The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Atlantic Lithium Ltd - Sydney-based lithium exploration and development company, with assets in Ghana and Ivory Coast - Launches placing to raise A$7.0 million, or £3.7 million, via the issue of shares at A$0.44 each. Says it will accept over subscriptions up to A$2.0 million. Adds that proceeds of the placing will be used to support the funding of its Ewoyaa lithium project in Ghana. Chair Neil Herbert says: ‘Under Ewoyaa’s current funding arrangements, which comprise Piedmont’s staged earn-in agreement, the agreed, non-binding heads of terms with the Minerals Income Investment Fund of Ghana for its investment in the company and the process that is underway to secure a partner for a portion of the available off-take, we are in an excellent position to fully fund the company’s share of the development expenditure for the project. We look forward to the completion of the placing, which we believe represents a major milestone towards fully de-risking the funding of the project.’
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Microsaic Systems PLC - Surrey-based mass spectrometry equipment developer - Says it is evaluating a prospective acquisition opportunity which it says would support a larger fundraising to facilitate the growth of the enlarged firm. Adds that it will provide an update in the ‘coming days’. Notes that it has realised a small amount of cash to extend its cash runway through December, as it looks to complete its revised fundraising plan. Notes that the fundraising will support the working capital needs of the enlarged firm, if the acquisition goes ahead, and will also cover the consideration.
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Cornish Metals Inc - mineral exploration and development company, focused on the South Crofty tin project in Cornwall - Says pretax loss for the nine months ended October 31 was $1.6 million, narrowing from $3.6 million the year prior. Says total operating expenses widen to $3.3 million, from $2.6 million previously. Says good progress is being made on the dewatering of its mine, faster than it expected. Chief Executive Richard Williams says: ‘Looking back on 2023, I want to commend the Cornish Metals team for the outstanding progress that has been achieved at South Crofty with some very important milestones being met, in particular, the commissioning of the water treatment plant and the subsequent commencement of mine dewatering that is tracking ahead of expectations. This progress would not have been achieved without the support of suppliers, the community and other local stakeholders. Looking ahead to 2024, we can look forward to another busy year. The continuation of dewatering at deeper levels will allow access to the mine for the first time in over 25 years. We remain focussed on our objective to complete the dewatering of South Crofty within 18 months from commencement.’
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Savannah Energy PLC - London-based energy company, with projects in Cameroon, Chad, Niger and Nigeria - Says it continues to advance workstreams required to complete its acquisition of Petronas International Corp Ltd’s South Sudanese energy business.
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Challenger Energy Group PLC - Caribbean and America-focused oil and gas company - Says it has completed the minimum work programme for Area Off-1 ‘well-ahead of schedule’. Adds that it has signed contracts for the award of four exploration licenses in Uruguay, with further contracts expected to be signed shortly. Says contract signings pave the way for potential 3D seismic acquisition programmes in Uruguay, with surveys to be conducted as early as 2024. Chief Executive Eytan Uliel says: ‘This week has been extremely significant for the emerging Uruguayan offshore exploration sector, and highlights how exciting we think the next few years will be. Challenger has now completed AREA OFF-1’s minimum work programme, well ahead of schedule. At the same time, the finalisation of contracts with global industry heavyweights for multiple offshore blocks has defined Uruguay’s operator landscape, provided certainty as to their upcoming, substantial exploration programmes, and has also laid out the pathway to a potential 3D seismic shoot in late 2024 / early 2025, including coverage of prospects of interest on AREA OFF-1.
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