Sep 27, 2023

SIMEC Atlantis swings to profit; System1 optimistic September 27, 2023 at 09:44 am EDT Share (Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News: ---------- SIMEC Atlantis Energy Ltd - Edinburgh-based energy company focused on tidal energy - Swings to GBP4.5 million pretax profit in the six months ended June 30 from a loss of GBP8.6 million a year prior. Attributes this to the recognition of the GBP10 million development premium received from Uskmouth Energy Storage Ltd as revenue, following the signing of the Uskmouth land lease agreement on 20 June 2023. Revenue jumps to GBP12.4 million from GBP1.3 million the year before. Declares no interim dividend for the half-year, unchanged from the first six months of 2022. ---------- Reabold Resources PLC - Oil and gas company with projects in the UK, US and Romania - Receives approval from the UK Environmental Agency for a permit to use oil-based drilling fluids at West Newton B-2 well. Says plans for the proposed horizontal well from the West Newton B site are underway and commencement of operations are targeted for the first half of 2024. Holds a 56% economic interest in West Newton and PEDL183. Co-Chief Executive Officer Sachin Oza says: "We are delighted to receive approval from the EA for the West Newton B site. Our studies have clearly demonstrated that the use of oil-based drilling mud will be a key factor in enhancing flow rates from wells in this field, and therefore this is an important step for the drilling of the B-2 horizontal well next year. "West Newton is potentially one of the largest hydrocarbon fields discovered onshore UK and we remain focused on developing and unlocking the significant resource potential of this asset." ---------- Golden Metal Resources PLC - Nevada, US-focused tungsten, gold, copper, silver and zinc exploration company - Confirms two significant copper target zones with potential for orphyry and skarn-type deposits at Garfield project in Nevada. Chief Executive Officer Oliver Friesen comments: "We are very excited about the discovery of what appears to be both skarn-type as well as porphyry deposit geochemical signatures within the Garfield project's high-grade zone, where minimal historical rock sampling returned up to 5.5% copper. "As a result of this discovery, follow up field work will follow imminently and we look forward to providing updates from this exploration in due course, including photos of both the project location and select rocks extracted for full geochemical analysis." ---------- Unicorn Mineral Resources PLC - explorer for copper, lead, zinc and silver in Irish midlands - Says drilling in Killmallock project confirms area is part of a "significant mineralising system". Says exploration programme in next few months will be designed to develop and refine targeting for the next phase of drilling. Chair Paddy Doherty adds: "The region to the south and southeast is relatively untested by historic drilling and remains highly prospective. In addition, recent drilling by another operator on the Ballywire prospect 10 kilometres to the east of Kilmallock has produced some excellent results which are highly encouraging for the southern part of the Limerick basin." ---------- System1 Group PLC - London-based marketing and brand consultancy - Says Platform revenue for the first half of financial 2024 is expected to be around 40% higher year-on-year, while total revenue is set to be around 25% higher. Says it is encouraged by trading in the first half of the financial year, and is forecast to outperform current market expectations. Chair Rupert Howell says: "The sustained improvement in performance over the past nine months reflects the clarity on strategy achieved in last year's review of strategic options and the executive team's focus on delivering the plan." ---------- Saietta Group PLC - Bicester, England-based engineering firm - Says its Indian joint venture, Saietta VNA, has received a purchase order for the supply of eDrives to a leading unnamed client in India. Says the order covers around GBP420,000 of sytems for the first three months of production. Adds target volumes by the client in the first year of production are expected to generate revenue for Saietta VNA of GBP11.2 million. Saietta Chair Tony Gott says: "Saietta has reached the point of inflection as we go into series production at our all-new production facility in Delhi, India. This purchase order received from a global manufacturer of one of the leading light commercial vehicles in India, validates the market pull for our modular products and services in this very demanding and cost-competitive market." ---------- Sunrise Resources PLC - Cheshire, England-based company focused on industrial mineral projects in Nevada - Says 20 drill holes completed at its Pioche sepiolite project over the summer. Says Madrid-based mineral extraction, treatment and commercialisation company, Tolsa SA's subsidiary, Tolsa, has option to purchase the Pioche project for USD1.25 million before December 28. Sunrise would retain a 3% revenue royalty on production from the entire project area. ----------