Quoted Micro 6 February 2023


Altona Rare Earths (ANR) is raising £275,000 via a convertible issued to clients of Optiva Securities. This is convertible at the upcoming £1.25m placing at the time of the move to the standard list and will fund an increase in the shareholding in the owner of the Monte Muambe rare earths project. Align Research has extended its £150,000 loan and with interest £189,750 will be payable on 30 April.

Marula Mining (MARU) is seeking to move to AIM. Cairn has been appointed as nominated adviser and a joint broker with Monecor will be appointed. A competent persons report on the portfolio of assets in Africa will be commissioned. At 6.1p, down 5.43% on the week, the battery metals company is valued at £1.6m. That is low for an AIM company.

Cadence Minerals (KDNC) investee company European Metals Holdings (EMH) says the Cinovec project has been classified as a strategic project for the Usti region in the Czech Republic. This means it can receive grants from the Just Transition Fund. The Cinovec project could receive a up to €49m.

The latest investment by Quantum Exponential (QBIT) is in Oxford Quantum Circuits. The £299,997 investment, for a 0.34% stake, is part of a £869,000 funding round. Oxford Quantum Circuits designs super conducting circuits and plans to expand in Asia.

A company owned by NFT Investments (NFT) executive chairman Jonathan Bixby bought 10 million shares at 0.855p each, taking his stake to 6.43%. NFT investments has secured a temporary restraining order in Delaware that freezes the online warrant holding assets secured in the cybersecurity incident.

Coinsilium Group Ltd (COIN) says that it invested $575,000 in crypto currencies and also entered into advisory work with the issuers. The company says that the crypto currency markets are recovering in 2023. Despite that, Web3 projects have more realistic valuations making them attractive to investors.

KR1 (KR1) has made four new investments in HydraDX and related Basilisk tokens, Superchain, Argent and Metaprime. HydraDX and Argent were existing investments.  The total investment is just over $1m.

There have been delays in the provision of the £200,000 bridge loan to TruSpine Technologies (LON: TSP) and it should be received shortly followed by the first tranche of the subscription.

Lift Global Ventures (LFT) has invested £750,000 in convertible loan notes issued by Trans-Africa Energy Ltd, which develops energy infrastructure projects in Sub-Sharan Africa. It has a joint development agreement with Ghana National Gas Company. This covers four projects for processing and transporting natural gas, where Trans-Africa will have a majority stake. The financial close for the first project could be later this year.

Emissions reducing fuel ingredients supplier SulNOx Group (SNOX) grew third quarter revenues by 9% quarter-on-quarter to £45,720. Pro forma cash is £790,000 and cash outflow is being reduced. The fourth quarter has started well, and sales staff are being recruited.

Evrima (EVA) has recovered more than the cost of its $234,000 investment in Premium Nickel Resources through a series of sales raising $299,000. The residual stake is valued at $1.63m. Guy Miller has resigned from the board.

Vulcan Industries (VULC) generated revenues of £968,000 from continuing operations in the nine months to December 2022. The loss was £697,000. Acquisition opportunities have been identified.

Craft spirits producer British Honey (BHC) says revenues fell from £8m to £6m and management is cautious about trading. The review of strategy continues.

Love Hemp (LIFE) refutes comments made by former managing director Philip Small. It has asked for proof of the validity of invoices for money he is claiming. Al his comments are being investigated by the company’s advisors.

Goodbody Health (GBDY) has signed four phlebotomy contracts. This service will be offered through its network of 90 clinics.

Igraine (KING) has invested £100,000 for a 20% stake in Fixit Medical, which has designed the Cingo drainage catheter fixation device. This protects catheters from twisting and kinking.

Gledhow Investments (GDH) had net assets of £1.7m at the end of September 2022, including £112,000 in cash. Net assets fell because of a reduction in the value of the investment portfolio.

In the fourth quarter, RentGuarantor (RGG) increased the number guarantees made by 11%. Over 2022, the demand for services increased by 71% and further growth is expected this year.

ChallengerX (CXS) had £236,000 in cash at the end of September 2022. Developing the company’s platform will require more investment. ChallengerX is also assessing reverse takeovers.

Luciano Maranzana has been appointed chief executive of Eight Capital Partners (ECP). He has been a non-exec for seven months.

Chris Akers continues to build up his stake in Asimilar Group (ASLR) and it has reached 9.13%.

Cooks Coffee Company (COOK) has raised an additional £42,000 at 18p a share. Director Michael Ambrose bought 200,000 of these shares, taking his stake to 1.6%.

Three directors bought shares in S-Ventures (SVEN). Scott Livingston acquired 104,539 shares at 11.1p each, taking his stake to 36.7%. Robert Hewitt bought 44,247 shares at 11.3p each and Alexander Phillips acquired 89,954 shares at 11.1p each. Exercised warrants at 25p each raised £350,000. Head of risk and compliance Simon Mathisen acquired 120,168 shares at 3.5p each in Oberon Investments (OBE), while non-exec Gemma Godfrey bought 200,000 shares at 3.5p each.


ASX-listed Celsius Resources (CLA) raised £2.4m at 0.8p a share when it joined AIM on 30 January. That valued the minerals explorer at £14.8m. The share price opened at 0.88p and ended the week at 1.025p. The main interest is the Makilala-Caigutan-Biyog (MCB) copper gold project in the Philippines. This is 320km north of Manila. The authorities are apparently fast-tracking the project permitting approvals and mine development. The cash will help to finance further development, but management needs to secure additional debt and/or an offtake agreement to generate the funding required to get the project to bankable feasibility. Celsius Resources owns 100% of the project

All three divisions of NWF (NWF) did better than expected in the first half and the second half has started well. In the six months to November 2022, revenues were 35% higher at £541.8m, while underlying pre-tax profit improved by 44% to £6.2m. The interim dividend is unchanged at 1p a share, although there will be an increase in the final dividend. Net cash was £1.2m at the end of November 2022.

Agricultural products supplier and retailer Wynnstay Group beat expectations that had already been upgraded a number of times in the past year. In the year to October 2022, revenues were 42% ahead at £713m, while pre-tax profit almost doubled to £22.6m. The dividend has been raised for the nineteenth year in a row. The total dividend is 17p a share. High milk prices have boosted feed demand from farmers – with like-for-like growth of 6% – enabling Wynnstay to increase its market share.

Digital transformation services provider TPXimpact Holdings (TPX) downgraded 2022-23 guidance with revenues expected to be £80m rather than £90m. EBITDA falls more sharply and could be around £2m. Third quarter like-for-like revenues were 15% lower and there was a sharp reduction in margins. Net debt was £17.5m at the end of December 2022 and management warns it is likely to breach debt covenants. Director share buying sparked a small recovery in the share price. Finance director Steve Winters acquired 220,000 shares at 21.34p each and former chief executive Neal Ghandhi bought 196,986 shares at 22.45p each.

Morses Club (MCL) gained 75.17% backing to approve the cancellation of the quotation on AIM. This resolution required 75% of the vote so it only just succeeded. Shareholders owning 61.7% of the share capital voted. The last day of dealings will be 10 February. After that, there will be a matched bargain facility on Asset Match.

Immotion (IMMO) is selling its location-based entertainment business for $25.1m, having raised £100,000 from disposing of Uvisan. Shareholders are likely to receive 3p a share out of the sale proceeds with £6.5m retained for the remaining business after buying back shares from management leaving with the location-based entertainment business. Immotion will concentrate on the home-based entertainment business Let’s Explore Media. This will be expanded via acquisitions. The share price was below the proposed dividend level, and it rose to 3.35p. Immotion joined AIM in July 2018 at a placing price of 10p a share.

Parcel delivery and logistics company DX (DX.) has appointed the boss of the Freight division, Paul Ibbetson, as chief executive. He has been with the company since 2017. Interim revenues grew by 15%

Employee benefits services and insurance provider Personal Group (PGH) did well last year with recurring revenues growing but progress was held back by Let’s Connect electronic products provider. Cenkos trimmed its 2022 pre-tax profit forecast from £4.5m to £4m. Net cash is more than £18m.

Sustainable polymers developer Itaconix (ITX) is raising £10.3m at 5.1p a share, while an open offer could raise up to £400,000 more. The cash will fund product development, capital investment and working capital.

CentralNic (CNIC) has sparked the regular upgrade with its fourth quarter figures. Full year revenues were better than expected at $728m. Pre-tax profit was upgraded from $69.2m to $72.4m. CentralNic is partnering with automated hosting resellers platform WHMCS.


Thungela Resources (TGA) is acquiring an effective interest of 63.75% in the Ensham coal mine in Australia for A$267m. This is via 85%-owned Sungela Holdings. Ensham produced 3.2 million tonnes of coal in 2022. The mine life is 16 years. The deal should close in the middle of 2023.

Associated British Engineering (ASBE) made a £5,000 profit thanks to an exchange gain in the year to September 2022. Net assets are £657,000, including £497,000 in cash and £182,000 in investments.

Kelso Group (KLSO) has acquired five million shares in THG (THG) at an average price of 54.5p.

Andrew Hore

Alan Green covers Panther Metals #PALM & Harland & Wolff #HARL on this week’s Stockbox Research Talks

Alan Green covers Panther Metals #PALM & Harland & Wolff #HARL on this week’s Stockbox Research Talks

Kavango Resources #KAV – Options award and update

Grant of New Share Options

Repricing of Existing Share Options

PDMR Disclosures

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, announces the Board has approved the grant of 28,820,000 share options to directors and PDMRs of the Company (the “Director Options“) and 7,500,000 share options to certain key team members and consultants to the Company (the “Employee and Consultant Options”).

These new grants of Director Options also include grants to David Smith and Brett Grist totalling 8,500,000 options which were originally announced on 10 January 2023. Given the passage of time since the original announcement, the terms upon which these grants are now to be made have been updated and the vesting terms adjusted.

In addition, in order to ensure the retention and long-term incentivisation goals of the Company’s Share Option awards, the Company has repriced existing options (the “Amended Options“) and revised and extended the vesting terms of those options. The new exercise price reflects what the Remuneration Committee consider to be an appropriate share price target given the stage of development of the Company.

More information on the terms of the option grants and amendments is provided below.

Director Options

The Director Options are exercisable at a price of 3 pence per Ordinary Share for a period of seven years. The options are subject to a vesting period of six months from the date of grant, subject to continuous employment or commercial engagement with the Company . The Director Options carry a vesting condition whereby the Options only become exercisable once the Company’s reported closing mid-market share price closes at 6 pence or above on five separate trading days. In addition, the options will fully vest in the event that Kavango’s reported closing mid-market share price closes at 7.5 pence or above on five separate trading days and/or the Company is subject to a change of control.

In the case of the 10,000,000 new options awarded to Ben Turney within the above total, the Company’s customary ‘leavers provisions’ for departing option holders would not apply to half of the option award, and for the remaining half the provisions would apply in modified form for a period of twelve months, then would no longer apply.

Employee and Consultant Options

The Employee and Consultant Options are exercisable at a price of 3 pence per Ordinary Share for a period of seven years.  The options are subject to phased vesting over eighteen months from the date of grant, with half the options vesting after twelve months and the remainder vesting after eighteen months, subject to continuous employment or commercial engagement with the Company . The Employee and Consultant Options carry a vesting condition whereby the Options only become exercisable once the Company’s reported closing mid-market share price closes at 6 pence or above on five separate trading days. In addition, the options will fully vest in the event that Kavango’s reported closing mid-market share price closes at 7.5 pence or above on five separate trading days and/or the Company is subject to a change of control.

The Employee and Consultant Options include an award to a member of senior management who is deemed to be a PDMR of Kavango, Fred Nhiwatiwa.

Amended Options

The Amended Options include amendments to grants previously made to Employees, Consultants, Directors and other PDMRs, which all originally carried an exercise price of 5 pence. The Amended Options are now to be exercisable at a price of 3 pence per Ordinary Share with no change to the lapse dates agreed at the time of grant. The vesting criteria have been amended such that the Amended Options are subject to phased vesting over eighteen months from the date of amendment, with half the options vesting after twelve months, subject to the reported mid-market share price closing at 6 pence or above on five separate trading days during the period. The remaining half will vest after eighteen months, with both periods being subject to continuous employment or commercial engagement with the Company . The Amended Options will fully vest in the event that Kavango’s reported mid-market share price closes at 7.5 pence or above on five separate trading days and/or the Company is subject to a change of control.

David Smith, Chairman of Kavango Resources, commented:

“Since Ben became CEO, he has instilled a culture of performance-based rewards throughout Kavango. This creative approach has enabled us to recruit highly talented people throughout all areas of the Company.

Despite extremely challenging market conditions and a particularly competitive employment environment, we have built a strong team to pursue our goal of making multiple metal discoveries across our portfolio. Over the last year our team has achieved considerable success in the field, which created the right conditions to enable us to raise over £3 million in our recent strategic financing.

In addition to incentivising our team to deliver substantial shareholder value, we’ve also taken the opportunity with today’s option awards to make the attached conditions more appropriate for a company at Kavango’s stage of development . I believe this will be in the long-term interests of Kavango and will be a major contributory factor in our future success.”

The information below is set out in accordance with the requirements of the UK Market Abuse Regulation.

Grant of Options

Details of PDMR/person closely associated with them (“PCA”)   
a) Name a)  David Smith

b)  Brett Grist

c)  Jeremy S Brett

d)  Hillary Gumbo

e)  Ben Turney

f)  Peter Wynter Bee

g)  Fred Nhiwatiwa

Reason for the notification   




a)  PDMR/Director

b)  PDMR/Director

c)  PDMR/Director

d)  PDMR/Director

e)  PDMR/Director

f)  PDMR/Director

g)  PDMR

b)  Initial notification /Amendment Initial Notification  


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor   
a) Name Kavango Resources PLC  
b)  LEI 2138007PZJFATXWUTS29  


Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted  


Description of the financial instrument, type of instrument Ordinary shares  
Identification code ISIN: GB00BF0VMV24  
b)  Nature of the transaction Grant of new share options  


Price(s) and volume(s)
Price(s) GBPX Volume(s)
a)  3p

b)  3p

c)  3p

d)  3p

e)  3p

f)  3p

g)  3p


a)  2,000,000

b)  6,500,000

c)  3,500,000

d)  2,820,000

e)  10,000,000

f)  2,000,000

g)  2,000,000



Aggregated information

-Aggregated Volume




e) Date of the transaction 03 February 2023  
f) Place of the transaction Off-market  

Amendment of Options

Details of PDMR/person closely associated with them (“PCA”)   
a) Name a)  Tiyapo Ngwisanyi

b)  Fred Nhiwatiwa

c)  Jeremy S. Brett

Reason for the notification   




a)  PDMR

b)  PDMR

c)  PDMR/Director


b)  Initial notification /Amendment Initial Notification  


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor   
a) Name Kavango Resources PLC  
b)  LEI 2138007PZJFATXWUTS29  


Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted  


Description of the financial instrument, type of instrument Ordinary shares  
Identification code ISIN: GB00BF0VMV24  
b)  Nature of the transaction Amendment of share options  


Price(s) and volume(s)
Price(s) GBPX Volume(s)
a)  3p

b)  3p

c)  3p






Aggregated information

-Aggregated Volume




e) Date of the transaction 03 February 2023  
f) Place of the transaction Off-market  

For further information, please contact:

Kavango Resources Plc

Ben Turney


+46 7697 406 06

First Equity (Broker)

Jason Robertson

+44 207 374 2212

UKIM Podcast – CEO Alan Green discusses #SHEL Shell, #AMZN Amazon, #AVCT Avacta and #AQX Aquis

Alan Green joins the Podcast as we delve into global equities and the key themes driving markets this week.

We discuss:

  • Shell (LON:SHEL)
  • Amazon (NASDAQ:AMZN)
  • Avacta (LON:AVCT)

We look at Shell’s record profits and what the company needs to do in future to support the share price. The company says it will invest their bumper profits in renewables, we question how realistic these claims are.

Amazon is feeling the pressure of a slowing global economy reflected in stuttering growth in their international sales. We look at whether Amazon will be seen as a momentum stock or value stock going forward.

Alan finishes by running through the latest news from Avacta and AQUIS.

#TYM Tertiary Minerals PLC – Placing to raise £300,000

TYMTertiary Minerals plc (AIM: TYM), the London listed explorer focussed on energy transition and precious metals in Zambia and Nevada, USA, is pleased to announce it has raised £300,000 before expenses through a placing of 250,000,000 new ordinary shares of 0.01 pence each (the “Placing Shares”) and 125,000,000 attached warrants (the “Placing Warrants”) in the Company at a price of 0.12 pence per share (the “Placing Price”) as detailed below (the “Placing”).

The Placing was arranged through the Company’s joint broker, Peterhouse Capital Limited (“Peterhouse”).

Commenting today, Executive Director Patrick Cheetham said:

The proceeds of the Placing will allow the Company to continue the evaluation of its exciting portfolio of copper exploration projects in Zambia and Nevada, with field programmes scheduled to commence in Spring in Zambia as soon as the wet season ends. We are  taking full advantage of the data being supplied under our data sharing and technical cooperation agreement with major Zambia copper producer First Quantum Minerals to shortcut the exploration process with drilling anticipated this year on a number of projects.

Placing Details

The Company has placed 250,000,000 new ordinary shares at 0.12 pence to raise proceeds of £300,000 before expenses.

The Placing Price represents a discount of approximately 7.7% to the closing bid-price for Tertiary shares on 2 February 2023.

The Company will issue one warrant for every two Placing Shares (the “Placing Warrants”) entitling the holder to subscribe for a one new ordinary share at a price of 0.24 pence at any time within 12 months from the date of admission of the Placing Shares and the Broker Fee Shares to trading on AIM (“Admission”). A total of 125,000,000 Placing Warrants will be issued.

Broker Warrants

In settlement of commission payable in connection with the Placing and its quarterly Joint Broker fees for the period 1 January 2023 to 31 March 2023, Peterhouse will be issued with 16,250,000 new ordinary shares and 8,125,000 warrants on the same terms as those issued in the Placing (the “Broker Fee Shares and Broker Fee Warrants”).

Under the terms of its engagement Peterhouse will also be issued with 12,500,000 warrants (“Broker Engagement Warrants”) to subscribe for further new ordinary shares at the Placing Price at any time before one year from the date of Admission.

The Placing Shares, the Broker Fee Shares, the Placing Warrants, the Broker Fee Warrants  and the Broker Engagement Warrants (together “the Warrants”) are being issued under the Company’s existing share issue authorities. The Warrants are non-transferable and will not be admitted to trading on any exchange.

Related Party Transaction

Subscribers to the placing include Sanderson Capital Ltd  (“Sanderson”) which currently holds 7.36% of the existing issued ordinary shares. As Sanderson held more than 10% of the Company’s issued share capital within the past 12 months it is a “related party” of the Company under the AIM Rules for Companies (the “AIM Rules”).  As a result, their participation in the Placing is deemed to be a related party transaction pursuant to Rule 13 of the AIM Rules. 

Accordingly, the Directors of the Company, consider, having consulted with the Company’s Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of Sanderson’s participation in the Placing are fair and reasonable in so far as the Company’s shareholders are concerned.

Sanderson is subscribing for 25,000,000 Placing Shares and following the issue of the Placing Shares and the Broker Fee Shares will hold 138,056,670 shares representing 7.66% of the issued shares following Admission.

Use of Proceeds

The net funds raised will be applied to exploration activities at the Company’s projects in Nevada and Zambia and working capital.


The Placing Shares and the Broker Fee Shares will rank pari passu with the Company’s existing ordinary shares. 

An application has been made to the London Stock Exchange for admission of the Placing Shares and the Broker Fee Shares to trading on AIM (“Admission”). Admission is expected to occur at 8.00 a.m. on or around 8 February 2023. 

Total Voting Rights

Following Admission of the Placing Shares and the Broker Shares the Company’s enlarged issued share capital will be 1,802,513,621 ordinary shares.


The Company holds no ordinary shares in treasury. Following Admission, the total number of voting rights in the Company will therefore be 1,802,513,621 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.


For more information please contact:

Tertiary Minerals plc:

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP – Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Harry Davies-Ball

Peterhouse Capital Limited – Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey


Market Abuse Regulation

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

Ken Baksh – February 2023 Investment Monthly

FEBRUARY 2023 Market Report

Investment Review

During the one-month period to 31st January 2023, major equity markets, as measured by the aggregate FTSE All – World Index, rose moderately, by nearly 6%, in dollar terms, one of the best January performances in recent years. Chinese equities and related emerging markets, NASDAQ and Continental European indices led the advance. The UK and Japanese indices underperformed but still rose by 4% in local currencies. The VIX index fell, finishing the period at a level of 19.28.
Government Fixed Interest stocks also rose over the month. The UK 10-year gilt ended the month on a yield of 3.33% with corresponding yields of 3.64%, 2.29% and 0.49% in USA, Germany, and Japan respectively. Speculative and lower quality bonds, also, rose in price terms. Currency moves featured a weaker US dollar. Commodities were mixed on the month, the Chinese re-opening story prompting large moves in the industrial metals.
Monthly Review of Markets
Global Equities rose strongly in January, gaining over 5.98% in dollar terms, in aggregate, led by NASDAQ and China, and related. Amongst the major indices Japan and the UK lagged, though still each gaining over 4%. Reflecting the greater “risk on “mood the VIX index fell below 20 to a level of 19.28.
UK Sectors
Sector moves were mixed and quite large over the month, the difference between the best and worst FTA sub sectors near 20% over just one month. Travel and Leisure and retail stocks gained over 15% while non-life insurance, pharma and tobacco fell in absolute terms. Telecommunication and bank stocks were reasonably firm, partly on takeover rumours. The FTSE100 underperformed the All-Share Index for the first time in many months. By IA sectors, UK active unit trusts are matching benchmark indices, trackers etc, over the short one-month period, with small company funds about 1% behind. “Balanced” funds, by IA definitions, rose by about 3% to 3.5%, depending on the equity content.

Fixed Interest
Major global government bonds rose 2.2% in price terms over January, the UK 10-year yield for instance finishing the month at a yield of 3.33%. Other ten-year government bond yields showed closing month yields 3.52%, 2.29% and 0.49% for US, German and Japanese debt respectively. See the Bloomberg graph below to compare the “January “bond performances over the last 30 years UK corporate bonds also rose, outperforming gilts, and more speculative debt also finished the month on lower yields.
Check my recommendations in preference shares, selected corporate bonds, fixed interest ETF’s , zero-coupons, speculative high yield etc. A list of my top ideas from over 10 different asset classes is also available to subscribers.

Foreign Exchange
A stronger pound and weaker US Dollar were the main moves, where cable (£/$), for instance, rose by 2.3%The Chinese Renminbi strengthened by 2.8% against the greenback. The Japanese Yen initially showed appreciation as a follow through from December’s yield control mechanism tweak, but more nuanced Bank of Tokyo statements during the month, reversed some of the gain. Interestingly,adjusted for FX moves,UK,Japan and USA all rose by between 3% and 4% on the month.

Industrial metals copper, aluminium and iron ore showed the largest monthly move, while natural gas and several soft commodities declined in actual terms. Gold rose modestly but other PGM’s showed little monthly change.

Over the recent month, there have been few major changes to formal aggregate economic growth projections, with most commentators pointing to the “management” of the US slowdown, nature and timing of the Chinese re-opening and the Russia/Ukraine conflict as being key determinants of forward-looking estimates. At regional level however, more optimism is apparent in Continental Europe.
At the same time, key data inflation indicators (headline rates, factory gate and commodity prices, shipping rates,) suggest that headline price growth is set to slow in coming months, although labour compensation developments must be watched carefully.
Recently announced inflation indicators showed December headline CPI of 6.5%, lower than estimates. The November PCE,the Fed’s preferred inflation metric rose at an annualised rate of 5.5% still over double the Fed target. Fourth quarter preliminary GDP growth of 2.9% (3.2% in third quarter), annualised, while higher than estimates, concealed a slower consumers’ expenditure. This relative weakness has also been backed up by consumer sentiment indicators, retail sales, housing activity, construction figures and the Empire States Survey. The Fed’s own forecasts expect GDP growth of 0.5% for 2023, and core PCE growth of 4.8% and 3.5% respectively for 2022 and 2023.The employment situation remains relatively resilient overall, despite the headline grabbing news of cutbacks in the technology sector.
At its final 2023 meeting on 14th December, the Federal Reserve raised its benchmark policy rate by 50 basis points and signalled its intention to keep squeezing the economy next year as central banks on both sides of the Atlantic enter a new phase in the battle against inflation. The new target range is 4.25% to 4.5%. Latest Fed projections below. At this time of writing we are waiting for the latest Fed move, probably 25bp increase, and the accompanying statement.

There is growing concern (again) that the US government may hit its ceiling for debt issuance this summer and spark speculation about a looming default. This “ritual” has of course been played out many times in the past, but coming this year, when the Central Bank is trying to reduce its balance sheet, there could be reasons to expect bouts of bond market volatility over coming months.

The European Central Bank raised interest rates by half a percentage point on December 16th taking the deposit rate to 2%, while also warning that inflation would remain above 2% for a considerable time meaning it would have to keep up rate hikes. The simultaneous announcement that the ECB would start QT from March reinforced the more “hawkish” message from the meeting. In a more detailed presentation than previous meetings, Christine Lagarde differentiated US inflation more driven by an overheating economy and tight labour market, and the ECB price levels, more driven by soaring energy and food costs.
European GDP growth estimates have, however, stabilised over the recent period, and indeed one or two sub-country third/fourth quarter releases have been marginally above expectations e.g German 2022 GDP growth of 1.9% and various more recent indictors such as PMI confidence readings and the ZEW survey, in Germany. Warmer than expected weather, government consumer and business support and resurgent Chinese demand often being cited as the main reasons.
Current ECB staff projections foresee economic growth of 3.4% for calendar 2022 and a “shallow and short recession” over the current period., taking the likely full year 2023 figure to around +0.5%. Inflation and fuel shortages remain key determinants. Some independent economic forecasters are now attaching a non-insignificant chance that Europe may avoid a recession.
December Eurozone inflation, of 9.2% (core 5.0%) was lower than expected. At the ECB meeting (above) 2023 inflation projections were raised to 6.3%

The GDP figures, shown below (source: CLSA, CEIC) show 2022 and 2023 growth projections for the Asia excl Japan region. Growth in 2023 is likely to slow slightly amid weakening domestic and external demand after 2022, the fastest since 2012, but overall, the situation still compares favourably by international comparison The reasons include a “better” Covid experience, selective commodity exposure, tourism, continued FDI Investment (especially China related) and better initial fiscal situations (compared with late 90’s for example) and limited direct connections with the Russia/Ukraine situation. The forecasts do not assume a total easing of Chinese covid rules.ASEAN,which includes Indonesia,Malaysia,Philippines,Singapre,Thailand and Vietnam expect aggregate economic growth of 4% for 2023.
Headline inflation of around 5% currently (core 3%) also compares favourably and is expected to drop to nearer 4% by end 2023 led by commodity disinflation.
The 5.5% official GDP growth target for 2022 was predictably missed, the actual figure emerging at around 3%. Official historic data showed weakening trends in consumer spending, fixed asset investment and construction activity while more recent (December)t “live” tracking data e.g., mobility, cement production and electricity use also showed subdued economic activity. In addition, very weak trade data was released mid-December. The major historic negative issues of a very restrictive anti-Covid policy and major disruption within the property market have now been supplemented by increasing US restrictions on the production/export of certain key electronic products.

At the time of writing however, a property “rescue” package has been implemented, while on the Covid front, various relaxation measures are taking place to alleviate some of the issues above. The removal of the quarantine requirement for inbound travellers from January 8th signalled the end of the zero-Covid system that transformed China’s relationship with the outside world. Independent medical statistics and anecdotal evidence (crematorium activity,chrysanthemum sales!) show a rapid increase in Covid cases and deaths, probably exaggerated by the Chinese New Year, but a positive economic momentum is starting to build. First manifestations are starting to appear in Chinese travel and leisure statistics while a manufacturing revival will take much longer, especially in the face of slowing US demand.
At a recent cabinet meeting, premier Li Keqiang vowed to make consumption(currently only about 40% of GDP) the “driving force” of the economy, unleashing some of the savings amassed during the Covid years.

The Japanese economy contracted 1.2% on an annualized basis during the third quarter of 2022, missing forecasts of 1.1% growth, and considerably weaker than the 4.6% expansion recorded during the second quarter. This was the first down quarter of the year reflecting weak domestic consumption, a slowdown in business investment and an acceleration in imports. Estimates for the full year seem to fall mainly within the 1.5%-2.0% band. Inflation, while still well below international peers, rose by 4.0% in December, the highest in 41 years, driven by currency weakness. Headline CPI is expected to remain around this level in coming months through a combination of import prices and elevated consumer expectations. Wage developments should be watched carefully over coming months and although the Fast Retailing (UNIQLO) 40% increased wage offer was a one-off, there will be focus on the upcoming spring labour negotiations which could have large implications for inflation, interest rates and consumer expenditure. The Bank of Japan changed its yield control policy towards the end of December surprising many investors and causing immediate drops in bond prices and gain in the Japanese Yen. Although denied by the BOJ,there is growing speculation that Japan may ease back on its ultra-loose monetary policy in spring 2023 when the BoJ leadership changes.


Within the UK, live activity data (e.g January Gfk data) continues to show a weaker overall trend, especially within the services sector. According to this survey, released mid-January, covering the mid-month period, consumer confidence remains very low (near a 50 year low), amid the cost-of-living crisis. This followed the publication of figures showing a drop in total 2022 retails sales of over 6%. Unemployment, however, is still at a relatively low level.
According to ONS statistics, GDP fell by 0.3% between the second and third quarters, slightly more than expected, and leaving the economy 0.8% below the “pre pandemic” level. The “increase” of 0.1% in the monthly November figure may be partly due to the “World Cup” effect. The saving ratio was 1.8% during the quarter, and banks report increases in credit card borrowing.

Inflation rose at 10.5% in December a slight improvement on the November figure, with core inflation at 6.5%. Latest earning growth around 6.5% is still a concern for BoE policy makers.
The PSBR is still hovering near all-time records, with the 2022/2023 figure expected to be about £50 billion higher than the 2021/2022 figure, already a record high.
Despite some relief with the recent energy price package, until April at least, (but not other utilities-see below), shop price inflation, greater Council Tax “freedom”, upward interest/mortgage rate pressure, falling house prices, accelerating rents, insolvencies/evictions, legacy Brexit issues and strike activity, will continue to be headwinds and the outlook for economic growth over coming quarters is highly uncertain. The Bank of England expects recessionary conditions to last for a few quarters though a recent Andrew Bailey statement hinted at a less severe slowdown than forecast around the time of the ill-fated mini Budget.

Experts at consultancy EY-Parthenon, insolvency specialist Begbies Traynor and, more recently, data from Insolvency Services to December 2022 all point to a huge increase in the number of distressed companies, predominantly in the small and medium size company area. While consumer facing sectors continued to be most affected EY said that “stress” was deepening across all sectors.
Monetary policy has tightened from a 0.1% interest rate in December last year to the current level of 3.5% warning that further hikes are likely. Markets are expecting rates to be above 4.0% by mid-2023.One particularly worrying development is the number of fixed rate mortgages that must be renegotiated over next quarters at much higher rates.

Looking Forward
Given the scope for geo-political, economic uncertainty from known factors summarized above plus the “black swan” allowance for unknown developments, plus the valuation risks, more prominent in certain asset classes than others, the first message for 2023, should be diversification, and the second should clearly be scaling your positions according to your risk profile.

scaling your positions according to your risk profile.
KEN’S TEN-2023
• Keep an overweight position in renewable/infrastructure.
• Favour value over growth generally-trade has further to run.
• Stay neutral/overweight in UK equities relative to your benchmark (page15).
• Overweight Far East,including China,Japan and other Asia (pages 16-19).
• Start switching large cap to small cap-valuation/performance.
• Start diversifying away from strong dollar.
• Overweight uranium relative to your commodity benchmark (page 21).
• Amongst UK sectors overweight telecom, health equipment, defence, tobacco and energy (pages 13-14),”not too ESG friendly,I am afraid”.
• Amongst UK sectors underweight luxury, motor related, most capital goods, consumer brands and food retail (pages 13-14).
• Within UK Fixed Interest prefer corporate bonds, preference shares, and zeroes to conventional gilts (page 21)-start rebuilding some fixed interest exposure, especially for cautious and balanced risk profiles.

For equities generally, the two medium term key questions will be when rising interest rates eventually cause equity derating/fund flow switches, government, corporate and household problems, and how the rate of corporate earnings growth develops after the initial snapback. Going forward, withdrawal of certain pandemic supports, uncertain consumer and corporate behaviour and cost pressures are likely to lead to great variations by sector and individual company. Investors will need to pay greater than usual attention to the end 2022 figures and accompanying forward looking statements.


Market Arithmetic

UK Equities continue to remain a relative overweight in my view, based on several conventional investment metrics (see above), longer term underperformance since the Brexit vote, style preference (value overgrowth) and international resource exposure although be aware of the numerous domestic headwinds I have highlighted above.
Value should be favoured over growth, and the FTSE 100 favoured over the FT All-Share. Apart from the style drift, remember that the non-sterling element of leading FTSE 100 companies and sectors is relatively high

By sector, Oil and Mining equities continue to benefit from above average yields, strong balance sheets, dollar exposure and secular demand e.g copper,lithium, cobalt for electronics, construction, electric vehicles etc. Current moves regarding Chinese re-opening the economy would be another positive for this sector.
Remain overweight in pharmaceuticals and health equipment, expect more corporate activity
Telecom-moving to overweight this area after many years of disappointment. Valuations are attractive, many tariffs have an element of index linking, windfall tax risk is low and sector consolidation is increasing.
Defence-a relatively small stock market sector in UK terms but increased global defence spending, negative PMI correlation, high barriers to entry and corporate activity will continue to lift this specialist area.
Tobacco-ESG factors aside, there is undoubted value in this sector (both major UK stocks yield around 7%). Negative correlation with PMI’s and emerging market volume growth still strong.
Banks may enjoy some relative strength from rising interest rates but continue to monitor the recession/loan growth and default risks. These mixed trends were very evident in the recent third quarter figures. Preference Shares as well as ordinary shares have attractions in this area.

Utilities- underweight in non-renewable utility stocks which may suffer from consumer and government pressures, and no longer trade on yield premia, especially against the backdrop of higher gilt yields. Infrastructure may fare better than distribution.
Housebuilders and real estate-expect depressed activity and remember that the rising interest rates have not yet been fully factored into bricks and mortar property yields. Industry data and anecdotal news from both housebuilders and REIT’s suggest further weakness to come.
Retailers are in general suffering from a combination of falling sales and rising costs and clear trends in consumers “trading down” are apparent. Anecdotal evidence shows a clear switch in consumer spending away from discretionary items such as electronics, furniture and certain clothing items. Certain on-line operations e.g Asos additionally are suffering from an element of post-Covid comparison. Food retailers are additionally facing stiff competition from discount “disruptors”. The British Retail Consortium expects another tough year for the sector looking for sales growth of just 2.3% to 3.5% i.e., volume declines.Share price performance over January has been very mixed.

Luxury Goods-Currently highly rated in stock market terms but could be vulnerable, in recessionary conditions and seem to have a strong correlation with property prices, which are expected to decline. However, renewed Chinese interest may help sector.
Domestic Breweries/pubs etc are having a hard time with stalling consumer’s expenditure, supermarket competition and rapidly rising costs.
In general, extra due diligence at stock level more generally will be required as I expect a growing number of profit warnings and downbeat forward looking statements.
However, takeover activity is also clearly increasing with, for example, private equity snapping up UK-listed companies at the fastest pace for more than twenty years. Foreign takeover, stake building is also increasing, current weak sterling being a factor, with Vodafone under scrutiny by a French (who already have BT interest!) investor. Biffa (waste management),MicroFocus(technology),Aveva(software) and RPS(professional services) have all succumbed to foreign takeovers in recent months, much by “strong dollar” American or Canadian organizations.

JAPANESE EQUITIES also remain an overweight in my view, although my recent comment re hedging may “nuanced “now following the extreme currency weakness and surprise intervention/policy change. The prospective price/book ratio of 1.2 is attracting interest of corporate and private equity buyers, while the prospective yield of 2.7% is above the world average and compares very favourably with USA (1.7%). Corporate governance is rapidly improving with diverse boards, reduction of cross holding, higher dividends etc. There are clear signs that inward investment attracted by the pro-growth, pro-deregulation agenda and relatively low costs (average Japanese annual wage $30000 compared with $75000 USA) is increasing. The political agenda is likely to include a more active defence policy,and a shift in income distribution more in favour of middle-class households. Private equity stake building interest in Toshiba and growing activity in the property sector (discount on a discount in a cheap currency) demonstrate the search for value in Japan. Investors may wish to remove currency hedges.
On a valuation basis (see table above) the forward market PE multiple of 11.9 is at a considerable discount to the world, and especially US average (16.7) and certain Japanese investment trusts yield more than UK peers.

EMERGING MARKETS– Very difficult to adopt a “blanket” approach to the region even in “normal times”, but especially difficult now, with so many different COVID, commodity, sectoral mix, debt, geo-political and increasingly natural disaster variables. See chart below The IMF recently warned that several emerging nations could disproportionately suffer from a combination of COVID and adverse reaction to “tapering” by developed counties e.g., FX/Interest rate pressures. Six countries have already defaulted during the pandemic, and the IMF is currently in various stages of bail-out discussions with Pakistan,Argentina,Zambia,Sri Lanka,Ghana,Tunisia and Egypt.

Within the emerging/frontier universe I continue to have a relatively positive view on Asia. The economic fundamentals were discussed on page 16 above, and the forward-looking multiples and dividend growth metrics appear relatively attractive in a global context. Any move by China to open more fully after their severe Covid lockdown, would of course additionally help. Exposure to the entire area can be achieved through several ETF’s and also investment trusts currently on discounts.
If a country-by-country approach is adopted, I have a longer-term positive view on Vietnam
where, the nation is supported by positive demographics, with a population of near 100 million, an emerging middle class, and a recipient of strong foreign direct investment. Qualconn,an Apple supplier, Intel(semi-conductors),Lego and Samsung(mobile phone plant) have all recently invested in new capacity in the country. Other big names moving chunks of production from China to Vietnam include Dell and HP (laptops), Google(phones)and Microsoft (Games Consoles) The economy is expected to grow at around 6.5% this year (7.7% Q2 2022) and approximately 6% in 2023 while current inflation is running at about 3.5%. One more rate hike of 50bp towards the end of the first quarter should mark the end of the tightening cycle. On a relatively low prospective PE based on forecast earnings growth over 20%, Vietnamese equities appear good value.
India, although quite highly rated and a major oil importer, warrants some inclusion in a diversified portfolio although recent corporate scandals(Adani?) require watching. Indonesia, the last of my current Asian ideas benefits from a commodity boom, strong domestic market, low debt, relatively stable currency, forecast 5% GDP growth and 5% inflation.

Caution is required in many South American markets with poor COVID-19 situations, deteriorating fiscal balances, weak investment, low productivity (see below) and governments in a state of transitioning e.g Brazil. However, some stock market valuations currently appear interesting in the region, which, so far, has been relatively unaffected by events in Ukraine. Commodity exposure, deglobalization beneficiary, valuation and recovery from a very low-level account for some year-to-date stock market relative out- performance. Many of these countries also raised interest rates at an earlier stage, allowing relative currency strength, compared with say the Euro,Yen or Sterling.

COMMODITIES– Gold spiked to over $2000 in March 2023, a recent high, when Russia invaded Ukraine, and although currently staging a modest rebound is still only $1924. Central Banks have been aggressively topping up their holdings during 2022.The longer-term prospects for more cyclical plays, however, continue to look brighter. Increased renewable initiatives, greater infrastructure spending as well as general growth, especially from Asia, are likely to keep selected commodities in demand at the same time as certain supply constraints (weather, labour and equipment shortages, Covid, transport) are biting. Current relaxation of the Chinese Covid policy, has certainly provided a boost to copper, aluminium and iron ore.
• Wheat and other grain prices have fallen from the levels reached following the Russian invasion of Ukraine, but the current grain shipment complications, planting/harvesting schedules within the region and extreme global meteorological conditions are expected to lead to further price volatility. If the conflict is prolonged it will affect millions of people living in such places as Egypt, Libya, Lebanon Tunisia, Morocco, Pakistan and Indonesia that could have political consequences. There has been renewed interest in agricultural funds as well as the soft commodities themselves.
• URANIUM-I remain positive on the outlook for nuclear energy (stable base load,carbon-friendly,government U-turns,high energy output) while being aware of some of the well know issues(time, cost and waste disposal).Uranium is expected to experience a material market deficit over the next few years (estimates range between 10% and 30% of global demand).Nearly half of current world mined supply comes from Kazakhstan/Russia. The current price of 50 cents per pound could easily rise to 60c to 70c,as a result of geopolitical tension and a sharply rising cost curve. Apart from capital good companies exposed to the reactor construction/maintenance, I strongly recommend some exposure to my favoured investment trust.

UK FIXED INTEREST-selective exposure now recommended, especially for cautious/balanced risk mandates.

The graph below plots the progress of the UK 10 year gilt yield, which is at 3.33% at the time of writing. The two key things to note are firstly, the extremely low yields prevailing, just a year ago, partly reflecting a prolonged QE programme, and secondly the “panic” level reached at the end of September as domestic and international investors briefly took flight at the prospect of the short-lived Truss/Kwarteng mini budget proposals. Translating this into price terms, the I share all gilt index fell over 35% from the beginning of the year to late September before bouncing about 13% to current levels. This is huge volatility for an asset class often regarded as haven quality!
Having been negative on gilts for several years, I am now recommending gradually re-introducing selected fixed interest stocks to balanced portfolios, especially for cautious and balanced risk mandates.
Gilts themselves will have to contend with huge supply issues over coming quarters. While not falling as much as gilts and having completely different supply/demand dynamics, selected preference shares also fell to reach yield levels of approximately 7%, while good quality corporate bonds now offer yields around 6%. For the more adventurous, annual income yields around 10% and the prospect of capital gains are also also offered on more speculative grades.

GLOBAL CLIMATE CHANGE remains a longer-term theme, and will be built into the many infrastructure initiatives, being pursued by Europe, USA, and Asia. The Russia/Ukraine conflict is accelerating the debate, and hopefully the action. There are several infrastructure/renewable investment vehicles which still appear attractive, in my view, combining well above average yields and low market correlation with low premium to asset value. The recent volatility in natural gas prices has highlighted both risks and opportunities in the production and storage of energy from alternative sources. My favoured vehicles {solar,wind,storage and infrastructure) in the UK investment trust space have delivered capital returns of approx. 10% and additional dividend income of between 5% to7% over 2022 and are expected to continue to deliver healthy total returns.

The MSCI/IPD Property Index showed a further fall in the total return across all properties in December, the decline of 3.3%), taking the full year 2022 decline to 10.1% (capital –14.2%, Income +4.7%). The monthly decline which started in July has affected all sub-sectors with industrial properties faring the worst over the full year. Rental growth however has been positive at with a 3.2% annualized gain in December taking the full year growth to 4.2% Several analysts are down grading their estimates for the sector following the rapid move in UK longer and shorter-term interest rates. Property asset valuations take time to materialise where there is a lag between balance sheet date and results publication in the listed area. Live traded property corporate bonds, however, have already moved sharply lower.
Quoted property giants British Land and Land Securities both reported deteriorating conditions writing their third quarter statements, expecting further valuation declines following rising yields.

Full asset allocation and stock selection ideas if needed for ISA/dealing accounts, pensions. Ideas for a ten stock FTSE portfolio. Stock/pooled fund lists for income, cautious or growth portfolios are available. Hedging ideas, and a list of shorter-term low risk/ high risk ideas can also be purchased.
I also undertake bespoke portfolio construction/restructuring and analysis of legacy portfolios.
Independence from any product provider and transparent charging structure
Feel free to contact regarding any investment project.
Good luck with performance!
Ken Baksh Bsc,Fellow (UK Society of Investment Professionals)

1st February ,2023
Important Note: This article is not an investment recommendation and should not be relied upon when making investment decisions – investors should conduct their own comprehensive research. Please read the disclaimer.
Disclaimer: Opinions expressed herein by the author are not an investment recommendation and are not meant to be relied upon in investment decisions. The author is not acting in an investment, tax, legal or any other advisory capacity. This is not an investment research report. The author’s opinions expressed herein address only select aspects of potential investment in securities of the companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that potential and existing investors conduct thorough investment research of their own, including detailed review of the companies’ regulatory filings, and consult a qualified investment advisor. The information upon which this material is based was obtained from sources believed to be reliable but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication and are subject to change without notice.The author may hold positions in any of the securities mentioned
The author explicitly disclaims any liability that may arise from the use of this material.


#POW Power Metal Resources PLC – Strategic Uranium Properties Staked – Athabasca

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update concerning its uranium property portfolio focused on the Athabasca Basin area in Saskatchewan, Canada.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented: 

The uranium acquisitions by staking announced today are a further leap forward for Power Metal’s strategic uranium interests in and surrounding the prolific Athabasca Basin located in northern Saskatchewan, Canada.

The two new properties now secured are adjacent to and largely surrounded by major uranium companies and they demonstrate significant uranium prospectivity with geology considered by the Company to be analogous to major producing mines and other uranium deposits within the Athabasca Basin.

Power Metal started the move to build a uranium exploration business in September 2021 and we believe we are now in a particularly strong position. Our intentions do not stop here, with plans to further expand our uranium focused interests where suitable opportunities are identified.

Uranium has a strong following in capital markets and recently the spot uranium price has moved again above USD$50/lb. With the world dynamic shifting strongly in favour of nuclear power generation we believe that Power Metal should continue this push to build its uranium exploration and development business interests in the London financial markets.


All claims were acquired by direct mineral claim staking by the Power Metal technical team. They were acquired during the most recent Mineral Administration Registry Saskatchewan (“MARS”) electronic registry system claim reopening on 31 January 2023. The staking acquisitions represent some of the most significant additions to the Company’s uranium portfolio. Further information on the staking process can be found in the further information section below.

The newly acquired Haresign Bay uranium Property (“Haresign Bay”) covers a total area of 3,189.2-hectares (31.89km2) located 35km south of the Athabasca Basin. Haresign Bay is surrounded by claims held by uranium focussed companies F3 Uranium Corp, Baselode Energy Corp, CanAlaska Uranium Ltd and Skyharbour Resources Ltd.

The newly acquired Kernaghan uranium Property (“Kernaghan”) covers a total area of 4,566.2-hectares (45.66km2) within the northeastern edge of the Athabasca Basin. Kernaghan is bordered on three sides by claims held by uranium focussed companies including Standard Uranium Ltd., IsoEnergy Ltd., and Purepoint Uranium Group Inc.

During the most recent claim reopening, Power Metal also staked an additional 1,982-hectare (19.82km2) claim area bordering the western extension of its Thibault Lake uranium Property (the “Extension”). Significantly, the Extension covers a historical showing which returned a trenching result of 1.09% U308 over 10.7m, greatly increasing the overall prospectively of the extended Thibault Lake uranium Property. 2

With the addition of the Kernaghan and Haresign Bay uranium properties, as well as the additional staking at Thibault Lake, the Power Metal Athabasca uranium portfolio now consists of fourteen properties, including two conditional disposals1, with a combined total area of 940km2.


Mineral Claim Staking Process

The mineral claims constituting the Haresign Bay and Kernaghan Uranium Properties as well as the Thibault Lake Extension were acquired directly through the Mineral Administration Registry Saskatchewan (“MARS”) electronic registry system.

Where a previous claim owner is unable to satisfy the claim maintenance requirements, that ground is reopened to third party staking at a set time each month. Select reopening’s are often highly competitive with many parties attempting to acquire the newly available land.

The total cost of staking was CAD$5,842.34. The newly staked licences come with a two-year term with no minimum spend requirement and which can then be extended for subsequent years by spending a minimum of CAD$146,059 per annum.

The Haresign Bay Property

Haresign Bay is located 43km south of Cameco Corporation’s Key Lake Uranium Mine which is the third largest deposit within the Athabasca Basin – with an average mineable grade of just over 2% U3O8.1 Haresign Bay is located 35km south of the Athabasca Basin, along the Key Lake trend, which is defined by a cluster of northeast-southwest trending electromagnetic conductors which extend to the northeast over the Key Lake Mine. The Key Lake trend is a defining geophysical and geological trend within the Athabasca Basin, and Haresign Bay represents a significant position held within this important uranium-rich corridor.

The Upper Roberta Lake Target (“Upper Roberta Lake” or the “Target”) is located in the southwestern part of the Haresign Bay Property and is defined by a gravity low anomaly which is coincident with elevated Radon222-in-lake water results. This Target area is further intersected by multiple electromagnetic conductors of part of the Key Lake Trend. Upper Roberta Lake represents a highly compelling target for future work.

The Kernaghan Property

Kernaghan is located within the prolific Athabasca Basin approximately 13km from the Basin’s edge. Based on nearby borehole’s drilled by Denison Mines Corp., the sandstone-basement unconformity on the Property is expected to be at around 100m depth.

The Kernaghan Property covers multiple anomalous Radon222-in-lake water results which are oriented within a northeast-southwest trending belt. This trend is coincident with a magnetic low feature. Kernaghan represents the Company’s third property which is located entirely within the Athabasca Basin.

Thibault Lake West Extension

The Extension covers an additional four Saskatchewan Mineral Deposit Index (“SMDI”) points. These SMDI points cover multiple high-grade uranium showings including a north trending zone of strong uranium mineralisation from which historic trenching returned 10.7m of 1.09% U308.2 Several other high-grade uranium showings are covered by the Extension including grab and/or channel samples which returned 4.8%, 1.75%, 0.71%, and 0.66% U308.3,4

Next Steps

The Company is preparing fact sheets which will include further information and maps for newly acquired staking. These will be released to the market once ready. Furthermore, detailed data rooms are being prepared.


Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding Company for certain Canadian project operations. Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Athabasca uranium portfolio.

The Power Metal Canada Uranium Property Map is available to view at the following link:


Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings



Licence ID





Clearwater Uranium Property



















Tait Hill Uranium Property






















Thibault Lake Uranium Property










Soaring Bay Uranium Property













Cook Lake Uranium Property




E-12 Uranium Property5




Reitenbach Uranium Property6






















Reindeer Lake




Porter Lake







Old Woman Rapids










Durrant Lake




Badger Lake




Haresign Bay








Total Licence Holding Area



ECR Minerals #ECR – Further Gold, Lithium, Tantalum and Niobium Samples Identified at Lolworth Range Project, Queensland

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce further progress and new results for gold, Lithium, Tantalum and Niobium from the recently completed stream sampling campaign at the Lolworth Range project, North Queensland, Australia.

ECR Minerals plc has 100% ownership of three exploration tenements (EPM27901, EPM27902 and EPM27903), which covers the Lolworth Range, located 120km west of the famous gold district of Charters Towers. The project is being explored under ECR’s Australian wholly owned subsidiary Lux Exploration Pty Ltd (“LUX”).


  • Results from 144 additional stream sediment samples have been received.
  • 19 out of 144 samples show gold values greater than 1 ppm Au, with a best result of 51 ppm Au.
  • 35% of the 144 samples show visible gold in heavy pan concentrates.
  • Lithium, Tantalum and Niobium confirmed in streams that drain the hills over a 10km trend from Gorge Creek to Oak Creek.
  • Results from 33 regional rock chips reveal anomalous silver at the Uncle Terry’s Prospect. Two rock chips from outcrop in the Flaggy Creek drainage show gold results including 4.73 g/t Au.

ECR CEO Andrew Haythorpe commented: “On behalf of the board, we are pleased to see our Lolworth asset really starting to take shape. With further examples of visible gold in 35% of samples and the presence of Lithium, Tantalum and Niobium over a 10km trend, there is a genuine sense that Lolworth could be developing into a key asset for ECR. The rock chip samples containing gold from the Uncle Terry prospect adds further credence to this view.”

“There is so much more to come from ECR’s asset portfolio in 2023, and I look forward to reporting results and campaign developments to you as they occur.

Plan of the Lolworth tenements showing all gold results to date are shown in Figure 1 below:

Figure 1: https://www.ecrminerals.com/images/2023/Fig1_230130.png

Inserts A and Insert B relating to Figure 2 below:

Figure 2-Insert A: https://www.ecrminerals.com/images/2023/Fig2-InsertA_230130.png

Figure 2-Insert B: https://www.ecrminerals.com/images/2023/Fig2-InsertB_230130.png

Plan showing the Lithium, Tantalum and Niobium stream sampling across the Lolworth tenements shown in Figure 3 below:

Figure 3: https://www.ecrminerals.com/images/2023/Fig3_230130.png

Results for reported stream samples and rock chips are listed in Appendix One at end of this announcement.


A total of 347 stream sediment samples were completed at the Lolworth Range project between September and December 2022, and to date, ECR has received a total of 269 of 347 samples back from the lab. All samples are derived from pan concentrated stream sediment extracted from numerous traps at pre-determined planned sites and processed at the ALS Laboratory Perth. 33 elements were analysed utilising method ME-ICP61, which invariably returns a comprehensive digest that unlocks most elements of interest.

ECR pegged the Lolworth Range after initial research revealed that historic stream sediment sampling undertaken in 1987-1988 showed visible gold. No follow up work was undertaken to search for gold, and to date no exploration work has been undertaken in the region for critical minerals such as Lithium. Given the levels of Lithium, Tantalum and Niobium that sampling has already uncovered, the Board believes there are clear opportunities for further discoveries. Currently ground work at the project is at a stand-still due to the tropical wet season.


New results show additional gold values in stream sediments with values present up to 51 ppm Au, also supported by visible gold present in 35% of pan samples. Most of the 144 new results were follow-up samples from the initial results taken from sites within Gorge Creek, Reedy Creek, Flaggy Creek and Oak Creek drainages (see Figure 1 above).


ECR recently demonstrated the presence of Lithium, Tantalum and Niobium in the streams at Gorge Creek and the Upper Glen Creek-Oak Creek area (see RNS dated 23rd December 2022 here). These results are further enhanced by the high levels of Lithium, Tantalum and Niobium announced today (see Figure 3 above). The results show that Lithium is contained within the Gorge Creek drainage area, while the presence of Tantalum and Niobium has been identified along a line approximately 10km in length trending north from Gorge Creek to Oak Creek. No Lithium, Tantalum or Niobium has been detected in any other drainage areas sampled to date within the EPM licences.


The field team have been encouraged to take rock chips from any outcrops encountered within the planned stream sample sites. Two encouraging results of 4.73 g/t Au and 0.14 g/t Au were taken from an outcrop in the Flaggy Creek area. The strike area for this outcrop is estimated to cover a distance of 180m in a NE direction, added to which streams immediately along this strike trend have also reported highly anomalous gold  ( SeeFigure 2-Insert A above).

ECR Technical Director Adam Jones visited the project in November 2022 and at a quartz outcrop known as Uncle Terry’s, he and the team extracted a total of 28 rock chips over a strike length of 150m. Results from the oxidised quartz outcrop, estimated at widths of 3m contained predominantly silver (Ag). The silver is present at the centre of the outcrop, and while no high grades were present, a best result of 7.3 g/t Ag was recorded (see Figure 2-Insert B above). Similar oxidised outcrops were observed in patches to the SW and NE of the main outcrop. No further work has been undertaken since the visit due to the wet weather.


The Board are satisfied that these results now show the main areas of focus for Gold, Lithium, Tantalum and Niobium (Au, Li-Ta-Nb). Once the wet season passes, the field team will return and complete further stream sampling at the head waters of the most promising drainage sites. Work is expected to continue up onto the ridgelines this year where soil sampling will begin. Mapping and sampling of outcrops will also be undertaken within the gold and Li-Ta-Nb areas as outlined in Figure 1 above. The Board is hopeful that this work will identify a series of potential drill targets by the close of the 2023 field season.


This announcement has been reviewed by Adam Jones, Technical Director of Exploration 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.



ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman

Andrew Haythorpe, CEO



Website: www.ecrminerals.com
WH Ireland Ltd   Tel: +44 (0) 207 220 1666
Nominated Adviser

Katy Mitchell / Andrew de Andrade

SI Capital Ltd Tel: +44 (0) 1483 413500
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425

Jon Belliss

Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green



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). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

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 Queensland, Australia.

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), Mercator Gold Australia Pty Limited 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 holds a 70% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.



TABLE ONE: All locations for Gold, Lithium, Tantalum and Niobium results (ppm) from 144 recently received stream samples, Lolworth Range Project. (Locations reported as GDA94-Zone 55 grid).

SAMPLEID EASTING NORTHING Au (ppm) Li (ppm) Ta (ppm) Nb (ppm)
LWSS002 312747.24 7755208.3 2.700 10 290 535
LWSS003 312937.59 7755402.2 5.560 10 100 281
LWSS005 312327.78 7755159 4.460 10 310 1100
LWSS006 312412.38 7755391.6 0.001 10 200 831
LWSS007 313973.91 7756435 0.128 10 890 2000
LWSS008 313632 7756554.8 0.062 20 850 2000
LWSS009 313998.59 7756294 2.920 10 260 828
LWSS011 312426.49 7755878.1 0.001 10 230 1000
LWSS017 314911.54 7757848.5 0.001 10 280 988
LWSS018 315362.72 7758225.6 0.002 10 100 390
LWSS024 311005.94 7755832.2 4.350 10 820 2000
LWSS025 310241.04 7755962.7 0.001 10 80 308
LWSS026 309229.4 7755758.2 0.001 10 100 532
LWSS027 309010.85 7756664.1 0.014 10 150 621
LWSS028 308531.47 7756893.2 0.001 10 50 177
LWSS029 308644.26 7757880.2 0.021 10 60 156
LWSS030 314435.68 7761708.3 1.525 10 20 114
LWSS031 313505.1 7761521.4 0.001 10 30 189
LWSS032 312930.55 7760555.6 0.001 10 40 267
LWSS033 312511.08 7760950.4 10.000 10 230 707
LWSS034 312592.15 7759988.1 0.238 10 60 162
LWSS035 312289.01 7758958.8 0.497 10 280 735
LWSS036 312623.88 7758786.1 0.001 10 410 1690
LWSS037 312955.22 7759420.6 0.014 10 180 367
LWSS038 307741.5 7762811.4 1.575 10 70 158
LWSS039 308353.07 7763269.7 0.004 10 20 90
LWSS040 307857.83 7762247.5 0.001 10 20 75
LWSS041 308305.87 7759205.6 0.001 10 50 164
LWSS042 309317.51 7759544 0.001 10 30 85
LWSS043 308351.7 7760217.2 0.003 10 10 49
LWSS044 308076.75 7760136.1 0.007 10 20 104
LWSS045 309500.82 7761775.2 0.004 10 150 190
LWSS046 308933.31 7761285.3 0.015 10 10 35
LWSS059 304287.48 7757982.4 8.790 10 10 65
LWSS060 304308.63 7758525.3 6.120 10 20 66
LWSS061 304788.01 7757555.9 0.002 10 20 91
LWSS062 303625.3 7758773.7 0.407 10 10 61
LWSS063 304208.67 7762927.8 0.002 10 20 83
LWSS064 304046.52 7763000 0.001 10 20 88
LWSS065 304156.68 7763678.6 0.007 10 10 38
LWSS066 303467.56 7762036 0.001 10 10 75
LWSS067 303730.55 7757076.5 0.001 10 30 44
LWSS068 304322.73 7756227 0.001 10 80 298
LWSS069 304957.21 7755127.3 0.001 10 20 103
LWSS070 304858.52 7754975.7 0.001 10 60 156
LWSS071 303568.4 7756858 0.001 10 170 494
LWSS072 305739.74 7759526.3 1.815 10 10 16
LWSS073 305588.17 7759420.6 0.001 10 40 136
LWSS074 305965.33 7758186.9 0.007 10 40 19
LWSS075 306233.23 7758179.8 0.001 10 10 16
LWSS076 305789.09 7757682.8 0.001 10 10 45
LWSS126 318994.25 7750560.8 0.001 10 50 180
LWSS127 319043.6 7750571.3 0.002 10 80 252
LWSS128 319117.62 7750500.8 0.001 10 20 41
LWSS129 318157.09 7749845.2 0.001 10 130 360
LWSS130 318493.72 7749524.4 0.001 10 10 9
LWSS131 317663.6 7749683.1 0.001 10 10 14
LWSS132 317727.06 7749845.2 0.001 10 60 90
LWSS133 319297.39 7748925.2 0.001 10 10 14
LWSS134 319463.06 7747472.9 0.003 10 10 22
LWSS135 319233.94 7747480 0.001 10 10 16
LWSS136 319614.64 7747892.4 0.001 20 60 181
LWSS137 319634.02 7747183.9 0.699 10 10 27
LWSS138 319811.15 7746709.8 0.001 10 10 19
LWSS139 318826.82 7747095.8 0.001 30 10 5
LWSS140 317667.12 7747846.6 0.001 40 10 7
LWSS141 317720.01 7748177.9 0.001 30 10 9
LWSS142 317113.72 7746849 0.028 20 10 5
LWSS143 318305.13 7746330.9 0.001 20 10 5
LWSS144 318636.47 7746489.5 0.001 30 10 5
LWSS145 317649.5 7747472.9 0.001 40 10 5
LWSS146 317512.04 7747321.4 0.001 20 10 5
LWSS165 310545.95 7752670.4 0.001 10 10 22
LWSS166 311293.23 7752293.2 0.001 10 10 8
LWSS167 311892.46 7751648.2 0.003 20 10 7
LWSS168 310653.46 7753033.5 0.001 10 10 40
LWSS169 311164.57 7753347.2 0.001 10 10 52
LWSS170 310910.77 7753660.9 0.001 10 10 10
LWSS171 310501.88 7753153.3 0.005 20 50 242
LWSS172 310359.12 7752184 51.000 10 10 19
LWSS173 310655.21 7751503.7 0.001 10 10 10
LWSS174 310380.27 7751849.1 0.113 10 10 9
LWSS175 310204.03 7752504.7 0.001 20 10 51
LWSS176 310482.5 7750900.9 0.021 10 10 8
LWSS177 310309.78 7750971.4 0.001 10 10 5
LWSS178 309294.61 7751782.1 0.014 10 10 46
LWSS179 309326.33 7751620 0.002 10 10 16
LWSS180 309340.43 7750982 6.060 20 10 5
LWSS181 308173.69 7751507.2 0.221 20 50 31
LWSS182 308244.19 7751894.9 0.005 20 30 105
LWSS183 307754.23 7751556.5 0.003 20 50 84
LWSS191 322499.77 7748489.9 0.001 10 110 247
LWSS192 322390.49 7748391.2 0.001 10 20 38
LWSS193 321748.96 7748278.4 0.020 10 60 145
LWSS194 322390.49 7748826.5 0.001 20 20 43
LWSS195 320867.74 7748768.3 0.001 10 10 9
LWSS196 321135.63 7749046.8 0.001 10 10 25
LWSS197 307740.13 7750231.2 0.001 30 10 12
LWSS200 307863.5 7750492 0.088 20 30 32
LWSS216 314069.55 7754181.5 0.001 10 30 172
LWSS217 315247.01 7754773.5 0.001 10 50 109
LWSS218 313907.49 7755041.4 0.001 10 10 44
LWSS219 315538.07 7753979.7 0.001 10 80 290
LWSS220 315653.83 7753606 0.002 10 20 94
LWSS221 313947.19 7756453.7 1.010 20 1200 2000
LWSS222 314370.53 7757282.2 0.001 10 280 1085
LWSS223 314028.21 7757108.6 0.001 10 410 1515
LWSS224 314919.58 7756724.9 0.001 10 30 117
LWSS225 314686.4 7756212.3 2.820 10 330 1015
LWSS226 315496.73 7756349.5 0.577 10 330 865
LWSS235 298514.54 7760139.9 0.018 10 10 75
LWSS236 298383.9 7759655.3 0.001 10 10 45
LWSS237 299090.05 7760824.5 0.156 10 10 19
LWSS238 299220.69 7760730.3 0.993 10 10 30
LWSS239 299250.46 7761256.1 0.003 10 10 8
LWSS240 299515.05 7761087.5 2.190 10 40 129
LWSS241 300227.82 7760789.8 0.001 10 50 195
LWSS242 300214.59 7760624.4 0.003 10 20 80
LWSS243 299033.83 7757950.3 0.001 10 10 39
LWSS244 299020.59 7757680.8 0.001 10 10 18
LWSS245 298364.06 7757765.1 0.002 10 10 34
LWSS246 300376.65 7759571 0.010 10 10 67
LWSS248 314011.72 7756160.3 5.690 10 590 2000
LWSS249 314001.57 7755832.4 0.001 10 120 374
LWSS250 298718.64 7760863.7 0.005 10 10 54
LWSS256 312865.3 7752516.4 2.050 10 10 68
LWSS257 313150.63 7752351.1 0.002 10 10 21
LWSS258 313238.12 7752794.8 0.001 10 30 128
LWSS268 315810.55 7746062.2 0.001 20 10 6
LWSS269 315373.85 7746196.7 0.001 30 10 6
LWSS270 315357.23 7745927.5 0.001 20 10 5
LWSS271 316180.21 7745816.7 0.001 20 10 6
LWSS272 316350.1 7745452.2 0.001 20 10 10
LWSS273 318476.24 7745781.9 0.003 20 10 10
LWSS274 291324.1 7763871 0.001 10 10 5
LWSS275 293297.44 7762831 0.001 10 10 24
LWSS276 293082.03 7763166.4 0.001 10 10 5
LWSS277 290776.11 7761699.2 0.001 10 10 23
LWSS278 291905.83 7761305.9 0.001 10 10 31
LWSS279 291501.85 7759715.4 1.205 10 10 29
LWSS280 291369.2 7759845.2 0.001 20 10 62
LWSS281 289171.01 7765431.9 0.001 10 10 5
LWSS283 286679.37 7764836.9 0.001 10 10 5
LWSS284 286501.44 7765111.2 0.001 10 10 5

TABLE TWO: All locations of rock chip results (g/t). (Locations reported as GDA94-Zone 55 grid).

SAMPLEID EASTING NORTHING Comment Au (ppm) Ag (ppm) Pb (ppm) Zn (ppm) As (ppm)
LWC002 298771 7760765 Qtz Sub-Crop Flaggy Creek (along strike) 0.14 5.50 72 7 5
LWC003 298694 7760685 Qtz Sub-Crop Flaggy Creek (along strike) 4.73 4.50 542 21 5
LWC004 319550 7746711 0.04 0.50 3 7 5
LWC005 308944 7756137 Qtz Sub-Crop 0.01 1.00 152 8 132
LWC006 312627 7759835 Altered Granite-Outcrop 0.00 0.50 26 24 10
LWC010 312397.2 7752081.2 Uncle Terry Prospect 0.01 0.50 18 14 263
LWC011 312395.2 7752078.3 Uncle Terry Prospect 0.01 0.50 18 15 68
LWC012 312393.6 7752074.7 Uncle Terry Prospect 0.01 0.50 12 11 103
LWC013 312387.5 7752066.6 Uncle Terry Prospect 0.03 0.90 124 37 652
LWC014 312384.2 7752063 Uncle Terry Prospect 0.04 0.50 37 19 727
LWC015 312376.2 7752052.9 Uncle Terry Prospect 0.00 0.50 2 2 159
LWC016 312372 7752041.1 Uncle Terry Prospect 0.01 0.50 2 3 13
LWC017 312366.3 7752029 Uncle Terry Prospect 0.00 0.50 2 2 21
LWC018 312355.1 7752022.8 Uncle Terry Prospect 0.01 0.50 2 2 8
LWC019 312354.5 7752022.7 Uncle Terry Prospect 0.01 0.50 2 2 5
LWC020 312352.9 7752029 Uncle Terry Prospect 0.10 1.80 209 86 722
LWC021 312348.7 7752028.5 Uncle Terry Prospect 0.08 0.50 13 11 646
LWC022 312344 7752024.4 Uncle Terry Prospect 0.06 0.50 59 17 1035
LWC023 312346.8 7752024.8 Uncle Terry Prospect 0.04 0.60 39 11 576
LWC024 312342 7752019.4 Uncle Terry Prospect 0.05 2.40 276 6 544
LWC025 312338.6 7752012.7 Uncle Terry Prospect 0.06 7.30 888 14 1305
LWC026 312328.8 7752009.2 Uncle Terry Prospect 0.05 3.60 489 7 829
LWC027 312420.4 7752160.3 Uncle Terry Prospect 0.01 0.50 5 2 10
LWC028 312419.3 7752123.5 Uncle Terry Prospect 0.00 0.50 7 3 9
LWC029 312416.8 7752118.8 Uncle Terry Prospect 0.00 0.50 7 2 13
LWC030 312356.6 7752333.7 Uncle Terry Prospect 0.01 0.50 9 9 45
LWC031 312142.9 7751991.6 Uncle Terry Prospect 0.01 0.50 4 9 5
LWC032 312150.1 7752003 Uncle Terry Prospect 0.02 0.50 4 10 6
LWC033 312150.3 7752005.2 Uncle Terry Prospect 0.01 0.50 17 6 5
LWC034 312144.1 7751988.9 Uncle Terry Prospect 0.01 0.50 3 4 5
LWC035 312142.1 7751977.4 Uncle Terry Prospect 0.01 0.50 3 3 5
LWC036 312142.9 7751991.6 Duplicate of LWC031 0.00 0.50 4 11 5
LWC037 312410.2 7751152.8 Uncle Terry Prospect 0.01 0.50 2 2 5

Vox Market Podcast – Alan Green talks about Smart Metering Systems #SMS, Sovereign Metals #SVML& Tekcapital #TEK

Alan GreenCEO of Brand Communications  about the following companies:



#POW Power Metal – Total Voting Rights

Power Metal Resources plc (“Power Metal” or the “Company”)

Total Voting Rights

In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Company hereby announces that as at 31 January 2023 there were 1,727,574,806 ordinary shares of 0.1 pence each in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 1,727,574,806.

The above figure of 1,727,574,806 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.

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