UK TRADING UPDATE SUMMARY: AVI Japan Disappointed By Fourth Quarter

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

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AVI Japan Opportunity Trust PLC - invests in portfolio of 20 to 30 Japanese stocks - Says small-cap companies in Japan have been "largely ignored" by stock market investors. For the quarter ended December 31, the MSCI Japan Small Cap Index, in GBP, returned 2.2% while its larger counterpart, MSCI Japan, returned 9.0%. Says own return of 1.0% "disappointing" considering the very strong earnings recovery reported by portfolio companies. "This quarter's earnings season showed the resilience of our companies, with weighted sales and profits of our portfolio falling year-on-year by 4.5% and 6.8%, compared to the companies in the MSCI Japan Small Cap Index whose sales and profits fell 4.5% and 20%. More importantly is that our companies have shown they are on the path to recovery, with quarter-on-quarter profits increasing by a whopping 55%," AVI adds.

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Beximco Pharmaceuticals Ltd - Bangladesh-based generic pharmaceutical maker - Says supply and distribution of 30 million doses of the Oxford University-AstraZeneca PLC SARS-CoV-2 vaccine in Bangladesh expected towards the end of January, with further deliveries taking place on a monthly basis thereafter until June 2021. Under the agreement signed in November last year, Beximco Pharma is acting as the exclusive distributor for the Vaccine in Bangladesh. The company, which is paying USD8, in cost and freight, for each private pay market dose, is targeting a retail price of about USD14 inclusive of vaccination charges although the final pricing decision is subject to approval from the Bangladesh Director General of Drug Administration.

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Orosur Mining Inc - South American gold exploration and development company - Net loss for the three months to November 30 narrows to USD264,000 from USD367,000 the year before. Corporate & admin expenses fall to USD288,000 from USD358,000.

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Trident Royalties PLC - mining royalty and streaming company - Says it is "delighted" by the exploration progress Apollo Consolidated has made at the 1 million ounce Lake Rebecca gold project, in Western Australia, over which Trident holds a 1.5% net smelter royalty. Chief Executive Adam Davidson says: "Since completing the royalty acquisition on October 29, 2020, Apollo has announced some very encouraging infill and exploratory drilling results which bode well for significant upgrades in the expected Q2 2021 mineral resource estimate update, and which serve to further de-risk future technical studies on the project as Apollo seeks to fast track the project into mine construction." Strong gold drill intercepts have been returned in expected positions whilst additional intercepts have extended the mineral resource block model in places, Trident says.

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Amur Minerals Corp - nickel-copper sulphide mineral exploration and development in far east of Russia - Receives its fourth quarter interest payment of USD164,768 based on the USD4.7 million convertible loan note investment for the resumption of production at the Northern Territories, Australia Roper Bar iron ore project operated by Nathan River Resources Pte Ltd. Chief Executive Robin Young says: "The Nathan River Resources' Roper Bar iron ore operation has benefitted from the more than 50% run up in iron ore prices during 2020. Despite the Covid-19 pandemic, iron ore availability to maintain China's continued and robust steel demand has and is projected to provide strong price support for the iron ore industry over the course of the next year. This setting indicates the likely existence of a ready market for the Roper ores."

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IQ-AI Ltd - medical software company with headquarters in Jersey - Says development pipeline is extensive and growing. Chief Executive Trevor Brown adds: "We are operating at a time of rapid innovation where the development and clinical translation of medical AI solutions will provide a paradigm shift in routine clinical practice, resulting in improved patient care. The company is optimistic that substantial progress will be made in all these initiatives during 2021."

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Strategic Minerals PLC - battery materials minerals company with asset in Australia - Sales from Cobre in three months to December 31 sales up over 20% year on year to USD747,000. "Sales remained robust and the positive annual growth highlights the strength of demand being maintained despite the Covid-19 pandemic," company says. Production at Cobre in final quarter of December at 12,845 tonnes. Chief Executive John Peters adds: "Continued strong sales at Cobre, combined with the December capital raise, have placed the company in a solid position to move forward in 2021 with a goal of commencing a second income stream from copper production at Leigh Creek, subject to finance. Concurrently, we continue our endeavours to progress the Redmoor project."

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Zephyr Energy PLC - UK-based oil and gas company focused on the US upstream oil and gas sector - Says State 16-2 stratigraphic test well was successfully drilled to a measured depth of 9,745 feet total depth at Paradox Basin, Utah, US. Drilling operations were safe and effective, Zephyr says, and were conducted in accordance with Covid-19 related guidance and restrictions, and were completed well within the company's forecast timeframe. Zephyr's primary objective was to drill and set casing at 6,437 feet measured depth in order to provide a host wellbore for a future horizontal side track. The company achieved this goal within 13 days from spud - and subsequently reached TD within 19 days of spud, a marked improvement over historical drilling efforts in this part of the Paradox Basin.

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Mosman Oil & Gas Ltd - oil exploration, development, and production company - Total barrels of oil equivalent production in six months to December 31 down to 31,753 from 37,226 in the previous six months. Net attributable boe down to 8,650 in the second half from 9,890 in the first half. Says there was continued disruption from the pandemic along with the requirement for certain workovers at Stanley, but significantly the Falcon-1 well commenced production. Mosman has an opportunity to participate in several potential wells in 2021. The intention is to participate in drilling at least one well each quarter, company adds.

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By Paul McGowan; paulmcgowan@alliancenews.com

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