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#BRES Blencowe Resources – Consolidated Africa Holding & Joint Broker

Blencowe Resources Plc (” Blencowe” or the “Company”) (LSE: BRES) has been notified that Consolidated Africa Limited (“CAL”) has today sold its entire holding in the Company (17,725,000 ordinary shares being 10.9% of the issued share capital) to new and existing shareholders arranged through Tavira Securities Limited (“Tavira”).

CAL received 25,000,000 ordinary shares in Blencowe following its sale of the Orom Cross graphite project in 2020.  CAL were locked up for one year following the IPO in June 2020.

Appointment of Joint Broker

The Company is pleased to announce that it has appointed Tavira as its joint broker. Tavira has recruited senior personnel from the Company’s former broker Brandon Hill Capital Limited and Blencowe looks forward to continuing the strong relationship with the team.

Executive Chairman Cameron Pearce Commented:

“We are pleased that the share register has been strengthened following these on market share purchases. We believe with a market cap of approximately £6.5M, the Company is significantly undervalued, as evidenced by our recent Preliminary Economic Assessment which yielded an NPV for Orom-Cross of US$317M. In December 2021 we closed on a £2M fundraise at 5p per share, which has provided sufficient capital to undertake our 2022 work programme at Orom-Cross, including the completion of a Pre-Feasibility Study. An updated resource statement on Orom-Cross is due to be released later this quarter, which we expect will further increase the size and grade of the resource.

We would like to welcome Tavira Securities as co-broker and we look forward to continuing our relationship with the former senior members of the Brandon Hill team going forward.”

For further information please contact:

 Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

 

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

 

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

#MSMN Mosman Oil and Gas – Falcon Update

MSMN

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces an update in respect of its Falcon project which forms part of the Champion Project in East Texas. Mosman holds a 75% working interest in the Falcon-1 well, the first well to be drilled at the project.

At Falcon-1, an additional Frio sand zone has been perforated at a depth 7,457-7,460 feet. The well has flowed on test at a rate of 1,000 mcfd, but due to the current choke size of 7/64 it has been producing at an average rate over the last 5 days of 576 mcfd (c 113 boepd gross). To balance short term cashflow and long optimize gas recovery over time, the production strategy is to periodically increase the choke size and monitor wellhead pressures. The first increase in choke size planned for this this week is to increase the choke to 8/64.

The current production rate is an increase of 23% compared to average flow rate of c 92 boepd (gross) in the quarter ended 30 September 2021.

John W Barr, Chairman, said: “Mosman is making steady progress to meet our growth objectives, with another strong step forward with this strong increase in production at Falcon.”

The costs of the recompletion were paid from existing cash reserves. The current cash position is c AUD 1 million.

Production numbers for the six months ending 31 December should be available in the next month, once all information has been received.

Mosman is awaiting results from recent drilling and other workovers. This information will be published when it is available.

Qualified Person’s Statement

The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.

Market Abuse Regulation (MAR) Disclosure

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 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this information is now considered to be in the public domain.

Enquiries:

Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Joint Broker

Monecor (London) Ltd trading as ETX Capital Thomas Smith

020 7392 1432

#KAV Kavango Resources – KSZ drill operations recommence

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the recommencement of drill operations on Hole KSZDD002.

On Friday 14 January, Mindea Exploration and Drilling Pty (“Mindea”) mobilised the rig and drill team back to site. Over the weekend the team successfully removed the HQ casing that was left in the hole prior to Christmas to keep KSZDD002 open. Drilling is scheduled to commence during today’s day shift. Operations will then continue on double shift until completion.

KSZDD002 has been designed to intercept the B1 Conductor, a geophysical anomaly that the Company believes is a prospective target for possible massive sulphide nickel or copper mineralisation.

Kavango first identified the B1 Conductor in Q2 2021 (announced 02 July) through a surface Time Domain Electromagnetic (“TDEM”) survey. Independent data analysis at the time confirmed the B1 Conductor gave a conductance reading of 8,200Siemens. For context, the Company’s exploration model is based on identifying drill targets, which exhibit conductance readings between 1,000Siemens and 10,000Siemens (a table can be found here on the Company’s website – https://kavangoresources.com/images/2021/07/02/idealized-resistivity-and-conductivity-spectrum-for-rocks-and-mineralization-kav-ksz.jpg).

Drilling commenced on KSZDD002 on 19 November 2022, with an expected target intercept depth of between 525m and 575m for the B1 Conductor.

Drilling was paused for the Christmas break at 350m. A downhole electromagnetic (“DHEM”) survey was completed on KSZDD002 and the hole was cased off. Independent analysis of the DHEM data increased the estimated conductance reading of the B1 Conductor to 11,000Siemens. KSZDD002 appears to be optimally positioned to intercept the centre of the conductive plate. The B1 Conductor is now estimated to be 600m by 300m in size. The position and dip of the plate remain the same, indicating the B1 Conductor is cross-formational. This suggests the B1 Conductor may have been emplaced by an as yet unspecified intrusive event and is unlikely to be formational.

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc 

Ben Turney

bturney@kavangoresources.com  

 First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker) 

+44 1483 413500

Nick Emerson

#POLB Poolbeg Pharma – Poolbeg Pharma licences first-in-class broad spectrum RNA-based immunotherapy for respiratory virus infections from the University of Warwick

17 January, 2022- Poolbeg Pharma (AIM: POLB, ‘Poolbeg’ or the ‘Company’), a clinical stage infectious disease pharmaceutical company with a capital light clinical model, has in-licenced a novel, first-in-class RNA-based immunotherapy for respiratory virus infections developed at the University of Warwick.

Poolbeg has secured an exclusive licence to this dual antiviral prophylactic and therapeutic candidate, which is at a late-pre-clinical development stage. In vivo data confirms that this immunotherapy asset targets pan-respiratory virus infections, which could include influenza, respiratory syncytial virus (RSV), SARS-CoV-2 and others.

The candidate, which will be developed by Poolbeg as POLB 002, was developed at the University of Warwick and derived from twenty years of research with world class virologists, Professor Andrew Easton and Professor Nigel Dimmock.

Administered intra-nasally, this RNA-based immunotherapy works by triggering nasal cells into an antiviral state to protect from the infecting virus. Simultaneously, it blocks the cells from making more virus by directly preventing its replication. Both modes of action combined can reduce infectious viral loads and improve disease symptoms. As a nasally administered and rapidly effective prophylactic antiviral candidate, it could potentially provide an effective solution for protecting at risk patient populations (e.g. the elderly, COPD patients, and asthmatics).

Respiratory virus infections are considered a top five global killer resulting in more than three million annual deaths worldwide. There is a significant unmet need for improved respiratory virus infection therapies and the current available treatments, vaccines and antiviral drugs, are typically pathogen specific. Consequently, 85% of illnesses caused by non-influenza viruses cannot be adequately treated and the emergence of resistance is also a major concern.

Jeremy Skillington, PhD, CEO of Poolbeg Pharma, said: “This dual action immunotherapy developed by the team at University of Warwick is a really exciting technology in the field of respiratory virus disease treatments. The data shows it to rapidly reduce viral load and also prevent the likelihood of virus resistance.

“It will be an excellent addition to our growing pipeline of assets and we plan to move rapidly towards human proof-of-concept studies using our capital light clinical model. We look forward to updating the market as POLB 002 progresses through the clinic with the ultimate aim of partnering it with Big Pharma.”

Professor Andrew Easton, from the School of Life Sciences at the University of Warwick, said: “Currently most respiratory virus infections cannot be treated despite being responsible for millions of deaths each year. This is a very exciting new approach with great potential. We are delighted to be developing it alongside the Poolbeg Pharma team, with their extensive knowledge and experience in the sector.”

– Ends –

Enquiries

 

Poolbeg Pharma Plc

Jeremy Skillington, CEO

Ian O’Connell, CFO

 

 

+353 (0) 1 644 0007
finnCap Ltd (Nominated Adviser & Joint Broker)

Geoff Nash, James Thompson, Charlie Beeson

 

+44 (0) 20 7220 0500
Arden Partners PLC (Joint Broker)

John Lewellyn-Lloyd, Louisa Waddell

 

+44 (0) 207 614 5900
J&E Davy (Joint Broker)

Anthony Farrell, Niall Gilchrist

 

+353 (0) 1 679 6363
Instinctif Partners

Melanie Toyne Sewell, Rozi Morris, Tim Field

+44 (0) 20 7457 2020

poolbeg@instinctif.com

 

University of Warwick
Alice Scott – Media Relations Manager

+44 (0) 7920 531 221

Alice.j.scott@warwick.ac.uk

 

#ECHO Echo Energy – Directorate Changes

echo

Echo Energy, the Latin American focused full cycle energy company,   is pleased to announce the appointment of Christian Yates as an independent non-executive director, with effect from 17 January 2022.

Christian is Chairman of Gresham House Renewable Energy VCT 2 plc, one of two listed investment companies he co-founded in 2010. He has been investing in, advising on and promoting investments in renewable energy since 2009.

Following eight years in the British Army, Christian began his career in fund management in 1988. He has worked for several investment houses holding senior positions at Bear Stearns Asset Management where he was CEO International, Julius Baer Investments as CEO London, Chase Asset Management as MD EMEA and Lazard Asset Management.

Since 2012, Christian has combined being an entrepreneur and consultant with being a non-executive director, with significant experience across  sectors including renewable energy (including wind, waste to energy and BESS), real estate, hospitality, fund management and wealth management where until October 2020 he was Chairman of the Bowmore Wealth Group.

The Company also announces that Gavin Graham, a non-executive director of the Company, will be stepping down as a director of the Company concurrently with Christian’s appointment in order to maintain a fit for purpose board composition and size.

James Parsons, Non-executive Chairman, commented: 

“I am delighted to welcome Christian to the Board.  His deep background across the renewable energy space is a critical enabler for our energy transition in Latin America and will add a vital and relevant dimension to our thinking. We will benefit hugely from Christian’s wealth of experience throughout the energy arena and I look forward to working with him.

I am also extremely grateful to Gavin for his support at Echo over the years, his contributions to our board discussions  and I wish him all the best for his future endeavours.”

The directorships and partnerships currently held by Christian Yates and over the five years preceding the date of appointment are as follows:

Mr Christian James Kurt Yates , aged 59

 

Current directorships/partnerships Previous directorships/partnerships
Aura Sustainable Capital Investments Ltd

Away Birmingham Limited

Away Cheltenham Limited

Away Holdings Limited

Away Storage Limited

Away Storage Liverpool Limited

CJK & RA Yates LLP

Gresham House Renewable Energy VCT 2 plc

New Radiation (2008) LLP

Remount T/A Future for Heroes Ltd

Weirs Drove Development Limited

 

127 Piccadilly Plc

Aura Renewables Infrastructure Trust plc

Bowmore Asset Management Limited

Bowmore Financial Planning Limited

Bowmore Wealth Group Limited

Canvenue Limited

Cherif Barnes Developments Limited

Cherif Hampton Row Holdco Ltd

Cherif Investment Properties Ltd

Hampton Row (Barnes) Management Limited

Managed Storage Services (1) Ltd

W4B (UK) Limited

 

Mr Yates was appointed as a director of W4B Bristol Limited on 27 April 2009. Liquidators were appointed to W4B Bristol Limited on 17 March 2015 and that company was dissolved on 12 April 2016. Unsecured creditors were paid a first and final dividend totalling £30,350, equating to 19.96 pence per GBP on unsecured claims of £152,048.

Christian Yates does not hold any ordinary shares in the Company and there are no further disclosures to be made pursuant to Schedule 2 paragraph (g) of the AIM Rules.

For further information please contact:

 

Echo Energy plc

Martin Hull, Chief Executive Officer

 

Via Vigo Communications Ltd

 

 

 

Cenkos Securities plc (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

 

Tel: 44 (0)20 7397 8900
Vigo Communications Ltd (PR Advisor)

Patrick d’Ancona

Chris McMahon

 

 

Tel: 44 (0)20 7390 0230
Shore Capital (Corporate Broker)

Anita Ghanekar

#ECHO Echo Energy – Production Update, Acquisition and Issue of Equity

echo

Echo Energy, the Latin American focused upstream energy company, is pleased to provide a   Q4 2021 production update regarding its Santa Cruz Sur assets, onshore Argentina.

 

In addition, further to Echo’s long stated intention to leverage its commercial and technical capabilities across the wider energy spectrum, including solar, the Company is pleased to announce its entry into the Chilean solar energy market with the entry of an option agreement to purchase a 70% interest in a 3MW solar project in Chile (the “Option”) and the forming of a partnership with Chilean company, Land & Sea SpA (“LAS”), a highly experienced developer of solar projects in Chile, to fund, construct and operate the project.  

 

Q4 2021 Argentinian Production Update

 

During Q4 2021 daily operations in the field at Santa Cruz Sur continued with the delivery of produced gas and liquids to key industrial customers and total 2021 cumulative production from Santa Cruz Sur net to Echo’s 70% interest reached an aggregate of 567,370 boe (including 2,920 MMscf of gas).

 

During Q4 2021, net liquids production averaged 240 bopd whilst net gas production averaged 7.0 MMscf/d. These production levels have been achieved despite a province-wide strike that temporarily reduced production levels over a six-day period in mid-December. Production for the first eight days of 2022 has been strong, with liquids production net to Echo averaging 262 bopd and net gas production averaging 8.3 MMscf/d.

 

As previously announced, the successful implementation of the Company’s strategy with the commercial focus on high-quality blends at Santa Cruz Sur, has continued to lead to an increased frequency of liquids sales throughout Q4 2021. Total liquids sales net to Echo over Q4 2021 reached 25,881 bbls which is an increase of 71% over the previous quarter (Q3 2021: 15,050 bbls). 

 

Entry into Chilean Solar Market – Highlights

 

· Option in relation to the 3 MW Vincente Méndez solar project (the “Project”) and Joint Venture with LAS, a highly experienced developer of solar projects in Chile

· On exercise of the Option, Echo will loan 100% of capex to construct the Project in return for a 70% indirect equity interest in the Zorro Solar SpA holding the rights to the Project (the “Project SPV”) with the remaining 30% interest in the Project SPA held by LAS

· Entry into the Project requires no upfront acquisition payment and instead provides Echo with access to attractive ‘ground floor terms’

· LAS will manage the Project locally, without a management fee, whilst Echo will maintain its 70% controlling interest in the Project SPV

· Following construction and on the sale of the Project, the construction loan provided will be repaid to Echo at 4% interest, with remaining sale proceeds split 70% Echo and 30% LAS, after reimbursement of US$100,000 of historical LAS costs

· If the option is exercised by Echo, gross construction capex for the Project is currently estimated at US$2.6 million and Echo will control the timing of expenditure

 

Under the Option agreement, the Company has the right to acquire a 70% interest in the Project, subject to certain conditions including the provision by the Company of the funding described below, with the intention to form a Joint Venture to construct and operate the Project. The Option is exercisable by the Company, in its sole discretion, at any time during the period up to 4 weeks from the date on which sufficient documentation has been provided to the Company required to enable a Final Investment Decision (“FID”). Echo’s current intention is to exercise the Option providing final documentation, including supplier and service contracts, is provided confirming the attractiveness of potential Project returns and the availability of non-recourse or project finance funds sufficient to meet Echo’s potential capex obligations. Further announcements will be made by the Company in this regard as appropriate.

 

By diversifying its asset portfolio via the entry of the Option, Echo will be well placed to capitalise on a new business segment that has the potential to provide low risk, stable cash flows, and attractive risk weighted returns that can support future investments in the base business in Santa Cruz Sur, whilst capitalising on complementary skills sets and geographic focus. Furthermore, Chile is a country with world class renewable energy resources; an established renewable energy industry and fiscal regime; excellent infrastructure; and ambitious energy transition targets.

 

Following careful analysis of multiple renewable energy projects, the Echo Board believe the Option to acquire an interest in the Project provides an important and exciting opportunity in the continued growth of the Company.

 

The Vincente Méndez Solar Project

 

The Vincente Méndez solar project is located 4 km from Chillan, a city of around two hundred thousand people, in central Chile, less than 0.2 km from the grid connection point and near to trunkline electricity and transport infrastructure to the capital Santiago. In this area, where solar radiation levels are similar to Mediterranean Europe, 3 MW capacity is expected to produce around 5,800 MWh/year, which is approximately double the average output of a UK solar plant of the same size.

 

Importantly, the Project will be part of the Chilean PMGD Scheme (Pequeños Medios de Generación Distribuida) which provides access to a favourable and stabilised long-term price regime and a fast- tracked approval process. These aspects make the project low risk to the Company in the construction phase and attractive to potential future purchasers / investors once operational.

 

Following any FID and successful commercial negotiation of construction contracts, total gross capex for the Project is currently anticipated to be approximately US$2.6 million. Subject to FID, construction is expected to begin in Q2 2022 and to complete in Q3 2023.

 

Whilst Echo will maintain a controlling equity interest in the Project SPV, on the ground, the Project will be led by LAS, who have demonstrated their expertise by managing solar projects through construction to operation, most recently, a similar 3 MW solar plant with another international partner. The Company’s partnership with LAS also provides access to LAS’ pipeline of similar solar projects already in the planning stage, which can be used by the Company to scale up the renewables business.  The Company expects to be able to secure project finance to fund this project in due course.

 

Terms of the Option agreement

 

The transaction has been structured to ensure that the project is low risk to the Company, whilst providing exposure to the potential upside associated with the interest, with no capital risk prior to FID. LAS are responsible for any remaining costs prior to the exercise of the Option and FID and the timing of FID is controlled by the Company.

 

Following a FID, when the Project cost has been accurately defined with contracts, the Company will fund 100% of the Project capex in the form of a loan to the Project SPV. In the event of any future sale of the Project post-construction, the proceeds would be utilised to cover the 4% per annum interest on the loan, the loan principal and a US$100k historical cost reimbursement to LAS. The remaining net proceeds would then be distributed according to the partner’s working interests. 

 

If following construction, the attractiveness of pricing in the wholesale power markets is such that the JV believes it would be preferable to retain the project and sell electricity into the grid, the cash flows generated from electricity sales will be used to satisfy the historical cost repayment obligations in the same way. As at 31 December 2021 the Project SPV had estimated net assets of approximately US$100,000.

 

Key Project milestones

 

Currently the Project is approaching Ready-To-Build (“RTB”) status, with LAS securing permits with relevant authorities and finalising the Engineering, Procurement & Construction (“EPC”) contract and the provision of solar panels. Following successful FID, it is expected that the Project would begin construction around Q2 2022. The completion of construction and commencement of commercial operations, when electricity is supplied to the grid, is currently anticipated around Q3 2023.

 

Echo Energy post transaction

 

This transaction is the next step towards becoming a full spectrum energy company leveraging the Company’s Latin America strategic focus and strong relationships. The Company’s base business in the Santa Cruz Sur assets in Argentina remains robust and a vital component of the ongoing business. In combination this transaction provides the Company with the ability, on exercise of the option, to better diversify the Company’s portfolio, across commodity type and country risk, yet is still positioned to take advantage of strengthening oil and gas prices and production enhancement opportunities. Going forward the Company is well positioned to grow its renewables business and provide stable cash flows to further support investment activities in Santa Cruz Sur.

 

The Company continues to evaluate other opportunities in the renewable energy space in Latin America with its local partners, alongside its existing investment programme including the ongoing well workover programme in its Santa Cruz Sur portfolio. This innovative, low risk structure transaction is indicative of how the Company will aim to bring further assets into the Company at a low upfront cost to shareholders.

 

Issue of equity and warrants

 

The Company announces that it has raised gross proceeds of £660,000 through the issue of 143,478,260 new ordinary shares in the Company (the “Subscription Shares”) at 0.46 pence per share (the “Subscription Price”) to new investors pursuant to a direct subscription with the Company (the “Subscription”), conditional on admission of the Subscription Shares to trading on AIM.

In connection with the Subscription, the Company has  issued 65,217,391 warrants to subscribe for new Ordinary Shares exercisable at 0.65 pence per new Ordinary Share at any time until the second anniversary of issue (the “First Subscription Warrants”) subject to admission of the Subscription Shares to trading on AIM.  

In addition, the Company has also conditionally agreed to issue a further 78,260,869 warrants to subscribe for new Ordinary Shares exercisable at 0.65 pence per new Ordinary Share at any time until the second anniversary of issue (the “Second Subscription Warrants”) subject to the receipt of the necessary share issuance authorities at the Company’s 2022 annual general meeting.

The Subscription Shares will, when issued, rank pari passu in all respects with the Company’s existing ordinary shares of 0.25 pence each (“Ordinary Shares”) and application will be made for the Subscription Shares to be admitted to trading on AIM (“Admission”). Admission is expected to take place on or around 8.00 a.m. on 24 January 2022.

The net proceeds of the Subscription of approximately £600,000 will add to the Company’s working capital resources and be applied towards the formation of the solar project Joint Venture to construct and operate the Project. As at 30 December 2021 the Company’s unaudited cash balance, excluding Echo’s 70% entitlement to cash balances held by the Santa Cruz Sur joint venture in Argentina, was approximately US$520,000.

Following Admission, the Company’s issued share capital will comprise 1,452,491,345 Ordinary Shares. Each Ordinary Share has one voting right and no shares are held in treasury and this figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules. 

 

Martin Hull, Chief Executive Officer of Echo Energy, commented:

 

“I am very pleased to be able to announce our first steps into the solar energy space via the entry of the partnership with LAS and this option agreement. The resultant JV represents what we hope will be the start of a long and fruitful relationship with LAS. This agreement is another example of Echo leveraging its in-house transactional capabilities to bring exciting and potentially highly value accretive assets into the business while at the same time minimising upfront cost to its shareholders.

 

Our Santa Cruz Sur assets provide Echo with a very robust base business, highlighted by the strong production numbers at the start of this year, and a strong foundation on which to add a new business segment. Chile is a sweet spot for renewable energy in Latin America, and our entry to the region diversifies our geographic footprint whilst providing near term catalysts as we progress the new project.

 

Our focus remains on balancing risk and reward in the most efficient way possible for our shareholders – as we broaden the range of our energy investment opportunities, we will be able to identify the best paths to value creation across both hydrocarbons and renewables, whilst also positioning the business for the energy transition.

 

 

 

For further information, please contact:

 

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications

Vigo Consulting (IR & PR Advisor)

Patrick d’Ancona

Chris McMahon

 

+44 (0) 20 7390 0230

Cenkos Securities (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

+44 (0) 20 7397 8900

Shore Capital (Corporate Broker)

Anita Ghanekar

 

+44 (0) 20 7408 4090

#POW Power Metal Resources – Uranium Portfolio Update – Athabasca Basin

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update on its uranium portfolio which includes seven 100% owned interests (the “Portfolio” or “Properties”) covering 411.96km2 surrounding the Athabasca Basin in northern Saskatchewan, Canada.

Further information in respect of the Properties, including a location map may be viewed in the website link below:

https://www.powermetalresources.com/project/athabasca-basin/

 

Portfolio Updates:

–    Power Metal has completed an in-depth historic data compilation across its entire uranium Portfolio surrounding the prolific Athabasca Basin, Saskatchewan, and now possesses a robust fully-digitised database covering all historic work programmes completed across the various Properties.

–    Power Metal recently retained a UK-based geological consultant with extensive Athabasca Basin experience to help push forward the Company’s various initiatives and projects within the exciting uranium space. The consultant previously completed a M.Sc. thesis from the University of Ottawa where they researched the geochemistry, alteration, and structural geology of one of the many world-class unconformity-related uranium deposits located within the Athabasca Basin.

–   Several extensive historical datasets were successfully procured, the data from which, combined with the results obtained from the recently completed Phase I work programme, will allow the Company to begin planning various 2022 exploration initiatives across the Portfolio.

–    Further maps and highlights from across the Portfolio will be released by the Company in the coming months. Select findings from the historic data compilation programme for the Tait Hill Property are however highlighted below, demonstrating the information gathered for one property.

–     Reflecting the interest shown from third parties in the Properties, a dataroom is being prepared to provide a focal point for those parties wishing to undertake due diligence review.

 

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

“Our move into uranium exploration has been planned for some time and commenced with the September 2021 staking surrounding the Athabasca Basin. The staking undertaken was highly selective, focusing on areas where historical recorded work had demonstrated uranium mineralisation or where other geological features suggested that ground would be prospective.

Although selective, the seven properties are clearly attracting some interest and we are looking at potential commercialisation options alongside planning for proactive 2022 exploration programmes.

To maximise any commercial outcome, and to optimise exploration we have gathered as much data as possible in respect of the Properties, and the information gleaned is, in our view, highly valuable.”

 

Tait Hill Property (“Tait Hill” or the “Property”) Data Compilation Highlights

–   All data from an high-resolution airborne magnetic, electromagnetic, and radiometric survey flown by Terraquest Ltd., on behalf of Canalaska Uranium Ltd., was obtained by Power Metal. The 2008 high-resolution survey included 4,290 total line-km flown at 150m line-spacing which covers the entire modern day Tait Hill Property.1

–      Detailed analysis was undertaken by Canalaska Uranium Ltd., for various radiometric products produced by the airborne survey including uranium (U), thorium (Th) and potassium (K). Specifically, isolated points in the dataset which have high U/Th ratios relative to background, are considered good candidates for uranium-rich surface showings and should be prioritised during future work programmes.1 A total of 11 unique points were identified by the survey within the Tait Hill Property.

–   The airborne survey (1st vertical derivative product) highlights multiple northwest-southeast trending magnetic high features which transect the Property. Mapping over the area determined that they correspond to uranium-rich granite and pegmatitic dykes with anomalous scintillometer readings ranging from 350 to 2,500 counts per second (“CPS”). Further investigation is warranted along these structures which are mapped for a combined 16km through the Property.2

–    Several zones of uranium-rich mineralisation were identified in the historic results from Tait Hill including rock samples up to 15,150ppm (1.52%), 7,653ppm, and 6,610ppm U, as well as uranium in soil samples up to 14,358ppm (1.44%), 7,049ppm, and 6,692ppm.2,3

–     The rock sample that returned 15,150ppm U was taken immediately west of Tait Lake, and was located along a northeast-southwest oriented uranium-rich boulder train which follows the general direction of ice movement in the region (southwest). It was recommended that additional work be completed on this boulder train as further work may lead to the possible source area for these uranium-rich boulders.2

–      A new high-priority zone was identified during the 2008 field campaign which was named the ‘NE Shearika Zone’. Here, several uranium-rich rock samples (including 7,654ppm, 6,611ppm, 3,633ppm, and 1,609ppm U) were collected along a sharp contact zone between a granitic intrusion (magnetic high) and the surrounding meta-sedimentary rocks (magnetic low). This contact zone is traced for over 3km within the Tait Hill Property.3

A map highlighting some of the results from the historic data compilation completed on the Tait Hill Property can be found at the following link:

Tait Hill Historic Data Compilation Map|Power Metal Resources plc (LON: POW)

 

Reference Notes:

1:             Operations Report for Canalaska Uranium Ltd., High Resolution Magnetic, XDS VLF-EM & Radiometric Airborne Survey Grease River Project Northern Saskatchewan: April 15, 2008

2:             Canalaska Uranium, Report on the 2007 Exploration Programme Grease River Project: July, 2008

3:             Canalaska Uranium, Report on the 2008 Exploration Programme Grease River Project: March, 2009

 

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

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.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

 

#POW Power Metal Resources – MFC Project – Prospecting Licence Renewals

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces the renewal of key Prospecting Licences (“PLs”) at the Molopo Farms Complex Project (“MFC Project” or the “Project”) located in southwestern Botswana.

Power Metal holds a 40% direct project interest in the MFC Project and a 20.65% shareholding in Kalahari Key Mineral Exploration Pty Limited (“KKME”), which holds the remaining 60% interest. 

Kavango Resources currently has an option (the “Option”) to acquire up to 85.2% of KKME including Power Metal’s shareholding.  Further details regarding the Option were published in the Company’s announcement released on 26 November 2021 which may be viewed at the following link:

https://www.londonstockexchange.com/news-article/POW/kavango-option-kalahari-key-botswana/15226717

Renewal documentation has been received in respect of PL310/2016 and PL311/2016, with the latter covering the area where drilling was completed in 2021 from which significant nickel intersections were confirmed.  Further details in respect of the licence renewals is provided below.

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

“The renewal of PL310/2016 and PL311/2016 represents an important milestone for the Project, providing a further 2 years for ongoing exploration following the initial successful drilling campaign completed early in 2021.  That campaign confirmed significant nickel intersections from the second hole drilled (KKME 1-6) including individual assay results up to 1.7% Ni and 0.55g/t Pt, representing the highest nickel grade achieved from the Molopo Farms Complex to date.

Kavango Resources are continuing their Option due diligence work programme, and we are looking forward to the receipt of their findings in the coming weeks.”

Prospecting Licence Information

Licence Number

Size

Licence Type

Licence Term

Licence Period End

PL310/2016

221.4km2

Second Renewal

2 years

31.12.2023

PL311/2016

486.2km2

Second Renewal

2 Years

31.12.2023

PL202/2018

771.0km2

First Renewal

2 years

30.09.2023

Total

1,478.6km2

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.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

#ECR ECR Minerals – Holding(s) in Company

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

ECR Minerals Plc

1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligation iv

Name

Colin Braidwood

City and country of registered office (if applicable)

4. Full name of shareholder(s) (if different from 3.)v

Name

Colin Braidwood

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

11/01/2022

6. Date on which issuer notified (DD/MM/YYYY):

11/01/2022

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

8.00%

N/A

8.00%

1,018,058,551

Position of previous notification (if

applicable)

7.02%

N/A

7.02%

1,018,058,551

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00BYYDKX57

81,515,151

8.00%

SUBTOTAL 8. A

81,515,151

8.00%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Physical or cash

settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Colin Braidwood

8.00%

N/A

8.00%

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Place of completion

United Kingdom

Date of completion

11 January 2022

 

Annex: Notification of major holdings (to be filed with the FCA only)

A: Identity of the person subject to the notification obligation

Full name (including legal form for legal entities)

Contact address (registered office for legal entities)

E-Mail

Phone number / Fax number

Other useful information

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Contact address

E-Mail

Phone number / Fax number

Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

Please send the completed form together with this annex to the FCA at the following email

address: Majorshareholdings@fca.org.uk. Please send in Microsoft Word format if possible.

#MSMN Mosman Oil and Gas – AGM Update – Withdrawal of Resolution 2

MSMN

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces an update on the planned AGM due to held in Sydney on 28 January 2022.

The Company has received a number of comments from shareholders in respect to the proposed Resolution 2 – Share Consolidation – 1 for 100 Shares. The Board has taken this feedback into consideration and has decided to withdraw Resolution 2 at this time and that matter will now not be placed before shareholders at the AGM.

As required by Australian law, all other aspects of the meeting will proceed.

Enquiries:

Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Joint Broker

Monecor (London) Ltd trading as ETX Capital Thomas Smith

020 7392 1432

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