP7.1 million in the same period. Pretax profit grows to GBP6.7 million, up 39% from GBP4.9 million a year earlier. Duke hails positive performance and credits rapid execution of new royalty agreements, which has seen firm invest over GBP23 million into three new royalty partners during the period. Strong trading performance reinforces confidence that Duke will exceed market's expectations for the next 12 months, company says. Hikes interim payout to 0.55 pence from 0.50 pence per share year before.

"This has been a very successful half year, characterised by substantial cashflow growth and accelerating investment deployment," commented Chief Executive Neil Johnson. "This growth will be supported by entering into new royalty agreements and I am pleased to report that our pipeline is the strongest in our history. We expect to announce a range of new deployments in the coming weeks and months."



Mila Resources PLC - natural resources company - Begins 13,500 metre drilling programme at Kathleen Valley gold project in Western Australia. Around 2,400 metres of drilling is planned to test two new targets to the north of the current resource. "I am delighted at the progress on the ground at Kathleen Valley," explains Executive Director and co-founder Mark Stephenson. "The commitment and ingenuity of the team in Western Australia has enabled us to advance the project as we look to build on the maiden resource and unlock the wider potential of the asset. We believe that the current resource and exploration target represents just the 'tip of the iceberg'. Kathleen Valley is located in a region which hosts some of the largest gold projects in Australia and with this compelling geological address, I am extremely excited to see the results as they are received from the assay laboratories."



Anpario PLC - Nottingham, England-based manufacturer of animal feed additives - Granted UK patent for its phytogenic product Orego-Stim. The patent grant follows a successful research programme which shows that the natural oregano oil composition of the product reduces the proportion of bacteria in the gut that show antimicrobial resistance, when added to the diets of young cattle. The inhibition effects of the Orego-Stim on antimicrobial resistance means that those "highest priority and critically important" antibiotics commonly used in human and animal medicine can be safeguarded for future use. It is hoped that the UK patent will provide a tax benefit, the company says.



Origo Partners PLC - Isle of Man-based investment company - Puts up for auction its entire interest in Moly World Ltd, a private British Virgin Islands-registered company that owns rights to mine molybdenum in Mongolia. Origo owns a 20% stake in the firm. "Moly World is the owner of an advanced stage molybdenum exploration project in Mongolia, known locally as Mandal Moly, which covers an area of 2,360 hectares approximately 40 kilometres north of Tsagaan-Uul Soum, Khuvsgul Province, in northern Mongolia. The project has a JORC near surface compliant resource of 256,000 tons at 0.126% Mo," says Origo.



By Will Paige; willpaige@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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