EARNINGS AND TRADING: Petrel interim loss widens; Cadence fundraise
The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Petrel Resources PLC - hydrocarbon explorer with interests in Iraq and Ghana - Reports financial results for 2025 and the first half of 2026. Pretax loss widens to £499,014 in 2025 from £469,878 in 2024. Posts no revenue, unchanged. For the six months of 2026, pretax loss narrows to EUR217,000 from EUR357,000 a year prior. Operating loss narrows to EUR233,000 from EUR284,000. Says during the half, its focus was to seek new opportunities "capable of transforming Petrel while working on advancement of our interests in Ghana and Iran." However, says it "cannot depend indefinitely on governments making decisions in Iraq or Ghana" so it is "examining additional opportunities in oil and gas, energy and natural resources." Continues to operate with a "very small cost base."
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Ecofin US Renewables Infrastructure Trust PLC - invests in US renewable energy and sustainable infrastructure, currently in a managed wind down - First half pretax loss widens to USD12.5 million from £5.7 million. Net asset value per share falls to 21.3 US cents at June 30 from 37.6 cents at December 31. First half NAV total return is 24.1%. Declares no interim dividend.
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Oriole Resources PLC - West and Central Africa-focused gold explorer - Agrees to sell its 1.2% net smelter return royalty at the Muratdere project in Turkey to Ardent Metals LLC-FZ for USD1.2 million. Chief Executive Officer Martin Rosser says: "We are pleased to announce the disposal of our non-core Muratdere royalty as the sale provides significant cash proceeds which can be devoted to funding the company's important activities in Cameroon."
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Cadence Minerals PLC - London-based mining services company - Raises £1.8 million through the sale of 40.0 million shares at 4.5 pence each through a subscription and placing. The proceeds will support Azteca infrastructure, optimisation and additional-feed studies, and working capital. Also, announces a WRAP retail offer to raise £450,000 4.5p per share. Chief Executive Kiran Morzaria says: "Azteca's restart and initial working capital are funded. Raising now allows us to bring forward the bridge works, with the objective of completing them before first shipment and reducing a known logistics risk. Recent site visits have identified opportunities to assess more saleable concentrate, lower unit costs and a longer operating life. Starting now allows us to establish sooner which improvements justify investment. The larger Amapá redevelopment is the main opportunity. Successful Azteca operations would provide an operating track record for financing discussions and cash to help advance it. Funding these works now is intended to preserve that cash for the DFS and port and rail licensing."
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Nativo Resources PLC - developing a vertically integrated gold mining and processing business in Peru - Signs a conditional binding letter of intent with Chancery Royalty Ltd for project finance and an equity subscription to complete the construction and commissioning of the phase 1 La Patona gold ore processing plant. The deal includes project finance of USD3.5 million to be drawn in seven monthly instalments with the first USD500,000 instalment due no later than December 31. It also includes a £600,000 equity subscription through two tranches of 142.86 million shares each at 0.21 pence per share. Nativo expects the 70 tonnes-per-day plant to be commissioned in the second quarter of 2027. In exchange, Chancery receives a 6% gross revenue share on gold produced at La Patona until it receives an aggregate return equivalent to 3,034 troy ounces of gold, followed by a 1.5% gross revenue share for the remaining life of the operation.
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Springfield Properties PLC - Morayshire-based housebuilder in Scotland - Signs the first main works agreement under its build-to-lease housing partnership with a major energy infrastructure provider in northern Scotland. "The furnished and serviced homes will accommodate workers involved in the partner's energy upgrade projects," Springfield says. This follows the signing of an initial agreement in December to begin delivering 293 homes at six sites across the Highlands, Moray and Aberdeenshire. Springfield has signed a main works agreement for the first site, totalling 39 homes, and expects to sign a lease agreement shortly. Springfield says it will receive "a significant payment upon handover and then monthly rental revenue for the duration of the lease." Chief Executive Officer Innes Smith adds: "We are delighted to have signed this milestone agreement under our partnership with a major energy infrastructure provider in the North of Scotland. This new approach to housing delivery gives us a significant payment on handover, income over the course of the multi-year lease, plus attractive options at the conclusion of the lease period. Now that we have established a framework for the contracts, we expect to sign build and lease agreements for further sites in the near term."
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Tekcapital PLC - intellectual property investment group - Portfolio company Vesari Inc has engaged ARC Group International Ltd as its capital markets adviser in connection with a contemplated business combination with a yet-to-be-identified special purpose acquisition company and a related financing. Clifford Gross, chair of Tekcapital and Vesari, says: "We believe that the build-out of AI is constrained not by chips but by firm power at the point of compute. To address this, Vesari seeks to co-locate geothermal generation with data centres, turning electrons into tokens efficiently, cleanly, and behind the meter. We are enthusiastic to have engaged ARC as our adviser to help us navigate and secure a public listing for Vesari. Their combined deep experience with special purpose acquisition companys and related financings, coupled with their engineering-first approach, is exactly the investment banking skill set we require. This important step follows the progress the Vesari team has made on securing its intellectual property and its science advisory bench. We will keep our shareholders informed as this process develops, and we are clear-eyed that a transaction of this nature, while extraordinarily impactful, is subject to numerous uncertainties."
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Bluebird Mining Ventures Ltd - British Virgin Islands-based gold streaming, mining and treasury company - Completes the allocation of certain ordinary shares held on trust and the conversion of £197,200 of indebtedness owed to Skylake Management LLP into new shares, as part of efforts to simplify and deleverage its balance sheet. Bluebird will issue 30.0 million new shares to Skylake at 0.5 pence each in full satisfaction of an existing £150,000 obligation, while a further £197,200 of debt will be converted into 328.67 million new shares at 0.060 pence each. Bluebird says the latter will preserve cash for operational activities, with the debt extinguished upon admission of the shares to the main market. A further 203.64 million shares will be allocated to contractors, settling sums owed for services through June 30. The new shares are expected to be admitted on September 25, after which Bluebird will have 3.216 billion shares in issue.
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Tertiary Minerals PLC - mineral development company focused on deposits in the US, Zambia and northern Europe - Provides further details on the emerging higher-grade silver-copper-zinc zone at Target A1 at the Mushima North Project in Zambia. To date, results have been released from 29 holes of the 39-hole 3,639-metre programme with results from a further 8 holes awaited. Tertiary has reported a near-surface exploration target range at Target A1 of 15 million to 30 million tonnes at 40 to 60 grammes per tonne silver equivalent. Results show the delineation of the higher-grade shallow mineralised zone, approximately 400m long by 150m wide, striking northwest, with drill intersections including: 52m at 99g/t gold, 0.41% copper and 0.43% zinc, representing 130 g/t gold equivalent, from 39m downhole; and 22m at 90 g/t gold, 0.13% copper and 0.44% zinc, representing 105 g/t gold equivalent, from 64m downhole. Managing director Richard Belcher says: "We are delighted with the analytical results received to date...Notably, the mineralisation within the higher-grade zone remains open at depth, with numerous holes ending in mineralisation beyond the current modelled exploration target boundary." Drilling shows several holes where the mineralisation transitions from the oxide zone into fresher rock where visible disseminated sulphide mineralisation is also observed in the drill chips, Belcher says, adding: "While this is not conclusive evidence for the continuation of the oxide mineralisation into a deeper primarily sulphide deposit, that is our working model and it is a compelling target that supports the need for deeper diamond drilling underneath the near-surface oxide mineralisation." Belcher continues: "With the Discovery Zone continuing to deliver thick intervals of oxide mineralisation and the possible depth continuation, along with the new shallow, copper mineralisation discovered at the Western Zone, then Target A1 clearly has a lot more to deliver. Add this to multiple drill-ready targets within 15 kilometres of Target A1 yet to be evaluated fully, the Mushima North Project is becoming an incredibly exciting project. Additional laboratory results are expected for the remaining holes over the coming weeks and we look forward to updating our shareholders in due course."
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Zoyo Ltd - Cayman Islands-registered holding company of the Zoyo Group, an assemblage of British fintech companies - Signs a letter of intent with All Well Capital Ltd and its major shareholders regarding a proposed investment in All Well and a potential strategic business cooperation. "The proposed investment would involve acquiring shares in All Well, potentially in stages, with the ultimate objective of Zoyo acquiring a majority equity interest in All Well, provided that the proposed investment, whether implemented as a single transaction or a series of transactions, would not constitute a reverse takeover," Zoyo says. All Well is a Hong Kong financial services company. "The proposed investment forms part of Zoyo's strategy to expand its financial trading technology business in Hong Kong and other Asian markets," company says. Adds: "Following the signing of the LOI, the parties will commence due diligence and discussions on valuation, pricing and transaction structure. The LOI provides for a three-month exclusivity period from the date of execution."
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