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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Alternative Income REIT PLC - London-based investor, which specialises in alternative and specialist real estate sectors such as hotels and healthcare - Net asset value per share as at June 30, which is the company’s financial year end, falls 13% to 84.16 pence each from 96.40p a year prior. Dividend per share for financial 2023 grows 9.9% to 6.045p per share from 5.50p in financial 2022. NAV total return swings to negative 6.7% from positive 22.5% a year ago. The decline in NAV was mostly due to a fall in the fair value of investment properties impacted by an upward yield movement in the wider UK real estate sector, Alternative Income REIT explains. Looking ahead, Chair Simon Bennett says: ‘The board remains confident that the company is well-positioned for the future, with a resilient portfolio well-placed to continue to provide secure, index-linked income with the potential for capital growth.’
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Bluejay Mining PLC - Greenland and Finland-focused miner - At Hammaslahti copper-zinc-gold-silver project in Finland, finds 2.99% copper-equivalent at an intersection of 5.7 metres of mineralisation, as well as 7.41% zinc-equivalent, 0.89% copper, 3.43% zinc, 0.37% lead, 29.6 grammes of silver per tonne and 0.46 grammes of gold per tonne. Thomas Levin, chief operating officer of Bluejay subsidiary FinnAust Mining Finland Oy, says: ‘Future drilling will focus on the possible down plunge and up plunge extensions of the E-lode targeting higher grade ore shoots, but even more importantly on the possible structural repetitions of the ore bodies at shallow levels. Several distinct coincident gravity and magnetic anomalies have been identified close to a fold closure along strike from the historic mine and the e-lode, and these targets are of very high priority for future drilling since they might represent shallow portions of previously unknown mineralisation.’
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Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Reports prospective resource for the FEL 4/19 licence at Inishkea West, an island in the northwest of Ireland. The prospective resource for P50 is 1.336 trillion cubic feet of gas. P50 stands for a 50% probability that the volumes will equal or exceed the best estimate. P90 is 307 billion cubic feet, with a respective 90% probability. Under the pmean, with a probability that the volumes will equal the average of all of the estimates, the prospective resource is 1.554 trillion cubic feet of gas. Chief Executive Officer Will Holland says: ‘These results have more than justified the additional time and expenditure on what is a key asset for not only Europa, but also Ireland in terms of potential indigenous energy security and as part of the country’s energy transition. ’
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Goldstone Resources Ltd - Ghana-focused gold producer and explorer - Agrees to extension of maturity of gold loan announced in June 2020 with Asia Investment Management Services Ltd, to November 10. Interest continues to accrue at 14% annually until repayment date.
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Mila Resources PLC - Western Australia-focused gold exploration firm - Raises £2.0 million via placing 200.0 million new shares at 1p per share. Mila will use the proceeds to conduct further gold exploration work alongside Liontown Resources Ltd’s lithium exploration in the northern part of the Kathleen Valley licence area. ‘By capitalising on work permits and heritage surveys that the Company expects to be granted in the near future, drilling costs will be significantly reduced, maximising drill metres and funds into the ground at this exciting gold project,’ Mila says.
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Mkango Resources Ltd - Vancouver-based mineral exploration and development company with projects in Malawi - Announces that CoTec Holdings Corp converts its £2 million convertible loan note in Mkango into additional shares of Mkango’s subsidiary Maginito Ltd. CoTec’s equity position in Maginito increases to 20.6% from 10% as results of the conversion. Maginito fully owns HyproMag Ltd, which is focused on rare earth magnet recycling technology in the US. Mkango CEO Will Dawes says: ‘We view the completion of CoTec’s conversion as an endorsement of the implied value inherent in Maginito and specifically the proprietary hydrogen processing of magnet scrap technology that has potential to unlock a significant opportunity in the US market. We look forward to working with CoTec and HyProMag as we focus on the operational roll out of the technology and move into the next phase of growth.’
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San Leon Energy PLC - Nigeria-focused oil and gas production, development and exploration company - Reports extension of loan repayment date of its $5.0 million loan from funds managed by Toscafund Asset Management LLP, to December 31. Adds that it remains committed to publishing its 2022 results and its results for the six months to June 30. Shares will remain suspended until San Leon reports both its 2022 and 2023 interim results.
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