The following is a round-up of earnings for London-listed companies, issued on Wednesday, and not separately reported by Alliance News:
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Savannah Energy PLC - London-based mining company focused on Africa - Estimates total revenue in 2024 was $258.7 million, down slightly from $260.9 million year-on-year. Production was ‘broadly in line with the prior year’, though Savannah averaged 23,100 barrels of oil equivalent per day, down from 23,600 boepd in 2023. The firm expects to report higher total income of $393.6 million versus $289.8 million year-on-year, with an increase in other operating income offsetting the revenue drop. Annual cash collections in Nigeria rose to a record $248.5 million from $206 million the previous year. However, cash balance reduced to $32.6 million at December 31 from $107.0 million the prior year, due to higher net debt, which was around $634.0 million at the year-end, compared to $473.7 million in 2023. Savannah says it converted a NGN332 billion loan into approximately $213,328, which was used for partial repayment of a separate loan. The company says it is commissioning a $45 million processing facility in Nigeria, with procurement underway on new drilling campaigns. Plans are progressing to acquire Sinopec International Petroleum Exploration & Production Company Nigeria Ltd. Savannah is also looking for an ‘alternative transaction structure’ to buy into a South Sudanese oil and gas project. The company expects total invoiced sales for 2024 ahead of previous guidance. The firm anticipates capex slightly below expectations.
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Ariana Resources PLC - London-based miner of gold and technology metals - Reports its ‘second highest revenue ever’ at the Zenit project in Turkey, where estimated gross revenue was $54.7 million and average revenue per gold ounce was $2,621. Ariana says it sold 20,866 ounces of Zenit gold in 2024 versus the expected 20,000 ounces. The company continues work at its Tavsan and Kiziltepe projects, also located in Turkey. Production will restart shortly at Kiziltepe’s Arzu South mine which was recently extended. This has exposed additional ore for mining in the first-quarter of 2025, Ariana says. The company adds that Tavsan’s production grew during 2024, with the processing plant now complete, and testing due to commence, though some operations at the site are delayed by weather conditions.
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Afentra PLC - London-based mining firm focused on African oil and gas` - Says net average production in the year to December 31 was 6,229 barrels of oil per day, with 2.27 million barrels sold at an average price of $82 each. The company estimates $186.7 million in revenue from the sales. Year-end cash resources are valued around $54.8 million, including $7.9 million in restricted funds. Afentra has a $42.0 million reserve-based loan and no working capital facility. The firm says net cash balance at December 31 was $12.8 billion. Afentra notes ‘strong operational performance post-shutdown’ of its facilities, which were upgraded in 2024. The company notes a new licence award for onshore mining in Angola’s Kwanza Basin and says it expects to increase investment in 2025.
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Greatland Gold PLC - London-based miner targeting Western Australia - Says it has completed acquisition of the Telfer and Havieron projects, putting its stake at 100% as of December 4. The company notes Telfer’s total production as 29,864 ounces of gold and 1,189 tonnes of copper during Greatland’s first 27 days of ownership. Greatland is planning to extend Telfer and is engaged in feasibility studies for the Haverion project, targeted for completion in the second-half of 2025. Greatland says net cash balance at December 31 was A$145.0 million, approximately £73.7 million, with an undrawn working capital loan of A$75 million. The company will report guidance for the remainder of 2025 in April.
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Europa Metals Ltd - Perth, Australia-based mining firm with European assets - remains suspended in London as it continues negotiations to buy Viridian Metals Ireland Ltd. Europa says it is seeking ‘additional near term funding’ for the acquisition. The two companies entered a conditional term sheet on September 4, with a 150-day mutual exclusivity period. Europa shares will remain suspended from AIM until the company publishes an admission document for the deal, or announces that it will not be proceeded. Europa advises caution for any transactions of its shares on the Johannesburg Stock Exchange, where they are still trading.
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