TRADING UPDATES: Nostrum Oil & Gas predicts drop in revenue

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

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Jangada Mines PLC - London-based mining company focused on Brazil - Notes the announcement released by Blencowe Resources in which it holds a 9.5% interest. Blencowe passes key hurdle for engagement with US project development financial institution, the Development Finance Corp. Blencowe is seeking up to USD4.5 million as a technical assistance grant for definitive feasibility study costs for the Orom-Cross Graphite project.

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Trident Royalties PLC - Diversified mining royalty company - Notes a recent update relating to the Sonora lithium royalty. The Alberta Court of Appeal overturned, on appeal, a judgment which had summarily dismissed the action brought by Bacanora Minerals Ltd against the estate of Ian Colin Orr-Ewing on the basis that it was time barred under the statute of limitations. Bacanora alleges that Orr-Ewing obtained the Sonora royalty either by misrepresentation or without consideration. The Estate disputes the allegations and intends to rigorously defend itself in the action. In January, Trident announced that Sonoroy, a 50%-held joint venture between Trident and Marmottes Capital Ltd, entered into an agreement to acquire a 3.0% Gross Revenue Royalty over the Sonora Lithium Project from the Estate. Explains the conditions requiring Trident to provide funding in respect of Sonoroy to enable it to complete the acquisition remain at Trident's discretion and includes a provision that at the time of funding, no changes in Mexico's regulatory regime materially affects the Sonora project and that the litigation by Bacanora is favourably resolved for the Estate.

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Nostrum Oil & Gas PLC - independent oil and gas company focused on the Caspian Basin - Provides operational update. Says daily production after treatment for the first quarter averaged 10,479 barrels of oil equivalent per day, down from 14,683 boepd a year ago. Adds daily sales volumes for the quarter averaged 7,276 boepd, around half last year's 14,059. Notes oil inventory at quarter-end totalled approximately 254,000 boe which is expected to be sold in the second quarter. Forecasts first quarter revenue in excess of USD17 million down from USD60.2 million a year before.

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Belluscura PLC - medical device developer focused on lightweight and portable oxygen enrichment technology - Announces extension to additional broker option up to June 16 to enable Dowgate to arrange the placing of further loan notes to raise up to an additional GBP3.4 million.

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Atlantic Lithium Ltd - African-focussed lithium exploration and development company - Says during the quarter, the company reported a significant mineral resource estimate upgrade to 35.3 million tonnes at 1.25% lithium oxide for the Ewoyaa lithium project in Ghana. Also announces the commencement of the 2023 exploration and resource drilling programmes and provided an update on the definitive feasibility study underway at the project and targeted for release in the second quarter 2023. Neil Herbert, Executive Chair says: "The first quarter of 2023 has seen the company build upon the impressive progress made in 2022, putting Atlantic Lithium on track to meet its targets through the rest of 2023."

By Jeremy Cutler, Alliance News reporter

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