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TRADING UPDATES: Microsaic wins contract; Frontier inks Canadian deal

2nd May 2024 16:11

(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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Kavango Resources PLC - Botswana and Zimbabwe-focused exploration company - Agrees updated terms for exercise of the Hillside Call Option with the vendors of the Hillside Project and Leopard South Project. The main components comprise USD600,000 cash consideration to be paid to the sellers of Hillside and a USD50,000 cash consideration to be paid to the sellers of Leopard South. The option on Leopard North extends to June 30, 2025, which Kavango may exercise in return for payment of USD100,000 and the issue of around 34.1 million shares. A further USD1.0 million worth of shares are to be issued in the company in the event that a code compliant resource in excess of 200,000 oz gold is defined. Kavango assumes responsibility for up to USD350,000 of debt owed, repayable at USD10,000 per month. Kavango also granted a royalty of 5% of gold production on the properties, capped at a value of USD1.5 million.

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Tertiary Minerals PLC - mineral development company focused on deposits in the US, Zambia and Northern Europe - Announces positive results from a recently completed geophysical survey at its Brunton Pass Copper-Gold Project in Nevada. Says the induced polarisation and resistivity geophysical survey completed over 7.2 line-km on four lines over total target strike length of 700m. Notes coherent electrical chargeability anomaly, typical of sulphide mineralisation prospective for copper and/or gold, extends through all survey lines. Says drilling to be scheduled when budgets allow and to fit in with exploration plans in Zambia. Executive Chair Patrick Cheetham says: "The IP anomaly defined by this survey is large and present over the full 700m length tested by the survey. The results from our previous rock, soil and trench sampling all vector towards this anomaly which is now a compelling drill target for the discovery of an epithermal gold and/or porphyry deposit."

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Insig AI PLC - London-based data science and machine learning firm - Says Executive Chair Richard Bernstein subscribes for 500,000 shares at 20 pence each in connection with the funding facility announced on April 4. After the subscription, Insig says Bernstein holds around 21.2 million shares, or 19.3% of the company's total voting rights.

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Firering Strategic Minerals PLC - Exploration company focused on lithium and coltan projects in West Africa - Announces assay results from its reverse circulation campaign at its Atex Lithium-Tantalum Project in the Ivory Coast. Results show expanded known lithium mineralisation of 122%, and notable lithium oxide intercepts. Says results confirmed promising lithium potential within the license area, aligning with the broader lithium exploration success in the region. Explains next step is to focus on expanding drilling exploration efforts in an easterly and northerly direction and delineating a maiden resource at Atex.

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Invinity Energy Systems PLC - London-based utility-grade energy storage manufacturer - Raises GBP28 million via placing at 23 pence per share. Looks to raise further GBP6.6 million via open offer on the basis of 3 open offer shares for every 20 ordinary shares held.

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Public Policy Holding Company Inc - Washington DC-based group of advisory firms specialising in government affairs and public relations - Issues around 1.3 million shares in relation to the first earn-out payment in respect of the acquisition of MultiState Associates Inc, announced in March 2023.

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Microsaic Systems PLC - Surrey-based developer of real-time mass spectrometers - Confirms receipt of GBP571,000 order in Qatar to supply associated equipment and consumable items for the existing continuous toxicity monitoring instruments. Expects most of the goods to be delivered within 2024 with invoicing expected to start by the end of June. Explains this represents a strong source of recurring revenue as the ongoing operation of the CTMs requires continual supply of essential consumable items. Building on its existing platform in Qatar, plans to target the wider Gulf States region to supply its broad range of fluid and water testing solutions.

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First Tin PLC - tin development company with projects in Germany and Australia - Completes the definitive feasibility study for its Taronga Tin Project located in Australia. The project is owned 100% by Australian registered Taronga Mines Pty Ltd, a wholly owned subsidiary of First Tin via an intermediary Australian registered company First Tin Australia Pty Ltd. Says the DFS was completed at a conservative base case tin price of USD26,000. Thus, the pretax net present value increases to AUD331 million.

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European Assets Trust PLC - London-based trust, which invests in small to mid-cap EU companies - Following the integration of the European equities team by Columbia Threadneedle Investments, European Assets Trust announces that Mine Tezgul will succeed Sam Cosh as the Lead Investment Manager with immediate effect. The company's investment policy and objective will remain unchanged.

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Frontier IP Group PLC - London-based intellectual property commercialisation company - Takes 4.3% stake in DiaGen Ai Inc, a Canadian company focused on artificial intelligence driven protein and peptide design for medical applications. Also enters Technology Evaluation Agreement with the group's portfolio company The Vaccine Group. Receives stake in return for advisory services. Says the collaboration will bring together complimentary approaches to developing novel and better vaccines for use in animals.

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By Jeremy Cutler, Alliance News reporter

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