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EARNINGS: Beacon Energy and Kefi Gold & Copper losses widen

29th Sep 2023 14:29

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

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Beacon Energy PLC - Germany-focused upstream oil & gas company - In the six months that ended June 30, pretax loss widens to USD4.1 million from USD1.1 million a year earlier. This is mostly due to a one-off impairment of investment of USD2.9 million. Non-Executive Chair Mark Rollins says: "With the SCHB-2(2.) [well] now safely and successfully completed, the company's priority is establishing flowrates through clean-up of the wellbore, and eventual installation of an electrical submersible pump. Based on the technical data acquired through the drill which demonstrated the high quality reservoir encountered at the well location, the company's technical analysis indicates that with a successful clean-up operation and implementation of artificial lift initiatives, the well has the potential to deliver in the region of 900 [barrels of oil per day] net production to Beacon. At those flow rates, the company would expect to deliver operating cash flows in excess of USD1.5 million per month (assuming USD80 per barrel for Brent)."

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Kefi Gold & Copper PLC - Ethiopia-focused gold and copper company - In the six months that ended June 30, pretax loss widens to GBP3.4 million from GBP2.9 million a year earlier. Administrative expenses rise to GBP1.5 million from GBP1.3 million, while share of loss from jointly controlled entity widens to GBP2.4 million from GBP898,000. Posts no revenue, unchanged. Plans 2023 launch of Tulu Kapi open-pit in Ethiopia with first production by the end of 2025; 2024 launch of Jibal Qutman gold open-pit in Saudi Arabia for first production end-2025; 2025 launch of the Hawiah copper-gold open-pit in Saudi Arabia for first production 2027; and the 2026 and thereafter launch of the underground mine development at Tulu Kapi and at Hawiah for first production two years later.

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Savannah Resources PLC - lithium development company - In the six months that ended June 30, pretax loss widens to GBP1.5 million from GBP1.3 million a year earlier. Administrative expenses fall to GBP1.4 million from GBP1.9 million, while it swings to a foreign exchange loss of GBP148,008 from a gain of GBP628,980. Chair Matthew King says: "The remainder of 2023 and 2024 is set to be another very busy and exciting period for Savannah as our growing team, under the new leadership of [Chief Executive Officer] Emanuel Proenca, look to take the company towards a final investment decision on the Barroso lithium project [in Portugal]. To get there we must complete the project's licencing process and [definitive feasibility study], identify the strategic partners we wish to work with, and leverage our valuable project and its spodumene concentrate to attract the finance we need for construction."

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Kanabo Group PLC - London-based patient focused healthcare technology and cannabis company - In the six months that ended June 30, pretax loss narrows to GBP1.6 million from GBP3.8 million a year earlier. Revenue almost doubles to GBP449,000 from GBP239,000, while general and administrative expenses fall to GBP1.3 million from GBP2.0 million and it swings to "other" gains including acquisition and listing costs of GBP322,000 from an expense of GBP1.1 million. Chief Executive Officer Avihu Tamir says: "I'm excited about the progress we made in the first half of 2023, as we build our position as a key player in primary and secondary digital health services in the UK. With The GP Service and 'Treat It' fully integrated, we're not just broadening our reach but also enhancing our capabilities. We're in the final stages of rolling out new technology that will improve patient access to GP treatments, making healthcare more accessible than ever. In addition to revolutionising secondary care with affordable, quick, specialist consultations, we're exploring opportunities to expand beyond pain management into other medical fields with significant unmet demand. As we look ahead, our focus remains on growing our patient numbers and revenue while staying committed to personalised, accessible healthcare."

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Tower Resources PLC - Africa-focused oil and gas company - In the six months that ended June 30, pretax loss narrowly widens to USD530,780 from USD522,127 a year earlier. This is despite administrative expenses falling to USD330,787 from USD520,416, as finance expenses rise to GBP203,425 from GBP1,711. Posts no revenue, unchanged. Chair & Chief Executive Officer Jeremy Asher says: "We have made considerable progress towards drilling the NJOM-3 well in Cameroon, and also with our preparations for acquisition of 3D seismic data in Namibia. I had hoped we would already be able to announce the rig contract for NJOM-3 by the end of this quarter, however, we are currently at a very advanced stage of negotiations on the rig contract and so we hope this will be concluded soon."

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Critical Mineral Resources PLC - exploration and development company focused on clean energy commodities - In the six months that ended June 30, pretax loss widens to GBP440,340 from GBP658,230 a year earlier. Administrative expenses widen to GBP439,151 from GBP658,217. Chief Executive Officer Charles Long says: "We are delighted with the company's progress against our targeted strategy of taking opportunities arising from and aligned to supporting the European electric vehicle supply chain and its compliance with increasing global regulation. Following our targeted analysis of Morocco as a jurisdiction with all the appropriate resource opportunities and market dynamics, we are pleased with the progress we have made in acquiring top talent and development opportunities through Atlantic Research Minerals. We believe the Anzar project has the potential to be extremely valuable for CMR shareholders but look forward to building out our portfolio of development opportunities further. We are in advanced discussions with a number of parties. The recognition that Morocco has gained in recent months from large-scale global stakeholders in the battery materials supply chain clearly validates our strategy and belief that the country has a significant opportunity to become a global battery commodities and materials hub."

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Arc Minerals Ltd - Africa-focused base metals exploration company with projects in Zambia and Botswana - In the six months that ended June 30, pretax loss narrows to GBP2.2 million from GBP8.5 million a year earlier. This is despite administrative expenses widening to GBP2.2 million from GBP808,000, as it benefits from the absence of expenses related to the disposal of subsidiary Zamsort to Handa Resources Ltd seen in the half-year period a year earlier.

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By Greg Rosenvinge, Alliance News reporter

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