The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Bezant Resources PLC - Botswana-focused copper and gold explorer and developer - Reports updated indicated and inferred mineral resource estimate for the Hope & Gorob copper project in Namibia. Estimate compiled by Addison Mining Services Ltd. Includes total mineral resource of 15 million tonnes gross at 1.2% copper for 190,000 tonnes of copper. ‘We are very pleased with the outcome of our work over the last two years and we now have a JORC resource, which our consultant agrees is both capable of significant increase and equivalent copper value,’ Chair and Chief Executive Colin Bird says.
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Challenger Energy Group PLC - Caribbean and America-focused oil and gas company - Secures short-term bridge loan of £346,500 to go towards redeeming in full the drawn and unconverted balance of a convertible loan note funding facility. Challenger adds that holder of currently issued convertible notes issues conversion notice for £55,000 portion of notes. This will convert into 100 million new shares. ‘Eight weeks ago, we secured a convertible note funding facility for up to £3.3 million. As we explained then, our immediate funding requirement was relatively minimal, in that we were seeking to bridge a short period of time until receipt of expected cash inflows. We thus drew only a small portion of that facility, although we saw value in putting a much larger line of funding in place, in case it was needed it in the future. However, given the progress in seeing those expected cash inflows in the required timeframe, we have moved to refinance and cancel the facility, and replace it with a more ’traditional’ loan, with attached warrants,’ Chief Executive Officer Eytan Uliel says.
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Nostrum Oil & Gas PLC - Kazakhstan-focused oil and gas development, production and exploration company - Says daily production after treatment averages 10,288 barrels of oil equivalent per day in first nine months of 2023, down from 13,684 a year prior. Daily sales volumes average 9,096 boepd, down on-year from 12,780. Revenue in nine months ‘in excess’ of $88 million, weakening from $155.5 million a year prior. Nostrum puts this down to weaker Brent prices and declining production. It adds: ‘9M and full year 2023 sales and revenues remain in line with management’s targets and expectations.’
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Chaarat Gold Holdings Ltd - gold miner, which has an operating mine in Armenia and assets in Kyrgyzstan - Extends maturity of secured convertible loan notes to July 31, 2024. Had been due to mature on Tuesday. Chief Financial Officer David Mackenzie says: ‘Chaarat is appreciative of the continued support from its loan noteholders. The maturity extension, combined with the recently announced working capital facility from the largest shareholder, enables Chaarat to focus on achieving the Tulkubash final investment decision in an expedient manner and subsequently implement broader financing to support further corporate and asset developments of the group.’
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Beowulf Mining PLC - Sweden, Finland and Kosovo-focused mining company - Notes announcement from China on new export curbs on graphite. Beowulf Chief Executive Officer Ed Bowie comments: ‘While the impact of the export ban imposed by China remains unclear, it does highlight the vulnerability of Europe and the rest of the world to the control China has on graphite and other minerals critical for the green transition. Grafintec’s strategy is to provide a secure, independent, and sustainable source of graphite for use in anodes for LIBs, which is fully aligned with the EU’s Critical Raw Materials Act.’ Grafintec is wholly-owned by the company and it is currently establishing a facility for processing graphite. Beowulf adds: ‘The facility, located in the GigaVaasa area in Korsholm municipality, Finland, will begin processing non-Chinese imported material with the aim to process Grafintec’s own mined material in the future. The GigaVaasa area is an industrial zone focused on energy storage and battery technologies and therefore an ideal location for Grafintec’s graphite processing and anode manufacturing hub.’
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Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Says agrees terms to complete previously announced funding package for Bougouni lithium project. Funding package agreed by Kodal, Hainan Mining Co Ltd and Kodal Mining UK Ltd. Kodal Mining UK has been formed to hold Kodal’s Mali lithium assets. It will be 49% owned by Kodal with Hainan holding remaining 51%. Kodal Minerals says: ‘The parties are looking to finalise all remaining compliance items as soon as possible with the expected transfer of money for the completion of the transaction now expected in the first half of November 2023.’ Says the money total $117.8 million as announced in January and $3.5 million received as pre-payment in August. Kodal Minerals adds: ‘Consequently, the parties have extended the long stop date for completion of the transaction to 15 November 2023 or such later date that may be agreed in writing between the parties. Upon the receipt of funds pursuant to the transaction, the parties expect to accelerate the development and mining activities of the Bougouni lithium project, targeting production as quickly as possible.’
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Faron Pharmaceuticals Oy - Finland-based clinical-stage biopharmaceutical company - Raises €7.1 million in placing at €2.85 per share. This fundraising is pivotal and comes at an exciting time for Faron. As we enter a new phase of the BEXMAB clinical trial, it was important to raise funds to provide a cash runway into the second quarter of 2024.‘ says CFO Jim O’Brian. ’We would like thank our investors for their continued support in developing this novel immunotherapy‘.
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HealthBeacon PLC - Dublin-based devices and software developer for managing critical and chronic medications - Irish court appoints interim examiner to ’investigate and seek to formulate a scheme of arrangement for the survival of the company as a going concern‘. Shane McCarthy of KPMG appointed as interim examiner. ’The board believes that the company can stabilise, recover and emerge from this process as a going concern with the resultant preservation of jobs and will work closely with the examiner throughout the process,‘ HealthBeacon adds. Enters into funding agreement with Hamilton Beach Brands Inc. Hamilton Beach commits to funding the working capital requirements of company while it is under protection of the court up to an amount of €1.9 million.
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Safestyle UK PLC - Bradford-based retailer and manufacturer of PVCu replacement windows and doors - Files intention to appoint administrators to main trading subsidiary HPAS Ltd, and other intermediate holding companies Style Group Holdings Ltd and Style Group UK Ltd. Safestyle adds: ’Unless financial circumstances change, and in accordance with statutory requirements, the board of these three companies intends to appoint administrators within 10 business days.‘ The company’s shares on Friday were suspended from trading and it warned shareholders will be wiped out even if a sale of the company occurs. It did note that it is still in active discussions with a shortlist of interested parties, though it said Friday it has ’become increasingly unlikely‘ that any sale of the firm will return value to shareholders.
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Intuitive Investments Group PLC - investment company focused on the life sciences and technology sectors - Buys Hui10 Inc a technology firm ’transforming the lottery in China‘. Investment gives Hui10 a valuation of $365 million. Will invest in Hui10’s entire shared capital through issue of 1.91 billion Intuitive Investments shares. Intuitive Non-Executive Chair Nigel Rudd says: ’I strongly believe Hui10 has the capability to return shareholders many times their investment at flotation and from the current share price.‘
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Altitude Group PLC - operator of a marketplace for the promotional products industry - Says expects performance for half-year ended September 30 to show ’significant year-on-year growth‘. Will top previous year’s outturn by ’over 50% on revenue and nearly 40% on adjusted operating profit‘. ’The group is benefiting from strong growth in its Merchanting Division and continuing solid performance in its Services Division. This is very much in line with the board’s expectations and gives us great confidence with both the short-term and long-term outlook for the company,‘ Altitude adds.
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Value & Indexed Property Income Trust PLC - investor in UK commercial property - Says independent portfolio valuation at end of September totalled £135.5 million, down from £150.1 million at end of March. Company says: ’The valuation reflects a 5.0% like-for-like reduction in capital value, of the 35 properties held over the six months, due to the impact of rising interest rates across the property investment market and economic and political turbulence. ‘
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Christie Group PLC - London-based financial, inventory and systems services provider - Says advisory business instructed to market 29 residential caravan parks and properties by Paul Davies, Sandra Mundy and Tom Russell of James Cowper Kreston. Trio are acting as administrators of various companies associated with RoyaleLife Group, a provider of fully furnished luxury bungalows. Christie adds: ’The portfolio of 29 freehold properties are available individually, in subgroups or as a portfolio and includes undeveloped or partially developed sites, mature parks and a former head office building.‘
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