Upstream Share Discussion Threads

[master rsi] 23/1/2025 12:17

How the UPS are performing today

[master rsi] 23/1/2025 11:29

NEWS

Puma shares plunge on profit target downgrade
(Sharecast News) - Puma shares plunged on Thursday morning, after the German sportswear company reported disappointing earnings and downgraded
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Berenberg slashes target price on Angle
(Sharecast News) - Analysts at Berenberg slashed their target price on liquid biopsy specialist Angle from 70.0p to 40.0p on Thursday
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Robinson expects to post revenue growth as sales begin to recover
(Alliance News) - Robinson PLC on Thursday said it anticipates a more than 10% growth in revenue for 2024, as sales volumes begin to pick up again.
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Zotefoams to beat earnings forecast
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Thursday.

[master rsi] 23/1/2025 10:26

THG 36.74p -2.70p / Fourth quarter trading statement for the period ended 31 December 2024
Successful completion of the Demerger of THG Ingenuity, leaving THG PLC as a global, cash generative, health & wellness consumer brands group

FY 2024 performance in-line with expectations

Gross leverage materially reduced, c. £550m[1] year-end cash and available facilities

Continued confidence in THG Beauty and an improved start to the year in THG Nutrition online and offline channels

Strategic update

· THG Ingenuity Demerger successfully completed, leaving THG PLC as a global, cash generative, health & wellness consumer brands group comprising THG Beauty and THG Nutrition ("RemainCo").

· Transfer to the equity shares (commercial companies) ("ESCC") category of the Official List now concluded (6 January 2025), making the company eligible for index inclusion.

Outlook and guidance

· During the second half we continued to see improving underlying trends within Nutrition particularly in the UK, alongside promotional discipline supporting increased order profitability and margin expansion in Beauty. Coupled with a strong Q4 for Ingenuity, FY 2024 adjusted EBITDA is expected to be in-line with the consensus range excluding discontinued categories.

· RemainCo is expected to deliver mid-single digit revenue growth in FY 2025, given continued confidence in prestige beauty demand across our key markets, and a return to growth in Nutrition, evidenced by a much-improved start to the year across online and offline channels.

· Ahead of the Demerger, FY 2025 adjusted EBITDA assumptions were based upon:

o a leaner, more efficient cost base and improved inventory profile;

o continued execution of the Beauty strategy;

o a gradual reduction from the current historic whey price highs; and

o another strong year for THG Ingenuity, supported by a pipeline underpinning adjusted EBITDA of £40m to £45m.

· Whilst whey price reductions are anticipated to be second half weighted, new global manufacturing volumes of high concentrate whey protein will enter the market through Q1 2025, providing optimism of a more normalised commodity market ahead.

· Depending on the outcome of the recent UK VAT ruling for protein powders, annual adjusted EBITDA upside could be in the region of c. £10m.

· Over the medium term, revenue growth of mid to high-single digit is anticipated, with adjusted EBITDA margins consistent with historical levels (for Beauty and Nutrition), and significantly improved free cash flow.

· Specifically, capital expenditure will reduce to c. £20m pa (FY 2024 pre Demerger guidance: £100m to £110m) and cash lease costs will reduce to c. £22m pa.

· Future cash generation will facilitate a measured reduction in gross and net leverage, with RemainCo targeting continued progression to a neutral net cash / net debt position.....more

[master rsi] 23/1/2025 10:10

BREAKOUT

IQE 13.32p +0.96p

Has gone over the Last Intraday high, after a positive update today

[master rsi] 23/1/2025 09:55

HBR 269.10p (-20.20 / -6.98%) Harbour Energy details production boost, lower costs after Wintershall
(Alliance News) - Harbour Energy PLC on Thursday forecast increased production and an improved cash flow position as it continues to integrate Wintershall Dea GmbH.

The London-based oil and gas company predicts production of 450,000 to 475,000 barrels of oil equivalent per day in 2025, "materially" higher than in 2024, reflecting a full year's contribution from the Wintershall Dea portfolio and broadly stable production in the UK.

In 2024, production averaged 258,000 boepd, up 40% from 186,000 barrels in 2023, in line with guidance.

For 2025, unit operating costs are forecast of USD14 per barrel of oil equivalent, "significantly lower" than USD16.5 per barrel in 2024.

Chief Executive Linda Cook commented: "2024 was a transformational year with the completion of the Wintershall Dea transaction delivering a step change in our scale and geographic diversification, improving our margins, increasing our reserve life and expanding our resource base significantly."

Harbour Energy completed the USD11.2 billion acquisition of Wintershall Dea last September.

The acquisition included Wintershall Dea’s upstream assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria as well as the CO2 capture and storage licences in Europe.

On Thursday, Harbour Energy said the integration of Wintershall Dea is progressing "as planned".

In 2024, Harbour Energy expects "significantly" higher revenue of around USD6.1 billion compared to USD3.7 billion a year prior, driven by increased production.

Earnings before interest, tax, depreciation, amortization and exploration expense are forecast to rise to USD4.1 billion in 2024 from USD2.7 billion.

Pre- and post-tax income are anticipated to be impacted by material non-cash accounting charges largely driven by adverse changes to the UK fiscal regime, the firm added.

Capital expenditure is expected to have increased to USD1.8 billion in 2024 from USD1.0 billion a year prior. A further increase to USD2.4 billion to USD2.6 billion is projected in 2025, reflecting the addition of Wintershall Dea partially offset by "materially" reduced capital investment in the UK and lower exploration and appraisal spend in Indonesia and Mexico.

The firm expects to be broadly free cash flow neutral in 2024, and forecasts free cash flow of USD1.0 billion in the coming year.

Harbour Energy expects to pay USD455 million in total dividends, comprising a USD227.5 million final dividend for 2024 and a USD227.5 million 2025 interim payout.

[master rsi] 23/1/2025 09:19

Spectris expects 2024 profit in line with consensus

Spectris PLC - London-based supplier of precision instrumentation and controls - Expects adjusted operating profit for 2024 to be above consensus and at the upper end of analyst guidance ranges after a "strong" fourth quarter, citing a company-compiled forecast of GBP197.0 million, with a range of GBP183.3 million to GBP201.0 million. This would represent a decline of between 27% and 36% from GBP262.5 million in 2023.

Current stock price: 2,972.00 pence, up 10% in London on Thursday morning

[master rsi] 23/1/2025 08:37

IQE 12.80p +0.44p / Pre-close Trading Update
- FY24 revenue and Adj. EBITDA expected to exceed expectations
- Positive impact of cost actions evidenced

IQE plc (AIM: IQE, "IQE" or the "Group"), the leading global supplier of compound semiconductor wafer products and advanced material solutions, provides a pre-close Trading Update for the financial year ended 31 December 2024.

Revenue for the period is expected to be at £118m, combined with focused cost control and improved operational performance, the Group expects Adjusted EBITDA to be at least £7.5m, exceeding expectations* and subject to external review.

Strategic review and Proposed Financing

As announced in November 2024, IQE is undertaking a Strategic Review which the Board believes will better unlock significant unrealised value within the Group. At this stage, the strategic review is focused on its Taiwan operations covering all strategic options, including IPO or a full sale. While the review remains at an early stage, the Board is encouraged by the positive levels of interest from its partners and the broader recognition that the Group is a technical leader across a variety of strategically important vertical markets, with a well-invested asset base.

In addition, the Group is pleased to say it is in the final stages of concluding its proposed convertible loan note and that it has received strong support from shareholders. This process is expected to conclude shortly and an announcement will be made accordingly. A circular will be sent to shareholders providing further details and seeking their approval in due course.

Mark Cubitt, Executive Chair of IQE, commented:

"I am pleased that the business performance in 2024 will show revenue and adjusted EBITDA ahead of expectations. Amid ongoing macro headwinds, Jutta and the leadership team have taken effective action to refocus the Group on its core strengths and improve operational performance, resulting in an encouraging financial picture. I am really pleased by the reaction from our staff, customers and shareholders to the announcement of the strategic review, and the resulting positive engagement. In addition, the proposed financing will provide IQE with greater resilience as we continue to strengthen key customer relationships and expand further into emerging high growth areas"

*As communicated on 18 November 2024, the group expected revenue to be around £115m and Adjusted EBITDA of at least £5m for the financial year ended 31 December 2024.

[master rsi] 23/1/2025 08:27

FTSE

On the up but only by 3 points

[pangrati] 23/1/2025 07:31

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



Strengthens Board with Appointment of Renowned Mining Executive Phillip Brumit,
Issue and Extension of Options

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce the appointment of Phillip Brumit as Non-executive Director with effect from 1 February 2025.

Phil brings over 40 years of extensive experience in engineering, project management, construction, project start-up, and mining operations across some of the world's leading mining companies. His impressive career includes leadership roles at Freeport-McMoRan, Lundin Mining, and Newmont Corporation, demonstrating a proven track record of operational success on a global scale. Recently, he served as Executive VP Projects & Operations at Josemaria Resources, now part of a major joint venture between BHP and Lundin Mining. Prior to that, he held positions as President and Managing Director of Minera Candelaria (Lundin Mining) in Chile, President of Freeport-McMoRan's African Division focused on the giant Tenke-Fungurume copper-cobalt mine, and General Manager of Operations for PT Newmont Nusa Tenggara's Batu Hijau mine in Indonesia, and various other key operational positions at Newmont Corporation. His deep experience positions him to be a vital resource for the company.

Neil O'Brien, Chairman, said: "We are thrilled to have attracted Phil Brumit to the Empire board. Phil has an accomplished career that includes operational leadership roles for two of the largest US mining companies. His extensive industry experience and proven ability to deliver results on globally significant mining projects is invaluable. With the addition of Phil, the Empire board will broaden its areas of expertise, covering exploration, metallurgy, mine development and operations, finance, and capital markets. His insights will be instrumental as management navigates key milestones, including the development of a pilot plant and the completion of scoping and feasibility studies for the Pitfield Project. This appointment reflects our commitment to assembling a world class team that can achieve our strategic goals, deliver shareholder value and benefit all stakeholders."

Phil Brumit said: "I am delighted to be joining Empire Metals at this exciting time in the development of the Pitfield Project. In my career, I have worked internationally for large US-based mining companies in the development and mining of world class deposits that were essential to global metal supply but also helped propel those companies into the future. I recognize Pitfield as being a truly world class deposit that can become a globally significant mine capable of producing large tonnages of high-purity titanium, a critical mineral essential to the world's manufacturing industry and transition to green renewable energy as identified by Australia, the United States and many other countries around the world. Through the rapid development of the Pitfield Project I believe Empire Metals is well positioned to participate in the expanding titanium market that is expected to double in the next five years."

[master rsi] 22/1/2025 23:42

VOLUME AND RISING

[master rsi] 22/1/2025 23:08

US close: Tech stocks lift markets after Trump's AI announcement

(Sharecast News) - US stocks rose on Wednesday, with the S&P 500 finished just under a record high, as the tech sector rose on the back of Donald Trump's artificial intelligence joint venture Stargate.

The Dow rose 0.3%, the Nasdaq jumped 1.3% to top the 20,000 mark for the first time this year,
while the S&P 500 gained 0.6% to 6,086.37, its highest close since hitting 6,090.27 on the 6 December.

The yield on a 10-year US Treasury was up 2.3 basis points at 4.605%.
Tech stocks jump, Netflix gains

Shares in tech stocks jumped on Wednesday, as markets reacted to the Stargate AI news. The new US president unveiled the multi-billion dollar AI infrastructure project late on Tuesday, in conjunction with partners Microsoft-backed OpenAI, Oracle and SoftBank.

The White House plans to spend $100bn on technological infrastructure projects this year, and up to $500bn during the four-year term, although full funding details were not provided.

[master rsi] 22/1/2025 22:29

Frasers Group "deeply troubled" by boohoo as demands Kamani pay detail
Wed, 22nd Jan 2025 21:29Alliance News

(Alliance News) - Frasers Group PLC on Wednesday called on boohoo Group PLC to disclose the pay and contract details of Umar Kamani.

In a letter to boohoo shareholders, Frasers, which owns Sports Direct, said it is aware of "certain troubling matters" in relation to the remuneration that it understands Umar Kamani, the son of boohoo’s founder and Executive Vice Chair, Mahmud Kamani, is receiving for providing "consultancy services" to a subsidiary of boohoo.

Frasers said it has recently been made aware of reports alleging that Umar Kamani is receiving payments exceeding GBP2 million annually from PrettyLittleThing to a bank account in Dubai. PLT was set up by Umar Kamani and was acquired by boohoo in 2020.

Frasers said it is "surprising" that no details of Umar Kamani’s remuneration at PLT have been provided to boohoo shareholders.

Frasers said no details have been disclosed despite repeated requests, adding it is aware that other shareholders of boohoo have previously asked questions relating to Umar Kamani’s position at PLT and no responses have been forthcoming.

Frasers called on boohoo again to "urgently provide" full details of Umar Kamani's consultancy arrangement, including pay details, "for the benefit of all boohoo shareholders".

The owner of Sports Direct and House of Fraser said it remains "deeply troubled" by boohoo's governance practices and lack of transparency.

On Tuesday, boohoo shareholders rejected a proposal by Frasers to remove founder and Vice Chair Mahmud Kamani from the board.

According to the Manchester, England-based online fast fashion retailer, 63% of shareholders voted against Kamani's removal, which was suggested by 27% stakeholder Frasers.

Frasers in December tried to appoint its founder and former Chief Executive Mike Ashley to boohoo's board, alongside insolvency consultant Mike Lennon. boohoo rejected both candidates in a roughly two-to-one vote.

Frasers closed 1.2% lower at 595.50 pence each in London on Wednesday, while boohoo closed down 2.3% at 29.78p.

[master rsi] 22/1/2025 22:04

IQ-AI to take GaM to phase II study, flags AI capabilities

IQ-AI Ltd - London-based medical services company - Provides operations update focusing on artificial intelligence. Explains radiology leads the way in Food & Drug Administration approvals for AI-enabled products as the FDA has increased efforts to keep pace with the advancements in AI technology. The company believes its subsidiary, Imaging Biometrics LLC, is in a unique position to lead this transformation for neuro-oncology in 2025 and beyond. Points to the imminent release of the new version of IB Clinic; its FDA-cleared suite of quantitative imaging solutions will include the incorporation of an AI model, which will greatly improve diagnostic accuracy and speed. In addition, notes the first half of 2025 should mark the next release of IB Nimble with the functionality to view IB's AI-generated images and other images within the mobile app. Also, in 2025 we anticipate releasing a new product leveraging arterial spin labelling.

Further, says phase 1 trial of gallium maltolate for the treatment of patients with relapsed glioblastoma was initiated. This trial is nearing completion. Based on "encouraging" preliminary signals of clinical response to GaM, a phase 2 clinical trial is warranted, company states.

[master rsi] 22/1/2025 21:43

MARKET REPORT
LONDON MARKET CLOSE: Pound stays above USD1.23 keeping lid on FTSE 100

(Alliance News) - The pound was resilient as nerves over Trump tariffs calmed, putting pressure on a FTSE 100 stacked with international earners and ensuring London's large-cap benchmark was unable to replicate the strong gains seen in European counterparts on Wednesday.

The FTSE 100 index fell just 3.16 points at 8,545.13. The FTSE 250 lost 15.43 points, 0.1%, at 20,580.30, and the AIM All-Share ended up 1.89 points, 0.3%, at 721.00.

The Cboe UK 100 lost 0.1% at 856.60, the Cboe UK 250 fell 0.2% at 17,962.96, and the Cboe Small Companies ended down marginally at 15,773.05.

In European equities on Wednesday, the CAC 40 in Paris ended up 0.9%, while the DAX 40 in Frankfurt shot up 1.0%.

Among those putting pressure on the FTSE 100 were brewer Diageo, consumer goods firm Unilever and lender HSBC. The trio, among the FTSE 100's largest firms and earn big chunks of the money in international currencies, fell 1.3%, 1.0% and 0.3%.

The pound remained above the USD1.23 on Wednesday, despite some unfavourable data, as markets take the threat of Donald Trump tariffs in their stride. Sterling did surrender some earlier progress but is well off deeper lows under the USD1.22 mark it sank to earlier this week.

The pound was quoted at USD1.2317 late on Wednesday afternoon in London, largely flat compared to USD1.2319 at the equities close on Tuesday. It had traded as high as USD1.2375.

The euro stood at USD1.0417, where it was a day prior, but off an earlier high of USD1.0475. Against the yen, the dollar was trading higher at JPY156.49 compared to JPY155.43.

XTB analyst Kathleen Brooks commented: "As we move into the second Trump era, it is the new US President, and not the Federal Reserve who is dominating market sentiment. His executive orders and investment plans have had the biggest impact on stock markets. So far, he has not spooked markets with tariff threats, or with concerns about the deficit.

"Although tariffs have featured heavily in his first few days in office, tariffs for Chinese imports have been milder than feared. Trump is turning his attentions to Canada and Mexico, which could face higher tariffs than China. This is bad news for Mexico and Canada, and the MXN and CAD continue to be big under performers in the FX space so far this week. However, by levying lower tariffs than feared on China, this is less of a threat to global growth, which is more important for risk sentiment and global stock markets."

UK public sector net borrowing was much higher than expected in December, figures released by the Office for National Statistics showed on Wednesday.

PSNB totalled GBP17.81 billion in December, up from GBP11.8 billion in November. The November figure was revised up from GBP11.25 billion, and the December one far outpaced FXStreet-cited market consensus of GBP13.4 billion.

The GBP17.81 billion figure was GBP10.1 billion more than in December 2023 and the highest December borrowing for four years, the ONS noted.

Rachel Reeves said she would not apologise for the budget but insisted she would like to see taxes come down.

The UK chancellor said she was "absolutely" relaxed about wealth creation and said the government wanted to attract the "highest-skilled" immigrants to the UK despite plans to crack down on the overall number of arrivals.

Reeves, who announced GBP40 billion of tax hikes in her first budget, said she would like to bring the overall burden down but she could not yet afford to do so and "I'm not going to make promises that I can't keep".

Brent oil was quoted at USD78.31 a barrel late on Wednesday in London, falling from USD79.51 late Tuesday. Gold was higher at USD2,757.82 an ounce against USD2,740.35 on Tuesday.

Back on the London Stock Exchange, easyJet fell 5.2%. The budget carrier said results for the winter will reflect "improvements" during the first-quarter ended December 31, offset by "underlying unit revenue trends being modestly lower" in the second-quarter.

easyJet said that at this stage of the year, "current booking trends are supportive" of consensus. A company compiled consensus for headline pretax profit is GBP709 million, would be growth of 16% from GBP610 million in the 12 months to September 30, 2024.

AJ Bell analyst Russ Mould was not surprised to see the shares coming under duress.

"easyJet's update lacked pizzazz. Saying that current booking trends are 'supportive' of full-year market expectations doesn't exactly instil confidence. It's woolly language which doesn't go down well with investors," the analyst said.

"Admittedly the airline is only one quarter into its financial year, but the market needs reassurance that everything is going swimmingly for the business given the fragile economic backdrop and weakening consumer confidence. The fact the share price fell on the update suggests investors are disappointed."

Hochschild Mining slumped 16%. It said all-in sustaining costs were higher last year, citing a slow ramp-up at Mara Rosa in Brazil's Goias state and higher-than-forecast inflation in Argentina.

The miner of silver and gold in Peru, Argentina and Brazil said production rose 16% to 347,374 gold equivalent ounces in 2024 from 300,749 ounces in 2023.

In the fourth quarter alone, gold equivalent production rose 15% to 117,230 ounces from 101,590 ounces a year before and 6.4% from 110,180 ounces in the third quarter.

For 2025, the company targets a production of 350,000 to 378,000 gold equivalent ounces, between 0.8% and 8.8% higher than in 2024.

However, Hochschild expects to report all-in sustaining cost for 2024 to be above guidance of between USD1,510 to USD1,550 per gold equivalent ounce, with that set to increase to between USD1,587 and USD1,687 in 2025.

Trainline lost 8.5% as Great British Railways plans came back to haunt the stock. In a statement, the Department for Transport said: "After Great British Railways is established following legislation, it will retail online by bringing together individual train operators' ticket websites."

The DfT said it will work alongside a "thriving" private sector retail market, where all rail retailers can compete in an open and fair manner. It stressed the private sector will continue to play a key role in driving growth and encouraging more people to choose rail.

Trainline Chief Executive Jody Ford welcomed the "unequivocal commitment to a competitive retail market, underpinned by a level playing field."

Nonetheless, investors were spooked and shares in the rail ticketing platform declined.

Stocks in New York were higher on Wednesday. The Dow Jones Industrial Average was up 0.1%, the S&P 500 added 0.7%, while the Nasdaq Composite shot up 1.3%.

Netflix jumped 11% after the streaming service's earnings impressed overnight.

Swissquote analyst Ipek Ozkardeskaya commented: "Netflix blew past the market expectations last quarter and closed the year on a very high note. The company added 18.9 million new subscribers last quarter – its biggest ever quarterly jump in subscriptions. The company added more than 41 mio subscribers over the year and has now more than 300 mio subscribers around the world. And it’s not even due to a pandemic or a temporary situation (like the Squid Game peak). It’s because their strategic bet of streaming major live sport events is paying off and hints at a further upside potential."

Thursday's economic calendar has the latest US initial jobless claims reading at 1330 GMT.

The local corporate calendar has a trading statement from Primark owner AB Foods.

[master rsi] 22/1/2025 17:43

EnQuest pushes into Vietnam with Harbour Energy asset purchase

(Alliance News) - EnQuest PLC on Wednesday announced the acquisition of Harbour Energy PLC's business in Vietnam.

The oil and gas company with operations in the UK and Malaysia said the deal, which includes the 53% equity interest in the Chim Sao and Dua production fields, should complete during the second quarter of 2025.

EnQuest said the headline value of the transaction is USD84 million and, net of interim period cash flows, the consideration to be paid is expected to equal around USD35 million.

"This transaction aligns with the group's strategic aim to grow its international operating footprint by investing in fast-payback assets, with low capex and reduced carbon intensity," the firm said in a statement.

Shares in EnQuest were 2.6% higher at 13.60 pence each in London on Wednesday. Harbour Energy was 1.0% lower at 287.30p.

EnQuest will operate the Chim Sao and Dua fields, Block 12W, from completion. As at January 1 2025, net 2P reserves and 2C resources across the fields total 7.5 million barrels of oil equivalent and 4.9 million boe, respectively.

Chief Executive Officer Amjad Bseisu said the entry into Vietnam is "highly complementary" to EnQuest's well-established Malaysia business and "significantly enhances" the scale of operations in South East Asia.

"The region is key to EnQuest's growth and diversification strategy and we are excited by the potential to deploy our proven expertise and operating capability to optimise and enhance the Block 12W assets," he added.

[master rsi] 22/1/2025 16:31

How the UPS are performing during last month

[master rsi] 22/1/2025 16:16

How the UPS are performing today

[master rsi] 22/1/2025 15:58

EARNINGS: Savannah Energy confident despite 2024 revenue drop
Savannah Energy PLC - London-based mining company focused on Africa - Estimates total revenue in 2024 was USD258.7 million, down slightly from USD260.9 million year-on-year. Production was "broadly in line with the prior year", though Savannah averaged 23,100 barrels of oil equivalent per day, down from 23,600 boepd in 2023. The firm expects to report higher total income of USD393.6 million versus USD289.8 million year-on-year, with an increase in other operating income offsetting the revenue drop. Annual cash collections in Nigeria rose to a record USD248.5 million from USD206 million the previous year. However, cash balance reduced to USD32.6 million at December 31 from USD107.0 million the prior year, due to higher net debt, which was around USD634.0 million at the year-end, compared to USD473.7 million in 2023. Savannah says it converted a NGN332 billion loan into approximately USD213,328, which was used for partial repayment of a separate loan. The company says it is commissioning a USD45 million processing facility in Nigeria, with procurement underway on new drilling campaigns. Plans are progressing to acquire Sinopec International Petroleum Exploration & Production Company Nigeria Ltd. Savannah is also looking for an "alternative transaction structure" to buy into a South Sudanese oil and gas project. The company expects total invoiced sales for 2024 ahead of previous guidance. The firm anticipates capex slightly below expectations.

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Ariana Resources PLC - London-based miner of gold and technology metals - Reports its "second highest revenue ever" at the Zenit project in Turkey, where estimated gross revenue was USD54.7 million and average revenue per gold ounce was USD2,621. Ariana says it sold 20,866 ounces of Zenit gold in 2024 versus the expected 20,000 ounces. The company continues work at its Tavsan and Kiziltepe projects, also located in Turkey. Production will restart shortly at Kiziltepe's Arzu South mine which was recently extended. This has exposed additional ore for mining in the first-quarter of 2025, Ariana says. The company adds that Tavsan's production grew during 2024, with the processing plant now complete, and testing due to commence, though some operations at the site are delayed by weather conditions.

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Afentra PLC - London-based mining firm focused on African oil and gas` - Says net average production in the year to December 31 was 6,229 barrels of oil per day, with 2.27 million barrels sold at an average price of USD82 each. The company estimates USD186.7 million in revenue from the sales. Year-end cash resources are valued around USD54.8 million, including USD7.9 million in restricted funds. Afentra has a USD42.0 million reserve-based loan and no working capital facility. The firm says net cash balance at December 31 was USD12.8 billion. Afentra notes "strong operational performance post-shutdown" of its facilities, which were upgraded in 2024. The company notes a new licence award for onshore mining in Angola's Kwanza Basin and says it expects to increase investment in 2025.

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Greatland Gold PLC - London-based miner targeting Western Australia - Says it has completed acquisition of the Telfer and Havieron projects, putting its stake at 100% as of December 4. The company notes Telfer's total production as 29,864 ounces of gold and 1,189 tonnes of copper during Greatland's first 27 days of ownership. Greatland is planning to extend Telfer and is engaged in feasibility studies for the Haverion project, targeted for completion in the second-half of 2025. Greatland says net cash balance at December 31 was AUD145.0 million, approximately GBP73.7 million, with an undrawn working capital loan of AUD75 million. The company will report guidance for the remainder of 2025 in April.

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Europa Metals Ltd - Perth, Australia-based mining firm with European assets - remains suspended in London as it continues negotiations to buy Viridian Metals Ireland Ltd. Europa says it is seeking "additional near term funding" for the acquisition. The two companies entered a conditional term sheet on September 4, with a 150-day mutual exclusivity period. Europa shares will remain suspended from AIM until the company publishes an admission document for the deal, or announces that it will not be proceeded. Europa advises caution for any transactions of its shares on the Johannesburg Stock Exchange, where they are still trading.

[master rsi] 22/1/2025 15:13

Liontrust CEO and CFO buy GBP300,000 in shares

Liontrust Asset Management PLC - London-based asset manager offering equity, fixed income, sustainable, multi-asset, and real assets funds - Chief Executive Officer John Ions and Chief Financial Officer Vinay Abrol buy 75,000 shares, worth GBP299,000 in total, on Tuesday. John and Paige Ions buy 50,000 shares at GBP4.00 and Abrol buys 25,000 at GBP3.96.

Current stock price: 407.68 pence, up 3.7% in London on Wednesday

[master rsi] 22/1/2025 14:37

Dow Jones
44,068.00 +42.19 +0.10%

S&P 500
6,078.16 +28.92 +0.48%

Nasdaq 100
21,798.55 +232.04 +1.08%

[master rsi] 22/1/2025 14:14

Afentra reports solid operational and financial performance
(Sharecast News) - Afentra reported a solid operational and financial performance for the year ended 31 December on Wednesday, with net average production of 6,229 barrels of oil per day, and total crude oil sales of 2.27 million barrels at an average realised price of $82 per barrel, generating revenue of $186.7m.

The AIM-traded firm said that its assets in Blocks 3/05 and 3/05A performed well, with a major 21-day maintenance shutdown in October delivering key upgrades to power supply, subsea infrastructure, and gas metering systems.

That, the board explained, had led to improved reliability and increased production, with gross output reaching 24,381 daily barrels in December, up from an average of 21,111 barrels for the year.

Water injection capacity also improved, exceeding 80,000 barrels per day, with further enhancements planned in 2025 to increase rates to over 100,000 barrels per day.

Investment in field redevelopment totalled $39m net to Afentra in 2024, with planned capital expenditure rising to $54m in 2025 to support further production growth.

Over 40 light well interventions were completed during the year, contributing an additional 2,000 barrels per day, with a similar programme planned for 2025.

Operating costs for Blocks 3/05 and 3/05A averaged about $23 per barrel.

The company said its exploration portfolio also advanced in 2024 with the award of the KON19 licence in the Kwanza Onshore Basin.

Approval for the KON15 licence was expected in early 2025, with ongoing evaluations to identify further opportunities in the region.

The completion of a Full Tensor Gravity Gradient survey, initiated in 2024, would provide a detailed geological overview of the licensed areas.

Afentra ended the year with a net cash position of $12.8m and total cash resources of $54.8m, including restricted funds of $7.9m.

The company used its reserve-based lending facility with $42m drawn, while its working capital facility remained undrawn.

Afentra said it had implemented a disciplined financial strategy, hedging approximately 60% of its 2025 production with a mix of put and collar options to mitigate oil price volatility.

Looking ahead, Afentra said it was planning to continue its balanced approach to capital investment, ensuring financial stability while pursuing growth opportunities through asset development and strategic acquisitions.

"2024 was a transformative year for Afentra, marked by the successful completion of the Azule transaction, through which we now hold a 30% interest in Block 3/05 and a 21.33% interest in Block 3/05A," said chief executive officer Paul McDade.

"These asset acquisitions have transformed our company, delivered strong cash flow and, following the receipt of proceeds from the fourth quarter lifting, we achieved acquisition payback for the three completed deals.

"Combined with our disciplined financial management, this underpins our strong financial position."

McDade said that operationally, the company made "good progress" in executing the redevelopment plan presented in its webinar in June, achieving improved production performance and a substantial increase in water injection capacity, setting the stage for sustainable growth in the years ahead.

"With a clear focus on continuing our asset redevelopment strategy, we expect strong reserves replacement in 2024 and remain on track to deliver the long-term production growth potential outlined in our June 2024 webinar.

"A key highlight of the Azule transaction was our ability to complete it without raising equity, reflecting our commitment to preserving and enhancing shareholder value.

"As we look to further growth through strategic mergers and acquisitions, our disciplined approach will prioritise high-quality, cash-generative assets that align with our strategic priorities."

Afentra said it would release its full-year financial results for 2024 in April.

At 1342 GMT, shares in Afentra were down 2.29% at 51.2p.