TRADING UPDATES: GreenRoc bullish on asset; Esken eyes Renewables sale

(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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GreenRoc Mining PLC - UK and Greenland-focused mineral explorer - Reports "extremely positive results" from preliminary economic assessment at Amitsoq graphite project in southern Greenland. Reports pretax net present value at 8% discount rate of USD235 million. Life of mine is 22 years, "with potential to extend through resource expansion". Study suggests average net revenue of USD89.8 million per year throughout 22-year mine life. Study suggests total gross revenue of USD2.1 billion. GreenRoc adds: "The strong economic results from the PEA provide independent validation of the project's potential to become a globally significant producer of graphite concentrate. Simultaneously, GreenRoc continues to advance its objective of developing the processing capabilities to upgrade its future graphite concentrate production into anode material for electric vehicle batteries, which the company believes will add substantially to the positive economics of the Amitsoq project." Alba Mineral Resources PLC, a 43%-shareholder in GreenRoc, notes announcement.

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Esken Ltd - Liverpool-based infrastructure, aviation and energy services - Says in "advanced discussions" with Pioneer Point Partners over possible disposal of Esken Renewables. It adds: "Should the group complete the disposal of Esken Renewables, the net proceeds would be used to: repay the committed funding drawn under the group's facilities agreement with the specialty lender and associated costs; further contribute to the group's defined benefit pension scheme; and provide additional working capital in the short term." Update followed a Sky News report which stated the Southend Airport owner was in talks to sell the renewables unit for up to GBP100 million.

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Atome Energy PLC - Green hydrogen, ammonia, and fertilizer project development in Paraguay, Iceland, and Central America - Front-end engineering design for Villeta project in Paraguay "nearing completion". Atome says engineering, procurement and construction talks are at an "advanced stage". Atome says an environmental licence granted, with tax-free zone status "expected shortly". "The board is increasingly confident that the debt financing component of the project can be achieved," it adds.

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Technology Minerals PLC - London-based battery metals mining and recycling firm - Pretax loss in year ended June 30 widens to GBP3.9 million from GBP1.8 million a year prior. Administrative expenses more than double to GBP3.9 million from GBP1.7 million. Chief Executive Alex Stanbury says: "It has been another year of significant progress for Technology Minerals. We continued to advance our range of exploration assets focused on key battery metals, moving them up the value curve with particularly good results at our lithium asset in Leinster, Ireland. In addition, Recyclus has now completed the commissioning phase for fully automated operations at its lithium-ion battery recycling plant in Wolverhampton, while at the Tipton lead acid facility, Recyclus has entered the commissioning phase after receiving final EA approval for industrial scale automated operations."

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Velocys PLC - sustainable fuels technology - Updates on financing progress. Says there will be no further extension to the convertible loan notes long stop date, and any investment is unlikely to be on the same terms as the previous CLNs. Currently has no binding arrangements for funding, which will be required before the end of the calendar year. Its discussions with strategic investors continue.

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Goldstone Resources Ltd - Ghana-focused gold producer and explorer - Continues to pursue funding proposals so it can extend, renegotiate or refinance the outstanding secured gold loan from principal creditor. Loan is due for repayment on November 10. Says while still in talks with creditor, Goldstone's auditor will be unable to finalise audit for 2022 results. "The company will therefore not be able to publish its accounts in advance of a suitable solution being reached," it adds. Goldstone continues: "Whilst the board is in active discussions with stakeholders to achieve an appropriate solution with respect to the gold loan and the provision of additional working capital for the company, there can be no guarantee that such an agreement can be reached or additional working capital provided." Says security of primary assets "could potentially be enforced" should gold loan and accrued interest not be repaid or rescheduled before deadline.

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Great Southern Copper PLC - focused on copper-gold and lithium exploration in Chile - Says has "consolidated" concession area in Chile's Salar de Atacama district, an area which hosts "the world's largest reserves of lithium". Says new exploration concession filings increase Monti Lithium project to 33,100 hectares. CEO Sam Garrett says: "We have moved quickly to expand the Company's position within this significant lithium-producing jurisdiction. Our applications have strategically targeted areas where we believe the potential for lithium-rich brine fluid-flow into the Salar de Atacama basin is enhanced by large-scale geological structures."

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By Eric Cunha, Alliance News news editor

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