11th Jun 2025 22:13
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Power Metal Resources PLC - metals exploration company with projects in North America, Africa, Saudi Arabia and Australia - Announces the receipt of the drilling permit for a seven to eight-hole diamond drill programme to test a coincident electromagnetic conductor. Says all permits are now in place, and rig mobilisation is scheduled for the third week of June with drilling starting "shortly thereafter". Also announces an exploration update for the Perch River Property, a uranium project in Canada's Saskatchewan basin. Says an ambient noise tomography geophysical survey is currently underway over the property's Rapids Target, and that results of the Falcon gravity and magnetic geophysics survey have been processed and are pending. "Further analysis of geophysical data is ongoing and will be reported to the market in due course," Power Metal adds.
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Ten Lifestyle Group PLC - London-based customer loyalty platform for financial institutions - Says it has won a multi-year contract from "an incumbent competitor" with "one of Japan's leading financial services providers". The contract involves launching a digitally enabled concierge and lifestyle programme for the provider's high net worth clients, including Ten Lifestyle's newly launched chat service functionality via the LINE messaging app. Expects the contract to fall under its 'Medium' category, in other words to be worth between GBP250,000 and GBP2.0 million. "This win further strengthens Ten's presence and scale in Japan, one of Ten's key AMEA markets," Ten says. "This new contract adds to Ten's existing portfolio of leading clients in the region." It expects the deal to support revenue growth in financial 2026, "alongside a strong pipeline of further opportunities".
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Oriole Resources PLC - Hampshire, England-based gold explorer focused on West and Central Africa - Releases update on its 90% owned Mbe gold project in Cameroon, saying results from drill holes MBDD010 and MBDD011 have increased the total number of mineralised gold intersections from the phase 1 drilling programme to 179. These include 5.00 metres at 1.86 grams per tonne from 80.40m, including 3.00m at 2.88g/t Au; and 1.00m at 2.53g/t Au from 118.00m. Oriole says results confirm the along-strike continuity of mineralisation between all three fence lines, and therefore over a strike length of at least 200 metres. Says the phase 1 programme, at the MB01-S target, is almost 70% complete, with 15 holes completed to date. It is currently scheduled for completion in the third quarter, when Oriole is also planning for an independent consultant to produce a JORC Exploration Target estimation. This could "provide earlier guidance on the resource potential of the project".
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Premier African Minerals Ltd - developer of RHA tungsten and Zulu lithium projects in Zimbabwe - Announces subscription to raise GBP1.58 billion before expenses, at an issue price of 0.012 pence per share, for the Zulu lithium & tantalum project. Also says it has settled USD1.1 million worth of contractors' invoices of Zulu through the issue of 6.17 billion new ordinary shares in the company at the issue price. Says the basis of the funding is "firstly, to complete the installation and commissioning of the inserts needed to improve the retention time of concentrates in the cleaner section of the original float plant and in so doing, improve grade and recovery". Secondly, it will use the funds "to progress the completion of the alternative spodumene float plant, should the primary plant not perform to expectations", and "thirdly to part fund certain operating expenses and debt settlements".
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Ironveld PLC - South Africa-focused mining company - Raises GBP900,000 before expenses through a placing with investors of 2.00 billion shares at 0.045p each. Says the proceeds will provide both working capital and the funds Ironveld needs to finance "a second, larger ball mill and associated equipment to increase throughput capacity"; "procurement and commissioning of a drying plant to meet bulk client moisture specifications"; "infrastructure to support bulk delivery logistics, complementing current bagged product operations"; and "evaluation of additional power generation, including back-up power generation as well as potentially a partial solar-based energy solution".
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Atlantic Lithium Ltd - West Africa-focused lithium exploration and development company - Announces "cost-cutting and streamlining" changes to its leadership structure and cost base. Executive Chair Neil Herbert will step down and switch to the role of non-executive chair on July 1. The firm's "day-to-day management will be consolidated" under Chief Executive Officer Keith Muller, who will "lead all operational and strategic activities". Atlantic says the change will reduce executive costs and strengthen board oversight. It will reduce Herbert's remuneration in line with his changed role, and Muller has "voluntarily accepted" a "temporary" 10% pay cut, starting on July 1 and concluding 12 months later. "These actions reflect Atlantic Lithium's commitment to reduce costs and increase operational efficiency to focus resources on delivering Ghana's first lithium mine," the company says.
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Avation PLC - Singapore-based aircraft leasing company - Enters agreement to sell a Boeing 777-300ER widebody aircraft, which is currently on lease to Philippine Airlines. The transaction is "contracted to generate a material profit above book value", and is "expected to release around USD33 million in net cash proceeds". These will be used "for overall debt reduction and [Avation] may strategically reinvest these proceeds into high-quality narrowbody aircraft in the secondary market". Says it will prioritise assets with extended lease terms and creditworthy lessees, to "enhance the resilience and diversification of Avation's fleet". Expects to complete the sale in the third quarter. "This Boeing 777-300ER has been a valuable investment, however, by policy we try to focus on aircraft types currently in production and we formed a view that it was time to divest this asset," comments Executive Chair Jeff Chatfield. "The reinvestment of net proceeds will further optimise our fleet's risk profile, reduce leverage and allow further diversification thus lowering the portfolio risk."
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Braemar PLC - London-headquartered provider of investment, chartering and risk management advice to shipping and energy markets - Announces that the National Crime Agency has been granted an account freezing order in respect of an additional bank account. This is regarding an independent investigation conducted in 2023, concerning "several transactions dating back from 2006 to 2013". Braemar explains that after the investigation, it recognised a provision concerning these transactions of approximately USD2.5 million in its financial 2023 accounts. It then retained this provision in its accounts for the subsequent two years. Says it "also took key remedial actions and steps to comply with applicable accounting, legal, and regulatory obligations", including ring-fencing the provisional amount in the separate bank account. Notes that the NCA order only relates to the separate account and ring-fenced amount, and does not impact Braemar's trading or net assets.
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Solvonis Therapeutics PLC - London-based company focused on developing therapeutics for mental health and substance use disorders - Announces the initiation of an AI-supported drug discovery programme focused on its proprietary central nervous system compound library. Solvonis acquired the library through its recent acquisition of Awakn Life Sciences Corp, and it "includes multiple patent-pending chemical series developed through a completed hit-to-lead programme". Says the work includes in silico design, in vitro screening and in vivo characterisation, with the resulting dataset forming "a structurally differentiated early-stage portfolio with therapeutic potential across a range of neuropsychiatric indications". The programme will enable data-driven asset prioritisation, structure-activity relationship analysis and translational hypothesis generation, using AI and computational modelling techniques. The company aims to "accelerate the identification and optimisation of high-value development candidates within the library", initially prioritising indications in depression and stimulant use disorders.
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By Emma Curzon, Alliance News reporter
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Power MetalTen LifeOriole ResourcesPremier African MineralsIronveldAtlantic LithiumAvationBraemar ShippingSolvonis Therap