The following is a round-up of updates by London-listed companies, issued on Tuesday, Wednesday and Thursday and not separately reported by Alliance News:
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Beowulf Mining PLC - London-based mining company with projects in Sweden, Finland and Kosovo - Appoints Dmytro Siergieiev as project director for the Kallak iron ore project in northern Sweden from May 1. ‘Dmytro is an accomplished project manager with a strong technical background and excellent interpersonal skills. His immediate tasks will be to oversee and propel the ongoing pre-feasibility study and environmental work in preparation for the environmental permitting process,’ the company says.
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BWA Group PLC - company which has mineral exploration licences in Cameroon and Canada - Provides update on completed reconnaissance site visit to the Isoukustouc licence group in Quebec. Says ten surface samples were taken from accessible areas near geophysical anomalies from recently completed Rio Tinto versatile time domain electromagnetic surveys. Managing Director James Butterfield says: ‘We are pleased to have conducted a preliminary albeit limited site visit to Isoukustouc and are extremely encouraged with the anomalous levels of mineralisation that have been received. Results show that the area is prospective as thought and BWA look forward to defining a more comprehensive study plan and exploring the licence in a more systematic and thorough manner in the near future.’
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Cadence Minerals PLC - London-based investor backing mineral resource assets - Hails progress at Amapa iron ore project in Brazil, noting that optimisation studies to reduce Amapa plant capital expenditure are nearing completion. Adds that an additional processing flow sheet is being developed to increase product quality to 67% iron ore concentrate. Expects grant of installation licences over the mine, port, railway, beneficiation plant and mine during 2024. Chief Executive Officer Kiran Morzaria says: ‘I am delighted to report that the Amapa project has taken a substantial series of steps forward since we announced the memorandum of understanding with Tianjin Cement Industry Design & Research Institute Co Ltd in October 2023. The board fully expects to be able to deliver cost savings once the capital and operating expenditure review is complete, added to which the engineering team have identified a flowsheet which can produce a 67% concentrate product instead of the previously proposed 62% and 65% product mix. This will mean an improvement in margins and project economics, building upon an already robust $949 million net present value.’
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Celadon Pharmaceuticals PLC - London-based pharmaceutical company focused on the development, production and sale of breakthrough cannabis-based medicines - Announces results of early economic analysis of data collected as part of a feasibility study for its fully approved chronic pain clinical trial. Says patients on the study recorded an almost 50% reduction in pain scores in the first month of using cannabis-based medicines, with the reduction in pain being sustained throughout the three-month study. Further, patients saw ‘a significant improvement’ in their mean quality of sleep scores and a reduction in the use of opioids and associated medicines. Celadon says: ‘These findings, which will be built on by the additional data generated by the forthcoming CANPAIN trial, offer a solid foundation for Celadon’s engagement with [the] National Institute for Health & Care Excellence, the NHS and private health insurers in relation to the reimbursement of the cost of cannabis-based medicine treatment. The data represents a significant step towards fulfilling the unmet needs of the millions of patients living with chronic pain in the UK, providing a potential alternative to current treatments (including opioids).’
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Light Science Technologies Holdings PLC - Derby, England-based plant monitoring solutions developer - Appoints Graham Cooley as chair, whom it calls ‘a proven deal maker with a particular expertise in product and market strategy’. Cooley is the former CEO of ITM Power PLC, a Sheffield, England-based designer and manufacturer of electrolysers for green hydrogen production. Highlighting the cost, carbon footprint and security of supply of food, Cooley says: ‘Light Science has developed the right products at the right time and is well positioned to take significant share of this huge market. I am also very impressed by the recent steps that management have taken to prioritise cash generation to set a strong foundation for the future.’
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Marula Mining PLC - battery metals mine developer with projects in South Africa, Tanzania and Zambia - Expands geological and exploration team in Kenya with the appointment of Gilbert Kibet as project geologist and Joy Chebet as graduate geologist. Marula says: ‘Both Kibet and Chebet will work under the guidance of Collins Aseto, the head of Exploration, East Africa. They will work together to execute planned exploration program at the Larisoro Manganese Mine, which is proposed to include mapping, trenching ground magnetics, and reverse circulation drilling programs.’
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RM PLC - Abingdon, England-based supplier of technology and resources to the education sector - Reaches agreement with lenders to extend its current £70 million banking facility by a further year to the end of July 2026. CEO Mark Cook says: ‘I am grateful for the continuing support of our lenders and the extension to our facility and amendment to the covenant tests. Both lenders have held long term supportive relationships with the company over many years and continue to support RM as it embarks on its strategic development programme to simplify the business, reduce its net debt, and return the company to growth and profitability.’
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Third Point Investors Ltd - Feeder fund that invests in the Third Point Offshore Fund - Says returned 4.8% on a net asset value basis in February, higher than the 4.3% return for the MSCI World index, but lower than the 5.3% return for the S&P 500 index. Top contributors for the company were Meta Platforms Inc, Amazon.com Inc and energy firm Vistra Corp. Top detractors were UBS Group AG and industrials and materials company Wesco International Inc.
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