ECR Minerals #ECR – Asset Overview and Evaluation

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that the new directors are already conducting a comprehensive review of all exploration activities currently being undertaken. In addition a detailed evaluation of the existing asset base is underway, including the Company’s property, plant and other readily realisable assets.

A summary of the Company’s exploration assets, royalty assets, property and plant follows:

North Queensland assets:

  • Lolworth Project – An extensive fieldwork campaign of soil sampling and rock chips has already been successfully completed. However, ECR’s geological team continues to concentrate on areas of high potential to help delineate a series of future high-priority zones and drill targets.
  • Hurricane Project – Following a campaign of fieldwork undertaken during August and early
    September 2023, the Company is awaiting the highly anticipated sampling programme results to prove the near-term development potential of Hurricane.
  • Blue Mountain Project – Following the announcement of the conditional acquisition of the project in April 2023, initial studies have yet to commence. Based on reports from previous explorers, the Board believes that the project has potential for a gold discovery.

Victoria assets:

  • Creswick Project – The new directors are reviewing all of the Company’s assets at Creswick where ECR plans to seek a secondary (technical) opinion of its opportunities in Victoria. This will run alongside plans to investigate the discovery of two potential 100m gold ‘shoots’ at the Quartz Hill prospect and potential for further shoots along the Dimocks Main Shale strike and south towards Ballarat, further exploration work at the Davey Road prospect, Bush Inn Road prospect and at the Kuboid Hill and Mills Reef prospects.
  • Bailieston – The Company believes that the Bailieston licenses still hold considerable nascent value. Further work at the HR3 prospect at Bailieston tenement EL5433 is planned, including a soil geochemistry programme and follow-up drilling to the north of HR3.
  • Tambo Project – Following an initial field visit to the Tambo project, the rock chip sample results from the Duke of Cornwall prospect will be assessed prior to taking any next steps.  

Philippines asset

  • Danglay gold project – ECR owns 90% of 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. The Company is currently considering how best to extract value from this asset.

Royalty assets

  • Fosterville South Exploration Ltd (TSX-V: FSX) (“Fosterville South”) – 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), ECR has the right to receive up to A$2m in payments subject to future resource estimation or production from the projects sold to Fosterville South (see announcement dated 20 April 2020).
  • SLM gold project, La Rioja Province, Argentina – ECR holds a royalty and can potentially receive up to US$2.7 million in aggregate across all licences.

Property

  • ECR owns a property at 35 Brewing Lane, Springmount, Australia. The property consists of 16 acres and is located within the Company’s existing 100% owned Creswick license area. The Board are considering a sale of the property, which is currently being used as a base for Creswick operations.

Plant

  • ECR owns several items of valuable mechanical equipment. All options including future deployment, plant rental or disposal are being considered by the Company.

ECR Managing Director Nick Tulloch commented: “It is very evident that ECR owns a valuable
and diverse portfolio of assets which we believe in time have the potential to offer considerable upside. This factor was certainly a catalyst in driving the recently announced board changes and the share subscription that is of course subject to approval at our forthcoming General Meeting. We hope to have a comprehensive technical view of both our historical projects as well as the conclusion of our latest work programme on Queensland in the coming weeks.”

ECR Chief Operations Officer Mike Whitlow added: “The Board are engaged in an intensive review of all of ECR’s assets and operations. Our primary objective is to ensure the Company is on a secure financial footing for all future activities, and we will be making a series of decisions that will be announced to our shareholders in the coming weeks. I would like to take this opportunity to thank our shareholders for their patience and steadfastness in these matters, and I look forward to reporting back to you on these next steps as they occur.”

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

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

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

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
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

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

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 also has an option to acquire 100% of Placer Gold, which wholly owns the Hurricane Project, a later stage gold and antimony project located west of Cairns in the Hodgkinson Province, NE 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), 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 90% 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.

#UKIM Podcast – UK Property Shares, #AVCT Avacta, and #ECR ECR Minerals with Alan Green

The UK Investor Magazine was thrilled to welcome Alan Green back to the Podcast to discuss a selection of UK shares and the macroeconomic backdrop.

Register for Investment Trust Conference here.

We discuss:

  • Barratt Developments (LON:BDEV)
  • Avacta (LON:AVCT)
  • ECR Minerals (LON:ECR)

UK CPI inflation surprisingly fell to 6.7% in the year to August from 6.8% the month before. Expectations were for CPI read of 7%. We explore the consequences for housebuilding shares and the wider FTSE 250.

Avacta made a landmark announcement yesterday on the clinical trials of their AVA6000 chemotherapy drug. Alan breaks the release down and what to look for in the coming weeks from Avacta.

We finish with a look at the recent developments at ECR Minerals.

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ECR Minerals #ECR – Alan Green talks to Chief Operating Officer Mike Whitlow

Following a major Board shake up at AIM listed ECR Minerals #ECR, Alan Green talks to newly appointed Chief Operating Officer Mike Whitlow. We discuss the board changes, the conditional fund raise of £580,000 and the near term plans to take ECR forward.

Cadence Minerals #KDNC – Shares Magazine Investor Evening Presentation

Following a recent management trip to the Company’s flagship Amapa Iron Ore project in Brazil, Cadence CEO Kiran Morzaria presents the latest developments at the Shares Magazine Investor evening event in London. In addition to covering the last developments at Amapa, Kiran also covers the Cadence investment portfolio, including holdings in European Metals Holdings (AIM: EMH) (Cinovec Lithium project), Evergreen Lithium (ASX: EG1), Hastings Technology Metals (ASX: HAS) (Yangibana Rare Earths project) and the Sonora Lithium concession holdings (Mexalit and Megalit).

Alan Green discusses TruSpine Technologies #TSP, Ora Technology #ORA & First Class Metals #FCM on Vox Markets podcast

Alan Green discusses TruSpine Technologies #TSP, Ora Technologies #ORA & First Class Metals #FCM with Justin Waite on the Vox Markets podcast. Link here to listen

 

ECR Minerals #ECR – Approval of Subscription: Posting of Circular and Notice of GM, Approval of Directors Share Agreements, PDMR Dealing & Issue of Adviser Shares

As announced on 18 September 2023, the Company has conditionally raised £580,000 by way of a direct subscription (“Subscription”) through the issue of 331,392,844 new ordinary shares in the Company (“New Ordinary Shares”), at a price of 0.175p per New Ordinary Share. The Subscription was conditional upon, amongst other things, the approval by shareholders of certain resolutions to be proposed at the upcoming general meeting of the Company. The Company confirms that it will today publish and dispatch a shareholder circular (“Circular”), together with a notice convening a general meeting (“GM”) of the Company (the “Notice”). The GM will be held at Office T3, Hurlingham Studios, Ranelagh Gardens, London, SW6 3PA on 6 October 2023 at 11.00 a.m.

The associated Circular and Notice of GM will be posted to shareholders today, and will be available on the Company’s website shortly at: https://www.ecrminerals.com/investors-media/circulars

Salary Sacrifice

Alongside the Subscription, four members of the board of directors, David Tang, Andrew Scott, Adam Jones and Trevor Davenport, have agreed, conditional on the passing of the resolutions at the upcoming general meeting, to subscribe for 22,857,142 New Ordinary Shares at the Subscription Price of 0.175p in lieu of an aggregate of £40,000 salary, thereby further preserving the Company’s cash resources.

The Ordinary Shares proposed to be issued to certain members of the Board are as follows:

Director Position Salary Sacrificed in the period 1 August 2023 to 30 November 2023 Number of New Ordinary Shares to be issued in lieu of salary (conditional) at 0.175p Total Shares then held if Admission was to occur.
David Tang Chairman £10,000 5,714,285 5,714,285
Andrew Scott Director £10,000 5,714,285 5,714,285
Trevor Davenport Director £10,000

 

5,714,285 5,714,285
Adam Jones Technical Director £10,000 5,714,285 5,714,285
 

(together the “Existing Directors Shares”)

If the resolutions are approved by Shareholders, it is intended that the Existing Directors Shares will be issued on or around 30 November 2023, with admission to trading commencing on or around 1 December 2023. A further announcement would be made at that time.

Issue of Shares to New Director and PDMR 

As announced on 15 September 2023, the Company has appointed two new senior management team members. Nick Tulloch, has been appointed Executive Director and Managing Director of the Company and Mike Whitlow has been appointed as Chief Operating Officer (non board position). As part of joining the Company they have now agreed to a remuneration package that is (i) predominantly based on earning equity in the Company; (ii) is designed to incentivise and align their interests with Shareholders and (iii) preserves the Company’s cash resources.  Accordingly it has been agreed that they will each receive a salary of £102,000 per annum of which £12,000 is to be paid in cash pro rata across the year, and the balance is to be satisfied by the issue of equity in four quarterly payments of £22,500 using the mechanism set out below:

  • On 14 December 2023, the issue of 12,857,142 Ordinary Shares each (being £22,500 Ordinary Shares at a price of 0.175 pence each); and
  • At the end of each subsequent quarter (14 March 2024, 14 June 2024 and 14 September 2024), the issue of ordinary shares valued in the Company at a value of £22,500, with such number of shares calculated by reference to: (i) the price at which an equity fundraising in the Company was carried out during that quarter or (ii) if there was no fundraising, the price equal to the volume weighted average price of ordinary shares in the Company calculated over the previous 14 days, provided always that the minimum ordinary share price that shall apply is 0.175 pence.

(together the “New Directors Shares”)

In each case the issue of these shares is conditional on the relevant person being a director of the Company. On the first anniversary of the date of the employment the Company and each of Nick Tulloch and Mike Whitlow will agree new remuneration terms. 

If approved by Shareholders, it is intended that the first Tranche of the New Director Shares (being 25,714,284 Ordinary Shares, in total and in aggregate) will be issued on or around 14 December 2023, with admission to trading on AIM commencing on or around 15 December 2023. A further announcement would be made at that time.

New Advisor Shares

Certain key advisers of the Company have conditionally agreed to receive 6,857,142 Ordinary Shares (the “Adviser Shares”) in lieu of £12,000 of cash invoice entitlements, to assist the Company in conserving its cash resources. If approved by Shareholders, it is intended that the Adviser Shares will be issued on or around 9 October 2023, with admission to trading on AIM commencing on or around 9 October 2023.

Use of Proceeds and Requirement for Shareholders to Vote

The proceeds of £580,000 (gross) to be raised through the Subscription will provide the Company with the necessary funding it requires to advance the Company’s extensive existing assets, to progress new opportunities and for working capital purposes. In the event that the resolutions at the General Meeting are not approved and the proposed Subscription does not complete, the Directors would need to consider urgently alternative sources of funding to meet its immediate working capital needs. There is no assurance that any such alternative funding arrangements could be put in place in the timescale required, which would have a materially adverse effect on the Company, and accordingly, the Directors unanimously recommend that Shareholders vote in favour of each of the Resolutions required to be passed to implement the Subscription.

The total number of ordinary shares to be issued pursuant to the Subscription, the Existing Directors Shares, the New Directors Shares and the Adviser Shares is 463,964,270 Ordinary Shares (“Total New Ordinary Shares”). Following the issue and Admission of the Total New Ordinary Shares (which is conditional on, among other items, the passing of the resolutions at the upcoming General Meeting and the Admission dates set out above) the total issued share capital in the Company would be 1,671,940,285 Ordinary Shares.

ECR Managing Director Nick Tulloch commented: “As we announced yesterday, the Subscription generated material interest from a number of prospective investors and I am pleased to report that it is being further supported by members of the board and certain of our advisers who are aligning themselves with our shareholders.” 

“Mike and I are less than a week into our new roles but we are grateful for the response to the Subscription that leaves ECR very well placed to advance both our current portfolio of assets as well as develop new opportunities.”

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

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

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

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
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

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

Cadence Minerals #KDNC – Corporate Update Evergreen Lithium (ASX: EG1) ANT Geophysical Survey Interpretation Identifies 9 Priority Pegmatite Targets at Bynoe

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the final analysis of its EXOSPHERE BY FLEET® Ambient Noise Tomography (ANT) geophysics survey at Bynoe.

Highlights:

  • Final Ambient Noise Tomography (“ANT”) geophysical interpretation received.
  • Nine potential pegmatite targets in total have been identified, each characterised by low seismic velocity anomalies.
  • Survey data integration with geochemical data shows surface expression of anomalies.
  • Geochemical sampling and mapping continues at Bynoe in advance of maiden drill program which awaits conclusion of MMP and AAPA approval process.
  • Geophysical and geochemical integration and analysis ongoing.

ANT Background

ANT is a ground geophysics method that uses natural or man-made seismic noise as a signal source to measure the seismic velocity of the subsurface in three dimensions. The key objective of the survey was to identify potential lithium-bearing pegmatites at depth, otherwise known as blind pegmatites. Lithium pegmatites in the Bynoe Pegmatites Field have been shown to be indicated by zones of slower velocities than the surrounding metamorphic host rocks of the Burrell Creek Formation. The data has been processed and undergone a complete analysis, with a view to initially defining priority targets within each survey grid.

Preliminary results from the ANT Survey Grid 1 were announced by EverGreen on 28 June 2023 in an ASX Release titled “ANT Survey Identifies Priority Pegmatite Targets at Bynoe”.

The Bynoe Project is located contiguous to Core Lithium’s (ASX:CXO) Finniss Project which contains an estimated Total Mineral Resource of 30.6Mt at 1.31% Li2O. In 2022, Core Lithium (ASX:CXO), utilised ANT technology developed by Fleet Space Technologies at its Finniss Project.

Cadence holds 15,830,138 million shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder. Evergreen was listed on the Australian Stock Exchange on 11 April 2023.

Link here to view the full Evergreen ASX announcement

Background to Cadence’s investment in Evergreen Lithium

Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies (“LT and LS”) to Evergreen as announced on 27 June 2022.   A further AS$ 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved. Further details of these milestones can be found in the Evergreen prospectus available here . Cadence’s shares are subject to a 2-year escrow agreement as determined by the listing rules of the ASX.

 

For further information contact:

 

 
Cadence Minerals plc +44 (0) 20 3582 6636
Andrew Suckling  
Kiran Morzaria  
   
 

WH Ireland Limited (NOMAD & Broker)

 

+44 (0) 207 220 1666

James Joyce  
Darshan Patel  
   
Brand Communications +44 (0) 7976 431608
Public & Investor Relations  
Alan Green

 

 

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Cautionary and Forward-Looking Statements

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “should”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will”, or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the company’s future growth results of operations performance, future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements.

The information contained within this announcement is deemed by the company to constitute Inside Information as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

#FCM First Class Metals PLC – Zigzag Lithium Update & Issue of Equity

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce the launch of systematic exploration campaign at the Zigzag Lithium project in the Province of Ontario Canada. (“Zigzag” or the “Project”).

 

Highlights:

·      The Zigzag project is considered highly prospective for the discovery of economic pegmatite hosted lithium mineralisation. Historically several outcropping lenses of a potentially cohesive lithium-tantalum bearing pegmatite has been sampled across the property with encouraging results.

Historic grades at surface up to 1.68% lithium (Li20) over 7.9m and 0.168% tantalum (Ta205) over 2.54m. The claim group covers the historic Tebishogeshik occurrence.

Sampling by Nuinsco returned highly anomalous lithium (Li), tantalum (Ta), and rubidium (Rb), peaking at 3.55% Li20 , 836 ppm Ta₂O5, and 4,003 ppm rubidium Rb2O.

-Several shallow historic drill holes along the occurrence have returned encouraging results, including, (in separate drill holes) an intersection grading 1.08% Li2O over 6.1m and a separate intersection of 399.8ppm Ta2O5 over 2.92m. 

·      First pass limited sampling whilst achieving access  returned samples with a peak of 1.7% Li20 and 346ppmTantalum, 104 ppm Niobium and >3000ppm Rubidium.

·      Currently an experienced geological team is on the project, undertaking a prospecting and mapping of the known exposures.

·      In parallel with this initial systematic sampling programme the team has initiated a sawn channel sampling programme along strike at intervals across the exposed pegmatite outcrop.

·      Marc J Sale CEO visited the project in the last week to oversee the commencement of operations.

·      A further thirty-nine grab samples have been collected and are at the laboratory for assay and will be reported as soon as available.

A map of a city Description automatically generated

Figure 1-Historical drill holes and sampling results from the Zigzag project.

Marc J Sale First Class Metals CEO Commented:

“The initial, non-systematic grab samples collected by FCM, myself included, have demonstrated and validated the potential indicated by the historic samples from the Zigzag showing. Having visited the property and walked the outcrop I am confident that drilling will support the tenor of assays reported to date. Whilst we await further assays, FCM has embarked on a prospecting and systematic sampling programme including sawn channel sampling of ‘exposed’ outcrop in the central zone. I am confident that further outcrops in this zone and along strike will be identified. The focus of the current, ongoing programme is to bring Zigzag to a drill ready status in a ‘fast track,’ but diligent manner.’

 

Photograph of pegmatite sample exhibiting significant spodumenes crystals Li [AlSi2O6]

2023 Sample Results to date:

Sample

 

 

 

 

Number

Lithium (Li) %

Tantalum (Ta) ppm

Niobium (Nb) ppm

Rubidium (Rb) ppm

A1104880

1.39

184

104

884

A1104881

0.51

85

48

2770

A1104882

1.0

139

81

855

A1104883

0.012

198

88

3750

Sample-1

0.07

346

72

1140

Sample-2

0.41

219

79

1130

Sample-3

0.196

79

54

361

F006543

1.7

75

41

820

F006544

1.63

235

90

1200

F006545

1.65

115

60

1190

Table of the sample results to date. Note these are ‘non-systematic samples collected during access appraisal. (Values rounded for clarity).

 

 

Background & Location

The project is less than 100km from Armstrong in northwest Ontario in the Seymour Lake area (See figure 2 ), a district already proved to be prospective for hard rock, pegmatite hosted lithium. Existing infrastructure currently in place in the local area is expected to be further bolstered in the future by the planned Jackfish Hydro project and a spodumene Process Plant at the Green Technology Metals, Seymour site which is just over 10km away.

The six-unit claim group includes a mapped structure of 800m (Tebishogeshik occurrence) and is wholly contained within the claim block, the lithium-tantalum mineralization is pegmatite-hosted with significant rubidium and niobium mineralisation also reported. All of which are ‘critical minerals’ as identified by the 1Canadian and United Kingdom Governments.

Previous workers of the Tebishogeshik occurrence have identified Li2O and Ta2O5 mineralization along the entire strike of the known outcrop from sampling at surface, grading up to 1.68% Li2O over 7.9m and 0.168% Ta2O5 over 2.54m in separate channels samples. Several shallow historic drill holes along the known outcrop have returned significant intersections, including, (in separate drill holes) an intersection grading 1.08% Li2O over 6.1m and  399.8ppm Ta2O5 over 2.92m. Both intersections were less than 20m down hole. The structure is open along strike and to depth and remains to be fully evaluated.

Lithium-ion battery production capacity pipeline globally to 2030 increases up to 8.1 TWh and North American EV battery production is forecast to reach 1 TWh annually by 2030. Even if production from known current assets were to double against planned capacities, expected North American demand alone would exceed supply by 40%.

1 Minister Wilkinson Releases Canada’s $3.8-billion Critical Minerals Strategy to Seize Generational Opportunity for Clean, Inclusive Growth – Canada.ca

 

A map of a mining area Description automatically generated with medium confidence

Figure 2-Location of the Zigzag property within a ‘key’ area for Ontario’s rapidly expanding lithium industry.

 

Issue of Equity & Total Voting Rights

159,735 new ordinary shares are being issued to Nuinsco Resources Limited in respect of the year one Zigzag ‘option to earn in’ (2see news release 9th March), they will rank pari passu with the Company’s existing issued ordinary shares. The issue price is 11.15p which represents $30,000CAD, being the consideration for the year one share element fees of the option.

The Company intends to allot and issue these new ordinary shares under its existing authorities on a non-pre-emptive basis.

The Company will be making its application to admit the new ordinary shares to the Official List of the FCA and to trading on the Main Market (Standard List) of the LSE. Admission is expected to occur on the 20th of September 2023.

2https://polaris.brighterir.com/public/first_class_metals/news/rns/story/x8eolox

 

For further information, please contact:

 

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Ayub Bodi, Executive Director

AyubB@Firstclassmetalsplc.com

07860 598086

 

First Equity Limited

(Financial Adviser & Broker)

 

Jonathan Brown

0207 3742212

Jason Robertson

0207 3742212

 

First Class Metals PLC – Background

 

First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination for exploration with a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s ‘showings’.

 

FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine

 

The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.

 

The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously. This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.

 

Forward Looking Statements

 

Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

 

ECR Minerals #ECR – Conditional Fundraise of £580,000 & Proposed General Meeting

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that the Company has conditionally raised £580,000 by way of a direct subscription (“Subscription”) through the issue of 331,392,844 new ordinary shares in the Company (“New Ordinary Shares”), at a price of 0.175p per New Ordinary Share.

The Subscription, which generated material interest from a number of prospective investors, has been agreed with high net worth individuals and institutional investors and has been carried out directly by the Company, without payment of commissions.

The funds raised will be used to advance the Company’s extensive existing assets; new potential opportunities and for working capital purposes.

The issue of the New Ordinary Shares is conditional on (i) the passing of certain resolutions to give the Directors the authority to implement the Subscription and issue the New Ordinary Shares (the “Resolutions”). These resolutions are to be proposed to shareholders of the Company at an upcoming General Meeting of the Company (“General Meeting”); and (ii) Admission of the New Ordinary Shares to trading on AIM.

The Directors anticipate posting a circular convening the General Meeting shortly and a further announcement will be made at that time.

ECR Managing Director Nick Tulloch commented: “I am delighted to announce that notwithstanding the challenging market conditions, the quality of ECR’s assets has resulted in this support from a core group of high net worth and institutional shareholders.

“The Board anticipates that, if approved, the funds raised will primarily be allocated to fast track ECR’s Queensland projects, plus there are a number of new opportunities on the table that the Board may decide to progress once the appropriate due diligence has been undertaken. Along with my Board colleagues, I look forward to reporting further progress very shortly.”

Application will be made for the New Ordinary Shares to be admitted to trading on AIM (“Admission”) and it is expected that Admission will become effective on or around 10 October 2023 (subject to the date of, and approval at, the General Meeting).

If the Resolutions are not approved at the proposed General Meeting, the Company will be required to source alternative funding in the short term to meet its immediate working capital requirements.

FOR FURTHER INFORMATION, PLEASE CONTACT:

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (“MAR”), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY’S OBLIGATIONS UNDER ARTICLE 17 OF MAR. IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION AS PERMITTED BY MAR. THAT INSIDE INFORMATION IS SET OUT IN THIS ANNOUNCEMENT AND HAS BEEN DISCLOSED AS SOON AS POSSIBLE IN ACCORDANCE WITH PARAGRAPH 7 OF ARTICLE 17 OF MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION IN RELATION TO THE COMPANY AND ITS SECURITIES

 

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

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

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
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

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

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 also has an option to acquire 100% of Placer Gold, which wholly owns the Hurricane Project, a later stage gold and antimony project located west of Cairns in the Hodgkinson Province, NE 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), 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 90% 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.

Quoted Micro 18 September 2023

AQUIS STOCK EXCHANGE

An update on the Amapa iron ore project in Brazil from Cadence Minerals (LON: KDNC) says permitting times for the mine and related logistics should be reduced to 12-16 months. An environmental control plan is required to obtain the permits. This will enable a funding decision for the project. Investee company Hastings Technology Metals has expanded its offtake agreement with thyssenkrupp Materials Trading, which will take two-thirds of production from the Yangibana rare earths project.

Invinity Energy Systems (IES) has converted an existing order from Taiwan to its next generation Mistral flow battery. This is a higher margin product targeted at large wind and solar applications. Management is securing additional production capacity with Taiwan partner Everdura.

EPE Special Opportunities (ESO) had net assets of 308p/share at the end of July 2023. Investee company Rayware’s sales have been hit by weak consumer demand. Pharmacy2U continues to grow. Two investments have been sold. Ther was cash of £16.3m at the end of July 2023.

Financial services company Eight Capital Partners (ECP) says its 2021 figures have been restated because of a change in the accounting treatment of the bonds. Non-cash transactions have been removed from the cash flow statement. The book value of the bonds has been changed to fair value and a modified loss recognised on loan liabilities. Net liabilities were £11.4m. The 2022 results show net assets of £25.3m after a debt conversion to equity. A partial reversal of previous fair value adjustments also helped.

Coinsilium Group Ltd (COIN) is providing a convertible loan of $50,000 and has a 12-month option to subscribe for $500,000 for shares in Silta at a pre-money valuation of $7.5m. This means that it could end up with 6.7% of Silta. Last year, Coinsilium entered into an early contribution agreement to buy $75,000 of SILTA tokens. Silta is developing an advanced AI platform for sustainable infrastructure financing.

Hydro Hotel, Eastbourne (HYDP) is paying an interim dividend of 12p/share.

Rod Weinberg has reduced his stake in SulNOx Group (SNOX) from 6.35% to 2.49%. Macaulay Capital (MCAP) managing director David Horner has bought 200,000 shares at 22.5p each. Nigel Pope has taken a 3% stake in NFT Investments (NFT). Gathoni Muchai Investments has trimmed its stake in Marula Mining (MARU) from 12.2% to 11.26%. A warrants subscription at 4p each raised £30,500.

Black Sea Property (BSP) has raised €4.44m from a loan note issue, which is being used to pay for the recent acquisition of a majority stake in Grand Hotel Varna, which owns three hotels and a beach marina resort, plus a mutual fund portfolio. There is still €15.5m to pay.

AIM

Parcel delivery and logistics company DX (DX.) has received a bid approach from private equity firm HIG European Capital Partners. Gatemore Capital Management, which owns 16.8%, says it is willing to support the proposal of 48.5p/share. Management had rejected lower bids, but it would be minded to recommend this one. Due diligence will be required.

Online gaming firm Gaming Realms (GMR) reported interim revenues 35% higher at £11.5m and a 74% increase in pre-tax profit to £2.4m. The licensing business drove the growth. North American revenues increased by 47% and there are more states likely to ease restrictions on online gaming. Growth is coming from moving into new markets and adding new games. There are upfront costs to the expansion, holding back short-term profit. Net cash is expected to be £8m at the year end

Iodine producer Iofina (IOF) increased interim revenues by 27% to $24.3m, while pre-tax profit improved from $2.6m to $4.7m. First half iodine production was 242Mt. Iofina commenced production at its IO#9 plant in Oklahoma at the end of the half year. This is the sixth plant in operation and will help boost second half production to 325-350Mt.

Contract research and infectious disease study services provider hVIVO (HVO) is moving into larger London premises in Canary Wharf. The latest interims have led to an upgrade of guidance for the full year and hVIVO intends to pay a nominal dividend for 2023. Interim revenues were £27.3m, up from £18m, and the full year outcome is expected to be £55.1m with most of the rest of the revenues already contracted.

Construction and property software supplier Eleco (ELCO) increased like-for-like interim revenues by 5% to £13.5m. More importantly, recurring revenues were 18% ahead at £9.7m. This indicates the success of the move to SaaS-based revenues which has held back progress in the short-term. Net cash could reach £10.8m by the end of 2023.

Mkango Resources (MKA) subsidiary HyProMag, which is a short loop rare earth magnet recycler, is participating in a grant funded project called RE-RE Wind, which is designed to provide a circular supply chain for rare earth magnets for wind turbines. The first generation of wind turbines are coming up to the end of their life and a decommissioning programme is required.

Payments services provider Cornerstone FS (CSFS) made a small maiden interim profit. The move into profit was earlier than expected. Interim revenues were 90% ahead at £3.6m and most of this is direct business rather than through third parties. The overheads were held down enabling more of the additional revenues to flow through to profit. Cash is being generated from operations.

Online gaming company B90 Holdings (B90) has raised £2m at 5.44491p/share. The cash will go towards funding acquisitions and further investment in existing assets. The company is also converting £4.73m of loan notes and interest into 86.8 million shares. Enwys, which acquires customers for online gaming companies, has been bought. There are more than 20 other acquisition targets.

Keystone Law (KEYS) is paying a special dividend of 12.5p/share on top of the interim of 5.8p/share. Underlying pre-tax profit was one-quarter ahead at £5.7m, while net cash was £11.3m at the end of July 2023. Interest from new principal lawyers is increasing and 25 offers were accepted in the first half. There is plenty of back office capacity for additional lawyers.

Communications technology developer Feedback (FDBK) is taking time to secure new deals, but they should be on the horizon. The community diagnostic centres contract with the Queen Victoria Hospital has been delayed, but hopefully it should be secured by the end of the year. Feedback is still loss making, even though full year revenues were 74% ahead at £1.02m. The cash outflow, including capitalised development costs, was £3m and the £7.3m in the bank should last more than two years.

North Sea oil and gas producer IOG (IOG) has been told by the authorities that the Nailsworth P2342 and P130 licences are not going to be extended and this could have a negative commercial impact on the potential for the Elland licence. Bondholder discussions continue and the waiver lasts until 29 September. There was £14.5m in cash at the end of August, including £7.3m of restricted cash. There was stable production from Blythe H2, but the realised gas price was lower.

The Property Franchise Group (TPFG) has offset lower revenues from property sales by increasing lettings revenues. Overall interim revenues were 1% ahead at £13.2m. The higher tax rate meant that earnings slipped 2% to 13.8p/share despite an increased profit. The interim dividend was increased by 10% to 4.6p/share.

US-focused betting company Sportech (SPO) plans to leave AIM. It says the burden of time and money is too great. A circular will be sent out to gain shareholder approval at a general meeting.

Bushveld Minerals (BMN) has signed a binding term sheet for a potential $69.5m-$77.5m investment by Southern Point Resources. This includes the acquisition of 50% of Vanchem and 64% of the Mokopane project, plus a $12.5m investment in Bushveld Minerals. There will also be a working capital facility provided. Southern Point Resources will take over marketing and sales of vanadium and other products. The stake disposals will lead to a book loss of $59.6m.

Animal feed ingredients supplier Ocean Harvest Technologies (OHT) raised interim revenues by 43% to €1.8m and gross margins jumped to 36%. Investment in marketing and other aspects of the business meant that the loss was flat at €1.3m. These additional costs should help to generate further sales growth of its seaweed-based feed. Field trials could add up to €13m to annual revenues. However, delays in these trials mean that full year revenues have been downgraded from €4.3m to €3.4m. There should be net cash of €2.9m at the end of 2023.

MAIN MARKET

The FCA has approved the takeover of Lookers (LOOK) by Alpha Auto Group. The bid is 130p/share.

On The Beach (OTB) says its full year results will show record revenues and the holiday company says pre-tax profit will be at the top end of expectations. In the year to September 2022, revenues were £144.1m, which was slightly higher than the pre-Covid level of £140.4m, and underlying pre-tax profit was £14.1m. Consensus forecasts for 2022-23 were revenues of £179.5m and pre-tax profit of £22.6m. The guidance suggests that profit should be slightly higher than that. Even so, underlying pre-tax profit in 2017-18 was higher at £27.6m.

Andrew Hore

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