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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Bluejay Mining PLC - London-based base metals and gold explorer and developer with projects in Greenland and Finland - Provides update on the 100%-owned Dundas Ilmenite Project located in North-West Greenland. Following an in depth assessment of deficiencies in the 2022 work programs at Dundas, alongside consultations with various independent consultants, the company determines that there is sufficient evidence to warrant the reinstatement of the 2019 mineral resource estimate. Explains the decision to reinstate the 2019 MRE reflects a well-informed position that the downgrade in the 2023 MRE was the result of multiple factors, including the use of unsuitable drilling methods, and questionable decision-making. Bluejay reaffirms its commitment to transparency and integrity with its shareholders and says it will continue to prioritise clear communication, accountability and ethical conduct. Also considers legal options concerning individuals involved in the 2023 resource estimation process, including former members of management.
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Rainbow Rare Earths Ltd - South Africa and east Africa-focused rare earth oxide producer - Announces results of the mineralogy and hydrometallurgical test work recently carried out on phosphogypsum material from The Mosaic Co’s Uberaba site in Brazil. Explains the site is the subject of a memorandum of understanding between Rainbow and Mosaic. Says Uberaba phosphogypsum material demonstrates good monazite liberation results, giving indications of an economic process route to follow. Adds due to the scale of the opportunity at Uberaba, an eventual rare earths processing operation could be larger volume than that envisaged at Phalaborwa. Chief Executive George Bennett says: ‘These initial mineralogy results are very positive because they demonstrate that the Uberaba material shows good liberation results that bode well for a potentially economic operation to recover the rare earth elements. As anticipated, the Uberaba material has similar characteristics to Phalaborwa and we continue to expect that a significant portion of the process flowsheet and intellectual property developed for Phalaborwa can be applied to rare earth extraction at Uberaba. However, given the scale of the Uberaba project, we could expect a rare earths processing operation there to be significantly larger than that at Phalaborwa.’
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Shanta Gold Ltd - East Africa-focused gold explorer - Provides an exploration update for the West Kenya Project in Kenya. CEO Eric Zurrin comments: ‘Today we announce a series of encouraging drilling results at West Kenya related to our exploration programme for the periods Q4 2023 and Q1 2024. At Ramula, the 2,911 metres of assays reported today should allow us to convert Inferred resources to Indicated category resources. Results from the 1,886 metres of assays at our early-mid-stage targets at both Miruka and Anomaly 22 have demonstrated economic range mineralisation, confirming the continuity of the mineralisation.’ Shanta says a mineral resource estimate update for Ramula is scheduled by end of the second quarter.
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Marks Electrical Group PLC - Leicester, England-based electrical products retailer - Reports trading update for the twelve months to March 31. Says full-year revenue rose 17% to £114.3 million from £97.8 million, with more modest 2% growth in the three months ending March to £25.3 million from £24.8 million. Highlights increased market share in the major domestic appliances and consumer electronics markets. Says gross product margin was maintained in the second half as expected, and the group achieved an adjusted earnings before interest, tax, depreciation and amortisation of around £5.0 million. Notes a further improvement in working capital and inventory turn helped Marks achieve a closing net cash position of £7.8 million, taking into account strategic investments in vehicles, equipment, facilities and systems. CEO Mark Smithson says: ‘We are very pleased with the growth in our order volumes and new customer acquisitions during the period and the strong growth we have seen in early April, giving us confidence that our fundamental strategy of continued profitable market share gains and excellent customer service will help us in delivering further growth.’
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Polarean Imaging PLC - London-based medical imaging technology developer - Announces the issuance of US Patent 11,944,424, covering the use of Xenon MRI for cardiopulmonary blood flow imaging. Polarean says it met with the US Food & Drug Administration in October 2023 regarding the gas exchange indication, including cardiopulmonary blood flow imaging, and is continuing to work towards completing its plans for a clinical trial to expand the label for XENOVIEW, the hyperpolarised Xenon MRI contrast agent. ‘With this patent, the Polarean Xenon MRI platform is poised to revolutionise the imaging of pulmonary blood flows and pressures,’ company says.
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Nexteq PLC - Cambridge-based technology products provider for gaming and broadcast industries - Issues trading update at Tuesday’s annual general meeting. Says: ‘The board remains confident in the group achieving full year market expectations. As previously announced, order intake is expected to improve into the second half of the year as customers rebuild inventory. The robust gross margin performance seen in 2023 has continued into 2024, mitigating the anticipated subdued revenues seen in the first quarter amid wider economic uncertainty. We have continued to generate healthy operating cash flows, leading to a net cash position of $32.0 million at March 31.’ Believes the business is ‘well positioned to deliver long-term sustainable growth through execution of its organic and acquisitive growth strategy.’ Notes the current range of forecasts for the year ended December 31 2024 is revenue of between $114.8 million and $115.9 million with a consensus of $115.4 million and adjusted pretax profit of $14.9 million.
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SulNOx Group PLC - London-based greentech company, which provides solutions towards decarbonising and improving the efficiency of liquid hydrocarbon fuels - Provides trading update to March 31. Reports fourth quarter revenue of £314,995, multiplied from £104,572 in the third quarter, and from £82,546 a year prior. This was driven by expanding marine sales and associated third party emission monitoring equipment as well as new and repeat sales in Asia. Full-year revenue rises to £555,290 from £203,061. Notes the first quarter of the new financial year has also started positively with committed sales of around £105,000 and a strong revenue pipeline as repeat orders are placed for Ghana and marine evaluations continue to grow in both number and wider usage across fleets. ‘We expect revenue improvement to continue throughout 2024,’ the company says.
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