The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Goldplat PLC - London-based gold miner and producer, which has recovery operations in Ghana and South Africa and serves clients in Africa and South America - Reports revenue in the half-year to June 30 was £41.9 million, down 3% from £43.2 million the year prior. Pretax profit fell to £3.4 million from £5.8 million with basic earnings per share of 1.67 pence compared to 2.08p before. Explains operations have been impacted by increased electricity supply cuts in South Africa; the slow turnaround of debtors due to delays from a smelter in Europe; and delays in export of material out of Ghana during the last quarter due to finalisation of the renewal of its gold license.
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Deltic Energy PLC - London-based natural resources investor focused on the Southern North Sea - Updates on progress on Pensacola and Selene. At Pensacola, says joint venture has now finalised the positive well investment decision on licence P2252 and approved the 2024 work programme and budget that allows for drilling the Pensacola appraisal well in late 2024. With regard to Selene, notes Shell UK Ltd, the operator of licence P2437, says that the geotechnical site investigation works on the preferred surface location of the Selene exploration well has been successfully completed and the vessel has been de-mobilised from site. The results of this work will be incorporated into the operational drilling plan. The well remains on track to be drilled in the third quarter of 2024.
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Corre Energy BV - Groningen, Netherlands-based renewable energy storage and green hydrogen company - Agrees offtake arrangements for its GHH project in Denmark, resulting in commercial close of this project. Notes this is the second commercial close in 2023 having achieved the same milestone at Corre Energy’s ZW1 project in the Netherlands in the first half. Practical components are now in place and include land, grid and cavern access arrangements, taking both projects substantially closer to completion company says.
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Narf Industries PLC - London-based cybersecurity group which specialises in high-end threat intelligence and critical infrastructure security - Announces a collaboration effort with MITRE and Red Balloon Security to develop a new threat model for embedded software and hardware solutions that mitigate cyber threats to critical infrastructure. MITRE is a not-for-profit US corporation with over $2.2 billion in annual revenue, and which manages federally funded research and development centres supporting a variety of US government agencies. Red Balloon Security provides firmware-level solutions for manufacturers to secure devices that protect essential infrastructure. The new framework will focus on the critical infrastructure sector, which depends on embedded devices that often lack proper security controls and are increasingly threatened.
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Chariot Ltd - Africa-focused transitional energy company - Increases stake in the South African electricity trading company Etana Energy Ltd alongside H1 Holdings (Pty) Ltd. On completion, Chariot will own 49% (previously 25%) and H1 will own 51% (previously 26%) of Etana. Explains Chariot and H1 are buying the 49% of Etana previously held by the Neura Group. Says electricity trading will bring an additional revenue stream and further enable Chariot’s participation in large renewable projects in Southern Africa.
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Thor Energy PLC - US and Australia-focused mineral exploration company - Announces the signing of an agreement between EnviroCopper Ltd and Andromeda Metals Ltd to acquire the Exploration Licence 5984 on the Yorke Peninsula, South Australia. Thor currently a holds 30% equity interest in ECL. Further, announces strategic investment by Alligator Energy Ltd into ECL. Alligator will make an initial investment of A$0.9 million for 7.8% of ECL, with the option to make further staged strategic investments to increase its ownership in ECL to 50.1%.
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Jangada Mines PLC - London-based and Brazil-focused miner prioritises commodities needed in the renewable energy sector - Announces an update on critical mineral extraction technology company, Fodere Titanium Ltd, in which it holds a 7.7% interest. Reports extractive technology proven at pilot level in Zambia. Explains the technology enables the recovery of 99% of minerals from various tailings feedstocks in a single process, significantly reducing operational costs and benefitting the environment. Notes plans for full commercial plant in place with support from an African focused development bank, which is intending to finance the initial commercial plant with an investment exceeding $70 million.
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Flex Labs Inc - artificial intelligence middleware products developer - Announces the beta launch of its artificial intelligence agent app store. This platform allows for the creation, distribution, and monetisation of AI agents.
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Majedie Investments PLC - investment trust managed by Marylebone Partners LLP that aims for long-term capital appreciation whilst paying a regular dividend - Reports net asset value at par value at September 30 of 241.7 pence, up 9.6% from the year prior. Dividend nearly halved to 5.4p from 10.4p while net revenue return per share slumped to 1.6p from 5.2p. Notes investment conditions were challenging throughout the year as global equity and bond markets were volatile as inflationary expectations and political events created uncertainty for investors and governments.
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Tungsten West PLC - mining company, working to restart production at the Hemerdon tungsten and tin mine in Devon, England - Raises £1.8 million by way of tranche C of the 2023 convertible loan notes. Explains the terms and conditions are substantially the same as the tranche A and B CLNs announced in May 2023. Explain proceeds will support the company as it continues to progress its activities in permitting, updating its feasibility study, and associated financing. Expects to require further funding via an additional tranche D under the existing CLNs, or other instrument, in the first quarter of 2024 to complete the feasibility study and allow the company to complete its main financing round.
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Wentworth Resources PLC - Tanzania-focused natural gas production company - Provides an update on the offer from Etablissements Maurel & Prom SA which is now expected to complete before December 31. Explains approval for the deal has been received from the Tanzanian Fair Competition Commission. As a result, the court hearing to sanction the scheme by the deal will be facilitated, is expected tomorrow. Scheme is expected to become effective on December 22.
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Molecular Energies PLC - oil, gas and alternative energy company - Achieves significant technological and commercial breakthrough at Dual Fuel Ltd, a wholly owned subsidiary of the company’s 75% owned alternative energy development division, Green House Capital Group PLC. Explains initial trials on DFL’s proprietary hydrogen injection technology indicate that a minimum of around 20% of hydrogen can safely be introduced into a heavy-duty diesel vehicle engine resulting in a proportionate reduction in the amount of emissions and a significant extension to driving range. The 20% displacement represents the baseline for DFL’s technology and establishes its credentials as a commercial solution for heavy-duty diesel fleet operators worldwide with first customers in launch country Paraguay already identified. DFL will now move to live testing on a rolling-road expected to take place in the first quarter of 2024.
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Power Metal Resources PLC - Metals exploration company focused on North America, Africa, and Australia - Reports encouraging results at its 100% owned uranium business in Saskatchewan, Canada. Explains the 2023 uranium focussed exploration programme is the largest undertaken by the company and covered 10 properties. Notes significant prospective uranium anomalies have been confirmed at two more properties, in addition to the four previously notified.
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