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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Anglo Asian Mining PLC - Azerbaijan-focused gold, copper and silver producer - Completes initial geological block model and open pit optimisation study at Xarxar deposit. Expects mining and processing of 3 million tonnes of ore per year, with a production target of 10,000 tonnes of copper metal per year over 7 years. Anglo Asian Vice-President Stephen Westhead says: ‘These results represent an important step in our strategy of transitioning to a mid-tier miner, as Xarxar is expected to contribute a considerable amount of annual copper production to our portfolio. The initial study and exploration have delivered significant upside potential.’
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Bradda Head Lithium Ltd - North America-focused lithium development company - Mobilises sonic drill rig to its basin project in Arizona to start the 2023 drilling programme. Aims to increase coverage over as much of the project’s 17 square kilometres area as possible. Company anticipates a resource upgrade in the third quarter of 2023, Chief Executive Officer Charles FitzRoy says. He adds: ‘BHL is excellently placed to take full advantage of the near-term resource growth potential at our sedimentary lithium assets in Arizona. The area we are permitting at Basin West is over 11 square kilometres, which is considerably larger than Basin East, Basin East Extension, and Basin North combined, around 6 square kilometres.’
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Egdon Resources PLC - UK-focused oil and gas exploration and production company -, Europa Oil & Gas Holdings PLC - UK and Ireland focused oil and gas exploration, development and production company -, Union Jack Oil PLC - Bath, England-based oil and gas company - Note update at Wressle oil field at the North Sea in the UK, with total production exceeding 390,000 barrels of oil. UK Environment Agency identifies no issues at site. ‘The Wressle-1 well has continued to flow oil and associated gas at production rates above forecast expectations made ahead of the successful Proppant Squeeze operation, conducted in August 2021,’ the companies say.
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Highbridge Tactical Credit Fund Ltd - credit investment fund - Announces it will delay its liquidation, and stay listed until October. Sets compulsory redemption of majority of shares, with redemption to be made at net asset value level of £2.6368. Notes that around 95% of each shareholders’ shares will be redeemed. Further, will pay 2.24 pence per share with respect to 2019 Exit creditors, but no payment with respect to 2016 Exit creditors. It adds that the December 2022 NAV of £2.6368 will be last NAV from company. It says that any distributions from AllBlue will be passed to shareholders, while it is considering a new share class for new investment strategy. The new share class would be completely separate.
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Mkango Resources Ltd - Vancouver-based mineral exploration and development company - Notes completion of £1.5 million investment by by CoTec Holdings Corp into its subsidiary, Maginito Ltd. CoTec is a busines focused on greening and improving the efficiency of the commodity extraction business. Further, Chief Operating Officer of Cotec, John Singleton, has been appointed to the board of Maginito. Further, ‘Mkango and CoTec will collaborate in the development of rare earth technology opportunities in the United States with ongoing scoping studies evaluating recycling, chemical processing, alloys and magnet manufacturing,’ Mkango says.
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Phoenix Copper Ltd - base and precious metals explorer in US state of Idaho - Finds 214.5 grammes of silver per tonne at Empire open pit copper project in Custer County, Idaho. Further, finds 505 parts per million of molybdenum and 421 ppm of tungsten. Chief Executive Officer Ryan McDermott says: ‘Most importantly, the intercepts in the drilling program thus far are consistent with the team’s expectations and meet the material type-grade-interval length necessary for the metallurgical test work currently being undertaken. ’We look forward to reporting the results of the metallurgical testing as they become available. We also look forward to reporting the assay results for the Redstar/North Pit reverse-circulation drilling completed in 2022. We expect those results to become available in the near future.‘
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Pineapple Power Corp - special purpose acquisition company - Secures £350,000 of new financing via placing 11.0 million shares at 3 pence each via director Claudio Morandi. The company is currently unable to issue and admit new shares without either the publication of an Financial Conduct Authority approved prospectus, or relying on an exemption to the requirement to issue a prospectus.
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