Results round-up

Oryx International Growth Fund posted its half-year report for the period from 1 April to 30 September on Tuesday - a period in which it carried out three share buybacks, resulting in a total reduction of 138,000 shares for a cost of £813,750.

The firm confirmed those shares were subsequently cancelled, and as at period end Oryx had 15,054,125 ordinary shares in issue with a market capitalisation of £101.99m.

Its net asset value per ordinary share on 30 September was £7.6997, up from £6.8929 on 31 March, while the ordinary share price was £6.775, rising from £6.1250.

That resulted in a 12.01% share price discount to net asset value, wider than the 11.14% reported in March.

No ordinary dividend was declared for the period.

“The net asset value rose by 10.7%, beating the FTSE Small Cap Index by over 4.5% which means that the rise in the NAV over the last five years now equals 114% as against 77% for the index,” remarked chairman Nigel Cayzer.

“There have been some significant disposals during the period which means the cash balances remain strong.

“The challenge for Christopher Mills and his team at Harwood is to identify new opportunities that can be purchased at sensible valuations where active management will yield a good return over a reasonable period.”

Cayzer said that has been the challenge since the company's inception in 1995, but the board remained confident that the proven skill of the management will continue to realise value in the existing holdings and identify new opportunities as they arise.

“The company continues to buy back shares when it is considered to be in the interests of all shareholders and 138,000 shares were acquired during the six month period."

Fluorspar developer Tertiary Minerals announced its audited results for the year to 30 September on Tuesday, with revenue of £0.19m up from £0.18m.

The AIM-traded firm narrowed its operating loss to £0.39m, compared to £0.42m last year, with a total loss for the year of £0.47m, less than the £0.67m posted in 2015.

Basic and diluted losses per share were 0.2p, smaller than the 0.37p losses in the prior period.

On the operational front, the Storuman Exploitation Mine Permit was approved by the Swedish Mining Inspectorate, and the phase 4 drilling programme was completed on the MB Project in Nevada.

Significant lateral and depth extensions to fluorspar mineralisation were also proven in the Western Area on the MB Project, and ,modelling, economic evaluation and metallurgical testwork was progressing there.

The sale of the two non-core gold assets potentially provided the company with future cash flow through its retained royalty interest.

Tertiary also entered into a non-binding heads of terms with global aluminium company, Hydro, to purchase land and old mine workings on the Lassedalen fluorspar project.

“Against a backdrop of very tough market conditions for fluorspar I am pleased to report continued progress on our core fluorspar projects,” said managing director Richard Clemmey.

“Receiving the mining permit for the Storuman project was a significant achievement for the company and whilst the delays in processing the appeals is frustrating we remain positive that the original decision will be upheld.”