TRADING UPDATES: Future Metals celebrates state government grant

Wed, 15th May 2024 21:43

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

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AEW UK REIT PLC - UK regional commercial property-focused real estate investment trust - Net asset value per share edges down 0.8% to 102.73 pence as at March 31 from 103.53p at December 31. NAV total return, which includes the interim dividend of 2.00p per share for the three months ended December 31, is about 1.2% for the three months ended March 31 compared to negative 0.4% in the prior quarter. Assistant Portfolio Manager Henry Butt says: "The company remains cognisant of the fragile economic backdrop and its cumulative effect on occupational markets and, as a result, retains a cautious cash holding, amounting to GBP11.40 million at quarter end, much of which is held in an interest-bearing bank account." AEW announces an interim dividend of 2.00 pence for the three months to March 31.

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Alien Metals Ltd - Australia-focused minerals exploration and development company - Appoints Nathan Douglas as general manager of Operations. Douglas has over 25 years of experience in the exploration, mining and construction industries. Further, Alien Metals appoints Technical Director Rob Mosig to its board. Executive Director Guy Robertson says: "The appointment of Nathan Douglas as general manager of Operations is a welcome addition to the team at this key juncture when Alien Metals is focused on progressing the development of the Hancock iron ore project and unlocking the value of the Pinderi Hills platinum group metals-nickel-copper projects."

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Angus Energy PLC - UK-focused onshore oil and gas developer - Says it will issue 27.4 million shares to holders of overriding royalty interest at a price of around 0.35p each, with a value of GBP97,277.

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Armadale Capital PLC - Africa-focused natural resource projects investor based in London - Subscribes for USD150,000 of the initial USD500,000 required to exercise the first option to obtain a 25% interest in Africo American Inc, a company incorporated under the laws of Idaho, the holding company of the Canyon Silver lead, zinc and silver exploration asset based in Northern Idaho. Armadale explains: "The funds will be used to commence the re-opening of the Canyon silver mine number 2 and 3 Adit. By opening both number 2 and number 3 portals, the board expects to be able to obtain direct access to the historical mineralisation. This will enable fresh samples to be sourced from the resource for further analysis."

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EKF Diagnostics Holdings PLC - Cardiff-headquartered medical diagnostics company - Notes a "significant" positive impact on gross margins via discontinuation of some products within its portfolio amid a focus on more profitable core products, as it held its annual general meeting Tuesday. Says overall trading was in line with its own expectations in the first quarter of 2024. Reports "pleasing results from key high margin business lines within our two divisions, where we had expected an improvement in performance in 2024, and which were flagged in our 2023 full year results." EKF, which emphasises that net cash increased in line with its own expectations, adds: "With very pleasing trading in the first quarter of 2024, particularly with a focus on our key higher margin product lines, we remain confident that our overall financial performance for the year will be in-line with management expectations, and that 2024 will be a year of significant momentum in terms of both earnings before interest, tax, depreciation and amortisation margins and cash generation."

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Future Metals NL - exploration company focused on projects in Western Australia - Receives AUD180,000 exploration incentive scheme grant from the Western Australia government. Future Metals expects its drill programme at the Drill Eileen Bore mineralisation to start in the third quarter of 2024. The company notes historical intersections by previous owners including 1.08% copper and 0.29% nickel. However, Future Metals adds that access to the Eileen Bore area has been delayed due to extreme weather conditions experienced in the East Kimberley region this year. "A positive result of such delay is that the company will now be able to apply this AUD180,000 EIS grant towards the cost of drilling at Eileen Bore," it says.

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Ondo InsurTech PLC - London-based provider of claims prevention technology for home insurers - Raises GBP3.0 million via placing 21.4 million placing shares to institutional and other investors at the issue price of 14.0p per share which it says is a discount of about 3.5% to the closing price of 14.5p on Monday. Chief Executive Officer Craig Foster says: "We appreciate the support shown by a number of new institutional investors that have backed the fundraising, as well as the continued support from our existing institutional shareholders. The proceeds of the placing will enable us to accelerate and role out into the US, and maintain growth in other UK and Scandinavian markets."

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Oracle Power PLC - energy projects developer - Raises GBP300,000 through subscription of 1.67 billion shares priced at 0.018p each. The proceeds of the subscription will primarily be utilised to support further development of the group's projects in Australia. Further, on Wednesday says that it has been awarded a "no objection certificate" from the Sindh Environmental Protection Agency in Pakistan. Chief Executive Naheed Memon comments: "We are very pleased to receive SEPA's NOC for the construction of the project, as it meets an important condition for potential financing of the project and marks another important milestone in the development of our renewable energy project in Pakistan." Oracle explains: "The NOC gives permission for the construction of the proposed 1.3 gigawatt renewable energy power plant in Jhimpir, Sindh Province, Pakistan."

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Pensana PLC - rare metals exploration company focused on its magnet metals projects in Angola - Says test work is being undertaken on samples from Sulima West deposit on the Coola exploration licence 75 kilometres north of Longonjo in Angola. "Once the test work has been finalised a drill programme will be undertaken to delineate the extent of the near surface mineralisation over the six-hectare target area at Sulima West," Pensana says. Notes that the apatite-maghemite sample graded 22% phosphorus pentoxide, upgraded to 42.6% via magnetic separation. Exploration Manager Grant Hayward says: "These early results indicate the potential for low-cost physical beneficiation of the Sulima West ore at site, feeding the Longonjo processing plant with a high-grade rare earth concentrate."

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PYX Resources Ltd - Sydney-based, Indonesia-focused zircon and mineral sands producer - Hails first export of 750 tonnes monazite rich zircon concentrate to a customer in Hainan, China. Chair & CEO Oliver Hasler says the export marks "a significant step forward in our strategic endeavours. Monazite, known for its rich rare earth content, represents a pivotal resource in the global landscape of advanced technologies and is used across multiple industries from renewable energy and electronics to aerospace and healthcare. We continue to gain substantial interest for our products from global buyers and look forward to reporting further exports in the future."

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RTW Biotech Opportunities Ltd - investment company, focused on assets in the life sciences sector - Says that its NAV per share was USD1.76 as at April 30, down 9.7% from USD1.95 at March 28. Managing Partner & Chief Investment Officer of RTW Investments LP Roderick Wong says: "No company specific events contributed materially in April. This was the worst month for the Russell 2000 Biotech Index since April 2022. Overall, the sector has given back the 20% gain since the Federal Reserve's dovish pivot on 14 December last year." Further, on Wednesday the company notes Lycia Therapeutics completed a USD106.6 million series C financing, in which RTW participated. Josh Kennedy-Smith, partner & research analyst at investment manager RTW Investments says: "Lycia is working at the cutting edge of extracellular protein degradation, and we are thrilled to continue our support of the company as they progress the development of multiple LYTAC degraders towards proof of concept in patients with autoimmune disease."

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SolGold PLC - Ecuador-focused copper and gold exploration company - Celebrates "substantial progress" it has made in its financial initiatives. "Management is currently in detailed discussions with capital providers who have shown a strong interest in committing to a robust, longer-term financing package for the Cascabel project," SolGold explains, citing its flagship project in Ecuador. Additionally, it notes a USD10 million loan facility which provides an immediate cash infusion for its ongoing operations. Chief Financial Officer Chris Stackhouse says: "These developments are significant for SolGold as we continue to establish the financial foundations necessary for the next phases of the Cascabel project. The strong interest from potential financiers not only validates the project's exceptional prospects but also strengthens our capability to achieve planned milestones." The company adds that there is no guarantee of a finalised financing transactions, despite financing discussions advancing.

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By Tom Budszus, Alliance News slot editor

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