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#FCM First Class Metals plc- Esa Property Geophysical (VTEM) Reinterpretation

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo land holding and the Sunbeam Project, is pleased to provide an update on activities in respect to the Esa claim block.

 

 HIGHLIGHTS

·    VTEM reinterpretation by Paterson Grant Watson Limited “PGW” now completed.

·   Reinterpretation further identifies potential east-west trending shear zone dissecting the central area of the property, the “Esa shear zone”.

·    Esa is located just 11km Northeast of the Barrick Hemlo 23M oz gold mine.

·    Ground reconnaissance has identified outcrop of sheared metamorphic rocks

·    Field campaign completing multiple soil lines across the “Esa shear zone” underway with results pending.

 

 

Esa

The Esa property covers 20km² and is situated just 11km north of the iconic Hemlo gold mine operated by Barrick Gold (>23M oz Au) which after over thirty years of continuous production remains one of Canada’s most prolific producing gold mines.  Hemlo is a sheared-fractured-folded, disseminated-replacement-stockwork deposit, located at a felsic volcanic-sedimentary rock interface, with sulphides in a structural regime. Metamorphism has overprinted the system. Pluton emplacements as well as intrusions of variable age and composition may have played a role in metal deposition or reworking, see Figure 1.

Figure 1- Esa Property regional location with FCM North Hemlo to the north and the Barrick Williams 23m oz Au mine in the south

FCM recently engaged Paterson Grant and Watson Ltd. ‘PGW’ to undertake a re interpretation of the VETEM acquired over Esa.  This report has now been finalised and it comments “Exploration at the Esa property focuses on shear-zone hosted, stratabound gold mineralization found within the metasedimentary unit. The genetic model is considered similar to the Hemlo gold deposit.” The report further comments: “Through the centre of the property, the proposed Hemlo-style shear zone trends roughly WNW-ESE and is associated with a magnetic anomaly of approximately 60 nT within the Esa/Soturi block magnetic data. The anomaly is approximately 350 m wide and is identifiable within the Hemlo survey data for approximately 5 km to the west and 4.5 km to the east of the Esa property as a regional arcuate structure…………and:

Mineralization within the property appears closely related to a series of N-S trending magnetic anomalies which may be related to the Marathon, Kapuskasing or Biscotasing dyke swarm. Numerous high geochemical Au assay values occur along these anomalies and at the intersection of these anomalies and WNW-ESE interpreted faults”, see Figure 2 and 2a”

Figure 2 and 2a-Reinterpretated PGW VTEM showing interpretated shear zone bisecting the Esa Property and 3D block model interpretation highlighting the deep seated N-S anomaly

PGW also indicated that whilst the magnetic component of the survey was instrumental in their (re)interpretation the VTEM added little. The strong geophysical response dissecting the property has been in part ‘ground-truthed’ and supports the interpreted presence of a shear. The inferred shear is also identified on adjacent properties: to the west, trending on to Esa, whilst its continuation east coincides with reported anomalous gold values.  This inferred Esa shear crossing the property in an arcuate roughly east west orientation has formed the focus of field work to date. Rock samples of boulders were identified as sheared sulphitic mafic rocks. It is worth noting that owing to ground cover, both forestation and Quaternary gravels, there is a paucity of exposure generally across the property. However, significantly, the shear has now been identified in outcrop in the eastern sector of the property.

The following comment from Dr Tony Starling (Telluris Consulting Limited)  reaffirms and supports the Esa shear interpretation being adopted by the Company. Dr Tony Starling is a world-renowned expert in structural geophysics. Previously Telluris had been contracted by FCM to carry out a structural geological review of the both the Esa & North Hemlo project areas and their wider environs.

“The PGW report interprets the arcuate near E-W linear anomaly as a shear zone (the Esa shear zone) as suggested by its slightly wider, more diffuse response in the geophysics, which makes sense.”

Telluris Consulting Ltd

Dr Tony Starling is founder and Managing Director of Telluris Consulting Ltd. Telluris Consulting is a geological consultancy established in 1993 that specialises in the application of structural and alteration studies with bespoke image processing with extensive experience in Archean settings.

More recently FCM is exploring the use of proprietary algorithms based on remote sensing (Aster imagery) to further explore the potential of the Esa (and North Hemlo) blocks.

FCM has a field team finalising a soil sampling programme along the inferred surface expressions of the shear, see Figure 3; whilst in parallel the team continued the systematic prospecting of the claim block. 8 soil lines orientated north – south and one oblique line across the property west to east over roughly 4km of strike are near completion.

Figure 3-Map of  the soil sample lines.

The 5 western lines crossed the magnetic feature in the western portion of the property. The 4 eastern lines were in the vicinity of sheared pyritic boulders and the intersection with a major N-S feature; hence the last soil line being orientated oblique to both structures.

Across the Esa property in this season’s campaign over 450 soil samples and 10 rock samples will have been collected. Results will be reported when final assays for all elements are received.

Marc J. Sale CEO First Class Metals said: “I am delighted that for negligible cost to FCM to have gained and contracted a reinterpreted of the full set of  geophysical including VTEM data. The PGW reinterpretation is significant due to its findings giving credence to the postulated theory an inferred ‘Hemlo style’ arcuate east west shear across the property. This reinforcement has led us to undertake very late into the season a soil sampling campaign that extended previous work and now covers the entire length of the shear. I am grateful to the field team for their efforts in indulging me during progressively worsening conditions.  I look forward to receiving the assay results of the soils and interpreting the data it provides into our model”.

 

For further information, please contact:

First Class Metals PLC

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Ayub Bodi, Executive Director

AyubB@Firstclassmetalsplc.com

07860 598086

First Equity Limited

(Financial Adviser & Broker)                                                 Jonathan Brown

         Jason Robertson                               02073742212

#SVML Sovereign Metals Limited- Result of AGM

The Annual General Meeting (AGM) of Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML) was held today, 18 November 2022, at 10.00am (AWST).

The resolutions voted on were in accordance with the Notice of AGM previously advised to the Australian Securities Exchange and shareholders. All resolutions were decided on and carried by way of poll.

In accordance with Section 251AA of the Corporations Act 2001 and ASX Listing Rule 3.13.2, the details of the poll and proxies received in respect of each resolution are set out in the attached summary. A summary of the amended terms of the performance rights following the passing of Resolution 4 is also attached to this announcement.

The Company has also released a new Constitution which will be available to view at: http://sovereignmetals.com.au/aim-rule-26/

 

ENQUIRIES

Dylan Browne

Company Secretary
+61(8) 9322 6322

info@sovereignmetals.com

 

Nominated Adviser on AIM

 

RFC Ambrian

 

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Optiva Securities

+44 20 3137 1902

Daniel Ingram

 

Mariela Jaho

 

Christian Dennis

 

 

Resolution

Number of Proxy Votes

Number and Percentage of Votes cast on the Poll

Voting Methodand Result

For

Against

Abstain

Proxy’s Discretion

For

Against

Abstain

1.    Remuneration Report

4,353,276

142,906

20,435,842

8,138

6,245,414
(98%)

142,906
(2%)

20,435,842

Carried on vote by poll

2.    Re-election of Director – Mr Benjamin Stoikovich

23,207,518

1,684,506

40,000

8,138

25,099,656
(94%)

1,684,506
(6%)

40,000

Carried on vote by poll

3.    Election of Director – Mr Nigel Jones

24,883,224

8,800

40,000

8,138

26,775,362
(99.99%)

8,800
(0.01%)

40,000

Carried on vote by poll

4.    Amendment to terms of existing Performance Rights

18,696,476

151,706

6,083,842

8,138

20,588,614
(99%)

151,706
(1%)

6,083,842

Carried on vote by poll

5.    Issue of Performance Rights to a Director – Mr Benjamin Stoikovich

6,523,599

1,684,506

16,723,919

8,138

8,415,737
(83%)

1,684,506
(17%)

16,723,919

Carried on vote by poll

6.    Ratify issue of Placement Shares issued pursuant to Listing Rule 7.1

8,800

8,138

26,724,362
(99.99%)

8,800
(0.01%)

91,000

Carried on vote by poll

7.    Ratify issue of Placement Options issued pursuant to Listing Rule 7.1

24,689,318

151,706

91,000

8,138

26,581,456
(99%)

151,706
(1%)

91,000

Carried on vote by poll

8.    Approval of Remuneration of Non-Executive Directors

4,293,476

151,706

20,486,842

8,138

6,185,614
(98%)

151,706
(2%)

20,486,842

Carried on vote by poll

9.    Adoption of new Constitution

23,216,318

1,532,800

182,906

8,138

25,108,456
(94%)

1,532,800
(6%)

182,906

Carried on vote by poll

10.  Approval of Additional 10% Placement Capacity

24,841,024

91,000

8,138

26,733,162
(100%)


(0%)

91,000

Carried on vote by poll

11.  Appointment of Auditor

24,892,024

40,000

8,138

26,784,162
(100%)


(0%)

40,000

Carried on vote by poll

 

Resolution 4 sought Shareholder approval, pursuant to Listing Rule 6.23, to amend the terms of all existing Performance Rights currently on issue and amend the Performance Criteria as detailed below (Amendment).

 

TRANCHE

ORIGINAL PERFORMANCE CRITERIA

ORIGINAL EXPIRY DATE

AMENDED PERFORMANCE CRITERIA

AMENDED EXPIRY DATE

NO. OF PERFORMANCE RIGHTS

2

Feasibility Study Milestone means announcement of a positive Feasibility Study for the Malawi Rutile Project in accordance with the provisions of the JORC Code.

Feasibility Study has the meaning given in the JORC Code.

31 December 2023

Pre-Feasibility Study Milestone means announcement of a positive Pre-Feasibility Study for the Malawi Rutile Project (prepared in accordance with the provisions of the JORC Code) which demonstrates the following:

·     A minimum net present value of US$1,000M (using a minimum discount rate of 8%);

·     A minimum life of mine of 20 years; and

·     A minimum internal rate of return of 25%.

30 September 2023

5,120,000

3

Decision to Mine Milestone means announcement of a Decision to Mine for the Malawi Rutile Project.

Decision to Minemeans a decision to commence mining operations.

31 October 2025

Definitive Feasibility Study Milestone means announcement of a positive Definitive Feasibility Study (DFS) for the Malawi Rutile Project (prepared in accordance with the provisions of the JORC Code) which demonstrates the following:

·     A minimum net present value of US$1,000M (using a minimum discount rate of 8%);

·    A minimum life of mine of 20 years; and

·     A minimum internal rate of return of 25%.

31 October 2025

7,320,000

 

Following shareholder approval of resolution 4, the expiry date for the tranche two performance rights have been amended to 30 September 2023. Following the Amendment, Sovereign has the following securities on issue:

 

Quoted:

SVM – Ordinary fully paid:                                                           470,875,023

 

Unquoted:

SVMAP – Performance Right Expiring 30-SEP-2023 (PFS):       5,120,000

SVMAQ – Performance Right Expiring 31-OCT-2025 (DFS):      7,320,000

SVMAS – Option Expiring 13-MAY-2023 EX $0.80:                     11,105,125

#SVML Sovereign Metals Limited- TZMI Congress Presentation

Sovereign Metals Limited (Company) is pleased to advise that a presentation entitled ‘TZMI Congress Presentation’ is available to download from the Company’s website at: http://sovereignmetals.com.au/company-presentations/.

 

ENQUIRIES

 

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

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

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM

 

RFC Ambrian

 

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Optiva Securities

+44 20 3137 1902

Daniel Ingram

 

Mariela Jaho

 

Christian Dennis

#GRX GreenX Metals Limited- Result of AGM

GreenX Metals Limited (GreenX or the Company) advises, that the 2022 Annual General Meeting (AGM) of the Company was held today, 16 November 2022, at 10.00am (AWST).

The resolutions voted on were in accordance with the Notice of AGM previously advised to shareholders.

All resolutions were decided on and carried by way of a poll.

In accordance with Section 251AA of the Corporations Act 2001 and ASX Listing Rule 3.13.2, the details of the poll and the proxies received in respect of each resolution are set out over page.

The Company has also released a new Constitution which will be available to view at www.greenxmetals.com.

 

For further information please contact:

Dylan Browne                                                                                             

Company Secretary

+61 8 9322 6322                                                                                                                                

info@greenxmetals.com

 

Resolution

Number of Proxy Votes

Number of Votes cast on the Poll

Result

For

Against

Abstain

Proxy’s Discretion

For

Against

Abstain

1.    Remuneration Report

3,645,078

6,500

15,062,316

25,000

3,670,078
(99.
8%)

6,500
(0.0
2%)

15,062,316

Carried on vote by poll

2.    Re-election of Mr Mark Pearce as a Director

18,711,578

2,316

25,000

18,736,578
(100%)


(0%)

2,316

Carried on vote by poll

3.    Adoption of New Constitution

18,711,578

2,316

25,000

18,736,578
(
100%)


(
0%)

2,316

Carried on vote by poll

4.    Approval of Additional 10% Placement Capacity

18,511,578

200,000

2,316

25,000

18,536,578
(9
9%)

200,000
(
1%)

2,316

Carried on vote by poll

 

#GRX GreenX Metals Limited – Quarterly Activities Report September 2022

HIGHLIGHTS

·      GreenX continued with its exploration work program to acquire up to 80% of the ARC copper project in Greenland:

 ARC is a significant, large-scale project (5,774km2 license area) with historical exploration results and recent analysis indicative of an extensive mineral system with potential to host world-class copper deposits.

 In August 2022, laboratory XRF analysis of native copper samples from ARC showed high purity consistently over 99% copper. Analysis also confirmed the presence of silver in one sample, and no significant deleterious elements in any of the samples.

 Despite adverse weather and ice conditions in Greenland affecting access to ARC during 2022, a site visit was made and limited samples were collected. GreenX was able to deliver the key exploration equipment into Greenland which should result in better efficiencies in the next field season.

 Results for the 2022 site visit to be released in the coming weeks.

·      International arbitration claims against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty continue at pace:

 Statement of Reply for ongoing arbitration against Poland has been filed with a revised claim for compensation in the amount of £737 million (A$1.3 billion/PLN 4.0 billion) as prepared by external quantum experts.

 Claim includes an updated assessment of the value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko mines, and accrued interest related to any damages.

 Following the lodgement of final substantive filings from both parties subsequent to the end of the quarter, the next step in the arbitration process is for the hearing to be conducted in front of the Tribunal.

 GreenX notes the recent success of AIM listed, Rockhopper Exploration plc’s Energy Charter Treaty claim against the Republic of Italy in relation to oil and gas licenses including a unanimous decision against the Republic of Italy to award €190 million in damages plus interest.

·      Cash balance at 30 September 2022 of A$4.2 million to fund activities at ARC plus A$7.4 million available under the litigation funding facility to continue pursuing GreenX’s dispute against the Republic of Poland.

 

GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 30 September 2022.

LABORATORY ANALYSIS OF HISTORICAL SAMPLES FROM ARC CONFIRMS UP TO 99.8% PURE NATIVE COPPER

During the quarter, GreenX and its joint-venture (JV) partner Greenfields Exploration Ltd (Greenfields) announced the results of preliminary analysis on three historical samples of native copper nodules from the ARC Project (ARC or the Project) in Greenland. The samples were obtained from a recently opened government geological storage facility in Copenhagen. Three native copper samples found at Discovery Zone, Neergaard Dal, and Neergaard South within ARC were subject to advanced micro-XRF scanning, a more precise and comprehensive technology when compared to more common portable XRFs.

The best analysis result was for a sample found immediately south of the Discovery Zone, which indicated median copper purity of 99.8%, with 255 g/t silver, 0.004% antimony and 0.000% arsenic.

The samples from Neergard Dal and Neergard South indicated copper purity of 99.7% and 99.4% respectively, with low to no deleterious elements detected in any of the samples. The high quality of the analysed samples is comparable to blister copper, a product typically produced by smelting prior to being sent to a refinery.

The results of the micro-XRF analysis are supportive of the potential quality of the mineralisation at ARC and will inform future field programs which will incorporate geochemical sampling, portable core drilling, and geophysics at high-priority targets within ARC. The Discovery Zone, where the highest-purity analysed sample was recovered, is the highest priority exploration target.

Despite adverse weather and ice conditions in Greenland affecting access to ARC during 2022, a site visit was made and limited samples were collected. GreenX was able to deliver the key exploration equipment into Greenland which should result in better efficiencies in the next field season.

ABOUT ARC

ARC is an exploration joint venture between GreenX and Greenfields. GreenX can earn 80% of ARC by spending A$10 million by October 2026. ARC is targeting large scale copper in multiple settings across a 5,774 km2 Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province.

GreenX and GEX consider the observed geological setting and features of ARC to be indicative of an extensive mineral system capable of hosting world-class copper deposits. The large scale of the mineral system, widespread copper anomalism, combined with dual mineralising events are analogous to the largest copper systems known worldwide. Accordingly, GreenX considers that ARC has the potential to be a globally significant metallogenic province.

Historical field programs identified widespread copper-silver occurrences at surface:

·      geochemical sampling found that 80% of stream sediment samples contain native copper

·      native copper is found in situ or as float, with individual clasts of native copper weighing up to 1 kg+

·      high grade copper sulphides, grading up to 2.15% Cu and 35.5g/t Ag over 4.5m true width, are known from trench sampling of fault zones within sediments (see GreenX announcement dated 20 January 2022 entitled “New Copper Targets Identified at ARC”)

·      assay results from individual samples are much higher grade, including: 

 53.8% Cu and 2,480g/t Ag

 7.9% Cu and   53 g/t Ag

 20.7% Cu and 488g/t Ag

 5.3% Cu and 112 g/t Ag

 12.5% Cu and 385g/t Ag

 5.0% Cu and 304 g/t Ag

 9.0% Cu and 112 g/t Ag

 4.0% Cu and   82 g/t Ag

 

Very high-grade copper mineralisation identified at ARC is associated with the Minik Anomaly, a coincident magnetic-electromagnetic-gravity feature in an area where there is a change in oxidation state and widespread native copper in stream sediments. These features are presented as the footprint of a large-scale hydrothermal system.
The frequency and size of the native copper clasts, and the high grade of the copper-silver sulphides that are exposed at the surface, bode well for the prospectivity of copper deposits and will be a will be a key focus of the first field campaign.

There are multiple targets and favourable geological settings considered to be prospective within the ARC project area, including the following.

·      The highly anomalous basalt is a high priority target that has not previously been the focus of commercial exploration.  These basalts are the source of the native copper.

·      The sulphide mineralised faults passing through these basalts into the overlying sediments have been subject to first pass exploration and shown to be rich in copper and silver. The high-grade sulphides in these faults will be the focus of further exploration.

·      The permeable coarse-grained sandstone within the Jyske Ås Fm has high grade copper that is effectively unexplored. This stratiform mineralisation adds the potential for significant lateral extension of the known mineralisation exposed in the faults of the Discovery Zone. 

As such, the extensive ARC mineral system is known to be prospective for basalt, fault, and sedimentary rock-hosted (‘sediment-hosted’) mineralisation that despite the attractive grades, is virtually unexplored.

CORPORATE

Financial Position

As at 30 September 2022, GreenX had A$4.2 million to fund activities at ARC plus A$7.4 million available under the litigation funding facility to continue pursuing GreenX’s dispute against the Republic of Poland.

DISPUTE WITH POLISH GOVERNMENT

During the quarter, the Company reported that as part of the ongoing 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), GreenX had filed its Statement of Reply in the BIT arbitration.

This is the final material filing that GreenX has made for the BIT arbitration, with the next step in the arbitration process, following the lodgement of Poland’s Rejoinder, is for the hearing to be conducted in front of the Tribunal.

Based upon revised external expert reports in response to Poland’s Statement of Defence, GreenX is now seeking compensation in the amount of £737 million (equivalent to A$1.3 billion or PLN 4.0 billion).

Details of the Claim

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

The claim Tribunals have been constituted, with both Claims being registered with the Permanent Court of Arbitration in the Hague. The BIT and ECT claim proceedings proceed at pace, with the Company now having filed a revised claim for damages against Poland with the Tribunal in the amount of £737 million (A$1.3 billion/PLN4.0 billion), which includes damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages. The Claim for damages has been assessed by external quantum experts appointed by GreenX specifically for the purposes of the Claim.

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

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

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

In February 2019, GreenX formally notified the Polish Government that there exists an investment dispute between GreenX and the Polish Government. GreenX’s notification called for prompt negotiations with the Government to amicably resolve the dispute and indicated GreenX’s right to submit the dispute to international arbitration in the event of the dispute not being resolved amicably. As of the date of this report, no amicable resolution of the dispute has occurred, since the Polish Government has declined to participate in discussions related to the dispute and accordingly the Company has formally proceeded with its Claim as discussed above.

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

Furthermore, GreenX notes the recent success of AIM listed Rockhopper Exploration plc’s (Rockhopper) ECT claim against the Republic of Italy in relation to oil and gas licenses.

On 24 August 2022, Rockhopper announced that an ECT arbitration panel had reached a unanimous decision against the Republic of Italy to award Rockhopper €190 million in damages plus interest at EURIBOR +4% compounded annually from 2016 until the time of payment.

All costs associated with the Rockhopper arbitration were funded on a non-recourse (“no win – no fee”) basis from a specialist arbitration funder, similar to GreenX’s litigation funding arrangements. After payments due to the arbitration funder, Rockhopper expects to retain approximately 80% of the award.

 

#GRX GreenX Metals – Notice of AGM

 

DATE OF ANNUAL GENERAL MEETING 

 

GreenX Metals Limited (GreenX or the Company) advises that the Annual General Meeting (AGM) of the Company will be held at the Conference Room, Ground Floor, 28 The Esplanade, Perth, Western Australia on Wednesday, 16 November 2022 at 10.00am (AWST).

 

Further information relating to the AGM, including the resolutions proposed and explanatory information in respect of such resolutions, is set out in the Notice of AGM which is available for download on GreenX’s website at: https://greenxmetals.com/investors/announcements/.

 

A Form of Instruction will be sent to all depository interest holders allowing them the opportunity to vote via proxy at the AGM.

 

For further information please contact:

Dylan Browne                                                                                             

Company Secretary

+61 8 9322 6322                                                                                                                                

info@greenxmetals.com

 

 

#SVML Sovereign Metals Limited – Kasiya Recognised by the President of Malawi

GLOBAL SIGNIFICANCE OF KASIYA RECOGNISED BY THE PRESIDENT OF MALAWI AT UNITED NATIONS

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) was delighted with a special mention of the Kasiya Rutile Project (Kasiya) by His Excellency Dr Lazarus McCarthy Chakwera, President of the Republic of Malawi, during his address at the 77th session of The United Nations General Assembly in New York.

Extract from His Excellency Dr Lazarus McCarthy Chakwera’s address: “We are delighted that many private sector investors are flocking to us to join the agricultural revolution that is coming to Malawi, as well as investors in mining, who know that the recent discovery in Malawi of the largest deposit of rutile in the world means that Malawi’s economic rise is imminent.”

His Excellency’s confirmation of the importance and global significance of Kasiya comes as Sovereign continues its close working relationship with the Government of Malawi and other key stakeholders.

The Expanded Scoping Study announced in June 2022 confirms Kasiya could become one of the world’s largest and lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than current titanium feedstocks alternatives while significantly contributing to the social and economic development of Malawi.

Sovereign’s Managing Director Dr Julian Stephens commented: “It is a terrific endorsement of the Kasiya discovery and its immense potential by receiving recognition at such an important global forum. Sovereign appreciates the great support it has received from the Malawi Government and we look forward making a significant contribution to development of the mining sector and achievement of the country’s economic vision.

 

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

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

Sapan Ghai (London)
+44 207 478 3900

 

 

 

 

 

About Sovereign Metals

Sovereign Metals Limited (ASX:SVM & AIM:SVML) is an ASX and AIM-listed company focused on the exploration and development of its Kasiya rutile project in Malawi.

The Company recently completed an Expanded Scoping Study which confirmed Kasiya as a large-scale, long-life operation with a low-cost profile as a significant source of critical raw materials. Kasiya has the potential to become a major producer of both the natural rutile and graphite markets whilst contributing significantly to the economy of Malawi.

 Natural rutile is the purest, highest-grade natural form of titanium dioxide (TiO2) and is the preferred feedstock in manufacturing titanium pigment and producing titanium metal.

 The natural rutile market is in structural deficit with current supply estimated to decline rapidly by 45% in the next three years, following the scheduled closures by two major high-grade producers1. A resurgence in demand for titanium pigment and from the welding sector combined with concurrent supply shortages has led the CIF China spot prices sharply upwards to over US$2,200 per tonne2.

 

Sources

 1.   TZMI

2.   Ruidow.com based on Australian Rutile (TiO2>95%, P<0.03%, S<0.03) CIF Tianjin Port

 

Forward Looking Statement

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

 

Power Metal Resources PLC #POW – Molopo Farms Complex – Geophysics & Drill 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 relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.

On 8 September 2022 the Company announced an update regarding progress being made towards the first Power Metal managed and operated diamond drilling programme at Molopo Farms. The link to this announcement is below:

https://www.londonstockexchange.com/news-article/POW/mfc-project-update-drill-programme-mobilisation/15621071

HIGHLIGHTS

 High-resolution ground magnetic geophysics (“Ground-Mag”) survey completed over high priority Target 1-6 (“T1-6”).

 Three dimensional (“3D”) inversion modelling of Ground-Mag data and all other available geophysical datasets covering the T1-6 electromagnetic (“EM”) conductor, also completed.

 Interpretation of historical airborne electromagnetic (“AEM”) survey data with recently collected moving-loop EM (“MLEM”) geophysics results, estimates the T1-6 conductor has an approximate strike length of 2,600m and an estimated down dip extent of 1,000m.

 Diamond core drillhole parameters for the first two planned holes at T1-6 have now been established, with the two drill collar sites under preparation and drilling expected to commence shortly.

 MLEM surveys are ongoing at additional target areas T1-3 and T2-3, and MLEM and Ground-Mag surveys are ongoing at target area T1-14, with further updates to follow shortly.

 

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

“Our work at Molopo Farms is gathering pace with the parameters for the first two diamond core drillholes into Target 1-6 now confirmed. With the drill rig now on-site we expect to start drilling the first priority target hole shortly.

Significantly, based on recently completed 3D geophysical modelling the strike-length of the priority conductor at T1-6 is interpreted to be 2,600m, a considerable target.

We are working closely with the team in Botswana who have done an incredible job thus far.  It is less than a month since the initial geophysical survey findings at T1-6 that inspired this acceleration to drilling and I look forward to providing further progress updates.”

FURTHER INFORMATION

 

 A high-resolution Ground-Mag survey covering an area of approximately 2,700m by 1,600m has now been completed over priority target area T1-6. A strong east-west trending magnetic anomaly was identified near the southern edge of the survey area.

 

 Magnetic inversions of this newly identified anomaly show that the magnetic body intersects the down dip extent of the southerly dipping EM conductor identified by the previously completed ground-based MLEM survey over T1-6.

 

 As a result of the recently completed geophysics work at T1-6, as well as the extensive 3D analysis and inversion modelling now completed, two priority drillholes have now been planned for T1-6. The two drill collar sites are now being prepared and cleared in preparation for the programme start. The two sites selected are summarised below:

 

 Diamond core drillhole DDH1-6B : Located 530m directly south of drillhole KKME 1-6 (completed  December 2020 1). Planned 600m hole depth, inclined at 80° dip and 0° azimuth (to the north). Based on the 3D modelling completed, DDH1-6B has been planned to intersect the southerly dipping conductor at a relatively shallow depth of 300m.

 

 Diamond core drillhole DDH1-6C : Located 830m directly south drillhole KKME 1-6 1. Planned 650m hole depth, inclined at 80° dip and 0° azimuth (to the north). Based on the 3D modelling completed, DDH1-6C is planned to test the intersection zone between the southerly dipping conductor and the newly identified strongly magnetic E-W trending body, which is estimated to be at a depth of approximately 350m.

 

 Based on 3D modelling of all available geophysical data including the previous AEM survey, the targeted T1-6 EM conductor been estimated to have an approximate strike-length of 2,600m in a broadly E-W direction and is estimated to extend for around 1,000m down dip (towards the south).

 

 Power is currently preparing a short video which highlights the above information and will include a demonstration of the 3D geophysical modelling with the plots of previous drillhole KKME 1-6 and the planned drillholes DDH1-6B and DDH1-6C.

 

 Camp setup and preparation for the upcoming programme continues at pace. The Company will announce to the market once drilling has commenced, which is expected shortly.

 

 MLEM surveys are ongoing at target areas T1-3 and T2-3, and MLEM and Ground-Mag surveys are ongoing at target area T1-14. A further update in regard to this work, as well as survey results, are also expected shortly.  

 

PROJECT BACKGROUND AND OWNERSHIP

 

Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”).  On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”).  The announcement may be viewed through the following link:

 

https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701

 

As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.

 

Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.

 

COMPETENT PERSON STATEMENT

 

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

REFERENCES

 

1:  Power Metal PLC announcement, 14 December 2020

  ( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmq269w )

 

 

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

 

Kavango Resources #KAV – Licence Renewals and 1 New KSZ Licence Issued

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) announces the renewal of 5 Prospecting Licences (“PLs”) in the Kalahari Suture Zone (“KSZ”) and one PL at the Ditau Project. In addition, the Company has also been awarded one new PL in the KSZ.

Kavango’s total mineral rights in Botswana now cover 14,316km2.

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

“The renewal of six of our prospecting licences and the issue of one additional licence by the Department of Mines enables Kavango to plan a substantial work program across its portfolio, as well as advance discussions with potential partners.

Securing the six Kalahari Suture Zone licences is particularly important, as it confirm Kavango’s strategic hold over this large-scale nickel/copper exploration project.

With its strategically significant mineral rights package, Kavango is well placed to become a major player in the Botswanan metals’ exploration space. We look forward to advancing our projects and making significant discoveries over the coming years.”

Details of licences issued

Kavango Minerals (Pty) Ltd

Project

Licence No.

New expiry date

New area (sq.km)

Comment

KSZ

509/2014

30/9/24

413

Renewal

KSZ

510/2014

30/9/24

499

Renewal

KSZ

155/2016

30/9/24

491

Renewal

KSZ

156/2016

30/9/24

491

Renewal

KSZ

157/2016

30/9/24

391

Renewal

KSZ

062/2022

30/9/25

73

New licence

 

Kanye Resources (Pty) Ltd

Project

Licence No.

New expiry date

New area (sq.km)

Comment

Ditau

010/2019

30/9/24

459

Renewal*

*In compliance with the Botswana Minerals Act, PL 010/2019 includes 50% relinquishment due on first renewal

The resulting total areas that Kavango’s subsidiaries have rights to are as below:

Project

Total area (sq.km)

Comment

KSZ

8,323.1

100% owned by Kavango

KCB (1,2)

5,065.5

See footnote

Ditau (2)

   927.4

See footnote

TOTAL

14,316

1) Includes 2 x licences that are the subject of 90% earn in with LVR Geoexplorers (Pty) Ltd.
2) Kavango currently owns a 50% working interest in 10 prospecting licences held in a Joint Venture vehicle (Kanye Resources) with Power Metal Resources (LSE:POW), and has agreed to acquire 100%. Terms of the acquisition are provided in the announcement dated 8 July 2022.

(‘KSZ’: Kalahari Suture Zone; ‘KCB’: Kalahari Copper Belt)

For further information please contact:

Kavango Resources plc                                                                                     

Ben Turney

bturney@kavangoresources.com

 First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson              

SI Capital Limited (Joint Broker)                                                                          

+44 1483 413500

Nick Emerson

#TM1 Technology Minerals – Recyclus Approved to Recycle Batteries at Tipton

HIGHLIGHTS

· Approval allows for immediate commencement of on site manual lead-acid battery recycling processes in Tipton

· Approved Battery Treatment Operator (ABTO) status authorises Recyclus to produce up to 15,000 metric tonnes (MT) of lead per year from the recycling of lead-acid batteries

 

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that Recyclus Group Ltd (“Recyclus”), its 49%-owned battery recycling business, has received ABTO status from the Environmental Agency for its recycling site in Tipton, West Midlands. The approval means that Recyclus can immediately commence manual recycling operations at its lead-acid facility.

 

Under ABTO status, Recyclus is authorised to produce up to 15,000MT per annum of lead and store up to 300MT of inbound stock at any one time on site . The new authorisation marks the beginning of phase one of the recycling operations, which will move to a fully automated recycling process in phase two later this year following receipt of the variation of licence. The Recyclus system recycles the entire battery into separate constituent parts, to ensure recovery of lead, acid, and plastic materials, which are then reused to support a wide range of industries. For example, the hard lead can be used in grids and terminals, the soft lead for battery paste, and the sulphuric acid into fertilisers for agricultural use.

 

Robin Brundle, Chairman of Technology Minerals, said: “We are delighted to have our ABTO status confirmed by the Environmental Agency, so we can kick-start recycling operations, close deals in the pipeline, and start generating revenues from this site. Once fully operational, the Tipton plant positions us to become one of the leading accredited battery recyclers internationally.

“The lead-acid battery recycling industry is currently a major polluter, with over 18,000 tonnes of spent batteries incinerated or sent to landfill each year in the UK alone. It is vital that companies look to strip back ‘greenwashing’ and promote homegrown waste management solutions if the UK is to achieve its COP26 net zero targets.

“Our operations will help to divert waste from landfill, enabling key resources to be kept in use for longer, minimising waste and reducing the environmental impacts of spent batteries. These efforts underscore our commitment to developing a truly circular economy for battery metals that will help propel the green transition and meet the net zero 2050 targets. We look forward to reporting on our progress in the coming weeks and months.”

Enquiries

Technology Minerals Plc

Robin Brundle, Executive Chairman

Alexander Stanbury, Chief Executive Officer

+44 20 7618 9100

Arden Partners Plc

Ruari McGirr, George Morgan

+44 207 614 5900

Gracechurch Group

Harry Chathli, Amy Stupavsky, Alexis Gore

+44 (0)203 488 7510

 

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    

 

Recyclus Group Ltd    

 

The demand for the raw materials used in battery manufacturing is anticipated to substantially increase . Recyclus Group provides a national recycling initiative that supports the transition to carbon neutrality. Recyclus Group’s battery recycling capacity will prove essential in the shift from fossil fuels to electric transportation. Through its strategic support, Recyclus is an integral component to the recycling of lithium-ion and lead-acid batteries and is a significant contributor towards the circular economy of battery metals. Further information on Recyclus Group is available at www.recyclusgroup.com    

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