TRADING UPDATES: Technology Minerals announces leadership changes
The following is a round-up of trading updates for London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Firering Strategic Minerals PLC - Zambia and Ivory Coast-focused mining company - Announce hot commissioning of the third of eight planned kilns at its Limeco quicklime project in Zambia. "With three kilns now in operation, Limeco is transitioning from breakeven into profitable production and is on track to becoming one of the largest high-quality lime producers in Zambia," company says. Additionally, completes the final Limeco option payment, increasing Firering's interest in Limeco to 45%. Chair and interim Chief Executive Youval Rasin says: "The hot commissioning of Kiln 3 is a defining moment for Limeco. With all three kilns now in operation, we expect combined production to exceed 200 tonnes per day, putting Limeco on track to becoming one of the largest high-quality lime producers in Zambia. Most importantly, this represents the inflection point for Limeco, moving from an effective breakeven operation into profitable production, with the business expected to be cash flow positive by year end."
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Ariana Resources PLC - mineral exploration, development and production company with gold project interests in Africa and Europe - Updates on its mining interests in Turkey, through its 9.9% shareholding in Zenit Madencilik San ve Tic AS. Tavsan operations have completed ramp-up and ore is currently being loaded onto the heap-leach pads at the required rate of 4,000 tonnes per day. Says operational improvements continue to be made, including several enhancements relating to crushing, screening and agglomeration. Additionally, Kiziltepe interests have been transferred into a separate legal entity through an in specie distribution to the shareholders of Zenit, to allow for potential future transactions. Managing Director Kerim Sener says: "Recent diamond drilling in the vicinity of the existing open pits and in the broader area has aimed to identify potential extensions to the mineralisation. Zenit are currently assessing these results and making appropriate revisions to the mining plans. We would like to take this opportunity to congratulate the operational team at Zenit and its contractors for these efforts."
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CVC Income & Growth Ltd - investor in senior secured loans and other sub-investment grade corporate credit - Conditionally raises £16.5 million through placing and WRAP retail offer. In total, 11.1 million sterling denominated shares will be resold under the placing, and 2.7 million sterling denominated shares and 1,279 Euro denominated shares under the retail offer.
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Harena Rare Earths PLC - developing Ampasindava ionic clay rare earth project in northern Madagascar - Signs a project development funding agreement with the US International Development Finance Corp. "The signing of the PDFA is a transformational milestone for Harena, marking DFC's first direct financial commitment to the Ampasindava Project and formalising a partnership that the company believes will be central to unlocking the project's development towards production," company says. Under the agreement, DFC commits USD4.84 million towards the agreed project development budget for the Ampasindava project. The proceeds are earmarked for permitting, environmental and social studies, and the development of the company's proof-of-concept pilot plant, Harena says, adding that this accelerates the pathway to a definitive feasibility study and a construction decision.
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River UK Micro Cap Ltd - London-based investor focused on companies with market caps under £100 million - George Ensor, the portfolio manager responsible for the management of the company's portfolio, tenders his resignation from the company's portfolio management entity. Ensor will continue to manage the portfolio while arrangements are made for a suitable successor or alternative management structure to be implemented. "The board is actively assessing a number of options to ensure an orderly and sustainable transition that is in the best interests of shareholders. The board remains focused on maintaining continuity in the management of the portfolio and minimising disruption to the company's investment strategy," company comments.
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Technology Minerals PLC - London-based provider of technology for battery metals recycling - Names Non-Executive Director Michel Cataldo executive director, Head of Resilience and Defence. Names Chief Executive Officer of Chill Brands Group PLC, Callum Sommerton, as non-executive director. Chief Operating Officer Nick Bridle says: "The appointments of Mick Cataldo and Callum Sommerton mark an important step as we move from restructuring into execution of the Mantle strategy. Mick's transition into an executive role as Head of Resilience and Defence gives us dedicated leadership to pursue the defence and national-resilience opportunities that sit at the heart of the Mantle strategy. Callum's arrival as a non-executive director strengthens board oversight at a pivotal moment. Together these changes position us to deliver on the proposition we have set out to the market."
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Potter & Moore PLC - Peterborough, England-based beauty and wellbeing consumer goods manufacturer, formerly known as Creightons - Chief Financial Officer Qadeer Mohammed informs the board of his intention to step down. Company expects Qadeer to work through the six-month notice period to ensure a smooth transition process to his successor. Plans to commence an external recruitment process to identify Qadeer's successor, and a further announcement will be made when appropriate. Chair Paul Forster says: "On behalf of the board, I would like to thank Qadeer for all his hard work and contribution to Potter & Moore over the last four years. We wish him every success for the future."
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ImmuPharma PLC - London-based specialist drug discovery and development company - Selects Thermo Fisher Scientific Inc, the world leader in serving science, as its drug product and contract development and manufacturing organisation for its Kapiglucagon program. "The selection of Thermo Fisher represents an important Chemistry, Manufacturing and Controls milestone for the Kapiglucagon program and is expected to support the next stages of pharmaceutical development and IND-enabling preparation," company says. This follows the appointment of Bachem AG as API manufacturing partner for the Kapiglucagon program.
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Transense Technologies PLC - Bicester, England-based sensor technology developer - Appoints Hamaton Ltd and its sister company Tyresure Ltd as authorised distributors of its Translogik tyre inspection products and TireTask tyre management software in Europe and the Middle East. "The agreement represents an important step in the expansion of Translogik's international distribution network, providing Transense with its first authorised distribution partner with dedicated operations in mainland Europe," company says.
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