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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Mineral & Financial Investments Ltd - Cayman Island-based investment company focused on the natural resources sector - Buys 6.5% holding in Luca Mining Corp for around £1.2 million.
Luca Mining is a mining company with two operating mines in Mexico. Adds deal is being funded from existing cash resources. Believes this investment will generate attractive returns for the shareholders.
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Artemis Resources Ltd - Perth-based based mining company, with gold, copper and cobalt projects in Australia - Provides quarterly activities update. In Greater Carlow Project says ultrafine fraction soils programme confirms Titan gold prospectivity with elevated gold and arsenic in soils over an area of 750 metres by 550 metres with peak gold of 101.3 parts per billion. Adds cash balances were $2.5 million at the end of the March.
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Future Metals NL - Perth-based platinum exploration company - Provides quarterly activities update. Notes discovery of a large 1 kilometre long untested embayment feature with multiple coincident nickel-copper-PGM sulphide geophysical and stream sediment anomalies. Adds step out drilling results at Panton returned high-grade PGM mineralisation 350 metres beyond the existing 6.9 million ounces mineral resource estimate. Says drill planning underway for the second quarter 2023 to test the shallow BC1 target and other targets at Panton West. Adds company remains well funded to complete its planned drilling and the scoping study.
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Metals Exploration PLC - London-based, Philippines-focused gold producer - Reports gold sold in quarter to March 31 was 21,442 ounces at an average realised gold price of $1,887 per ounce compared to the fourth quarter’s 23,608 ounces at average $1,742 per ounce. Adds gold revenue was $40.5 million, slightly lower than $41.1 million in the fourth quarter. Reports positive free cash flow of $17.8 million compared to $18.0 million in the previous quarter.
States net debt at March 31 was $69.0 million down from $81.1 million at the end of 2022.
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Record PLC - Berkshire, England-based currency and derivatives manager - Provides trading update for three months to March 31. Reports increase in assets under management of $4.6 billion, up 6%, to $87.7 billion. Adds increase in net inflows of $6.7 billion, up 279%, to $9.1 billion. Leslie Hill, Chief Executive says: ‘Looking ahead to the current financial year we expect to see continued growth in currency management linked to the return of currency volatility to markets, accompanied by the delivery of new and higher-margin revenue streams from our continued focus on developing our asset management products and capabilities.’
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LMS Capital PLC - London-based investment company - Reports unaudited net asset value at March 31 was £46.1 million or 57.2 pence per share compared to £46.5 million or 57.7p per share at December 31 2022. Adds overall portfolio net gains were £100,000. These comprise net underlying gains of £0.5 million offset by unrealised foreign exchange losses of £400,000 reflecting the weakening of the US dollar compared to sterling in the first quarter. Adds cash at March 31 was £17.5 million compared to £17.9 million at December 31 2022.
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