The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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ECR Minerals PLC - Australia-focused mineral exploration and development company - Says it has, through its subsidiary Lux Exploration Pty Ltd, submitted an application for an exploration licence in North Queensland. The licence area, known as Kondaparinga, is approximately 120 kilometre-square in area and within the Hodgkinson Gold Province, which itself is 80 kilometres north-west of Mareeba in North Queensland, Australia. The three-year exploration term would include an expenditure commitment of A$487,000 over that period. ECR Minerals adds that its geological team has examined other parts of the region for potential anomalous areas for gold. The licence application for Kondaparinga was registered on September 23, and will be assessed by government officials. Work on the ground will not start until the application has been granted. Whilst there can be no guarantee that the licence will be granted, the directors have ‘every expectation’ it will be.
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Panther Metals PLC - Canada-focused mineral exploration company - Stakes 19 additional single cell mining claims, covering around 4.15 kilometres-squared. The claims comprise two blocks of ground - the Scattergood Lake block and Beaverhead Island block - that are directly contiguous to the Manitou Lakes project. Panther says they provide additional coverage of exploration ground considered highly prospective for gold. Manitou Lakes is located in the Kenora Mining District on the Eagle - Manitou Lakes Greenstone Belt, approximately 300 kilometres east of Thunder Bay city.
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Pantheon Resources PLC - Oil and gas company focused on developing the Ahpun and Kodiak fields, onshore US - Says operations for re-entry at the Alkaid-2 well in Alaska’s North Slope have now begun. Outlines three objectives, namely to gather the best possible reservoir fluid samples for pressure-volume temperature analysis; to determine initial reservoir pressure; and test the improvements in the frac design discussed in recent company webinars. Says the objective of operations at Alkaid-2 is not to target maximum flow rates. Pantheon will deliberately restrict the flow rates to minimise gas production into the well bore and allow optimum data collection.
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Rainbow Rare Earths Ltd - South Africa and east Africa-focused rare earth oxide producer - Raises £4.5 million from a placement of 30 million new shares at 15 pence each. The placing price represents a 3.2% discount to the closing mid-market share price of 15.5p per ordinary share on September 26. CEO George Bennett says: ‘This is an exciting time for the Phalaborwa project, following the milestone production of the mixed rare earth sulphate from the front-end pilot plant in South Africa and with the production of separated rare earth oxides from our back-end pilot plant in the US expected in Q4 2023. This will be the final de-risking step in order to demonstrate the commerciality of the unique rare earth process flow sheet that Rainbow has developed with its partner K-Technologies, Inc to deliver the separated permanent magnet rare earth oxides vitally needed for the green energy transition. ’
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First Property Group PLC - London-based property fund manager and investor - Reports total funds under management as at August 31 of £436 million, versus £454 million at March 31. Says net asset value has been ‘broadly maintained’ in the face of ‘extremely challenging market conditions’ for the property sector over the last few years, in particular from lockdowns and the subsequent working from home trend, interest rate rises, rampant inflation and the drive to net zero. Adds that the group has reported continued leasing progress at its properties over the past couple of years, ‘which will be reflected in income and capital value growth in due course’. In a separate release, says resolutions seven and eight were not passed at the AGM. Following this, the directors do not currently have the authority to dis-apply statutory pre-emption rights in respect of new allotments of shares and the sale of treasury shares and the company does not have authority to make market purchases of its own shares.
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Bluebird Merchant Ventures Ltd - South Korea-focused gold company primarily focused on bringing historic mines back into production - Announces a fully funded 5,666 metre drill programme at the Lobo prospect within the Batangas gold project in the Philippines. The 34-hole, 3 phase programme is aimed at further delineating the project’s identified high-grade targets, upgrading the current mining inventory, and providing data to develop an underground mine plan. Previous shallow drilling over just 1-kilometre delineated a resource primarily at the South West Breccia prospect, and included 150,000 tons at 6.4 grams per tonne from just the upper 80 metre of the mineral resources. Chief Executive Colin Patterson adds: ‘We believe there is huge potential to expand the resource inventory across the wider project so are delighted with the progress being made by our local JV partner, which has extensive in country mining experience and is funding all work including permitting to a production decision in return for 60% of the project.’
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Oriole Resources PLC - London-based gold exploration company, focused on an early stage exploration project in Cameroon and Senala gold project in Senegal - Says that a review of the historical data in 2022 to 2023 determined that gold prospectivity at its 90%-owned Wapouze project was lower than that at the group’s nearby Bibemi project. However, notes that 13 out of 14 rock chip samples from outcropping limestone returned suitable chemistry to be classified as high-grade carbonate material, suitable for use within the cement industry. Oriole submitted a formal request for a change of substance at the licence from gold to industrial minerals, which has now been approved by the Ministry of Mines. The licence is currently undergoing a renewal process and is now with the Presidency for approval. Once the renewal is granted, Oriole will look to secure an industrial minerals partner to develop the Wapouze project through to exploitation on an expedited basis. It is looking to secure a royalty-based payment on the material extracted to help provide an income stream in Cameroon.
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Amigo Holdings PLC - Bournemouth, England-based mid-cost credit provider - Says it continues to progress the orderly wind down of the business, and that the situation facing the company remains challenging for all stakeholders. The company is currently solvent, predominantly by virtue of the fact that it is supported by its subsidiary, Amigo Loans Ltd. However, after the liquidation of Amigo Loans Ltd, Amigo Holdings will be insolvent as it has no resources of its own. It anticipates this will happen ‘in the next few months’. This means its listing on the London Stock Exchange would be automatically cancelled upon the appointment of a liquidator. Says it continues to be open to viable expressions of interest in all parts of the business.
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