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#POW Power Metal Resources PLC – Victoria Goldfields Australia – Drilling Update

15th March 2023 / Leave a comment

Drilling Programme Complete; Visible Gold Intersected in 4 of 6 Holes and Significant Quartz Vein Intercept in the Final Hole

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update from the Company’s Berringa Gold Mine Project (“Berringa” or the “Project”), which forms part of the Victorian Goldfields joint-venture (“JV”) located in Victoria, Australia.

A progress update RNS was announced on 16 February 2023 which announced the completion of three diamond drill holes, with all holes completed thus far encountering visible gold:

https://www.londonstockexchange.com/news-article/POW/victoria-goldfields-australia-update/15840466

BACKGROUND:

– The diamond drill programme was designed to test three priority targets at Berringa which is a former high-grade producing gold mine in the Victoria Goldfields. The programme began in December 2022 and is now complete.

– The programme aimed to test for the down dip and along strike extensions of previously mined gold mineralised zones and to improve the structural understanding of the deposit area.

HIGHLIGHTS:

– The drilling has now completed, with a total of six diamond drillholes totalling 988 metres.

– The majority of drill core samples are currently undergoing assay testing at an accredited laboratory in Ballarat. The remaining samples will be delivered to the laboratory within the week with final results expected later this month.

– Four of the six drill holes completed as part of this programme encountered visible gold. (BED23001, BED23002, BED23003, BED23006). Mineralised intercepts in drillholes BED23001, BED23002 and BED23003 are summarised in the 16 February 2023 release.

– In the final hole drilled, BED23006, visible gold was encountered at 133.55m within a broader circa 30-metre-wide quartz vein (130.5m – 158m) which is located approximately 100 metres east of the main Berringa line of workings. This represents a significantly large quartz vein intercept, and it indicates the likely existence of the eastern and parallel trend of gold mineralisation.

– Within the final drill hole, due to ground conditions, drilling was terminated at 158m whilst still in the quartz veining meaning the 30-metre-wide intersection remains open downhole.

Sean Wade, Chief Executive Officer of Power Metal Resources Plc commented:

“I am delighted to confirm that drilling is now complete at Berringa. Importantly, 4 of 6 drill holes encountered visible gold including a significant 30-metre-wide mineralised quartz vein in the final hole completed – which remains open downhole.

It is also worth noting that at both Berringa as well as our 100%-owned Tati gold Project located in Botswana, exploration is centred on extensions of previously producing gold mines. These therefore are brownfield and not greenfield targets, representing more advanced exploration opportunities than currently being recognised.

I want to personally thank our in-country exploration and drilling teams for their hard work in completing this drilling programme, and we now eagerly await final assay results.”

JOINT VENTURE STRUCTURE

The JV is held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources PLC (50.1%) (together the “JV Partners”).

NBGC has a wholly owned Australian operating subsidiary Red Rock Australasia Pty Ltd (“RRAL”) which holds a strong land position comprising seventeen granted exploration licences and one purchased licence for a total area of 1,867km² within the prolific Victorian Goldfields of Victoria, Australia, principally surrounding the mining centre of Ballarat, Australia.

In addition, 2 licences covering 467km² await grant. The JV has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, all of which remain largely underexplored by modern explorers.

The JV Partners have the intention of listing the JV company NBGC and will make further announcements as appropriate.

QUALIFIED PERSON STATEMENT

The technical information in this report is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and the Executive Officer and Exploration Manager of RRAL. He is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, published by AIM.

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
Sean Wade (Chief Executive Officer)	+44 (0) 20 3778 1396

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

#POLB Poolbeg Pharma – POLB 001 Patent Portfolio Strengthened

8th March 2023 / Leave a comment

Key highlights

· Patent granted for use of certain p38 MAP kinase inhibitors for the treatment of hypercytokinaemia

· Allows for use in combination with an antiviral agent

· Patent enhances the robust IP portfolio protecting Poolbeg’s growing pipeline

8 March 2023 – Poolbeg Pharma (AIM: POLB, OTCQB: POLBF, ‘Poolbeg’ or the ‘Company’), a leading infectious disease focused biopharmaceutical company, announces that further to its announcement on 4 October 2022, it has been granted a patent by the US Patent and Trademark Office (USPTO) for methods of treating hypercytokinaemia using POLB 001, a small molecule immunomodulator being developed to address the unmet medical need arising from severe influenza and other acute inflammatory conditions.

The USPTO granted a patent for the use of POLB 001 and related p38 MAP kinase (mitogen-activated protein kinase) inhibitors for the treatment of hypercytokinaemia (or “cytokine storm”), including hypercytokinaemia that occurs due to viral infection such as an influenza virus, cancer or an autoimmune response, through the modulation of the immune response (reducing the body’s hyperinflammatory response).

Poolbeg has a worldwide license for POLB 001 for all uses in humans and is developing a strong IP portfolio with US patent protection in place covering the use of a wide range of p38 MAP kinase (mitogen-activated protein kinase) inhibitors for the treatment of symptoms of severe influenza and hypercytokinaemia and a European patent for the class of p38 MAP kinase inhibitors for use in the treatment of severe influenza.

In January 2022, the Company filed a patent application to seek class protection for the novel use of p38 inhibitors in CAR T cell treatment. This opens up a significant new market opportunity for POLB 001 beyond severe influenza. Poolbeg continues to explore opportunities to expand its IP around this asset to cover new disease areas which could enhance the value of the asset.

The Company continues to work with its patent advisors to broaden and expand its patent families.

Jeremy Skillington, PhD, CEO of Poolbeg Pharma, said:

“We are expanding our IP portfolio across the globe, allowing us to continue advancing and protecting our programmes for the treatment or prevention of severe influenza and hypercytokinaemia. Enhanced IP protection of our assets across key markets, such as the US, increases the overall value and attractiveness of these products to potential partners. This is particularly important in the light of the recent favourable results from our POLB 001 LPS human challenge trial announced 2 March 2023.”

About POLB 001

POLB 001 is a small molecule immunomodulator for the treatment of symptoms of severe influenza, and hypercytokinaemia which may occur due to exposure to a pathogen or be triggered by cancer or an autoimmune response. Poolbeg continues to discover new indications for POLB 001 in other acute inflammatory conditions. POLB 001 selectively inhibits overwhelming inflammation that may be triggered by viral infections, such as severe influenza, while leaving the necessary immune functions intact to fight the infection. This contrasts with other immunomodulatory approaches, such as steroids, which affect both beneficial and damaging immune responses. Due to its mode of action it is strain agnostic and unaffected by seasonal variants which is a significant advantage over treatments available on the market. In addition, as a shelf stable oral drug it is an ideal stock piling candidate for both seasonal and pandemic outbreaks. Therefore, POLB 001 has the potential to be a transformational treatment for patients and to become a leading severe influenza treatment.

Cytokines, originally intended to optimise immunity, when overexpressed can sweep throughout the body re-programming white blood cells causing tissue damage, shutting down circulation and other essential organs leading to death and in certain circumstances cytokine storm or cytokine release syndrome (CRS). Such excessive cytokine responses can be seen in diseases as diverse as severe influenza and in response to chimeric antigen receptor T cell therapy (CAR T cell) treatment of cancers. Poolbeg continues to evaluate POLB 001’s potential in additional indications to fully unlock the potential value of the molecule.

p38 MAP kinase (p38 MAPK) is a master regulator of immunity, ubiquitously expressed in all white blood cells where it is poised to unleash inflammation. Poolbeg’s clinical approach, inhibiting p38 MAP kinase hypothesised that it’s a prime suspect in driving the cytokine storm and its consequences in patients whose immune responses do not resolve normally, without intervention. This has now been demonstrated as a concept in a human clinical model of infectious disease and endotoxin mediated inflammation administering LPS as the endotoxin to healthy volunteers. LPS is a bacterial product that mimics infection and is used to capture the hallmarks of both local and systemic inflammation typical of a cytokine storm in humans, but in a safe, controlled and quantifiable manner – it’s one step removed from the infected critical care patient. Treatment with POLB 001 resulted in a highly significant reduction in p38 MAP kinase driven cytokines and exhibited a marked reduction in multiple markers of systemic and local inflammation compared with placebo. Read more here.

UK Investor Magazine Podcast- CEO Alan Green discusses Barratt Developments, BP, Deltic Energy and ECR Minerals

8th February 2023 / Leave a comment

The UK Investor Magazine was delighted to be joined by Alan Green for our weekly instalment of UK equities and discussion around key market themes.

We discuss:

Barratt Developments (LON:BDEV)
BP (LON:BP)
Deltic Energy (LON:DELT)
ECR Minerals (LON:ECR)

We start by looking at the UK economy and a Think Tank prediction a UK recession will now be avoided. The FTSE 100 has reached new all-time highs above 7,900 – we look at the future trajectory for London’s leading index. We also the FTSE 250 and AIM, and the correlation with certain UK economic data points.

After a torrid year for Barratt Developments shares in 2022, there was reason for optimism in this morning results after the homebuilder said they were encouraged by January sales figures. We delve into the numbers.

BP confirmed bumper earnings for 2022 yesterday, as expected. We look at Barclay’s £10 price target and run through their key metrics.

We finish with a look at Deltic Energy and ECR Minerals.

Listen- Barratt Developments, BP, and Deltic Energy with Alan Green – UK Investor Magazine

#POW Power Metal Resources PLC – Molopo Farms, Botswana – Drill Programme Complete

7th February 2023 / Leave a comment

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the completion of a 2,402m diamond drill programme at the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel and platinum group element (“PGE”) discovery in southwestern Botswana.

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

“Completion of this drill programme represents an important step forward for Power Metal and my thanks go out to the operational teams for a job well done. This exercise required some flexibility, with teams mobilising to multiple locations requiring rapid adaptation to the changing technical demands on an iterative basis.

Historical exploration work completed at Molopo Farms prior to this drill programme demonstrated the validity of the feeder zone geological model with evidence of the targeted nickel sulphides. From our recent work and technical findings from this drill programme thus far, the model has been further validated.

With diamond drilling, downhole geophysics, technical core review and assay testing we are bringing together a significant amount of data with multiple final datasets awaited, including assay results and the interpretation thereof.

We expect the data and interpretations from this drill programme will add considerably to the existing understanding of what we believe is a particularly exciting opportunity at Molopo Farms. Further updates will follow in due course.”

§ The inaugural drillhole (DDH2-3A) into target area T2-3 has been completed to a final downhole depth of 483m.

§ A total of 2,402m was drilled in this campaign across five drillholes targeting four individual target areas including:

o DDH2-3A (483m), DDH1-3A (450m), DDH1-14B (519m), DDH1-6B (2) (300m), DDH1-6B (650m).

§ The programme was completed safely and efficiently thanks to the Company’s various in-country drilling and geological contractors.

§ The Company is now working on completing detailed logging of all remaining cores, as well as cutting, processing, and shipping of all remaining samples for assay testing at an accredited laboratory located in Johannesburg, South Africa.

§ Once all technical information, including assays, have been received and interpreted, the Company will release a comprehensive RNS covering all results from the programme, including geological interpretations, downhole electromagnetic and assay data.

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 PLC – Insitu Rock Chip Sampling at Creswick Licences EL006184 and EL006713

7th February 2023 / Leave a comment

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce high gold grades from recent in-situ rock chips sited within license EL006184 and newly acquired license EL006713 at the Creswick Project, Victoria, Australia.

ECR Minerals plc has 100% ownership of the Creswick Project which includes exploration tenements EL006907, EL006713 and EL006184. All licences reside north to north-east of the City of Ballarat, Victoria, Australia. The Company is exploring a number of parallel-gold mineralisation trends that are believed to extend 10km NE from the Nerrina Goldfields at Ballarat.

ECR CEO Andrew Haythorpe commented: “I am delighted to see these results from rock chip sampling. Along with the retest of the 2021 Creswick drill core (see RNS dated October 19 2022 here) and the parallel gold system identified at Davey Road and South Davey workings (see RNS dated December 22 2022 here), this work continues to support the Directors’ belief that Creswick could host an extended gold system. The Company’s field team has remained on the ground at the property to continue further sampling”

The Board remain excited by the potential opportunities for discovery across ECR’s asset portfolio, and are eager to push on and undertake further work at the earliest possible opportunity. I look forward to reporting back to you with further updates.”

HIGHLIGHTS

Insitu rock chip sampling from two accessible underground locations at the Brewery Lane property (EL006184) and Mills Reef East (EL006713) have been completed.
Highlights include 0.7m @ 189.42 g/t Au and 0.4m @ 86.51 g/t Au from (EL006184); 0.25m @ 441.23 g/t Au, 0.15m @ 140.83 g/t Au and 0.25m @ 24.92 g/t Au from (EL006713).
Widths of reported grades are close to true width.
Ground work continues through newly acquired tenements towards Ballarat.

Figures related to this announcement can be viewed here:

Figure 1: Overview map:

https://www.ecrminerals.com/images/2023/Fig1_Creswick_Rock_Chips.png

Figure 2: Plan of rock chip locations EL006184:

https://www.ecrminerals.com/images/2023/Fig2_Brewery_Lane_Chips.png

Figure 3: Plan of rock chip locations, Mills Reef East, EL006713:

https://www.ecrminerals.com/images/2023/Fig3_Mills_Reef_East_Chips.png

A complete list of sample results and locations is presented in Appendix 1 at the foot of this document.

BACKGROUND

Through ownership of the property at Brewery Lane, ECR geologists have taken advantage of the historical gold workings on the land, and, using their knowledge and experience from previous work in underground gold mines, have sampled a number of quartz veins within the old works (Sample ID’s CRSR058 to CRSR166A and CRSR390 to 461) and conducted an assessment of the ground conditions. Alongside this, the team have also undertaken preliminary sampling at ECR’s newly acquired tenement EL006713 at a location known as Mills Reef to generate a ‘geological snapshot’ of the area (Sample ID [NCR055 to NCR091]. Rock chips have been taken from exposed in-situ quartz veins where possible to assess possible gold grades within the tenement and correlate geology to grade.

BREWERY LANE

A 120m long adit (tunnel) forms part of the extensive network of historic mining works at the Company’s Brewery Lane property. The Directors understand the adit was originally driven into the hill in the 1800’s to access a mineralised system known as the Spring Hill Reef. This mineralised system parallels the Dimocks Main Shale (DMS), which lies to the west (see Figure 2 above).

Three quartz veins averaging 0.3m wide are accessible from 3 small crosscuts from the main adit. Veins in crosscut 1 and 3 show no gold however, the vein in the crosscut 2 revealed a best result of 0.15m @ 14.11 g/t Au (see Sample IDs CRSR098 to CRSR111 for all results in this area). At the end of the adit, the Spring Hill Reef was worked to the north over a strike of 20m, with veins systematically sampled over the roof and walls. The best results have come from an east dipping vein still present and visible on the wall of the adit. Rock chip samples taken from accessible points within this adit returned 0.7m @ 189.42 g/t Au and 0.4m @ 86.51 g/t. The remainder of this vein is not currently accessible. Results from duplicated samples of interest show a high variability in the results leading the board to conclude that, as with previous anomalous gold results reported from Creswick (see RNS from February 11 2022 here), coarse gold is present.

Rock chips have also been taken from remnant quartz samples on waste dumps along the line of reef workings going south from the adit (see Sample IDs [ ] to [ ]). The best result returned from this work revealed 4.79 g/t Au from a 0.5m wide vein in-situ at the top of a collapsed shaft.

MILLS REEF EAST

Sited within newly acquired Creswick tenement EL006713, the historic mining area known as Mills Reef lies approximately 4km south of Brewery Lane and is believed to lie along strike of the DMS corridor. LIDAR imagery reveals the extent of historic alluvial mining leading north up to a ridge line at the centre of the area (see Figure 3 above). There are 2 accessible locations to some of the historic underground workings. The adit leading west from the gully accesses part of the Mills Reef while a smaller adit has been driven to the east accessing Mills Reef East. Both adits have been sampled, although to date results have only been received for Mills Reef East (see Sample IDs NCR055 to NCR091. The best results from the East adit include 0.25m @ 441.23 g/t Au, 0.15m @ 140.83 g/t Au, 0.25m @ 24.92 g/t Au and other similarly good grades presented in Appendix 1 below. Geologically, the best results come from a series of shallow plunging spur veins that propagate from a fold/fault system. In appearance the historic workings are small scale however, the presence of extremely high gold grades and the possibility considered by the Board that these high grade structures at could be repeated at depth and along strike lend considerable credence to the presence of an extended gold system. It is also worth noting that such gold mineralisation is not untypical for the Central Victorian gold belt.

NEXT STEPS

This collection of high-grade results from remnant gold workings has encouraged the ECR geology team and the Board as to what could potentially await discovery in the ground across ECR’s three Creswick tenements. Soil sampling is already underway at Mills Reef area with further work planned. The priority areas for sampling will be along strike and the projected up-dip of mineralised veins sampled in the adits. The Board expects that this work will provide the necessary data to support a drilling program to follow up on anomalies in due course. With the availability of near immediate drill access to the Brewery Lane property and the location of some of ECR’s successful drill intercepts between 2019 and 2021, the next drill program will follow up on the DMS (Slades Reef) and test the Spring Hill Reef. Drill targets will also be planned and executed at the new tenements to the south of EL006184, including the Mills Reef area, while at the same time, on-ground work including further rock chip sampling and soil geochemistry will continue further south to delineate new drill targets

The Board will report back as these plans progress throughout 2023.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

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

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km² over a relatively unexplored area in Queensland, Australia.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

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

Appendix One
Table 1: All rock chip results from sampling the Spring Hill Adit, Brewery Lane, EL006184. Highlighted results in bold.
(Grid reference GDA94 Zone 54).

SampleID	Easting	Northing	Elevation	Au_ppm	Location
CRSR058	759495.8	5854867	528.74	0.04	Spring Hill Adit-X cut 1
CRSR059	759496	5854867	528.781	0.04	Spring Hill Adit-X cut 1
CRSR060	759496.4	5854867	528.851	0.04	Spring Hill Adit-X cut 1
CRSR061	759496.8	5854867	528.953	0.04	Spring Hill Adit-X cut 1
CRSR062	759497.1	5854867	529.014	0.04	Spring Hill Adit-X cut 1
CRSR063	759495.8	5854867	528.74	0.04	Spring Hill Adit-X cut 1
CRSR064	759496.4	5854867	528.851	0.04	Spring Hill Adit-X cut 1
CRSR065	759496.9	5854862	529.02	0.04	Spring Hill Adit-X cut 1
CRSR066	759496.6	5854862	528.956	0.04	Spring Hill Adit-X cut 1
CRSR067	759496.4	5854862	528.92	0.04	Spring Hill Adit-X cut 1
CRSR068	759496.2	5854862	528.874	0.04	Spring Hill Adit-X cut 1
CRSR069	759496.9	5854862	529.02	0.04	Spring Hill Adit-X cut 1
CRSR070	759496.9	5854862	529.02	0.04	Spring Hill Adit-X cut 1
CRSR071	759493.1	5854862	528.81	0.04	Spring Hill Adit-X cut 1
CRSR072	759495.9	5854865	529.73	0.04	Spring Hill Adit-X cut 1
CRSR073	759496.1	5854865	529.726	0.04	Spring Hill Adit-X cut 1
CRSR074	759496.7	5854865	529.718	0.04	Spring Hill Adit-X cut 1
CRSR075	759496.9	5854865	529.715	0.04	Spring Hill Adit-X cut 1
CRSR076	759496.1	5854865	529.726	0.04	Spring Hill Adit-X cut 1
CRSR077	759496.9	5854865	529.715	0.04	Spring Hill Adit-X cut 1
CRSR078	759491.4	5854861	528.7983	0.04	Spring Hill Adit
CRSR079	759491.1	5854862	528.8181	0.04	Spring Hill Adit
CRSR080	759499.7	5854866	528.69	0.04	Spring Hill Adit
CRSR081	759499.2	5854866	528.951	0.04	Spring Hill Adit
CRSR082	759499.1	5854866	529.016	0.04	Spring Hill Adit
CRSR083	759498.8	5854865	529.19	0.07	Spring Hill Adit
CRSR084	759498.5	5854867	528.94	0.04	Spring Hill Adit
CRSR085	759498.6	5854867	528.917	0.04	Spring Hill Adit
CRSR086	759498.9	5854867	528.865	0.04	Spring Hill Adit
CRSR087	759499.1	5854867	528.835	0.04	Spring Hill Adit
CRSR088	759506.3	5854872	528.82	0.04	Spring Hill Adit
CRSR089	759506.5	5854872	528.828	0.04	Spring Hill Adit
CRSR090	759506.4	5854872	529.385	0.06	Spring Hill Adit
CRSR091	759507.3	5854871	528.94	0.04	Spring Hill Adit
CRSR092	759506.8	5854871	528.914	0.04	Spring Hill Adit
CRSR093	759506.6	5854871	528.901	0.04	Spring Hill Adit
CRSR094	759509.2	5854872	528.7839	0.04	Spring Hill Adit
CRSR095	759514.2	5854875	528.8267	0.04	Spring Hill Adit
CRSR096	759514.7	5854875	528.8254	0.04	Spring Hill Adit
CRSR097	759516.3	5854876	528.839	0.04	Spring Hill Adit
CRSR098	759522	5854882	528.88	0.16	Spring Hill Adit-X cut 2
CRSR099	759522.3	5854882	528.811	1.66	Spring Hill Adit-X cut 2
CRSR100	759522.5	5854882	528.753	0.64	Spring Hill Adit-X cut 2
CRSR101	759522.8	5854882	528.648	4.53	Spring Hill Adit-X cut 2
CRSR102	759522.3	5854882	529.318	0.77	Spring Hill Adit-X cut 2
CRSR103	759522.7	5854883	529.194	0.31	Spring Hill Adit-X cut 2
CRSR104	759522.9	5854881	529.68	0.04	Spring Hill Adit-X cut 2
CRSR105	759522.8	5854881	529.687	0.16	Spring Hill Adit-X cut 2
CRSR106	759522.6	5854881	529.699	0.04	Spring Hill Adit-X cut 2
CRSR107	759522.2	5854881	529.721	0.08	Spring Hill Adit-X cut 2
CRSR108	759522.1	5854881	529.726	0.04	Spring Hill Adit-X cut 2
CRSR109	759522.9	5854878	529.04	14.11	Spring Hill Adit-X cut 2
CRSR110	759522.8	5854878	529.06	0.04	Spring Hill Adit-X cut 2
CRSR111	759522.2	5854878	529.151	3.14	Spring Hill Adit-X cut 2
CRSR112	759520.3	5854878	528.7974	0.04	Spring Hill Adit
CRSR113	759521.4	5854879	528.7288	0.09	Spring Hill Adit
CRSR114	759521.8	5854879	528.506	0.04	Spring Hill Adit
CRSR115	759523	5854880	528.4265	0.04	Spring Hill Adit
CRSR116	759523.4	5854880	528.7772	0.04	Spring Hill Adit
CRSR117	759523.4	5854880	528.1335	0.05	Spring Hill Adit
CRSR118	759523.4	5854882	528.6035	0.04	Spring Hill Adit
CRSR119	759525.6	5854881	528.5784	0.04	Spring Hill Adit
CRSR120	759527.2	5854882	528.5812	0.04	Spring Hill Adit
CRSR121	759528.5	5854883	528.4408	0.18	Spring Hill Adit
CRSR122	759529.3	5854883	528.3394	0.04	Spring Hill Adit
CRSR123	759530.3	5854884	528.4569	0.05	Spring Hill Adit
CRSR124	759533.9	5854886	528.4802	0.04	Spring Hill Adit
CRSR125	759535.8	5854887	528.596	0.04	Spring Hill Adit
CRSR126	759531.1	5854886	528.7217	0.04	Spring Hill Adit
CRSR127	759538	5854888	528.6739	0.04	Spring Hill Adit
CRSR128	759537.7	5854889	529.4753	1.22	Spring Hill Adit
CRSR130	759542.3	5854890	528.7717	0.04	Spring Hill Adit
CRSR131	759543	5854891	528.8191	0.04	Spring Hill Adit
CRSR132	759544.8	5854892	528.7643	0.05	Spring Hill Adit
CRSR133	759545.7	5854892	528.7944	0.09	Spring Hill Adit
CRSR134	759547.4	5854893	528.8282	0.04	Spring Hill Adit
CRSR135	759549.6	5854896	528.9082	0.09	Spring Hill Adit
CRSR136	759551.8	5854896	528.8757	0.04	Spring Hill Adit
CRSR137	759552.4	5854896	528.733	0.04	Spring Hill Adit
CRSR138	759554.8	5854898	528.8027	0.04	Spring Hill Adit
CRSR139	759556.2	5854898	528.8658	0.04	Spring Hill Adit
CRSR140	759560.8	5854908	529.27	0.04	Spring Hill Adit-X cut 3
CRSR141	759561	5854908	529.276	0.16	Spring Hill Adit-X cut 3
CRSR142	759561.1	5854908	529.279	0.04	Spring Hill Adit-X cut 3
CRSR143	759561.3	5854908	529.285	0.04	Spring Hill Adit-X cut 3
CRSR144	759561.4	5854908	529.288	0.04	Spring Hill Adit-X cut 3
CRSR145	759561.3	5854908	528.776	0.04	Spring Hill Adit-X cut 3
CRSR146	759560.8	5854907	528.1943	0.04	Spring Hill Adit-X cut 3
CRSR147	759561.2	5854906	529.5	0.04	Spring Hill Adit-X cut 3
CRSR148	759561.4	5854906	529.5	0.04	Spring Hill Adit-X cut 3
CRSR149	759561.6	5854906	529.5	0.04	Spring Hill Adit-X cut 3
CRSR150A	759562.1	5854906	528.7727	0.04	Spring Hill Adit-X cut 3
CRSR152A	759561.6	5854903	529.5	0.04	Spring Hill Adit-X cut 3
CRSR153A	759561.8	5854903	529.5	0.04	Spring Hill Adit-X cut 3
CRSR154A	759562.1	5854903	529.5	0.04	Spring Hill Adit-X cut 3
CRSR155A	759563.5	5854904	528.811	0.04	Spring Hill Adit-X cut 3
CRSR156A	759563.5	5854902	528.8601	0.04	Spring Hill Adit-X cut 3
CRSR157A	759562.8	5854901	529.81	0.04	Spring Hill Adit-X cut 3
CRSR158A	759562.5	5854901	529.812	0.04	Spring Hill Adit-X cut 3
CRSR159A	759562.8	5854899	529.72	0.04	Spring Hill Adit-X cut 3
CRSR160A	759562.5	5854899	529.668	0.04	Spring Hill Adit-X cut 3
CRSR161A	759562.1	5854899	529.606	0.04	Spring Hill Adit-X cut 3
CRSR162A	759562.4	5854896	530.42	0.04	Spring Hill Adit-X cut 3
CRSR163A	759562.1	5854896	530.435	0.04	Spring Hill Adit-X cut 3
CRSR164A	759562.4	5854894	528.74	0.04	Spring Hill Adit-X cut 3
CRSR165A	759561.9	5854894	528.747	0.04	Spring Hill Adit-X cut 3
CRSR166A	759561.7	5854894	528.75	0.04	Spring Hill Adit-X cut 3
CRSR390	759577.3	5854938	528.51	0.1	Spring Hill Adit-Main North Drive
CRSR391	759577.5	5854938	528.503	0.1	Spring Hill Adit-Main North Drive
CRSR392	759577.7	5854938	528.495	0.1	Spring Hill Adit-Main North Drive
CRSR393	759576.9	5854938	528.051	0.1	Spring Hill Adit-Main North Drive
CRSR394	759578.2	5854936	529.157	0.1	Spring Hill Adit-Main North Drive
CRSR395	759578.2	5854936	529.157	0.1	Spring Hill Adit-Main North Drive
CRSR396	759578.6	5854936	529.152	0.1	Spring Hill Adit-Main North Drive
CRSR397	759577.5	5854934	528.81	34.65	Spring Hill Adit-Main North Drive
CRSR398	759577.5	5854934	528.81	189.42	Spring Hill Adit-Main North Drive
CRSR399	759577.4	5854935	529.401	0.13	Spring Hill Adit-Main North Drive
CRSR400	759577.6	5854933	528.99	0.49	Spring Hill Adit-Main North Drive
CRSR401	759577.6	5854933	528.49	0.58	Spring Hill Adit-Main North Drive
CRSR402	759577.6	5854933	528.49	86.51	Spring Hill Adit-Main North Drive
CRSR403	759577.6	5854931	531.51	0.13	Spring Hill Adit-Main North Drive
CRSR404	759577.9	5854931	531.51	0.15	Spring Hill Adit-Main North Drive
CRSR405	759578.1	5854931	531.51	0.1	Spring Hill Adit-Main North Drive
CRSR406	759578.7	5854931	531.51	0.15	Spring Hill Adit-Main North Drive
CRSR407	759578.9	5854931	531.51	0.1	Spring Hill Adit-Main North Drive
CRSR408	759577.9	5854931	531.51	0.1	Spring Hill Adit-Main North Drive
CRSR409	759578.7	5854931	531.51	0.1	Spring Hill Adit-Main North Drive
CRSR410	759578.9	5854936	529.345	0.1	Spring Hill Adit-Main North Drive
CRSR411	759577.5	5854928	529.6907	0.1	Spring Hill Adit-Main North Drive
CRSR412	759577.6	5854928	530.12	0.1	Spring Hill Adit-Main North Drive
CRSR413	759577.5	5854929	531.52	0.1	Spring Hill Adit-Main North Drive
CRSR414	759577.6	5854929	531.52	0.1	Spring Hill Adit-Main North Drive
CRSR415	759578.1	5854929	531.52	0.1	Spring Hill Adit-Main North Drive
CRSR416	759578.3	5854929	531.52	0.1	Spring Hill Adit-Main North Drive
CRSR417	759578.4	5854929	531.52	0.1	Spring Hill Adit-Main North Drive
CRSR418	759577.7	5854926	531.32	0.1	Spring Hill Adit-Main North Drive
CRSR419	759578.1	5854926	531.32	0.1	Spring Hill Adit-Main North Drive
CRSR420	759578.3	5854926	531.32	0.1	Spring Hill Adit-Main North Drive
CRSR421	759578.7	5854926	531.32	0.1	Spring Hill Adit-Main North Drive
CRSR422	759578.8	5854926	531.32	0.1	Spring Hill Adit-Main North Drive
CRSR423	759579.1	5854926	531.32	0.1	Spring Hill Adit-Main North Drive
CRSR424	759579.1	5854926	531.32	0.1	Spring Hill Adit-Main North Drive
CRSR425	759578.7	5854926	531.32	0.1	Spring Hill Adit-Main North Drive
CRSR426	759577.6	5854925	531.02	0.1	Spring Hill Adit-Main North Drive
CRSR427	759578	5854925	531.019	0.12	Spring Hill Adit-Main North Drive
CRSR428	759578.4	5854925	531.019	0.32	Spring Hill Adit-Main North Drive
CRSR429	759578.8	5854925	531.018	0.1	Spring Hill Adit-Main North Drive
CRSR430	759579.1	5854925	531.017	0.1	Spring Hill Adit-Main North Drive
CRSR431	759579.2	5854925	531.017	0.1	Spring Hill Adit-Main North Drive
CRSR432	759577.6	5854925	531.02	0.1	Spring Hill Adit-Main North Drive
CRSR433	759578	5854925	531.019	0.25	Spring Hill Adit-Main North Drive
CRSR434	759577.7	5854925	530.262	0.97	Spring Hill Adit-Main North Drive
CRSR435	759577.5	5854922	530.78	0.1	Spring Hill Adit-Main North Drive
CRSR436	759577.7	5854922	530.78	0.1	Spring Hill Adit-Main North Drive
CRSR437	759578	5854922	530.78	0.1	Spring Hill Adit-Main North Drive
CRSR438	759578.5	5854922	530.78	0.1	Spring Hill Adit-Main North Drive
CRSR439	759577.7	5854922	530.78	0.1	Spring Hill Adit-Main North Drive
CRSR440	759578	5854922	530.78	0.11	Spring Hill Adit-Main North Drive
CRSR441	759577.3	5854920	529.393	0.1	Spring Hill Adit-Main North Drive
CRSR442	759577.3	5854920	530.46	0.1	Spring Hill Adit-Main North Drive
CRSR443	759577.8	5854920	530.461	0.1	Spring Hill Adit-Main North Drive
CRSR444	759578	5854920	530.462	0.1	Spring Hill Adit-Main North Drive
CRSR445	759578	5854920	530.462	0.1	Spring Hill Adit-Main North Drive
CRSR446	759579.2	5854934	528.6549	0.1	Spring Hill Adit-Main North Drive
CRSR447	759579.5	5854919	530.15	0.1	Spring Hill Adit-Main North Drive
CRSR448	759579.1	5854918	530.15	0.1	Spring Hill Adit-Main North Drive
CRSR449	759579.1	5854918	530.15	0.1	Spring Hill Adit-Main North Drive
CRSR450	759577.5	5854917	530.04	0.1	Spring Hill Adit-Main North Drive
CRSR451	759577.8	5854917	530.052	0.1	Spring Hill Adit-Main North Drive
CRSR452	759578.1	5854917	530.064	0.29	Spring Hill Adit-Main North Drive
CRSR453	759578.3	5854917	530.073	0.1	Spring Hill Adit-Main North Drive
CRSR454	759578.5	5854917	530.081	0.12	Spring Hill Adit-Main North Drive
CRSR455	759578.7	5854917	530.089	0.1	Spring Hill Adit-Main North Drive
CRSR456	759579	5854917	530.101	0.1	Spring Hill Adit-Main North Drive
CRSR457	759579.3	5854917	530.113	15.73	Spring Hill Adit-Main North Drive
CRSR458	759475.6	5854588	531.749	0.67	Spring Hill Reef Sth-dump samples at surface
CRSR459	759475.6	5854588	531.749	0.2	Spring Hill Reef Sth-dump samples at surface
CRSR460	759474.1	5854586	532.4049	0.59	Spring Hill Reef Sth-dump samples at surface
CRSR461	759470	5854587	532.0925	0.18	Spring Hill Reef Sth-dump samples at surface
CRSR462	759471.6	5854584	532.9552	0.1	Spring Hill Reef Sth-dump samples at surface
CRSR463	759471.5	5854582	533.1038	0.38	Spring Hill Reef Sth-dump samples at surface
CRSR464	759468.3	5854592	530.9085	0.17	Spring Hill Reef Sth-dump samples at surface
CRSR465	759467.6	5854585	531.9393	0.42	Spring Hill Reef Sth-dump samples at surface
CRSR466	759472.7	5854599	529.7131	0.2	Spring Hill Reef Sth-dump samples at surface
CRSR467	759472.3	5854601	529.7301	0.1	Spring Hill Reef Sth-dump samples at surface
CRSR468	759474	5854600	529.357	0.13	Spring Hill Reef Sth-dump samples at surface
CRSR469	759474	5854600	529.357	0.1	Spring Hill Reef Sth-dump samples at surface
CRSR470	759468.9	5854573	533.553	0.1	Spring Hill Reef Sth-dump samples at surface
CRSR471	759469	5854568	534.293	0.1	Spring Hill Reef Sth-dump samples at surface
CRSR472	759469	5854568	534.2932	0.9	Spring Hill Reef Sth-dump samples at surface
CRSR473	759472.4	5854565	535.635	0.1	Spring Hill Reef Sth-dump samples at surface
CRSR474	759472.3	5854561	536.2447	0.1	Spring Hill Reef Sth-dump samples at surface

Table 2: Reported rock chip results from the Mills Reef Adit East, EL006713 Highlighted results in bold.
(Grid reference GDA94 Zone 54).

SampleID	Easting	Northing	Elevation	Au_ppm	Location
NCR055	758840.1	5849941	543.8032	16.61	Mills Reef East Adit

NCR061	758839.1	5849942	543.4986	1.84	Mills Reef East Adit
NCR063	758839.5	5849943	543.638	16.01	Mills Reef East Adit
NCR065	758840.6	5849947	543.7093	140.83	Mills Reef East Adit
NCR075	758841.7	5849954	544.1188	2.54	Mills Reef East Adit
NCR081	758842	5849951	543.6339	3.19	Mills Reef East Adit
NCR082	758841.7	5849952	544.21	2.26	Mills Reef East Adit
NCR084	758842.3	5849949	542.6121	441.23	Mills Reef East Adit
NCR087	758841.3	5849949	544.0793	7.2	Mills Reef East Adit
NCR088	758841.2	5849949	543.4899	24.92	Mills Reef East Adit
NCR091	758841.2	5849949	542.786	2.23	Mills Reef East Adit

View source version on businesswire.com: https://www.businesswire.com/news/home/20230207005673/en/

ECR Minerals plc

Source: ECR Minerals plc

#TEK TekCapital PLC – Launch of Lucyd Lyte 2.0 Smart Eyewear

7th February 2023 / Leave a comment

Tekcapital Plc (AIM: TEK, OTCQB: TEKCF), the UK intellectual property investment group notes that Innovative Eyewear, Inc. (“Innovative Eyewear”) (NASDAQ: LUCY; LUCYW), the developer and retailer of smart eyewear under the Lucyd®, Nautica® and Eddie Bauer® brands, has announced the launch of Lucyd Lyte 2.0, (“Lyte 2.0”) a major upgrade to its flagship Lucyd Lyte audio eyewear platform.

The new Lucyd Lyte 2.0 line brings several advances to the company’s core product and is available now, in any optical prescription, at Lucyd.co. The Company intends to introduce the product to optical and specialty retail chains worldwide. The Lyte 2.0 marks the culmination of years of R&D to realize the company’s mission to make smart eyewear more accessible, useful and stylish for the optical and sunglass markets. New features of the Lyte 2.0 are as follows below:

· A four-speaker array provides immersive open-ear audio, that matches the sound quality of traditional earbuds without obstructing your hearing. The new speaker system provides an enhanced mid-range and bass response compared to the previous Lucyd Lyte.

· Audio input is improved with the introduction of dual noise-cancelling microphones. The Lyte 2.0 is ideal for recording audio content such as podcasts and voice messages and improves the fidelity of phone calls and input for voice assistants like Siri® compared to most built-in smartphone microphones.

· The battery life of the glasses has been improved to 12 hours of music playback and call time per charge, a 50% uplift over the previous model.

· The collection boasts 15 trending eyewear styles crafted by an experienced eyewear design team. 10 styles are available now, with the remaining five in pre-order until their expected availability in March 2023.

· The collection includes optical frames designed specifically for women and petite heads, as part of the company’s initiative to develop smart eyewear for all head shapes and sizes.

· The power and pairing indicator LEDs have been moved to a more discreet location in the inner temple.

· Touch controls now give an audible signal whenever the user adjusts volume or uses the other button functions, such as activating the voice assistant.

· Two new custom hinge types to enable a stronger, more aesthetically pleasing connection from the frontplate to the smart temple.

· Strength of the magnetic charging connection is improved, and the new collection is backwards compatible with the existing Lucyd Dock charger introduced with the original Lyte.

· The glasses use Bluetooth 5.2, providing improved connection stability over the previous 5.1 model.

· The glasses are offered with a new selection of over 20 custom lenses on Lucyd.co, now including gradient sunglasses and the latest cutting-edge Transitions® XTRActive Polarized and Signature Colors lenses.

· All of these features are added whilst maintaining price parity with traditional eyeglasses.

“Simply put, we believe there is no smart eyewear on the market that is as bold, beautiful and functional as the Lucyd Lyte 2.0,” says Harrison Gross, CEO of Innovative Eyewear. “We are in a unique place in history, where time-tested devices like the wristwatch and eyeglasses are being reimagined as onramps into our digital lives. I am grateful and amazed that my team was able to develop smart eyewear that truly delivers on the promise of wearables to make many forms of data and mobile computing easier to access, more natural and seamless. Unlike many companies that produce smart eyewear alongside dozens or hundreds of other products, we are singularly focused on this emerging category to make it useful and exciting for the consumer. I encourage everyone to upgrade their eyewear® with the Lyte 2.0, to see and hear the difference that years of thoughtful and rigorous development on a single core concept can make.”

Watch a video of the new glasses here.

About Innovative Eyewear, Inc.

Innovative Eyewear is a developer and retailer of cutting-edge smart eyewear, under the Lucyd^®, Nautica^® & Eddie Bauer^® brands. True to our mission to Upgrade Your Eyewear^®, our Bluetooth audio glasses allow users to stay safely and ergonomically connected to their digital lives, and are offered in hundreds of frame and lens combinations to meet the needs of the optical market. To learn more and explore our continuously evolving collection of smart eyewear, please visit www.lucyd.co.

Tekcapital currently owns 5,189,086 shares (approximately 71%) of Innovative Eyewear, Inc.

—

Photos and images courtesy of Innovative Eyewear Inc.

For further information, please contact:

Tekcapital Plc		Via Flagstaff
Clifford M. Gross, Ph.D.

SP Angel Corporate Finance LLP (Nominated Adviser and Broker)		+44 (0) 20 3470 0470
Richard Morrison/Charlie Bouverat (Corporate Finance)/Abigail Wayne / Rob Rees (Corporate Broking)
Flagstaff Strategic and Investor Communications		+44 (0) 20 7129 1474
Tim Thompson/Andrea Seymour/Fergus Mellon

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed discoveries that can enhance people’s lives and provides a range of technology transfer services to help organisations evaluate and commercialise new technologies. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in the UK. For more information, please visit www.tekcapital.com.

LEI: 213800GOJTOV19FIFZ85

Forward-Looking Statements

This press release is for informational purposes only. The information herein does not constitute investment advice nor an offer to invest and may contain statements related to our future business and financial performance and future events or developments involving Innovative Eyewear, Inc., Lucyd or Tekcapital that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to customers, stakeholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements may be based on the current expectations and certain assumptions of Tekcapital, Innovative Eyewear Inc. or Lucyd’s management. Please note that these are subject to a number of risks, uncertainties and factors, including, but not limited to those described in various disclosures. Should one or more of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Innovative Eyewear Inc., Lucyd and/or Tekcapital may vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Other than as required by relevant regulation or law, neither Innovative Eyewear Inc, Lucyd nor Tekcapital intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

#FCM First Class Metals PLC – Sunbeam 2nd Instalment, Funding & Issue of Equity

7th February 2023 / Leave a comment

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam land holding is pleased to provide an update on the Sunbeam past producing high grade gold mine.

Highlights

· Second payment of CAD$150,000 made to Nuinsco Resources Ltd (CNSX:NWI) (Nuinsco) which will trigger the transfer of ownership of the ‘core’ Sunbeam mine area claims to FCM ($550,000 of the $700,000 total acquisition amount now paid).

· Historical Data Review commenced with the objective of gaining a greater understanding of this past producing high grade gold project and its district potential.

· Archaeological heritage review commenced in order to identify and preserve any specific areas of special significance to the local First Nations Peoples.

· Drawdown requested of the second tranche, Sanderson Capital Partners Limited (Sanderson) Convertible Loan Note (CLN), which is set at a fixed conversion price of 15p per share.

· Tender process for 2023 Sunbeam Drilling Program initiated.

Since announcing the Sunbeam acquisition in early October 2022, we have been working to advance the project, this started with the award of the Exploration Permits which allows drilling, announced on the 19^th October2022. https://polaris.brighterir.com/public/first_class_metals/news/rns/story/x87m39w

Following on from the Exploration Permits we have now contracted Emerald Geological Services, in conjunction with Nuinsco geologists to conduct a detailed historical review of all available data from the time historical production commenced in the early 1900’s through to the last drilling campaign and geophysical survey by the previous operators in 2021. The review which will focus on three elements: drilling, structure, and area wide reconnaissance. When completed should allow for a more focussed, swifter development of FCM’s 2023 exploration plans for the property.

In line with our key ESG objectives and respect for the local First Nation Peoples who have an interest in the area a Stage 1, Archaeological Heritage Review (AHR) has been commissioned to be undertaken by White Spruce Archaeology Inc. The AHR will focus on identifying any historical areas of First Nation interest.

Both reviews are expected to be completed before the Spring thaw occurs and will be key to our early-stage planning in the progression of high impact exploration activities on the property.

Map Description automatically generated

Figure 1-Sunbeam Property and the extent of the overall project including the Perry English Option area.

Marc Sale Chief Executive Officer commented:

“Once these key reviews are completed it will allow an acceleration and focus to the field work when the Spring thaw commences. I look forward to reviewing the data these studies provide so FCM can plan a focussed drilling campaign on Sunbeam as soon as is feasible this year. I am also pleased to confirm that our funding partners Sanderson Capital are in the process of releasing the stage two 15p £250,000 drawdown which covers the second instalment, now paid to Nuinsco and all other commitments we currently have on Sunbeam”

Funding & Issue of Equity

Notice has been given to Sanderson for drawdown of the second tranche of £250,000 from the funding package announced at the time of the Sunbeam acquisition. This tranche, the second of four is fixed at a conversion price of 15p per share. Two further tranches (£250,000 x 2) of the £1m facility will then remain, at fixed conversion levels of 19p & 22p respectively.

https://polaris.brighterir.com/public/first_class_metals/news/rns/story/x4ngzdr

These funds when received will be used for the second Sunbeam payment instalment, costs associated with the historical data & archaeological reviews and part payment to secure a suitable drilling rig for the planned exploration activities later in 2023.

200,000 shares have been issued to Sanderson Capital Partners in respect of fees.

The new ordinary shares will rank pari-passu with the Company’s existing issued ordinary shares. 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 13th February 2023.

Conditional on Admission, the Company’s issued ordinary share capital will be 70,294,589 ordinary shares, which may be used by shareholders as the denominator for the calculations 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 FCA’s Disclosure Guidance and Transparency Rules.

For Further Information:

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

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.

#TEK Tekcapital PLC Investee Company – Microsalt Shakers – Giant Food agrees to carry MicroSalt Shakers

31st January 2023 / Leave a comment

Graphical user interface Description automatically generated

Tekcapital Plc (AIM: TEK), (OTCQB: TEKCF) the UK intellectual property investment group focused on creating valuable products that can improve people’s lives, is pleased to announce that supermarket chain, Giant Food of Maryland LLC, (“Giant”) one of the most respected food retailers in the mid-Atlantic United States, has agreed to partner with Microsalt Inc to provide low-sodium solutions for consumers and has agreed to carry MicroSalt’s new saltshakers in its stores.

“We are extremely excited that Giant has joined with us to provide low sodium solutions to its customers. This is a tremendous step in our march toward reducing excess sodium consumption. Our MicroSalt shakers empower consumers to salt their food to taste with less sodium,” said Rick Guiney, CEO of MicroSalt®.

About Giant Foods

With over 160 stores spanning across the Delaware, Washington, D.C., Maryland, and Virginia region, Giant is a store you can count on for everything from locally sourced items, 100% sustainable seafood, healthy options, and everyday essentials.

About MicroSalt

MicroSalt, is the developer and manufacturer of a proprietary low-sodium salt called MicroSalt®. We are passionate about improving peoples’ lives with better-for-you seasonings and snacks by taking the lead in the industry by providing the best low-sodium salt solution, based on the mechanical transformation of the salt particle itself. This solution is the only one that delivers real salt flavour because it is salt. Our new patented technology produces salt crystals that are approximately one hundred times smaller than typical table salt, delivering a powerful saltiness as the micro-grains dissolve in the mouth, with approximately 50% less sodium consumption. Additionally, the ultra-small particle size enhances product adhesion, which reduces waste and provides improved flavor consistency. MicroSalt® and SaltMe® are registered trademarks of MicroSalt Inc.

To learn more about MicroSalt please visit https://www.microsaltinc.com/

To learn more about SaltMe! snacks please visit https://saltme.com/

Tekcapital owns 97% of the share capital of MicroSalt Ltd. and 6,034,683 shares (78%) of MicroSalt Inc., its U.S. subsidiary.

#GRX GreenX Metals Limited – Quarterly Activities Report December 2022

31st January 2023 / Leave a comment

HIGHLIGHTS

· During the quarter, the hearing for the international arbitration claims against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty was concluded.

o Combined arbitration hearing took place in front of the Arbitral Tribunal in London under the UNCITRAL Arbitration Rules for GreenX’s claims against Poland.

o Damages of up to £737 million (A$1.3 billion / PLN4.0 billion) have been claimed including the assessed value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages.

o The Company has funded the Claim proceedings under its US$12.3 million Litigation Funding Agreement (LFA).

· In November, the Company announced highly encouraging results from an initial site visit to ARC.

o Analysis of the site visit results is underway and will be key to future work programs.

o GreenX can earn up to 80% of the ARC copper project in Greenland. ARC is a significant, large-scale project (5,774km² license area) with historical exploration results and recent analysis indicative of an extensive mineral system with potential to host world-class copper deposits.

· Cash balance as at 31 December 2022 of A$2.6 million with a further A$6.1 million available under the LFA.

GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 31 December 2022.

DISPUTE WITH POLISH GOVERNMENT

During the quarter, the Company reported the conclusion of the hearing for the international arbitration claims (Claim) against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties). The hearing took place in London in November 2022 and lasted two weeks.

Following completion of the hearing, the Arbitral Tribunal will render an Award (i.e., the legal term used for a ‘decision’ by the Tribunal) in due course with no specified date available for the Tribunal decision.

As previously advised, the arbitration and hearing proceedings in relation to the Claim are required to be kept confidential.

Details of the Claim

The Company’s Claim against the Republic of Poland is being prosecuted through an established and enforceable legal framework, with GreenX and Poland agreeing to apply the United Nations Commission on International Trade Law Rules (UNCITRAL) rules to the proceedings. The arbitration claims are being administered through the Permanent Court of Arbitration in the Hague.

The evidentiary hearing phase of the arbitration proceedings has now been completed in front of the Arbitral Tribunal. With completion of the hearing, the Arbitral Tribunal will render an Award in due course. There is no specified date for an Award to be rendered. The Company’s claims for damages against Poland are in the amount of up to £737 million (A$1.3 billion/PLN4.0 billion), which includes a revised assessment of the value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages. The Claim for damages has been assessed by independent external quantum experts appointed by GreenX specifically for the purposes of the Claim.

In July 2020, the Company announced it had executed the Litigation Funding Agreement (LFA) for US$12.3 million with Litigation Capital Management (LCM). The facility is currently being drawn down to cover legal, tribunal and external expert costs as well as defined operating expenses associated with the Claim. The LFA is a limited recourse loan with LCM that is on a “no win – no fee” basis.

In September 2020, GreenX announced that it had formally commenced with the Claim by serving the Notices of Arbitration against the Republic of Poland. In June 2021, GreenX announced that it had formally lodged its Statement of Claim in the BIT arbitration, including the first assessed claim for compensation. The Company’s Statement of Reply, the last material filing to be made by the Company for the BIT arbitration proceedings, was submitted in July 2021. The Statement of Reply addresses various points raised by the Republic of Poland in their Statement of Defence. The Statement of Reply also contains a re-evaluation of the claim for damages based on responses to Poland’s Statement of Defence.

GreenX’s dispute alleges that the Republic of Poland has breached its obligations under the applicable Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko projects in Poland which effectively deprived GreenX of the entire value of its investments in Poland.

In February 2019, GreenX formally notified the Polish Government that there exists an investment dispute between GreenX and the Polish Government. GreenX’s notification called for prompt negotiations with the Government to amicably resolve the dispute and indicated GreenX’s right to submit the dispute to international arbitration in the event of the dispute not being resolved amicably.

GreenX’s investment dispute with the Republic of Poland is not unique, with international media widely reporting that the political environment and investment climate in Poland has deteriorated since the change in Government in 2015. As a result, there are a significant number of International Arbitration claims being bought against Poland.

HIGHLY ENCOURAGING RESULTS FROM INITIAL ARC SITE VISIT

During the quarter, GreenX and its joint-venture (JV) partner Greenfields Exploration Ltd (Greenfields) announced the results of from the first visit to the Arctic Rift Copper Project (ARC or the Project) in Greenland.

The results of this work program have demonstrated the high-grade nature of the known copper sulphide mineralisation and wider copper mineralization in fault hosted Black Earth zones and adjacent sandstone units. The exact position of a native copper fissure at the Neergaard Dal prospect was also identified.

Analysis of this new information is underway and will be key to future work programs.

A logistical base in Greenland was also secured as part of the site visit. The Company successfully established depots, and field trialed its SHERP vehicles and advanced satellite communications systems.

CORPORATE

Financial Position

As at 31 December 2022, GreenX had cash of A$2.6 million with a further A$6.1 million available to fund Claim related costs under the LFA.

-ENDS-

Forward Looking Statements

This release may include forward-looking statements. These forward-looking statements are based on GreenX’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of GreenX, which could cause actual results to differ materially from such statements. GreenX makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

Competent Persons Statement

The information in this announcement that relates to Exploration Results for ARC is extracted from the ASX announcements dated 6 October 2021, 22 January 2022 and 28 November 2022 which are available to view at www.greenxmetals.com. GreenX confirms that (a) it is not aware of any new information or data that materially affects the information included in the original announcements; (b) all material assumptions and technical parameters underpinning the content in the relevant announcements continue to apply and have not materially changed; and (c) the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements.

APPENDIX 1: TENEMENT INFORMATION

As at 31 December 2022, the Company has an interest in the following tenements:

Location	Tenement	Percentage Interest	Status	Tenement Type
Greenland	Arctic Rift Copper Project (Licence No. 2021-07 MEL-S)	–¹	Granted	Exploration Licence
Jan Karski, Poland	Jan Karski Mine Plan Area (K-4-5, K6-7, K-8 and K-9)²	100	In dispute²	Exclusive Right to apply for a mining concession
Debiensko, Poland	Debiensko 1	100	Granted²	Mining
Debiensko, Poland	Kaczyce 1³	100	Granted	Mining & Exploration (includes gas rights)

Notes:

¹ In October 2021, the Company announced that it had entered into an Earn-In Agreement (EIA) with Greenfields to acquire an interest of up to 80% in ARC. As at the date of this announcement, the Company held no beneficial interest in ARC, other than through the EIA.

² GreenX formally commenced international arbitration claims against the Republic of Poland under both the ECT and the BIT in 2021. GreenX alleges that the Republic of Poland has breached its obligations under the Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko mines in Poland. Refer to discussion of the Claim above.

³ The Kaczyce 1 tenement was due to expire on 31 December 2021. The Company applied for an extension to the Kaczyce 1 tenement prior to its expiry and awaits a decision.

APPENDIX 2: RELATED PARTY PAYMENTS

During the quarter ended 31 December 2022, the Company made payments of $166,000 to related parties and their associates. These payments relate to existing remuneration arrangements (director fees, consulting fees and superannuation of ($118,000) and the provision of a serviced office and company secretarial and administration services ($48,000).

APPENDIX 3: EXPLORATION AND MINING EXPENDITURE

During the quarter ended 31 December 2022, the Company made the following payments in relation to exploration activities:

Activity	$000
Greenland (ARC)
Project Management	163
Logistics (including transportation of equipment)	241
Site visit related costs	316
Other (field supplies, equipment, fuel, satellite imagery, etc)	119
Greenland sub-total as reported in the Appendix 5B (item 2.1(d))	839

Poland
Legal and permitting related expenditure	52
Consultants – technical and Debiensko statutory operations personnel	124
Other (VAT returned)	(69)
Poland sub-total as reported in the Appendix 5B (item 1.2(a))	107
Total	946

There were no mining or production activities and expenses incurred during the quarter ended 31 December 2022.

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Name of entity
GreenX Metals Limited
ABN		Quarter ended (“current quarter”)
23 008 677 852		31 December 2022

Consolidated statement of cash flows		Current quarter $A’000	Year to date (6 months) $A’000
1.	Cash flows from operating activities	–	–
1.1	Receipts from customers	–	–
1.2	Payments for	(107)*	(471)*
	(a) exploration & evaluation	(107)*	(471)*
	(b) development	–	–
	(c) production	–	–
	(d) staff costs	(122)	(258)
	(e) administration and corporate costs	(85)	(204)
1.3	Dividends received (see note 3)	–	–
1.4	Interest received	15	28
1.5	Interest and other costs of finance paid	–	–
1.6	Income taxes paid	–	–
1.7	Government grants and tax incentives	–	–
1.8	Other (provide details if material) (a) Business Development (b) Property rental and gas sales (c) Arbitration related expenses (d) Receipt of arbitration funding (e) Occupancy	(80) 73 (862) 420 (80)	(141) 96 (1,446) 1,187 (415)
1.9	Net cash from / (used in) operating activities	(828)	(1,624)
*includes legal and permitting expenditure and payments made to consultants (Debiensko technical statutory operations personnel).
2.	Cash flows from investing activities	–	–
2.1	Payments to acquire or for:
	(a) Entities
	(b) Tenements	–	–
	(c) property, plant and equipment	–	–
	(d) exploration & evaluation	(839)	(1,908)
	(e) investments	–	–
	(f) other non-current assets	–	–
2.2	Proceeds from the disposal of:	–	–
	(a) entities	–	–
	(b) tenements	–	–
	(c) property, plant and equipment	–	–
	(d) investments	–	–
	(e) other non-current assets	–	–
2.3	Cash flows from loans to other entities	–	–
2.4	Dividends received (see note 3)	–	–
2.5	Other (provide details if material)	–	–
2.6	Net cash from / (used in) investing activities	(839)	(1,908)

3.	Cash flows from financing activities	–	–
3.1	Proceeds from issues of equity securities (excluding convertible debt securities)	–	–
3.2	Proceeds from issue of convertible debt securities	–	–
3.3	Proceeds from exercise of options	–	–
3.4	Transaction costs related to issues of equity securities or convertible debt securities	–	–
3.5	Proceeds from borrowings	–	–
3.6	Repayment of borrowings	–	–
3.7	Transaction costs related to loans and borrowings	–	–
3.8	Dividends paid	–	–
3.9	Other (provide details if material)	–	–
3.10	Net cash from / (used in) financing activities	–	–

4.	Net increase / (decrease) in cash and cash equivalents for the period
4.1	Cash and cash equivalents at beginning of period	4,243	6,108
4.2	Net cash from / (used in) operating activities (item 1.9 above)	(828)	(1,624)
4.3	Net cash from / (used in) investing activities (item 2.6 above)	(839)	(1,908)
4.4	Net cash from / (used in) financing activities (item 3.10 above)	–	–
4.5	Effect of movement in exchange rates on cash held	–	–
4.6	Cash and cash equivalents at end of period	2,576	2,576

5.	Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1	Bank balances	2,576	4,243
5.2	Call deposits	–	–
5.3	Bank overdrafts	–	–
5.4	Other (provide details)	–	–
5.5	Cash and cash equivalents at end of quarter (should equal item 4.6 above)	2,576	4,243

6.	Payments to related parties of the entity and their associates	Current quarter $A’000
6.1	Aggregate amount of payments to related parties and their associates included in item 1	(166)
6.2	Aggregate amount of payments to related parties and their associates included in item 2	–
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

7.	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
7.1	Loan facilities	18,036*	11,935
7.2	Credit standby arrangements	–	–
7.3	Other (please specify)	–	–
7.4	Total financing facilities	18,036*	11,935

7.5	Unused financing facilities available at quarter end		6,101
7.6	Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.
7.6	On 30 June 2020, the Company executed a Litigation Funding Agreement (LFA) for US$12.3 million (*now worth A$18.0 million with the movement of the A$ compared to the $US) with LCM Funding UK Limited a subsidiary of Litigation Capital Management Limited (LCM), to pursue damages claims in relation to the investment dispute between GreenX and the Polish Government that has arisen out of certain measures taken by Poland in breach of the Energy Charter Treaty and the Australia – Poland Bilateral Investment Treaty (BIT). LCM will provide up to US$12.3million (~A$18.0 million), denominated in US$, in limited recourse financing which is repayable to LCM in the event of a successful Claim or settlement of the Dispute that results in the recovery of any monies. If there is no settlement or award, then LCM is not entitled to any repayment of the financing facility. In return for providing the financing facility, LCM shall be entitled to receive repayment of any funds drawn plus an amount equal to between two and five times the total of any funds drawn from the funding facility during the first five years, depending on the time frame over which funds have remained drawn, and then a 30% interest rate after the fifth year until receipt of damages payments.

8.	Estimated cash available for future operating activities	$A’000
8.1	Net cash from / (used in) operating activities (item 1.9)	(828)
8.2	(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))	(839)
8.3	Total relevant outgoings (item 8.1 + item 8.2)	(1,667)
8.4	Cash and cash equivalents at quarter end (item 4.6)	2,576
8.5	Unused finance facilities available at quarter end (item 7.5)	6,101
8.6	Total available funding (item 8.4 + item 8.5)	8,677

8.7	Estimated quarters of funding available (item 8.6 divided by item 8.3)	>5
8.7	Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8	If item 8.7 is less than 2 quarters, please provide answers to the following questions:
	8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
	Answer: Not applicable
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: Not applicable
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: Not applicable
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

#SVML Sovereign Metals Limited – December 2022 Quarterly Report

31st January 2023 / Leave a comment

HIGHLIGHTS

Kasiya Rutile Project PFS continues to progress on schedule

· Sovereign is well advanced with the Pre-Feasibility Study (PFS) for the Kasiya Rutile Project (Kasiya), an industry-leading major source of critical raw materials from Malawi.

· The PFS will build on the Expanded Scoping Study (ESS) which confirmed Kasiya as potentially one of the world’s largest and potentially lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than other current and planned producers.

· The PFS is on track to be completed in H1 2023 with all major works packages well progressed.

Resource infill drilling completed

· The Company completed a 4,660 metre, 191-hole deeper air-core (AC) and 2,206 metre, 247-hole push tube (PT) mineral resource infill drilling program to upgrade the Kasiya Mineral Resource Estimate (MRE), with the update targeted for Q1 2023.

· The drilling program confirmed consistency of high-grade rutile and graphite mineralisation at depth.

· Infill core PT drilling of numerous Inferred category pits and potential pit extensions is expected to add new blocks of Indicated material.

Offtake MoU with Chemours, one of the world’s largest’ s producers of high-quality titanium dioxide pigment

· In November 2022, a Memorandum of Understanding (MoU) (non-binding) was signed for supply of 20,000 tonnes of natural rutile per annum from Kasiya to US-based Chemours, one of the world’s largest producers of high-quality titanium dioxide pigments.

Sovereign to Demerge Standalone Graphite Projects

· Sovereign plans to demerge its standalone Graphite Projects (being the Nanzeka, Malingunde, Duwi and Mabuwa Projects) into a 100%-owned subsidiary, NGX Limited, then do an in-specie distribution.

· The Demerger seeks to unlock the value of the Graphite Projects for Sovereign shareholders and separate its Kasiya Rutile Project and its standalone Graphite Projects into two distinct companies.

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

Nominated Adviser on AIM
RFC Ambrian
Bhavesh Patel / Andrew Thomson	+44 20 3440 6800

Joint Brokers
Berenberg	+44 20 3207 7800
Matthew Armitt
Jennifer Lee

Optiva Securities	+44 20 3137 1902
Daniel Ingram
Mariela Jaho
Christian Dennis

KASIYA – THE LARGEST RUTILE DEPOSIT IN THE WORLD

Kasiya, located in central Malawi, is the largest natural rutile deposit and one of the largest flake graphite deposits in the world. Sovereign is aiming to develop an environmentally and sustainable operation to supply highly sought-after natural rutile and graphite to global markets.

Sovereign is completing a PFS which will build on the on the ESS, released in June 2022, with targeted completion in H1 2023.

The ESS confirmed Kasiya as potentially one of the world’s largest and lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than current alternatives. The ESS showed outstanding results including:

· a two-stage development (stage 2 self-funded) with full production at 24Mtpa throughput producing 265kt rutile and 170kt graphite per annum over a 25 year mine life

· exceptional economics including a post-tax NPV₈ of US$1,537m and post-tax IRR of 36%

· a large-scale operation with a low-cost profile resulting from the deposit’s near surface nature, high-grade, conventional processing flowsheet, and excellent existing infrastructure

· conservative assumptions applied with long-term prices used discounted against current spot prices

PFS ACTIVITIES

The PFS for Kasiya continued during the quarter with all major work programs progressing well. The study remains on track for a targeted completion in H1 2023. A summary of key areas progressed during the quarter is as follows:

Mining

Fraser Alexander have progressed the mechanical engineering and design of the mining plan with the defined concept of hydro-mining. The Company also completed a trade-off study examining hydro-mining vs dozer mining options to validate the selected mining method.

Pumping and Rheology

The Company commenced a comprehensive testwork program with Paterson and Cooke to generate mineral properties information and pumping and rheology data to feed into their pumping and piping design and layout work program.

Metallurgy

A bulk metallurgical program focused on the first years of mining is well advanced with the program designed to conclude the process design and flowsheet. Additional variability tests are planned, with all samples extracted now in Perth for processing.

An initial graphite co-product testwork program was also completed earlier in the quarter with the sizing and chemical characteristics matching the product specifications used in the ESS.

Tailings and Rehabilitation

The Project’s objective is to minimise the operation’s footprint via progressive rehabilitation, a concept common across mineral sands operations. The Company has defined a comprehensive testwork program with numerous work streams underway designed and supervised by global experts from Australia and South Africa.

In addition to the tailings testwork the post-mining rehabilitation study continues. This work program is led by Agreenco, a South African based consulting firm with significant expertise in rehabilitation and revegetation.

KASIYA RESOURCE INFILL DRILLING

A 4,660 metre, 191-hole AC and 2,206 metre, 247-hole PT drilling program at the Kasiya rutile deposit has been completed. Drilling was conducted on a nominal 200m x 200m grid spacing targeting upgrading of mineralisation into the Indicated category which could convert to Probable Reserves as part of the forthcoming PFS.

The AC results confirmed that rutile mineralisation is continuous in many pit areas from surface down to the top of saprock, normally between 20m and 30m from surface.

RUTILE OFFTAKE

In November 2022, Sovereign entered into a non-binding MOU with The Chemours Company (Chemours) for the potential supply of 20,000 tonnes per annum of natural rutile from Kasiya.

The MOU covers the potential supply of 20,000 tonnes per annum of natural rutile at Stage 1 nameplate capacity and an option to take additional product (tonnage to be agreed) when Kasiya reaches Stage 2 nameplate capacity (refer to announcement dated 16 June 2022 entitled ‘Kasiya Expanded Scoping Study Results‘). Further, volumes may be varied up or down by mutual agreement and pricing will reference market prices of the day (both to be included in the definitive agreement).

The MOU is non-exclusive and non-binding and remains subject to negotiation and execution of the definitive agreement. The MOU will expire two years from the execution date but can be extended by agreement by both parties should a definitive agreement not have been reached by that time.

Chemours is a leading provider of performance chemicals that are key inputs in end-products and processes across a variety of industries. Chemours operates 29 manufacturing sites serving approximately 3,200 customers in approximately 120 countries.

Its Titanium Technologies segment is one of the world’s largest producers of high-quality titanium dioxide (TiO₂) pigment and aspires to be the most sustainable TiO₂ enterprise in the world. Using its proprietary chloride technology-pioneered in 1931 and improving ever since-Chemours provides innovative TiO₂ solutions for coatings, plastics, and laminates.

It operates four TiO₂ pigment production facilities: two in the United States, one in Mexico, and one in Taiwan totalling TiO2 pigment nameplate capacity of 1.25 million tonnes per year. In the year ended 31 December 2021, Chemours’ Titanium Technologies segment reported net sales of US$3.4 Billion.

The Company is continuing product marketing with further offtake MOUs expected to be executed in the near-term.

COMMUNITY INITIATIVES

During the quarter, Sovereign completed seven community boreholes and installation of hand pumps for provision of fresh water to a number of villages.

SOVEREIGN TO DEMERGE STANDALONE GRAPHITE PROJECTS

In December 2022, Sovereign announced that it intends to undertake a demerger (Demerger) whereby Sovereign’s Malawian graphite projects, being the Nanzeka Project, Malingunde Project, Duwi Project and Mabuwa Project (Graphite Projects), are to be demerged through NGX Limited (NGX), a wholly owned subsidiary of the Company. This will allow Sovereign to focus on the development of the Kasiya while unlocking value in its Graphite Projects for shareholders.

The Demerger allows Sovereign and the existing management team to focus on its flagship Kasiya Rutile Project, the largest natural rutile deposit in the world, with Sovereign retaining all graphite co-product from Kasiya.

Sovereign proposes, subject to shareholder approval, to demerge the Graphite Projects via a spin-out of NGX and in-specie distribution of NGX fully paid ordinary shares (NGX Shares) to Sovereign shareholders by issuing one (1) NGX Share for every eleven (11) Sovereign shares (SVM Shares) held (Distribution), allowing Sovereign shareholders to retain exposure to the value and upside of the Graphite Projects.

Upon completion of the Demerger, NGX intends to seek admission to the official list of the ASX. NGX will undertake a capital raising to satisfy the ASX admission requirements.

Sovereign shareholders will have the opportunity to retain further exposure to the value and upside of the Graphite Projects as the NGX IPO is expected to comprise a priority offer to existing shareholders on the basis of one (1) new NGX Share for every one (1) NGX Share received pursuant to the Demerger to raise approximately $8,600,000 and a general offer of $1,000,000 to assist with satisfying ASX spread requirements. This will ensure there is no cash outflow from Sovereign to NGX as part of the Demerger, other than applicable Sovereign expenses to effect the Demerger. The terms of the NGX IPO are yet to be finalised however.

NGX will be the offeror of the NGX Shares under the IPO. A prospectus will be issued by NGX for the IPO capital raising which will be made available when the NGX Shares are offered. Anyone wishing to acquire NGX Shares as part of the IPO offer will need to complete the application form that will accompany the prospectus.

A Notice of Meeting for the Demerger and Distribution will be sent to shareholders with the meeting planned to take place early in 2023.

Rationale for Demerger

· The Demerger allows the Company to better focus its efforts and resources on Kasiya and other primary rutile discoveries.

· The Demerger will provide shareholders with an interest in two companies – Sovereign and NGX. The Board believes a separate entity with a separate management team focused on the Graphite Projects presents a better prospect of delivering value to Sovereign shareholders.

· Shareholders may elect to retain exposure to either one or both companies as dictated by their investment preferences and objectives:

· Shareholders will retain an interest in NGX through the Distribution and thereby have an opportunity to benefit from the potential development of the Graphite Projects; and

· All Shareholders will retain their interest in the capital of Sovereign and exposure to Kasiya.

· The Board sees considerable potential in the Graphite Projects that is not recognised by the market and, therefore, a dedicated, separately funded vehicle may realise appropriate value for shareholders.

· Future capital raisings are expected to be more readily achieved by each individual entity as the focus of the funding will be on their specific projects. In addition, it is expected to provide greater flexibility to both Sovereign and NGX to attract strategic investors.

· NGX will have a dedicated board and management team to focus on the development of the Graphite Projects.

· After a full and proper assessment of all available information, the Directors believe that the Demerger is in the best interests of Sovereign shareholders.

Indicative Timetable of the Demerger

An indicative timetable for the Demerger is provided below.

Event	Indicative Date
General Meeting	Mid-March 2023
Effective date of Distribution	Mid-March 2023
Record Date	Late March 2023
Date for Distribution to Shareholders	Late March 2023

Note: The dates shown in the table above are indicative only and may vary subject to the Corporations Act, the ASX Listing Rules, and other applicable laws.

For further information and additional detail please refer to ASX Announcement dated 7 December 2022 entitled
‘Sovereign to Demerge Standalone Graphite Projects‘

RELATED PARTY PAYMENTS

During the quarter ended 31 December 2022, the Company made payments of ($242,000) to related parties and their associates. These payments relate to existing remuneration arrangements (executive salaries, director fees, superannuation and bonuses of $125,000), business development services ($30,000) and provision of serviced office facilities, company secretarial services and administration services ($87,000).

MINING EXPLORATION EXPENDITURES

During the quarter, the Company made the following payments in relation to mining exploration activities:

Activity	A$’000
Drilling	(548)
Assaying and Metallurgical Test-work	(633)
Studies and Reserve/Resource Estimation	(890)
Malawi Operations – Site Office, Personnel, Field Supplies, Equipment, Vehicles and Travel	(754)
Total as reported in Appendix 5B	(2,825)

There were no mining or production activities and expenses incurred during the quarter ended 31 December 2022.

Competent Person Statement

The information in this announcement that relates to the Mineral Resource Estimate is extracted from the announcement dated 5 April 2022. The announcement is available to view on www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the announcement; b) all material assumptions included in the announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the announcement.

Table 1: Kasiya Mineral Resource Estimate at 0.7% Rutile Cut-off
Mineral Resource Category	Material Tonnes (millions)	Rutile (%)	Rutile Tonnes (millions)	Total Contained Graphite (TGC) (%)	TGC Tonnes (millions)	RutEq. Grade* (%)
Indicated	662	1.05%	6.9	1.43%	9.5	1.76%
Inferred	1,113	0.99%	11.0	1.26%	14.0	1.61%
Total	1,775	1.01%	18.0	1.32%	23.4	1.67%

* RutEq. Formula: Rutile Grade x Recovery (98%) x Rutile Price (US$1,308/t) + Graphite Grade x Recovery (62%) x Graphite Price (US$1,085/t) / Rutile Price (US$1,308/t). All assumptions are taken from this Study ** Any minor summation inconsistencies are due to rounding

The information in this announcement that relates to Production Targets, Processing, Infrastructure and Capital and Operating Costs, is extracted from the announcement dated 16 June 2022 entitled ‘Kasiya Expanded Scoping Study Results’. Sovereign confirms that: a) it is not aware of any new information or data that materially affects the information included in the announcement; b) all material assumptions and technical parameters underpinning the Production Target, and related forecast financial information derived from the Production Target included in the Announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this presentation have not been materially modified from the Announcement.

The information in this announcement that relates to the Metallurgy is extracted from the announcement dated 7 December 2021. The announcement is available to view on www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the announcement; b) all material assumptions included in the announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the announcement.

The information in this announcement that relates to the Exploration Results is extracted from the announcement dated 8 September 2022, 26 October 2022 and 30 January 2023. The announcements are available to view on www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the announcements; b) all material assumptions included in the announcements continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the announcements.

Forward Looking Statement

This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

Authorisation Statement

To view this announcement in full, please refer to http://www.investi.com.au/api/announcements/svm/969e699e-3cd.pdf

APPENDIX 1: SUMMARY OF MINING TENEMENTS

As at 31 December 2022, the Company had an interest in the following tenements:

Licence	Holding Entity	Interest	Type	Licence Renewal Date	Expiry Term Date¹	Licence Area (km²)	Status
Sovereign:
EL0609	MML	100%	Exploration	25/09/2024	25/09/2028	440.5	Granted
EL0582	SSL	100%	Exploration	15/09/2023	15/09/2027	285.0	Granted
EL0492	SSL	100%	Exploration	29/01/2023	29/01/2025	935.4	Granted
EL0528	SSL	100%	Exploration	27/11/2023	27/11/2025	16.2	Granted
EL0545	SSL	100%	Exploration	12/05/2024	12/05/2026	53.2	Granted
EL0561	SSL	100%	Exploration	15/09/2023	15/09/2027	124.0	Granted
NGX:
EL0372	SSL³	100%	Exploration	N/A	13/03/2022²	729.2	Granted
RL0012	NGX	100%	Retention	N/A	26/07/2026	6.0	Granted
RL0032	SSL³	100%	Retention	N/A	4/10/2027	24.64	Granted

Notes:

SSL: Sovereign Services Limited, MML: McCourt Mining Limited & NGX Exploration Limited

¹ An exploration licence (EL) covering a preliminary period in accordance with the Malawi Mines and Minerals Act (No 8. Of 2019) (Mines Act) is granted for a period not exceeding three (3) years. Thereafter two successive periods of renewal may be granted, but each must not exceed two (2) years. This means that an EL has a potential life span of seven (7) years. ELs that have come to the end of their term can be converted by the EL holder into a retention licence (RL) for a term of up to 5 years subject to meeting certain criteria.

² Prior to expiry of EL0372, the Company applied for the grant of a mining licence (ML) over EL0372. Under the Mines Act, an EL term automatically extends until the ML application has been processed and/or granted. The ML has been granted subject to the approval of an ESIA for Malingunde.

³ Proposed to be transferred to NGX as part of the Demerger.

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Name of entity
Sovereign Metals Limited
ABN		Quarter ended (“current quarter”)
71 120 833 427		31 December 2022

Consolidated statement of cash flows		Current quarter $A’000	Year to date (6 months) $A’000
1.	Cash flows from operating activities	–	–
1.1	Receipts from customers	–	–
1.2	Payments for	(2,825)	(5,085)
	(a) exploration & evaluation	(2,825)	(5,085)
	(b) development	–	–
	(c) production	–	–
	(d) staff costs	(344)	(874)
	(e) administration and corporate costs	(475)	(851)
1.3	Dividends received (see note 3)	–	–
1.4	Interest received	80	151
1.5	Interest and other costs of finance paid	–	–
1.6	Income taxes paid	–	–
1.7	Government grants and tax incentives	–	–
1.8	Other – Business Development	(326)	(497)
1.9	Net cash from / (used in) operating activities	(3,890)	(7,156)

2.	Cash flows from investing activities	–	–
2.1	Payments to acquire or for:
	(a) entities
	(b) tenements	–	–
	(c) property, plant and equipment	(23)	(23)
	(d) exploration & evaluation	–	–
	(e) investments	–	–
	(f) other non-current assets	–	–
2.2	Proceeds from the disposal of:	–	–
	(a) entities	–	–
	(b) tenements	–	–
	(c) property, plant and equipment	–	–
	(d) investments	–	–
	(e) other non-current assets	–	–
2.3	Cash flows from loans to other entities	–	–
2.4	Dividends received (see note 3)	–	–
2.5	Other (provide details if material)	–	–
2.6	Net cash from / (used in) investing activities	(23)	(23)

3.	Cash flows from financing activities	–	–
3.1	Proceeds from issues of equity securities (excluding convertible debt securities)	–	–
3.2	Proceeds from issue of convertible debt securities	–	–
3.3	Proceeds from exercise of options	–	–
3.4	Transaction costs related to issues of equity securities or convertible debt securities	(568)	(601)
3.5	Proceeds from borrowings	–	–
3.6	Repayment of borrowings	–	–
3.7	Transaction costs related to loans and borrowings	–	–
3.8	Dividends paid	–	–
3.9	Other (provide details if material)	–	–
3.10	Net cash from / (used in) financing activities	(568)	(601)

4.	Net increase / (decrease) in cash and cash equivalents for the period
4.1	Cash and cash equivalents at beginning of period	15,587	18,894
4.2	Net cash from / (used in) operating activities (item 1.9 above)	(3,890)	(7,156)
4.3	Net cash from / (used in) investing activities (item 2.6 above)	(23)	(23)
4.4	Net cash from / (used in) financing activities (item 3.10 above)	(568)	(601)
4.5	Effect of movement in exchange rates on cash held	9	1
4.6	Cash and cash equivalents at end of period	11,115	11,115

5.	Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1	Bank balances	846	1,062
5.2	Call deposits	10,269	14,525
5.3	Bank overdrafts	–	–
5.4	Other (provide details)	–	–
5.5	Cash and cash equivalents at end of quarter (should equal item 4.6 above)	11,115	15,587

6.	Payments to related parties of the entity and their associates	Current quarter $A’000
6.1	Aggregate amount of payments to related parties and their associates included in item 1	242
6.2	Aggregate amount of payments to related parties and their associates included in item 2	–
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

7.	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
7.1	Loan facilities	–	–
7.2	Credit standby arrangements	–	–
7.3	Other (please specify)	–	–
7.4	Total financing facilities	–	–

7.5	Unused financing facilities available at quarter end		–
7.6	Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.
7.6	–

8.	Estimated cash available for future operating activities	$A’000
8.1	Net cash from / (used in) operating activities (item 1.9)	(3,890)
8.2	(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))	–
8.3	Total relevant outgoings (item 8.1 + item 8.2)	(3,890)
8.4	Cash and cash equivalents at quarter end (item 4.6)	11,115
8.5	Unused finance facilities available at quarter end (item 7.5)	–
8.6	Total available funding (item 8.4 + item 8.5)	11,115

8.7	Estimated quarters of funding available (item 8.6 divided by item 8.3)	2.9
8.7	Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8	If item 8.7 is less than 2 quarters, please provide answers to the following questions:
	8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
	Answer: Not applicable
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: Not applicable
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: Not applicable
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Name of entity

ABN

Quarter ended (“current quarter”)

Consolidated statement of cash flows

Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Payments to related parties of the entity and their associates

Financing facilities
Note: the term “facility’ includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

Estimated cash available for future operating activities

#SVML Sovereign Metals Limited – December 2022 Quarterly Report

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Author Archives: Ozan Ozyenen

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

ABN

Quarter ended (“current quarter”)

Consolidated statement of cash flows

Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Payments to related parties of the entity and their associates

Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

Estimated cash available for future operating activities

Post navigation

Recent Posts

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Financing facilities
Note: the term “facility’ includes all forms of financing arrangements available to the entity.