The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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VH Global Sustainable Energy Opportunities PLC - London-based investor in energy infrastructure - Announces a major milestone for its 10 megawatt UK flexible power asset with carbon capture and re-use. Says following the successful completion of a series of commissioning tests by Landmark Power, Yellow Power and Rolls Royce MTU the operations of the asset’s power plant, comprising four Rolls Royce 16V engines, has now been transferred to its operating partner LMPH. The testing and commissioning process took two weeks during which time the units successfully generated power to the grid. Notes the timeline for the testing and integration of the CCR element of the asset is still on track to be complete in the second half of the year with all key equipment now on site and installed.
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Graft Polymer (UK) PLC - London-based developer and producer of polymer modification and drug delivery systems - Says operational review referenced last Thursday has begun. Explains the review is focused on the healthcare industry orientated Graft Bio division which, company says, has ‘strong prospects’ through its intellectual property, licensing agreements, and sales contracts.
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Keras Resources PLC - Surrey, England-based mine developer focused on West Africa and the US - Says that following the cooperation agreement signed with the Republic of Togo in May 2023 related to the Nayega Manganese mine that activities have recommenced at Nayega. Adds the State, through its 100% owned investment company Societe Togolaise de Manganese, is currently managing a public-private partnership award procedure to appoint a contractor to manage all activities at Nayega. The tender process closes on June 7 and requires the successful applicant to be fully mobilised within 6 months of the tender award. As announced in 2023, Keras has advisory and brokerage agreements with the State. Chief Executive Graham Stacey says: ‘The mobilisation of key staff at Nayega and the issue of a request for tender for the management of the Nayega operation is a significant step forward in the development of this asset which the company fully supports and is very much in line with the 2023 cooperation agreement we have.’
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DG Innovate PLC - London-based research and development company focused on environmental improvements to electric vehicle drive and energy storage technologies - Raises £786,500 via placing at 0.10 pence per share with certain institutional and other investors. Notes the placing was cornerstoned by Norway’s largest financial services group, DNB ASA, which will hold around 4.9% of the company’s share capital. Says the placing was substantially oversubscribed. Proceeds will provide short term funding to support the establishment of the joint venture with EVage Automotive Pvt Ltd and other commercial strategies, and also strengthen the balance sheet ahead of a proposed move to the AIM market of the London Stock Exchange and an associated fundraise.
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Strategic Minerals PLC - London-based mining and exploration company - Says 100% owned subsidiary Cornwall Resources Ltd continues to develop the Redmoor Project through a process of relogging and sampling of its drill core. Notes the potential for resource upside has been identified from previously unsampled mineralisation. Says a sample has been selected and shipped for geochemical analysis, with results expected within 2 months. Re-logging and sampling continue with additional samples in preparation for dispatch. ‘This process has the potential to have positive upsides at a low cost,’ company says.
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Kefi Gold and Copper PLC - exploration and development company focused on gold and copper projects in the Arabian-Nubian Shield - Provides an operational update for the Hawiah Copper-Gold Project in the company’s minority-owned Gold & Minerals Ltd joint venture. At Hawiah, says over 50,000m of the 65,000m infill drilling programme is complete in preparation for updating the existing Mineral Resource Estimate. Notes results are in-line with expectations as modelled. Further, says a second phase of drilling has started at the satellite Al Godeyer deposit. This aims to infill and expand its maiden MRE reported in 2023.
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Triple Point Social Housing REIT - London-based real estate investment trust, with a portfolio focused on social and supported housing in the UK - As part of its commitment to delivering value to shareholders, plans to ‘actively’ review the terms of the investment management arrangements, with the objective of aligning these further with the interests of shareholders. This starts immediately and is expected to be completed within three months. Remains committed to exploring ‘all avenues’ in order to deliver further value to shareholders.
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PetroTal Corp - Calgary, Canada-based firm focused on oil and gas development in Peru - Reports first quarter net income of $47.6 million down from $53.5 million a year prior. Adjusted earnings before interest, tax, depreciation and amortisation was $82.9 million more than doubled from $40.8 million. Reports average first quarter 2024 sales and production of 18,347 and 18,518 barrels of oil per day respectively, PetroTal’s second best quarter to date and within guidance. Exits quarter in a strong cash position with $85.2 million in total cash. ‘Q1 2024 was an exceptional and near record quarter for PetroTal. Cash flow was stronger than projected in previously announced guidance, allowing the company some additional flexibility to plan for upcoming heavier [capital expenditure] quarters likely to be seen under dry season conditions,’ company says.
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Artemis Resources Ltd - Western Australia-focused gold, copper and lithium explorer - Says recent ground reconnaissance program continues to demonstrate consistency, growing the strike length and grade of its lithium prospects in the Pilbara region of Western Australia. Executive Director George Ventouras comments: ‘We are pleased with the results of the latest sample assays received from the lab which continue to point to a high-grade lithium mineralised system. The Mt Marie prospect is fast becoming a priority one target which will be ripe for drilling once heritage clearances are completed.’
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Asiamet Resources Ltd - London-based mineral exploration company focused on copper, gold and polymetallic assets in Indonesia - Pretax loss in 2023 narrows to $5.2 million from $7.0 million a year prior. Discloses no revenue, unchanged. Expenses fall to $5.1 million from $6.9 million.
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PureTech Health PLC - Boston, Massachusetts-based biotherapeutics company - Presents data from multiple SPT-300 trials at Society of Biological Psychiatry annual meeting. Notes SPT-300 demonstrates nine times greater allopregnanolone exposure in humans dosed orally than published data for oral allopregnanolone. In a Phase 2a trial, notes SPT-3002 substantially reduces stress-induced levels of cortisol, supporting Seaport’s planned studies in mood and anxiety disorders, including anxious depression.
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Amati AIM VCT PLC - Edinburgh-based investment company - Proposes special dividend of 10 pence per share. Forms part of strategic review which is ongoing. Reflects ‘current high cash levels, limited new investment opportunities on AIM and ongoing realisations from the portfolio,’ company says.
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Catenai PLC - London-based media and technology company - Following shareholder approval, provides the first tranche of £150,000 to Klarian as part of the convertible loan note announced in April.
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Argentex Group PLC - international provider of foreign exchange services for institutions, corporates and high-net-worth private individuals - Following completion of retail offer, plans to issue 7.2 million shares at the issue price of 45 pence per share to raise around £3.3 million.
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Bens Creek Group PLC - owner and operator of metallurgical coal mines across North America - Updates on the Group’s Chapter 11 cases. Notes an amended debtor-in-possession financing was put forward to the Court by Avani Resources Pte Ltd, the company’s largest shareholder. Explains a further court hearing will be held on June 6. In the interim, to enable the Chapter 11 companies to fund their operations and meet their payment obligations between now and the hearing, Court gives interim acceptance of the new Avani DIP facility and consequently allows the Chapter 11 companies to drawdown up to $2 million from it. Through management of its creditors, Bens Creek says it has extended its cash runway position and has sufficient cash to meet its immediate day-to-day working capital obligations. In the absence of any additional funds being received or a change to its financial position, the group now has an expected cash runway through to the end of May.
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