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The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News: ---------- Kenmare Resources PLC - Dublin-based producer of titanium minerals and zircon - Says it achieved its revised production targets in 2025, with heavy mineral concentrate production of 1.2 million tonnes, down 15% year-on-year, mainly due to lower excavated ore volumes related to upgrade work at its WCP A mining plant. Ilmenite production falls 17% on-year to 842,300 tonnes as the amount of HMC processed falls 16% to 1.2 million tonnes. Excavated ore declined 10% to 37.0 million tonnes. Primary zircon production decreases 1% to 50,000 tonnes, in line with original guidance, and concentrates production more than doubled to 103,100 tonnes, ‘materially’ above original guidance. Kenmare says demand for its products was stable but prices decreased during 2025 due to market oversupply, expecting its ‘strong’ first-quarter order book to reflect weaker market pricing than that of 2025. Anticipates total shipments exceeding 1.1 million tonnes in 2026, up from 947,900 tonnes in 2025, with ilmenite production exceeding 800,000 tonnes. Kenmare also expects primary zircon production in excess of 41,000 tonnes, and concentrates exceeding 81,000 tonnes. Plans to produce lower volumes of finished products than in recent years, to minimise operating costs and to accelerate the drawdown of finished product stocks. Says engagement continues with Mozambique’s government regarding the extension of the Moma Titanium Minerals Mine’s implementation agreement. Company also expects to report operating costs for 2025 within the $228 million to $252 million guidance range, and intends to reduce these in 2026, guiding for expenses between $215 million and $225 million. ---------- Caledonia Mining Corp PLC - Jersey-registered operator of the Blanket gold mine in Zimbabwe - Outlines its funding strategy to support the development of the Bilboes gold project, also in Zimbabwe. This includes the accompanying announcement that it has raised $150 million upon closing its upsized offering of 5.875% convertible senior notes due 2033, the original offering having been increased to $125 million from $100 million after ‘investor demand exceeded $600 million’, followed by the initial buyers exercising their option to purchase an additional $25 million of notes. Net proceeds total around $130 million. Also, Caledonia says it purchased put options to lock in a minimum gold price of $3,500 per ounce, over 3,000 ounces per month, from January this year to December 2028. Expects this minimum price to enhance project lenders’ willingness to provide credit. Furthermore, Caledonia expects an interim funding facility of up to $150 million to be in place by mid-2026, after ‘encouraging engagement’ with a consortium of banks. Finally, Caledonia says preliminary talks are ongoing with regional and global financial institutions, exploring the scope and structure of project finance to support the Bilboes project’s construction. Plans to start the formal process in the first quarter. ---------- Sovereign Metals Ltd - Perth, Australia-based mining company - Shares trade 33% higher in London on Wednesday, after Sovereign announces the recovery of a monazite product containing high-value heavy rare earth elements from the tailings stream generated during rutile processing of concentrate from its Kasiya Rutile-Graphite Project in Malawi. Says preliminary analysis confirms exceptionally elevated levels of dysprosium-terbium and yttrium, which ‘are of paramount importance to nations seeking to secure and protect rare earth supply chains’, with an average 2.9% grade for DyTb and 11.9% for yttrium. Adds that monazite by-product has the potential to add a third revenue stream to Kasiya for a near-zero incremental cost. ‘This composition sets Kasiya apart from all major global rare earth producers,’ Sovereign adds. ‘The five largest operations - which together account for over 70% of global production - are dominated by light rare earth elements. Strategically critical heavy rare earths urgently required by US, Japan and EU advanced technology, defence, and industrial supply chains are present only in trace amounts, or absent entirely, in these deposits.’ ---------- Pensana PLC - London-based developer focused on developing a mine-to-magnet rare earth supply chain - Announces the start of preparation for a 7,000 metre infill drill programme at its Longonjo rare earth project in Angola. Says the programme is designed to provide both detailed geological and grade control information ahead of the start of mining, stockpiling and blending activities in early 2027 alongside the resource expansion drilling announced in November. Plans to mobilise two reverse circulation drilling rigs ahead of drilling activities throughout the anticipated dry season from May through to October. Samples will be collected at depth to develop a detailed understanding of the full vertical extent of the mineralisation. Pensana expects this to support assessment of the potential for an increase in inferred resources from the existing 313 million tonnes at 1.43% total rare earth oxides, towards 1 billion tonnes at a similar grade. Says this ‘would make [Longonjo] one of the world’s largest rare earth deposits currently in development.’ ---------- Avacta Group PLC - London-based life sciences company - Announces that the US Food & Drug Administration has cleared the investigational new drug application for its second programme, FAP-Exd (AVA6103), ‘the first pre|CISION peptide drug conjugate based on the highly potent topoisomerase I inhibitor, exatecan.’ Says this is an important step in the development of AVA6103, which can now move from lab to human testing. Says the phase 1 clinical trial will evaluate the safety and potential efficacy of FAP-Exd and seek to identify a dose for further clinical development in patients with four solid tumors, pancreatic cancer, cervical cancer, gastric cancer and small cell lung cancer. Avacta expects preliminary data from the trial in the second half of this year. ‘In moving the FAP-Exd program forward from inception to a cleared IND in just 24 months, our team has exceeded industry standard timelines,’ says Chief Executive Officer Christina Coughlin. ---------- Ethtry PLC - London-based company building ethereum treasury for investments in ‘breakthrough technologies’ - Announces its adoption of a refreshed operating strategy, stating its strategic focus on acquiring, managing and developing assets within breakthrough technology sectors, while continuing to implement its ethereum treasury policy. Says its operational activities are concentrated on opportunities within quantum technologies, artificial intelligence, data centres, energy transition and energy storage infrastructure, as well as applications across the Web3 ecosystem. Adds that its board may consider entering into financial partnerships, as long as they align with its core investment thesis of breakthrough technologies. Says this strategy provides a clear and coherent framework for the its future activities, aligns capital allocation with areas of technological innovation, and positions it to pursue sustainable growth opportunities as markets evolve. CEO Patrick Chopard says Ethtry is ‘well positioned to build a resilient and forward-looking business that can deliver sustainable value for shareholders.’ ---------- Copyright 2026 Alliance News Ltd. All Rights Reserved.
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