Upstream Share Discussion Threads

[little beaker] 27/3/2024 17:28

Glad to see the performance of the UPS hasn't changed in the last ten years since I last checked in 😂

[master rsi] 27/3/2024 16:53

How the UPS are performing during last month

[master rsi] 27/3/2024 16:20

How the UPS are performing today

[master rsi] 27/3/2024 16:04

I suspect someone sold short and then applied for the placing but now does not have yet the shares to comply

Cap-XX shares suspended due to settlement "deterioration"
(Alliance News) - Cap-XX Ltd shares on Wednesday were suspended from trading in London.

The Sydney-based supercapacitor maker's stock has fallen 94% over the last 12 months. It last traded at 0.10 pence per share on Tuesday.

The London Stock Exchange said that the suspension follows Cap-XX's announcement on Monday that it raised GBP2.0 million through placing 2.00 billion shares at 0.1p each.

Chair Patrick Elliott, Chief Executive Officer Lars Stegmann and Non-Executive Director Steen Feldskov also subscribed for 35.0 million new shares for GBP35,000 in total. Cap-XX then raised GBP150,000 from a retail offer of 153.0 million shares, also at 0.1p.

On Wednesday, however, the exchange suspended trading in Cap-XX shares citing "the deterioration in settlement performance", although settlement of outstanding transactions can continue.

The exchange said it will "continue to monitor the settlement situation" and notify the market when trading is to be restored.

The exchange also noted that its member firms are obliged to ensure that every on-exchange trade is duly settled on the agreed-upon date.

[master rsi] 27/3/2024 15:47

Bowleven seeks funding as loss widens on reduced project activity

(Alliance News) - Bowleven PLC on Wednesday said its half-year loss widened as it continues to develop the Entinde project.

Bowleven shares fell 16% to 0.13 pence in London on Wednesday afternoon.

The Edinburgh, Scotland-based oil and gas exploration company holds a 25% equity interest in the Etinde project offshore Cameroon as part of a joint venture with additional partners.

For the six months ending December 31 Bowleven said pretax loss widened to USD1.1 million from USD1.0 the year before.

This is primarily due to a combination of lower recharges from Etinde, as project development activities have been reduced, as well as expenditure reduction measures imposed by Bowleven's board, offset by a USD0.2 million inventory impairment charge at Etinde.

Similar to last year, no revenue was reported by the company for this period, and a dividend has not been declared.

Looking ahead, the company awaits an agreement between its partners and the government of Cameroon regarding the Etinde development plan.

Bowleven added that it will raise additional capital following the completion of an open offer which will generate GBP1.4 million. The firm expects this to provide sufficient funding through to mid-2025 based on current expenditure levels.

[master rsi] 27/3/2024 14:17

DOW

Opening up now 269 points higher

[master rsi] 27/3/2024 13:11

SOLG 9.23p +0.70p

On the up with volume today

SC: Interview "The big capital number, we believe you could finance this through various pieces.... - we need 1.5bn - that's a lot of money for a company of our size. So I think you're going to get a strategic to take this through to production. Whether we're involved on a royalty basis, or we own a part of it, that's what the future is going to tell us."

"We believe we'll obtain all the permits to BEGIN CONSTRUCTION in 2 years from now"

[master rsi] 27/3/2024 12:50

MARKET REPORT
LONDON MARKET MIDDAY: FTSE 100 underperforms ahead of US PCE data

(Alliance News) - Stock prices in London were lower at midday on Wednesday, but trade was more confident in mainland Europe, with focus turning to the release of the US Federal Reserve's preferred inflation gauge on Friday.

The FTSE 100 index was down 24.66 points, 0.3%, at 7,906.30. The FTSE 250 was down 50.36 points, 0.3%, at 19,727.28, and the AIM All-Share was up just 0.10 of a point at 739.62.

The Cboe UK 100 was down 0.3% at 790.83, the Cboe UK 250 was down 0.2% at 17,138.00, and the Cboe Small Companies was up 0.2% at 14,646.40.

In European equities on Wednesday, the CAC 40 in Paris was up 0.2%, while the DAX 40 in Frankfurt was up 0.4%.

Sterling was quoted at USD1.2636 at midday Wednesday, lower than USD1.2655 at the London equities close on Tuesday. The euro traded at USD1.0826, lower than USD1.0850, while against the yen, the dollar was quoted lower at JPY151.04 versus JPY151.34.

The latest core personal consumption expenditures reading, the Fed's preferred inflation gauge, is released on Friday. Financial markets across the globe, including in London and New York, will be closed that day for Good Friday, however.

According to FXStreet cited consensus, the rate of core PCE inflation is expected to have been unmoved at 2.8% in February. The headline rate is expected to have picked up to 2.5% in February, from 2.4% in January.

"It's worth emphasizing that the month-to-month readings need to cool down. This cooling is crucial because if they don't, disinflation against the 12-month readings, which the Fed uses to gauge progress, may halt and potentially reverse. Indeed, the fact that 2.8% is only 0.2% above the year-end median in the new summary of economic projections isn't particularly comforting," said SPI Asset Management analyst Stephen Innes.

"It indicates that the Fed doesn't anticipate significant progress in disinflation for the rest of 2024, despite their intention to cut rates three times during this period. Hence, It's understandable why investors are feeling anxious about the upcoming data releases, as there is not much margin to miss here."

Stocks in New York were called to open higher. The Dow Jones Industrial Average, the S&P 500 index and the Nasdaq Composite were all called up 0.4%.

In London's FTSE 100, Diploma was the top performing stock, soaring 11%, after announcing the proposed acquisition of Peerless Aerospace Fastener, a distributor of specialty fasteners into the US and European aerospace markets, for around GBP236 million.

The London-based supplier of specialised technical products and services said it expects the transaction to complete in the next few weeks, following customary regulatory clearances.

DS Smith rose 8.4%. After the market close on Tuesday, DS Smith confirmed that it was in talks with International Paper, regarding a possible all share takeover offer.

Under the terms of the proposal, DS Smith shareholders would receive 0.1285 shares in International Paper for each share they own in DS Smith.

Based on International Paper's share price of USD40.85 at close of business on Monday, the terms represent a value of 415 pence per share. This would value DS Smith at around GBP6.2 billion.

Talks would Mondi would also continue.

Earlier this month, Mondi and DS Smith agreed a deal in principle which valued each share in DS Smith at 373p.

Mondi shares were 0.9% higher.

Sainsbury's rose 2.9%, after UBS raised its rating for the supermarket to 'buy' from 'neutral', setting an improved target price of 295 pence from 275p. Its current share price is 269.3p.

AstraZeneca rose 1.6%, after the pharmaceutical firm announced two drug approvals in Japan.

In collaboration with Sanofi, the pharmaceutical firm's Beyfortus treatment was approved for the treatment of lower respiratory tract disease caused by respiratory syncytial virus in infants and children.

AstraZeneca expects Beyfortus to be available for the upcoming 2024/25 RSV season, in line with existing Japanese guidelines.

Meanwhile, its Truqap treatment in combination with Faslodex has also been approved in Japan for the treatment of adult patients with various forms of breast cancer after treatment with hormone therapy.

In the FTSE 250, Ithaca Energy rose 2.7%.

The London-based North Sea oil and gas operator signed an exclusivity agreement with Eni for a "potential transformational combination" with substantially all of Eni's UK upstream assets. Eni has granted Ithaca Energy exclusivity for a period of four weeks from today.

AJ Bell analyst Russ Mould commented on the Eni deal: "Ithaca Energy may talk about reducing investment in the UK North Sea thanks to the energy profits levy, but its actions and words are somewhat at odds given the announcement of a proposed share-based deal with Italy's Eni to acquire the latter's UK oil and gas fields.

"This deal makes Ithaca the second-largest operator in the region and leaves Eni with a near-40% stake in the group. That said, disquiet in the industry at the way companies have been treated by the Treasury is real, with the lack of consistency, as much as the absolute rate of tax, a bone of contention in the sector."

Among London's small-caps, Vanquis Banking rose 9.3%. The Bradford, England-based lender swung to a pretax loss in 2023 of GBP4.4 million from a profit of GBP110.1 million in 2022.

This was despite net interest income rising 2.3% to GBP442.6 million from GBP432.7 million, and total income rising 1.7% to GBP488.8 million from GBP480.7 million.

Impairment charges more than doubled to GBP166.1 million from GBP66.1 million, while operating costs rose 7.4% to GBP327.1 million from GBP304.5 million.

Shares are still some 75% lower over the past 12 months, however. It had suffered a 50% plunge on March 11 when it warned income and pretax profit in 2024 would be substantially below market expectations.

CMC Markets shot up 15%.

The London-based online trading platform operator for retail investors and financial institutions expects net operating income in the financial year ending Sunday to exceed the top end of the previously guided range of between GBP290 million and GBP310 million.

It also expects operating costs to be in line with guidance at around GBP240 million, while noting it continues to identify opportunities for further cost savings across the global business as it focuses on improving profit margins.

Asos lost 1.9%, giving back gains from Tuesday, when it backed its yearly outlook after reporting progress on its stock clearing efforts, although half-year sales declined.

Meanwhile, on Wednesday both Asos and boohoo promised to make "accurate and clear" environmental claims for their fashion items, following a probe by the UK Competition & Markets Authority.

The duo's pledge, also made by Asda's George offering, will mean consumers "can now expect to see accurate and clear green claims when shopping for fashion items", the UK watchdog explained.

"The undertakings secured by the Competition & Markets Authority commit Asos, Boohoo and George at Asda - which together make over GBP4.4 billion annually from UK fashion sales alone - to change the way they display, describe, and promote their green credentials," the CMA added, also noting that all three retailers made these undertakings "without any admission of wrongdoing or liability".

boohoo rose 2.3% on AIM in London.

Gold was quoted at USD2,196.28 an ounce at midday Wednesday, higher than USD2,171.90 on Tuesday. Brent oil was trading at USD85.13 a barrel, lower than USD86.00 late Tuesday.

[master rsi] 27/3/2024 12:36

KEEP an EYE

SALT 69p (68 v 70p)

On the bounce back after the last few days has been marked down with no respite.
--------------- Intraday ----------------------------------- 2 months --------------------------------------- 1 year ---------------
INDICATORS

[master rsi] 27/3/2024 12:29

How the UPS are performing during last month

[master rsi] 27/3/2024 12:17

How the UPS are performing today

[apotheki] 27/3/2024 11:06

Empire Metals / LON: EEE / Sector: Natural Resources

Conclusion: Today’s Development Plan provides a path for Empire to progress and derisk the Pitfield titanite project following the its discovery within a large, sedimentary titanium mineralised system.

Drilling set to be completed in June will open the door to a JORC Exploration Target supported by 51,000m of RC and 4,000m of diamond core drilling. Note, no cut-off grade is applied to JORC Exploration Targets.

Management has reiterated their target of a 2025 delivery of the demonstration plant, which is intended to further derisk the project by proving a route to commercial production of the titanite, likely through low temperature acid leaching.

This will be followed by a JORC maiden MRE ‘Mineral Resource Estimate’ when the team are able to justify a suitable cut-off grade as required for the estimation of the JORC MRE.

We look forward to further updates as the Company, recently bolstered by an expert titanium metallurgical team, progresses the asset with metallurgical testwork.

*SP Angel acts as nomad and broker to Empire Metals

[apotheki] 27/3/2024 11:03

Empire Metals / LON: EEE / Sector: Natural Resources

SP Angel . Morning View

Empire Metals provides an update on its planned route to the potential commercialisation of the Pitfield Titanium Project.

The Company is currently undertaking the Phase 3 RC drilling campaign over 40 holes, targeting two high-grade, shallow zones of mineralisation for potential open pit development.

Management is guiding towards a 2025 construction for the Demonstration Plant.

However, in the meantime, several milestones will be targeted over the next six to twelve months to further derisk the project.

Mineralogical Studies:

Empire has to date established that a calcium titanite silicate mineral is the most abundant titanium mineral in the orebody.

Going forward, Empire has engaged with Curtin University and CSIRO to further develop their understanding of the titanium mineralisation, alongside grade control, hydrothermal alteration and formational conditions.

This work is expected to start over the next month and provide results in 4Q24.
Metallurgical Testwork

Preliminary metallurgical testwork has suggested potential for conventional leaching through low temperature sulphuric acid/hydrochloric acid to dissolve titanite and liberate the Ti ‘titanium̵7; into solution.

Today Empire announces a process development programme, intended to test various favourable options for processing titanium ore and produce a maximum value Ti product.

Focus of the programme will target ore characterisation, grain size, breakage properties, hardness, and leachability.

Beneficiation tests will explore options for separation, including gravity and magnetic separation alongside froth flotation.

Hydrometallurgy tests will explore the route to bringing the Ti-bearing and gangue minerals into solution, before optimising leach solution chemistry for final product finishing.

Final Product testwork will explore optionality for providing TIO2 product designed for the pigment industry, with the programme intended to select one optimal product for Pitfield to produce.

Demonstration Plant

The demonstration plant, targeted for next year, is intended to confirm the potential for successful titanium extraction through an economic process.

This will collect data to be used towards full-scale design and provide optionality for the optimisation of the Pitfield flow sheet in the lead up to DFS-level work.

Exploration Target and maiden MRE

Empire also announces today it will work towards providing a JORC-code Exploration Target for the two high-grade, shallow lying bedded sandstone zones currently subject to Diamond and RC drilling.

These programmes are set to finish in June, which will support resource progression.
Management states that the project is ‘well on its way to being able to provide a maiden MRE at Pitfield.’

Over 100 RC holes across 15,000m and seven diamond core holes over 2,000m will have been completed by June.

Today’s plan accounts for an additional 36,000m of RC drilling and 2,000m of Diamond Core drilling set to begin in 4Q24, providing a necessary drill data for an MRE.

As regards mining studies, Empire will look to examine various mining techniques as part of today’s development plan, commencing later this year.

Permitting and Government Funding Support

Empire has begun a review of permitting requirements for the Demonstration Plant, which may potentially require a small-scale mining permit.

Engagement with stakeholders and relevant government authorities has been initiated.
Management will look to tap into government grants and rebates, including the $1.25bn worth of low-cost non-recourse loans available from the Federal Government.

Empire has hired three titanium experts to progress the Development Plan, including development manager Narelle Marriott.

[master rsi] 27/3/2024 10:21

SMALL-CAP WINNERS & LOSERS: CMC Markets ups outlook; Asos falls on CMA
SMALL-CAP - WINNERS

CMC Markets PLC, up 12% at 210 pence, 12-month range 86.90p-234.50p. The London-based online trading platform operator for retail investors and financial institutions expects net operating income in the financial year ending Sunday to exceed the top end of the previously guided range of between GBP290 million and GBP310 million. It also expects operating costs to be in line with guidance at around GBP240 million, while noting it continues to identify opportunities for further cost savings across the global business as it focuses on improving profit margins. "Following the strong trading performance seen in the third quarter, the positive momentum continued in the fourth quarter. We continue to see strength in the institutional and [business-to-business] business as the group benefits from the long-term investments in this area. The group also has a strong pipeline of B2B partnerships some of which are in the advanced stages," the company says.

----------

Vanquis Banking Group PLC, up 7.6% at 55.3p, 12-month range 43.15p-243.20p. The Bradford, England-based lender swings to a pretax loss in 2023 of GBP4.4 million from a profit of GBP110.1 million in 2022. This is despite net interest income rising 2.3% to GBP442.6 million from GBP432.7 million, and total income rising 1.7% to GBP488.8 million from GBP480.7 million. Impairment charges more than doubles to GBP166.1 million from GBP66.1 million, while operating costs rises 7.4% to GBP327.1 million from GBP304.5 million. Chief Executive Officer Ian McLaughlin comments: "Today's results and strategy seminar highlight the considerable challenges we are managing as we reset our business. We also describe our opportunity to grow, to deliver benefit to our customers and increase adjusted return on tangible equity from 3.2% in 2023 to the mid-teens by 2026... We have a better understanding than ever before of how to serve our large and growing customer base. We will build our position as their chosen banking partner, deploying unique assets like Snoop, improving operational effectiveness and managing our capital to support our growth ambitions. We do have a period of hard work and change ahead of us. It is still early days, but we are making progress."

SMALL-CAP - LOSERS

Asos PLC, down 1.9% at 370.8p, 12-month range 320.33p-838.00p. Alongside boohoo Group PLC, both online fashion retailers promise to make "accurate and clear" environmental claims for their fashion items, following a probe by the UK Competition & Markets Authority. The duo's pledge, also made by Asda's George offering, will mean consumers "can now expect to see accurate and clear green claims when shopping for fashion items", the UK watchdog explains. "The undertakings secured by the Competition & Markets Authority commit Asos, Boohoo and George at Asda - which together make over GBP4.4 billion annually from UK fashion sales alone - to change the way they display, describe, and promote their green credentials," the CMA adds. Asos, boohoo and Asda have made these undertakings "without any admission of wrongdoing or liability", according to the CMA. boohoo is up 1.5% on AIM in London.

[master rsi] 27/3/2024 09:19

MARKET REPORT
LONDON MARKET OPEN: FTSE 100 slips as unease lingers before US data

(Alliance News) - Stock prices in London edged lower after the open on Wednesday, with some nervy trade ahead of a US inflation reading later in the week.

The latest core personal consumption expenditures reading, the Fed's preferred inflation gauge, is released on Friday. Financial markets across the globe, including in London and New York, will be closed that day for Good Friday, however.

The FTSE 100 index opened down 13.02 points, 0.2%, at 7,917.94. The FTSE 250 was down 23.35 points, 0.1%, at 19,754.29, and the AIM All-Share was up 0.27 of a point at 739.79

The Cboe UK 100 was down 0.2% at 791.57, the Cboe UK 250 was marginally down at 17,166.97, and the Cboe Small Companies was up 0.1% at 14,639.45.

In European equities on Wednesday, the CAC 40 in Paris was marginally higher, while the DAX 40 in Frankfurt edged up 0.1%.

Sterling was quoted at USD1.2620 early Wednesday, lower than USD1.2655 at the London equities close on Monday. The euro traded at USD1.0825 early Wednesday, lower than USD1.0850 late Tuesday. Against the yen, the dollar was quoted higher at JPY151.78 versus JPY151.34.

"We expect dollar crosses to keep stabilising until Friday's US PCE," analysts at ING commented.

"When it comes to Fed pricing, we doubt expectations for the June meeting will change much this week unless we see a surprise in Friday's PCE. There is still 19bp priced in for June and 78bp by year-end, which pretty much mirrors the March median dot plot. Some quarter-end flows may slightly mix up the FX picture today, but the dollar appears in stabilisation mode."

According to FXStreet cited consensus, the rate of core PCE inflation is expected to have been unmoved at 2.8% in February. The headline rate is expected to have picked up to 2.5% in February, from 2.4% in January.

In the US on Tuesday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.1%, the S&P 500 down 0.3% and the Nasdaq Composite down 0.4%.

Investors also digested some industrial data from China, while elsewhere in Asia, focus was also on the yen, which tumbled to a 34-year low.

The unit weakened to JPY151.97 per dollar, its softest since 1990, raising speculation that authorities will intervene in markets to prop up the currency. But its value soon recovered to levels of around JPY151.72.

The drop came after a top central bank official suggested it would continue to pursue an accommodative policy for the time being, echoing previous comments from the BoJ.

In Asia on Wednesday, the Nikkei 225 index in Tokyo rose 0.9%. In China, the Shanghai Composite ended down 1.3%, while the Hang Seng index in Hong Kong lost 1.4%. The S&P/ASX 200 in Sydney closed up 0.5%

In London's FTSE 100, Diploma was the top performing stock, soaring 12%, after announcing the proposed acquisition of Peerless Aerospace Fastener, a distributor of specialty fasteners into the US and European aerospace markets, for around GBP236 million.

The London-based supplier of specialised technical products and services said it expects the transaction to complete in the next few weeks, following customary regulatory clearances.

Smiths Group rose 7.4%, continuing gains from strong half-year results on Tuesday, when it also appointed a new chief executive officer and unveiled plans for a new GBP100 million share buyback programme.

Sainsbury's improved 2.7%, after UBS raised its rating for the supermarket to 'buy' from 'neutral', setting an improved target price of 295 pence from 275p. Its current share price is 269.3p.

AstraZeneca rose 1.0%, after the pharmaceutical firm announced two drug approvals in Japan.

In collaboration with Sanofi, the pharmaceutical firm's Beyfortus treatment was approved for the treatment of lower respiratory tract disease caused by respiratory syncytial virus in infants and children.

AstraZeneca expects Beyfortus to be available for the upcoming 2024/25 RSV season, in line with existing Japanese guidelines.

Meanwhile, its Truqap treatment in combination with Faslodex has also been approved in Japan for the treatment of adult patients with various forms of breast cancer after treatment with hormone therapy.

In the FTSE 250, Ithaca Energy fell 0.7%.

The London-based North Sea oil and gas operator signed an exclusivity agreement with Eni for a "potential transformational combination" with substantially all of Eni's UK upstream assets. Eni has granted Ithaca Energy exclusivity for a period of four weeks from today.

Executive Chair Gilad Myerson commented: "We believe this potential combination would be a strong strategic fit with Eni UK's cash generative portfolio complementing Ithaca Energy's high-quality, long-life asset base with significant development opportunity."

Ithaca Energy also reported pretax profit in 2023 fell to USD302.0 million from USD2.24 billion in 2022, while revenue declined to USD2.32 billion from USD2.60 billion.

It said full-year production of 70,200 barrels of oil equivalent per day was in line with its previously stated range of 68,000 to 74,000 boe per day, while it expects 2024 production of between 56,000 to 61,000.

Among London's small-caps, CMC Markets rose 11%.

The London-based online trading platform operator for retail investors and financial institutions said it expects net operating income in the financial year ending Sunday to exceed the top end of the previously guided range of between GBP290 million and GBP310 million.

It also expects operating costs to be in line with guidance at around GBP240 million, while noting it continues to identify opportunities for further cost savings across the global business as it focuses on improving profit margins.

"Following the strong trading performance seen in the third quarter, the positive momentum continued in the fourth quarter. We continue to see strength in the institutional and [business-to-business] business as the group benefits from the long-term investments in this area. The group also has a strong pipeline of B2B partnerships some of which are in the advanced stages," CMC Markets said.

On AIM in London, Strix fell 4.5%, after it said a recent acquisition helped boost its annual revenue, but it lowered its dividend as it aims to focus on debt reduction.

The Isle of Man-based provider of kettle safety controls said revenue jumped 35% to GBP144.6 million in 2023 from GBP106.9 million the year before.

This was largely driven Billi Australia Pty Ltd, which it acquired back in 2022, and "continues to be highly profitable and is strongly cash generative." The full-year inclusion of Billi revenues stood at GBP41.3 million, Strix said.

Billi is an Australia-based supplier of premium filtered and non-filtered instant boiling, chilled and sparkling water systems.

Pretax profit rose by 9.9% to GBP17.7 million as a result, from GBP16.1 million the year before. Strix declared a total dividend for 2023 of 0.9 pence per share, down 85% from 6.0p the year before.

In addition, it announced a "temporary pause in the final and interim dividend payments in calendar year 2024".

Looking ahead, Strix said it is undertaking a rebasing of its core business in 2024 to "build strong foundations for medium-term growth opportunities as the market continues to recover."

It added that Billi's double-digit revenue and profit growth is expected to continue, helped by a staged expansion into key European markets.

Gold was quoted at USD2,178.63 an ounce early Wednesday, higher than USD2,171.90 on Tuesday. Brent oil was trading at USD84.80 a barrel, lower than USD86.00 late Tuesday.

"Oil prices have dipped back...as traders weigh up continuing supply concerns amid data showing that stockpiles rose by more than expected in the US. Production in Russia is still under scrutiny, with Ukraine targeting refineries affecting around 12% of processing capacity, and Moscow ordering an output cut in the second quarter of the year to meet Opec reduction pledges," said Hargreaves Lansdown analyst Susannah Streeter.

"But data from the US Department of Energy shows that stockpiles at the Strategic Petroleum Reserve rose by another 0.7 million barrels, to 363 million, the highest since last April. However, renewed attacks by Houthi rebels in the Red Sea over the past few days and the absence of a ceasefire in Gaza are set to help keep a floor under prices."

Still to come on Wednesday's economic calendar, eurozone consumer confidence and economic sentiment index data come out at 1000 GMT.

[master rsi] 27/3/2024 09:06

IQE 22.075p -0.175p / IQE boosts product portfolio towards artificial intelligence demands

(Alliance News) - IQE announced on Tuesday that it had strengthened its portfolio with a range of new products.

The Cardiff, Wales-based compound semiconductor wafer product supplier said it had boosted its portfolio of high-speed optical connectivity epiwafers to address increasing demands for artificial intelligence, cloud, carrier, and data-intensive workloads.

The products, which are designed to serve the needs of data centres now and into the future, include the industry's first foundry epitaxy service for 1310 nanometers quantum dot lasers.

Executive Vice President of Business Development Mike Furlong said: "Our strengthened portfolio is at the forefront of an industry drive for faster, more efficient and cost-effective data connectivity solutions. We are enabling our customers to develop a competitive advantage to transform optical networks at the heart of AI engines and next-gen compute while also generating economies of scale and supporting the need for more sustainable solutions."

[master rsi] 27/3/2024 08:28

FTSE

Opening lower with 11 points

[apotheki] 27/3/2024 07:13

Empire Metals Limited / LON: EEE / Sector: Natural Resources

Development Plan Highlights Simple, Expedited Route to Commercialisation
Additional Senior Appointments Strengthen Development Team

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to advise the market of the key milestones expected over the next twelve months, as Empire advances the Pitfield Project ('Pitfield'), located in Western Australia, towards commercialisation. In line with this objective, the Company is also pleased to announce the addition of two experienced mining industry specialists to the development team.

Highlights

· Diamond Core drilling focused on confirming the continuation of near surface, high-grade titanium mineralisation identified by previous drilling and surface sampling now complete. Logging and sampling of the drill core is ongoing.
· Third phase of Reverse Circulation ('RC') drilling is well underway with two RC rigs on site at Pitfield, this 40-hole programme focussed on testing and delineating the two known zones of high-grade, bedded mineralisation.
· The Company is working towards commencing the design and construction of a Demonstration Plant in 2025, and in parallel advancing all aspects of the project development plan, which includes a number of key milestones over the next 6-12 months. The achievement of each of these milestones will incrementally de-risk the project and together will unlock significant value.
· These milestones include:
o Definitive mineralogical characterisation studies of titanium mineralisation and related host alteration mineral assemblages to further aid both on-going metallurgical studies and exploration targeting of high-grade zones;
o Definitive metallurgical characterisation studies to establish ore character, beneficiation steps to separate titanium bearing minerals from gangue minerals, titanium minerals leachability and solution chemistry, and final TiO2 product assessment;
o Finalising a process flowsheet and Demonstration Plant design that will establish, confirm and provide valuation metrics for an economic process and resultant high-value saleable product;
o Definition of a maiden JORC-compliant Mineral Resource Estimate that will provide the basis for a mining option study and eventual ore reserves;
o Completion of a Mining Option Study that will form the basis for a conceptual mine plan;
o Permitting and government funding review to establish permitting routes for the Demonstration Plant and subsequent mine operations and sources of government funding and support along the way.
· The project development team has been bolstered by the appointments of an Environmental Manager and a Commercial Manager, who will jointly manage many critical project related activities including government liaison for project permitting and funding, commercial and legal compliance, land access management and community stakeholder relations, including landowners, indigenous groups and local government agencies.

Shaun Bunn, Managing Director, said: "I am pleased to provide an update on our development plans, which are aimed at progressing Pitfield from maiden discovery to a commercial mining operation as quickly and smoothly as practicable. We recently reported (5 March 2024) the results of our preliminary technical studies, which show favourable mineralogy and metallurgy in the high-grade titanium samples drilled at Pitfield; giving us confidence that a highly concentrated titanium product can be delivered by a relatively simple processing facility which can be located at site. The Company has rapidly moved from an early exploration phase to project development, largely thanks to the extremely large yet very simple, consistent and continuous nature of this giant bedded titanium-rich mineral system, not unlike other basin-hosted, bedded soft-rock type mineral deposits, such as potash.

"I am particularly pleased to announce further appointments to our small but talented development team. Our recently appointed Commercial Manager, Mr David Parker, and our Environmental Manager Ms Carrie Pritchard (who arrives 20 April 2024) bring additional invaluable industry development experience to the team as we push Pitfield towards commercialisation. We will continue to build up our in-house skills so that we retain responsibility for, and ownership of, the project activities inclusive of building important stakeholder relationships and retaining intellectual property developed along the way."

[master rsi] 26/3/2024 23:49

US close: Stocks continue their retreat from record highs

(Sharecast News) - A late dive sent US stock markets into the red on Tuesday, extending their recent losing streak into its third day, as investors continued to take profits following last week's record highs.

Economic data released during the session was relatively positive, but that wasn't enough to keep equities above water following early gains, with eyes turning to additional key indicators due in the coming days.

The Dow slipped 0.1%, the S&P 500 fell 0.3% while the Nasdaq declined 0.4%, with all three benchmarks continued to pull back after hitting fresh closing highs last Thursday.

"US stocks faced challenges as market participants grappled with reigniting the previous rally," said Stephen Innes, managing partner at SPI Asset Management. "Investors remained cautious as they awaited economic data in a holiday-shortened week, seeking clues about the Federal Reserve's future policy direction."

Economic data comes in strong

US durable goods orders rose more than expected last month. According to the U.S. Department of Commerce, in seasonally adjusted terms, orders increased 1.4% over the month of February to $277.9bn, ahead of the 1% rise predicted.