Source - Alliance News

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


Egdon Resources PLC - Gloucestershire, England-based energy exploration and production company - Signs agreement to fully buy Aurora Production UK Ltd from Aurora Petroleum Ltd. Aurora Production holds a 19% interest in Egdon-operated PL090 licence, which contains the Waddock Cross oil field. Further, Aurora Production holds a 8.3% interest in Egdon’s IGas operated licence PEDL070, which contains the Avington oil field. Regarding the transaction, Egdon says it will take responsibility of the liabilities of the licences as a consideration. ‘However, as part of the transaction Egdon shall receive a cash sum from the Vendor of £288,000 which reflects the current estimates in relation to these liabilities,’ Egdon says.


Guanajuato Silver Co Ltd - silver producer in Mexico - Says results at Topia in Mexico show continuity of mineralisation. Finds up to 9.74 grams of gold per tonne and up to 2,173 grams of silver per tonne. Further, finds up to 13.7% zinc. Last week Monday, the company had announced a private placement of up to 17.6 million shares at C$0.425 each, which it said was for gross proceeds of C$7.5 million. Guanajuato said the proceeds would be used to ramp up production at four silver mines.


Jersey Electricity PLC - electricity supplier in Jersey - Pretax profit in the year to September 30 falls to £10.6 million from £19.1 million a year prior. Revenue decreases to £117.4 million from £118.6 million. Revaluation of investment properties gain drops to £1.0 million from £6.1 million. ‘Profit in our Energy business, at £7.5 million, was below the £10.7 million achieved in [financial] 2021, largely due to lower unit sales volumes,’ the company explains. Declares total dividend of 18.4 pence per share, up 5.7% from 17.4p.


Leeds Group PLC - Wetherby, England-based textile manufacturing company - Executive Director Jorg Hemmers steps from from his role on January 1, but remains as executive director of the company’s subsidiary Hemmers-Itex Textil Import Export GmbH, and stays in the same role at his subsidiary Stoff-Ideen-KMR GmbH.


Mila Resources PLC - London-based post-discovery gold exploration firm - Drilling confirms high-grade mineralisation at the Kathleen Valley gold project in Western Australia. ‘Whilst visual alteration and structural deformation was observed at the predicted depth, results show subeconomic grades in these deeper holes, with the best result being 1 metre at 0.29 grams of gold per tonne from 263 metres,’ Mila says.


MC Mining Ltd - coal exploration, development and mining company operating in South Africa - Notes its subsidiary Uitkomst Colliery Proprietary Ltd extends its coal sales marketing agreement with Overlooked Proprietary Ltd to June 30, 2023 from December 31, 2022. ‘The prevailing anti-fossil fuel sentiment and invasion of Ukraine earlier in 2022 has resulted in a global energy shortage and record international thermal coal prices,’ MC Mining explains.


Power Metal Resources PLC - London-based exploration company with global operations - Says it will start drill testing at target area T2-3A at Molopo Farms in Botswana from around early to mid January. Chief Executive Officer Paul Johnson describes the target area as ‘a 12-kilometre-long magnetic body which represents another stand-out target we are eager to test.’


Premier African Minerals Ltd - Africa-focused minerals and metals project developer - Intersects multiple thick high-grade zones at Zulu Lithium & Tantalum project in Zimbabwe. Finds 3.65% lithium oxide and 177 parts per million of tantalum pentoxide. Further, notes consistent progress in construction of the Pilot Plant.


SourceBio International PLC - Nottingham, England-based laboratory services provider - Raises £6.9 million from tender offer of 6.0 million shares at 115 pence each. The company’s last trading day will be on December 29. It will re-register as a private company around January 18. SourceBio announced its plans to delist from AIM due to low share valuation last month.


Trackwise Designs PLC - Tewkesbury, Gloucestershire-based manufacturer of products using printed circuit technology - Notes its shares in London are suspended due to deterioration in settlement performance. In October, the company had reported that pretax loss in the first half of 2022 widened to £2.1 million from £611,000 a year ago. Back then, it said it experienced delays from its electric vehicle original equipment manufacturer that were highly disruptive to its business. In October, it said it was exploring longer-term strategic investment partnerships in order to support development and conversion of its ‘very significant pipeline of identified Improved Harness Technology sales opportunities.’


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