TRADING UPDATES: James Latham sales up; Contango confirms steel talks

Wed, 25th Aug 2021 15:40

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

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James Latham PLC - timber and panel products distributor - Says revenue in four months to July 31 comes in at GBP127 million. " This represents an increase in sales per working day of 34% compared with the three months ended 31 March 2021," company adds. Notes demand for timber "remains high", driving price growth but also unprecedented shortages. James Latham adds: "We continue to see large increases in container rates which have caused significant increases in the costs of our imported products. Volumes per working day are up 11% from the three months ended 31 March 2021, demonstrating that we have been able to meet the demands of our customers." It says overheads are being controlled and levels of bad debts are low.

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Contango Holdings PLC - natural resource development company - Notes recent stock price growth, company's shares rallied 27% on Wednesday. Also notes press reports on potential offtake deal with Afrochine, Zimbabwean subsidiary of Tsingshan Holding Group Co Ltd, a stainless steel producer based in Zhejiang province of China. Contango adds: "Non-disclosure agreements limit Contango's ability to directly comment on individual discussions but the company can confirm it is in discussions with two of the largest stainless-steel producers in the world, as well as several other interested parties, and expects to be in a position to provide a full update in the near term."

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nmcn PLC - Sutton-in-Ashfield, England-based construction engineering company - Agrees extension to GBP10.0 million convertible bridging facility by one month until November 1. "The extension will provide the company with the necessary time to finalise and announce its audited results for the financial year ended 31 December 2020 and publish its annual report and accounts along with its unaudited interim results to 30 June 2021," NMCN says. Will apply for lifting of trading of shares once financial statements are released.

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Bradda Head Holdings Ltd - lithium explorer with assets in Nevada and Arizona - Says assay results from BCE21-01 and BCE21-02 holes at Burro Creek East deposit show "potential for higher lithium grades", in comparison to 2018 drilling programme. "This increase in grade is highly encouraging and may indicate that some mineralisation was previously missed due to zones of low recovery during the 2018 RC programme, which can be the case with RC drilling. If so, this may have positive implications for resource grades in some areas," Bradda head says.

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Altus Strategies PLC - mining royalty company - Begins induced polarisation geophysical survey at Agdz copper and silver project in Morocco. "Survey is designed to identify and prioritise targets for follow up trenching and drilling," Altus says.

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Thor Mining PLC - exploration and development company in Australia and the US - Completes initial drilling programme at Alford East copper-gold project in Australia. Thor says copper and gold intercepts were "significantly above the mineral resource estimate cut-off grade". Nine diamond drillholes were completed with assays for two received. "The new geological model and drill targeting is paying off," Managing Director Nicole Warland says.

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Resolute Mining Ltd - gold miner with assets in Africa - Reports "numerous high-grade sulphide gold results" from Tabakoroni project. Also says Syama North asset "returns positive results". "The ongoing resource drilling program at Tabakoroni Underground continues to deliver outstanding results with high-grade sulphide gold intersections from infill and extensional diamond drilling undertaken this calendar year," Resolute adds.

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Scirocco Energy PLC - investor focused on sustainable energy sector - Completes GBP1.2 million investment in Energy Acquisitions Group Ltd and takes 50% stake. EAG will use the funds to acquire Greenan Generation Ltd, which owns an anaerobic digestion plant in Northern Ireland. Anaerobic digestion plants break down animal materials without using air.

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Lexington Gold Ltd - gold exploration and development company operating in North and South Carolina, US - Signs deal with Canada-based drilling firm FTE Drilling for a 5,000 reverse circulation programme. "Drill rig and crew currently scheduled to arrive on site during the week commencing 20th September 2021," Lexington adds. Drilling to be conducted at Carolina Belle and Jones-Keystone-Loflin projects. Also notes Pivot Mining Consultants Pty Ltd completes geological interpretation and data verification for the Loflin deposit. Lexington adds: "A maiden resource estimate for the south-western (Loflin) side of the JKL project is expected to be received from Pivot in the coming weeks once their resource and 3D modelling process has been completed."

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Tern PLC - investor focused on the internet of things - Portfolio firm Wyld Networks AB secures further funding through loan agreement with lender Formue Nord Fokus AS worth SEK12 million, about GBP1 million. Wyld to also issue warrants to lender as well as other existing shareholders. Tern will net 717,275 warrants.

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By Eric Cunha; ericcunha@alliancenews.com