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Open Orphan #ORPH – Directorate Change

 

Open Orphan (AIM: ORPH), a rapidly growing specialist contract research organisation (CRO) and world leader in vaccine and antiviral testing using human challenge clinical trials , announces the appointment of Yamin ‘Mo’ Khan as an Independent Non-Executive Director to the Board of Open Orphan with immediate effect. Mo will also Chair both the Audit and Risk and Nomination Committees. 

Mo is a business leader and customer-focused CRO executive with over 25 years of global clinical research experience across clinical operations, project management, business development and executive management functions. He previously worked at Pharm-Olam International, a global CRO, from 2000-2019 across a variety of senior positions including Executive Vice President of Clinical Development and Global Director of Clinical Operations. Mo was a key leader in driving the expansion and growth of the company from a small niche European CRO to a global player with offices across all continents. Laterally, he led global business development at Pharm-Olam resulting in significant growth and a successful sale in 2017, delivering substantial returns to its shareholders. Prior to this he worked at Innovex and Quintiles CRO (IQVIA).

As part of Mo joining the Board, Michael Meade is stepping down from the Board with immediate effect. Michael joined the Board of Open Orphan as part of the acquisition of hVIVO and helped to steer the Company to the stronger and more successful position that it occupies today. 

The disclosures required by Schedule 2(g) of the AIM Rules for Companies and Rule 5.22 (b) of Chapter 5: Additional Rules for the Euronext Growth Market operated by Euronext Dublin in respect of Mo are set out in the Appendix to this announcement. 

Cathal Friel, Executive Chairman, Open Orphan, said: “We are delighted to announce the appointment of Mo Khan to the Board of Open Orphan. Mo has extensive CRO knowledge and experience in a fast growth business and will be an invaluable addition to the Company as we capitalise on our position as a leading European CRO and world leader in testing vaccines and therapeutics for infectious and respiratory diseases, as this market exponentially grows to an expected $250bn by 2025. 

We would also like to thank Michael Meade for all of his help and assistance in the 22 months since we acquired hVIVO, Michael’s knowledge of the City and his financial acumen has been invaluable to us.” 

Mo Khan, Incoming Non-Executive Director, Open Orphan, said: “I am delighted to join the Board of Open Orphan. I have been very impressed by the outstanding progress that Cathal Friel, the Board and the team have made in such a short period of time. These are exciting times for Open Orphan and its subsidiaries in the light of their current full-service, high quality offerings in conjunction with the increased interest in challenge studies. I look forward to working with them in the next stage of the evolution of Open Orphan.” 

For further information please contact: 

Open Orphan plc

+353 (0)1 644 0007

Cathal Friel, Executive Chairman

Arden Partners plc (Nominated Adviser and Joint Broker)

+44 (0)20 7614 5900

John Llewellyn-Lloyd / Louisa Waddell / Oscair McGrath

finnCap plc (Joint Broker)

+44 (0) 20 7220 500

Geoff Nash / James Thompson/ Richard Chambers

Davy (Euronext Growth Adviser and Joint Broker)

+353 (0)1 679 6363

Anthony Farrell

Walbrook PR (Financial PR & IR)

+44 (0)20 7933 8780 or  openorphan@walbrookpr.com

Paul McManus / Sam Allen / Louis Ashe-Jepson

+44 (0)7980 541 893 / +44 (0) 7502 558 258 / +44 (0) 7747 515393 

Appendix

Full name: Yamin Mohammed Khan

Age: 52

Current directorships / partnerships

Previous directorships / partnerships (in the last five years)

None

Pharm-Olam International (UK) Limited

 

Mo Khan does not hold any shares or options over shares in the Company.

Echo Energy #ECHO – Block Admission Update

echo

Block Admission Interim Review:

 

Echo Energy plc, the Latin American focused upstream energy company, provides an update in relation to the Company’s block admission arrangements (the “Block Admissions”) in respect of new ordinary shares of 0.25p in the Company (“Ordinary Shares”) which may be issued as a result of future exercises of existing warrants and options. The Block Admissions have been put in place to enable the Company to handle any future exercises of existing warrants and options in an efficient manner. 

 

Block Admission Interim Review:

 

Pursuant to Rule 29 of, and Schedule Six to, the AIM Rules for Companies, the Company provides the following notification regarding its Block Admissions.

 

 

Name of the company:

 

 

Echo Energy plc

 

Name of scheme:

 

1.Warrants to subscribe for new Ordinary Shares at a price of 3p per new Ordinary Share issued by the Company in 2017 (the “March 2017 Warrants”). The grant of the March 2017 Warrants was announced by the Company on 6 March 2017 and were granted as part of the institutional investment and Board changes described therein;

 

2. Options to subscribe for new Ordinary Shares at a price of 1.625p per new Ordinary Share granted by the Company to certain of the Company’s employees in March 2017 (the “March 2017 Options”). The grant of the March 2017 Options to certain of the Company’s employees was announced by the Company on 6 March;

 

3.  Warrants to subscribe for new Ordinary Shares at a price of 3.0p per new Ordinary Share issued by the Company in November 2019 (the “November 2019 Warrants”). The issue of the November 2019 Warrants, which were issued in connection with the Company’s €5.0 million secured debt facility put in place at that time, was first announced by the Company on 21 October 2019; and

 

4.  Warrants to subscribe for new Ordinary Shares at a price of 1.4p per new Ordinary Share issued by the Company in March 2020 (the “March 2020 Warrants”). The issue of the March 2020 Warrants, which were issued in connection with the extension of an existing £1.0 million secured debt facility, was announced by the Company on 6 March 2020. 

 

5. Warrants to subscribe for new Ordinary Shares at a price of 1.0p per new Ordinary Share issued by the Company in July 2020 (the “July 2020 Placing Warrants”). The issue of the July 2020 Placing Warrants, which were issued in connection with a placing of new Ordinary Shares under taken at that time, was announced by the Company on 27 July 2020.

 

6. Warrants to subscribe for new Ordinary Shares at a price of 0.8p per new Ordinary Share issued by the Company in July 2020 (the “July 2020 Fee Warrants”). The issue of the July 2020 Fee Warrants, which were issued in respect of fees incurred in connection with a placing of new Ordinary Shares under taken at that time, was announced by the Company on 27 July 2020.

 

Period of return:

From:

19 March 2021

To:

11 October 2021

Number of unallotted securities not issued under the scheme(s) at the start of the period:

1:

2:

3:

4:

5:

6:

 

Total:

61,538,461

3,033,628

74,200,000

3,571,428

13,300,000

5,700,000

 

161,343,517

Plus:   The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for):

1:

2:

3:

4:

5:

6:

Total:

0

0

0

0

0

0

0

Less:   Number of securities issued/allotted under scheme(s) during period:

1:

2:

3:

4:

5:

6:

Total:

0

0

74,200,000 – November 2019 Warrants cancelled on 30 March 2021

0

0

0

0

Equals:   Balance under scheme(s) not yet issued/allotted at end of period:

 

1:

 

2:

 

3:

 

4:

 

5:

 

6:

 

Total:

 

61,538,461

 

3,033,628

 

0

 

3,571,428

 

13,300,000

 

5,700,000

 

87,143,517

 

Number and class of securities originally admitted and the date of admission:

 

1:

 

2:

 

3:

 

4:

 

5:

 

6:

 

Total:

 

 

64,538,461 – 2 March 2018

 

3, 033,628 -20 March 2020

 

74,200,000 – 20 March 2020

 

3,571,428 – 20 March 2020

 

13,300,000 – 21 September 2020

 

5,700,000 – 21 September 2020

 

164,343,517

Name of contact:

AMBA Secretaries Limited, Company Secretary

Telephone number of contact:

+44 (0)20 7190 9930

 

For further information please contact:

 

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications

Cenkos Securities (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

+44 (0)20 7397 8900

Shore Capital (Corporate Broker)

Jerry Keen

+44 (0)20 7408 4090

Vigo Communications (PR Adviser)

Patrick d’Ancona

Chris McMahon

 

+44 (0)20 7390 0230

 

 

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Open Orphan #ORPH – Controlled Human Infection Studies Report following March Webinar

Controlled Human Infection Studies: Proposals for guidance on how to design, develop and produce a challenge strain.

 

Report follows March Webinar run by hVIVO with HIC VAC, Wellcome Trust and IABS

Highlights:

  • Applicable local, national and regional guidelines on manufacture and use of challenge agents must be considered.
  • As challenge agents are biological products, ICH guidelines should be followed.
  • GMP contributes to the right execution of a process duly designed, developed and declared in the CMC documentation.
  • Good documentation practice is critical, for adherence to procedures and regulatory requirements and process reconstruction.
  • For challenge agents, a case-by-case approach should determine the extent of quality data (CMC and GMP) to be applied.

Full article here: https://www.sciencedirect.com/science/article/pii/S1045105621000737

Poolbeg Pharma #POLB – RNA sequencing ahead of AI analysis programme

polb

RNA sequencing ahead of pioneering AI analysis programme

 

7 October 2021 – Poolbeg Pharma (AIM: POLB), Poolbeg’ or the ‘Company’, a clinical stage infectious disease pharmaceutical company with a capital light clinical model, has partnered with leading global biopharma services company, Eurofins Genomics (‘Eurofins’), to complete RNA sequencing for Poolbeg of Respiratory Syncytial Virus (RSV) disease progression samples from human viral challenge studies.

 

This deep sequencing work is a key step leading to Poolbeg commencing Artificial Intelligence (AI) analysis of its RSV data and will mean that it then has full immunological datasets for RSV, as well as influenza, which are ready to use with AI platforms to identify drug targets and products for influenza and RSV indications. The Company already has RNA sequencing data for influenza. This data is unique as it covers the full disease cycle and presents significant opportunities to unlock insights into these diseases which will magnify the power of the AI analysis.

 

The project with Eurofins is expected to be completed by the end of 2021 and will involve next generation RNA sequencing of RSV transcriptomics, or disease progression data, which enables the tracking of the biology of immune responses in molecular detail during infection.

 

Sequencing of the samples will be tailored for incorporation into AI algorithms which will be the first time that human challenge trial immune data has been analysed using AI, unlocking unique insights from the rich dataset that Poolbeg will translate into additional pipeline products which will be progressed using its capital light clinical structure.

 

RSV is a contagious virus that affects the respiratory tract of children and at-risk older adults; in severe cases, it can cause pneumonia and other life-threatening breathing difficulties. RSV is a significant public health threat and is one of the leading causes of hospitalisation to at-risk older adults. There is currently no vaccine on the market for RSV.

 

Jeremy Skillington, PhD, CEO of Poolbeg Pharma, said:

“This is an exciting step in our AI data analysis programme. The deep genetic analysis of RSV progression will be key information to feed into AI drug and target discovery tools. We already have similar data for influenza so we will now have complete discovery datasets for both influenza and RSV.

 

Our AI analysis will be breaking new ground in data-driven drug discovery as it will be the first time that human challenge trial immune data is used in this way. Having the sequencing specially tailored to work with AI platforms will enable us to discover potential new drug candidates for both diseases in a quicker and more cost-effective way.”

 

  Enquiries

 

Poolbeg Pharma Plc

Jeremy Skillington, CEO

Ian O’Connell, CFO

 

+353 (0) 1 644 0007

finnCap Ltd (Nominated Adviser & Joint Broker)

Geoff Nash, James Thompson, Charlie Beeson 

Richard Chambers, Sunila de Silva (ECM)

 

 

+44 (0) 20 7220 0500

Arden Partners PLC (Joint Broker)

John Lewellyn-Lloyd, Louisa Waddell, Oscair McGrath

 

 

+44 (0) 207 614 5900

J&E Davy (Joint Broker)

Anthony Farrell, Niall Gilchrist

 

 

+353 (0) 1 679 6363

Instinctif Partners

Melanie Toyne Sewell, Rozi Morris, Tim Field

+44 (0) 20 7457 2020

poolbeg@instinctif.com

 

About Poolbeg Pharma

Poolbeg Pharma is a clinical stage infectious disease pharmaceutical company, with a capital light clinical model which aims to develop multiple products faster and more cost effectively than the conventional biotech model. The Company, headquartered in London, is led by a team with a track record of creation and delivery of shareholder value and aspires to become a “one-stop shop” for Big Pharma seeking mid-stage products to licence or acquire.

The Company is targeting the growing infectious disease market. In the wake of the COVID-19 pandemic, infectious disease has become one of the fastest growing pharma markets and is expected to exceed $250bn by 2025.

With its initial assets from Open Orphan plc , an industry leading infectious disease and human challenge trials business, Poolbeg has access to knowledge, experience, and clinical data from over 20 years of human challenge trials. The Company is using these insights to acquire new assets as well as reposition clinical stage products, reducing spend and risk. It already has a Phase II ready repositioned small molecule immunomodulator for severe influenza and a portfolio of other exciting assets. The Company plans to broaden this portfolio further going forward and is in active discussions with AI data analysis platforms to help accelerate the power of its human challenge model data and biobank.

For more information, please go to www.poolbegpharma.com

 

About Eurofins Genomic s

Eurofins Genomics is a global leader in genomic products and services .Eurofins Genomics, a member of the Eurofins Group with facilities in Europe, the United States and Asia, is an internationally leading provider of DNA sequencing services, next generation sequencing services, genotyping services, DNA synthesis products and bioinformatics services for pharma, diagnostics, food, agriculture, biotechnological and research markets. The company’s strength is its extensive customer base and high-quality services in industrial scale for the life science industries and academic research institutions around the world. For further information, please visit www.eurofinsgenomics.com

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Kavango Resources #KAV – KSZ Prospecting Licence Renewals

 

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce renewal of five Prospecting Licences (“PLs”) in the Company’s Kalahari Suture Zone (“KSZ”) Project.

The renewed PLs are:

–  PL363/2018

–  PL364/2018

–  PL365/2018

–  PL163/2012

–  PL164/2012

Each PL runs for an additional two years and are due to expire on 30 September 2023.

The Company has recently completed drilling of two geological holes in PL163/2012 (“Target Area A”). Current drilling operations are ongoing in PL365/2018 (“Target Area B”).

———————————————————————–

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

For additional information please contact:

Kavango Resources plc

Ben Turney

bturney@kavangoresources.com

+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker)

+44 1483 413500

Nick Emerson

Note to Editors:

THE KALAHARI SUTURE ZONE

Kavango’s 100% subsidiary in Botswana, Kavango Minerals (Pty) Ltd, is the holder of 14 prospecting licences covering 7,573.1km2 of ground, including 12 licences over a significant portion of the 450km long KSZ magnetic anomaly in the southwest of the country along which Kavango is exploring for Copper-Nickel-PGM rich sulphide ore bodies. This large area, which is entirely covered by Cretaceous and post-Cretaceous Kalahari Sediments, has not previously been explored using modern techniques.

The area covered by Kavango’s KSZ licences displays a geological setting with distinct similarities to that hosting World Class magmatic sulphide deposits such as those at Norilsk (Siberia) and Voisey’s Bay (Canada).

The Norilsk mining centre is about 2,800km northeast of Moscow and accounts for 90% of Russia’s nickel reserves, 55% of its copper and virtually all of its PGMs. Kavango’s licenses in the KSZ display a geological setting with distinct geological similarities to the magmatic sulphide deposits at Norilsk. Magma plumbing systems are a key feature of these deposits.

KSZ DEFINITIONS

EM Super Conductors: are bodies of highly conductive minerals such as graphite, magnetite and metal sulphides, which conduct electricity very rapidly provided the mineral grains are in contact with each other.

Gabbro/gabbroic: A coarse grained, medium to dark coloured rock, formed from the intrusion of mantle derived molten magma into the earth’s crust. Gabbroic rocks (or “gabbros”) are formed as the molten magma crystallizes and cools.

Gabbroic sills: Relatively thin, planar, horizontal bodies of solidified gabbroic magma that intruded into layers of sedimentary rock whilst still molten.

Karoo: The Karoo System covers 1.5 million km2 of the semi-desert region of Southern Africa. Rocks in this system formed 180-310 million years ago.

Massive sulphide: When a deposit consists almost entirely of sulphides it is termed “massive”. When it consists of grains or crystals of sulphide in a matrix of silicate minerals, it is termed “disseminated”.

Metal/Magmatic sulphide: Deposits of sulphide mineral concentrations in mafic and ultramafic rocks, derived from immiscible sulphide liquids. To view a video of how metal/magmatic sulphides form please visit –

https://twitter.com/KavangoRes/status/1316004057895645186?s=20 

Norilsk Style: copper/nickel/PGE mineralisation associated with the intrusion into the upper parts of the Earth’s crust of mafic magma, which form magma chambers that sit below volcanic vents or fissures that extrude basaltic lava onto the surface (Hawaii is a possible modern equivalent). The Norilsk intrusions tend to have distinct morphologies, combining thin gabbro sills (wings) with deep keels (thought to be associated with feeder dykes) at the base.

Norilsk Model:   a genetic geological model similar to that pertaining to the Norilsk/Talnakh deposits in Siberia. Traditionally, it was thought that, during emplacement, the magma incorporated sulphur rich country rock (e.g. coal measures) or evaporites into the melt, which allowed the molten magma to become sulphur saturated. The free sulphur would then combine, preferentially, with Cu/Ni/PGE metal ions to form metal sulphides, which, being heavy, tended to accumulate in traps or into the keel of the magma chamber. However, modern research suggests that the process might be more complex and may also involve changes of the chemical and physical properties of the magma during the introduction of new pulses of molten material from below. Such sudden changes may have caused rapid segregation of metal sulphides within and above the feeder dykes within the keel of the intrusion.

Sulphide mineralisation: If there is sufficient sulphur in the molten magma, it will tend to combine with metals (Cu, Zn, Ni, Co, Pb, PGEs etc.) to form metal sulphide complexes, which may coalesce to form massive sulphide deposits. If the melt is sulphide poor, the metals will be taken up into the silicate minerals that form as the magma cools and will not usually form economic deposits.

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Echo Energy #ECHO – Operational Update

 

echo

Echo Energy, the Latin American focused upstream oil and gas company, is pleased to provide an operational update regarding its Santa Cruz Sur assets, onshore Argentina for Q3 2021.

 

Operational Update

 

The Company is pleased to announce that further to the announcement dated 26 August 2021, a further three wells from the Campo Molino oilfield have been brought online. All the recently reactivated wells are producing in-line with expectations. Maximum daily reported production achieved after these wells have been online has been around 350 bopd (net to Echo) This represents a further 20% increase from production levels announced on 26 August.

 

In the month of September liquids production net to Echo averaged approximately 290 bopd. This continues to represent an almost 50% increase in the total daily liquid production rate at Santa Cruz Sur when compared to the period immediately prior to the restoration of production from the Campo Molino field just over a month ago. Production levels from the seven reactivated wells continue to indicate that the shut-in period has not had a detrimental impact on reservoir behaviour in the Campo Molino oil field, with those wells now being managed to deliver the same average monthly rate as had been achieved prior to shut in in April 2020.

 

Liquids produced at Santa Cruz Sur can cater for a variety of blend types, as and when required from customers. Given the opportunity presented by improving markets, and increases in realisable prices for higher quality products, the Company has optimised its commercial position by focussing production and sales on the highest quality blends, the prices of which have increased more quickly than other blends.

 

As a result of the demand and increased realised prices of higher quality blends, production from Santa Cruz Sur will, in the short term, be managed to focus upon production to deliver the highest quality and highest-priced blend which can be delivered from existing producing wells.

 

Martin Hull, Chief Executive Officer of Echo Energy, commented:

 

 Our pursuit of value for shareholders continues as we look at ways of maximising the price of our sales. The work we have done in recent months has borne fruit and we are now seeing materially higher prices for our higher-quality blend. This, coupled with increased production levels from the reactivated wells at Campo Molino, means we are seeing stronger cashflows as we head towards the end of the year.”

 

 

 

For further information, please contact:

 

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications

Vigo Consulting (IR & PR Advisor)

Patrick d’Ancona

Chris McMahon

 

+44 (0) 20 7390 0230

Cenkos Securities (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

+44 (0) 20 7397 8900

Shore Capital (Corporate Broker)

Jerry Keen

+44 (0) 20 7408 4090

 

Note

 

The assignment of Echo’s 70% non-operated participation in the Santa Cruz Sur licences is subject to the authorisation of the Executive Branch of Santa Cruz’s Province, which is part of the overall process of title transfer that is proceeding as anticipated. bopd means barrels of oil per day; bbl means barrel.

 

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under The Market Abuse Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon the publication of this announcement via a Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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Mosman Oil & Gas #MSMN – Winters-2 well update

 

MSMN

Winters-2 well update

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces an update on the Winters-2 well in Polk County, Texas.

Further to the announcement made on 21 September, Mosman confirms the equipment to drill the well has started to arrive onsite. Spud is expected in the next few days and the drilling is scheduled to take 7-10 days. A further update will be made upon completion of drilling.

Background of Winters Lease

Mosman first acquired an interest in the Winters lease as part of its purchase of Nadsoilco LLC, (“Nadsoilco”) in June 2021. Following a subsequent acquisition of an additional working interest in July 2021 Nadsoilco now holds a 29% interest in the lease. Nadsoilco is a 100% owned subsidiary of Mosman and is the Operator of the Winters lease which is held by production with circa 969 bbls of oil sold in the last 12 months from the Winters-1 well.

Nadsoilco has been ready to drill the Winters-2 well on the Winters Lease for some time and has been awaiting the arrival of the drilling rig which was delayed due to the impact of the covid-19 pandemic. The Winters lease holders have agreed to share the participation in the Winters-2 well (not the lease) with the owners of the adjacent lease operated by Arcadia (the “Arcadia Parties”). The Winters lease holders will have a 78% working interest and the Arcadia Parties will have a 22% working interest in the well. Therefore Mosman, through Nadsoilco, will hold an effective c.23% working interest in this well.

Winters-2 well

Winters-2 is a 7,000 foot development well in which the primary target is the Wilcox formation that is producing oil in adjacent wells (on other leases not held by Mosman). The turnkey aggregate cost for drilling the well is now expected to be c USD 700,000 (Mosman’s share c.USD 160,000).

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute

inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.

Enquiries:

Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Joint Broker

Monecor (London) Ltd trading as ETX Capital Thomas Smith

020 7392 1432

Updates on the Company’s activities are regularly posted on its website:

www.mosmanoilandgas.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

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Blencowe Resources #BRES – Orom-Cross PEA Shows Potential for Long Life, Highly Profitable Graphite Project

Results of internal Preliminary Economic Assessment (“PEA”) demonstrate compelling case for the development of a major new graphite project, paving the way for a Pre-Feasibility Study.

Highlights 

Low operating costs and robust financials for mining operation:

· Net Present Value (NPV 8 ) of US$317M / IRR 49% over 13-year life of mine from 2025.

· Average nameplate production of 75,000tpa graphite sold as concentrate, with ability to extend this after further drilling.

· Life of mine C1 operating cost of US$498/t (CIF Mombasa port) which would make Orom-Cross one of the lower cost graphite projects worldwide.

· An initial capital cost of US$80M, inclusive of 15% contingency.

· Orom-Cross will generate an average US$40M pa in EBITDA over life of mine at a weighted average price of US$1,050/t for the full basket of all end-products sold from 2025 onwards.

· Cumulative post-tax net cash flow of US$351M generated over initial 13 years life of mine.

· 4-year payback on capital.

Next Steps:

· Work will now begin on Pre-Feasibility Study (PFS) using an independent consultant, including an upgraded JORC Standard Resource statement.

· Sales and marketing analysis to source potential off-take partners to commence immediately.

Attractive size and scale of deposit with high quality end-product:

· Estimated 2-3 billion tonnes flake graphite deposit at Orom-Cross, with 16.3Mt already drilled to JORC Resource standard, covering initial life of mine.

· High grade 97-98% TGC (Total Graphite Content) concentrate proven, with low impurities, high recoveries and strong mix of jumbo/large flakes within overall end-product.

Low risk operation:

· Shallow, free dig open pit mining operation with low strip ratio.

· Well established, proven plant design and process to deliver high grade concentrates.

· Key infrastructure (roads, electricity, water) all available at mine site.

· Stable jurisdiction to develop a long-term mining venture.

· 21 year mining licence granted in 2019

Cameron Pearce, Executive Chairman commented;

“We are pleased to announce the first full economic evaluation of the Orom-Cross graphite project based on prudent assumptions. The current internal PEA underpins our view that we have a robust Project that we will now advance to the next stage of development. We are confident that the Project economics can improve further, notably by extending the life of mine and/or increasing the levels of production.

The Project has several key attributes that underpin the decision to move forward with its development including the ability to upscale production volumes and/or extend the life of mine; high quality output via purity of end concentrates and a mix of different flakes sizes which delivers an excellent weighted average selling price for the entire basket; plus a low operating cost helped considerably by shallow free-dig mining and processing that does not require excessive crushing and grinding.

The Project will provide a range of high quality end-products that will be sold into what is generally forecast by most leading analysts as a rapidly growing demand for flake graphite ahead, particularly driven by electric vehicle expansion. 

All of these factors combine to deliver a standout PEA result that we believe confirms Orom-Cross as one of the premium graphite projects available worldwide, delivered from one of the safest locations for a long-term mining venture in Africa.

We still have further work ahead to deliver Orom-Cross into first production but we are making considerable progress.  The next step is the revised and upgraded JORC Standard Resource by end-2021 which will then underpin our Pre-Feasibility Study in 1H 2022, where we revisit all of these Project inputs within the model to build further layers of confidence everywhere.” 

Blencowe Resources (LSE:BRES ) is pleased to announce the results of its Preliminary Economic Assessment (PEA) for the Orom-Cross graphite project located in Uganda.  This PEA highlights the potential to deliver a long-life mining operation with strong financial returns.

The PEA indicates that Orom-Cross production is economic at forecast graphite prices and it supports Blencowe’s view that the Project is one of the best undeveloped graphite projects worldwide.

The PEA was compiled and completed internally by Blencowe’s management team using information and data largely provided by third party experts, including the JORC Standard Resource statement, metallurgical test studies, processing and plant design, operating costs (including logistics), product pricing and sales and marketing forecast information.  This PEA is an internal document which has not been reviewed or approved by a third party technical firm as that will be done within the Pre-Feasibility Study, which is the next stage in the development of this Project.

Cautionary Statement:

The PEA is a preliminary assessment based on lower accuracy technical and economic assessments (25-35% range), undertaken internally by Blencowe management to consider the full mining operation and to determine the financial viability of the Project prior to the PFS.  The PEA is insufficient to support the estimation of ore reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the PEA will be realised.  Further work will be undertaken ahead to build the confidence in this model and provide additional reassurance in the outcomes.

The information in the PEA and this RNS that relates to metallurgical testwork and capital costing is based on information compiled and reviewed by Mr David Pass, who is a member of the Australian Institute of Mining and Metallurgy. Mr Pass is an employee of Battery Limits Pty Ltd. Mr Pass has sufficient experience relevant to the mineralogy and type of deposit under consideration and the typical beneficiation thereof to qualify as a Competent Person a defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). The information in the PEA and this RNS that relates to Mine Reserves, capital and operating costing is based on information compiled and reviewed by Mr Iain Wearing, who is a member of the Australian Institute of Mining and Metallurgy. Mr Wearing is an employee of Blencowe. Mr Wearing has sufficient experience relevant to the mineralogy and type of deposit under consideration and the typical operation thereof to qualify as a Competent Person a defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Both Mr Wearing and Mr Pass consent to the inclusion in the PEA and this RNS of the matters based on the reviewed information in the form and context in which it appears.

This RNS includes statements that are, or may be deemed to be, “forward-looking statements”. Such statements appear in a number of places and include statements regarding the intentions, beliefs or current expectations of the Company and the Board concerning, among other things, results of operations, financial condition, capital resources, prospects, capital appreciation of the shares of the Company.  By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward- looking statements are not guarantees of future performances. The Company’s actual performance, results of operations, financial condition, distributions to Shareholders and the development of its financing strategies may differ materially from the forward-looking statements.

 

Key Performance Indicators (KPIs)

The following KPI’s illustrate the graphite mining operation considered at Orom-Cross:

KPI

Result

Life of Mine (LOM)

Initial 13 years

Further years will be added following additional resource drilling

Average Annual Production

75,000tpa

End-product as concentrate, split into four separate mesh sizes for sales

65% sold into battery metals market

Recovery Rate (end-product)

90%

Composite product – per metallurgical test work

Capital Cost, including 15% contingency

US$80M

Plant, all infrastructure, vehicles and camp

C1 Cash Operating Cost

US$498/t

CIF Mombasa (end-products as concentrate)

Weighted Average Selling Price

US$1,050/t

Using 2025 forecast pricing – overall for all four end-products as assumed sold

EBITDA

US$40M pa

Average pre-tax earnings over life of mine

Cumulative Free Cash

US$351M

Generated over first 13 years life of mine, after repayment of all debt

Net Present Value

US$317M

Pre-tax (8%) , inclusive of Government royalty

IRR

49%

Pre-tax (8%) , inclusive of Government royalty

Payback period on capital invested

4 years

Assumes upfront capital raised as debt: equity Split 60% : 40% respectively

 

 

Orom-Cross Graphite Project

Orom-Cross is a substantial graphite project located in northern Uganda, 100%-owned by Blencowe Resources since April 2020, with a 21-year Mining License awarded in 2019.

Mining & Processing

The Preliminary Economic Assessment conducted by Blencowe management assumes an open pit, owner-operated mining operation using existing resources (Indicated and Inferred) as drilled to JORC Resource Standard, delivering 1.4Mtpa ore on average for processing through the plant.  Strip ratio is 1: 1.1 which is low.  Plant recoveries are considered at 90% based upon the composite material most likely to be fed into the plant, as derived from metallurgical test work conducted by graphite expert SGS in Toronto.  Initial life of mine as contemplated within the PEA is just 13 years (18Mt total throughput into plant) but this will almost certainly be extended as Blencowe has only drilled a small percentage of the total graphite available, and further drilling in subsequent years will provide additional JORC Resources when considered necessary.

The plant will be located near to the first two major deposits of graphite to be mined and t he flowsheet consists of a flash and rougher flotation stage followed by a primary cleaning circuit with a polishing mill followed by three stages of cleaner flotation.  The intermediate concentrate is classified and then further upgraded in secondary cleaning circuits with stirred media mills followed by cleaner flotation.

The plant will feature separate circuits that ultimately deliver an average of 75,000tpa, made up from four separate end-products, being jumbo, large, medium and small flakes size concentrates.

The split of mesh sizes / respective tonnages within each of the four end-products is illustrated below:

End Product

(Flake size)

Mesh Size

Purity

% TGC

% of End Product

Tonnes pa

End Product

1

Super Jumbo/Jumbo

+32

+48

98.1%

98.0%

13.7%

10,275

2

X-Large/Large

+80

97.7%

22.5%

16,875

3

Medium

+100

+150

97.5%

97.0%

24.7%

18,525

4

Small

+200

+325

-325

96.9%

96.6%

95.7%

39.2%

29,400

Total

75,000

 

Manpower and Management

Orom-Cross will be owner-operated and managed by a workforce comprising of both national and expatriate personnel.  Wherever possible locals will be employed, but the quality and experience of senior executives will not be compromised as necessary to ensure that all objectives are delivered.

A work force of ~45 will be on-site at any one time, some of whom will be fly-in, fly-out from international locations.

Logistics

End-product as concentrate will be bagged at site and loaded into containers for bulk transport by road through Uganda and Kenya, to Mombasa port, and thereafter shipped to final destination(s).  Orom-Cross benefits from substantial container freight entering landlocked Uganda and South Sudan by road transport that currently returns under-utilised (imports exceed exports) and as such Blencowe may receive more favourable terms on backfill transport to port.

It is possible that the standard gauge rail line currently under construction between Mombasa and Kampala (via Nairobi) will be completed by anticipated 2025 Orom-Cross start-up date, but the PEA has not considered this rail option; for now only road transport has been included.  Presently this new rail line is around 60% completed.

When this rail option is completed it may potentially reduce logistical costs further, which are currently ~18% of the total operating cost for the end-product as delivered to port (CIF Mombasa).

Sales and Marketing

Sales and marketing are at a preliminary stage within Orom-Cross development as specific end-product specifications have only recently been formalised through metallurgical test studies.  Blencowe has identified several experienced sales and marketing consultants worldwide and has engaged with each to identify the most likely channels to locate potential offtake partners. Once end users are identified the Company will engage with each to assess their interest in Orom-Cross offtake.

Product pricing has been evaluated using advice and reports generated by industry accepted graphite experts including Benchmark Minerals Intelligence (BMI) and UBS, taking into consideration potential premiums that may be achieved for higher grade concentrates that Orom-Cross can deliver and future pricing as forecast from 2025 onwards.  Graphite pricing is largely opaque so forecast prices should be considered with some caution and Blencowe has chosen to adopt a conservative view on what prices may be achieved, to ensure reliability and credibility.

It is assumed for the PEA that 100% of the end-product that will produced at Orom-Cross will be sold, although there are no off-take agreements currently in place with Blencowe that can confirm this.  As the majority of end-product sold from the Project will be in the category that is required for the battery metals market (for use within the anode inside lithium-ion batteries), and as most leading analysts forecast that demand will outstrip supply in this category by the 2025, the anticipated Orom-Cross start date, it is assumed within this PEA that all end-product produced will be sold.

Infrastructure

There are existing roads all the way from the Orom-Cross site through Uganda/Kenya to Mombasa port.  The only section that is not currently a bituminised road is the final 90kms from Kitgum to Orom. Blencowe is currently in discussions with the relevant Ugandan Government departments to assist the Orom-Cross development by upgrading and bituminising this section of road.  Currently hydro-generated electricity comes into Orom village approximately 4kms from the proposed mine site so the Project will connect into the grid (with other redundancy power options as backup), and abundant fresh water is freely available in the area.

All key infrastructure is therefore either in place or readily available which makes a significant difference in cost savings to forecast capital expenditure to bring Orom-Cross into production.

Operating Estimate

Blencowe management has built the PEA model based on these above assumptions, with an expected life of mine operating cost (C1) of US$498/t (CIF Mombasa port).

Ongoing capital required to maintain the Project has been included as well as a 5% royalty to Government of Uganda.  A further amount has also been included for community welfare projects as Blencowe takes its ESG (environmental, social & governance) responsibilities seriously.

Operating Item

US$ / tonne

% Total

Mining

103/t

20.7%

Processing

181/t

36.3%

Transport and logistics

92/t

18.5%

Corporate, admin & personnel (includes ESG)

65/t

13.1%

Sales commissions

10/t

2.0%

Royalties

47/t

9.4%

Total Cost (C1)

US$498/t

100%

Capital Expenditure

The design and capital requirement for the plant has been derived from external technical firm Battery Limits / Mining Metals Technology Limited, a company with considerable graphite plant design experience.  A suitable contingency has been applied to ensure adequate provision for a plant that can deliver ~1Mtpa throughput.

Further capital has been considered for all associated infrastructure required, including the following non-process infrastructure that will be constructed to support operations:

· Power sub-station and power distribution

· Raw water supply and water treatment

· Accommodation village

· Airstrip

· Offices, stores, and workshops

· Communications

· Bulk fuel storage

· Secondary roads (on-site)

A sustaining capital is included within the operating cost to ensure necessary maintenance and refurbishment of items where necessary.  Capital costs are estimated to an accuracy of 25-35%.

A breakdown of the key capital cost items is shown below:

Capital Item

Cost

(us$ Millions)

Processing Plant/tailings

52

Site construction/EPCM

15

Vehicles & equipment

2

Camp & offices

5

Additional Resource Drilling

2

Mobilisation/demob & first fill

3

Community

1

TOTAL

US$80M

 

Note: 15% Contingency included in all items shown above

Project Economics

Financial analysis on Orom-Cross has been undertaken using a discount cash flow model with various sensitivities, and an 8% discount value has been used for this analysis which is consistent with current resource model forecasting and future anticipated rates pertaining to cost of capital.

It is assumed within the PEA that all upfront capital is raised from both equity and debt (35%: 65%).

A project Net Present Value of US$317M highlights the considerable value within the initial 13-year Orom-Cross Project and the IRR of 49% illustrates the attractive return on capital invested.  Payback on all capital employed is four years which is exceptional as the Orom-Cross Project is ultimately expected to run for a considerable period beyond this initial 13-year life of mine as considered.

US$40M pa EBITDA is returned on average over life of mine, with overall cumulative free cash of US$351M returned over the Project life of mine. 

For further information please contact:

 

  Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

Brandon Hill Capital Limited

Jonathan Evans

Tel: +44 (0)20 3463 5000

jonathan.evans@brandonhillcapital.com

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

Twitter  https://twitter.com/BlencoweRes

LinkedIn  https://www.linkedin.com/company/72382491/admin/

Background

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit. A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is moving into the studies phase shortly as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 16.3Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

MetalNRG PLC (MNRG) – Half-year Report

 

 

 

Unaudited Interim Results to 30 June 2021

 

Operational Highlights:

 

Key operational milestones achieved during the period:

 

The Company has and continues to assess a number of projects that meet its investment criteria.

 

At the beginning of the financial year, we considered an acquisition of Lake Victoria Gold Ltd (“LVG”), however the Board decided not to proceed as certain conditions on the properties in Tanzania were not as reported by LVG. We spent significant time and effort on the due diligence, and we supported LVG financially which has been converted into equity in LVG.

 

MetalNRG completed a transaction for a distressed UK onshore Oil & Gas company with operating and exploration licenses. A Special Purpose Vehicle, BritNRG, was set up to complete the transaction. Operational work on site has progressed and 100-day operational plan implemented, setting the company up on a more secure operational footing.

 

Work at our Goldridge gold project in Arizona has also progressed well. In the early part of the year SRK Consulting completed a Competent Person’s Report update on the asset. The CPR was an input document to the prospectus the Company completed in May. In the report SRK pointed out that in addition to the old waste dumps and pillars left behind by previous operators, there appears to be an opportunity to explore in more detail the connectivity between the previously producing gold mines to get a detailed understanding of the geological structure on the property. Work has progressed in this direction and the initial findings are encouraging.

 

During the first part of the year, MetalNRG announced a partnership agreement with EQTEC plc, an AIM listed world leading gasification technology solutions company focused on waste to sustainable energy projects. The purpose of the partnership as announced to market is to seek “shovel ready” green sustainable waste to energy projects that offer financial upside.

 

In partnership with EQTEC plc,   MetalNRG announced   its participation in the acquisition and planned recommissioning of a 1MW waste-to-energy plant in Italy. Originally commissioned in 2015, the plant was built around EQTEC’s proprietary and patented Advanced Gasification Technology.

MetalNRG joined a consortium led by EQTEC to repower, own and operate the biomass-to- energy p lant (the “Plant”) in  Castiglione d’Orcia, Tuscany, Italy. Once operational, it is intended that the plant will transform straw and forestry wood waste from local farms and forests into green electricity and heat for use in the local community.

 

The Company continues to support IMC which has a Uranium project in Kyrgyzstan which is currently on hold due to that Government’s current ban on the exploitation of uranium in the country.

 

Corporate Development

 

The Company will continue to seek additional projects that meet its set investment criteria. The intention is specifically to seek opportunities where we can deliver early positive cash flows from an asset and, where the cash generated from the operations allows us, explore and develop each particular project further. We expect announcements in the very near future on further developments.

 

Financial Review

 

MetalNRG reported an unaudited operating loss for the six months period ended 30 June 2021 of £890,354 (six months period to 30 June 2020: an unaudited operating loss of £386,304). Basic and diluted loss per share for the period was 0.14p and 0.08p respectively (six months period to 30 June 2020: Basic loss per share was 0.11p and diluted loss per share was 0.08p).

 

Outlook

 

A number of projects have been evaluated and good progress has been made to date. We expect further announcements will be made to update the market on any concrete achievements.

 

 

 

Responsibility Statement

 

We confirm that to the best of our knowledge:

· The interim financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the EU;

· The interim financial statements give a true and fair view of the assets, liabilities, financial position and loss of the Group;

· The interim report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the interim financial information, and a description of the principal risks and uncertainties for the remaining six months of the year; and

· The interim financial information includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information required on related party transactions.

 

 

 

Consolidated Income Statement

 

6 months to

 30 June 2021

6 months to

 30 June 2020

Year ended 31 December 2020

Unaudited

£

Unaudited

£

Audited

£

Revenue

38,422

Cost of sales

(29,320)

Gross profit

9,102

Administrative expenses

(642,837)

(405,647)

(829,267)

Other operating income

381

19,343

19,134

IPO expenses

(257,000)

Operating loss

 

(890,354)

(386,304)

(810,133)

Finance income

Loss on ordinary activities before taxation

(890,354)

(386,304)

(810,133)

Tax on loss on ordinary activities

 

Loss for the financial period attributable to equity holders

(890,354)

(386,304)

(810,133)

Attributable to:

Equity holders of the parent

(867,870)

(386,304)

(810,133)

Non-controlling interests

(22,484)

(890,354)

(386,304)

(810,133)

Earnings per share – see note 3

Basic

Diluted

 

(0.14) pence

(0.08) pence

 

 

 

(0.11) pence

(0.08) pence

 

(0.22) pence

(0.18) pence

 

Consolidated Statement of Comprehensive Income

 

6 months to

 30 June 2021

6 months to

 30 June 2020

Year ended 31 December 2020

Unaudited

£

Unaudited

£

Audited

£

Loss after tax

(890,354)

(386,304)

(810,133)

Items that may subsequently be reclassified to profit or loss:

–  Foreign exchange movements

923

(3,675)

(418)

Total comprehensive loss

(889,431)

(389,979)

(810,551)

Attributable to:

Equity holders of the parent

(866,947)

(389,979)

(810,551)

Non-controlling interests

(22,484)

(889,431)

(389,979)

(810,551)

Consolidated Statement of Financial Position

 

6 months to 30 June 2021

6 months to

 30 June 2020

 Year ended 31 December 2020

Unaudited

£

Unaudited

£

Audited

£

 

Assets

Non-current assets

Intangible fixed assets

Tangible fixed assets

Investments

Investments in associates

Available for sale assets

 

 

 

 

 

2,580,009

5,891

467,033

687,198

391,062

 

 

669,198

166,808

 

 

668,937

466,652

 

Total assets

4,131,193

836,006

1,135,589

Current assets

Trade and other receivables

Cash and cash equivalents

 

 

 

 

 

964,667

99,798

 

63,122

111,699

 

 

29,736

63,611

 

Total current assets

1,064,465

174,821

93,347

 

Current liabilities

Trade and other payables

 

(2,069,773)

(480,065)

(1,049,772)

Total current liabilities

(2,069,773)

(480,065)

(1,049,772)

Non-current liabilities

Other non-current liabilities

 

(377,875)

(28,975)

Total non-current liabilities

(377,875)

(28,975)

Net assets

2,748,010

530,762

150,189

Equity

Share capital

Share premium

Retained losses

Foreign currency reserve

 

 

332,116

5,911,719

 (3,473,406)

(435)

 

 

273,301

2,443,784

 (2,181,708)

(4,615)

 

 

 

 

273,968

2,483,117

(2,605,538)

(1,358)

 

Equity attributable to equity holders of the parent

 

2,769,994

530,762

150,189

Non-controlling interests

(21,984)

Total equity

2,748,010

530,762

150,189

 

Consolidated Statement of Cash Flows

 

6 months to

 30 June 2021

6 months to

 30 June 2020

Year ended 31 December 2020

Unaudited

£

Unaudited

£

Audited

£

 

Cash flow from operating activities

 

 

Operating loss

(890,354)

(386,304)

(810,133)

(profit)/loss on sale of investment

(19,134)

(19,134)

Fees settled in shares

11,750

Impairment of investments

108,939

Foreign exchange

923

(418)

Finance costs

12,600

32,436

Increase in payables

1,178,902

160,186

50,931

(Increase)/decrease in receivables

(934,931)

22,167

55,554

Net cash outflow from operations

(512,171)

(223,085)

(690,764)

 

Cash flows from investing activities

Payments for intangible assets

(1,911,071)

Payments for tangible fixed assets

(5,891)

Proceeds from sale of investment

102,467

102,467

Purchase of investments

(1,187,580)

(38,047)

(337,631)

Net cash flows from investing activities

(3,104,542)

64,420

(235,164)

 

Cash flows from financing activities

Proceeds from issue of shares and warrants

 

3,614,000

 

30,000

 

70,000

Cost of shares issued

(151,100)

Proceeds from Convertible Loan Notes

105,000

370,000

Bridging and other loan financing

190,000

410,500

Net cash flows from financing activities

3,652,900

135,000

850,500

 

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at the beginning of period

 

36,187

 

63,611

 

 

(23,665)

 

139,039

 

 

(75,428)

 

139,039

 

Effect of exchange rate changes on cash and cash equivalents

(3,675)

Cash and cash equivalents at end of period

99,798

111,699

63,611

 

 

Consolidated Statement of Changes in Equity

 

Share capital

Share premium

Retained earnings

Foreign currency reserve

Non-controlling interest

Total

£

£

£

£

£

£

As at 31 August 2019

 

266,847

2,167,311

(1,470,778)

(2,700)

960,680

Loss for the period

 

(324,627)

(324,627)

Translation differences

 

1,760

1,760

Total comprehensive income

 

(324,627)

1,760

(322,867)

Share capital issued

5,954

246,973

252,927

Total contributions by and distributions to owners of the Company

5,954

246,973

252,927

As at 31 December 2019

 

272,801

2,414,284

(1,795,405)

(940)

890,740

Loss for the period

 

(386,304)

(386,304)

Translation differences

 

(3,675)

(3,675)

Total comprehensive income

 

(386,304)

(3,675)

(389,979)

Share capital issued

 

500

29,500

30,000

Total contributions by and distributions to owners of the Company

 

500

29,500

30,000

As at 30 June 2020

 

273,301

2,443,784

(2,181,708)

(4,615)

530,762

Loss for the period

 

(423,830)

(423,830)

Translation differences

 

3,257

3,257

Total comprehensive income

 

(423,830)

3,257

(420,573)

Share capital issued

 

667

39,333

40,000

Total contributions by and distributions to owners of the Company

 

667

39,333

40,000

As at 31 December 2020

 

273,968

2,483,117

(2,605,538)

(1,358)

150,189

Loss for the period

 

(867,870)

(22,484)

(890,354)

Translation differences

 

923

923

Total comprehensive income

 

(867,870)

923

(22,484)

(889,431)

Share capital issued

 

58,149

3,428,601

500

3,487,250

Total contributions by and distributions to owners of the Company

 

58,149

3,428,601

500

3,487,250

As at 30 June 2021

 

332,116

5,911,719

(3,473,406)

(435)

(21,984)

2,748,010

 

Half-yearly report notes

 

1. Half-yearly report

This interim report was approved by the Board of Directors on 28 September 2021.

The information relating to the six months periods to 30 June 2021 and 30 June 2020 are unaudited.

The information relating to the year ended 31 December 2020 is extracted from the audited financial statements of the Company which have been filed at Companies House and on which the auditors issued an unqualified audit report. The condensed interim financial statements have been reviewed by the Company’s auditor.

 

2. Basis of accounting

The interim financial statements have been prepared using accounting policies and practices that are consistent with those adopted in the statutory financial statements for the year ended 31 December 2020, although the information does not constitute statutory financial statements within the meaning of the Companies Act 2006. The interim financial statements have been prepared under the historical cost convention.

These interim financial statements are prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union and the Disclosure and Transparency Rules of the UK Financial Conduct Authority.

This interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this interim report should be read in conjunction with the annual report for the year ended 31 December 2020, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. 

The Company will report again for the full year to 31 December 2021.

 

Going concern

The Company’s day-to-day financing is from its available cash resources.

The Company is confident of raising funds to enable it to continue to develop its targeted investments and exploration campaigns across its key projects over the next 12-18 months and the Directors are confident that adequate funding can be raised as required to meet the Company’s current and future liabilities.

For the reasons outlined above, the Directors are satisfied that the Company will be able to meet its current and future liabilities, and continue trading, for the foreseeable future and, in any event, for a period of not less than twelve months from the date of approving this interim report. The preparation of these interim financial statements on a going concern basis is therefore considered to remain appropriate.

 

Critical accounting estimates

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in the Company’s 2020 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.

 

Intangible assets

Exploration and development costs

All costs associated with mineral exploration and investments are capitalised on a project-by-project basis, pending determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses but not general overheads. If an exploration project is successful, the related expenditures will be transferred to mining assets and amortised over the estimated life of economically recoverable reserves on a unit of production basis.

 

Intangible assets

Exploration and development costs

Where a licence is relinquished or a project abandoned, the related costs are written off in the period in which the event occurs. Where the Group maintains an interest in a project, but the value of the project is considered to be impaired, a provision against the relevant capitalised costs will be raised.

The recoverability of all exploration and development costs is dependent upon the discovery of economically recoverable reserves, the ability of the Group to obtain necessary financing to complete the development of reserves and future profitable production or proceeds from the disposition thereof.

 

3. Earnings per share

6 months

to

 30 June

2021

6 months

to

 30 June 2020

Year ended 31 December 2020

Unaudited

£

Unaudited

£

Audited

£

These have been calculated on a loss of:

(890,354)

(386,604)

(810,133) 

 

The basic weighted average number of shares used was:

 

The diluted weighted average number of shares used was:

 

623,214,765

 

 

1,044,548,093

 

359,990,020

 

 

466,523,346

 

363,554,242

 

 

453,720,902

 

Basic loss per share:

 

(0.14) pence

 

(0.11) pence

 

(0.22) pence

Diluted loss per share:

(0.08) pence

(0.08) pence

(0.18) pence

 

 

4. Events after the reporting period

There were no reportable events after the reporting period other than those highlighted in the ‘Financial Review’. 

 

The Condensed interim financial statements were approved by the Board of Directors on 28 September 2021.

 

 

By order of the Board

 

 

Rolf Gerritsen

Director

 

 

For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of the Company is Rolf Gerritsen, Chief Executive Officer.

 

 

 Contact details:

MetalNRG PLC

Rolf Gerritsen
Christopher Latilla-Campbell

+44 (0) 20 7796 9060

Corporate Adviser
PETERHOUSE CAPITAL LIMITED
Lucy Williams/Duncan Vasey

+44 (0) 20 7469 0930

Corporate Broker
SI CAPITAL LIMITED
Nick Emerson

+44 (0) 1483 413500

 

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END

IR PPUGPBUPGPPR

Power Metal Resources #POW – Communications Update

 

Power Metal Rpowesources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a communications update.

Corporate Website and Presentation

Investors may refer to the Company’s website for further information on the Company, the project portfolio and exploration/corporate activities.

The Company maintains an updated Corporate Presentation which may be viewed through the following link:

https://www.powermetalresources.com/presentation/

Investor Webinar

Power Metal Chief Executive Officer Paul Johnson and Exploration Manager Oliver Friesen will be presenting to investors at the London South East Investor Webinar starting at 6pm on 21 September 2021. Investors wishing to register for this event may do so through the following link:

https://us02web.zoom.us/webinar/register/2016321247616/WN_8Ryghu5SSKqJNgc7upuzQQ

Quarterly Reporting

Recognising the extensive exploration operations and corporate activities underway, Power Metal is to provide a regular quarterly Business and Operational Update (the “Quarterly Update”) at the end of each calendar quarter.  The first Quarterly Update will be provided on Thursday 30 September 2021.

The Quarterly Updates will provide a detailed review of business operations in the past quarter and a summary of non-material business developments. Material developments in respect of business operations, exploration programmes and corporate activities will continue to be released as required via specific regulatory market announcements.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

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