Finance Metals & Minerals News

Tertiary records £600,000 losses from copper projects

Tertiary Minerals plc reported operating losses of £604,213 from its copper portfolio in Nevada and Zambia. FINANCES The company’s unaudited results for the six-month period ended 31 March 2022 showed an impairment of £361,379 relating to the Pyramid gold-silver project in Nevada. This followed reverse circulation drilling at the project failing to demonstrate mineralisation at […]

Finance Metals & Minerals News

Cornish Metals holds solid cash ahead of VBR investment

Cornish Metals Inc ended last year with a significant increase in cash despite nearly doubling losses at its copper-tin project in Cornwall. FINANCES The Canadian company published its annual results on the same day it announced that Sir Mick Davis‘s Vision Blue Resources Ltd will be the ‘controlling person’ with the completion of a £40 […]

Finance News Oil & Gas

Union Jack confident after ‘financially transformational’ year

Union Jack Oil plc said it remained highly positive for the future following a nearly 12-fold increase in profits from its exploration and production assets in the UK. FINANCES The company’s audited results for the year ended 31 December 2021 showed revenues rose nearly 12-fold to £1,894,875 (2020: £158,004) from production at Wressle, Keddington oilfield […]

Metals & Minerals News

Galantas losses increase at Cavanacaw gold mine

Galantas Gold Corporation reported an increase in losses as administrative costs doubled for its gold project at Cavanacaw in Omagh, Northern Ireland. FINANCES The Canadian company’s results for year ended 31 December 2021 show net loss of CA$5,284,431 (2020: $3,228,452). General administrative expenses were $4,332,865 (2020: $2,065,277). Cash outflow from operating activities before changes in non-cash […]

News Oil & Gas

Hurricane swings to profit in year of ‘profound change’

Hurricane Energy plc said it ended 2021 in a much stronger position than at the start, with a “solid financial platform and very good operational performance” at its Lancaster field, west of Shetland. FINANCES For the period ended 31 December 2021, the company reported revenues of $240.5 million from seven liftings of Lancaster crude (2020: […]

News Oil & Gas

United profits increase four-fold on higher prices

United Oil & Gas plc announced strong finances for 2021 with a four-fold increase in post-tax profits from its oil and gas assets. OPERATIONS The group’s working interest for 2021 production averaged 2,327 boepd (2020: 2,195 boepd) in line with guidance of 2,100 – 2,300 boepd. United recorded 100% drilling success in a five-well 2021 […]