The following is a round-up of trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Bank of Georgia Group PLC - FTSE 250-listed Tbilisi, Georgia-based lender - Subsidiary JSC Bank of Georgia delivers unaudited profit of ₾1.30 billion, around £381.3 million, for 2023. JSC published profit of ₾981.9 million for the first nine months of the year, while Bank of Georgia delivered ₾1.07 billion.
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Pensana PLC - London-based rare earths explorer - Says that The Mineral Corp has submitted technical due diligence report on the Longonjo rare earth project in Angola. Pensana’s Portuguese subsidiaries own 84% Longojo rights holder Ozango Minerals SA. Nominal plant feed of 0.8Mtpa has been specified at a 4.12% TREO feed grade and an 0.9% NdPrO feed grade. TMC believes ‘ramp-up to achieve design recoveries will be challenging’ but ‘notes no fatal flaws in terms of the revised bankable feasibility study’. Says sustaining capital may be slightly understated but this doesn’t present a material risk to Longonjo.
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Invesco Bond Income Plus Ltd - investment company focused on bonds and other fixed-interest securities - Intends to launch placing to help new and existing investors maintain high yield exposure. Expects to announce issue price on February 6. Also intends to run retail offer alongside placing. Will cap fundraising at £15 million, while the total value of shares available through the retail offer will not exceed €8 million.
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Marula Mining PLC - Africa-focused mining and development company - Says commissioning of Rados Ore sorter at the Blesberg Lithium & Tantalum Mine has now been completed, as has ‘successful’ first bulk testing and production. Handover or sorter to Marula’s management has now taken place. Company says sorter’s artificial intelligence capabilities and algorithm have made ‘major advances’ causing increase in spodumene recoveries. Says spodumene recoveries are exceeding and outperforming previous test results. Adds that optimisation will continue and production is forecast to increase further once new equipment is delivered and commissioned.
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Gran Tierra Energy Inc - Calgary, Canada-based and South America-focused oil and gas company - Reports net asset value per share at December 31 of $44.48 before tax at 1P, more than triple that in 2020, and $79.13 at 2P, more than double that from 2020; and $116.56 at 3P. Total production in 2023 averaged approximately 32,650 barrels of oil per day, up 6% from 2022 and within guidance. Plans to grow production in 2024 while adding new reserves and future growth through exploration. Company is ‘excited to restart drilling’ in its high-impact exploration portfolio this year. Forecasts 2024 production of 32,000 to 35,000 bopd, up 4% year on year.
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JPMorgan Emerging Europe, Middle East & Africa Securities PLC - London-based investor in emerging European nations, Middle East and Africa - Declares 0.5 pence per share dividend for 2023, up from no dividend the prior year. No interim dividend, following 15.0 pence in 2022. NAV per share at October 31 was 46.7p, unchanged from same time in 2022. Says company is in very difficult period, and that Russian invasion of Ukraine is unlikely to be resolved. Says its challenge is to use new investment objective to grow assets, but is confident this is achievable and will ‘at least [help] the company steer through this very difficult period’.
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Hummingbird Resources PLC - West Africa-focused and Birmingham, England-based gold producer, developer and explorer - Notes announcement by Pasofino Gold Ltd regarding a private placement totalling approximately $2.3 million, including a $2 million investment by Hummingbird. Company’s shareholding in Pasofino is now 53%. Says funds will be used to optimise the 2022 feasibility study for and further advance the Dugbe gold project in Liberia.
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