(Corrects that Zenith Energy is based in Canada, not in Scotland.)
The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Getech Group PLC - Leeds, England-based geo-energy and green hydrogen company - Signs a strategic collaboration agreement with Eavor Technology Inc. Says the companies will work together to locate and derisk multiple closed-loop geothermal projects for development across Latin America. ‘This exciting agreement with Eavor is an important first step in building Getech’s global geothermal asset portfolio. By integrating our geoscience data and geospatial/economic modelling skills with Eavor’s development technology, it will be possible to establish geothermal development assets of significant scale,’ Chief Executive Jonathan Copus comments.
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MGC Pharmaceuticals Ltd - Perth, Australia-based medicinal cannabis company - Completes the pre-clinical rodent trial for its CimetrA anti-inflammatory treatment. Explains that the pre-clinical results are needed for US FDA investigational drug approval. Says that no pathological or cytotoxic changes at all were found in the organs and tissue biopsies of the test subjects. ‘The successful completion of this study and the excellent results attained is an important milestone moment for the company, as we continue to progress CimetrATM along the mandated clinical pathway. The results of this study are a critical step in advancing MGC’s submission to the FDA, and for the final approval of CimetrATM as an investigational new drug in the US,’ Co-founder & CEO Roby Zomer comments.
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Kefi Gold & Copper PLC - Cyprus-based gold and copper exploration and development company with projects in Ethiopia and Saudi Arabia - Upgrades the mineral resource estimate at the Hawiah project to 29.0 million tonnes from 2.1 million tonnes. Receives five additional exploration licenses through the company’s Gold & Minerals Ltd joint venture in Saudi Arabia. These are the Wadi Na’afa, Al Awja, Abu Salal North, Umm Al Khabath and Jabal Selm licenses, which were awarded on an initial 5-year term. Says that the drilling in Hawiah will begin in the second quarter of 2023 and is aimed at increasing the MRE. ‘With our rapidly advancing gold projects in Ethiopia and Saudi Arabia, where we are heading for steady-state production from 2025, we are delighted to have been awarded these five further exploration licences in Saudi Arabia to further broaden the KEFI GMCO portfolio,’ Executive Chair Harry Anagnostaras-Adams comments.
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AfriTin Mining Ltd - technology metals mining company focused on Namibia - Confirms that it is changing its name to Andrada Mining Ltd. The name change will be effective from January 11, 0800 GMT. ‘I’m delighted to confirm the company’s change of name and we look forward to rebranding as Andrada Mining. The company’s potential lithium resource size in Namibia is extremely exciting, and the change of name reflects the importance of it within our growing production profile, beyond our existing tin operation. We look to the future with huge excitement as Andrada Mining plays its part in the energy transition,’ CEO Anthony Viljoen comments.
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Zenith Energy Ltd - Calgary, Canada-based energy company with production, exploration and development assets in Tunisia, Italy, and the Republic of Congo - Says it was awarded an exclusivity for Block 1 containing the Seme oilfield, offshore Benin from the Ministry of Water & Mines of the Republic of Benin. ‘Block-1 represents a potentially transformational development opportunity for Zenith because of its sizeable unexploited potential, indicated by its independently assessed oil and gas reserves and past production, and existing field infrastructure. We view Benin as an attractive jurisdiction for foreign investment and we look forward with great enthusiasm to working closely with the local authorities towards successfully formalising the PSC,’ Chief Executive Andrea Cattaneo comments.
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Kropz PLC - African phosphate developer - Estimates that its total phosphate resources at Elandsfontein in South Africa stands at 106.6 million tonnes. Reports a proven reserve of 7.31 million tonnes at 10.7% phosphorus pentoxide. Downgrades a lot of its previously measured resources to ‘indicated’ and previously ‘indicated’ resources to ‘inferred.’ Notes that total measured and indicated resource tonnages have reduced by around 76%. ‘While the downgrade of the Measured and Indicated resource is disappointing, it enables Kropz to move forward with a significantly increased level of confidence, that will allow for accurate and efficient mine planning. The increase in total resource, and more importantly, the increase in grade, supported by the additional drilling programme is excellent news, and the continued drilling planned for the year ahead will further increase confidence, and support an increase in reserve tonnes,’ CEO Mark Summers comments.
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Dekel Agri-Vision PLC - palm oil and cashew grower in West Africa - Reports that its crude palm oil output for 2022 is down 36%. For December it reports a fall of 20%, year-on-year. Notes that 2022 is a record year for palm oil pricing. Says that the average crude palm oil price in 2022 stood at €1,025, up 18% versus €868 year-on-year. Expects to still be one of the best-performing years since its inception. ‘With the annual high season commencing shortly we are hopeful of improved fresh fruit bunches harvesting volumes. Together with continued robust prices we are well positioned to see a strengthening in financial profitability. We will continue to report the palm oil operation data monthly to ensure our shareholders are well informed during this exciting period for the company,’ Executive Director Lincoln Moore says.
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Thor Explorations Ltd - Vancouver-based mineral explorer with assets in west Africa - Reports that its gold production for the Segilola gold mine is at the top end of the guidance range of 90,000 to 100,000 ounces for 2022, with production of 98,006oz. Completes a reverse circulation drilling campaign of 26,000 metre at Douta. Makes a new discovery with the Sambara prospect. Guides for 85,000 to 95,000 oz of gold weighted towards the second half of the year for 2023 as a whole. ‘Continuing high grade drill results from our Douta project in Senegal underline the potential that we see in this asset, and we are working to move this project forward to development. Now that Segilola is at steady state operation, the company is also focusing on our growth strategy in Nigeria where we have an aggressive drill program on a number of targets and continue to evaluate potential opportunities, to leverage our technical capabilities and first mover advantage,’ President & CEO Segun Lawson comments.
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Central Asia Metals PLC - copper, zinc and lead explorer operating in Kazakhstan and North Macedonia - Reports record copper production at Kounrad that is above its guidance range with 4,254 tonnes of copper produced. Says that its zinc and lead production at Sasa were within the guidance range with zinc in concentrate production of 21,473 tonnes and lead in concentrate production of 27,354 tonnes. Guides for Kounrad copper production of between 13,000 and 14,000 tonnes of cathode in 2023. ‘We enter 2023 in a debt-free position and look forward to delivering another year of strong base metal production and beginning the transition to the cut and fill mining method at Sasa,’ CEO Nigel Robinson comments.
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IQ-AI Ltd - Jersey-based medical services firm - Reports ‘significant progress’ in the phase I clinical trial of gallium maltolate. In addition, it is increasing its focus on accelerating the deployment of IB Clinic. IB Clinc is a toolkit of post-processing software plug-ins designed to be integrated into existing medical image visualization applications.
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