Cadence Minerals’ Amapa Iron Ore Project has an update on the ongoing pre-feasibility study (PFS).

The Amapa Project located in the northeast of Brazil is a mine, processing plant, railway, and port in one vast integrated project.

Previously owned by Anglo American and Cliffs, the project produced around 6.1m tonnes of iron ore concentrate at its peak annually.

The Amapa Iron Ore Project is now owned in a ratio of 73:27 between Indo Sino and Cadence and is currently being pushed through development, into production as quickly as possible.

The PFS is commissioned based on generating 5.3m tonnes each year. Out of which, 4.9m tonnes is expected to be 65% iron ore concentrate with lower carbon footprints. At present, the price per dry tonne is $170.

In 2020, Cadence revised the Mineral Resource Estimate with an increase of 21%. 

The current MRE includes an indicated mineral resource of 176.7m tonnes grading 39.7% Fe and an inferred mineral resource of 8.7m tonnes grading 36.9% Fe, both reported within an optimised pit shell and utilising a cut-off grade of 25% Fe.

According to previous assessments conducted by SRK Consulting, the project’s total capital expenditure will be around $168.8m, with an operational cost of around $24 per dry tonne.

Wardell Armstrong, a mining consultancy firm, has been appointed as the PFS manager. The company is focused on finding areas to reduce cost and capital expenditure associated with mining operations.

The PFS for the Amapa project is on schedule with progress in mining, beneficiation, infrastructure, energy, tailings storage facilities, logistics and sales and marketing.

Amapa Iron Ore Project

The Amapa Project began in 2007 mining 712000 tonnes of iron ore concentrate during its first production run.

With former owners, Anglo America and Cliffs, the project produced 6.1m tonnes of iron ore concentrate product.

Anglo American gained operating profits of $120m and $54m during 2011 and 2012.

Before the sale of Amapa, Anglo American valued the project at $866m.

Kiran Morzaria, Chief Executive Officer, Cadence Mineral stated, “the Amapa Mine has all the attributes of a significant iron ore deposit, and the upgraded MRE of 176.7m tonnes grading 39.7% Fe at the inferred category provides the Cadence board with great confidence in our investment decision.” 

“As we see the world move towards decarbonisation and as manufacturers seek to minimise their carbon footprint, the planned production of a >65% Fe concentrate utilising predominantly renewable energy really does highlight the potential for the Amapa mine, rail and port infrastructure to deliver a lower emission iron ore product to our customers.”

“Completion of the PFS will be an important step towards unlocking the value of this deposit and I look forward to providing progress updates in the coming weeks.”

Cadence Minerals’ shares gained 2.8% to 18.1p following the update on the Amapa Project.

Bigblu Broadband saw its share price increase 13.6% to 57.5p in early morning trading on Monday after the company reported a £0.5 million rise in EBITDA and the introduction of a new B class of shares for existing shareholders worth 45p in 2021.

Bigblu Broadband sold off a selection of assets and paid off its outstanding debt.

The broadband group reported its UK and European Satellite operations as sold to Eutelstat S.A. in 2020, followed by the sale of its QCL Holding Limited stake and its holding company for Quickline Communications Limited to investment firm Northleaf Capital Partners in 2021.

The company announced that its results were above market expectations, with an expectation for growth in 2022.

Bigblu Broadband reported a revenue of £27.1 million compared to £23.4 million in 2020.

The group announced an adjusted EBITDA of £4.6 million against £4.1 million in 2020, alongside a reported profit of £27 million.

Bigblu Broadband’s net cash amounted to £5.2 million after the company paid off its complete debt.

The group’s adjusted operating cash inflow amounted to £5.2 million with adjusted free cash inflow of £2.1m due to capital investments of £2.2 million.

Bigblu Broadband introduced a class of B Shares, which it exchanged for cash and delivered a 45p per B Share to existing shareholders.

The company reported strong customer growth in Australia, alongside its regional expansion into New Zealand through a secured Partnership Agreement with Kacific.

Bigblu Broadband further noted a recent distribution agreement with Telenor to provide ultrafast broadband with wireless 5G in Norway for 2022.

The Asimiliar Group reported soaring profits in its financial results for 2021, with a pre-tax profit of £26.7 million against £392,329 in 2020.

The tech-focused investment company reported an EPS of 23.2p compared to 0.4p in 2020 and total net assets of $41.5 million compared to £10.6 million in 2020.

Asimiliar Group’s profit was driven by the remeasurement to fair value of investments to the tune of some £25m.

The Asimilar Group credited its growth to increased investment in its existing portfolio companies such as Audioboom, SeeQuestor, Magic Media Works, Gfinity and Sparkedun.

The company announced no change in revenue from £14,000 in 2020.

The company raised an additional £7.3 million in cash through exercising warrants in the company, alongside the sale of its Dev Clever options and warrants.

Asimilar reported its intention to seek the admission of its shares for trading on the Access Segment of the AQSE Growth Market in a bid to improve liquidity in nascent companies, alongside the investment companies investing in them.

The company said it intends to keep trading on the AIM market and is set to continue its investigation into the proposed dual-listing structure.

“I am delighted to present these excellent results for the year in review.  The Board remains very optimistic on the opportunities our portfolio companies are presented with in the coming months and believes several have the potential to make material advances in 2022,” said Asimilar chairman John Taylor.  

“We very much look forward to updating the market with news on a number of fronts.”

The Asimilar Group’s share price increase 1.8% to 28p in early morning trading on Monday.

The instant service vending equipment company, Photo-Me, reported a pre-tax profit increase of 202% to £28.6m, compared to the loss of £27.8m in 2020 as Covid restrictions eased.

The group’s reported revenue grew 15.1% from £186.3m to £214.4m in 2021 as consumers began emerging from lockdown.

Most markets where Photo-Me functions are operational have been cleared of Covid-19 restrictions.

Asia remained an exception, due to its 4th wave. Asia contributed around £40m to the total reported revenue in 2021.

The largest contributor to the revenue is the photo booth business, which generated £123.2m in 2021 with strong performances from Japan and France. 

The revenue generated from Revolution laundry increased by 26.6% to £44.8m with a 19.1% increase in the number of units in use.

Feed.Me and Print.Me saw revenues of £9.6m and £11.7m in 2021.

EBITDA increased from £41.4m to £65.1m in 2021.

The cash generated from operations saw an increase from 51.8m to £66.1m in 2021 as consumers returned to retail shopping, where the majority of Photo-Me operations are.

The group’s operating profit rose by £55m to £29.3m in 2021 due to Covid recovery, as well as successful restricting.

Capital expenditure was £29.9m in 2021 with the laundry operations costing £16.2m.

The group also acquired Photo Plaza in Japan, Resto’Clock in France, and NRG in Australia for £11.5m. The balance were costs associated with photobooths and equipment.

The company’s net cash position was £34.9m, up 56.5% from 2020.

Over the last year, the group has launched ME Group, which is a brand strategy to emphasize operations diversification whilst also continuing their product innovation.

Photo-Me’s Board recommends a total dividend of 2.89p to be paid on 13 May 2022.

Serge Crasnianski, CEO & Deputy Chairman, Photo-Me said, “despite the ongoing impact of COVID-19, our proven and resilient business model has enabled the group to make progress towards returning to its pre-pandemic performance, across all business areas including photobooths.” 

“This progress was underpinned by our market leading position, our established and long-term partnerships which gives the group good revenue visibility and year-on-year recurring revenue streams.” 

“Reported total revenue and profit before tax for the year were at the upper end of our expectations, having benefitted strongly from the recovery that followed the easing of restrictions across our key markets.” 

“Following the launch of our new corporate brand strategy, ME Group, we are looking forward to the next chapter of our growth as we enter our 60th year.” 

“Our growth strategy is focused on continued innovation and diversification, including the use of the best available technology to commercialize our next generation photobooths, continuing to expand our laundry operations and growing our food vending operations to become a leader in France by the end of next year.”

Photo-Me shares gained 1% to 64.2p in early morning trade on Monday as the group presented their strong financial performance despite the consequences of the pandemic.

Induction Healthcare’s renewed contract with NHS Scotland and the Scottish Government ensures a consistent revenue stream of £2m through Induction Attend Anywhere, a remote consultation tool.

Induction Attend Anywhere (AA), the remote consultation solution has successfully obtained another year with NHS Scotland and the Scottish Government. 

With the contract extension, AA secures its position with NHS Scotland as the preferred remote consultation platform.

The contract between AA and NHS Scotland will generate £2m in revenue for Induction Healthcare.

Induction Healthcare aims to provide a platform for virtual patient care to help the healthcare systems digitalise all over the world.

Induction’s newly introduced clinical group consultations, where one-on-one consultations take place in a group environment of patients with comparable clinical issues, will be included in the renewed contract.

The Scottish Government extended their contract with Induction Healthcare to continue the delivery of remote consultations for the non-health public sector support.

The virtual consultations are meant to aid Scotland’s social security system with the possible opportunity of more contracts in the future.

The Department of Work and Pension decided to incorporate Induction Attend Anywhere for two years to enable the digital transformation of the UK benefits system in November 2021.

Induction Attend Anywhere

Attend Anywhere is a video consultation service, which is gaining traction in non-healthcare contexts.

Through the platform, patients and doctors can conduct a video consultation which saves time, energy and money for both parties. 

Before the pandemic, the service was originally launched to the NHS in Scotland in 2016, providing the ‘blueprint’ for NHS England.

All 14 regional health boards have implemented Induction Attend Anywhere in Scotland and branded as ‘Near Me’. 

NHS Wales also renewed its existing contract with Induction in July 2021, with an upgrade and increase of its present scope, resulting in the widespread use of AA and other Induction products across Wales.

The programme has saved the environment roughly 47m miles of patient transport. 

Between January 2021 and January 2022, over 985,000 Near Me video consultations were conducted.

James Balmain, Chief Executive Officer, Induction Healthcare, commented, “Scotland has been a pioneer in driving remote consultations in the UK and was the home for our first major national contract for Induction Attend Anywhere.”

“With the support of NHS Scotland and the Scottish Government, we have shown that our products can be relied upon to deliver digital transformation strategies both within and beyond healthcare settings.”

“Induction remains on course to deliver very significant revenue growth this year in line with market expectations.” 

“These contract renewals are the first positive milestones in our renewal strategy and set out the pattern we expect to see across a very high proportion of our existing contracts in England.”