The following is a round-up of trading updates by London-listed companies, issued on Wednesday, and not separately reported by Alliance News:
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Trident Royalties PLC - mining royalty company - Enters binding royalty purchase agreement with New World Resources Ltd to buy net smelter return royalty on all metal production from New World's Antler copper project in Arizona, US for AUD11 million, or GBP5.8 million. Chief Executive Officer Adam Davidson says: "At the end of last year, we indicated that the market for royalties was becoming more active as projects looked for funding outside of traditional equity and debt markets. That has proven to be the case, with Antler marking our fifth transaction this year. This is a highly attractive royalty. The commodity mix complements our existing portfolio, with future-facing base metals to sit alongside our lithium, precious metals, and existing base metals' exposure. The location and management of the asset are both excellent, and we expect the royalty to deliver significant value for Trident shareholders."
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CleanTech Lithium PLC - Chile-focused lithium exploration and development company - Says pre-feasibility study at its Laguna Verde project is progressing. Says it will incorporate results from test work over six months using a lab scale multivalve direct lithium extraction system. Says DLE pilot plant is designed to produce up to one tonne per month of lithium carbonate equivalent in concentrated lithium eluate, which will be processed to battery grade lithium carbonate at an existing third party facility. Says samples of the product will be made available to potential strategic partners and offtakers, such as major auto and battery manufacturers, for testing and product qualification.
Chief Executive Officer Aldo Boitano says: "The recent visit to China has shown me the great opportunity DLE offers to produce lithium with an ESG led approach. It is clear in my mind that DLE is the way forward for lithium production if we are to meet EV production targets. The companies we visited in China are forging ahead with lithium extraction from brine with no evaporation ponds, and this has provided further certainty in our projects as we progress with the PFS for Laguna Verde. This important phase of CTL's growth will help with the discussions we are planning to have with strategic partners in 2024. The next six months is going to be a busy period for CTL, with the combination of the PFS and the analysis of results from the DLE Pilot Plant making this an exciting period in the company's journey."
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Town Centre Securities PLC - Leeds, England-based property investor - Intends to return up to GBP10.9 million to shareholders via tender off of 7.5 million shares at a price of 145 pence per share. Says price represents a premium over the price of ordinary shares of 22% to its closing price of 118.5p on November 7.
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Coro Energy PLC - South East Asian energy company - Completes sale of Italian portfolio following approval from Italian regulatory authorities. Total consideration is EUR7.4 million, which includes a EUR5.9 million upfront consideration. Says it has already received EUR2.5 million upfront. Chair James Parsons says: "With the Italian sale now complete, Coro can now focus its human and financial resources on South East Asia, with its underpinning core growth and resulting strong energy demand. Our immediate attention is on the Duyung PSC farm out process. I would like to thank our team in Italy for their many years of service to Coro and wish them well under new ownership."
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B90 Holdings PLC - Isle of Man-based company in the online gambling industry - Relaunches Bet90.com amid shift to business-to-business operations. Meanwhile, discontinues business-to-consumer gambling operations on site. Says B2B business will include casino reviews, sportsbook reviews and betting tips. Executive Chair Ronny Breivik says: "Management focus is now firmly on B2B operations within the iGaming sector and the relaunch of Bet90.com is an integral step toward expanding our operations, whilst reducing operating costs. We will leverage our extensive experience and industry knowledge to deliver innovative solutions to our business partners."
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Seeing Machines Ltd - Canberra-based developer of transport operator-monitoring technology - Wins Automotive programme with initial lifetime value of USD15 million. Says production figures for the first quarter of the year ending June 30, 2024 rose 98% to 222,138 units from 112,077 units in the corresponding period a year ago. Chief Executive Officer Paul McGlone says: "We welcome our 16th Automotive program award with our existing Tier 1 and [original equipment manufacturer] customers. This expanded business opportunity extends our incumbency with this particular OEM, giving us increased confidence for extensions across more vehicle lines within their portfolio. As a leading supplier of mission-critical transport safety systems, being trusted is of paramount importance and while this individual award is reasonably modest in size, it further validates our proven technology and I am confident we will see more business from this OEM customer."
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By Sabrina Penty, Alliance News reporter
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Trident Royalties (TRR)
Cleantech Lithium (CTL)
Coro Energy (CORO)
B90 Holdings (B90)
Seeing Machines (SEE)