EARNINGS AND TRADING: Alien Metals loss narrows, Cindrigo optimistic
The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
----------
First Class Metals PLC - Ontario, Canada-focused gold and critical metals explorer - Raises £1.0 million before costs through a placing of 26.3 million shares priced at 3.8 pence each, which is 9.5% lower than the company’s closing share price the day prior to the placing, but more than double the 1.52p-per-share price of fundraising carried out in March. Axis Capital Markets acted as the sole placing agent. Plans to use the proceeds to continue exploration activities across its portfolio, including a drill programme at the Pettigrew prospect in the second half of 2026, follow-up drilling at the Roy prospect, analysis and exploration of the Sunbeam mine, as well as operations at other Northern Ontario projects. Files a revised three-year exploration permit application covering the whole Sunbeam property to the local mining regulator. Chief Executive James Knowles comments on the placing: ‘While the company is already funded for the foreseeable future, this additional capital further strengthens the balance sheet and provides the flexibility to expand exploration activity across our Ontario portfolio.’
----------
Cindrigo Holdings Ltd - Guernsey, Channel Islands-based renewable energy developer and producer - Notes the completion of subsurface analysis for the Eich Hamm geothermal licence in Germany, which is one of three licences being developed in the Upper Rhine Valley through ZGG GmbH. Says results indicate an estimated exploitable energy potential of 157.8 megawatts, up 50% from the company’s previous estimate, alongside a possible annual output of 7,230 tonnes of lithium carbonate equivalent. Modelling of the first production well to be developed estimates 40.3 megawatt thermal and 5.3 megawatt electric potential, plus annual production of 2,400 tonnes of lithium carbon equivalent. Plans to drill the first well in 2027 at a shallower depth than originally planned, which may reduce costs. Notes that it is eligible for German state funding, and is seeking additional funding, through derisking of the drilling stage via insurer Munich and drilling financing up to €25 million through the German development bank KfW. Chief Executive Lars Guldstrand comments: ‘Germany provides one of Europe’s most supportive funding environments for geothermal development.’
----------
Alien Metals Ltd - precious and base metals explorer focused on Australia - Pretax loss narrows to $694,000 in 2025 from $1.6 million in 2024. Proposes no dividend, unchanged from the year prior. Says it is ‘well positioned following a transformational year of significant strategic progress, including execution of joint ventures at both Elizabeth Hill and Munni Munni’. Says exploration work will continue at Brockman and Vivash, as ‘commodity markets remain supportive, with continued strength in silver and resilient demand for iron ore, while platinum group metals and battery-related commodities continue to benefit from long-term structural demand’. Adds: ‘With funded work programmes across its key assets, strong partners, and multiple pathways to value realisation, the company entered 2026 with positive momentum.’ Separately on Tuesday, Alien notes an announcement from joint-venture partner West Coast Silver Ltd which hails ‘significant assay results’ from reverse circulation drilling at Elizabeth Hill.
----------
Thor Energy PLC - exploration company with prospective projects in Australia and the US - Reports phase-two survey results of up to 3% natural hydrogen at the HY-Range project in South Australia, building on phase-one results from the second quarter of 2025. Says the results validate three of its ‘highest-priority exploration focus areas’, Mallala, Lochiel and Crystal. Plans to announce the award of a two-dimensional seismic acquisition programme, with more geological details on Lochiel and Crystal, which Managing Director Andrew Hume calls ‘the final step required to mature our targets and set Thor on a definitive path to exploration drilling’. Hume hails the latest survey results as ‘highly encouraging’.
----------
Celsius Resources Ltd - developer of the Maalinao-Caigutan-Biyog copper-gold project in the Philippines - Wholly-owned subsidiary Tambuli Mining Co Inc appoints Attilenore Manero as interim chair and president, and plans to appoint Peter Hume as technical advisor, subject to finalisation of regulatory and administrative requirements. This follows the termination of Manero’s role as chief sustainability director of Makilala Mining Co Inc and Hume’s role as technical director at the same company. Both were terminated by Julito Sarmiento, who is ex-chair of Celsius, amid a dispute related to the MCB project. Manero and Hume’s terms at Tambuli run until the end of the year, though they may be renewed. Tambuli targets the Sagay copper project in the Philippines, which has a mineral resource estimate of 312 million tonnes at 0.39% copper and 0.11 grammes per tonne of gold, for roughly 1.2 million tonnes of contained copper and 1 million ounces of contained gold. Celsius says its main focus remains the MCB copper and gold project.
----------
Copyright 2026 Alliance News Ltd. All Rights Reserved.