The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Aterian PLC - Morocco-focused metal exploration and development company - Identifies several new high-priority geophysical anomalies at its 100%-owned Agdz copper and silver project. Increases the target area due for further exploration. Chair Charles Bray says: ‘We are currently working towards building a conceptual geological model for the project, which has already demonstrated some excellent high-grade copper and silver values, up to 26.5% copper and 448 grams per tonne of silver. The presence of multiple historical copper workings at Agdz provides further encouragement, with the project located in an established copper and silver mining district in the eastern Anti-Atlas of Morocco and is an additional exciting exploration opportunity in our Moroccan portfolio.’
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Quadrise Fuels International PLC - London-based energy solutions provider for a cleaner planet - Says bioMSAR fuel arrived at it client site in Morocco during December. The fuel is currently at Moroccan customs, awaiting final clearance. Expects the remaining logistical issues will be resolved this month so that the trial can then proceed as planned. Expects a successful trial to follow via discussions to conclude a commercial fuel supply agreement in the first half of 2023 as planned. Also announces commercial discussions for licence supply in Utah, US, progressing well, working towards execution of definitive agreements by the first quarter of 2023. Chief Executive Officer Jason Miles says: ‘Whilst we are frustrated with the delays that we have faced in progressing some of our projects, we remain confident that these will be overcome soon. The team has worked extremely diligently to seek to navigate these challenges such that the impact on the delivery of our projects should be minimal.’
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Poolbeg Pharma PLC - London-based biopharmaceutical company focusing on infectious diseases - Files patent application to protect use of POLB 001 for new oncology indication. Says scientific finding indicate POLB 001 has the potential to dampen the pro-inflammatory cytokine release syndrome affecting patients receiving CAR T cell therapies. Submits a patent application for the use of POLB 001 to treat CRS in CAR T cell patients. Says it is progressing towards trial initiation in 2024. Scientific advisory board member Brendan Buckley says: ‘By reducing runaway inflammation associated with CRS, POLB 001 has the potential to significantly reduce the serious adverse effects that many CAR T cell patients suffer. With 18 to 19 million cases of cancer diagnosed globally each year, the use of cell therapies is predicted to expand significantly over the coming years with the CAR T cell market expected to grow to an estimated $6 billion by 2031...we look forward to updating the market as to the progress of this exciting programme.’
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Coro Energy PLC - Leeds, England-based energy company with a natural gas and clean energy portfolio - Says production from its Italian portfolio continued in line with expectations during the fourth quarter of 2022, following record quarterly revenues in the preceding quarter. Revenue is €1.5 million in the fourth quarter, down from €2.0 million in the third quarter, and marginally down from €1.6 million in the second quarter. Says 1.4 million standard cubic metres of natural gas were produced during the fourth quarter, up from 1.2 million in the third quarter, but down from 1.6 million in the second quarter. Full year 2022 natural gas production is 5.1 million standard cubic metres and revenue is €6.0 million. In the week ended January 8, Italian portfolio production averaged 21,091 standard cubic metres per day, up 50% from the 2022 annual average of 13,979 standard cubic metres per day.
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Upland Resources Ltd - Malaysia-focused upstream oil and gas company - Believes it is ‘unequally positioned’ in Sarawak, Malaysia, providing the December workflow update on the SK334 joint technical study activity. Says time and resources spent in adding value to the Sarawak SK334 JTS workstream has the potential to generate ‘significant returns’ to shareholders. Chair & Chief Executive Officer Bolhassan Di says: ‘Block SK334 in Sarawak offers transformational potential for a company our size, sedimentary basins in Sarawak are proven prolific hydrocarbons bearing basins. We are encouraged by the continuing recent discoveries in surrounding blocks...Separately, we also recognise the potential emerging from our UK North Sea P2478 Dunrobin prospect and are working closely with the joint venture partners to realise value there as technical studies complete.’
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Bradda Head Lithium Ltd - North America-focused lithium development group - Says updated mineral resource estimate at its Basin East project in the US state of Arizona has increased by 17%, alongside a 22% increase in tonnes contained lithium carbonate equivalent, based on ‘only’ 1,200 metres of drilling. Says the 2022 drilling programme has given the company ‘great confidence’ in the estimate at Basin East. Chief Executive Officer Charles FitzRoy says: ‘2023 is going to be an exciting year of resource growth for Bradda Head. With more drilling already planned at Basin East Extension and Basin North, Bradda Head is excellently placed to take full advantage of the near-term resource growth potential at our sedimentary lithium assets in Arizona.’
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Tungsten West PLC - Mining company focused on restarting production at the Hemerdon tungsten and tin mine in Devon, England - Says post-tax net present value is £297 million with an internal rate of return of 25%. Projects Hemerdon average annual production to be 2,900 tonnes of tungsten trioxide in concentrate and 310 tonnes of tin in concentrate. Says life of mine is 27 years with an an annual average steady-state mining rate of 3.5 megatonnes per annum. Says LOM post financing free cash flow is £550 million. Believes feasibility study shows company could be the largest Western tungsten producer. Says £12 million of capital expenditure already spent, with remaining capex being £31.1 million as of October 1. Executive Vice Chair Mark Thompson says: ‘The feasibility study provides solutions to the energy price challenges and will enable increased operating efficiencies at the project...Tungsten is on both the EU and US lists of critical metals and due to geopolitical tensions and security of supply issues the market remains strong. With Hemerdon in production, we will provide an alternative source of tungsten to Western consumers in markets which are otherwise dominated by China.’
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ICG-Longbow Senior Secured UK Property Debt Investments Ltd - Guernsey-based investment company with a portfolio of UK real estate debt investments - Receives remaining £6.5 million balance of its LBS loan alongside £300,000 in interest and fees, following a refinancing of the underlying property. Says the repayment allows the company to continue its programme of capital distributions to shareholders.
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Faron Pharmaceuticals Ltd - Turku, Finland-based biopharmaceutical company focusing on difficult-to-treat cancers and inflammation via precision immunotherapy - Reports encouraging additional data for bexmarilimab for the treatment of hematological malignancies. Says it provoked objective responses in 3 out of 5 patients doesed in the first doublet cohort of the phase 1 and 2 Bexmab study. Says study showed rapid enrolment in doublet and triplet combinations. ‘The additional BEXMAB data indicates that bexmarilimab contributed to positive responses in the refractory setting where patients failed standard of care,’ says Chief Medical Officer Marie-Louise Fjallskog. ‘We are excited about the initial promising results and look forward to gathering additional clinical data for more robust read-outs.’
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ACP Energy PLC - Lutterworth, England-based company looking for value-accretive opportunities in the oil and gas industry - Says shares are suspended as it signs a sale and purchase agreement for an equity interest being sold by Vinncler CA. Vinncler own the producing assets of a ‘highly prolific’ basin in Latin America currently producing around 4,100 barrels per day, says ACP Energy. Says the proposed acquisition is in line with ACP Energy’s stated strategy of identifying and acquiring hydrocarbon producing assets that are either in production or near to production. Says the proposed acquisition, if completed, will constitute a reverse takeover.
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