News Release
Power Metal expands into sustainable metal extraction with GSAe deal; announces share consolidation
Power Metal Resources PLC
Power Metal Resources PLC (AIM:POW) CEO Sean Wade speaks to Proactive's Stpehen Gunnion about the strategic acquisition of a 75% stake in GSA Environmental (GSAe), a company specialising in extracting critical metals from waste products like fly ash and heavy fuel oil ash. The venture is particularly focused on residues from electricity generation and spent catalysts, promising to transform them into environmentally friendly residues while extracting valuable metals essential for the energy transition. The move is seen as a departure from Power Metal's traditional focus on incubating early-stage mining opportunities, aiming instead to provide a sustainable revenue stream to reduce dependency on capital markets. Wade highlighted the complementary nature of this acquisition to Power Metal's focus on critical metals for energy transition and the added benefit of GSAe's ICP testing capability, which will reduce costs and time for sample testing. He further elaborated on ambitious plans to scale GSA Environmental's business, particularly in Saudi Arabia and globally, leveraging proprietary technology for significant growth. The deal involves an initial payment of £75,000 in shares, with additional payments tied to profit milestones. Separately, Power Metal announced a 20-for-1 share consolidation to appeal to institutional investors and facilitate a US OTC listing, addressing market perceptions and regulatory requirements for trading above a penny. Wade reassures stakeholders that the consolidation aims to attract more investors and increase liquidity, inviting any concerns to be addressed directly. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
March 08, 2024 06:48 AM Eastern Standard Time
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News Release
Premier African Minerals' Zulu lithium project produces first concentrates; prepares for ramp-up
Premier African Minerals Ltd
Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) chief executive George Roach joined Proactive's Stephen Gunnion with the operational status of the processing plant at the company's Zulu lithium project in Zimbabwe. Despite facing some setbacks, the major components of the plant are installed and functional, enabling production to proceed from front to back. Issues encountered during commissioning are considered normal by the plant suppliers and Roach believes they are resolvable within the commissioning process, emphasizing that no major equipment replacements are necessary. Currently, the plant is producing concentrates from the Mica and Spodumene flotation sections, with analysis of these concentrates underway. Initial spot analysis suggests that spodumene is adequately liberated and recoverable at correct percentages, though attention is needed for managing pH levels during flotation—a challenge that is being actively addressed. Roach anticipates that the issues with pH management and control systems will be resolved within "hours or days," not weeks. The next steps for the Zulu project include ensuring the spodumene produced meets grade requirements and ramping up production rates to design levels, expected to take a couple of weeks. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
March 08, 2024 06:44 AM Eastern Standard Time
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News Release
HANetf new Sprott Junior Uranium Miners UCITS ETF hits the market, focused on smaller miners
HANetf Holdings Limited
HANetf head of research Tom Bailey discusses the launch of the Sprott Junior Uranium Miners UCITS ETF (URNJ) on the LSE and Deutsche Bourse, highlighting the growing demand for uranium due to the global shift towards nuclear energy for low carbon emissions and energy security. Bailey explained that this demand, coupled with a decade of underinvestment in uranium mining, has created a supply-demand imbalance, boosting uranium prices significantly. The Junior Uranium Miners ETF focuses on smaller-cap miners, which are poised to benefit more directly from the rising uranium prices compared to their larger counterparts. This is because larger mining companies often have long-term contracts at lower prices, whereas junior miners sell at current high prices. The ETF includes exploration companies, offering exposure to early-stage ventures that might bring uranium to market in the future. Unlike HANetf's flagship uranium ETF, the Sprott Uranium Miners UCITS ETF (URNM), which is significantly influenced by a few large companies, the junior ETF aims to provide a more balanced exposure by excluding these major players and the spot price of uranium. It features 32 companies, excluding the five largest that dominate the flagship ETF. In its first week, the junior ETF saw an 11-12% increase in price performance, outperforming the broader uranium ETF, which increased by 1% in the same period, indicating strong investor interest and market performance. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
March 08, 2024 06:42 AM Eastern Standard Time
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News Release
Greencoat UK Wind focuses on capital allocation following strong 2023 performance
Greencoat UK Wind PLC
Greencoat UK Wind's Stephen Lilley discusses the company's full-year results for 2023, highlighting significant financial achievements and strategic initiatives. The company reported over £406 million of net cash generation and a coverage ratio of 2.1 times. Due to its strong cash flow, the trust, which is one of the UK’s largest wind farm operators, has remained resilient despite rising interest rates and a higher discount rate. Lilley said Greencoast has focused on capital allocation, particularly as shares have been trading at a discount to net asset value (NAV), leading to an increase in the dividend for 2023 from 8.76 pence to 10 pence per share, resulting in an additional £29 million paid to shareholders. The dividend for 2024 has been increased by 14.2%, achieving a 6% return on NAV, surpassing the Retail Price Index (RPI) increase of 5.2%. Greencoat UK Wind completed £821 million in acquisitions, contributing significantly to NAV accretion. The company also reached a milestone of distributing over £1 billion in dividends over the past decade. Additionally, Greencoat UK Wind generated 1.5% of the UK's electricity demand, owning approximately 7% of the UK's wind capacity. Looking ahead, the company aims to support the expansion of wind capacity in line with government targets for 2050, focusing on owning and operating existing capacity while recycling capital into new projects. Despite some limitations due to trading at a discount to NAV, the company sees ample growth opportunities and may consider disposals to manage its capital effectively. Lilley remains optimistic about the company's performance in 2024, with stable operations and a positive outlook for February's production capacity. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
March 08, 2024 06:36 AM Eastern Standard Time
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News Release
Artemis Resources just "scratched the surface" with more significant lithium results in West Pilbara
Artemis Resources Ltd
Artemis Resources executive director George Ventouras joins Proactive's Stephen Gunnion with details of more promising rock chip assay results that enhance the potential scale and grade of its lithium discovery in Australia's West Pilbara region. The assays peaked at 4.67% lithium oxide content, surpassing earlier findings and marking a significant milestone in the region, drawing comparisons to neighbouring projects. With a substantial tenure spanning over 150 square kilometres and only a fraction explored, Artemis Resources anticipates considerable prospectivity and further exploration opportunities. The findings at the new Osborne East zone and Mt Marie prospect suggest potential extensions and combined strike lengths of up to 26 kilometres, highlighting the vast potential for lithium mineralisation. The mineralogy at Mt Marie reveals large spodumene crystals up to 30 centimetres in length, underscoring the quality and development prospects of the discovery. Ventouras said Artemis Resources plans to continue its exploration with strategic ground reconnaissance, including drone surveys and soil sampling, to expand the mineralised envelope and further assess the lithium potential. Contact Details Jonathan Jackson +61 413 713 744 jonathan@proactiveinvestors.com
March 08, 2024 06:12 AM Eastern Standard Time
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News Release
Zephyr Energy reports strong fourth quarter with production increase and positive outlook
Zephyr Energy PLC
Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) CEO Colin Harrington provides an update on the company's fourth-quarter production and future plans in an interview with Proactive London's Stephen Gunnion. Harrington highlighted a 7% increase in average production across the quarter, with significant contributions from the new Slawson wells despite temporary curtailments. Revenues also rose during the quarter, despite softer oil prices and operational challenges. The company successfully navigated extreme cold temperatures at Williston over the winter, which had shut down over half the basin at one point and resulted in temporary curtailments at the Lawson site. Looking ahead, Harrington discussed the positive performance of two new wells, contributing to expected strong results for the first quarter. Zephyr Energy has also adjusted its reporting method to provide more timely and consistent information by moving to two-phase data reporting (oil and gas production) quarterly, with a detailed three-phase analysis annually. Additionally, Harrington elaborated on the company's preparations for an upcoming drill in the Paradox basin, including the completion of an intensive planning process and the finalisation of rig contracts. The company anticipates drilling in the near term and is preparing the site for operation. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
March 08, 2024 06:04 AM Eastern Standard Time
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News Release
Crossword Cybersecurity launches Trillion HarVista: a new dark web intelligence tool
Crossword Cybersecurity PLC
Crossword Cybersecurity PLC (AIM:CCS) group managing director Stuart Jubb joins Proactive's Stephen Gunnion with details of Trillion HarVista, a novel dark web search tool designed to enhance the capabilities of the Trillion Threat Intelligence suite of products. Jubb explained that Trillion's core function is to monitor the dark web for stolen login credentials and passwords, aiding companies in defending against data breaches. HarVista extends this functionality by enabling security teams to identify additional threats through monitoring hacker discussions and other shared compromised data. It provides an early warning system for organisations, indicating potential targets of hacker groups. The tool operates by creating offline copies of forums and chats, storing them on Crossword's servers, allowing security engineers to search for their company's information in a sanitized environment without directly removing threats but offering valuable threat intelligence. Demand for HarVista appears strong, with interest from existing customers, consulting clients, advisory board members from notable companies, and new prospects facilitated by the company's partnership with TD Synnex. Crossword Cybersecurity anticipates significant growth, aiming to attract larger clients and utilise HarVista as an entry point for its broader product and services portfolio. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
March 08, 2024 06:01 AM Eastern Standard Time
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News Release
Bluefield Solar Income Fund reports strong half-year results; commences £20mln share buyback
Bluefield Solar Income Fund
The Bluefield Solar Income Fund (BSIF), advised by Bluefield Partners, has reported strong half-year results and has set its dividend target for the fiscal year at no less than 8.8p per share at two-times cover, up from 8.6p in the previous fiscal year. The fund, focusing solely on UK solar investments, boasts stable, largely index-linked revenues leading to close to record returns. Bluefield Partners' Managing Partner James Armstrong told Proactive's Stephen Gunnion that despite these strong performances, the fund is currently trading at a discount to its Net Asset Value (NAV). Armstrong highlighted the fund's defensive capital structure and a proprietary pipeline of approximately 1.5 gigawatts of solar developments expected to come online in the coming years as key drivers of value and sustainability. This approach has contributed to BSIF being the highest-performing fund of its kind listed in London. A strategic partnership with GLIL Infrastructure was announced last November, aimed at advancing the fund's development pipeline and addressing the discount to NAV by enabling the fund to proceed with developments and sell down assets, thereby creating liquidity. BSIF has laid out capital allocation priorities focusing on reducing the Revolving Credit Facility (RCF), maintaining business momentum, and addressing the discount to NAV through measures such as a £20 million share buyback program initiated on 14 February. Although the share buyback is not expected to significantly alter the share price in the short term, it represents a prudent allocation of capital. Looking forward to the second half of the year, BSIF does not anticipate making acquisitions due to market conditions. The focus will be on progressing the strategic partnership with GLIL, optimizing portfolio performance, and managing the discount to NAV through continued share buybacks. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
March 08, 2024 05:56 AM Eastern Standard Time
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News Release
Itaconix achieves record revenue in 2023, eyes further growth in eco-friendly product markets
Itaconix PLC
Itaconix PLC CEO John Shaw takes Proactive's Stephen Gunnion through a trading update that shows record 2023 revenue of $7.9 million, marking a 41% increase from the previous year. Shaw attributed this success to the company's advancements in the detergent market across North America and Europe, emphasizing cost and performance benefits alongside sustainability. A significant growth of over 89% in European sales, reaching $1 million for the first time, highlighted the potential in the European market, particularly in dish detergents, where Itaconix's low-cost formulations are gaining traction among major retailers and private label brands. Shaw also noted the company's development in offering plant-based polymers without imposing additional costs on consumers, a strategy dubbed "free green," which promotes sustainability without financial burdens. The revenue growth stems from a balanced mix of new customer acquisitions and increased recurring revenue from the existing customer base. With a focus on expanding its product portfolio, Shaw mentioned ongoing developments in leather chemicals, paint, and plant-based superabsorbents, aiming to reach a $100 million revenue target in the future. Looking ahead to 2024, Shaw expressed optimism, citing stabilized costs, minimal disruptions from shipping issues, and the introduction of new brands seeking Itaconix's reformulation expertise, promising continued growth from the momentum built in 2023. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com
March 08, 2024 05:50 AM Eastern Standard Time
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