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TRADING UPDATES: Welnex sales drop, plans medicinal cannabis exit

ALN

The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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Kefi Gold and Copper PLC - Nicosia, Cyprus-based miner focused on Tulu Kapi gold project in Ethiopia - Provides an update on the Tulu Kapi gold project. Says $240 million project debt capital has been formally offered and accepted, having been signed by both co-lenders and by Kefi. Site preparations progress on schedule with various construction projects. The focus is now on closing the equity-risk capital, for which commitments and proposals received for investment at the project level exceed the required $100 million, primarily from local investors and African specialist funds.

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Wellnex Life Ltd - Melbourne-based consumer healthcare company - Sales total A$5.4 million, around £2.6 million, in the quarter ended September, down 18% from A$6.6 million the prior quarter. This reflects delayed IP licensing revenue, which declined 82%, and is now expected to be invoiced and received in the coming months. Brand sales grew 4.1% over the same period. Gross profit is 35% lower at A$1.8 million quarter-on-quarter from A$2.5 million. Wellnex continues its internal review to identify core brand assets, operational efficiencies, and cost-saving opportunities aimed at maximising revenue, margins and operational profitability. The review will continue through financial 2026, with initial benefits expected to materialise throughout the financial year. In addition, initiates the process to fully exit all activities associated with the medicinal cannabis segment. This business contributed less than 1% of the group total revenue and is not expected to have any material impact going forward.

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Kavango Resources PLC - London-based, South Africa-focused metals explorer and gold producer - Confirms an open-pit gold deposit at the Nightshift prospect on the Hillside gold project in Zimbabwe. Kavango considers Nightshift to be a gold deposit, with significant upside potential, that is expected to deliver high ore tonnes per vertical metre and high ounces per vertical metre. These factors combined support Kavango’s strategy to exploit its gold resources to their full potential and increase gold production via modern mechanised mining and processing methods. Says a preliminary JORC-compliant mineral resource estimation has exceeded Kavango’s expectations, and the company is now considering construction of an upgraded 300 tonne-per-day gold processing plant at Bills Luck gold mine, at the Hillside project, up from the originally planned 200tpd capacity. ‘This maiden JORC resource at Nightshift is a defining moment for Kavango. It proves that our gold development strategy in Zimbabwe is working and that our decision to focus on near surface, fast-track production targets is delivering results,’ company says.

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Synergia Energy Ltd - Perth-based oil and gas mining company - Antelopus Selan Energy Ltd says the Aakash XIV 50T work over rig has now arrived at the Cambay C-64 wellsite and after the rig up operations have been completed, in 3 to 4 days, the installation of a sucker rod pump in the C-64 well will commence.

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Switch Metals PLC - mining exploration company focused on developing battery and technology metals mines in Ivory Coast - Following the successful completion of its mineral resource estimate pitting programme, Switch Metals has started a programme targeting additional tantalum-rich coltan deposited in alluvial drainage basins, on the Badinikro licence of the Issia project. Says the first mineral resource estimate is focused on eluvium and colluvium targets and is expected to be completed in early 2026. To demonstrate district-scale potential, says the exploration focus now moves to the drainage basins which are considered good additional targets for high-grade and shallow alluvium deposits.

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Fulcrum Metals PLC - Canada-focused exploration firm - Notes Sunday’s announcement by Loyalist Exploration Ltd in which Fulcrum holds an around 20% equity interest and a 2% net smelter return royalty on the Tully gold project. Chief Executive Ryan Mee says: ‘We are delighted to see the pace and focus Loyalist is bringing to the advancement of the Tully Gold Project, particularly with the appointment of Blue Heron. Progress on environmental and permitting work is pivotal to accelerating Tully towards a production decision, and it is encouraging to see these steps being prioritised so soon after Loyalist’s acquisition of the project.’ Fulcrum fully supports Loyalist’s commitment and looks forward to the continued development of this highly prospective asset, it adds.

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Gelion PLC - London-based battery energy storage systems firm - Closes retail offer earlier than planned due to the level of demand received. Gelion is looking to raise £500,000 via the retail offer at 20 pence per share. It has already raised £20 million by a placing and subscription at the same price.

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Crystal Amber Fund Ltd - London-based activist fund investing in small and mid-cap UK equities - Intends to continue to conduct on-market purchases to buyback shares under a buyback programme. Since December 2023, around £20.6 million has been returned to shareholders in share buybacks. Until the end of November, Crystal Amber intends to repurchase up to £3 million worth shares. Appoints Winterflood Securities Ltd to execute and manage the buyback.

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Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Announces that the first truckloads of lithium spodumene concentrate have left the Bougouni lithium project in southern Mali and are completing final customs formalities before transporting to the Cote d’Ivoire port of San Pedro. ‘This is a major milestone,’ Chief Executive Bernard Aylward says. ‘The first shipment of spodumene concentrate is planned to be 30,000 tonnes, with first revenue expected upon completion of loading of the vessel in the San Pedro port as agreed in the off-take agreement. Further updates on the Bougouni operation and export will be provided as developments continue,’ he adds.

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