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#SVML Sovereign Metals PLC – Kasiya Indicated Resource Increased By Over 80%

·     Kasiya Indicated Resource now stands at 1.2 Billion tonnes at 1.0% rutile and 1.5% graphite

·     Updated Mineral Resource Estimate (MRE) moves over 0.5 Billion tonnes from Inferred to Indicated – an increase of 81% to the Indicated category

·     Over 66% of total MRE now in the Indicated category

·     Kasiya’s global MRE over 1.8 Billion tonnes at 1.0% rutile and 1.4% graphite

·     Kasiya remains the world’s largest natural rutile deposit and second largest flake graphite deposit

·     Updated MRE to underpin the mining inventory and mine plan for the forthcoming Pre-feasibility Study (PFS)

Sovereign’s Managing Director Dr Julian Stephens commented:The increase of over 80% in the Indicated component at a one-for-one conversion from Inferred is an outstanding outcome. The conversion rate confirms the very consistent geological and grade continuity and is testament to the high-quality and robustness of the deposit. Kasiya is poised to become a major long-term supplier of the critical minerals natural rutile and graphite, with both forecast to be in near-term and significant supply deficit. The PFS work program on this highly strategic and globally significant project is progressing well and approaching its final stages. The Company is looking forward to presenting the outcomes of the PFS in the coming months.”



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

Andrew Thomson

+61 8 9480 2500

Joint Brokers


+44 20 3207 7800

Matthew Armitt

Jennifer Lee


Optiva Securities

+44 20 3137 1902

Daniel Ingrams

Mariela Jaho

Christian Dennis

Read further announcement here


#POW Power Metal Resources plc – Drill Contract – Issue of Equity at 2.25p

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an issue of equity relating to payment for drill costs in relation to the recently completed Molopo Farms Complex diamond drill programme in Botswana.

The original announcement in respect of the drill contract with Mindea Exploration & Drilling Services (Pty) Ltd (“Mindea”) was released on 30 August 2022 and may be viewed through the link below:


The final total payable under the equity component of the drill programme has been agreed at 4,094,254.96 Pula, or £257,824.62, to paid in full through the issue of Power Metal new ordinary shares of 0.1p (“Ordinary Shares”) at an agreed issue price of 2.25p.  This equates to 11,458,872 Ordinary Shares to be issued to Mindea (“Drilling Shares”).


Application will be made for the 11,458,872 Drilling Shares to be admitted to trading on AIM which is expected to occur on or around 10 March 2023 (“Admission”). The Drilling Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

Following Admission, the Company’s issued share capital will comprise 1,739,033,678 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

#BRES Blencowe Resources PLC – Bulk Sampling Complete


·    100 tonne bulk sample mining completed.

·    Transport underway to Chinese graphite processing specialist Jilin Huiyang New Material Technology Company Ltd (“Jilin”) for final metallurgical testing in its existing facilities.

·    Additional 150kgs sample already sent to Jilin for initial off-site testing.

·    Ugandan Government had approved landmark one-off permit for Blencowe to export bulk sample graphite from Orom-Cross earlier in Q1 2023.

Blencowe Resources Plc (“Blencowe Resources” or the “Company”) (LSE: BRES) is pleased to announce it has completed the mining and packaging of both the 100t bulk sample and 150kg of sample from its flagship Orom-Cross Graphite Project. In January 2023 the Company 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.  Blencowe has mandated industry specialist Jilin to complete this test work in their existing plant facility, negating the requirement for the Company to build its own bulk testing facility on-site in the near term, saving both considerable time and cost.

This final stage of metallurgical test work is a key component of the ongoing Definitive Feasibility Study.  Blencowe has already proven twice (in Canada/SGS and Australia/IMO) that it can achieve a high grade, low impurity 97% LOI concentrate from a composite mix of its two deposits at Orom-Cross. The Company expects to achieve the same results with this significantly larger sample size, thereby enabling the pre-qualification of end products and subsequent entry into binding offtake contracts.

Works to excavate and transport the bulk samples were undertaken under supervision of the Company’s geologists and the Ugandan Department of Geology, Survey and Mines (DGSM). Works were carried out by local Uganda firm ADT/LogVoy. The 100t bulk sample and the 400litres of groundwater are being sea-freighted from the Port of Mombasa, and the 150kgs of same samples are being fast-track air-freighted to same Jilin facility, to undergo metallurgical testing as a precursor to build knowledge before the larger samples arrive.

Once this bulk sample test is completed over the next few months Blencowe will utilise these same facilities to lift the 97% concentrate to a 99.95% SPG-ready product, which can then be tested by OEMs to ensure it meets their requirements.  When this OEM testing is successfully completed binding offtake contracts may then be secured.  In parallel Blencowe will also be doing same 99.95% SPG-ready testing in USA to obtain a separate qualification with another technical industry expert, thereby ensuring the widest range of offtake partners are available to the Company.


Cameron Pearce, Executive Chairman commented;

Our process to secure end-product qualification, which then opens the door to binding offtake contracts, is underway.  This is a methodical process designed to deliver an end-product that meets the most stringent battery grade testing by the OEMs.  We are very confident in the product to be produced from Orom-Cross, especially given the lack of impurities within the concentrate in all testing thus far.  If we can continue to demonstrate this quality in the months ahead we will be in excellent shape to complete this pre-qualification process.”


He added “The pre-qualification process remains a barrier to entry for many would-be graphite producers, as achieving the battery level quality the OEMs require is challenging.  However, based on historical test results we are confident we will achieve this and, in doing so, place Orom-Cross as one of the highest quality graphite projects worldwide.



For further information please contact:



Blencowe Resources Plc

Sam Quinn



Tel: +44 (0)1624 681 250


Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441



Tavira Financial

Jonathan Evans

Tel: +44 (0)20 3192 1733



First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833



Twitter https://twitter.com/BlencoweRes

LinkedIn https://www.linkedin.com/company/72382491/admin/

#TEK Tek Capital PLC – Guident Portfolio Company Update

Tekcapital Plc (AIM: TEK), (OTCQB: TEKCF), the UK intellectual property investment group focused on transforming university technologies into valuable products that can improve people’s lives, is pleased to announce that Guident Ltd. (“Guident”) has executed a letter of intent with Auve Tech OÜ (“Auve Tech”) to provide remote monitoring and control (“RMCC”) services for Auve Tech’s autonomous vehicles. 


By combining Auve Tech’s advanced Level 4 autonomous vehicles with Guident’s RMCC software, the two companies will bring an enhanced level of safety to self-driving technology. Guident’s patented software provides human-in-the-loop supervision, adding an extra layer of security to the Auve Tech’s new MiCa autonomous shuttle. The Auve Tech next-generation vehicle is capable of autonomous driving in a variety of traffic and weather conditions, making it an ideal solution for safe, reliable, and sustainable transportation in geofenced areas and mixed-traffic environments.


The companies’ plan to launch the Auve Tech MiCa autonomous vehicle combined with Guident’s RMCC software to customers in North America during the second half of 2023.


The Auve Tech autonomous shuttle is aimed at enhancing last-mile transportation offering alternative means of transport in geofenced areas and mixed-traffic environments. Auve Tech has demonstrated its technology in various commercial projects in 12 countries and has proven that its vehicles can provide real autonomous mobility.


“Collaboration is key to driving innovation and progress in the field of autonomous vehicles. We are pleased to have executed a letter of intent (LOI) with Guident to have them provide our autonomous vehicles with their RMCC and monitoring service,” said Johannes Mossov, Chairman of the Management Board of Auve Tech. “This will enable our SAE Level 4 autonomous vehicles to have state-of-the-art, remote monitoring and control upon delivery.”


“The partnership between Guident and Auve Tech represents a step forward in creating safer, smart, and sustainable transportation solutions for communities. We are excited to see the launch of the new MiCa autonomous vehicle with Guident’s RMCC software, which promises to deliver an added layer of safety and reliability in autonomous driving, said Harald Braun, Chairman & CEO of Guident Ltd.

A blue and white bus Description automatically generated with low confidence


MiCa: a new-generation self-driving shuttle from Auve Tech.


The Market

According to Triton Market Research the last mile AV autonomous vehicle delivery market is expected to reach $41.7 billion by 2028 with a CAGR of 19%. Contactless or “touch-free” delivery is in high demand since the COVID-19 pandemic, and Guident believes this increased demand will accelerate the roll-out of land-based delivery drones for pedestrians, food and medicines to improve their availability and reduce the costs of these deliveries.


About Guident  

Guident commercializes new technology to enhance the safety, efficiency and utility of autonomous vehicles and ground-based drones using its proprietary IP & software apps for remote monitoring and control.  To learn more please visit www.guident.co


About Auve Tech OÜ

Auve Tech specializes on the development and manufacturing of autonomous transportation systems. We offer a full-scope service that entails autonomous vehicles, their integration to various environments and fleet management. To learn more, please visit https://auve.tech/


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.




Tekcapital owns 100% of the share capital of Guident Ltd.

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

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

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

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

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

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

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

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


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

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

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

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

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


Mineral Claim Staking Process

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

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

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

The Haresign Bay Property

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

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

The Kernaghan Property

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

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

Thibault Lake West Extension

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

Next Steps

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


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

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


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



Licence ID





Clearwater Uranium Property



















Tait Hill Uranium Property






















Thibault Lake Uranium Property










Soaring Bay Uranium Property













Cook Lake Uranium Property




E-12 Uranium Property5




Reitenbach Uranium Property6






















Reindeer Lake




Porter Lake







Old Woman Rapids










Durrant Lake




Badger Lake




Haresign Bay








Total Licence Holding Area



#SVML Sovereign Metals Ltd – ASX Trading Halt Update

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (“Sovereign” or the “Company”) announced on 27 January 2023 that following movements in its share price on the Australian Securities Exchange (“ASX”)and a price query from ASX, the Company’s ordinary shares were placed in a trading halt on the ASX.  The ASX has informed Sovereign that the trading halt has been lifted and trading of the Company’s ordinary shares has resumed on the ASX.

The trading halt did not affect trading in the Company’s shares on the AIM market of the London Stock Exchange plc, where normal trade continued.

In response to the ASX price query dated 27 January 2023 regarding an increase in the Company’s share price and in the volume of trading securities, the Company noted that it 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, however it does note that:

(a)      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 fundamental requirement for obtaining a mining licence in Malawi.


(b)      On 7 December 2022, the Company announced that the Company is to demerge its standalone Graphite Projects (being the Nanzeka, Malingunde, Duwi and Mabuwa Projects) into a wholly owned subsidiary, NGX Limited (“Demerger”). The Company expects to publish a Notice of Meeting for the Demerger in the coming weeks.

(c)        In September 2022, the Company completed a 6,865 metre, 438-hole air-core and push-tube infill mineral resource drilling program at Kasiya Rutile Project (“Kasiya”). The infill drilling results from this program are consistent with previous announced drilling results (refer to announcements dated 08/09/2022 and 26/10/2022) and are confirmatory of these previous infill results released to the market. An updated Kasiya Mineral Resource Estimate is targeted for completion in Q1 2023.

The final infill drill hole was completed on 16/09/2022. The final batch of infill drill hole samples was sent to Australian laboratories on 9/11/2022. The final batch of assay results was received by the Company on 8/12/2022 but as stated above the results from the program are consistent with previous announced drilling results.

In any event, the Company has released the infill assay results following a request from ASX (see announcement entitled ‘Kasiya Resource Infill Drilling Results’ dated 30 January 2023).

The Company has strict procedures to maintain confidentiality of assay results with two directors and two senior management employees only having access to drill results prior to announcement drafting and circulation to the board for final approval.

The Company expects that its shares will trade as normal on ASX from opening of trade on 31 January 2023. Trading will continue as normal on the AIM market.



Dylan Browne
Company Secretary

+61(8) 9322 6322


Nominated Adviser on AIM


RFC Ambrian


Bhavesh Patel / Andrew Thomson

+44 20 3440 6800



Joint Brokers



+44 20 3207 7800

Matthew Armitt


Jennifer Lee




Optiva Securities

+44 20 3137 1902

Daniel Ingram


Mariela Jaho


Christian Dennis


#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).



Dylan Browne
Company Secretary

+61(8) 9322 6322


Nominated Adviser on AIM


RFC Ambrian


Bhavesh Patel / Andrew Thomson

+44 20 3440 6800



Joint Brokers



+44 20 3207 7800

Matthew Armitt


Jennifer Lee




Optiva Securities

+44 20 3137 1902

Daniel Ingram


Mariela Jaho


Christian Dennis




#TYM Tertiary Minerals plc -Update -Copper Projects, Zambia

Tertiary Minerals plc is pleased to announce that it’s local partner and licence holder Mwashia Resources Ltd (“Mwashia”) has now received approval of Environmental Project Briefs (“EPBs”) from the Zambian Environmental Management Agency (“ZEMA”) for the Konkola West and Lubuila Copper Projects where the Company is earning up to a 90% interest.

The Company is also providing a project update for the Mukai and Mushima North Projects following a preliminary data review and first meetings with global copper producer First Quantum Minerals Ltd (“FQM”) with whom the Company has a data sharing and technical cooperation agreement (the “Data Sharing and Technical Cooperation Agreement”) .

Key Points:

EPB Approvals

·    ZEMA has now approved EPBs for the Konkola West & Lubuila Licences.


·    The approval process for the Mukai & Mushima North Project EPBs is at an advanced stage.


·    EPB approval is required before exploration can take place.

Project Updates

·    Initial prospectivity reviews completed by consultant Remote Exploration Services (RES) of South Africa, based on historical data.


·    First meetings held with FQM under the Data Sharing and Technical Cooperation Agreement. Data transfer from FQM to the Company is currently in progress.


·    Exploration targeting underway with initial priority areas already defined by RES at:


Ø Mukai, where the host stratigraphy for FQMs nearby Enterprise Nickel Mine and giant Sentinel Copper Mine can be traced into the Mukai Licence where there are both copper and nickel geochemical anomalies.


Ø Mushima North, where historical drilling in the 1960s encountered wide zones of low-grade copper-sulphide mineralisation and which is prospective for iron-oxide-copper-gold (“IOCG”) deposits.

Commenting today, Executive Chairman Patrick Cheetham said:

I am delighted to report that, following a recent series of positive updates for the Jacks Copper Project in Zambia where we have now earned a 90% interest, the necessary EPBs are now starting to be issued for the other Zambian projects where we have similar earn-in rights.

I am also pleased and excited to be reporting progress in our data sharing and technical cooperation agreement with FQM along with the definition of several exploration targets from a desktop study of historical exploration results commissioned with RES prior to our agreement with FQM.


For more information please contact:

Tertiary Minerals plc:

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679        

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey


Market Abuse Regulation (MAR) Disclosure

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


Additional Information


Tertiary is exploring in Zambia through its local subsidiary Tertiary Minerals (Zambia) Limited (“TMZ”) which is 96% owned by Tertiary Minerals plc. TMZ now holds 90% of the Jacks Copper Project with the remaining 10% held by local company and licence holder Mwashia Resources Ltd (“Mwashia”). TMZ holds an option to purchase Mwashia’s 10% interest in the Jacks exploration licence for US$3.5 million at any time.

TMZ also holds options to earn up to a 90% interest in four other licences held by Mwashia, namely the Mukai, Mushima North, Lubuila and Konkola West exploration licences.  Further details of Tertiary’s agreements with Mwashia are given in the Company’s news releases of 2 August 2021 and 18 November 2021.

The Mukai and Mushima North licences are covered by a Data Sharing and Technical Cooperation Agreement with First Quantum Minerals Limited (“FQM”). Further details of the Agreement can be found in in the Company’s news release of 15 September 2022.

EPB Approvals

Before exploration can be carried out on a licence in Zambia, an Environmental Project Brief (“EPB”) must be submitted for approval by the Zambian Environmental Management Agency (“ZEMA”).  

An approved EPB is already in place for the Jacks Copper Project and Mwashia has now advised that EPBs have been approved for the Lubuila and Konkola West Licences and that the process for EPB approvals for Mukai and Mushima North is at an advanced stage within ZEMA.

Project Updates

The Company and FQM have now held their first meeting and data transfer is underway from FQM’s proprietary regional exploration programmes that included the Mukai and Mushima North project areas. This includes extensive geological, geophysical and geochemical data.

Prior to reaching its agreement with FQM the Company had commissioned South African company Remote Exploration Services (“RES”) to conduct a desktop study on the exploration history and prospectivity of the four Mwashia licences held under option.

The following information is intended as a preliminary update of the prospectivity of the two licences that are covered by the FQM agreement and is based on the earlier RES project review which has already defined priority targets. Target generation is ongoing and will incorporate the FQM data. The Company aims to be in a position to commence field exploration as soon as possible.

Mukai Copper Project, 27066-HQ-LEL

Exploration Licence 27066-HQ-LEL covers 55.4 sq. km. and is located 125km west of Solwezi in the north-western Province of Zambia. Geologically it is in the Domes Region of the Central African Copperbelt and it encompasses Lower Roan Group rocks on the southern flank of the highly prospective Kabompo Dome.

The licence is directly adjacent to FQM’s Trident Project licences which includes the recently opened Enterprise Nickel Mine and the giant producing Sentinel (Kalumbila) Copper Mine, located 8km south and 18km southeast of the licence, respectively. FQM has invested US$2.1 billion in the Sentinel copper mine where the plant has the capacity to treat 55 million tonnes of ore per annum.

Enterprise is a sediment-hosted nickel-sulphide deposit with a total measured and indicated resource of 40 million tonnes of ore containing 431,000 tonnes of nickel from which FQM envisages processing some 4 million tonnes per year of nickel ore making Enterprise the largest nickel mine in Africa.

Just west of Mukai is Arc Minerals Ltd.’s Zambia Copper-Cobalt Project where Anglo American plc has the option to earn a 70% interest from Arc Minerals through expenditure of US$88.5 million including US$14.5 million in cash payments to Arc Minerals.

Historic exploration in the Mukai licence area has been carried out for copper by Roan Selection Trust (“RST”) in the 1960s, for uranium by Agip in the 1980s, and by an Equinox- Anglo American JV (“Zamanglo”) in the early 2000s. Most of this work was of a regional nature comprising stream sediment sampling and soil sampling.

To date, FQM has provided Tertiary with licence-wide geophysical data including magnetic data, radiometric data and electromagnetic data. FQM’s mapping, in part based on this data, has traced the Enterprise and Sentinel host rocks into the Mukai Licence where they occur in similar proximity to the deep seated Kalumbia Fault Zone.

A copper soil anomaly was identified within the Mukai licence by RST in the 1960s close to the boundary with FQM’s licences and is seen to continue into FQM’s adjacent licence as a copper and copper:scandium anomaly (high copper:scandium ratios are seen as an indicator of copper sulphide mineralisation as opposed to enhanced background level of copper in the rock). This is a high priority target for follow-up exploration.

Nickel anomalies have also been identified in the licence area, in soils by Zamanglo and in stream sediments by the Zambian Geological Survey. Data interpretation and targeting is ongoing.

The Mukai Licence contains an area of designated forest, which, although affording a higher level of environmental protection, does not exclude exploration or mining.

Mushima North Copper Project, 27068-HQ-LEL

Exploration Licence 27068-HQ-LEL covers 701.3 sq. km. and is located 100km east of Manyinga.

The licence encompasses basement rocks outside of the traditional Copper Belt and the region is a focus of exploration for copper-gold in so called Iron-Oxide-Copper-Gold (“IOCG”) deposits, best exemplified by the giant Olympic Dam copper-gold-uranium deposit in South Australia.

The past producing Kalengwa Copper Mine is situated approximately 20km west of the licence and is believed to be one of the highest-grade copper deposits ever mined in Zambia. In the 1970s high grade ore in excess of 26% copper, making up approximately 20% of the orebody, was trucked for direct smelting at Copper Belt mines.

Historical exploration at Mushima North has been carried out by RST in the 1960s, African  Minerals Corporation in the early 2000s and by BHP Group Limited later in the 2000s. BHP flew their proprietary Falcon gravity gradiometer over the licence area, defining geological structures and targets for further exploration.

Historical exploration has focused on the eastern margin of a series of syenitic-granitic intrusives. A number of historic copper prospects occur within the licence and soil anomalies have been identified in RST soil sampling programmes in the 1960’s. One of these anomalies was followed up with a 154m deep drill hole, RKN 800, which intersected pyritic siltstone and sandstone containing chalcopyrite (copper sulphide) in association with calcite veins. Sampling of drill cores was very rudimentary with random samples taken at the end of each core run. Nevertheless, copper values were anomalous throughout with many samples grading more than 0.3% copper (0.3% being the upper limit on the graphical scale of analytical results presented with the drill log). This is an immediate target for follow-up exploration.

FQM has so far provided the Company with airborne magnetic and VTEM electromagnetic survey data for the Mushima North licence. This data will be processed with a view to additional target generation and data compilation and reviews are ongoing.

#KAV Kavango Resources Plc – Publication of Prospectus

Further to the announcement of 24 October 2022 in which Kavango announced it had conditionally raised £3,000,000 before expenses by the issue of 166,666,660 new ordinary shares of £0.001 each in the capital of the Company (the “New Ordinary Shares”) at a price per share of 1.8 pence, the Company is pleased to announce that the Financial Conduct Authority has approved its prospectus dated 18 November 2022 (the “Prospectus”) issued in connection with:

–   the placing of 158,555,555 New Ordinary Shares (the “Placing Shares”);

–   the subscription of 8,111,105 New Ordinary Shares (the “Subscription Shares”);

–  the issue of 60,000,000 New Ordinary Shares to Power Metal Resources PLC (further to the announcement of 8 July 2022) (the “Kanye Consideration Shares”);

–  the issue of 2,000,000 New Ordinary Shares to LVR GeoExplorers (Pty) Ltd (further to the announcement of 16 September 2022) (the “LVR Shares”);

–  the issue of 13,478,951 New Ordinary Shares to Mindea Exploration and Drilling Services (Pty) (further to the announcement of 10 June 2021) (the “Fee Shares”); and

–    admission of the enlarged share capital and up to 395,918,682 New Ordinary Shares.

The Prospectus has been published in electronic form and will shortly be available on the Company’s website at:


A copy of the Prospectus has also been submitted to the National Storage Mechanism and will shortly be available for inspection at



In connection with the publication of the prospectus and as announced by the Company previously, the following warrants have been issued, subject to Admission:

·    166,666,660 warrants to the placees and the subscribers of the placing and subscription announced on 24 October 2022, as applicable, and 27,777,777 warrants to Arigo Capital Limited, as announced on 25 October 2022. The warrants are exercisable at 3p per share for a term of 24 months from the date of issue. These warrants are conditional upon the approval of shareholders and details of a general meeting at which such approval will be sought will be sent to shareholders in the near future.

·    The issue to Power Metal Resources PLC of the following:

o 30,000,000 warrants at an exercise price of 4.25p per share for a period of 30 months from 8 July 2022;

o 30,000,000 warrants at an exercise price of 5.5p per share for a period of 30 months from 8 July 2022; and

o 15,000,000 variable price warrants (“VP Warrants”) with a six-month life to expiry, with a minimum exercise price of 3p and an actual exercise price at a 15% discount to the volume-weighted average share price on the date of exercise per share. Should all VP Warrants be exercised by 8 January 2023, Power Metal Resources PLC will receive 15,000,000 replacement warrants, on the same exercise terms and with a 12-month life to expiry from the issue date.

·    2,000,000 warrants to LVR GeoExplorers (Pty) Ltd, exercisable for two years from the date of issue and with an exercise price of 8.5p per share.

·    8,333,334 warrants to Tamesis Partners LLP, exercisable for two years from the date of issue and with an exercise price of 3p per share.

Admission and Total Voting Rights

Application will be made for the Placing Shares, the Subscription Shares, the Kanye Consideration Shares, the LVR Shares and the Fee Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”).  It is expected that Admission will become effective and that dealings in the Placing Shares, the Subscription Shares, the Kanye Consideration Shares, the LVR Shares and the Fee Shares will commence at 8.00 am on 25 November 2022.

Following Admission, the total issued share capital of the Company will consist of 705,569,314 Ordinary Shares*. Therefore, the total number of voting rights in the Company is 705,569,314 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company. 

*This figure is inclusive of the 27,777,777 shares which are being admitted on 30 November 2022, as announced on 25 October 2022.


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

For further information please contact:

Kavango Resources plc                                                                                     

Ben Turney


+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson              

SI Capital Limited (Joint Broker)                                                                          

+44 1483 413500

Nick Emerson


#POW Power Metal Resources PLC – Kalahari Key Botswana – Acquisition Update

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in respect of the acquisition of an additional 58.7% interest in Kalahari Key Mineral Exploration PTY Limited (“Kalahari Key” or “KKME”) (the “Transaction”).

Kalahari Key has a single project 60% interest in the Molopo Farms Complex Project (the “Project’ or “Molopo Farms”) targeting a large-scale nickel – platinum group metal (“PGM”) discovery in southwest Botswana. 


The conditional acquisition was originally announced on 18 May 2022 which may be viewed through the following link:




–      The Company has received written confirmation that all Botswana regulatory approvals required to enable the Transaction to proceed have now been received.

–      Following receipt of the approvals the Company is now working with the Kalahari Key Board and advisers in Botswana to complete the Transaction.

–      Following Transaction completion, Power Metal will hold an 87.71% interest in Kalahari Key which will hold a 100% interest in Molopo Farms.

–      A further announcement to follow shortly including confirmation of the issue of equity consideration to Kalahari Key shareholders disposing of their interest to Power Metal.

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

“The receipt of all Botswana regulatory approvals for the Transaction is a significant event for the Company, and after the various administrative tasks are completed Power Metal will hold an 87.71% interest in Kalahari Key.

On behalf of Power Metal I would like to thank the authorities in Botswana and our advisers for their handling of the approvals process, and the Kalahari Key team who are working with us to complete the Transaction.

Shareholders will be aware we are currently undertaking the largest drill programme the Company has conducted at Molopo Farms and to complete the Transaction at this juncture is particularly significant.

Further announcements will follow with regard to Transaction completion and with operational updates from the Molopo Farms ongoing drill programme.”


Further information in respect of Molopo Farms may be viewed on the Company’s website through the following link:


In addition photographs and videos from the Project are and will be available on the Company’s website gallery section, through the following link:



This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883




Power Metal Resources plc – Background

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.


Exploration Work Overview

Power Metal has multiple internal exploration programmes completed or underway, with results awaited.  The status for each of the Company’s priority exploration projects is outlined in the table below.






Work Completed or Underway

Results Awaited

Athabasca Uranium



Ground exploration programme complete at 3 properties.  Preliminary planning for work in Spring/Summer 2023 is ongoing.

Assay results from samples collected during fieldwork.

Molopo Farms



T1-6 conductor target drilling underway. Further MLEM surveys planned over additional AEM targets identified.

Drill programme updates and findings from further MLEM survey work.

Tati Project



RC drilling and sampling of mine dumps complete.

Review of mine dumps sampling and assay results from RC drill programme.

# following completion of administrative processes for share transfer and restructuring


Exploration work programmes may also be underway within Power Metal investee companies and planned IPO vehicles where Power Metal has a material interest, the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required.  These interests are summarised in the table below:


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