Source - Alliance News

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


Directa Plus PLC - London-based graphene product manufacturer - Chosen for an ‘extensive resurfacing operation’ ahead of the Jubilee event next year in Rome. Directa Plus has been awarded the deal by Italian public road company Anas. The resurfacing operation covers around 15 kilometres of historical routes.


Corre Energy BV - Groningen, Netherlands-based renewable energy storage and green hydrogen company - Raises €640,000 through placing of 1.4m shares with existing shareholders at €0.46 each. ‘As previously announced, the placing is intended to offset dilution arising from the subscription for eligible shareholders,’ Corre adds.


Thor Explorations Ltd - West Africa-focused mineral exploration company - Reports revenue of $33.3 million in first-quarter of 2024 down 17% from $40.3 million. However, pretax profit jumps to $12.4 million from $3.0 million. Cost of sales halve to $14.8 million from $28.8 million.


Quadrise PLC - energy technology company and supplier of MSAR emulsion technology fuel, which reduces energy costs and emissions - Signs addendum to representation pact with consultant Younes Maamar. The agreement with Maamar covers ‘high-level representation services to Quadrise in Morocco’ and it originally would have provided an award of 13 million warrants, all of which have expired. ‘Under the new addendum, the term of the Agreement has been extended to 30 June 2025 and the consultant will be awarded up to a total of 15.6 million warrants over new ordinary shares in the company, conditional upon certain key milestones being achieved,’ Quadrise explains. An initial tranche of 3.6 million warrants have been awarded to the consultant after Quadrise inked a commercial framework agreement with the Moroccan phosphate miner OCP SA. It adds: ‘A second tranche of 12 million warrants will be awarded upon securing a refinery supply source for commercial quantities of MSAR and the signature of a commercial MSAR fuel supply agreement with OCP, by no later than 31 December 2024.’


Bluebird Merchant Ventures Ltd - gold development company primarily focused on South Korea - Receives notice from a division of South Korean Ministry of Trade, Industry & Energy that spending commitments related to Gubong permit have been ‘fulfilled and accepted’. Bluebird adds: ‘Under the law, the company now has a further three-year period to achieve commercial operation or make a further ’qualifying investment’. Additionally, the mining right can be extended for a further 20-year period upon either commercial operations having commenced, or the appropriate next qualifying Investments made.’


Vaalco Energy Inc - Canada and Africa-focused hydrocarbon explorer - Says has drilled four long lateral wells in Canada and reports ‘strong initial production rates’ of around 500 barrels of oil per day for three of the four weeks. Output in the other well is around 350 bopd.


Cora Gold Ltd - West Africa-focused gold developer - Says drilling of Madina Foulbe gold permit, located within its Kenieba project in Senegal, has been completed. ‘All samples have arrived at the laboratory for testing with results expected Q3 2024,’ it adds.


Galileo Resources PLC - Mining company focused on Zambia, Zimbabwe, Botswana, South Africa - Reports award of small scale mining licence for Luansobe copper project in Zambia to Statunga Investments Ltd. Galileo owns 75% of the asset. Chair and CEO Colin Bell says: ‘We are pleased to be in receipt of the mining licence for Luansobe over the area of the proposed open pit. As stated previously, our intention is to plan for the development of the open pit and accessible underground resources separate from a deeper drilling programme targeted at investigation of the extent of the deposit at depth. We believe that there is the potential to define a much larger resource within our licence boundary.’


Golden Metal Resources PLC - Nevada-focused metals exploration company, which owns 100% owned Pilot Mountain project, located within the prolific Walker Lake Mineral Belt in Nevada, US - Engages consortium of Bara Consulting Ltd, Snowden Mining Industry Consultants Ptd Ltd and Bomenco Minerals Engineering Corp ‘to evaluate existing technical information’. Golden Metal says it would like a schedule and budget estimate for a preliminary feasibility study on the Desert Scheelite deposit within the Pilot Mountain project. It adds: ‘The consortium will be providing a select list of drillhole locations which specifically relate to resource upgrade as well as geotechnical engineering studies. Multiple of the proposed drillholes will be completed as part of the current diamond drilling campaign and will directly lead into the planned PFS.’ Separately, it noted it has ‘staked a further 44 mineral claims’ to grow its Garfield project by around 3.7 square kilometres. ‘Importantly, the claim staking secures coverage of a dense cluster of historical copper (plus gold/silver/uranium) datapoints, including old mineshafts, pits and adits, many of which were inspected during my field visit to Nevada last week,’ CEO Oliver Friesen says. ‘To see the size and scale of the copper mineralisation evident at surface within the newly staked ground and, more importantly across the entire Garfield footprint, was very exciting.’


Boussard & Gavaudan Holding Ltd - Guernsey-based closed-ended investment company - Assets under management at end of March total €342 million, unmoved from year-end. Net asset value per share is also unchanged in euro terms at €27.55, though in sterling, it rises to £24.65 at end of first-quarter from £24.57.


Mortgage Advice Bureau Holdings PLC - Derby, England-based mortgage broker - Exercises option to acquire the remaining 20% of First Mortgage for £9.4 million. It acquired 80% of the asset in July 2019. It notes 25% of the consideration has been paid in cash and 75% through the issue of 804,754 new shares. MAB Deputy CEO Ben Thompson says: ‘Acquiring an 80% shareholding in First Mortgage in 2019 was strategically important to MAB at the time, enabling us to grow our expertise in specific market specialisms such as new build, and accelerate our overall market share as a group. Despite the various challenges we all faced together over the last five years, the business has grown substantially in size and in profitability and has become even more important to MAB.’


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