(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and Thursday and not separately reported by Alliance News:
BH Macro Ltd - Guernsey-based close-ended investment company - Net asset value per share rises 16% to GBP39.63 each at June 30 half-year end, from GBP34.30 at end of 2021. Chair Richard Horlick says it is difficult to find anything of a "positive note" to say on outlook for global markets. Horlick says: "Geopolitical tensions remain at a very high level. The outcome of the invasion of Ukraine remains uncertain. The zero-Covid policy in China appears to be continuing to create severe supply chain disruption. Inflationary pressures remain strong across the globe though certain component data will start to decline on a year-on-year basis. Interest rates seem set to rise even further with significant consequences for the UK and European economies and will only exacerbate the tensions within the EU." Horlick adds: "I feel compelled therefore to reiterate what I said last year that the investment strategy of the company should continue to provide diversifying returns against what remains a very difficult background." BH Macro is FTSE 250-listed.
Rambler Metals & Mining PLC - Surrey, England-based copper and gold producer - Says needs extra funds amid recent decline in copper prices, as well as inflationary worries. "At this stage, it is not certain whether the capital will be in the form of equity, a restructure of debt, or a combination of the two," Rambler says. Adds: "It should be noted that the current stress on the business is from balance sheet weakness rather than operational viability. The focus of new capital would be to strengthen the balance sheet at a time when operational performance has improved following continued development investment."
Sovereign Metals Ltd - Perth, Scotland-based rutile exploration and development company focused in Malawi - Says drilling at Kasiya asset finds "high-grade mineralisation at depth". "First drilling results from the company's deeper air-core programme confirm rutile mineralisation extends at depth beneath previous drilling in most of the targeted areas," Sovereign Metals. "Results demonstrate the growth potential of Kasiya at depth and confirm that extensive rutile mineralisation remains outside of the current mineral resource estimate and pit shells."
Power Metal Resources PLC - metals exploration company focused on North America, Africa and Australia - Updates on sale of Reitenbach uranium property, in the Athabasca Basin in northern Saskatchewan, Canada, to Teathers Financial PLC. Says Teathers to be renamed Uranium Energy Exploration PLC ahead of planned listing on London capital markets. "Subject to the conditional terms of the agreed property purchase agreement being met, the Power Metal group would be expected to hold an estimated 40-55% interest in the newly listed company," company says. Says preparation for planned listing "progressing well" and GBP125,000 pre-float funding round completed. In addition, company says Botswana-based Mindea Exploration & Drilling Services Pty begins mobilisation for upcoming drilling programme at Molopo Farms Complex. "The planned drilling start date is now set for mid-September 2022," Power Metal says. "The programme is being designed to ensure expeditious core analysis to include: geologists on site to conduct continuous core inspection and logging, identification of visible sulphides, selection of core samples for assay testing and the arrangement where appropriate of expedited laboratory assays to minimise turnaround time."
Wishbone Gold PLC - Gibraltar-based precious metals trading and exploration company with assets in Australia - Says gravity survey at Patersons Range, Western Australia to start this weekend. Survey covers "encouraging" drill results at Red Setter copper and gold project. "The survey is expected to take two weeks, with processed results by the end of September," Wishbone says.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
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