TRADING UPDATES: Billington contract wins; MyCelx awaits order clarity
The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Zenith Energy Ltd - energy production and development company with assets in Italy, US and Tunisia - Announces the acquisition of Stradella 1, a ground-mounted photovoltaic development project with an indicative installed capacity of around 9 megawatt-peak, located in the Lombardy region of Italy. Stradella 1 is the company's first solar development project in Lombardy. The agreed land price is EUR8.50 per square metre for a total consideration of around EUR807,500. The acquisition increases Zenith's total solar development pipeline to approximately 212 MWp, taking another step towards its target of 240 MWp by the end of 2026, Zenith says. Chief Executive Andrea Cattaneo says: "Only weeks after raising our target to 240 MWp, we continue to build scale across Italy. Our objective remains to reach, and if possible exceed, that target by the end of 2026, and to convert this scale into tangible value for Zenith shareholders. We are actively in discussions with interested buyers on asset monetisation, and expect to generate significant revenue from these sales towards the end of this year or the beginning of 2027 - demonstrating the strength and value of Zenith's solar development conveyor."
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Billington Holdings PLC - Barnsley, England-based construction company - Announces two further significant contract wins for data centre projects with an expected combined value of circa £42 million. The contracts are with new clients. The first project will commence work in Q4 2026 with delivery principally during H1 2027. The second project will commence in Q1 2027 and continue into 2028. Chief Executive Mark Smith says: "These awards add significantly to our now record order book and provide excellent visibility through 2027 and into 2028, while highlighting the opportunities available to Billington in sectors where demand remains strong. We look forward to working with our new and existing clients to successfully deliver these projects." Billington says it will release its interim results for the six months ended June 30 on September 29.
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Arrow Exploration Corp - Calgary, Canada-based oil and gas company - Says proved developed producing reserves increase by 62% to 2.9 million barrels of oil equivalent, driven principally by the acquisition of the Thorsby asset in Canada, the Icaco discovery, and the encouraging development of the Mateguafa field in the Tapir block in Colombia. Proved reserves increase by 110% to 11.4 MMboe, driven principally through the discovery of the Icaco field and the acquisition of the Thorsby asset in Canada. Proved plus probable reserves increase by 82% to 21.4 MMboe, proved plus probable plus possible reserves increase by 71% to 34.4 MMboe. CEO Marshall Abbott says: "Our midyear reserves update shows the significant value that has been added through our focused and successful drilling campaign in the first half of the year. As well, Arrow has been successful in the M&A front, adding reserves accretively. This represents a significant component of our overall corporate strategy that looks to take advantage of our strong balance sheet."
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EnergyPathways PLC - Worthing, UK-based energy company - Announces collaboration agreement with Finland's Hycamite TCD Technologies Ltd to evaluate its high-grade graphite and low-carbon hydrogen production technology for EnergyPathways' planned hydrogen plant. Both parties will assess the commercial viability of Hycamite's proprietary and technically proven methane splitting and carbon processing technology to produce high grade graphite. The estimated cost of hydrogen for EnergyPathways' plant is expected to be competitive with blue hydrogen and lower cost than green hydrogen currently expected in the UK. EnergyPathways plans to develop a 20,000 tonne per annum hydrogen plant and a circa 60,000 tonne per annum graphite plant at Port-of-Barrow in Barrow-in-Furness. Initial scoping economics indicate potential revenues from the sale of circa 20,000 metric tonnes of hydrogen and 20,000 metric tonnes of high-grade graphite of between £90 million to £120 million annually with an Ebitda margin of between 30% to 40%, based on indicative hydrogen and graphite prices. There is further revenue upside potential of circa £20 million to £30 million from the offtake of lower-grade and residual graphite fines that has not been considered in the scoping economics. "We are excited to be working with Hycamite to explore the use of their pioneering and proven technology within our MESH project for high-grade graphite. Domestic production of graphite offers huge benefits to the UK, in particular supporting the country's industrial and defence capabilities, whilst being a sizeable and long-term investment into Barrow's economy," company says.
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Tertiary Minerals PLC - mineral development company focused on deposits in the US, Zambia and northern Europe - Announces the highest grade silver-copper intersection to date from the recent phase 4 drill programme at the Discovery Zone in Target A1, Mushima north project in Zambia. The new results follow releases regarding the laboratory analytical results in September and are from a further four drill holes. All four holes intersected near surface, silver-copper-zinc mineralisation, with two holes ending in mineralisation and so both increase the known depth of mineralisation beyond the exploration target boundary and confirm that it remains open at depth. These results also include the highest grade individual assay result for silver to date on the project. "We are thrilled to report additional exceptional results for this project with our highest-grade silver-copper mineralised intersection to date, returning 82m at 107 [grammes per tonne] silver equivalent from only 8m and including silver and copper assays of up to 659 g/t and 0.94%, respectively," says Managing Director Richard Belcher. "Additional laboratory results for the remaining drill holes submitted for analysis are expected in the coming weeks and we look forward to updating our shareholders in due course," the MD adds.
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Atome PLC - Leeds, England-based green fertiliser project developer - Serve a Notice of Dispute and Intent to Submit a Claim to Arbitration on the Republic of Paraguay relating to a dispute over the Villeta project in the country. This follows "positive legal advice". The notice states that an investment dispute exists as a result of Paraguay's acts and omissions in violation of the agreement between the UK and Paraguay. The notice urges the Paraguayan state to engage in discussions to amicably resolve the matter. The USD665 million project is backed by binding funding commitments from major multilateral development banks. Atome says it will continue to make constructive efforts to amicably resolve the relevant issues but will pursue its rights under international law if it deems necessary.
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MyCelx Technologies Corp - Georgia, US-based clean water and air technology firm - At Thursday's annual general meeting, Chair Tom Lamb says expectations for the current financial year remain unchanged, "but are subject to timing of the expected award of a contract and it's delivery by year-end." Lamb says MyCelx has seen a 200% increase in the opportunity pipeline from January to August of this year. The pipeline includes 11 potential project awards with two US super majors and one Middle Eastern producer expected to be awarded in the next 6 to 12 months and worth a total of USD20 million to USD22 million. The timing of contract awards will dictate delivery and revenue recognition, he stresses. "While we may not win all these contracts, MyCelx is well qualified to deliver them and has built strong relationships with these high quality customers giving the Company confidence that it is well positioned to be awarded a material proportion of them, as well as others in the broader pipeline," he adds.
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Camellia PLC - holding company for agriculture businesses such as tea, avocado, macadamia and rubber - Notes the announcement made by Goodricke Group Ltd, a 74% owned Indian subsidiary of Camellia, to the Bombay Stock Exchange in connection with the sale by auction of some of its artwork for an INR277.5 million (around £2.2 million). Camellia also announces that it sold some of its own artwork in the same auction realising proceeds of £1.6 million, almost all of which is profit. The proceeds will support the company's value enhancement plan, which includes increasing investment into higher-return operating assets to generate long-term growth in shareholder value, it says.
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