Reabold Resources plc held a strong balance sheet despite recording an increase in losses from its onshore Californian interests. FINANCES Half year 2023 results showed group loss of £3.65m (H1 2022: loss of £2.72m) with no revenue generated or costs incurred. Losses increased mainly from a £1.2 million decline in market value of its Daybreak […]
Author: editorial
Weardale Lithium secures £613,000 joint funding for geothermal brine exploration
Weardale Lithium Ltd has secured a government joint funding package of £613,000 for its geothermal brine exploration assets in Durham. SUPPLIES The money, shared with mid-stream company Tees Valley Lithium Ltd, includes a £430,000 grant from Innovate UK. Both companies are building on the memorandum of understanding signed last year to evaluate producing and refining […]
Scotgold staff on unpaid leave
Scotgold Resources Ltd has placed employees on “short term unpaid leave” and is talks with an “administration specialist” while it faces action from a creditor. FINANCING The Australian company continues “financing discussions” to develop its Cononish gold and silver mine and reached an advanced stage with “confirmatory diligence being undertaken”. “These have not yet reached […]
Rockhopper chairman and NED step down
Outgoing chairman of Rockhopper Exploration said the company was in the “strongest possible” position it had been in for “some considerable time” as a new leadership takes over on 1 October. EXPERIENCE Keith Lough and non-executive director John Summers leave on 30 September after nine “challenging and enjoyable” years to make way for former Capricorn […]
IOG files for administration
IOG plc has filed for administration following “extensive consideration” of its financial situation and the “underperformance” of its developed assets. ISSUES The company, which runs the Saturn Banks gas project in the southern North Sea, has also requested a suspension of trading in its ordinary shares on AIM from 2.10pm today. IOG had been in […]
Hummingbird secures $55m refinancing for Kouroussa
Hummingbird Resources plc has agreed to refinance a portion, totalling US$35 million, of its existing Coris Bank group loan and secured $20m new loans for its West African operations. SUPPORT The refinancing of existing Coris Bank loans will see loan repayments deferred from Q3 2023 to full year 2024. Funds will provide additional cash flow […]