8th Feb 2024 20:13
(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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Alien Metals Ltd - exploration and development in Australia - Announces the results of the Development Study of its 90% owned Hancock Iron Ore Project in Western Australia. This confirmed that the project has excellent project economics and prospectivity with extensive untested mineralisation trends. The study was based on an updated mineral resource estimate containing a JORC mineral resource of 8.4 million tonnes at 60% iron. Assuming a lower 8Mt, Alien forecast an average annualised earnings before interest, tax, depreciation and amortisation of AUD39 million and an all in sustaining cost of USD85 per tonne.
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Baron Oil PLC - London-based oil and gas exploration and appraisal company - Confirms that the farm-up agreement 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 offshore Democratic Republic of Timor-Leste, has completed. As part of the arrangements, TIMOR GAP will make a cash payment to SundaGas of USD1 million to cover back costs within 30 days. SundaGas retains operatorship of the Chuditch PSC and holds a 60% working interest. TIMOR GAP has a 40% interest.
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Seeing Machines Ltd - Canberra, Australia-based artificial intelligence driver monitoring specialist - Trading update for six months ending December. Reports underlying revenue growth of 28% to USD25.6 million excluding one-off Magna exclusivity payments. Annualised recurring revenue increased by 22% year on year to USD14.5 million. Cash at December 31 totalled USD22.2 million. Chief Executive Paul McGlone says: "We are seeing consistent 100% plus year-on-year growth in the number of vehicles with our technology installed - now at over 1.5 million cars. I am confident that automotive production volumes, and our high margin royalty revenue stream, will continue to grow significantly on an annual basis".
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Tower Resources PLC - Africa-focused oil and gas company - Receives formal notification from the Minister of Mines, Industry and Technological Development in Cameroon of the extension of the first exploration period of the Thali production-sharing contract February 4, 2025. Explains the company's principal obligation during the period is the drilling of a single well which the company intends to fulfil through the drilling of the NJOM-3 well. Continuing discussions with several parties regarding asset-level financing for the NJOM-3 well, for which it has contracted the Norve jack-up rig with Borr Drilling.
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Future Metals NL - Australian-based metal exploration company - Announces the result of its underwritten, non-renounceable entitlement issue which closed on February 1, raising gross proceeds of AUD3.3 million. The net proceeds received will be utilised for drilling and other exploration activities on the company's recently acquired Eileen Bore Cu-Ni-PGM project and to progress value enhancing activities on its Panton Project.
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Strategic Minerals PLC - miner with projects in New Mexico, South Australia and the UK - Provides update on Cobre clients and corporate cash management. Adds additional new client with expected volume of circa 5,000 to 7,000 tons per annum. Says existing major client's payments commenced in line with tonnage collected. Expects 2024 revenue, incorporating the new and major client, to exceed USD3.5 million. Considering future sales volumes, enters short-term funding facility worth AUD100,000.
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EPE Special Opportunities Ltd - Bermuda-based investment company - Says net asset value at January 31 was 324 pence, down 1% from 328p a year ago. Notes the share price January 31 was 165p, down 3% from 170p last year. Adds cash balances were GBP15.3 million January 31. 2024. Continues to focus on maintaining satisfactory liquidity during the ongoing period of market uncertainty.
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By Jeremy Cutler, Alliance News reporter
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