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EARNINGS AND TRADING: Nanoco receives proceeds from Samsung litigation

24th Jan 2024 20:16

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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Amaroq Minerals Ltd - Greenland-focused mine development company - Announces provisional results from its 2023 exploration programme on the Sava copper project, at the centre of the developing South Greenland copper belt. Says four holes drilled for 2,200 metres across two targets on the Sava Licence completed on time and budget. Explains the Sava project is centred on an emerging copper district straddling 120km across South Greenland, making this a significant new mineral belt. Identifies 36 targets across the emerging copper belt. These results are now being integrated with the extensive geophysics to extract all value ahead of further announcements in the second quarter. James Gilbertson, vice president, says: "Subject to results, we would expect to be in a position to define the feasibility of a project such as this after three to five years and at that stage establish a pathway towards permitting and development."

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Premier African Minerals Ltd - Updates on current progress on Zulu Lithium and Tantalum. Chief Executive George Roach says: "ZDD162 and ZDD163 are very pleasing results coming from the Southeast zone under development which is not part of the current pit operations. This Southeast zone appears to be spodumene quartz intergrowths dominant with more than 90% of the mineralisation associated with spodumene. ZDD165 is infill from our North pit and supportive of our conclusions to date."

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Baron Oil PLC - London-based oil and gas exploration and appraisal company - Further to announcement on December 18, says the farm-up agreements between Baron's wholly owned subsidiary SundaGas Banda Unipessoal Lda and Timor Gap Chuditch Unipessoal Lda in relation to the TL-SO-19-16 production sharing contract have been signed. Estimates that the farm-up by Timor Gap has a value to Baron of around USD8.5 million.

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Nanoco Group PLC - Runcorn, England-based developer and manufacturer of cadmium-free quantum dots and other nanomaterials - Receives the second tranche of litigation proceeds from Samsung after settling last year on a no fault basis for the alleged infringement of the group's IP. Total sum received so far is USD71.8 million. Nanoco is finalising proposals for the amount and structure of the return of capital which can now go ahead following this receipt. Expects to update shareholders shortly. Proposals will be in line with the previously announced commitment to return between GBP33.0 million and GBP40.0 million to shareholders.

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Tlou Energy Ltd - Botswana and Southern Africa-focused energy company - Issues quarterly report to December 31. Notes first gas flared from the Lesedi 6 production pod, while Lesedi 4 pod is dewatering in line with expectations. Adds the 66 kilovolt overhead transmission line is effectively complete and electrical substations are approximately 37% complete.

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Van Elle Holdings PLC - Kirkby-in-Ashfield, England-based ground engineering contractor - Reports revenue in the six months to October 31 of GBP68.2 million, down from GBP80.8 million the year prior. Pretax profit eases to GBP2.5 million from GBP3.3 million, while basic earnings per share fall to 1.6 pence from 2.6p. Dividend remains unchanged at 0.4p. Company calls performance resilient in challenging market conditions. Remains confident in achieving market expectations for the full year of GBP5.0 million in underlying pretax profit.

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Seed Innovations Ltd - investment firm focused on early-stage health, wellness and medical cannabis companies - Notes announcement by Germany-based portfolio company, Avextra AG, a vertically integrated medical cannabis company in which Seed holds a 3% stake. Says Avextra and the German Pain Association jointly announce a collaboration to support patients suffering from chemotherapy-induced neuropathic pain.

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Xtract Resources PLC - London-based diversified metals and minerals producer - Sells 23% stake in Manica Gold Project to its Mozambique partner, MMP, for USD15 million. Will receive staged payments up to March 2027.

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Botswana Diamonds PLC - Botswana and South Africa-focused diamond explorer - At annual general meeting on Wednesday, reports operations are expected to resume at Marsfontein once the diamond price improves. Adds that whilst there have been delays in the gravity of the Thorny River mining permit, it expects this to be approved.

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PensionBee Group PLC - London-based online pension provider - Reports invested customers increased by 25% to 229,000 in 2023 from 183,000 the prior year. Assets under administration climb 44% year-on-year to GBP4.4 billion from GBP3.0 billion, underpinned by strong net inflows from new and existing customers. Revenue increases 35% to GBP24 million from GBP18 million, while adjusted earnings before interest, tax, depreciation and amortisation loss narrow to GBP8 million from GBP20 million. Achieves Ebitda profit in fourth quarter. Expects to achieve adjusted Ebitda profitability for the full financial year in 2024.

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Wickes Group PLC - Watford, England-based home improvement retailer - Appoints Peel Hunt LLP as its joint corporate broker with immediate effect, alongside its existing corporate broker Investec Bank PLC.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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