The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Kromek Group PLC - Sedgefield, England-based detection technology supplier - Receives three further orders totalling over $1 million in the CBRN detection division. ‘This includes two orders in nuclear security, with one order for the further development of the group’s bio-security technology. The majority of the revenue will be recognised in the current financial year, which helps to underpin forecasts along with the recent $5.9 million contract from the US Department of Homeland Security,’ Kromek says.
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First Class Metals PLC - exploration company focused on projects in Ontario, Canada - Says final results from initial 39 samples from first phase of exploration at Zigzag property received. Zigzag is ‘currently focussed on the lithium potential’. Samples identify a strike of over 350 metres with over 1% lithium oxide. ‘I am buoyed by the progress we are making at Zigzag. The excellent results from these initial systematic grab samples have further supported our confidence in the property’s potential. We await with confident anticipation the results from the channel sampling. The grab samples have I feel ’proved-up’ a core area of the known structure which remains open in both directions and has yet to be explored at depth,’ Chief Executive Marc Sale says. Last week Thursday, First Class said it was granted two exploration permits for North Hemlo & Esa properties located in the Hemlo area of Ontario.
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Kefi Gold & Copper PLC - Ethiopia and Saudi Arabia-focused gold exploration and development company - Nears launch of ‘shovel ready’ Tulu Kapi gold project in Ethiopia. ‘Progress on all fronts maintains the plan to launch the high-grade Tulu Kapi gold project before the end of 2023, and to scale up activities to full construction over the following months in line with the continued upgrade of security protections and preparations of the community. We will go as fast as the conditions on the ground warrant, to ensure rapid ongoing progress,’ it says. Says planned $320 million project financing and launch sequence is being executed. In Saudi Arabia, Jibal Qutman definitive feasibility study is evaluating the economic and technical feasibility for set of adjacent open-pit mines and processing plant, to recover more than 500,000 ounces of gold, instead of the 169,000 ounces initially seen in the 2015 preliminary economic assessment. At Hawiah copper-gold asset, also in Saudi Arabia, 50,000 metre drilling programme for resource category upgrade and expansion has commenced. Kefi adds: ‘The full mine development concept is still being finalised, but it is envisaged that initial open pit mining will be followed by, and complemented by, an underground operation. Mining optimisation studies will, in due course, consider a range of scenarios including various aggregate production rates and the ideal timing for starting-up the underground operation.’
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Resolute Mining Ltd - Africa-focused gold miner - Reports net cash position of $2.2 million at end of third-quarter, improved from a net debt position of $17.2 million at end of June. Back in October, it cut annual output guidance to a range of 330,000 to 340,000 ounces for the year, from previous 350,000 target. Chief Executive Terry Holohan says: ‘It has been a tougher than expected quarter for Resolute at the Syama Oxide operation as a shift in mine plan due to the high-carbon pocket of Tabakoroni ore encountered in Q2 continued to affect the operation. Mako and Syama Sulphide performed in line as expected for the quarter. In Q4 we expect an improvement at both Syama operations and a similar performance at Mako.’
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Mila Resources PLC - Western Australia-focused gold exploration firm - Pretax loss in year ended June 30 narrows to £549,487 from £1.0 million a year prior. Administrative expenses increase to £549,487 from £518,213, but reports no share warrant and options expenses, compared to £493,232 a year prior. Posts no revenue, unchanged on-year.
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Capital PLC - London-based mining services company - Assay services subsidiary MSALABS Ltd signs partnership with Australia’s Barrick Gold Corp and Chrysos Corp for delivery of PhotonAssay technology to Barrick mine sites in four continents. It will begin will three PhotonAssay units at the Nevada gold mines complex, before potentially expanding to up to 10 more units by the end of 2025.
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Chariot Ltd - Africa-focused transitional energy company - Receives approval for environmental impact assessment by Moroccan Ministry of Energy Transition & Sustainable Development on Anchois gas development project. Chariot Morocco Country Director Pierre Raillard says: ‘Securing approval of this EIA is a major milestone for Anchois and is the culmination of extensive time and teamwork that has gone into this critical process. This is a key building block for sanctioning the project’s development, alongside other activities such as our partnering process which is close to conclusion.’
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Public Policy Holding Co Inc - Washington DC-based government and public relations firm - Says restrictions on depositary receipts representing shares in company removed. ‘The board expects the removal of reg-S restrictions to enhance liquidity in the trading of PPHC’s common shares by enabling investors to deal more easily through a broader range of platforms. Trading in PPHC’s shares can now be carried out on multiple major investor platforms including Hargreaves Lansdown, AJ Bell and Interactive Investor,’ it says.
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GS Chain PLC - looking to make acquisitions in technology space - Pretax loss in year ended June 30 widens to £688,242 from £303,404. Loss solely down to administrative expenses. Reports no revenue.
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Unbound Group PLC - cash shell - Says will not be in position to publish results for six months to July 31 by end of October AIM deadline. Shares are currently suspended and have been since July. It did not publish results for year ended February 5 by August 5 deadline also. ‘It remains unlikely that the company will be in a position to publish its annual report and its interim results in the near future,’ Unbound adds. Still on the hunt for possible acquisition opportunity, though ‘these remain at an early stage there can be no certainty that any transaction will ultimately be completed’.
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Rurelec PLC - cash shell and owner of turbines - Agrees to dispose of wholly owned subsidiary, Cochrane Power Ltd, as well as Cochrane’s underlying Chilean subsidiaries. ‘The Cochrane Group was originally formed with the intention to develop, own and operate power stations in Chile but this strategy was not progressed,’ Rurelec adds. Total consideration payable is £25,000. ‘This disposal is anticipated to reduce future costs as part of the company’s continuing strategy to simplify the group,’ it adds.
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