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TRADING UPDATES: Eqtec hails French state contract; Conroy finds gold

23rd Mar 2023 14:29

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

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Conroy Gold & Natural Resources PLC - The gold exploration and development company focused on Ireland and Finland - Finds 3.46 grams of gold per tonne at Slieve Glah gold target in Ireland, as well as 4.45% zinc. Chair Richard Conroy says: "The deep overburden sampling programme has proven its value, yielding results which pinpoint additional gold targets for follow up trenching and drilling. The district scale gold area already has a number of gold targets, many of them with gold proven in bedrock but clearly there are many more gold targets still to be identified. There is also potential for base metals. However, the main emphasis at this stage will continue to be the development of the first gold mine in the district."

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Eqtec PLC - AIM-listed technology innovator focusing on distributed, decarbonised, new energy infrastructure via waste-to-value solutions for hydrogen, biofuels, and energy generation - Says Eqtec France SAS has been appointed by French government to lead a technical and commercial feasibility on site of a decommissioned coal-fired power station in Meyreuil, Aix-en-Provence, Bouches-du-Rhone. Receives EUR1 million initial budget for feasibility. "The intention of national and regional stakeholders is to revitalise the site by deploying new energy infrastructure that is clean, sustainable, and commercially viable, and to employ local people, particularly workers from the legacy plant," Eqtec explains. It expects the feasibility to complete in the first half of 2023.

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Fulcrum Metals PLC - mineral exploration and development company focused on Canada - Says satellite study finds multiple structural targets at Big Bear and Jackfish properties. Identifies 42 priority exploration targets within the two properties, 24 within Big Bear and 18 in Jackfish. Chief Executive Officer Ryan Mee notes the "interpreted structure in the Pyramid Schreiber area of the Big Bear property which returned several high-grade gold in rock samples in excess of 10 grammes per tonne up to 45 grammes per tonne." Panther Metals PLC, which has a 20% stake in Fulcrum, notes the announcement.

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Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Hails discovery of "significant" lithium, tin and rare earth element anomalies at Kamativi licence in Zimbabwe, identifying four anomalous zones. Finds 1,060 parts per million of lithium. Chair Colin Bird says: "This initial campaign has been extremely encouraging pointing us to a number of high potential areas associated with the productive Kamativi pegmatite terrain and we look forward to advancing this project at a time when Zimbabwe and lithium are very much in the global spotlight linked to New Age Metals."

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JPMorgan UK Smaller Cos Investment Trust PLC - trust giving access to growing smaller companies in the UK - Net asset value per share at January 31 falls 19% to 322.6 pence per share from 398.7p a year prior. NAV total return in six months to January 31 is negative 1.2%, underperforming against the Numis Smaller Companies plus AIM excluding Investment Companies Index, which returns negative 0.4%. Looking ahead, notes that markets are nervous over the path of interest rates. Chair Andrew Impey says: "More recently UK and global equities have fallen and government bond yields have risen suggesting that, despite the significant rise in interest rates over the past year, economic activity remains unexpectedly robust and investors are again growing concerned about inflation and monetary policy. Whatever the eventual outcome it seems likely that markets will be influenced by key data and policy announcements as investor sentiment is likely being driven by hopes of a more supportive US policy rather than improving fundamentals."

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Symphony International Holdings Ltd - Asia-focused investment company focusing on healthcare, hospitality, lifestyle, logistics and education sectors - Pretax profit in 2022 falls to USD7.6 million from USD122.5 million in 2021, blaming subdued monetisation activities in 2022. "Other" operating income drops to USD14.7 million from USD182.2 million. Looking ahead, notes optimism for Asian markets with normalisation of economic activity.

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By Tom Budszus, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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