Source - Alliance News

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


Great Western Mining Corp PLC - Nevada-focused gold, silver and copper explorer - Reports results from ongoing work on the Rhyolite Dome gold target in Nevada. Soil sampling results reveals Rhyolite Dome as a high priority gold target. Notes results include some of the strongest soil anomalism encountered to date at the project. Rhyolite Dome is further enriched with a suite of indicator elements, including silver, arsenic, and mercury, Great Western states. Chair Brian Hall comments: ‘Multiple overlapping lines of evidence make Rhyolite Dome a high priority gold target for Great Western. The next step will be to conduct IP surveys over the structure to narrow down drill targets in three dimensions with the objective of establishing a discovery intercept. We look forward to updating shareholders on further progress in 2024’.


Trafalgar Property Group PLC - south-east England-focused residential property developer - Announces that Christopher Johnson has issued a conversion notice in relation to the £905,000 unsecured convertible loan notes held by him. As a result, the company will issue to Johnson around 226 million shares at £0.004 each. Johnson instructs Peterhouse Capital Ltd to place the shares raising £100,000. Of the £100,000, £50,000 is to be subscribed for by Paul Treadaway, Trafalgar’s chief executive, and £10,000 by Gary Thorneycroft, the financial director. Further, Johnson pledges to invest the £100,000 back into the company. In return, Trafalgar issues a new nil coupon, unsecured convertible loan note. This will be convertible into around 226 million shares at £0.00044 each. Notes Johnson is a director of Trafalgar New Homes Ltd, a subsidiary of the company.


Zephyr Energy PLC - oil and gas company focused on resource development from carbon-neutral operations in the Rocky Mountains region in North America - Updates on progress on the proposed farm-in to a minimum 75% working interest in a 1,047-acre leasehold position in the Salt Wash Field, three miles to the south of Zephyr’s Paradox project in Utah. Explains the decision to farm-in to the Salt Wash Field was undertaken to increase the company’s oil and gas resource potential, and to achieve exposure to the US industrial helium market. Believes that the economics for the Salt Wash project are attractive for the helium content alone, notwithstanding further upside from oil and gas development. Estimates the net present value at a 10% discount rate of around $58 million with the risked upside case having an NPV-10 of around $120 million. As per the farm-in terms, confirms two payments totalling $600,000 have been made to the leaseholder. Intends that the dual-purpose Leadville formation delineation well will be drilled. Says the well will also test the three additional helium exploration targets and other potential hydrocarbon bearing reservoirs. Notes the agreement provides for the well to be spudded before June 30.


Asiamet Resources Ltd - mineral exploration company focused on copper, gold and polymetallic assets in Indonesia - Announces the successful completion of the KSK Biomass Feedstock Study. Calls this a ‘crucial milestone’ in progressing a power solution for the BKM copper cathode project in Indonesia. The study emphasises Asiamet’s commitment to a renewable energy solution for the proposed greenfield BKM copper mine and addresses key parameters crucial for the development of a biomass power station in a remote mining region.


Sovereign Metals Ltd - mining exploration and development company, with assets in Malawi - Initiates a follow-up 400 metre spaced drill program at its tier one Kasiya Rutile-Graphite project in Malawi. Says the program will focus on determining the boundaries and extent of mineralisation north of the known mineral resource estimate area. Explains the 70 plus hole hand-auger drill program has been designed to target areas where mineralisation was identified in earlier wide-spaced regional hand-auger drilling. The target area is up to 20km north of the current MRE boundary. Drilling is currently underway and will be completed in the coming weeks. Four hand-auger teams have been deployed under the supervision of Sovereign’s in-country technical team. Samples will be initially processed in the company’s Lilongwe own lab facility and then shipped for final analysis at certified international laboratories. Results from the drill program are expected in the coming weeks.


Empire Metals Ltd - minerals explorer and developer, primarily focused on the Pitfield titanium project in Western Australia - Advises of the key milestones expected over the next twelve months, as Empire advances the Pitfield project in Western Australia towards commercialisation. Says logging and sampling of the drill core is ongoing. Continues work towards commencing the design and construction of a demonstration plant in 2025, and also seeks to advance a number of key milestones over the next 6 to 12 months. Achieving each milestone will incrementally de-risk the project and unlock significant value. These include completion of a mining option study, a permitting and government funding review, metallurgical characterisation studies and definition of a maiden JORC-compliant mineral resource estimate.


Andrada Mining Ltd - technology metals mining company focused on exploration licences in Namibia - Provides operational update for year to February 29. Reports 60% increase in ore processed to 915,599 tonnes from 573,818 tonnes the year before, tin concentrate production rises 54% to 1,474 tonnes from 960 tonnes and contained tin production jumps 51% to 885 tonnes from 587 tonnes. Says cash balance as at February 29 was £17.5 million. All-in sustaining cost of contained tin USD 26,223 per tonne, within guidance range of $25,000 and $30,000.


Marula Mining PLC - Africa-focused mining company - Updates on the agreement with Gems and Industrial Minerals Ltd under which Marula secures a commercial interest in the Larisoro Manganese Mine located in northern Kenya. Marula says it will need to use forecast excess cashflow from its South African lithium mining operations to provide investment of $1.5 million for new mining, crushing, screening and processing equipment aimed at increasing monthly manganese ore production to between 5,000 tonnes and 10,000 tonnes over the next three to six months. A further $1.8 million investment will be required through 2024.


Baron Oil PLC - London-based oil and gas exploration company - Provides update on operational activities on the TL-SO-19-16 production sharing contract offshore Democratic Republic of Timor-Leste. Says site survey was successfully carried out during February and March, despite some operational delays, principally related to weather conditions, and the results have been incorporated into the geotechnical survey planning. Explains the vessel that will carry out the geotechnical site survey had its arrival into the Timor Sea delayed, again owing to adverse weather conditions, but is now preparing to mobilise to the Chuditch survey area. This geotechnical work is expected to be completed during April.


NetScientific PLC - London-based deep tech and life sciences venture capital investment group - PDS Biotechnology Corp, in which it holds a 3.5% stake, announces an update to its clinical development strategy. Frank Bedu-Addo, chief executive officer of PDS Biotech says: ‘We have obtained compelling data from several Phase 2 trials in the fourth quarter of 2023, including long-term survival data from the National Cancer Institute led triple combination trial of PDS01ADC in combination with Versamune HPV (PDS0101) and an investigational immune checkpoint inhibitor, as well as our VERSATILE-002 study.’ Adds: ‘We now have a better understanding of how our drug platform technology works in advanced cancer, and we have therefore made the strategic, data-driven decision to add our novel, investigational IL-12 fused antibody drug conjugate, PDS01ADC, to the promising combination of Versamune HPV and KEYTRUDA to advance the triple combination as our top clinical development priority.’ PDS reports net loss in the year to December of $42.9 million, or $1.39 per basic and diluted share, widened from $40.9 million, or $1.43 per basic share and diluted share, the year prior.


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