TRADING UPDATES: First Class Metals finds nickel; EPE Special NAV down

(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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Contango Holdings PLC - natural resource development company with operations in Africa - Announces that a wash plant has arrived at Lubu project in Zimbabwe, with assembly expected to take three to four weeks. Anticipates the wash plant to produce 20,000 tonnes of washed coking coal per month. Contango expects the delivery of its surface miner Wirtgen 2200SM in the coming days. Meanwhile, laboratory delivery is expected in first half of February. Contango anticipates production to ramp up in the first quarter of 2023, with sales starting during the same time.

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EPE Special Opportunities Ltd - natural resource development company with operations in Africa - Net asset value as at January 31 falls 27% to 334 pence each from 456p a year prior, which it contributes to "adverse macro-economic conditions" and a "recessionary environment." Looking ahead, the company notes an uncertain market outlook and anticipates a challenging environment "to complete further acquisitions or disposals within the portfolio in the near term."

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First Class Metals PLC - Metals exploration company seeking large-scale metal discoveries in Canada - Finds 8.1% nickel and 2.8% copper at West Pickle Lake massive sulphide discovery in Ontario. Notes that West Pickle mineralised strike length is over 600 metres and remains open to the east and west.

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Greatland Gold PLC - London-headquartered mining development and exploration company, focused primarily on precious and base metal mining in Western Australia and Tasmania - Appoints Simon Tyrrell as chief operating officer and Jeremy Meynert as chief development officer. Tyrrell was general manager at Northern Star Resources Limited. Meynert has led several corporate and asset-level transactions working with Fortescue Metals Group Ltd and Resolute Mining Ltd. Greatland Managing Director Shaun Day says: "Jeremy and Simon bring a wealth of experience in strategic and operational roles that will benefit Greatland as we continue to evolve from an explorer/developer to producer. Our ability to appoint such high calibre people demonstrates the progress we have made at Greatland and confidence in our world class [gold and copper deposit] Havieron project."

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Lexington Gold Ltd - Bermuda-based explorer with projects in the US said soil sampling at Jennings-Pioneer in South Carolina - Completes sampling programmes at two projects in the US and awaits results which it anticipates in the first quarter of 2023. The company submits 522 samples from Jennings-Pioneer and 439 samples from the North Carolina-based Argo project to ALS Geochemistry in Neva during December 2022. Chief Executive Officer Bernard Olivier says: "These sampling and mapping campaigns at both Jennings-Pioneer and Argo will enable us to design the next phase of work including generating drill targets, especially at Jennings-Pioneer which remains a very exciting project for the company."

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Ncondezi Energy Ltd - Solar and energy storage project in Mozambique - Announces issuance of 75.8 million shares around Thursday. 3.9 million of the shares will be issued to Chair Michael Haworth, 15.2 million to non-executive director Scott Fletcher and 53.9 million to Johannesburg-based thermal coal mine operator Seritza Ltd. The company will transfer 2.9 million currently held in treasury to "certain contractors and consultants." Following admission, the company's issued share capital will be 566.5 million shares. Ncondezi Chief Executive Officer Hanno Pengilly says: "The convertible loan conversions will have a material impact on reducing the company's debt burden and interest commitments, tidying up its balance sheet as the transition into a dedicated renewable energy developer is finalised. The conversions will result in greater director shareholdings in the company emphasising ongoing director support and alignment with existing shareholders."

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By Tom Budszus, Alliance News reporter

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