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#TEK Tek Capital PLC investee co #BELL Belluscura PLC – Placing of Unsecured Convertible Loan Notes
Belluscura plc (AIM: BELL), a leading medical device developer focused on lightweight and portable oxygen enrichment technology, today announces that it has raised approximately $5.0 million (£4.1 million) through the conditional issue of a 10% Unsecured Convertible Loan Notes 2026 (the “Placing Loan Notes”) (the “Placing”).
Dowgate Capital Limited (“Dowgate”) is acting as sole placing agent, bookrunner and broker in connection with the Placing a nd SPARK Advisory Partners Limited (“SPARK”) is acting as the Company’s nominated adviser.
Background to the Placing
The Company announced on 13 January 2023 that it has made considerable progress in the past year. In March 2022, the Company signed a manufacturing Master Supply Agreement (“MSA”) with InnoMax Medical Technology, Ltd (“InnoMax”) to manufacture the X-PLOR portable POC in China and took the decision to transfer its US manufacturing in-house, to increase production output at high quality standards, and achieve a significant reduction in production costs. This was successfully completed at the end of July 2022, simultaneously achieving ISO:13485 accreditation, which allows the Company to apply for international registrations.
The Company launched the next generation X-PLOR in September 2022, which has been well received by the market based upon its performance and reliability and is now distributing throughout the US through multiple sales channels. In addition, the collaboration agreement with the VGM Group has resulted in 17 new distribution agreements in the last three months, and in December 2022 the Company signed its first international distribution agreement with MedHealth Supplies of South Africa, with the first shipment selling out within 48 hours.
By 31 December 2022 the Company had shipped or received orders for 2,850 X-PLOR units with 1,226 units being shipped in 2022 (2021: 377). The Company stated that at the year-end it had retained cash balances of $1.8 million, which together with inventory and inventory deposits, amounted to $11.9 million.
The Company is pleased with the sales momentum of X-PLOR, aided by the InnoMax agreement in China, and the successful change of strategy to in-house manufacture which has resulted in improved quality controls. The expanded global operation and in-house manufacturing capability has led to a growth in inventory levels and therefore requires additional cash resources to finance raw materials. These inventory levels will see a significant downward trend over the next 12 months as the InnoMax operation comes fully on stream.
Further, in order for the Company to deliver on a successful launch of the DISCOV-R product, which is expected to be launched for pre-market evaluation in Q1 2023, with full commercialisation anticipated in Q2, the Board is seeking to raise a minimum of $5.0 million through the Placing Loan Notes. The Company has also issued a Broker Option to enable Dowgate to arrange the placing of further loan notes to raise up to an additional approximately $5.0m (the “Broker Option Loan Notes”), together with the Placing Loan Notes (the “Loan Notes”).
Placing of Loan Notes
Dowgate has conditionally placed $5.0 million (£4.1 million) of the Placing Loan Notes with a select group of investors, including certain existing Belluscura shareholders (“Shareholders”).
Pursuant to a placing agreement between the Company, SPARK and Dowgate dated 27 January 2023 (the “Placing Agreement”), Dowgate has conditionally agreed to use its reasonable endeavours to place $5.0 million (£4.1 million) of the Placing Loan Notes. The Placing is conditional, inter alia, upon passing certain resolutions (the “Resolutions”) that will be proposed at a shareholders’ meeting to be held on or around 16 February 2023 (the “General Meeting”).
The Placing is not being underwritten (in whole or in part) by Dowgate, SPARK or any other person.
Broker Option
Given that the Placing has not been offered on a pre-emptive basis and in order to accommodate potential additional demand for Loan Notes, the Company has granted the Broker Option to Dowgate to enable Dowgate to fulfil any additional requests to participate in the Placing, for up to a further approximately $5.0 million (£4.0 million). The Broker Option is exercisable by Dowgate at its absolute discretion, at any point up to 5.00pm on 9 February 2023 and there is no obligation on Dowgate to exercise the Broker Option or to seek to procure subscribers for any Broker Option Loan Notes pursuant to the Broker Option. Any Broker Option Loan Notes issued pursuant to the exercise of the Broker Option will be issued on the same terms and conditions as the Placing Loan Notes.
The Placing and Broker Option (together the “Convertible Loan Note Financing”) when combined will, if the Broker Option is exercised in full, and assuming all interest on the Loan Notes is capitalised, result in the issue upon conversion of the Loan Notes up to 21,590,029 Belluscura new ordinary shares, representing approximately 14.9% of the enlarged issued share capital of the Company.
Terms of the Loan Notes
The key terms of the Loan Notes are:
Instrument 10% Convertible Unsecured Loan Notes 2026 constituted pursuant to a loan note instrument dated 27 January 2023 (the “Instrument”). The Loan notes will be transferable in accordance with the terms of the Instrument but will not be listed on a public market
Issue Price Loan Notes of £1.00 issued at par
Conversion Convertible into ordinary shares at a conversion price of 50 pence per share. Conversion at the holder’s election on the final business day of each quarter, commencing on 30 June 2023 and otherwise automatically at 3 years from the date of the Instrument (the “Maturity Date”)
Repayment On the Maturity Date, unless otherwise converted
Term Three years from date of issue. Loan Notes are not redeemable in cash, other than in exceptional circumstances, but are converted into ordinary shares in the capital of the Company on their Maturity Date in accordance with the terms of the Instrument.
Coupon 10% per annum, paid annually. The coupon to be paid in cash or capitalised at the Company’s discretion
Minimum size £1,000
Directors’ and connected party participation in the Placing
David Poutney and Adam Reynolds are Directors of the Company. Nigel Wray is a Substantial Shareholder (as defined by the AIM Rules). Each of David Poutney, Adam Reynolds and Nigel Wray have agreed that they will participate in the Placing as set out below.
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Name |
Holding of Existing Ordinary Shares |
Current holding as percentage of Existing Ordinary Shares |
Placing Loan Notes Subscribed |
Number of Shares issued on Conversion of Loan Notes (in event of conversion)** |
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David Poutney* |
12,455,731 |
10.1% |
£500,000 |
1,000,000 |
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Adam Reynolds |
1,728,176 |
1.4% |
£25,000 |
50,000 |
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Nigel Wray |
13,564,413 |
11.0% |
£500,000 |
1,000,000 |
* includes 2,658,314 Ordinary Shares held by Vivienne Poutney, Mr Poutney’s spouse.
** excluding any accrued interest on the Loan Notes that may be capitalised at the Company’s option
Related Party Transaction – participation in the Placing
As set out above Directors David Poutney and Adam Reynolds, and Substantial Shareholder Nigel Wray have agreed that they will participate in the Placing of the Loan Notes.
The participation in the Placing by each of David Poutney and Adam Reynolds constitute related party transactions under the AIM Rules for Companies. As such, David Poutney and Adam Reynolds are not considered independent for the purposes of AIM Rule 13 in relation to these related party transactions.
Robert Rauker, Anthony Dyer, Dr. Patrick Strollo and Richard Piper who are Directors of the Company, are considered independent in relation to the consideration of these related party transactions under AIM Rule 13.
Having consulted with SPARK, the Company’s nominated adviser, the Independent Directors consider that the terms of each of David Poutney’s and Adam Reynolds’ participation in the Placing of Loan Notes are fair and reasonable insofar as Shareholders are concerned.
All the Directors are considered independent in relation to the consideration of the participation in the Placing by Nigel Wray.
Having consulted with SPARK, the Company’s nominated adviser, the Directors consider that the terms of Nigel Wray’s participation in the Placing of Loan Notes are fair and reasonable insofar as Shareholders are concerned.
Related Party Transaction – Dowgate’s participation in the Placing Agreement
As set out above, certain Directors and a Substantial Shareholder have agreed to participate in the Placing. The proposed participation by these parties constitute related party transactions under Rule 13 of the AIM Rules.
David Poutney, a Non-Executive Director of the Company, is Chairman of, and a major shareholder in, Dowgate Group Limited (“Dowgate Group”) and Chief Executive of Dowgate, a wholly owned subsidiary of Dowgate Group. As set out above, Dowgate is party to the Placing Agreement, under which Dowgate will receive:
– a fee of £40,000;
– commission amounting to 5% of funds raised in the Placing*; and
– commission amounting to 5% of funds raised under the Broker Option*,
* excepting any subscriptions made by Directors
Entering into the Placing Agreement constitutes a related party transaction under the AIM Rules for Companies.
As David Poutney is not considered independent for the purposes of AIM Rule 13, Robert Rauker, Anthony Dyer, Dr. Patrick Strollo, Adam Reynolds and Richard Piper (the “Independent Directors”) have considered the terms of this related party transaction for the purposes of AIM Rule 13.
Having consulted with SPARK, the Company’s nominated adviser, the Independent Directors consider that the terms of the Placing Agreement are fair and reasonable insofar as shareholders are concerned.
Shareholders’ Meeting
The issue of the Loan Notes is conditional on the passing of certain resolutions (the “Resolutions”) that will be proposed at the General Meeting. The Resolutions will, inter alia, increase the current authority to disapplying the relevant statutory pre-emption rights in relation to the issue of new ordinary shares in the Company, sufficient to enable the conversion of the Loan Notes in full. The Resolutions will also seek an amendment to the Company’s Articles of Association to amend the restriction on the Company’s borrowing powers and align it with that of guidelines issued by The Investment Management Association. The amendments to the Articles of Association will allow the Company to incur borrowings up to an amount equal to two times its adjusted capital and reserves from time to time and, as a result, the Company will be permitted to issue the Loan Notes.
It is expected that, subject, inter alia, to approval by Shareholders of the Resolutions at the General Meeting the Loan Notes will be issued to placees on or around 17 February 2023.
A Circular and notice of the General Meeting are expected to be sent to Shareholders on or around 31 January 2023. Notice of the General Meeting will made available on the Company’s website: www.belluscura.com.
For the purposes of this announcement, a currency exchange rate of $1:£1.2375 has been used.
For further information please contact:
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Belluscura plc |
Tel: +44 (0)20 3128 8100 |
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Adam Reynolds, Chairman Robert Rauker, Chief Executive Officer Anthony Dyer, Chief Financial Officer |
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SPARK Advisory Partners Limited Nominated Adviser |
Tel: +44 (0)20 3368 3550 |
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Neil Baldwin |
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Dowgate Capital Limited Broker and Bookrunner |
Tel: +44 (0)20 3903 7715 |
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James Serjeant / Russell Cook |
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MHP Financial PR & Investor Relations |
Tel: +44 (0)20 3128 8100 |
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Katie Hunt/Peter Lambie/ Matthew Taylor |
email: Belluscura@mhpgroup.com |
#SVML Sovereign Metals Ltd – ASX Trading Halt
Sovereign Metals Limited advises that the Company announced a voluntary trading halt to the Company’s securities on the Australian Securities Exchange (“ASX”), pending an announcement regarding a response to an ASX price query.
The Company requested that the trading halt remain until the earlier of an announcement to the market regarding the above or the opening of trade on ASX on 31 January 2023.
The Company also notes the recent share price rise in the trading of its securities on AIM, and observes that on 26 January 2023, Mkango Resources Limited (AIM/TSX-V: MKA) (“Mkango”) announced the receipt of Environmental Social Health Impact Assessment (“ESHIA”) approval from the Malawi Environmental Protection Authority (“MEPA”) for their Songwe Hill Rare Earths Project. The approval of the ESHIA is a significant milestone in the Mining Development Agreement (“MDA”) approvals process as it is a fundamental requirement for obtaining a mining licence, and while not directly associated with Sovereign’s Kasiya Rutile Project (“Kasiya”) in Malawi, could be perceived as an encouraging regulatory sign.
The Company also notes that it intends to release infill drilling results at Kasiya shortly, which would be incorporated into the next iteration of Kasiya’s Mineral Resource Estimate, and the impending release of the Notice of Meeting for the demerger of its standalone graphite projects (see RNS dated 7 December 2022).
ENQUIRIES
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Dylan Browne +61(8) 9322 6322 |
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Nominated Adviser on AIM |
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RFC Ambrian |
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Bhavesh Patel / Andrew Thomson |
+44 20 3440 6800 |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingram |
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Mariela Jaho |
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Christian Dennis |
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#POW Power Metal Resources PLC – Tati Project, Botswana – 2023 Exploration Underway
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces next stage exploration on its 100% owned and operated Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana, is underway.
EXPLORATION PROGRAMME KEY OBJECTIVES
– To confirm the presence of a large gold-bearing system and delineate a deposit, through follow-on work over a larger portion of the approximately 8km long gold-in-soil anomaly.
– Through Power Metal’s largest and most comprehensive exploration campaign across the Tati Project, to date.
o Programme will include mechanised trenching, geophysics surveys, high-resolution geochemical surveys, reverse circulation (“RC”) drilling and diamond core drilling.
o Both geophysical survey work and mechanised trenching are currently underway, with further soil sampling scheduled and RC and diamond drilling to follow on in order to test the emerging high priority gold targets.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“The exploration campaign now underway is a key step forward for Power Metal with the various planned works tailored towards a single objective, namely the discovery of a large gold deposit.
Our exploration programmes in 2021 and 2022 have built a robust picture of the Project’s potential and we are particularly excited as we proceed with the next stage of exploration – the largest ever completed on the Project by Power Metal.
So far, we have confirmed near surface high-grade gold from reverse circulation drilling, conducted last year, which intersected the quartz reef structure near the Cherished Hope mine and delivered high-grade and bonanza-grade gold results. Figure 1 below provides an overview of those results.
Within the table immediately below is an overview of the work we are planning to undertake, with explanatory notes on the various steps to be implemented.”
EXPLORATION PROGRAMME OVERVIEW
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Exploration Work |
Rationale and Targeted Outcome |
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TRENCHING A circa 500 metre mechanised trenching programme (underway). Trenching will be focused along various strike-length extensions of the known outcropping gold mineralised quartz reef structure. Quartz reef as well as mineralised wall rock will be sampled when intersected within the exposed trenches.
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This work will look to extend the already known strike length extension of the main quartz reef structure at the Cherished Hope gold mine (the “Cherished Hope”) within the Project licence area. The quartz reef currently remains open towards the northwest and southeast as well as down dip. If the main quartz reef is successfully intercepted, the trenching would highlight quartz reef continuity between known historical workings at Cherished Hope, as well as to the northwest and southeast of current (~175m) strike length extents as defined by the recently completed RC drilling campaign. By extending the surficial expression of the mineralised quartz reef structure beyond the currently defined 175m strike length, Power Metal will be able to follow up drill test these areas to prove the downdip continuity, therefore increasing the size of the mineralised system in multiple dimensions. |
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SOIL GEOCHEMISTRY High-resolution soil geochemistry programme focussed on approximately 3km of strike-length (see red area highlighted on figure 1 below). Approximately 500-600 individual soil samples are planned with follow up assay testing of samples. Soil samples will be collected along a grid which will be focussed northwest of the 2022 RC drilling area. The goal is to improve the resolution and definition over several kilometres of the currently defined ~8km long gold-in-soil anomaly. |
Historical soil sampling completed over the majority of the Tati Project was undertaken by previous operators along 400m spaced lines at 40m sample spacing. This programme looks to infill the line spacing so that the definition and location of already proven Au-in-soil anomalies is vastly improved. This work will then allow Power Metal to follow up with more focussed next exploration steps which could include trenching and RC drilling of these new areas during subsequent work programmes. By completing this work, a much larger percentage of the 8km long Au-in-soil anomaly can move to next exploration steps therefore increasing the overall attractiveness of the Project as well as the size of the mineralised footprint. |
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GEOPHYSICS A ground magnetometer geophysics survey focussed on the northwestern strike length extension of the Cherished Hope Mine (underway).
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The goal of the magnetometer survey is to provide high-resolution imaging of any structures or geology which may have had an influence on the emplacement of mineralised quartz reef structures. Prospective structures and geology identified by the magnetometer survey can then be upgraded to further work streams which may include geochemical sampling, trenching and RC & diamond drilling. |
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REVERSE CIRCULATION (“RC”) DRILLING(1) ~15 RC drillholes are planned to an average planned depth of ~100m for ~1,500m in total.
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This RC programme is designed to test for the along strike and down dip extension of the main mineralised quartz reef structure. The mechanised trenching programme will be completed prior to the RC drilling and will look to extend the known surficial expression of the mineralised quartz reef structure. Once the surface expression is well defined by trenching, RC drilling will be employed in order to test for the down dip or depth extension of the quartz reefs within the subsurface. The goal is to prove continuity in the widths as well as grades of the quartz reef structure from surface down to depths targeted by the RC drilling. |
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DIAMOND CORE DRILLING(2)
~5 diamond drill holes are planned to an average expected depth of 100m for ~500m in total.
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The diamond drilling programme is designed to drill test select portions of the quartz reef structures which were previously successfully delineated by the RC drilling conducted during fall 2022. Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation. The information extracted from diamond drilling will allow the company to gain a better understanding of the mineralised quartz reefs and surrounding wall rocks. This data will be important as exploration continues to develop across the broader Tati Project. |
KEY:
(1) RC drilling involves a “hammer” piston which repeatedly strikes the target rock. Simultaneously, a powerful drill-bit at the end made of tungsten rotates at high speed. This creates small chips of rock known as drill cuttings that are sucked up with a vacuum and transported to a cyclone at the surface through dedicated tubes. The chips are then sorted into a variety of sampling bags, each of which represents a certain depth section of the drill hole. These bags are then sent off directly to the assay lab where their mineral content can be analysed. In turn, a picture of the rock types the hole encountered throughout its length can be established.
(2) Diamond core drilling involves rotating a hollow drill bit embedded with diamonds into the ground to a certain depth before extracting the solid, intact core recovered for analysis.
FURTHER INFORMATION
Figure 1 – Tati Project Overview Plan Map:
Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#HVO hVIVO – Trading update
Orderbook growth and improved operational delivery lays strong foundations for future growth
· Record revenue, up 30% year-on-year to £50.6 million
· EBITDA margins of no less than 17%, significantly ahead of guidance
· Cash of £28.4 million as at 31 December 2022
· Strong contracted orderbook of £76m, up 65% year-on-year
· Board intention to declare shareholder distribution on publication of full audited accounts
· Over 95% of 2023 revenue guidance contracted and visibility into 2024
hVIVO plc (AIM & Euronext: HVO) (formerly Open Orphan plc), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces a trading update for the period ended 31 December 2022.
Significant double-digit revenue growth
The Group expects to report record full year revenues of £50.6 million (2021: £39 million), a 30% increase year-on-year. The significant growth in revenue provides further validation of the long-term sustainable growth in the human challenge trial market, for which hVIVO is the world leader.
EBITDA margins and cash ahead of expectations
The Group expects to report EBITDA margins of not less than 17% (2021: 7.4%), significantly ahead of previous guidance of 13-15%. The increase in EBITDA is driven by strong trading in H2 2022 and operational efficiencies leveraged on the concurrent conduct of multiple challenge trials. In addition, recognition of postponement and cancellation fees for an aggregate of over £1 million had a one-time positive impact on EBITDA. The advanced fees from orderbook growth and efficient operational delivery has resulted in a cash position of £28.4 million as at 31 December 2022 (2021: £15.7 million).
Capital distribution
The Board intends to make a shareholder distribution in respect of the financial performance achieved in FY22, details of which will be announced alongside publication of the Group’s audited results for FY22. The distribution reflects the Group’s exceptional cash generation in the year, in addition to its robust balance sheet.
Further contracted orderbook growth enhances revenue visibility
In 2022, the trend of larger contracts with biopharma clients continued, increasing the size of the Group’s orderbook to £76 million as at 31 December 2022, up 65% year-on-year (2021: £46 million), and over sixfold since 2020 (2020: £12 million).
There has been increased demand for hVIVO’s unique full-service human challenge offering (with three contracts signed in 2022) which also involves the manufacture of bespoke challenge agents to test products against specific infectious disease variants, including subvariants that are circulating in the population. There has also been an increase in average challenge trial contract value driven by client demand for larger volunteer cohorts as the biopharma market increasingly recognises the value of human challenge data to accelerate drug development timelines and de-risk later stage clinical trial programmes.
Current year outlook
The Group has entered 2023 well capitalised, debt free, and with record visibility into the current financial year. hVIVO is firmly placed to build on the growth in the human challenge trial market and further strengthen its position as the world leader in the field. The growing orderbook from new and existing Big Pharma and biotech clients provides excellent forward visibility with over 95% of forecasted revenue for 2023 contracted, and further revenue visibility into 2024. The Board is confident that the Group will continue to leverage its competitive position amidst favourable market dynamics and maintain its strong operational execution, orderbook revenue conversion and focus on profit generation into 2023 and beyond.
Yamin ‘Mo’ Khan, Chief Executive Officer of hVIVO, said: “The record numbers we have been able to announce today is the result of the hard work by everyone at hVIVO over the last 12 months. The goal for hVIVO has always been to establish a long-term sustainable growth model. We now have excellent profitable momentum, with full year 2022 EBITDA margin and cash significantly ahead of market expectations, while revenue shows substantial year-on-year growth. These results signify our successes of 2022 and also lay the foundations for FY23 and beyond. The record contracted orderbook not only covers over 95% of the FY23 revenue targets but also gives us visibility well into 2024.
“With the increasing prevalence and severity of infectious and respiratory diseases, there is a vital need for new vaccines and antivirals; as the human challenge partner of choice to the global biopharma industry, hVIVO is well placed to continue to help accelerate the development of these important new medicines.”
Investor presentation
Yamin ‘Mo’ Khan, Chief Executive Officer, and Stephen Pinkerton, Chief Financial Officer, will provide a live presentation via the Investor Meet Company platform on 25 January 2023 at 18:00 BST.
The presentation is open to all existing and potential shareholders. Investors can sign up to Investor Meet Company for free and add to meet hVIVO here.
#TM1 Technology Minerals PLC – Exploration Update on the Leinster Project
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce results from detailed lithogeochemical sampling has yielded high-grade spodumene pegmatite samples in float ranging up to 3.75% lithium oxide (“Li2O”) at Prospecting Licence Area (“PLA 1597”) in County Carlow, Republic of Ireland.
Highlights:
· Assay results are reported for the first stage of detailed lithogeochemical sampling at the Knockeen and Carriglead target areas on the Company’s Leinster Lithium Project.
· A total of 56 rock samples are reported, all of which were analysed at ALS Laboratories in Ireland.
· Two prospects are reported at:
o Knockeen: Out of a total of 56 samples, 41 samples graded above 1% Li2O, of which 20 graded above 2% Li2O and of which two graded above 3% Li2O (Sample AES 63003 – 3.63% Li2O and Sample AES 63033 – 3.75% Li2O)
o Carriglead: Out of a total of 10 samples, six samples graded above 1% Li2O of which one sample analysed above 2% Li2O (sample AES63504 – 2.09% Li2O).
· The programme of intensive prospecting has consolidated the extent of the spodumene pegmatite boulder train at surface as well as significantly enhancing the resolution of the dispersion zone
· The known extent of the boulder train is now over 1km in length from NE to SW and 0.5km from NW to SE and is still open in all directions at Knockeen and Carriglead
· The ongoing work is helping to refine specific areas for targeted drilling.
The licence, which was awarded to Technology Minerals’ wholly owned subsidiary LRH Resources Limited (“LRH”) on 22 March 2022, forms part of the Company’s Leinster Property exploration block, which is operated under an exclusive Option and Earn-in agreement with Global Battery Metals Ltd (“GBML”), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ) with no project expenditure required by the Company.
Field Exploration Programme Update
The current phase of detailed exploration work is centred on an area where a forty-year-old historical company report described a trench excavated at Knockeen Townlands on PLA 1597 (Figure 1) which uncovered in bedrock, a 1.8m wide spodumene-bearing pegmatite vein. However no detailed laboratory assays or geological maps of the trench were reported at that time. Historical prospecting around the trench also reported the occurrence of up to 10 large boulders of spodumene-bearing pegmatite at surface.
The current exploration programme carried out under LRH Resources management by Aurum Exploration Services Limited included an initial reconnaissance in July 2022 totalling six samples followed by a more detailed prospecting and lithogeochemical survey on two areas at Knockeen and Carriglead Townlands in December 2022 and totalling 56 samples (Figure 1 & Table 1).
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Prospect |
Programme |
No |
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Carriglead |
Recon Sampling July 2022 |
2 |
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Knockeen |
Recon Sampling July 2022 |
4 |
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Prospect |
Programme |
No |
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Carriglead |
Follow Up Sampling Dec 2022 |
10 |
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Knockeen |
Follow Up Sampling Dec 2022 |
56 |
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Prospect |
Programme |
No |
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Carriglead |
Total |
12 |
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Knockeen |
Total |
60 |
Table 1: Showing number of samples collected (July 2022 & December 2022)
Preliminary Reconnaissance July 2022
Two areas at Knockeen and Carriglead Townlands were targeted with an initial reconnaissance visit in July 2022. Six samples were collected during a site visit and included four at Knockeen and two at Carriglead. Analytical results confirmed the presence of the historically reported spodumene pegmatite boulder train and returned very significant grades of Li2O in all samples. These results have been reported previously but are reproduced here for continuity (Table 2).
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Sample_ID |
Programme |
Li_ppm |
Li2O_% |
Prospect |
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210724CL05 |
Recon Sampling July 2022 |
13,700 |
2.95 |
Knockeen |
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210724CL03 |
Recon Sampling July 2022 |
11,200 |
2.41 |
Knockeen |
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210724CL04 |
Recon Sampling July 2022 |
11,000 |
2.37 |
Knockeen |
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210724CL02 |
Recon Sampling July 2022 |
3,240 |
0.70 |
Knockeen |
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AES61138 |
Recon Sampling July 2022 |
7,470 |
1.61 |
Carriglead |
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AES61137 |
Recon Sampling July 2022 |
3,550 |
0.76 |
Carriglead |
Table 2: Results from reconnaissance prospecting (July 2022)
* Li2O % = Li ppm % (x 2.153)
Follow Up Detailed Prospecting and Lithogeochemistry
In December 2022, an extensive prospecting and lithogeochemistry survey was completed covering the two areas identified during the reconnaissance programme. A total of 56 samples were collected at Knockeen and 10 at Carriglead. The results were highly encouraging with coherent boulder trains of spodumene-bearing lithium pegmatites mapped out across the prospects. The highlight sample results are shown in Table 3 and the full results are appended in Appendix 1 to this release in Tables 4 and 5 with associated maps showing the locations in Figure 2 (Knockeen) and Figure 3 (Carriglead) below.
Figure 1: Location of the Knockeen and Carriglead target areas PL 1597 showing sample locations
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Sample_ID |
Programme |
Li_ppm |
Li2O% |
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AES63003 |
Follow Up Sampling Dec 2022 |
17,410 |
3.75 |
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AES63033 |
Follow Up Sampling Dec 2022 |
16,860 |
3.63 |
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AES63519 |
Follow Up Sampling Dec 2022 |
13,160 |
2.83 |
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AES63015 |
Follow Up Sampling Dec 2022 |
13,050 |
2.81 |
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AES63029 |
Follow Up Sampling Dec 2022 |
12,920 |
2.78 |
|
AES63042 |
Follow Up Sampling Dec 2022 |
12,580 |
2.71 |
|
AES63014 |
Follow Up Sampling Dec 2022 |
12,200 |
2.63 |
|
AES63021 |
Follow Up Sampling Dec 2022 |
12,040 |
2.59 |
|
AES63018 |
Follow Up Sampling Dec 2022 |
11,980 |
2.58 |
|
AES63011 |
Follow Up Sampling Dec 2022 |
11,820 |
2.54 |
Table 3: Highlight results from the prospecting programme (December 2022)
* Li2O % = Li ppm % (x 2.153)
The current results focussed on the two areas and considerably enhanced the area of boulder trains and significantly shows the high-grade nature and size of the boulders in the material being sampled.
Figure 2: Location of samples and assay results from the Knockeen target area
Figure 3: Location of samples and assay results from the Carriglead target area
Photo 1: Spodumene pegmatite samples from Knockeen and Carriglead
Alex Stanbury, CEO of Technology Minerals, said: “These latest assay results from the Leinster Project in Ireland are highly encouraging and build on previous reconnaissance work which displayed significant grades of Li2O in all samples. The results announced today continue to demonstrate the high-grade nature and size of the boulders in the material being sampled as well as expanding the known extent of the spodumene pegmatite boulder train at Knockeen and Carriglead. Today’s results and ongoing work will help us to determine specific areas for targeted drilling as we progress with the exploration campaign.”
Competent Person
All scientific and technical information in this announcement has been prepared under the supervision of EuroGeol Vaughan Williams M.Sc. P.Geo (a Principal of Aurum Exploration Services who currently provides exploration services to TM and to LRH), and a “qualified person” within the meaning of National Instrument 43-101. Vaughan Williams is also company secretary of LRH and a Director of the LRH Spanish subsidiary Asturmet Recursos S.L.
Enquiries
|
Technology Minerals Plc |
|
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 20 4582 3500 |
|
Global Battery Metals Ltd. |
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Michael Murphy BA, MBA, MSc., ICD, President & CEO |
+1 604-649-2350 |
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Oberon Investments Limited |
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Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
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Arden Partners Plc |
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Louisa Waddell, Tim Dainton |
+44 207 614 5900 |
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|
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Gracechurch Group |
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Harry Chathli, Alexis Gore, William Dobinson |
+44 20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Appendix 1: Analytical Results
|
Sample_ID |
Programme |
Li _ppm |
Li2O% |
Prospect |
|
AES63003 |
Follow Up Sampling Dec 2022 |
17,410 |
3.75 |
Knockeen |
|
AES63033 |
Follow Up Sampling Dec 2022 |
16,860 |
3.63 |
Knockeen |
|
AES63519 |
Follow Up Sampling Dec 2022 |
13,160 |
2.83 |
Knockeen |
|
AES63015 |
Follow Up Sampling Dec 2022 |
13,050 |
2.81 |
Knockeen |
|
AES63029 |
Follow Up Sampling Dec 2022 |
12,920 |
2.78 |
Knockeen |
|
AES63042 |
Follow Up Sampling Dec 2022 |
12,580 |
2.71 |
Knockeen |
|
AES63014 |
Follow Up Sampling Dec 2022 |
12,200 |
2.63 |
Knockeen |
|
AES63021 |
Follow Up Sampling Dec 2022 |
12,040 |
2.59 |
Knockeen |
|
AES63018 |
Follow Up Sampling Dec 2022 |
11,980 |
2.58 |
Knockeen |
|
AES63011 |
Follow Up Sampling Dec 2022 |
11,820 |
2.54 |
Knockeen |
|
AES63023 |
Follow Up Sampling Dec 2022 |
11,620 |
2.50 |
Knockeen |
|
AES63028 |
Follow Up Sampling Dec 2022 |
11,580 |
2.49 |
Knockeen |
|
AES63041 |
Follow Up Sampling Dec 2022 |
11,570 |
2.49 |
Knockeen |
|
AES63037 |
Follow Up Sampling Dec 2022 |
11,510 |
2.48 |
Knockeen |
|
AES63016 |
Follow Up Sampling Dec 2022 |
11,460 |
2.47 |
Knockeen |
|
AES63044 |
Follow Up Sampling Dec 2022 |
11,340 |
2.44 |
Knockeen |
|
AES63012 |
Follow Up Sampling Dec 2022 |
11,180 |
2.41 |
Knockeen |
|
AES63008 |
Follow Up Sampling Dec 2022 |
9,920 |
2.14 |
Knockeen |
|
AES63048 |
Follow Up Sampling Dec 2022 |
9,520 |
2.05 |
Knockeen |
|
AES63043 |
Follow Up Sampling Dec 2022 |
9,360 |
2.02 |
Knockeen |
|
AES63027 |
Follow Up Sampling Dec 2022 |
8,820 |
1.90 |
Knockeen |
|
AES63046 |
Follow Up Sampling Dec 2022 |
8,790 |
1.89 |
Knockeen |
|
AES63516 |
Follow Up Sampling Dec 2022 |
8,370 |
1.80 |
Knockeen |
|
AES63036 |
Follow Up Sampling Dec 2022 |
8,300 |
1.79 |
Knockeen |
|
AES63007 |
Follow Up Sampling Dec 2022 |
8,090 |
1.74 |
Knockeen |
|
AES63026 |
Follow Up Sampling Dec 2022 |
8,030 |
1.73 |
Knockeen |
|
AES63010 |
Follow Up Sampling Dec 2022 |
7,890 |
1.70 |
Knockeen |
|
AES63517 |
Follow Up Sampling Dec 2022 |
7,910 |
1.70 |
Knockeen |
|
AES63512 |
Follow Up Sampling Dec 2022 |
7,840 |
1.69 |
Knockeen |
|
AES63017 |
Follow Up Sampling Dec 2022 |
7,550 |
1.63 |
Knockeen |
|
AES63520 |
Follow Up Sampling Dec 2022 |
7,370 |
1.59 |
Knockeen |
|
AES63049 |
Follow Up Sampling Dec 2022 |
7,100 |
1.53 |
Knockeen |
|
AES63515 |
Follow Up Sampling Dec 2022 |
7,040 |
1.52 |
Knockeen |
|
AES63024 |
Follow Up Sampling Dec 2022 |
6,190 |
1.33 |
Knockeen |
|
AES63031 |
Follow Up Sampling Dec 2022 |
6,140 |
1.32 |
Knockeen |
|
AES63013 |
Follow Up Sampling Dec 2022 |
5,720 |
1.23 |
Knockeen |
|
AES63019 |
Follow Up Sampling Dec 2022 |
5,420 |
1.17 |
Knockeen |
|
AES63030 |
Follow Up Sampling Dec 2022 |
5,300 |
1.14 |
Knockeen |
|
AES63034 |
Follow Up Sampling Dec 2022 |
4,960 |
1.07 |
Knockeen |
|
AES63039 |
Follow Up Sampling Dec 2022 |
4,790 |
1.03 |
Knockeen |
|
AES63022 |
Follow Up Sampling Dec 2022 |
4,710 |
1.01 |
Knockeen |
|
AES63514 |
Follow Up Sampling Dec 2022 |
4,300 |
0.93 |
Knockeen |
|
AES63045 |
Follow Up Sampling Dec 2022 |
4,290 |
0.92 |
Knockeen |
|
AES63025 |
Follow Up Sampling Dec 2022 |
3,940 |
0.85 |
Knockeen |
|
AES63032 |
Follow Up Sampling Dec 2022 |
3,550 |
0.76 |
Knockeen |
|
AES63035 |
Follow Up Sampling Dec 2022 |
2,680 |
0.58 |
Knockeen |
|
AES63009 |
Follow Up Sampling Dec 2022 |
1,920 |
0.41 |
Knockeen |
|
AES63047 |
Follow Up Sampling Dec 2022 |
1,480 |
0.32 |
Knockeen |
|
AES63038 |
Follow Up Sampling Dec 2022 |
450 |
0.10 |
Knockeen |
|
AES63001 |
Follow Up Sampling Dec 2022 |
120 |
0.03 |
Knockeen |
|
AES63002 |
Follow Up Sampling Dec 2022 |
120 |
0.03 |
Knockeen |
|
AES63004 |
Follow Up Sampling Dec 2022 |
120 |
0.03 |
Knockeen |
|
AES63005 |
Follow Up Sampling Dec 2022 |
130 |
0.03 |
Knockeen |
|
AES63513 |
Follow Up Sampling Dec 2022 |
100 |
0.02 |
Knockeen |
|
AES63518 |
Follow Up Sampling Dec 2022 |
80 |
0.02 |
Knockeen |
|
AES63006 |
Follow Up Sampling Dec 2022 |
60 |
0.01 |
Knockeen |
Table 4: Results from follow up prospecting at Knockeen (December 2022)
* Li2O % = Li ppm % (x 2.153)
|
Sample_ID |
Programme |
Li_ppm |
Li2O% |
Prospect |
|
AES63504 |
Follow Up Sampling Dec 2022 |
9,720 |
2.09 |
Carriglead |
|
AES63503 |
Follow Up Sampling Dec 2022 |
8,890 |
1.91 |
Carriglead |
|
AES63509 |
Follow Up Sampling Dec 2022 |
7,870 |
1.69 |
Carriglead |
|
AES63501 |
Follow Up Sampling Dec 2022 |
7,460 |
1.61 |
Carriglead |
|
AES63507 |
Follow Up Sampling Dec 2022 |
5,620 |
1.21 |
Carriglead |
|
AES63505 |
Follow Up Sampling Dec 2022 |
5,120 |
1.10 |
Carriglead |
|
AES63508 |
Follow Up Sampling Dec 2022 |
3,280 |
0.71 |
Carriglead |
|
AES63511 |
Follow Up Sampling Dec 2022 |
500 |
0.11 |
Carriglead |
|
AES63506 |
Follow Up Sampling Dec 2022 |
330 |
0.07 |
Carriglead |
|
AES63502 |
Follow Up Sampling Dec 2022 |
290 |
0.06 |
Carriglead |
Table 5: Results from follow up prospecting at Carriglead (December 2022)
* Li2O % = Li ppm % (x 2.153)
UK Investor Magazine Podcast- CEO Alan Green discusses Burberry, Argo Blockchain, and AB Dynamics
Alan Green joins the Podcast as we discuss key market themes and a selection of UK equities.
We discuss:
- Burberry (LON:BRBY)
- Argo Blockchain (LON:ARB)
- AB Dynamics (LON:ABDP)
UK inflation has began to fall and the FTSE 100 continues to flirt with all time highs. We look at what could derail a rally and the key influences on stocks.
Burberry has been a major beneficiary of Chinese economic expansion over the past 20 years. We run through this morning’s update as China reopens.
Argo Blockchain have secured financing to avoid a worst case scenario in the short term, we look at whether the recent jump in Argo shares is a dead cat bounce, or can be sustained.
We finish by looking at AB Dynamics.
#TEK TekCapital Plc investee co. #BELL Belluscura Plc – Year-end Trading Update
LONDON, U.K. AND PLANO, TX, U.S. (13 January 2023) Belluscura plc (AIM: BELL), a leading medical device developer focused on lightweight and portable oxygen concentrator (“POC”) technology, provides a trading update for the year ended 31 December 2022.
The Group is pleased to announce that it has made considerable progress this year. Since the launch of the 1st generation X-PLOR in September 2021, the Group is now distributing throughout the US through multiple sales channels: Distributors and Durable Medical Equipment Providers both Online and Bricks and Mortar, Medical Supply Warehouses, Medical Device Intermediaries, Hospitals and Direct to Consumer.
In addition, the collaboration agreement with the VGM Group has already resulted in 17 new distribution agreements in the last 3 months, including the agreement with a leading durable medical equipment provider and distributor in the US, announced in September 2022, which serves nearly 2 million patients both online and through over 1,000 locations.
In December 2022 we also signed our first international distribution agreement, with MedHealth Supplies of South Africa, which sells to one of the world’s leading respiratory device suppliers. We have already received orders for over 1,000 units, with their first shipment sold out within 48 hours.
In December we produced a record 536 units in our in-house facility and with Innomax coming on-line in Q1 this will more than double production of X-PLOR. Of important note, even with the rapid increase in volume, the production quality of our in-house facility has been outstanding, with no units returned due to defects.
By 31 December 2022 the Company had shipped or received orders for 2,850 X-PLOR units with 1,226 units being shipped in 2022 (2021: 377). As at the year end, the Adjusted EBITDA1 loss is anticipated to be in line with market expectations and retained cash balances of $1.8 million, which together with inventory and inventory deposits, amounted to $11.9 million.
The next generation X-PLOR, launched in September 2022, has been well received by the market based upon its performance and reliability. It provides more oxygen by weight than any portable oxygen concentrator in its class and is the first POC with a mobile app that connects to phones, tablets, pulse oximeters and wearables (the NOMAD Biometric App).
The first DISCOV-RTM POCs expect to be launched for pre-market evaluation in Q1 2023, with full commercialisation anticipated in Q2. DISCOV-R is the first ambulatory pulse-dose and two-litre continuous flow POC in the world. Weighing c.40% less than any comparable dual flow oxygen concentrator on the market, the DISCOV-R produces nearly 3 times the oxygen by weight than its competition. Distributors are very excited about DISCOV-R and it is already receiving pre-orders. The DISCOV-R will also include the transformational NOMAD Biometric App.
In March 2022, we signed a manufacturing Master Supply Agreement (“MSA”) with InnoMax Medical Technology, Ltd (“InnoMax”) to manufacture the X-PLOR portable POC in China, more than doubling our manufacturing capacity in 2023 and enabling us to accelerate our international expansion by opening up markets in Asia and beyond. Innomax are anticipated to directly source most of their own components from the second half of 2023, which will also result in a significant margin improvement and reduction in the Company’s inventory levels.
Given the strong demand, the Group took the decision to transfer its US manufacturing in-house, to increase production output at high quality standards, and achieve a significant reduction in production costs. This was successfully completed at the end of July 2022, enabling the achievement of ISO:13485 accreditation. The manufacturing facility is already demonstrating the required product quality to build a significant customer base and repeat orders, underpinning the building of a strong brand reputation for our best-in-class technology.
Following this transition and having achieved ISO13485 accreditation, we are confident in having both the quality of manufacturing facilities and the inventory levels to increase production commensurate with market demand, as we expand our sales channels and are able to apply to distribute products internationally.
Robert Rauker, CEO of Belluscura plc, commented: “During the year we have made considerable progress. We have enhanced our production, quality accreditation and supply chain, positioning us well to deliver on the demand we are seeing for our devices, as we expand our distribution partners and geographical reach. Market reception for the next generation X-PLOR and Nomad App has been extremely positive, with an encouraging level of forward orders. We are very excited about the upcoming launch of the DISCOV-R, which we believe will be a transformational product, and we look to the future with confidence.”
Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, share-based payment expense, foreign exchange movements and non-recurring items.
For further information please contact:
|
Belluscura plc |
www.belluscura.com |
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Robert Rauker, Chief Executive Officer |
via MHP |
|
|
|
Anthony Dyer, Chief Financial Officer |
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SPARK Advisory Partners Limited (NOMAD) |
Tel: +44 (0)20 3368 3550 |
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Neil Baldwin |
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||
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|
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Dowgate Capital Limited (Broker) |
Tel: +44 (0)20 3903 7715 |
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James Serjeant / Nicholas Chambers |
|
||
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MHP (Financial PR and Investor Relations) |
Tel: +44 (0)20 3128 8100 |
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Katie Hunt / Pete Lambie / Matthew Taylor |
Email: belluscura@mhpgroup.com |
|
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|
|
||
About Belluscura plc (www.belluscura.com)
Belluscura is a UK medical device company focused on developing oxygen enrichment technology spanning broad industries and therapies. Our innovative oxygen technologies are designed with a global purpose: to create improved health and economic outcomes for the patients, healthcare providers and insurance organisations.
#BRES Blencowe Resources Plc – Export Approval for Bulk Samples
Highlights
· Ugandan Government approves landmark one-off permit for Blencowe to export bulk sample graphite from Orom-Cross for key final testing
· Underlines huge support for Orom-Cross advancement to production at all levels within the country
· Blencowe has successfully completed two rounds of smaller sample metallurgical testing on Orom-Cross graphite during 2022, using technical firms in Canada and Australia.
· Mandate signed with experienced Chinese graphite processing specialist Jilin Huiyang New Material Technology Company Ltd to use its existing bulk pilot facility for final metallurgical testing.
· 100 tonnes of bulk sample to be mined immediately and sea-freighted to China.
· Additional 150kgs sample to be mined and fast-track delivered to China by air freight for initial off-site testing in same facility.
Blencowe Resources Plc (“Blencowe Resources” or the “Company”) (LSE: BRES) is pleased to announce it has received an approval from the Ugandan Ministry of Energy and Mineral Development to export materials from its Orom-Cross Graphite Project to Chinese testing facilities to enable final bulk metallurgical test work to be undertaken in 2023. Blencowe has mandated Jilin Huiyang New Material Technology Company Ltd (“Jilin”) to complete this test work in their existing pilot plant facility, which negates the requirement for the Company to build its own bulk testing facility on-site in the near term.
Jilin has over 30 years direct experience in graphite processing and has completed similar bulk sample testing for other leading international graphite companies in the past. This is a key step in the process to pre-qualify Orom-Cross end-products as concentrates through to OEMs in order to ultimately achieve binding offtake contracts for production from the Project.
As Ugandan Mining Law does not allow for the export of unprocessed raw materials this approval is a landmark decision by the Government, who fully understand the need and requirement for this testing to occur as a key action for the advancement of Orom-Cross towards first production. Blencowe acknowledges and appreciates the support of the Government of Uganda and the Ministry of Energy and Mineral Development in this matter.
The export permits for 100t of bulk raw ore materials and 400 litres of local groundwater will enable the Company to export a representative bulk sample from the initial 5 years of production, which will be used to assess the metallurgical processes on a commercial scale including differing plant components to maximise the grade, recovery and flake sizing from the Project. The addition of the groundwater sample will enable the test facilities to assess the water characteristics in terms of the reagents required under proposed site operating conditions.
Works to excavate and transport the bulk samples will begin immediately and will be freighted by sea to China to have the testing completed as quickly as practically possible. In addition, 150kgs of the same samples will be air-freighted to same Jilin facility more quickly to undergo metallurgical testing and build knowledge before the larger samples arrive.
Blencowe has already been able to share significant data with Jilin having previously completed two stages of bench scale metallurgical testing with SGS in Canada (30kgs) and more recently a further round of testing via a small pilot plant (130kgs) in Perth, Australia. This next-level proposed test in China, using their existing infrastructure and experience, will be done on a considerably larger scale, which will give all parties more knowledge of the end concentrates that can be produced on a production scale from Orom-Cross. It is hoped that this program will initially lead to non-binding MOUs for offtake, and ultimately to binding sale agreements for a substantial portion of the initial 50,000tpa product to be produced from stage one within Orom-Cross. There may also be potential for EPC and funding contracts emanating from this relationship, potentially providing one solution to the CAPEX requirement for initial stage production.
Cameron Pearce, Executive Chairman commented;
“China is currently the most mature graphite market worldwide and entering into an offtake relationship there would be very valuable to us given the highly attractive economics at Orom-Cross, which already has an NPV8 of US$482M based on an initial 14-year mine life, from just ~2% drilled from our broader graphite resource.
This bulk sample trial is significant as a precursor that ultimately leads us to a full offtake agreement, which in turn would enable us to kick start production with a critical mass of product sold to drive profitability and cash flow. If successful it can also lead to building an EPC relationship and potential funding solutions.
The graphite market is evolving very quickly and we will see a lot of change ahead as the world expands from current 15-20 million electric vehicles (EVs) towards the targeted 100 million by 2030. This in turn will drive up the demand for flake graphite as a non-replaceable input required to produce lithium-ion batteries to power these EVs and leading analysts forecast a 300% rise in world demand for graphite by 2030. We are already seeing prices rise in anticipation of this looming shortage. The Chinese graphite market remains the largest and will likely remain so for some time ahead, thus establishing a strong and commercial relationship with both Chinese and other Asian partners is decisive for Orom-Cross and a natural progression for the Company.“
For further information please contact:
|
Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
|
|
Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
|
|
Tavira Securities Jonathan Evans |
Tel: +44 (0)20 3192 1733 jonathan.evans@tavirasecurities.com
|
|
First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 jasonrobertson@firstequitylimited.com
|
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.
A 21-year Mining Licence for the Project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe completed a successful Pre-Feasibility Study in 2022. The Company has now moved into the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content, with only a small percentage of the overall deposit drilled to date. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.
#FCM First Class Metals PLC – Exercise of Warrants and Issue of Equity
First Class Metals PLC (LSE:FCM) announces that it has received several notices to exercise warrants over a total of 450,582 Ordinary Shares (the “Warrant Shares“), for which funds of GBP 46,683.20 have been received by the Company.
Application will be made to the Financial Conduct Authority (“FCA”) for admission of the above Ordinary Shares to the standard listing segment of the Official List and to trading on the London Stock Exchange’s Main Market for listed securities, with admission and dealings in the new shares expected to take place from 8.00am on 16th January 2023.
Following Admission, the Company’s issued share capital will consist of 69,969,289 Ordinary Shares with voting rights. This figure of 69,969,289 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they require to notify their interest in, or a change to their interest in, the share capital of the Company under the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
For further information, please contact:
First Class Metals PLC
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
|
|
Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
|
Jonathan Brown |
|
0207 3742212 |
|
Jason Robertson |
|
0207 3742212 |
#GRX GreenX Metals Limited – Response to ASX Price Query
3 January 2023
Laura Gomme
Australia Securities Exchange
Level 40, Central Park
152-158 St Georges terrace
Perth WA 6000
By email: laura.gomme@asx.com.au
Dear Laura,
Response to Price Query
In response to your correspondence dated 3 January 2023 regarding an increase in the Company’s share price and in the volume of trading securities, the Company’s response is as follows:
1.The Company is not aware of any information that has not been announced which, if known, could be an explanation for recent trading in the securities of the Company.
2.Not applicable.
3.The Company notes recent media reports published in Poland relating to the Company’s 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). In November 2022, the Company announced that the hearing for the Claim had been concluded and that it now awaits a decision from the Tribunal, with no specified date available for the decision.
As previously advised, the arbitration and hearing proceedings in relation to the Claim are required to be kept confidential.
4.The Company confirms that it is in compliance with the listing rules, in particular, Listing Rule 3.1.
5.The Company confirms that its responses to the questions above have been authorised and approved in accordance with its published continuous disclosure policy or otherwise by its board or an officer of the Company with delegated authority from the board to respond to ASX on disclosure matters.
Yours faithfully
[sent electronically without signature]
Dylan Browne
Company Secretary
