TRADING UPDATES: Savannah to restart fieldwork at Barroso Lithium
The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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New Frontier Minerals Ltd - Australia-focused critical minerals explorer - Geological field team plans return to the Harts Range Heavy Rare Earths and Niobium Project in July. The upcoming field programme will focus on advancing the assessment of the approximately 40 remaining untested targets, with initial activities centred on the high-priority Kings Cross Prospect. Chair Gerrard Hall says: "With only six of our forty-six priority targets drill-tested to date, we have recommenced our field activities at Harts Range. The return of our field team in July will allow us to systematically validate the remaining targets, with Kings Cross, Bank and Cusp prospect where we have already identified encouraging tungsten mineralisation in rock chip samples and RC drilling."
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Prospex Energy PLC - London-based oil and gas investment company - Updates on the Selva Malvezzi production concession in Italy following the announcement by Po Valley Energy Ltd of an update on activities. PVE subsidiary Po Valley Operations Pty Ltd is the operator of the Selva Malvezzi production concession and owns a 63% working interest. Prospex holds the remaining 37% working interest. On Friday, PVO files an environmental impact assessment in Italy, covering the project to drill, develop and commission four new wells within the Selva Malvezzi production concession. The proposed wells are close to the existing Podere Maiar 1 well, which has been in continuous production for three years since July 2023 at approximately 80,000 standard cubic metres per day. Processing of the 3D seismic data is expected to be completed in July. Calls the EIA "a significant milestone".
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Atome PLC - Leeds, England-based green fertiliser project developer - Says it is continuing its engagement with the relevant authorities in Paraguay and state-owned electrical distributor, ANDE, regarding the power purchase agreement necessary for the Villeta Project. Chair Peter Levine says: "Atome, in good faith, continues to take steps to seek a mutually acceptable amicable resolution to the matter with ANDE to put the nationally strategic and fully funded Villeta Project on track where all is ready to start immediate building works." On Friday, Atome received communication from ANDE, which was leaked to the press, that it had rejected an older proposal from November. Says this rejection is not new information.
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Savannah Resources PLC - Portugal-focused lithium development company, developing the Barroso Lithium Project - Plans to restart fieldwork with immediate effect at the Barroso Lithium Project in Portugal. This follows the issuance of a 'reasoned resolution' by the Portuguese government in response to the expected and anticipated 'precautionary measure' entered at the administrative and fiscal court. Savannah will now reinitiate the field programme and complete the work as planned.
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Thames Water Utilities Ltd - Water utility company - Says it has so far drawn £2.04 billion of its £2.25 billion super senior facility with subsidiary Thames Water Super Senior Issuer PLC. The parites have secured commitments of £823 million, bringing the total amount available and undeferred under the facility to £2.25 billion. Funding of the new commitments remains subject to the satisfaction and/or waiver of relevant conditions precedent, some of which have not yet been satisfied and/or waived in full, TWUL says. "TWUL continues to work closely with stakeholders to secure a market-led solution," comments. Launches a twelfth set of consent requests seeking the consent of the super senior creditors to extend the June release condition to July 31 and amend the dates and amounts of scheduled drawdowns under the facility by TWUL to reflect TWUL's anticipated liquidity needs. The consents will allow TWUL to draw a further £213.49 million of the facility in July 2026. The consent requests have a voting date of July 13 and follow eleven previous sets of consent requests which were approved by creditors.
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Cirata PLC - Sheffield, England-based software-solutions provider - Conditionally raises £320,000 via retail offer through the issue of 2.2 million new shares at 15 pence each. Together with placing and subscription raises a total of £5.4 million through the issue of 36.3 million new ordinary shares.
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Marula Mining PLC - London-based Africa-focused mining and development company - Muchai Mining South Africa Proprietary Ltd signs a formal shareholders agreement with South African company Infirnity Resource Group (Pty) Ltd. This follows the satisfaction of legal, technical and financial due diligence on the Tonto Tshipi and Derdepoort Manganese Mines in the North West Province, South Africa. MMSA had entered into a binding term sheet with IRG setting out the terms on which MMSA would acquire an initial 50% interest in the Tonto Tshipi Minerals special purpose vehicle, with an option to increase its interest to up to 70%.
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Ondo InsurTech PLC - claims prevention technology company for home insurers - Oversubscribed retail offer conditionally raises £290,000 through the issue of 9.7 million shares. Together with its placing, raises £2.9 million gross. In order to satisfy demand under the offer, 9.7 million placing shares will be clawed back from participants in the clawback placing. As a result, placees who participated in the Clawback Placing will not receive any shares that were subject to clawback. 87.0 million placing shares will be issued as a result of the placing. In total, 96.7 million shares will be issued.
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