The following is a round-up of earnings reports by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Hamak Gold Ltd - gold exploration firm focused on Liberia - Posts maiden interim loss since initial public offering in March, as it identifies drill targets. Pretax loss in the six months to June 30 stands at $1.5 million. Same figure for general & administrative expenses and operating loss. Looking ahead to drilling, says: ‘Drill targets have already been identified from the Ziatoyah channel sampling results and it is hoped that the ongoing trenching and channel sampling programme over the peak gold-in-soil anomalies of Block 1 will identify additional targets to be drilled. The objective of the drilling programme will be to confirm the presence and extension of the surface gold mineralisation at depth as well as the lateral extent of this mineralisation’. The Nimba license covers a 986 square kilometre area in Nimba County, north-central Liberia, according to Hamak.
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Kefi Gold & Copper PLC - gold and copper exploration and development company with projects in Ethiopia and Saudi Arabia - Half-year loss widens on costly jointly controlled entity. Pretax loss in the first six months to June 30 widens to £2.9 million from £2.2 million a year ago. Posts no revenue in either period. Jointly controlled entity costs Kefi £332,000, versus incurring it a gain of £567,000 a year ago. Looking ahead, Executive Chair Harry Anagnostaras-Adams is very optimistic: ‘Kefi is now better positioned than it has ever been with the improvement in the local working environment in both Ethiopia and Saudi Arabia allowing us to focus on our goals. The successful launch of Tulu Kapi and then Jibal Qutman within the following six months or so, should see first gold pour for both at the end of 2024. These two projects, plus the Hawiah project lined up for sequential construction schedules is intended to lead to combined production of around 400,000 ounces gold or gold-equivalent per annum by 2026,’ he says.
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Keras Resources PLC - mine developer focused on Togo and the US state of Utah - Cites discussions with authorities in Togo regarding an exploration permit as half-year pretax in six months loss to June 30 widens compared to six months ended September 30, 2021. Firm changed its year-end to December 31 in April 2021. Before that, the year ended September 30. Pretax loss in six months to June 30 widens to £467,000 from £345,000 in six months to September 30, 2021. Revenue falls 32% to £212,000 from £311,000. ‘The exploitation permit for the Nayega mine remains pending but we continue to engage with the Togolese authorities to seek a satisfactory outcome. We will announce further updates in due course. Our main thrust in the near term remains to progress our phosphate to fertiliser business, underlined by our recent rebrand of the company,’ Chair Russell Lamming says.
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Lexington Gold Ltd - mineral explorer with projects in US - Touts gold projects in North and South Carolina as opportunity for long-term value as pretax loss narrows. Posts no revenue in the first six months to June 30 in either 2022 nor 2021. Pretax loss narrows to $367,000 from $467,000 a year prior as operating expenses decrease to $363,000 from $467,000. ‘The directors continue to believe that the group’s gold projects in North and South Carolina in the United States represent an excellent opportunity to create long-term shareholder value through the identification and exploration of gold deposits within the well-mineralised but under explored Carolina Super Terrane,’ says Chief Executive Officer Bernard Olivier.
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Life Settlement Assets PLC - London-based investment trust focused on the United States - Net asset value per share at June 30 virtually flat at $2.20 compared to $2.19 at December 31, 2021. ‘The board expects to make good progress in continuing to achieve cost reductions, while at the same time promoting awareness of the attraction of investment in the company’s asset base against the background of broader economic uncertainty,’ says Chair Michael Baines.
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