Citius Resources #CRES – Annual Report

The Board of Citius Resources Plc if leased to announce its annual report and audited financial results for the year ended 30 April 2024. 

The annual report, Notice of Annual General Meeting & Proxy form will be posted to shareholders and available at the Company’s website https://citiusresources.co.uk/

Citius Resources Plc

Cameron Pearce

Tel: +44 (0)1624 681 250

cp@pangaeaenergy.co.uk

Tavira Financial Limited

Jonathan Evans

Tel: +44 (0)20 7330 1833

jonathan.evans@tavirasecurities.com

Chairman Statement

Dear Shareholders,

I am pleased to present the final report and accounts for the twelve-month period to 30 April 2024 for Citius Resources Plc.

The Company announced during the period a binding Heads of Terms for the acquisition of 100% of the issued shares in Harena Resources Pty Ltd (“Harena”) the 75% owner of the Ampasindava Rare Earths Project in Madagascar (the, “Acquisition”). Harena is an Australian domiciled company preparing to develop the 75% owned Ampasindava Rare Earths Project, which will include the mining and processing of Ionic Clay material to extract Rare Earth elements to produce Mixed Rare Earth Carbonate or Mixed Rare Earth Concentrate.

The Acquisition will constitute a Reverse Take Over under the Listing Rules and accordingly, the company will apply for re-admission of its shares to the Official List and Main Market of the London Stock Exchange following an Extraordinary General Meeting.

I would like to thank all our shareholders for their patience in what can only be described as challenging market conditions. We look forward to finally applying for re-admission and moving the Ampasindava Rare Earths project forward.

Winton Willesee

Non-Executive Chairman

15 October 2024

Link here for the full annual report announcement

Mendell Helium #MDH – Disposal of plant based health & wellness business

Mendell Helium is pleased to announce the conditional disposal (“Disposal”) of its plant based health & wellness business (“Voyager”) to Orsus Therapeutics plc (“Orsus”), a private label turnkey solutions provider specialising in developing, formulating, marketing & sales of health and wellness products for global brands.

As announced on 27 June 2024, the Company has an option to acquire M3 Helium Corp., a producer of helium based in Kansas and with an interest in six wells.  There is no certainty that the Company’s option to acquire M3 Helium will be exercised, nor that the enlarged group will successfully complete its re-admission to trading on the AQSE Growth Market.

Highlights

  • Mendell Helium will own approximately 28% of Orsus with further upside based on the achievement of revenue targets
  • The Board will explore arrangements to distribute the Orsus shares on a pro rata basis directly to the Company’s shareholders
  • Mendell Helium has no further obligation to contribute to the running costs of the plant based health & wellness business with effect from 1 October 2024
  • Disposal will be conditional on shareholder approval at a forthcoming general meeting

Transaction summary

Further to the announcement of 30 September 2024 in which the Company stated that it had entered into heads of terms to dispose of its plant based health & wellness business, Mendell Helium is now pleased to confirm that a share purchase agreement has been signed to dispose of Voyager’s plant based health and wellness business to Orsus. The Disposal is being effected by Orsus acquiring three of the Company’s wholly owned subsidiaries, being VoyagerCann Limited, Amphora Health Limited and Voyager Life Limited, which, combined, own all of its health & wellness operations.  The consideration for the Disposal is:

  1. The issue of 9,000,000 new ordinary shares in Orsus (“Shares”) at a price of 5 pence per share to the Company, representing approximately 28% of the enlarged Orsus group
  2. The issue of of 6,000,000 new Orsus warrants (“Warrants”) to the Company, representing approximately 16% of the enlarged Orsus group’s existing share capital on a fully diluted basis

The Warrants will convert into Shares subject to Voyager’s business contributing not less than £300,000 of revenues to the enlarged Orsus group and existing customers accounting for not less than £100,000 of such revenues in the first 12 months.

As the Disposal will result in a fundamental change in the Company’s business pursuant to rule 3.7 of the AQSE Growth Market Access rulebook, it is conditional on shareholder approval which will be sought at the time of the publication of the admission document in connection with Mendell Helium’s proposed acquisition of M3 Helium Corp. which is anticipated later in Q4 2024.

Pending shareholder approval, the Company and Orsus have agreed that the effective date of the Disposal is 1 October 2024 meaning that Orsus will assume management control, and full profit & loss responsibility for Voyager from that date and Mendell Helium has no further obligation to contribute to the running costs of the Voyager plant based health & wellness business.

It is Mendell Helium’s intention to transfer the Shares and Warrants to the Company’s shareholders on a pro rata basis.  This will allow Mendell Helium to focus on its proposed new business of helium production in Kansas whilst also giving shareholders a direct and continuing stake in Voyager’s operations.  Further details will be announced in due course.

About Voyager

Voyager’s plant-based health and wellness operations comprise:

  • Manufacturing facility in Perth, Scotland producing both products for own brand and third party customers (VoyagerCann)
  • E-commerce and wholesale operations based in Perth, Scotland
  • Three brands: Voyager, Ascend Skincare and Amphora
  • Three retail stores in Scotland (St Andrews, Dundee and Edinburgh)

Although the Directors concluded earlier this year that the scale of these operations is not large enough in the short term to justify being a standalone public company, there have been considerable successes in the business.  On 4 June 2024, Voyager announced that it had been successful in pitching for and winning a substantial new customer for VoyagerCann.  The preliminary order for six product lines with an expected order value of over £30,000 has since been increased by plans to manufacture additional products for that customer, which is a leader in its field with retail stores across the UK and a strong online presence.

Since then, the Company has also received a series of orders worth over £38,000 for further products for one of its existing customers.  That customer has since advised that certain of its products are expected to be stocked in well-known high street stores and, consequently, VoyagerCann’s order book is now stronger than at any time previously.

Within the Company’s own brand, Voyager, the  most prominent customer is Pets at Home with four products available on Pets at Home’s website since November 2023.  Furthermore, its Amazon profile has recently improved with a greater range of products now available for sale through its Prime channel.

In conjunction with Orsus, the Company is continuing to reinvigorate its e-commerce strategy with a plan for  Voyager’s primary website to be re-written in Shopify and accompanied by a revised SEO, social media and digital marketing strategy.  Shopify would provide more functionality and can also be integrated into the Company’s stores and used at external events (such as trade fairs).

With the low-cost acquisition of Amphora Health Limited earlier in the year, Voyager now has 23 products validated on the FSA’s novel foods list, which the Board considers will be a key part of its e-commerce strategy.  Just as significantly, the acquisition has enabled entry into the potentially lucrative non-disposable vape market.

In the financial year ended 31 March 2024, the Company reported revenue of £304,000 with a gross margin of over 41%.  Total assets were £929,000 and net assets £140,000.  These figures are all substantially attributable to Voyager.

About Orsus

Orsus Therapeutics was established in 2021 as a special purpose acquisition vehicle to become an end-to-end provider of health and wellness solutions and products via a buy and build strategy. Through the acquisiton of Voyager, it is set to become a leading private label turnkey solutions provider specialising in developing, formulating, marketing & sales of health and wellness products for global brands. Using Voyager’s facilities as its base in Perth, Scotland, Orsus has ambitious plans to build a leading health and wellness solutions business, offering a full creation and production vendor service to brands globally.

Nick Tulloch, Chief Executive Officer of Mendell Helium, said: “We are delighted to announce the conditional disposal of our plant based health & wellness business with Orsus.  Voyager is four years old and, in that time, has established three brands within the UK’s CBD market and, most importantly through VoyagerCann, a reputation for high quality manufacture of white label and third party products. We have several high profile and substantial customers which we believe will grow their product range over the coming months and years.

“A key attraction of the combination with Orsus is that we are working with people we know and who have particular expertise in the health & wellness market.  Orsus has already put in place plans to invest in and expand the business and, through the terms of the Disposal, our shareholders stand to benefit from the enlarged operations.  In time we aim to transfer the shares and warrants we receive in Orsus to our shareholders thereby giving them interests in both our potential new helium operations as well as our enlarged health & wellness business.”

Dr Adi Zuloff-Shani, Chair of Orsus Therapeutics, said: “The acquisition of Mendell Helium’s plant-based health and wellness business not only enhances Orsus’ portfolio but also positions us to establish a world-class facility in Perth, Scotland as our base to serve brands globally. By merging the Voyager team with ours , we will leverage our joint expertise and comprehensive understanding of market trends to provide turnkey solutions for global health and wellness brands across various categories. Through meticulous design, expert formulation, rapid manufacturing and stringent quality control, our commitment to excellence and innovation remains steadfast as well as todelivering exceptional products for our clients.”

Aditya (“Harry”) Chathli, a founder Director of Orsus, is Non-Executive Chairman of Chill Brands Group PLC, a company which Nick Tulloch is a Non-Executive Director.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

ENDS

Enquiries:

Mendell Helium plc

 

Nick Tulloch, CEO

 

 

 

Tel: +44 (0) 1738 317 693

 

http://voyagerlife.uk

nick@voyagerlife.uk

 

Cairn Financial Advisers LLP (AQSE Corporate Adviser)

 

Ludovico Lazzaretti/Liam Murray

 

Tel: +44 (0) 20 7213 0880
SI Capital Limited (Broker)

 

Nick Emerson

Tel:  +44 (0) 1483 413500
 

Stanford Capital Partners Ltd (Broker)

 

Patrick Claridge/Bob Pountney

 

 

Tel:  +44 (0) 203 3650 3650/51

 

 

Brand Communications (Public & Investor Relations)

 

Alan Green

 

Tel: +44 (0) 7976 431608

 

Overview of M3 Helium and the Hugoton North Play

Mendell Helium, formerly Voyager Life plc, announced on 27 June 2024 that it has entered into an option agreement to acquire the entire issued share capital of M3 Helium through the issue of 57,611,552 new ordinary shares in Mendell Helium to M3 Helium’s shareholders.  The exercise of the option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document.

M3 Helium has interests in six wells in South-Western Kansas of which three (Peyton, Smith and Nilson) are in production.  Five of the company’s wells are within the Hugoton gas field, one of the largest natural gas fields in North America.  Significantly these wells are in the proximity of a gathering network and the Jayhawk gas processing plant meaning that producing wells can quickly be tied into the infrastructure.

The sixth well is in Fort Dodge and was tested in July 2024 as containing 5.1% helium composition.  Although not within direct access to the gathering network, M3 Helium owns a mobile Pressure Swing Adsorption production plant which could be used to purify the helium on site.

 

FORWARD LOOKING STATEMENTS

This announcement includes “forward-looking statements” which include all statements other than statements of historical facts, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations, or any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “similar” expressions or negatives thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless required to do so by applicable law.

Quoted Micro 14 October 2024

AQUIS STOCK EXCHANGE

Cardio health probiotics products developer ProBiotix Health (PBX) increased sales by 39% to £1.53m and the gross profit margin is stable in the nine months to September 2024. This is due to a recent product launch on Amazon and in 2,000 Target stores. A commercial partnership with Mexico-based Raff should generate commercial sales of LP LDL as an ingredient in new products by late 2005/early 2006. There is no need for further funding. The company has appointed Frederik Bruhn-Petersen as a non-exec director. He represents the new 21% shareholder Holdingselskabet af 29. Juni 2010 Aps.

Invinity Energy Systems (IES) is pleased with the UK government’s announcement of a cap and floor regime for investment in new large-scale, long-duration electricity stage projects. This includes vanadium flow batteries, and this is a large increase in the opportunity for the business. The minimum project size is 300MWh.

Café chain Cooks Coffee Company (COOK) increased store sales by 26% to £16.4m in the first half. The UK store sales were 36% ahead and Ireland is 7% ahead. Like-for-like sales are 5.1% higher. There are 83 stores, and ten further outlets are expected to open before the end of March 2025. Katherine Scott has been appointed finance director.

Ananda Developments (ANA) has signed a contract with contract research organisation Southern Star Research to carry out a phase 1 clinical trial in Australia for the pharmacokinetic profile, tolerability and safety of lead asset MRX1. There is an R and D tax incentive of up to 43.5% of eligible costs.

Bitcoin mining company Vinanz (BTC) has added five Bitmain Antminer S21 Pro 234 Terahash (TH/s) machines to its fleet in Nebraska, which has attractive power costs.

Unicorn AIM VCT has taken a 7.39% stake in Good Life Plus (GDLF) following the recent fundraising. Winforton Investments increased its stake from 20.6% to 21.1%.

EPE Special Opportunities (EO.P) intends to buy back shares. It has acquired 48,000 shares at an average price of 150p each. The NAV was 316.09p/share at the end of September 2024.

Silverwood Brands (SLWD) executive director Andrew Gerrie bought 25,000 shares at 25p each. Newbury Racecourse (NYR) director Dominic Burke bought 16,000 shares at 540p/share, taking his stake to 7.03%. Marula Mining (MARU) director Jason Brewer has acquired one million shares, taking his stake to 8.78%. Kevin Hastings has a 3.375% stake.

California Two Pizza Ventures Inc has taken a 23.9% in Pitch Pit (PICH).

Trading in the shares of Mydecine Innovations Group (MYIG) has been suspended.

Majestic Corporation (MCJ) has appointed Oberon Capital as broker.

AIM

After the close on Friday, retailer and brand owner Frasers Group (FRAS) announced a revised proposed bid for Mulberry (MUL) of 150p/share in cash. This is well above the original proposal of 130p/share and the 100p subscription price.

Energy and water efficiency services provider Eneraqua Technologies (ETP) reported a rise in interim revenues from £26m to £29.9m. However, there is a greater proportion of lower margin energy services work, and the loss increased from £400,000 to £3.8m. The General Election delayed decisions on contracts, but the decisions are beginning to be made. The order book has improved to £114m. Two-fifths of this order book should be delivered in the second half and that would return the business to profit. Singer forecasts a pre-tax profit of £2.4m for the year to January 2025 and Eneraqua Technologies should move into a net cash position.

Cloud computing and connectivity infrastructure-as-a-service company Beeks Financial Cloud (BKS) reported figures in line with expectations and profit growth is set to accelerate this year. In the year to June 2024, revenues were 27% higher at £28.4m and annualised recurring revenues were 18% ahead at £28m. Underlying pre-tax profit improved from £2.3m to £3.9m. Net cash is £6.6m. Recurring revenues cover more than two-thirds of the 2024-25 forecast revenues. Canaccord Genuity has edged up its pre-tax profit forecast from £6m to £6.1m on revenues of £39.6m.

Smart sensing software developer Oxford Metrics (OMG) is acquiring The Sempre Group, a measurement technology business for up to £5.5m. Gloucester-based Sempre helps clients to improve productivity and efficiency through high precision metrology. This fits with the previous acquisition of Industrial Vision Systems, which will help geographic expansion, and provides further diversification from the entertainment and health sectors. In 2023, Sempre made a pre-tax profit of £700,000 on revenues of £6.5m and the performance is improving this year. The deal should be earnings enhancing. Following the post-trading statement slump in the share price, OMG is spending up to £6m on share buy backs.

Marine tracking technology developer Windward (WNWD) has won two new customers outside the US with a combined annual contract value of $1.9m. Renewals are as expected. Existing customers are taking up the AI technology when they are renewing. This year there should be 30% subscription/sales growth and Windward is heading towards breakeven.

Blue Star Capital (BLU) is continuing the strategy to seek an exit of its investments. The launch of the de-fi project to Pendulum and Nabla that is called Vortex is the key to the valuation of the SatoshiPay investment and the sale has been suspended. The funding of Vortex is not yet in place. Around 90% of the NAV is based on the 27.9% SatoshiPay stake and this valuation depends on the launch of Vortex and if SatoshiPay raises additional funds then this stake will be diluted.

Novacyt (NCYT) is closing its loss-making IT-IS International, which was acquired to produce Covid tests. This should add £1m to annual EBITDA. The restructuring charge will be £700,000. The IP infringement dispute with Roche Diagnostics will continue.

SkinBioTherapeutics (SBTX) is acquiring Bio-Tech Solutions for £1.25m. Bio-Tech is a manufacturer of personal care products. This will enable the group to manufacture its own products. The acquired business should generate £3m in 2024-25, up from £2.1m, and EBITDA could be £900,000. SkinBioTherapeutics should have enough cash to last until the summer of 2026.

Data analytics software provider Rosslyn Data Technologies (RDT) is raising £1.64m via placing at 5p/share and £250,000 from a retail offer that closes on 10 October. A convertible loan note will raise a further £1.2m and existing convertibles will be converted at 5p/share. This will fund growth and the development of technology. Rosslyn Data Technologies is trading ahead of previous expectations.

Cambria Africa (CMB) shares recommenced trading after 2022-23 accounts and subsequent interims were published. Early buying has flushed out some sellers later in the morning. The shares will be suspended again on Monday because there will be no nominated advisers. Shareholders have voted to cancel the AIM admission on 22 October.

John Gunn has acquired a 12.1% stake in SEEEN (SEEN). This makes him the second largest shareholder in the video sharing platform developer behind Gresham House.

Inspirit Energy (INSP) is returning to its previous existence as a shell (it was previously Kleenair Systems International) because the lead engineer of its subsidiary has to stop working for the company to care for a relative. This has put waste heat recovery engine development on hold. The company will preserve cash and become a shell and seek takeover opportunities.

Investment company Seed Innovations (SEED) says investee company Clean Food Group has partnered with cosmetics products developer THG LABS. The initial focus is developing a high-performance oil for use in beauty and personal care products. The sustainable oils and fats developer uses yeast strains and food waste as the source of its sustainable oils. Seed Innovations has a 4.76% stake.

MAIN MARKET

Fairview International (FIL) was set up to buy two international schools in Malaysia and it is seeking more acquisitions in Asia and the UK. New schools could also be developed. The global higher education market is expected to grow at an annual rate of 12%. Fairview raised £2.65m gross at 10p/share. The share price started at 11p and kept at this level for the whole of the first day of trading when 10,000 shares were traded. Pro forma net assets are £4.11m. Agodeus, whose shareholders include executive chairman Daniel Chian and his family, owns 89.9% of the company.

Online retailer ASOS (ASC) has completed its partnership with Heartland that will leave ASOS with 25% of Topshop and Topman brands.

Imaging technology company IQ-AI (IQAI) says Braveheart Investment (BRH) has acquired a 29.5% stake in the company for £720,000. IQ-AI chief executive and Braveheart Investment chief executive Trevor Brown sold the shares.

Shell company Milton Capital (MII) has a non-binding term sheet for the acquisition of certain subsidiaries of Horizon Energy Global Corporation, which wishes to separate European and North American assets. Trading in the shares is suspended.

Andrew Hore

Alan Green covers Power Metal Resources #POW, Rainbow Rare Earths #RBW & Cobra Resources #COBR on this week’s Stockbox Research Talks

Alan Green covers Power Metal Resources #POW, Rainbow Rare Earths #RBW & Cobra Resources #COBR on this week’s Stockbox Research Talks

First Class Metals #FCM – Holding in Company

FCM was notified by Lee Scott on 09/10/2024 that his shareholding of 2,948,344 shares represented 3.01% of the Company.

ECR Minerals #ECR 30 second summary of company assets by Chairman Nick Tulloch

ECR Minerals #ECR 30 second summary of company assets by Chairman Nick Tulloch

ECR Minerals #ECR – Chairman Nick Tulloch & MD Mike Whitlow talk to Alan Green

ECR Minerals Plc (AIM: ECR) ECR Chairman Nick Tulloch & MD Mike Whitlow talk to Alan Green

✅ Three parties immediately interested in A$75m tax losses.
Lolworth progress, and Geological Survey of Queensland collaboration
Mike Parker appointment
✅ Blue Mountain ‘off the scale’ test results from Gekko Systems and next steps
✅ Funding and assets, Tambo drill programme and near term developments
✅ Response to bulletin board comments

#MDH Mendell Helium PLC – Issue of Equity & Warrants

Mendell Helium announces that it has issued 667,000 new ordinary shares at a price of 3 pence per share (the “Shares”) and 500,000 warrants over new ordinary shares with an exercise price of 3 pence per share exercisable for a period of two years from Admission (as defined below),  in lieu of certain accrued liabilities owed by the Company.

 

Admission

Application has been made for the Shares to be admitted to trading on the Aquis Stock Exchange AQSE Growth Market (“Admission”). Admission is expected to occur at 8:00 am on or around 15 October 2024.

 

Total voting rights

Following Admission, the Company’s enlarged share capital will comprise 43,885,160 ordinary shares of 1 pence each. Therefore, the total number of voting rights in the Company will be 43,885,160. This figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

 

As announced on 27 June 2024, the Company has an option to acquire M3 Helium Corp., a producer of helium based in Kansas and with an interest in six wells.  There is no certainty that the Company’s option to acquire M3 Helium will be exercised, nor that the enlarged group will successfully complete its re-admission to trading on the AQSE Growth Market.

 

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

 

#SVML Sovereign Metals LTD – Change of Director’s Interest Notice and AGM

Sovereign Metals Limited (ASX: SVM, AIM: SVML, OTCQX: SVMLF) (the Company) advises that Mr. Ian Middlemas, non-executive director (and PDMR), has purchased 400,000 fully paid ordinary shares (of no par value) in the Company on market at an average price of A$0.709 for consideration of A$283,414.

A Change of Director’s Interest Notice has been provided below:

Appendix 3Y 

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available.  Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01  Amended 01/01/11

Name of entity                  SOVEREIGN METALS LIMITED

ABN                                    71 120 833 427

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.  

Name of Director

Ian Peter Middlemas

Date of last notice

24 June 2020

 Part 1 – Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part. 

Direct or indirect interest

Indirect

Nature of indirect interest

(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant interest.

 

Arredo Pty Ltd (director and shareholder)

Date of change

4 – 8 October 2024

No. of securities held prior to change

16,100,000 Shares

 

Class

Fully paid ordinary shares (ASX.SVM)

Number acquired

400,000

Number disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and estimated valuation

 

$283,414 (average price of A$0.709)

No. of securities held after change

16,500,000

Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

On-market purchase

 

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract

Not applicable

Nature of interest

 

 

Not applicable

Name of registered holder

(if issued securities)

 

Not applicable

Date of change

Not applicable

No. and class of securities to which interest related prior to change

Note: Details are only required for a contract in relation to which the interest has changed

 

Not applicable

Interest acquired

Not applicable

Interest disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and an estimated valuation

 

Not applicable

Interest after change

Not applicable

Part 3 – +Closed period 

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?

No

If so, was prior written clearance provided to allow the trade to proceed during this period?

Not applicable

If prior written clearance was provided, on what date was this provided?

Not applicable

Initial notification/Amendment

Initial

LEI

213800NSPXSASTENFQ34

Place of transaction

Australian Securities Exchange (ASX)

AGM

Sovereign Metals Limited (ASX: SVM, AIM: SVML, OTCQX: SVMLF) (the Company) advises that the Annual General Meeting (Meeting) will be held on Friday, 22 November 2024 at 11:00am (AWST) at the Conference Room, Ground Floor, 28 The Esplanade, Perth, Western Australia 6000.

In accordance with 110D of the Corporations Act 2001 (Cth), the Company will not be dispatching physical copies of the Notice of Meeting (unless a shareholder has elected to receive documents in hard copy in accordance with the timeframe specified in section 110E(8) of the Corporations Act 2001 (Cth)).

A copy of the Notice of Meeting can be viewed and downloaded online as follows:

·      the Company’s website: http://sovereignmetals.com.au/announcements/.

·      the Company’s ASX Market announcements page at www.asx.com.au under the Company’s ASX code “SVM”; or

·      if you have provided an email address and have elected to receive electronic communications from the Company, you will receive an email to your nominated email address with a link to an electronic copy of the Notice of Meeting.

The Company intends to hold a physical meeting. The Company will notify shareholders of any changes to this by way of an announcement on ASX and AIM and the details will also be made available on our website.

The Notice of Meeting is important and should be read in their entirety. If you are in doubt as to the course of action you should follow, you should consult your stock broker, investment advisor, accountant, solicitor or other professional adviser.

You may also, prior to the Meeting, obtain a paper copy of the Notice of Meeting (free of charge) by contacting the Company Secretary on +61 8 9322 6322 or by sending an email to info@sovereignmetals.com.au.

Holders of Depositary Interests should complete and sign a Form of Instruction, which will be sent separately to each Holder of Depositary Interests, and return it by the time and in accordance with the instructions set out in the Form of Instruction. Holders of Depositary Interests will not be eligible to vote in person at the Meeting.

How do I update my communications preferences?

Shareholders can still elect to receive some or all of their communications in physical or electronic form or elect not to receive certain documents such as annual reports. To review your communications preferences, or sign up to receive your shareholder communications via email, please update your communication preferences with Computershare at https://www-au.computershare.com/Investor/#Home.

ENQUIRIES

Dylan Browne

Company Secretary

+61(8) 9322 6322

Nominated Adviser on AIM and Joint Broker

 

SP Angel Corporate Finance LLP

+44 20 3470 0470

Ewan Leggat

Charlie Bouverat

 

 

Joint Brokers

 

Stifel

+44 20 7710 7600

Varun Talwar

 

Ashton Clanfield

 

 

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Buchanan

+ 44 20 7466 5000

ECR Minerals #ECR – Australia Projects Update

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce an update on its gold and rare earths projects in Queensland and Victoria. 

HIGHLIGHTS 

·    Ongoing discussions with three Australia-domiciled public and private companies in relation to the potential sale of ECR’s A$75 million of tax losses

·    Rock chip results from Lolworth Project, including Butterfly Creek, Uncle Terry and Gorge Creek expected in the coming weeks

·    Partnership with the Geological Survey of Queensland (“GSQ”) to further investigate the critical minerals potential at the Lolworth Project

·    Maiden diamond drilling program at the Tambo Project to commence this month

Update on Potential Sale of Tax Losses

Further to the Company’s announcement of 2 July 2024, ECR, through its engagement with Argonaut PCF Ltd (”Argonaut”), is currently in discussions with three Australia-domiciled public and private companies in relation to the potential sale of its A$75 million of tax losses. Each company has signed a non-disclosure agreement. 

ECR’s tax losses are held within its wholly owned subsidiary, Mercator Gold Australia Pty Ltd, and were incurred during the period from 2006 to date. Any sale of the tax losses would be coupled with a disposal of certain non-core assets of the Company.  Whilst no guarantee can be given as to any potential sale or agreement being reached or as to the timing or terms, the board of directors of ECR (the “Board” or the “Directors”) continues to be encouraged by the considerable interest shown in this potentially valuable asset. 

Queensland

Laboratory results from 378 rock chips recently taken from gold prospects at the Lolworth Project in Queensland, including Butterfly Creek, Uncle Terry and Gorge Creek are expected in the coming weeks.  Based on the work done to date, confirmation of the presence of further high-grade gold is expected, as initial field work across the Lolworth Project showed promising signs, including visible gold in streams and hillsides. 

As announced on 3 October 2024, ECR Minerals is now also working in partnership with the GSQ to further investigate the critical minerals potential at the Lolworth Project. The results from geochemical analysis on samples taken from the Oaky Creek prospect in the central-north area of the project will be announced once received. Stream sampling in this area has previously detected Niobium in concentrate samples and geochemical analysis will be carried out by the GSQ on pegmatites to better understand their fertility for hosting critical minerals, in particular Niobium and Tantalum. 

Victoria

Further to the Company’s announcement on 25 September 2024, civil works for ECR’s maiden diamond drilling programme at the Tambo Project are nearing completion.  The drilling programme is expected to commence this month and will target beneath the historical workings of the Duke of Cornwall Mine, Swifts Creek. Previous rock chip assays from direct outcrop and exposures around and within the old workings include results of 22.85 g/t Au, 26.25 g/t Au and 52.2 g/t Au coupled with highly anomalous gold in soils.

Nick Tulloch, ECR’s Chairman, said: “With much of our recent focus being on our highly encouraging results from the Blue Mountain Project which has given us the confidence to examine the viability of installing a production plant at the site, we continue to develop the other parts of our portfolio of assets. We await rock chip results from the Lolworth Project and we look forward to commencing our maiden diamond drilling programme at the Tambo Project later this month. We have also been very encouraged by the level of interest in our tax losses. Transferring tax losses is a specialist and bespoke process but, if successful, the potential value could be significant to ECR.”   

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals Plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

FOR FURTHER INFORMATION, PLEASE CONTACT: 

ECR Minerals Plc

Tel: +44 (0) 1738 317 693

Nick Tulloch, Chairman

Andrew Scott, Director

Email:

info@ecrminerals.com

Website: www.ecrminerals.com

Allenby Capital Limited

 

Tel: +44 (0) 3328 5656

Nominated Adviser

Nick Naylor / Alex Brearley / Vivek Bhardwaj

info@allenbycapital.com

 

Axis Capital Markets Limited

Tel: +44 (0) 203 026 0320

Broker

Ben Tadd / Lewis Jones

SI Capital Ltd

Tel: +44 (0) 1483 413500

Broker

Nick Emerson

Brand Communications

Tel: +44 (0) 7976 431608

Public & Investor Relations

Alan Green

 

Glossary 

 

Au:

Gold

g/t:

Grammes per Tonne (Metric)

km:

Kilometres (Metric)

km²:

Kilometre squared (Metric)

 

                                                               

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.  ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina.

MGA also has approximately A$75 million of unutilised tax losses incurred during previous operation

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