The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Chariot Ltd - Africa-focused transitional energy company - In 2023, pretax loss narrows to $15.6 million from £14.9 million a year prior. Revenue totals $80 compared with zero. Basic and diluted loss per share unchanged at $0.02. ‘Going forward, we are focused on generating near-term cashflows from our gas business with our overriding ambition to return capital to shareholders from these revenues. While we will continue to pursue new opportunities, we see great scale and value across our current asset base and are fully focused on delivery throughout 2024 and beyond,’ company says.
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Destiny Pharma PLC - biotechnology company, focused on developing and commercialising medicines for life-threatening infections - Says that the UK Medicines & Healthcare products Regulatory Agency grants an innovation passport under the Innovative Licensing and Access Pathway to XF-73 nasal for the prevention of post-surgical site infections. XF-73 nasal is a medicine developed to prevent post-surgical infections and is potent against all MRSA strains. The pathway provides access to the MHRA and its partner agencies, Destiny notes. Chief Executive Chris Tovey says: ‘XF-73 nasal and its successful innovation passport application builds upon its already existing US FDA qualifying infectious disease product status, demonstrating the significant regulatory endorsement and recognition of XF-73 nasal’s potential in addressing the challenges of antimicrobial resistance.’
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Golden Metal Resources PLC - Nevada, US-focused critical and precious metals exploration and development company - Announces an update from the company’s 100% owned Pilot Mountain and Garfield projects in Nevada. Plans to accelerate the exploration of other high priority copper and tungsten targets across the projects, alongside drilling of key diamond targets at Pilot Mountain. Chief Executive Oliver Friesen says: ‘Based on the results achieved across multiple target areas thus far, we are of the belief that the data from the ongoing campaign, which is the largest single geophysical exploration campaign undertaken by Golden Metal to date, will lead to multiple exciting drill-ready targets.’
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US Solar Fund PLC - London-based investment company focusing on owning and operating solar power assets in North America - Says the company will purchase around 24.4 million shares under the tender offer at a price of $0.764 per share. This is the maximum number of shares to be acquired under the tender offer, around 7.3% of the issued share capital of the company. US Solar notes around 270.7 million were validly tendered for the offer.
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Oracle Power PLC - Western Australia and Pakistan-focused energy projects developer - Says that the phase 2 drilling programme has now been completed at its Northern Zone Gold Project in Western Australia. In a separate announcement, Oracle says it has acquired the Blue Rock Valley Copper and Silver project. Blue Rock is located in the Ashburton Basin in Western Australia, 165km southeast of Onslow. ‘I am very pleased to announce that we have completed the acquisition of this exciting copper and silver project in Western Australia, of this magnitude, that represents a great opportunity for Oracle,’ Chief Executive Naheed Memon says.
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Helix Exploration PLC - exploration company focused on the commercial development and monetisation of a non-hydrocarbon associated helium rich gas structure in the Ingomar Dome located in central Montana - Says scoping study shows net present value of $303.1 million and an initial capital expenditure of only $19.7 million. Study shows net revenue of $605.6 million over 29-year length of mine. Chief Executive Bo Sears says: ‘We are delighted with the results of this scoping study that demonstrate the potential for exceptional economic returns across a range of modelled scenarios.’ Adds: ‘The Ingomar dome project demonstrates potentially high returns and low capital requirements. Rapid payback and free cash-flow estimates of over $40 million dollars a year release a range of finance possibilities to provide initial [capital expenditure] requirement.’
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Blackstone Loan Financing Ltd - investment company in managed wind-down - Redeems 24.8 million shares for cancellation on Monday at rate of €0.9282 each. On this basis, a holder of 10,000 shares has had 559 shares redeemed and will receive €518.86 in cash. A total of 5.5968% of the company’s issued share capital has been redeemed.
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GCP Asset Backed Income Fund Ltd - Jersey-based investment company - Redeems 159.6 million shares at the price of 89.67 pence per share. This represents just under 38% of the company’s share capital.
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Oriole Resources PLC - West Africa-focused mineral exploration and development company - Provides update for its around 82% owned Bibemi orogenic gold project in Cameroon where a phase 5 drilling programme has commenced. Explains drilling was delayed due to logistical challenges, largely related to the Red Sea shipping crisis. Puts provisions in place to enable the programme to continue into the rainy season. Expects results during the third or fourth quarter. Further, receives $80,000, the final payment, in relation to the company’s interest in the Hasançelebi and Doğala mining projects in Turkey. Proceeds will be used to fund further exploration work.
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Pantheon Resources PLC - oil and gas company, focused on developing the Ahpun and Kodiak onshore oil fields in Alaska - Announces results of the recent independent expert report by Cawley Gillespie & Associates Inc. CGA estimates the net present value of the total contingent resources in the western topsets in the Ahpun field at $1.74 billion. This completes the independent estimates for the company’s aggregate resources from the Kodiak field, Ahpun western topsets and Alkaid horizon resulting in totals exceeding 1.5 billion barrels of Crude and 6.5 trillion cubic feet of associated gas. Executive Chair David Hobbs says: ‘We now have independent validation of all the contingent resources we are working to develop, including support for the commerciality of the Ahpun development, which will be first onstream given its immediate proximity to the established pipeline and road infrastructure.’
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Anglo Asian Mining PLC - Azerbaijan-focused gold, silver and copper producer - Says its subsidiary, Azerbaijan International Mining Co Ltd enters £5 million prepayment in respect of its sales of copper concentrate with Trafigura Pte Ltd. Under the agreement, Anglo Asian Mining will receive $3 million immediately and a further $2 million upon resumption of flotation processing. The agreement runs until the end of 2024 by which time the company expects sufficient concentrate will have been delivered to Trafigura to settle the advance payments. In addition, continues to discuss utilisation of its vendor financing facility with Caterpillar Financial Services Corp. The company is also discussing further bank financing with local banks. However, the agreement with Trafigura provides additional flexibility to finance its operations during the next few months whilst operations are restarted.
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