Franchise Brands in line with its objectives; Stam goes on loan - October 25, 2023 at 6:30 PM

(Alliance News) – The following is a summary of the London-listed company updates released Wednesday and not separately reported by Alliance News:

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First Tin PLC – London-based tin development company focused on advanced, low capital expenditure projects in Germany and Australia – Updated final feasibility study for its Taronga tin project in Australia. The project is owned by First Tin’s wholly owned Australian subsidiary, Taronga Mines Pty Ltd. The company explains that the resources are significantly greater than expected due to the combination of a lower cut-off and new mineralization identified in the southwest. As a result, a higher throughput was chosen for the technical feasibility study, making economies of scale possible. The company plans to complete the feasibility study in the first quarter of 2024. Thomas Buenger, Managing Director, said: “We are pleased with the results of the EDS at our flagship Taronga tin deposit, which validated the hypotheses we formulated prior to launch. The simple mineralogy and resulting ore processing characteristics, associated with the low stripping rate and open pit exploitation of the deposit, make it one of the simplest hardstone tin deposits in the world.”

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Molecular Energies PLC – an oil, gas and alternative energy company with an exploration business in Paraguay – says the final commissioning of the drilling rig in Paraguay is underway. The drilling company said the repaired blowout preventer has successfully passed operational testing in Brazil, where it will be shipped from, and is expected to be on site by the end of the second week of November or around this date . He explains that the BOP is a critical safety component of the drilling rig and that Molecular will not authorize any drilling activity until it is certified. He points out that the well, if successful, could unlock a range of potential estimated at a total of more than 260 million barrels of oil. The price potential makes this exploration attractive, according to the company. In addition, cash flow from the recent sale of Argentine hydrocarbon assets will come on stream in 2024, which will improve the company’s financial position. Subsequently, and regardless of the results of the exploration program in Paraguay, the company plans to focus its resources on the creation and development of large-scale alternative energy projects with attractive long-term returns. It also plans to look into sustainable aviation fuels.

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Power Metal Resources PLC – metal exploration company focused on North America, Africa and Australia – Provides an update on its operations following the fiscal year end on September 30. Managing Director Sean Wade says he expects “several updates in the short term, informing shareholders of the results of ongoing exploration programs, the commencement of new exploration activities and the results of our business activities aimed at crystallizing value and rationalizing society.” Power Metal’s short-term objectives are to enter into transactions with third parties seeking to acquire business interests and establish joint ventures; to focus on important metal discoveries from its internal portfolio; to expand ownership of Power Metal shares to new investor groups; to identify new areas for future business opportunities, particularly in Saudi Arabia and Oman; and focus on increasing the value of the Power Metal portfolio through exploration and value crystallization, to significantly increase the company’s market value.

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Tribe Technology PLC – Belfast-based developer and manufacturer of autonomous mining equipment – enters into a £3.0 million secured term loan agreement with BPC UK Lending DAC. The company explains that the funds will be used to refinance existing debt and advance the execution strategy previously described. Following the drawdown of the facility, the company will have fully repaid its existing £0.52 million credit facility with Growth Finance Fund LP, including accrued interest and costs. The facility has a term of five years and an interest rate of 13% per year.

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Franchise Brands PLC – Manchester-based owner of the ChipsAway, Willow Pumps and Metro Rod brands – Provides a trading update for the three months to September 30. B2B units all reached record levels, despite some demand slowdown over the summer. As a result, the third quarter was slightly weaker than the first half of the year, but there was a slight increase in activity at the beginning of the fourth quarter. Pirtek integrates well and meets the expectations expressed during the takeover. He plans to speed up the integration process. states that the business-to-consumer division continues to operate in a challenging environment, although profitability remains in line with expectations. The group’s debt has been reduced from £79.1 million as at 30 June to £76.0 million as at 30 September, and the company is operating comfortably within key banking covenants. Adjusted earnings before interest, taxes, depreciation and amortization for the year ending December 2023 are expected to be in line with current market consensus expectations.

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Sound Energy PLC – London-based upstream gas company focused on Morocco – Confirms extension of the National Office of Electricity and Drinking Water’s gas sales agreement and Attijariwafa supply bank financing until December 31. Graham Lyon, Executive Chairman, said: “Several elements of the GSA are being adapted to meet donor criteria and international standards. For example, Sound Energy, ONHYM, ONEE and Attijariwafa bank have committed, under the auspices of the Ministry of Energy, to finalize a revised GSA by the end of the year.

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Angle PLC – Medical diagnostic company based in Surrey, England – Publication of a study using the Parsortix system that sheds new light on the phenotypic characteristics of circulating tumor cells in squamous cell carcinoma of the head and neck. The study demonstrates the feasibility of using mass cytometry for comprehensive characterization of CTCs captured by the Parsortix system in patients with HNSCC. This allows the simultaneous analysis of multiple proteins on and within individual CTCs, providing insight into their phenotypic status and diversity. HNSCC is a group of aggressive, genetically complex and difficult-to-treat cancers with limited options for early detection and follow-up. Karen Miller, Chief Scientific Officer, said: “The Parsortix system enables the isolation and collection of CTCs in an unbiased manner and as such can enable the assessment of phenotypically diverse CTCs in a patient’s blood. This could lead to future improvements in clinical practice. decision.”

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Angus Energy PLC – UK-focused oil and gas development company – makes clear ahead of its AGM that the deal with Kemexon, initially announced on March 28, will require any loan-to-equity conversion to be subject to mutual agreement between Kemexon and the company. Explains that due to its financial situation, the company could only agree to the loan conversion at a price per share of 0.66 pence. Recognizes that this price is lower than the originally planned conversion price of 1 pence. But given the price drop, he thinks it is a good result to have repaid a loan at market price and therefore without a discount on the share price.

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By Jeremy Cutler, Alliance News reporter

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