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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Cadence Minerals PLC - early-stage investment firm focused on companies in the mineral resource development sector - Says Evergreen Lithium Ltd has received soil sampling results from its Bynoe lithium project in northern Australia. The results confirm the ‘likely presence’ of LCT pegmatites within the Bynoe lease. Sampling also identifies ‘additional large scale lithium pegmatite targets’ within Evergreen’s 231 kilometre squared licence. Cadence says Evergreen is planning reverse circulation drilling to test geochemical and geophysical anomalies at the sight, followed by potential diamond drilling. Cadence holds around 15.8 million shares in Evergreen as of July 2022, and a further A$3.5 million of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by the company.
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Gulf Investment Fund PLC - Isle of Man-based investment company focused on the seven countries in the Gulf Cooperation Council - Says net asset value rose 4.4% in the quarter ended March 31, outperforming the firm’s benchmark S&P GCC Index, which rose 2.3%. GIF says that the positive performance was driven by its investment in Saudi Ground Services Co, up 43%, Arabian Centres Ltd, up 20%, and Arab National Bank, up 15%. Negative performers in the portfolio were Commercial Bank of Qatar, down 22%, and Qatar National Bank, down 14%. GIF ended the quarter with 20 holdings in Saudi Arabia, six in Qatar, two in the UAE, one in Kuwait and one in Oman. Looking ahead, the company is confident in the investment potential of the GCC, and says that ‘ongoing reforms, tourism growth and expansion of the non-oil economy’ will support further growth. However, it warns that regional conflicts and pressures on Red Sea shipping routes pose short term threats.
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Shanta Gold Ltd - East Africa-focused gold explorer - Says ongoing drilling at the New Luika gold mine in Tanzania intercepted multiple areas of gold mineralisation. Highlights include a 2.4-metre interval at the Elizabeth Hill deposit with 6.84 grams of gold per tonne of ore, and a 1.0-metre interval at Jamhuri Main with 16.78 grams per tonne. Positive results were also reported from the company’s 37-hole drilling programme at the Singida Gold Mine in central Tanzania, including a 0.5-metre interval at 30.4 grams per tonne.
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Beowulf Mining PLC - Nordic-focused mineral resource developer - Completes consolidation of 100% interest in Vardar Mineral Ltd, a mineral exploration company focused on the Balkans and southeastern Europe. The transaction was expected to close on March 15, but Beowulf said that an unspecified ‘administrative issue’ pushed this date back. Beowulf’s holding in Vardar was previously 61%, and the company issued 52.3 million shares to Vardar minority holders to consolidate its interest. Chief Executive Officer Ed Bowie says: ‘Vardar has an exciting portfolio of exploration assets in a highly prospective yet under-explored region. Consolidating the ownership gives us full operational control and optionality to drive the growth of the business including reviewing acquisition, divestment, joint venture and strategic investment opportunities.’
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Savannah Resources PLC - lithium development company and owner of the Barroso lithium project in northern Portugal - Says it has purchased three additional plots in Portugal for Barroso project, bringing the total to 100 plots bought from local landowners. Civil action was brought against certain landowners in respect of land packages sold to Savannah, but the company says requests for Savannah to suspend work on these land packages have been dismissed by a local court while the case continues. Baseline surveying for the RECAPE phase of the environmental licencing process for Barroso has been completed, and Savannah expects to publish resource estimate for the project later in April. Chief Executive Officer Emmanual Proenca says: ‘Savannah continues to be very busy on a wide range of fronts as we look to advance our project, one of Europe’s key lithium assets, towards development and production.’
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Seed Innovations Ltd - Guernsey-based investment company - Says the planned merger between its investee company Northern Leaf PLC and Voyager Life PLC has been terminated. In Mid-March, the two UK-based medical cannabis and hemp-related product producers signed a heads of terms deal to create a company with a combined valuation of over £5 million. Seed Innovations owns 1.2 million shares in Northern Life, representing around 0.6% of the company’s share capital. Seed expects to carry the investment in Northern Lead, valued at £13,000 as at December 22, at no value in its financial statements as at March 31.
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