Home » Posts tagged 'mineral' (Page 2)
Tag Archives: mineral
#FDR First Development Resources – Paterson Province – Applications for New Licences
First Development Resources plc (AIM: FDR), the UK-based, Australia-focused exploration company with mineral interests in Western Australia and the Northern Territory, is pleased to announce that it has applied for three new Exploration Licences in the Paterson Province of Western Australia.
The new applications, E45/7205, E45/7206 and E45/7207, are located immediately to the east of the Company’s existing Wallal Project licences (Figure 1) and cover ground previously held by Rio Tinto Exploration.
Figure 1: FDR’s New Exploration Licence applications pending approval. Paterson Province, Western Australia
The statutory objection period under the Mining Act 1978 (WA) for the new licences closed on 12 and 13 January 2026, and the Company confirms that no objections were lodged in that statutory period.
The licence applications are now being assessed by the Department of Mines, Petroleum and Exploration (DMPE) in Western Australia to ensure compliance with all regulatory requirements, including environmental and land use considerations.
In parallel, FDR is engaging with relevant Traditional Owner groups as part of the Aboriginal Heritage Act and Native Title Act consultation process to ensure that exploration activities respect cultural heritage.
Any future exploration work will only proceed once all statutory approvals, including relating to Native Title and heritage clearances, have been secured.
Once granted, these licences will further consolidate FDR’s strategic land position in the highly prospective Paterson Province and enhance the Company’s exploration footprint in the region. The Company looks forward to advancing exploration planning in a responsible and compliant manner.
For further information visit www.firstdevelopmentresources.com or contact the following:
|
First Development Resources plc Tristan Pottas (CEO) |
Tel: +44 (0) 20 3778 1397 |
|
Beaumont Cornish Limited Nominated Adviser Roland Cornish / Asia Szusciak |
Tel: +44 (0) 20 7628 3396 |
|
SI Capital Limited Broker Nick Emerson |
Tel: +44 (0) 1483 413 500 |
Beaumont Cornish Limited (“Beaumont Cornish”) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
ABOUT FIRST DEVELOPMENT RESOURCES
First Development Resources’ assets comprise eight granted tenements covering a total area of 2,314.4km2. Five of the tenements, comprising three prospective copper-gold projects, are located in Western Australia (WA) while the remaining three tenements, comprising a rare-earth element (REE), uranium, lithium and gold project, are located in the Australian’s Northern Territory. All tenements are wholly owned by FDR. The assets are a mixture of drill ready and earlier stage exploration.
The WA Projects include the Company’s Wallal Project as well as Ripon Hills and Braeside West Projects situated in the Paterson Province, which is widely regarded as one of the most productive regions in Australia for the discovery of world-class gold-copper deposits, and which is home to several world-class mines and more recent discoveries.
The Selta Project in the Northern Territory is located in an area considered highly prospective for uranium and rare-earth element mineralisation along with base and precious metal mineralisation. Numerous companies are actively exploring within the region.
Beyond the existing portfolio, FDR is actively looking to expand its portfolio through the acquisition of early-stage exploration projects in Australia.
#AYM Anglesey Mining PLC – Half yearly report for the six months to 30 September 2025
Chairman’s Statement and Management Report
During the half year period, we were pleased to publish a conceptual study of a high-density fluid hydro-power energy storage project at the mine.
The findings of the conceptual study led to the commencement of a pre-feasibility study (PFS) in the energy storage scheme and we have published the proposed operational methodology and revenue streams associated with the project in terms of both Long Duration Energy Storge (LDES) and how that might be the catalyst for the commencement of mining of the Parys Mountain VMS mineral deposits.
Our investigations show there is a positive business case for the energy project on a standalone basis, that the risks identified thus far can be reasonably overcome or mitigated. Elements of the energy storage project scope, for example: the de-watering and refitting of the Morris shaft for material and personnel hoisting, the dewatering of the workings emanating from the Morris shaft 280m below the surface, the upgrading of the power-line to site, the on-going environmental and social studies and the deployment of impact avoidance, mitigation and compensation strategies, are each synergistic with the first steps of establishing a modern underground mine on Parys Mountain.
It is an essential and clear intent of the energy project that Anglesey Mining retains all the optionality that it currently has for the construction and commissioning of an underground mine, and that the hydro energy pumped storage project should not detract from those options over the medium and long term.
In the period to the 30th September 2025, we unfortunately had to announce the termination of our management rights and obligations over Grangesberg Iron AB (GIAB). Under a shareholders’ agreement our 100% owned subsidiary, Angmag AB, and therefore Anglesey Mining, had management rights with the ability to appoint the majority of the Board of GIAB. The Agreement had an initial term of 10 years from 28 May 2014, extendable on a year-to-year basis, unless terminated on one year’s notice. On 28 May 2024, Eurmag AB, which holds the remaining 50.2% of GIAB, gave notice of termination of the Agreement.
As at 31 December 2024, GIAB had loans outstanding to its senior debt holder of approximately US$9.0 million. Despite the best efforts of the Company, revised terms and conditions for the senior debt could not be arrived at such that the Board of Anglesey Mining could then explore the raising of funds to facilitate a settlement of this debt and therefore management of GIAB reverted to Eurmag AB, GIAB’s 50.2% shareholder, with Anglesey retaining its 49.8% ownership interest.
Post the end of the half year period, on 5 December 2025 the Company announced that it had entered into a binding letter of intent with its largest shareholder and largest creditor Energold Minerals Inc. whereby Anglesey will eliminate approximately £4 million of debt in exchange for its interest in GIAB and holding of Labrador Iron Mines Holdings Limited, reducing total outstanding debt to approximately £100,000.
Energold has also provided immediate funding to Anglesey of £350,000 through the purchase of non-voting exchangeable warrants.
The Board believes that the restructuring of the Company’s balance sheet, in addition to the investment of fresh funds by Energold, will place the Company in a materially stronger position from which to pursue its primary objective of advancing Parys Mountain.
Finally, at the beginning of December 2025, we were delighted to welcome Brendan Cahill and Jim Williams to Anglesey’s board.
Financial
The group had no revenue for the period. The loss for the six months to 30 September 2025 was £334,699 (2024 comparative period £311,052) and expenditure on the mineral properties in the period was £50,955 compared to £125,479 in the same period in 2024.
Net current liabilities as at 30 September 2025 were £370,085 compared to net current liabilities of £182,582 at 31 March 2025.
Andrew King
Chairman
19 December 2025
Unaudited condensed consolidated income statement
| Notes | Unaudited six months ended 30 September 2025 | Unaudited six months ended 30 September 2024 | ||
| All operations are continuing | £ | £ | ||
| Revenue | – | – | ||
| Expenses | (236,591) | (213,575) | ||
| Equity-settled employee benefits | – | (4,230) | ||
| Investment income | 883 | 2,169 | ||
| Finance costs | (98,957) | (95,384) | ||
| Foreign exchange movement | (34) | (32) | ||
| Loss before tax | (334,699) | (311,052) | ||
| Taxation | 8 | – | – | |
| Loss for the period | 7 | (334,699) | (311,052) | |
| Loss per share | ||||
| Basic – pence per share | (0.1)p | (0.1)p | ||
| Diluted – pence per share | (0.1)p | (0.1)p | ||
Unaudited condensed consolidated statement of comprehensive income
| Loss for the period | (334,699) | (311,052) | ||
| Other comprehensive income | ||||
| Items that may subsequently be reclassified to profit or loss: | ||||
| Change in fair value of investment | 14 | (449,562) | 388,683 | |
| Foreign currency translation reserve | 13,912 | 17,654 | ||
| Total comprehensive (loss) for the period | (770,349) | 95,285 | ||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of financial position
| Notes | Unaudited 30 September 2025 | 31 March 2025 | ||
| £ | £ | |||
| Assets | ||||
| Non-current assets | ||||
| Mineral property exploration and evaluation | 9 | 17,043,457 | 16,992,502 | |
| Property, plant and equipment | 204,687 | 204,687 | ||
| Investments | 10 | 777,119 | 1,226,681 | |
| Deposit | 129,727 | 128,857 | ||
| 18,154,990 | 18,552,727 | |||
| Current assets | ||||
| Other receivables | 35,358 | 36,988 | ||
| Cash and cash equivalents | 43,791 | 44,264 | ||
| 79,149 | 81,252 | |||
| Total assets | 18,234,139 | 18,633,979 | ||
| Liabilities | ||||
| Current liabilities | ||||
| Trade and other payables | (449,234) | (263,834) | ||
| (449,234) | (263,834) | |||
| Net current liabilities | (370,085) | (182,582) | ||
| Non-current liabilities | ||||
| Loans | (4,231,211) | (4,046,102) | ||
| Long term provision | (50,000) | (50,000) | ||
| (4,281,211) | (4,096,102) | |||
| Total liabilities | (4,730,445) | (4,359,936) | ||
| Net assets | 13,503,694 | 14,274,043 | ||
| Equity | ||||
| Share capital | 11 | 10,359,056 | 10,359,056 | |
| Share premium | 12,910,853 | 12,910,853 | ||
| Currency translation reserve | (68,797) | (82,709) | ||
| Retained losses | (9,697,418) | (8,913,157) | ||
| Total shareholders’ funds | 13,503,694 | 14,274,043 | ||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of cash flows
| Notes | Unaudited six months ended 30 September 2025 | Unaudited six months ended 30 September 2024 | ||
| £ | £ | |||
| Operating activities | ||||
| Loss for the period | (334,699) | (311,052) | ||
| Adjustments for: | ||||
| Investment income | (883) | (2,169) | ||
| Finance costs | 98,957 | 95,384 | ||
| Share based payments charge | – | 4,230 | ||
| Foreign exchange movement | 34 | 32 | ||
| (236,591) | (213,575) | |||
| Movements in working capital | ||||
| Decrease/(increase) in receivables | 1,630 | 9,385 | ||
| Increase in payables | 182,627 | 4,041 | ||
| Net cash used in operating activities | (52,334) | (200,149) | ||
| Investing activities | ||||
| Investment income | 13 | 3 | ||
| Mineral property exploration and evaluation | (48,118) | (274,755) | ||
| Net cash used in investing activities | (48,105) | (274,752) | ||
| Financing activities | ||||
| Issue of share capital | – | 567,750 | ||
| Movements on loans | 100,000 | (29,207) | ||
| Net cash generated from financing activities | 100,000 | 538,543 | ||
| Net increase in cash and cash equivalents | (439) | 63,642 | ||
| Cash and cash equivalents at start of period | 44,264 | 219,685 | ||
| Foreign exchange movement | (34) | (32) | ||
| Cash and cash equivalents at end of period | 43,791 | 283,295 | ||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of changes in group equity
| Share capital £ |
Share premium £ |
Currency translation reserve £ |
Retained losses £ |
Total £ |
|
| Equity at 1 April 2025 – audited | 10,359,056 | 12,910,853 | (82,709) | (8,913,157) | 14,274,043 |
| Total comprehensive loss for the period: |
|||||
| Loss for the period | – | – | – | (334,699) | (334,699) |
| Change in fair value of investment | – | – | – | (449,562) | (449,562) |
| Exchange difference on translation of foreign holding |
– | – | 13,912 | – | 13,912 |
| Total comprehensive loss for the period |
– | – | 13,912 | (784,261) | (770,349) |
| Shares issued | – | – | – | – | – |
| Share issue expenses | – | – | – | – | – |
| Equity-settled employee benefits | – | – | – | – | – |
| Equity at 30 September 2025 – unaudited |
10,359,056 | 12,910,853 | (68,797) | (9,697,418) | 13,503,694 |
| Comparative period | |||||
| Equity at 1 April 2024 – audited | 9,711,764 | 12,963,103 | (89,589) | (8,097,527) | 14,487,751 |
| Total comprehensive loss for the period: |
|||||
| Loss for the period | – | – | – | (311,052) | (311,052) |
| Change in fair value of investment | – | – | – | 388,683 | 388,683 |
| Exchange difference on translation of foreign holding |
– | – | 17,654 | – | 17,654 |
| Total comprehensive loss for the period |
– | – | 17,654 | 77,631 | 95,285 |
| Shares issued | 635,000 | – | – | – | 635,000 |
| Share issue expenses | – | (67,250) | – | – | (67,250) |
| Share issue expenses | – | – | – | 4,230 | 4,230 |
| Equity at 30 September 2024 – unaudited |
10,346,764 | 12,895,853 | (71,935) | (8,015,666) | 15,155,016 |
All attributable to equity holders of the company
Notes to the accounts
1. Basis of preparation
This half-yearly financial report comprises the unaudited condensed consolidated financial statements of the group for the six months ended 30 September 2025. It has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority, the requirements of IAS 34 – Interim financial reporting (as adopted by the UK) and using the going concern basis. The directors are not aware of any events or circumstances which would make this inappropriate. It does not constitute financial statements within the meaning of section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for annual financial statements. It should be read in conjunction with the annual report and financial statements for the year ended 31 March 2025 which is available on request from the company or may be viewed at www.angleseymining.co.uk/accounts.
The financial information contained in this report in respect of the year ended 31 March 2025 has been extracted from the report and financial statements for that year which have been filed with the Registrar of Companies. The report of the auditors on those accounts did not contain a statement under section 498(2) or (3) of the Companies Act 2006 and was not qualified. The half-yearly results for the current and comparative periods have not been audited or reviewed by the company’s auditor.
2. Significant accounting policies
The accounting policies applied in these unaudited condensed consolidated financial statements are consistent with those set out in the annual report and financial statements for the year ended 31 March 2025. There are no new standards, amendments to standards or interpretations that are expected to have a material impact on the group’s results.
The group has not applied certain new standards, amendments and interpretations to existing standards that have been issued but are not yet effective. They are either not expected to have a material effect on the consolidated financial statements or they are not currently relevant for the group.
3. Risks and uncertainties
The principal risks and uncertainties set out in the group’s annual report and financial statements for the year ended 31 March 2025 remain the same for this half-yearly period. They can be summarised as: development risks in respect of mineral properties, especially in respect of permitting and metal prices; liquidity risks during development; and foreign exchange risks. More information is to be found in the 2025 annual report – see note 1 above.
4. Statement of directors’ responsibilities
The directors confirm to the best of their knowledge that:
(a) the unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of IAS 34 Interim financial reporting (as adopted by the UK); and
(b) the interim management report includes a fair review of the information required by the FCA’s Disclosure and Transparency Rules (4.2.7 R and 4.2.8 R).
This report and financial statements were approved by the board on 19 December 2025 and authorised for issue on behalf of the board by Andrew King, interim chairman and Rob Marsden, chief executive officer.
5. Activities
The group is engaged in mineral property development and currently has no turnover. There are no minority interests or exceptional items.
6. Earnings per share
The loss per share is computed by dividing the loss attributable to ordinary shareholders of £0.3 million by 484 million – the weighted average number of ordinary shares in issue during the period. The comparative figures were a loss to 30 September 2024 of £0.3m divided by 442 million shares. However where there are losses the effect of outstanding share options is not dilutive.
7. Business and geographical segments
There are no trading revenues. The cost of all activities charged in the income statement relates to exploration and evaluation of mining properties. The group’s income statement and assets and liabilities are analysed as follows by geographical segments, which is the basis on which information is reported to the board.
Income statement analysis
| Unaudited six months ended 30 September 2025 | |||||
| UK | Sweden – investment | Canada – investment | Total | ||
| £ | £ | £ | £ | ||
| Expenses | (242,701) | 6,110 | – | (236,591) | |
| Investment income | 883 | – | – | 883 | |
| Finance costs | (92,235) | (6,722) | – | (98,957) | |
| Exchange rate movements | – | (34) | – | (34) | |
| Loss for the period | (334,053) | (646) | – | (334,699) | |
| Unaudited six months ended 30 September 2024 | ||||
| UK | Sweden – investment | Canada – investment | Total | |
| £ | £ | £ | £ | |
| Expenses | (187,450) | (26,125) | – | (213,575) |
| Equity settled employee benefits | (4,230) | – | – | (4,230) |
| Investment income | 2,169 | – | – | 2,169 |
| Finance costs | (88,642) | (6,742) | – | (95,384) |
| Exchange rate movements | – | (32) | – | (32) |
| Loss for the period | (278,153) | (32,899) | – | (311,052) |
Assets and liabilities
| ` | Unaudited 30 September 2025 | |||
| UK | Sweden investment | Canada investment | Total | |
| £ | £ | £ | £ | |
| Non current assets | 17,377,871 | 633,170 | 143,949 | 18,154,990 |
| Current assets | 77,977 | 1,172 | – | 79,149 |
| Liabilities | (4,370,796) | (359,649) | – | (4,730,445) |
| Net assets | 13,085,052 | 274,693 | 143,949 | 13,503,694 |
| Audited 31 March 2025 | ||||
| UK | Sweden investment | Canada investment | Total | |
| £ | £ | £ | £ | |
| Non current assets | 17,326,046 | 633,170 | 593,511 | 18,552,727 |
| Current assets | 80,083 | 1,169 | – | 81,252 |
| Liabilities | (3,993,161) | (366,775) | – | (4,359,936) |
| Net assets | 13,412,968 | 267,564 | 593,511 | 14,274,043 |
8. Deferred tax
There is an unrecognised deferred tax asset of £1.6 million (31 March 2025 – £1.6m) which, in view of the group’s results, is not considered to be recoverable in the short term. There are also capital allowances, including mineral extraction allowances, of £14.5 million (unchanged from 31 March 2025) unclaimed and available. No deferred tax asset is recognised in the condensed financial statements.
9. Mineral property exploration and evaluation costs
Mineral property exploration and evaluation costs incurred by the group are carried in the unaudited condensed consolidated financial statements at cost, less an impairment provision if appropriate. The recovery of these costs is dependent upon the successful development and operation of the Parys Mountain project which is itself conditional on financing being available to fund such development. During the period activities were limited and no drilling took place.
10. Investments
| Labrador | Grangesberg | Total | |
| £ | £ | £ | |
| At 1 April 2024 | 771,564 | 633,170 | 1,404,734 |
| Net change during the period | (178,053) | – | (178,053) |
| At 31 March 2025 | 593,511 | 633,170 | 1,226,681 |
| Net change during the period | (449,562) | – | (449,562) |
| At Unaudited 30 September 2025 | 143,949 | 633,170 | 777,119 |
Labrador – Canada
The group has an investment in Labrador Iron Mines Holdings Limited, (LIM) a Canadian company which is carried at fair value through other comprehensive income. The group’s holding of 19,289,100 shares in LIM (12% of LIM’s total issued shares) is valued at the closing price traded on the OTC Markets in the United States. In the directors’ assessment this market is sufficiently active to give the best measure of fair value, which on 30 September 2025 was 1 US cent per share (2024 – 8 US cents). As at 19 December 2025 the share price was 2 US cents per share.
Grängesberg – Sweden
The group has, through its Swedish subsidiary Angmag AB, a 49.8% ownership interest in Grängesberg Iron AB an unquoted Swedish company (GIAB) which holds rights over the Grängesberg iron ore deposits.
The directors assessed the fair value of the investment in Grängesberg under IFRS 9 and consider the investment’s value at 30 September 2025 to be £633,170.
11. Share capital
| Ordinary shares of 1p | Deferred shares of 4p | Total | ||||
| Issued and fully paid |
Nominal value £ |
Number | Nominal value £ |
Number | Nominal value £ |
|
| At 31 March 2024 | 4,200,931 | 420,093,017 | 5,510,833 | 137,770,835 | 9,711,764 | |
| Issued in the period | 647,292 | 64,729,238 | – | – | 647,292 | |
| At 31 March 2025 | 4,848,223 | 484,822,255 | 5,510,833 | 137,770,835 | 10,359,056 | |
| Issued in the period | – | – | – | – | – | |
| At Unaudited 30 September 2025 | 4,848,223 | 484,822,255 | 5,510,833 | 137,770,835 | 10,359,056 | |
The deferred shares are non-voting, have no entitlement to dividends and have negligible rights to return of capital on a winding up.
12. Financial instruments
| Group | Financial assets classified at fair value through other comprehensive income | Financial assets measured at amortised cost | ||
| Unaudited 30 September 2025 | 31 March 2025 | Unaudited 30 September 2025 | 31 March 2025 | |
| £ | £ | £ | £ | |
| Financial assets | ||||
| Investments | 777,119 | 1,048,628 | – | – |
| Deposit | – | – | 129,727 | 128,857 |
| Other receivables | – | – | 35,358 | 36,988 |
| Cash and cash equivalents | – | – | 43,791 | 44,264 |
| 777,119 | 1,048,628 | 208,876 | 210,109 | |
| Financial liabilities measured at amortised cost | ||||
| Unaudited 30 September 2025 | 31 March 2025 | |||
| £ | £ | |||
| Trade payables | (179,123) | (107,559) | ||
| Other payables | (270,111) | (156,275) | ||
| Loans | (4,231,211) | (4,046,102) | ||
| (4,680,445) | (4,309,936) | |||
Anglesey Mining plc
Directors
Andrew King Chairman
Rob Marsden Chief executive
Douglas Hall Non executive
Brendan Cahill Non executive
Jim Williams Non executive
Registered office address – Parys Mountain, Amlwch, Anglesey, LL68 9RE
Phone 01407 831275 Email mail@angleseymining.co.uk
Registrars MUFG Corporate Markets, 29 Wellington Street, Leeds, LS1 4DL
Share dealing phone 0371 664 0445 Helpline phone 0371 664 0300
Company registered number 01849957
Web site www.angleseymining.co.uk
Shares listed AIM – AYM
#GRX GreenX Metals – Acquisition of the Tannenberg Copper Project
GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:5PMA) (GreenX or Company) is pleased to announce that further to its announcement on 20 November 2025, completion has now occurred following exercise of its option to acquire 90% of Group 11 Exploration GmbH (Group 11 or Vendor), the company which holds the Tannenberg exploration licences (Tannenberg or Project).
Since signing the Joint Venture and Earn-in Agreement (Agreement), the licence area has expanded seven-fold to cover approximately 1,900 km², comprising the Tannenberg 1 and Tannenberg 2 exploration licences (announced on 28 April 2025). The option applies to the entire expanded Project area.
The Tannenberg Copper Project is emerging as a strategically timed opportunity. Located within a historically productive mining region, Tannenberg offers scale, geological pedigree, and a low sovereign risk profile. GreenX views the project as well aligned with EU and German policy priorities and intends to position Tannenberg as a future contributor to Europe’s critical mineral resilience.
Figure 1: The Tannenberg Copper Project in relation to the locations of key historical and currently operating mines, mineral deposits, and tenements
GreenX’s Chief Executive Officer, Mr Ben Stoikovich, commented: “The potential upside of the Tannenberg Project is enormous, with its scale, prospectivity, location and history. Importantly, we have been able to make substantial progress within a short timeframe, having expanded the Project’s size seven-fold to 1,900km2, and uncovering a large amount of historical geological information.
The work completed during 2025 has significantly advanced our understanding of the Project’s geological model and confirmed the robustness of the historical results. The modern assays validate the presence of high-grade copper and thicker mineralised intervals than previously recognised, while the broader geological, structural and historical datasets point to district-scale potential across a vastly expanded licence area.
Whilst we have made tremendous gains in a short period of time, given the Project’s potential scale, we have still barely scratched the surface, and we intend to undertake more targeted exploration activities over the next 12 months or so, so we can begin to delineate the Project’s true potential.
Our progress comes at a time when Europe is placing unprecedented emphasis on securing domestic sources of strategic raw materials. Copper is now recognised as a Strategic Raw Material under the EU Critical Raw Materials Act, and policy support for domestic supply has continued to strengthen throughout 2025. Both Germany and the wider EU are introducing measures designed to accelerate permitting, support project development and improve security of supply for strategic raw materials such as copper. Importantly, these initiatives are now translating into direct financial support, including the recent €150 million German government investment into Vulcan Energy. This demonstrates a clear shift from policy intention to tangible action and reinforces the strategic relevance of advancing a large-scale copper project in Germany at this time.”
PROJECT HIGHLIGHTS
Since entering into the Agreement as announced on 2 August 2024, GreenX has made significant progress across the Tannenberg Project, providing a strong technical foundation for exercising the option. Highlights include:
· 1940 Historical Estimate of Significant Scale: Historical Estimate from 1940 identifies 728,000 tonnes contained copper (1,605 Mlbs) at an average grade of 2.6% copper in part of Tannenberg Project licence area discovered from original project data archives (announced 20 October 2025).
o Estimate based on a 1935-1938 National Socialist Government drilling campaign across four zones: Ronshausen, Hönebach, Wolfsberg and Schnepfenbusch
o Drilling targeted the thin Kupferschiefer horizon only
o Focused only on copper and did not include by-product metals
· 1984 Historical Estimate provides Validation: Independent company St Joe Exploration GmbH conducted limited drilling between 1980 and 1984, further validating the 1940 historical estimate.
o Drilling focused on only 28% of the Ronshausen zone but included by-product silver.
o Drilling identified up to 3.45 m thick mineralisation straddling the Kupferschiefer and the limestone hanging wall and sandstone footwall above and below the Kupferschiefer
o 1984 historical estimate shows consistent grades of 2.1% copper plus 25 g/t silver with 169,000 tonnes of contained copper and 6.5 million ounces of silver.
· Cautionary statement: The historical estimates in this announcement are not reported in accordance with the JORC Code (2012) (JORC Code). A competent person has not done sufficient work to classify the historical estimate as a mineral resource or ore reserve in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the historical estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code.
· Initial Assay Results Validate Historical Grades and Confirm Wider Mineralisation: An ongoing quality-assured relogging, re-assaying, hyperspectral scanning and petrophysical program over 47 archived 1980s cores is upgrading historical data to modern standards. Results from the first six holes (announced 20 November 2025):
o Show mineralised widths of 1.0-3.7 m, significantly exceeding the narrow thicknesses used in the 1940 estimate.
o Include 1.5 m at 2.7% Cu and 55 g/t Ag (Ro23) and 3.7 m at 1.2% Cu and 17 g/t Ag (Ro15).
o Provide confirmation of thicker mineralised intervals, providing further support for GreenX’s exploration hypothesis that the system extends well beyond the Kupferschiefer shale, consistent with KGHM’s operations in Poland, where mineralisation occurs up to 30m above and 60m below the shale.
· Tannenberg exploration licence expanded to 1,900km2 from 272km2: Following the grant of a second exploration licence, the Tannenberg Project was expanded to cover an area of 1,900 km2, a seven-fold increase from the 272 km2 of project area previously held.
o The original Tannenberg exploration licence was extended for a further three years (Tannenberg 1).
o A second, large Tannenberg exploration licence was awarded, which covers 1,628km2 and is valid for three years (Tannenberg 2). Tanneberg 2 can also be extended for an additional 3 years under German law.
· Supportive Policy Environment in Europe and Germany: Copper is now listed as a Strategic Raw Material under the EU Critical Raw Materials Act (CRMA), which provides pathways for accelerated permitting and strategic funding for domestic supply.
o Germany has recently demonstrated strong support for domestic critical minerals projects through the €150 million German State Development Bank (KfW) investment into Vulcan Energy, highlighting that policy initiatives are now translating into direct financial support for strategic projects.
o These policy developments reinforce the strategic importance of securing European copper supply and support continued advancement of the Tannenberg Project.
Figure 2: Location Map of GreenX’s Tannenberg Project area showing the 1930s and modern area drillholes and the location of the three underground copper/ silver mines opened during the late 1930s
GERMANY AND EU CRITICAL MINERALS POLICY DRIVING DOMESTIC COPPER SUPPLY
Germany and the European Union have made significant strides in 2025 to accelerate the development of strategic raw materials, with copper increasingly recognised as a cornerstone of the region’s industrial and energy transition goals. Recent policy initiatives and investment activity also support GreenX’s decision to proceed with the Tannenberg Copper Project:
· The EU Critical Raw Materials Act (CRMA) is now fully in force, formally designating copper as a Strategic Raw Material and introducing concrete 2030 benchmarks for domestic extraction, refining, and recycling. In 2025, the CRMA began directly translating into capital deployment, fast-tracked permitting, and strategic project designations, with copper projects eligible for streamlined approvals and preferential funding under the new RESourceEU Action Plan.
· Germany’s €1 billion Raw Materials Fund, launched via the state development bank KfW, is actively investing in critical minerals. In December 2025, the fund committed €150 million to co-develop Vulcan Energy’s lithium project – the largest such equity transaction for a raw materials project in Germany to date.
o Vulcan’s development financing is also supported by the European Investment Bank (EIB), which is contributing €250 million, and the German government, which is providing grants worth €204 million.
· Germany’s copper-intensive industries: automotive, engineering, electrical and chemical remain among the largest in Europe, collectively accounting for more than 25% of GDP. As these sectors electrify and digitise, demand for secure, ESG-aligned copper supply is increasing.
· Exploration and development activity across Germany has accelerated in response to these policy and market signals. In addition to GreenX’s work at Tannenberg, Anglo American are actively exploring the Löwenstern and Leine-Kupfer copper projects nearby. Löwenstern is 25 km away to the south in the German state of Thüringia, where drilling targeting the Kupferschiefer commenced in 2023. Leine-Kupfer was granted in January 2024 and is 60 km away to the north in the state of Lower Saxony.
· Germany’s Enduring Mining Industry and Regional Activity: Germany has a long-standing mining tradition and remains active in mineral production today. Notably, K+S operates large-scale potash mines just 4 km from the Tannenberg license area in the state of Hesse, highlighting the region’s established mining infrastructure. Additionally, AMG Graphite runs a vertically integrated graphite mining and processing complex at Kropfmühl in Bavaria, underscoring the country’s ongoing role in strategic raw material supply. These operations reflect Germany’s continued regulatory and logistical capacity to support new mining projects like Tannenberg.
ONGOING Work Programs
With the option now exercised, GreenX continues to advance a coordinated suite of exploration activities at Tannenberg, which includes:
· Logging, assaying, and hyperspectral scanning of remaining historical core (ongoing);
· Reprocessing and analysis of historical geophysical data (ongoing);
· Collation and digitisation of historical geological, mine development, and production data (ongoing); and
· Twin drilling to verify historical estimates and establish a mineral resource estimate in accordance with the JORC Code.
SUMMARY OF Joint Venture and Earn-in Agreement
Completion of the acquisition of 90% of Group 11 has now occurred by GreenX issuing to the vendors A$3,000,000 in value of GreenX shares (for a total of 3,487,147 Shares, which is based on the 10-day VWAP).
Further details of the Agreement are outlined in GreenX’s announcement dated 2 August 2024, including the following:
· The Vendors’ 10% interest in Group 11 will now be free carried until completion and announcement of a feasibility study by GreenX.
· The Agreement also includes usual drag along and tag along rights, and an Area of Influence provision.
· Now that GreenX has acquired its 90% interest in Group 11, the Vendor may elect to exchange their remaining 10% interest in Group 11 in return for a 0.5% Net Smelter Royalty.
· If a Scoping Study is announced by GreenX regarding the license area or any area within the Area of Influence within 5 years from 1 August 2024, GreenX will issue the Vendor 5 million Shares on the completion of the first such Scoping Study.
ENQUIRIES
|
+44 207 478 3900 ir@greenxmetals.com |
Sapan Ghai Chief Commercial Officer – UK
|
|
Kim Eckhof Investor Relations – UK / Germany
|
Kazimierz Chojna Investor Relations – Poland
|
#BRES Blencowe Resources PLC – JORC Resource Upgrade
Blencowe Resources Plc (LSE: BRES) is pleased to announce the completion of the updated JORC 2012 Mineral Resource and Ore Reserve Statement (“JORC”) for its 100%-owned Orom-Cross Graphite Project in Uganda. This upgrade incorporates all the infill drilling undertaken in 2025 across the Camp Lode and Northern Syncline/Eastern Limb deposits and represents the final key technical input into the Company’s Definitive Feasibility Study (“DFS”), to be published shortly.
The updated JORC confirms a substantial increase in Ore Reserves and a meaningful uplift in Indicated Resources, further validating Orom-Cross as a large-scale, long-life, low-cost graphite project with significant future expansion potential. This upgrade comes at a strategically important time for the graphite sector as global demand for secure ex-China supply accelerates.
This update covers only infill drilling results from 39 holes at Camp Lode and Northern Syncline.
A further 192 step-out holes, drilled across the wider mining license area at the new Iyan and Beehive deposits, including the six deep drillholes (each of which terminated in graphite mineralisation at depths of ~100 metres), are yet to be incorporated. These results collectively demonstrate the broader system scale potential and are expected to support an additional JORC expansion post-DFS in 2026, providing a powerful growth runway for the Project.
JORC Resource & Reserve Statement (2025 Update)
Total JORC Ore Reserves (Proven + Probable):
· Proven Reserve: 1.29 Mt @ 5.13% TGC
· Probable Reserve: 21.78 Mt @ 5.18% TGC
· Total Ore Reserves: 23.08 Mt @ 5.18% TGC
This represents a significant uplift of 47% or 7.36Mt versus previous JORC Ore Reserve Estimate reported in 2022
Total JORC Mineral Resource (Measured + Indicated + Inferred at a 3.5%GC cut-off):
· Measured Resource: 1.20 Mt @ 5.13% TGC
· Indicated Resource: 16.40 Mt @ 5.70% TGC
· Inferred Resource: 8.50 Mt @ 5.41% TGC
· Total Resource: 26.10 Mt @ 5.58% TGC
This represents a 7% increase on previous JORC estimate, including a 33% (4.1Mt) in Indicated Resources. A detailed breakdown of Reserves and Resources by deposit (Camp Lode and Northern Syncline) is provided in the further below.
Key Results and Significance of the Upgrade
· 47% uplift in Ore Reserves – major de-risking milestone for DFS.
· 33% increase in Indicated Resources – improves early-life mine confidence and enhances project bankability.
· Strong geological continuity across both primary deposits, reaffirming Orom-Cross as a rare, large-scale, low-strip, shallow graphite system.
· High-quality metallurgical consistency fully aligned with prior test work, supporting both concentrate quality and downstream USPG processing.
Exceptional growth runway remains, with:
· 192 step-out holes (83% of full Stage 7 drill program) ready to be integrated into second major JORC upgrade post-DFS in 2026.
· Majority of remaining holes drilled across new Iyan and Beehive deposits.
· Geology at the new Iyan and Beehive deposits closely mirror Northern Syncline and Camp Lode deposits respectively, signalling potential to double the JORC Resource once incorporated.
· Deep drilling to ~100 metres, with all hole sending in mineralisation, indicating significant vertical expansion potential.
· Only ~2% of the licence area at Orom-Cross is drilled to date.
This JORC update marks the most significant technical advancement to date and sets the stage for the DFS to present a robust, scalable development pathway.
Strategic Context
The strengthened JORC underpins Orom-Cross at a strategically important moment for the graphite sector:
· Western governments (UK, USA, EU) are accelerating efforts to secure non-China graphite supply.
· The UK Government’s new Critical Minerals Strategy – Vision 2035 classifies graphite as a Critical and Growth mineral with sharply rising demand forecast.
· Global supply is tightening, with very few advanced projects nearing financing and construction.
The upgraded Reserve base is expected to significantly enhance financing momentum for the Company’s P1 Production. The DFS, which integrates both the mining operation and the in-country USPG purification facility, will now reflect the improved long-term feedstock base.
This JORC together with the upcoming DFS, will provide the technical platform from which Blencowe will engage with development finance institutions, strategic partners and MSP-aligned organisations as it moves toward construction and first production.
Cameron Pearce, Executive Chairman commented:
“This upgraded JORC is transformational for Orom-Cross. The substantial increase in Ore Reserves and Indicated Resources confirms the quality, scale and longevity of the project as we move into the DFS and financing phase. The remaining 192 exploration holes and the deep drilling results, which all ended in mineralisation, highlight the huge potential for further JORC Resource upgrades still ahead of us in early 2026. With the DFS due to be published shortly, we will be able to demonstrate the strengthened technical and economic foundations of Orom-Cross at a time when secure, high-quality graphite supply is becoming increasingly important to Western governments.”
Next Steps
· DFS release (imminent) incorporating the upgraded Reserve base.
· Launch of the P1 Production financing process.
· Assessment and integration of the remaining 192 step-out holes into a future JORC expansion.
· Integration of deep mineralisation into long-term expansion scenarios.
· Further updates on downstream USPG development and offtake progression.
APPENDIX
Deposit Breakdown
Camp Lode:
· Ore Reserves: 2.49 Mt @ 6.74% TGC
· Indicated Resource: 2.22 Mt @ 6.96% TGC
· Inferred Resource: 0.36 Mt @ 6.50% TGC
Notes: Excellent near-surface continuity, consistent grades, and strong metallurgical performance reinforce Camp Lode as the core source of early mine feed.
Northern Syncline – Eastern Limb:
· Ore Reserves: 20.59 Mt @ 4.99% TGC
· Measured Resource: 1.20 Mt @ 5.13% TGC
· Indicated Resource: 14.19 Mt @ 5.50% TGC
· Inferred Resource: 8.14 Mt @ 5.36% TGC
Notes: Broad mineralised zones, shallow dip and thick intersections strengthen the long-term mine schedule. As the majority of the Inferred material is internal to the lodes it is well placed for upgrade through additional grade control drilling.
MINERAL RESOURCE TABULATION
· GC – Graphitic carbon, TC – Total carbon.
· No geological loses applied.
· A conservative cut-off grade of 3.5% GC has been applied based on metallurgical testing & preliminary mining parameters.
· Mineralised tonnes have been rounded off and contained graphite metal tonnages have been rounded off to the nearest 1000 (Kt).
· Contained graphite has been reported without the application of cut-off grades, loss factors, or beneficiation yields.
· GC – Graphitic carbon, TC – Total carbon.
· Mining dilution of 5% applied.
· Mineralised tonnes have been rounded off and contained graphite metal tonnages have been rounded off to the nearest 1000 (Kt).
· Contained graphite has been reported without the application of cut-off grades, loss factors, or beneficiation yields.
Competent Person’s Statement
The information in this release, which is related to Mineral Resource estimation, was compiled under the supervision of Mr Sean Nieman who is an employee of Minrom Consulting (Pty) Ltd; he is Member of the Geological Society of South Africa (GSSA) and a Certified Professional Natural Scientist (Pr.Sci.Nat) with the South African Council for Natural Scientific Professions (SACNASP).
Mr Sean Nieman has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined by the JORC (2012) Code. Mr Sean Nieman consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
The information in this release, which is related to Mineral Reserves estimation, was compiled under the supervision of Mr Iain Wearing who is an employee of Blencowe Resources Plc; he is Member of the Australian instate of Mining and Metallurgy (AusIMM) and a Certified Professional Engineer.
Mr Iain Wearing has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined by the JORC (2012) Code. Mr Iain Wearing consents to the inclusion in this report of the matters based on his information in the form and context in which it appears
**ENDS**
For further information please contact:
|
Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
|
|
Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441 |
|
Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
|
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit. Blencowe has now completed a successful Definitive Feasibility Study phase as the first major step towards initial production.
Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 26.11Mt @ 5.58% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead. Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.
#FDR First Development Resources PLC – Selta Project – REE Exploration Update
First Development Resources plc (AIM: FDR) the UK based, Australia focused exploration company with mineral interests in Western Australia and the Northern Territory, is pleased to provide an update in respect of the rare-earth element (“REE”) exploration strategy at its Selta Project (“Selta” or the “Project”) located in the Aileron Province of Australia’s Northern Territory.
HIGHLIGHTS
· First-pass rare-earth element exploration at the Selta Project will begin in early December 2025, focusing on stream-sediment sampling and reconnaissance mapping.
· Two priority REE target areas-Ingallan and West Nintabrinna-have been defined following detailed desktop studies, with both areas showing elevated historical Total REE results.
· The planned field programme aims to validate historical geochemical anomalies and generate new targets for potential follow-up mapping, sampling, and investigation of ionic clay potential at Ingallan.
Tristan Pottas, Chief Executive Officer of FDR, commented:
“Last month we stated our intention to fast-track REE exploration at Selta. The decision to accelerate this work was in response to a shift in geo-political policy to secure the supply and processing of Critical Minerals and REEs. I am pleased to report that a team will be on the ground at Selta in early December to conduct this important first phase of targeted REE exploration.
Exploration will include stream sediment sampling and reconnaissance mapping. The primary objective of which is to advance our understanding of elevated surface geochemical responses associated with the underlying lithological and structural features, and to identify potential zones of mineralisation for follow-up exploration.”
SELTA RARE EARTH TARGETS
Following the completion of multiple phases of in-depth desktop review, two REE target areas have been defined at Selta. The target areas are named Ingallan and West Nintabrinna, their locations, alongside other target areas on the Selta Project, are shown in Figure 1.
Notes: LCT-PEG = lithium, caesium, and tantalum (LCT) pegmatite (PEG)
Figure 1: Selta Project Data Review Targets
PLANNED FIELD EXPLORATION PROGRAMME – DECEMBER 2025
The field exploration programme which is expected to last one week is intended to validate and replicate, on an increased density, historical geochemical data which indicated elevated total rare-earth elements (“TREE”) associated with the underlying geology across the Ingallan and West Nintabrinna target areas. Samples collected on this fieldwork will be processed and analysed in January 2026; the results will inform future exploration on the property. Such exploration may include detailed mapping and sampling on both Ingallan and West Nintabrinna. On the latter, the Company is also planning test auger sampling to determine the area’s Ionic Clay potential.
INGALLAN STREAM SEDIMENT SAMPLING
The Ingallan area has received minimal exploration and is mapped as a gneissic granite. The target is largely based on and around this mapped intrusive body in the east of the property. This granite is noted to have mineral occurrences of tin (Sn) and beryllium (Be) approximately 6km to the east of the Selta licence area. Stream sediment sampling completed in 2011 by former ASX listed company Crossland Uranium1 (“Crossland”) identified two elevated TREE samples from watercourses that drained from the granite, suggesting a local enrichment. The granite is not known to have been drilled, or sampled in any way to date, and is inferred to extend to the northeast below a cover of surficial geology / weathered granite.
Stream sediments are a highly powerful tool for regional scale “first pass” exploration and are especially powerful when looking for heavier minerals such as those which contain REEs, as the action of water concentrates heavier metals. This type of sampling is not as effective for lighter minerals and elements – such as lithium (Li) hosted minerals (spodumene, petalite and lepidolite) or the clays that might host REE in their structure. As such, stream sediment sampling on Ingallan can only be reliably used to evaluate primary (pegmatite) REE mineralisation.
Twenty-two proposed sampling locations are shown in Figure 2. Sampling at Ingallan is designed to target primary and second / third-order streams to give an overview of the REE potential of the granite itself. The main point of reference for this sampling is the historical sampling completed by Crossland, supplemented by the mapped geology.
Figure 2: Selta Project – Ingallan Proposed Fieldwork December 2025
WEST NINTABRINNA STREAM SEDIMENT SAMPLING
The principal data source in this area is the historical geochemical sampling completed by Crossland which shows highly elevated TREE results from multiple watersheds in the target area. The underlying granite is understood to be fertile due to multiple known mineral occurrences of tungsten (W) to the south and historical tin workings and mineral occurrences to the west (both off the Selta licence area). The granite itself is shown to have a high uranium (U) / thorium (Th) ratio. A high U / Th ratio in granites and other intrusive rocks can indicate fractionated, evolved magmatic fluids, which are often enriched in incompatible elements such as REE, Li, and tantalum (Ta), these elements are often found in pegmatites associated with the granite, or enriched in the granite itself.
Based on the current level of understanding at West Nintabrinna, this area is considered prospective for primary (pegmatite) REE mineralisation. As with Ingallan, there are restrictions on the working area due to the Extent of a Recorded Site (in the west), and a Restricted Works area (in the east). The twenty-three sampling locations (Figure 3) have been selected to evaluate the REE potential of areas upstream of the sampling points that are outside either of the restricted areas and include locations near the historical sampling completed by Crossland.
Figure 3: Selta Project – West Nintabrinna Proposed Fieldwork December 2025
Stream sediment sampling is a significant tool in geochemical exploration. The composition of stream sediments reflects the bedrock geology, overburden cover and metalliferous mineralisation. Stream sediment sampling programmes are an effective way to “screen” exploration areas and home in on catchment areas which chemical analysis suggests are prospective. Drainage channels originate from discrete catchment areas; therefore, any samples of significance found in a channel will have originated from a specific catchment, enabling follow up exploration to focus on specific areas (Figure 4).
Figure 4: Selta Project – West Nintabrinna Target; Historical TREE Catchment Areas and Proposed Sampling Locations
REE exploration is central to the Company’s plans at Selta. The December 2025 stream sediment programme is the first phase of systematic, methodical exploration which has been designed to better understand the REE potential across the Project area. FDR is hoping to capitalise on the increased profile of REE and potentially benefit from the recently announced United States – Australia Critical Minerals Framework and its aim of accelerating the development of mining, processing and recycling projects in priority commodities which it is anticipated will include Junior explorers. The new Framework includes a USD$1 billion investment from both nations over the next six months to help accelerate and unlock an USD$8.5 billion pipeline of critical mineral projects, with a joint commitment to fast-track approvals, which could significantly impact the junior exploration sector.2
REFERENCES
1. Melville, P. (2015) Fourth Annual and Final Report for EL 28492 for the period 28 July 2011 to 22 May 2015. Crossland Strategic Metals Ltd, Mount Stafford, Northern Territory. Submitted to the Northern Territory Department of Mines and Energy.
2. Minerals Council of Australia (2025) US-Australia Framework to unlock USD$8.5 Billion Critical Minerals Pipeline [online] (October 21 2025). Available at: https://minerals.org.au/resources/us-australia-framework-to-unlock-usd8-5-billion-critical-minerals-pipeline
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been reviewed and approved by Mr Nicholas O’Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a principal consultant working for Mining Analyst Consulting Ltd which has been retained by First Development Resources plc to provide technical support.
GLOSSARY
|
Term |
Definition |
|
Aileron Province |
A large geological region in the Northern Territory made up of ancient granites and metamorphic rocks, known for hosting minerals such as rare earths, uranium and lithium. |
|
Augering |
A shallow drilling method that uses a spiral drill to collect soil or weathered rock samples from just below the surface. |
|
Catchment Area |
The area of land that drains water into a particular stream; minerals in a sample likely come from this upstream area. |
|
Critical Minerals |
Minerals essential for modern technologies that have a high risk of supply shortages, including REE, lithium and tantalum. |
|
Fractionation (Magmatic) |
A process during cooling of magma where certain elements become concentrated in the final melt, enriching rocks in REE, lithium, tin and tantalum. |
|
Gneissic Granite |
A granite that has been deformed by heat and pressure, giving it a banded appearance. |
|
Ionic Clay |
Clay-rich material where rare-earth elements are loosely attached to clay surfaces and can be extracted using mild leaching. |
|
LCT Pegmatite |
A coarse-grained igneous rock enriched in lithium, caesium and tantalum, often hosting lithium minerals. |
|
Mineralisation |
The natural concentration of minerals in rocks or sediments to levels that may have economic value. |
|
Pegmatite |
A very coarse-grained igneous rock formed from late-stage magma, often containing rare metals and REE. |
|
Primary Mineralisation |
Mineral deposits found in the original bedrock where they formed. |
|
REE (Rare-Earth Elements) |
A group of 17 metallic elements used in magnets, electronics and renewable energy technologies. |
|
Recorded Sacred Site |
A recorded sacred site is a site that is known to the Authority but has not been registered and includes recorded sacred burial sites. The Authority may hold the information required to register the site should this become the wishes of the custodians. Alternatively, a recorded sacred site may still require further research in order to obtain all necessary information. |
|
Restricted Works Area |
Areas where exploration is limited or prohibited due to cultural or environmental regulations. |
|
Stream Sediment Sampling |
A method where sediment from streams is analysed to identify upstream sources of mineralisation. |
|
Surficial Geology |
Loose soils and weathered materials covering solid rock. |
For further information visit www.firstdevelopmentresources.com or contact the following:
|
First Development Resources plc Tristan Pottas (CEO) |
Tel: +44 (0) 20 3778 1397 |
|
Beaumont Cornish Limited Nominated Adviser Roland Cornish / Asia Szusciak |
Tel: +44 (0) 20 7628 3396 |
|
SI Capital Limited Broker Nick Emerson |
Tel: +44 (0) 1483 413 500 |
Beaumont Cornish Limited (“Beaumont Cornish”) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
ABOUT FIRST DEVELOPMENT RESOURCES
First Development Resources’ assets comprise eight granted tenements covering a total area of 2,314.4km2. Five of the tenements, comprising three prospective copper-gold projects, are located in Western Australia (WA) while the remaining three tenements, comprising a rare-earth element (REE), uranium, lithium and gold project, are located in the Australian’s Northern Territory. All tenements are wholly owned by FDR. The assets are a mixture of drill ready and earlier stage exploration.
The WA Projects include the Company’s Wallal Project as well as Ripon Hills and Braeside West Projects situated in the Paterson Province, which is widely regarded as one of the most productive regions in Australia for the discovery of world-class gold-copper deposits, and which is home to several world-class mines and more recent discoveries.
The Selta Project in the Northern Territory is located in an area considered highly prospective for uranium and rare-earth element mineralisation along with base and precious metal mineralisation. Numerous companies are actively exploring within the region.
Beyond the existing portfolio, FDR is actively looking to expand its portfolio through the acquisition of early-stage exploration projects in Australia.
#FDR First Development Resources PLC – Over-Subscribed Strategic Placing and TVR
First Development Resources plc (AIM: FDR) the UK based, Australia focused exploration company with mineral interests in Western Australia and the Northern Territory, is pleased to announce that, following strong investor interest, it has raised £1,000,000 (before expenses) through an over-subscribed placing of 33,333,333 new ordinary shares of 1p each in the Company (the “Placing Shares”) at an issue price of 3p per Placing Share (the “Placing”) representing a discount of approximately 8% from the middle close market price of 3.25p as at the close of business on 24 October 2025. Each Placing Share will have one warrant attached, exercisable at 5p for a period of 12-months from the Admission to trading on AIM of the Placing Shares. The Placing was undertaken by SI Capital Limited and First Equity Limited.
HIGHLIGHTS
· Oversubscribed Strategic Placing raises £1,000,000 to fast-track exploration activities at FDR’s Selta project targeting rare-earth elements (“REE”)
· Establishment by United States and Australia of a Framework for securing supply of Critical Minerals and Rare-Earth Elements (“REE”) has demonstrated the urgency to expedite REE exploration at Selta
· Preparations for REE exploration at Selta have commenced in earnest with teams expected to be on site later this year.
Tristan Pottas, Chief Executive Officer of FDR, commented:
“This Placing is in strategic response to the recently announced US – Australia Framework for securing of supply in the mining and processing of Critical Minerals and rare-earth elements following China’s decision to restrict exports of REEs. The REE potential at Selta has always been central to our plans for the Project and this shift in geo-political policy allows us to greatly accelerate our planned REE exploration programme at Selta to properly define its potential as another world-class Australian REE project.
With strong support from the market, FDR is now well-funded for a highly active three-pronged exploration programme at Selta and Wallal to include the initiation of multiple REE exploration initiatives at Selta, the definition of gold targets at Selta ahead of an anticipated Reverse Circulation drilling campaign and Diamond Drilling at Wallal targeting magnetic bullseye anomalies.
With preparation well underway for the execution of these plans we look forward to a busy end to 2025 before an extremely active start to 2026 on the ground which I look forward to updating shareholders on as and when able.”
Use of proceeds
The net proceeds of the Placing will be used for the following work programmes:
Selta
FDR plans to expedite REE exploration at Selta where the underlying geology is postulated to be compositionally similar to Arafura Rare Earth’s world class Nolans Project which is located 100km to the southeast. Exploration will focus on two REE targets – Ingallan and Nintabrinna West.
Additionally, the Company will be looking to develop drill targets for gold at the previously defined Lander West target. On 20th October, the Company announced its planned fieldwork (from the existing cash resources) for the Lander West target area (which hosts the interpreted Stafford Gold Trend) the results of which will be used to refine drill targets. Proceeds from the Placing will be used to develop these drill targets using Reverse Circulation drilling.
Wallal
The Company is reviewing its options at Wallal which include the Eastern anomaly and the Border anomaly. Funds secured from the Placing will be used to secure access and permitting ahead of further drilling activities.
Investor Warrants Extension
As part of the Placing and subject to Investor Warrant holder approval, the Directors are proposing to extend the term of the 56,831,921 Investor Warrants (as defined in the Company’s Admission Document dated 23 July 2025) exercisable at 10p by six months to 29 January 2027. The Company shall be writing to each Investor Warrant holder to notify them of the same. Any potential AIM Rule 13 matters will be considered as and when the extension is approved.
Concert Party interest
The Concert Party (as defined in the Admission Document published on 23 July 2025), is currently interested in aggregate in 44.54% of the existing issued share capital reducing to 34.11% in the enlarged issued share capital on Admission. As the members of the Concert Party therefore currently hold and will continue to hold on Admission more than 30 per cent. but less than 50 per cent. of the Company’s voting share capital for so long as they continue to be treated as acting in concert, any further increases in the Concert Party’s interests in Ordinary Shares are subject to the provisions of Rule 9 of the Takeover Code.
Application for Admission
Application has been made for the Placing Shares to be admitted to trading on AIM (“Admission”) and it is expected that Admission will take place and that trading will commence on AIM at 8.00 a.m. on or around 31 October 2025. Once issued, the Placing Shares will rank pari passu with the Company’s existing Ordinary Shares.
Total Voting Rights
Following Admission of the Placing Shares, the enlarged issued share capital of the Company will comprise 139,192,763 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Consequently, 139,192,763 is the figure which may be used by shareholders from Admission as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure and Transparency Rules.
For further information visit www.firstdevelopmentresources.com or contact the following:
|
First Development Resources plc Tristan Pottas (CEO) |
Tel: +44 (0) 20 3778 1397 |
|
Beaumont Cornish Limited Nominated Adviser Roland Cornish / Asia Szusciak |
Tel: +44 (0) 20 7628 3396 |
|
SI Capital Limited Broker Nick Emerson |
Tel: +44 (0) 1483 413 500 |
Beaumont Cornish Limited (“Beaumont Cornish”) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
ABOUT FIRST DEVELOPMENT RESOURCES
First Development Resources’ assets comprise eight granted tenements covering a total area of 2,314.4km2. Five of the tenements, comprising three prospective copper-gold projects, are located in Western Australia (WA) while the remaining three tenements, comprising a rare-earth element (REE), uranium, lithium and gold project, are located in the Australian’s Northern Territory. All tenements are wholly owned by FDR. The assets are a mixture of drill ready and earlier stage exploration.
The WA Projects include the Company’s Wallal Project as well as Ripon Hills and Braeside West Projects situated in the Paterson Province, which is widely regarded as one of the most productive regions in Australia for the discovery of world-class gold-copper deposits, and which is home to several world-class mines and more recent discoveries.
The Selta Project in the Northern Territory is located in an area considered highly prospective for uranium and rare-earth element mineralisation along with base and precious metal mineralisation. Numerous companies are actively exploring within the region.
Beyond the existing portfolio, FDR is actively looking to expand its portfolio through the acquisition of early-stage exploration projects in Australia.
#AYM Anglesey Mining PLC – Conditional Equity Financing Facility – Proposed Capital Reorganisation – Notice of General Meeting
Anglesey Mining plc (AIM:AYM), the UK minerals development company, is pleased to announce it has entered into a conditional Equity Financing Facility (the “Equity Financing Facility” or the “Facility”) with Alumni Capital Limited (“Alumni” or the “Investor”) pursuant to which Alumni has agreed, on the terms and subject to the conditions set out in the Subscription Agreement, to provide the Company with equity funding of up to £2 million.
The Facility and the Company’s existing cash resources will be directed towards the further development of the Company’s primary asset, the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in Anglesey, North Wales (“Parys Mountain”), as well as providing additional working capital.
The Facility is, inter alia, conditional on the Company implementing a proposed Capital Reorganisation, pursuant to which, inter alia, the issued share capital of the Company will be consolidated and sub-divided such that every twenty Existing Ordinary Shares will result in one New Ordinary Share and one Deferred C Share.
Shareholders should note that, if the Resolutions are not passed, the Company will not be able to drawdown any amounts under the Facility. In this scenario, the Board believes it would be left with a limited pool of alternative options and there would be material uncertainty over the going concern status of the Company. Against this background, the Company is, therefore, requesting that Shareholders vote in favour of the Resolutions at the General Meeting.
The Company will shortly post a circular to Shareholders in connection with the Facility and the Capital Reorganisation which is available on its website at www.angleseymining.co.uk (the “Circular”). The Circular contains further information about the background to and reasons for the proposed Facility and Capital Reorganisation and why the Directors recommend that Shareholders vote in favour of the Resolutions to be proposed at a general meeting to be held at The Geological Society, Burlington House, Piccadilly, London, W1J 0BG at 11.00 a.m. on 23 October 2025.
Capitalised terms used in this announcement, unless otherwise defined, have the same meanings as set out in the Circular.
Background to and reasons for the proposals
On 15 August 2025, the Company provided an update to Shareholders on recent corporate activities undertaken by the Board. This included, inter alia, updates in respect of the Grängesberg Iron Ore Project and the reversion of management control of Grängesberg Iron AB (“GIAB”), the Swedish company which holds rights over the Grängesberg iron ore deposits, to the majority owner of GIAB, as well as Anglesey’s decision to actively seek to dispose of its 11.9% holding in Labrador Iron Mines Holdings Limited (“LIMH”) and realise that investment. These actions were undertaken to support the Board’s current objective of focusing efforts on the Parys Mountain project and in order to support the Company’s current financial position.
As noted in that announcement, the Company continued to advance a number of initiatives with a view to supporting its cash position and noted, however, that the continued progress of the Company’s activities remained contingent on its ability to raise further funds and the Board was therefore exploring fundraising options on that basis.
The Company is therefore pleased to announce that, following discussions and negotiations with Alumni, it has entered into the conditional Equity Financing Facility. Prior to entering into the Facility, the Directors explored a number of financing options for the Company, including an equity raise. However, having assessed the options reasonably available, the Board believes that the Facility represents the best outcome available at this time in order to further fund its progress and support its working capital position.
The Key Terms of the Facility
Alumni have committed to provide equity funding of up to £2 million (the “Commitment Amount”) conditional upon, inter alia, the passing of the Resolutions.
The term of the Facility shall commence on the date of the Facility becoming unconditional (being the “Effective Date”) and shall continue until the earlier of (i) the date on which Alumni shall have subscribed for New Ordinary Shares pursuant to the Subscription Agreement in the aggregate amount of the Commitment Amount; (ii) the date the Subscription Agreement is terminated in accordance with the terms thereof; and (iii) the date occurring eighteen (18) months after the Effective Date (the “Commitment Period”).
The Company can draw down funds from the Facility from time to time during the Commitment Period at the Company’s discretion by providing a notice to Alumni (a “Subscription Notice”). Subject to the satisfaction (or waiver by Alumni) of certain conditions precedent and the terms of the Facility, a Subscription Notice obliges Alumni to subscribe in cash for the number of New Ordinary Shares in the Company specified in the notice, with such shares priced at the lowest daily volume weighted average price (“VWAP”) during the 5 days of trading following the date that the Subscription Notice is deemed to be received by the Investor (the “Reference Price”) multiplied by 80%.
The Company is under no obligation to deliver any Subscription Notice during the Commitment Period.
Alumni will also be granted Warrants to subscribe for New Ordinary Shares on the basis of one warrant share for every two New Ordinary Shares subscribed by Alumni under the Facility. The exercise price for the purchase of shares pursuant to the Warrants, payable to the Company, will be the Reference Price multiplied by 120%. Warrants are exercisable for a period of 3 years from their date of grant. The Warrants are freely transferable.
Each Subscription Notice submitted by the Company is limited to a minimum size of 50,000 New Ordinary Shares and a maximum size of 750,000 New Ordinary Shares (note: these figures are with reference to New Ordinary Shares, that is, ordinary shares of the Company post the implementation of the proposed Capital Reorganisation).
Alumni is entitled to a commitment fee equal to 1% of the Commitment Amount, i.e. £20,000, payable in cash (the “Commitment Fee”).
In addition, a fee of £10,000 is payable to Alumni for every quarter during the term of the Facility in which a Subscription Notice is not submitted by the Company (the “Unused Line Fee”). The maximum aggregate amount of the Unused Line Fee, being £50,000, is to be paid upfront in cash upon the Facility becoming unconditional. Alumni will refund to the Company £10,000 for every quarter (other than the first quarter of the Facility) in which a Subscription Notice is in fact submitted.
It is agreed that the obligation to pay the Commitment Fee and the upfront Unused Line Fee will be satisfied by the allotment and issue by the Company to Alumni of 750,000 New Ordinary Shares (the “Fee Shares”) fully paid for an aggregate subscription price of £70,000 (approximately 9.3 pence per New Ordinary Share) with Alumni’s obligation to pay such amount being satisfied by the release of the Company from its obligation to pay the Unused Line Fee and Commitment Fee to the Investor. Subject to the passing of the Resolutions, the Fee Shares are expected to be admitted to trading on 24 October 2025 (or such later date as is agreed in writing between the Company and the Investor).
The Company will contribute up to £35,000 (plus any applicable VAT) towards Alumni’s legal costs in negotiating and implementing the Facility with the Company’s obligation to pay such amount being satisfied by the release of Alumni, in respect of the first Subscription Notice served by the Company (and, if not sufficient, subsequent Subscription Notices), from its obligation to pay the relevant subscription amount to the Company in accordance with the terms thereof by an equivalent amount.
The Facility automatically terminates once the Facility is drawn down in full, and may be terminated by Alumni in certain other circumstances, including inter alia: the de-listing of the Company’s shares, or their suspension from trading, on AIM; the Company materially failing to comply with the terms of the Facility, or being in material breach of any warranty under the Facility; certain insolvency events; and/or a material adverse change which is continuing.
Other Terms and Conditions of the Facility
The Facility is conditional on the Company passing the Resolutions. Therefore, Shareholders should note that, if the Resolutions are not passed, the Company will not be able to drawdown any amounts under the Facility.
The Facility is also conditional on, inter alia the allotment, issue and admission of the Fee Shares, and the Company complying with all covenants and agreements required to be complied with or satisfied prior to the Facility becoming effective.
The Company has given certain warranties and representations to Alumni concerning its business and affairs. The Facility becoming effective, and each individual drawdown under the Facility, is conditional upon there being no breach of these warranties which is continuing.
Individual drawdowns are also subject to additional conditions precedent, including inter alia: the allotment and issue of the resulting shares being legally permitted by applicable laws; the allotment and issue of the shares not resulting in Alumni, or any persons acting in concert with Alumni, being required to make mandatory offer for the Company in accordance with Rule 9 of The City Code on Takeovers and Mergers, and there being no material adverse change which is continuing.
The Company has also agreed to pay a placing agent commission of 6% of the amount that may be drawn down pursuant to each Subscription Notice.
The Capital Reorganisation
At 6.00 pm on 25 September 2025 (being the date immediately prior to the date of publication of this announcement) there were 484,822,255 Ordinary Shares in issue.
As noted above, the Equity Funding Facility is conditional on the Company implementing the proposed Capital Reorganisation. Therefore, Shareholders should note that, if the Resolutions are not passed to implement the Capital Reorganisation, the Company will not be able to draw down any amounts under the Facility.
More generally, it is the Board’s view that the Capital Reorganisation, on the proposed terms set out in the Notice of General Meeting, will have a positive impact on the liquidity of the shares in issue following implementation, by reducing the number of ordinary shares in issue and raising the resulting trading price per ordinary share, which may result in a narrowing of the bid-offer spread.
The Company proposes to undertake the Sub-division as part of the Capital Reorganisation as, under the Companies Act, a company is prohibited from issuing new shares at a price less than their nominal value. Most immediately, an inability to undertake the Sub-division step as part of the Capital Reorganisation would mean the Company would be unable to issue new shares to Alumni pursuant to the conditional Facility, as it would be restricted from doing so while the prevailing trading price per share was less than the nominal value.
The Capital Reorganisation comprises the consolidation of every twenty Existing Ordinary Shares into one Consolidated Ordinary Share, and the sub-division of every such Consolidated Ordinary Share into one New Ordinary Share and one Deferred C Share.
Pursuant to the Consolidation, the 484,822,260 Existing Ordinary Shares expected to be in issue at the Record Date would be consolidated into 24,241,113 Consolidated Ordinary Shares. Each such Consolidated Ordinary Share would then be sub-divided into one New Ordinary Share and one Deferred C Share, pursuant to the Sub-division.
The New Ordinary Shares will have identical rights, and be subject to identical restrictions, as the Existing Ordinary Shares had and were subject to, immediately prior to the Capital Reorganisation (including but not limited to, in respect of voting, dividend, and return of capital).
The Company proposes to amend the Articles such that the Deferred C Shares are included within the definition of “Deferred Shares” thereunder (and to ensure that the New Ordinary Shares are clearly differentiated from the Deferred C Shares and the Existing Deferred Shares), with the result that the Deferred C Shares shall have the same rights and be subject to the same restrictions (save as to nominal value) as the Existing Deferred Shares. Accordingly, the Deferred C Shares will have very limited rights and will effectively carry no value as a result.
Application will be made for the New Ordinary Shares to be admitted to trading on AIM in place of the Existing Ordinary Shares. Subject to Shareholder approval of the Resolutions, it is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 am on 24 October 2025. Following the Capital Reorganisation, the ISIN Code for the New Ordinary Shares will be GB00BVTDCS88 and the SEDOL Code will be BVTDCS8.
Financial Position
The Company plans to release its audited financial statements for the financial year ended 31 March 2025 by 30 September 2025. As per the most recent unaudited interim financial statements for the half-year ended 30 September 2024, the Company had cash and cash equivalents of £283,295. As at 31 August 2025, the unaudited cash and cash equivalents position of the Company had fallen to £26,271. As a result, the Board now anticipates a significant challenge managing working capital over the next 12 months, and the Board recognises that there will be material uncertainty over the going concern status of the Company if it is unable to avail of the proposed Equity Financing Facility.
Therefore, Shareholders should be aware of the material uncertainty surrounding the potential need for additional funding to remain a going concern and the associated risks involved, including the ability to successfully execute on such initiatives. The Company will continue to actively monitor and assess its financial position.
Action to be taken, Importance of the Vote and Recommendation
Shareholders are strongly encouraged to read the Circular in full. It contains the Resolutions to be voted on at the General Meeting. Explanatory notes on eligibility to vote and other matters concerning the conduct of the General Meeting are contained in the Notice of General Meeting.
The Board believes that the successful implementation of the Capital Reorganisation and the ability to then raise funds under the Equity Financing Facility will help stabilise the Company’s financial position and provide it with additional working capital in the short term. The successful implementation of the Capital Reorganisation would also provide the Company with a revised capital structure from which it would be better placed to continue to explore other potential methods of future funding, including other sources of equity funding.
The Board is committed to carefully managing the Company’s cash, however, wishes to reiterate that should the Company be unable to complete the Capital Reorganisation and therefore avail of the Equity Financing Facility, it would be left with a limited pool of alternative options and there would be material uncertainty over the going concern status of the Company. Against this background, the Company is, therefore, seeking Shareholder approval now for the Capital Reorganisation as set out in the Circular.
The Directors unanimously consider that the Capital Reorganisation is in the best interests of the Company and the Shareholders as a whole.
Accordingly, the Directors unanimously recommend that you vote in favour of the Resolutions to be proposed at the General Meeting, as they intend to do in respect of their own beneficial holdings which as at 6.00 pm on 25 September 2025 (being the date immediately prior to the date of publication this announcement), in aggregate, amounted to 3,251,103 Existing Ordinary Shares, representing approximately 0.67 per cent. of the Company’s existing issued ordinary share capital.
For further information, please contact:
Anglesey Mining plc
Rob Marsden, Chief Executive Officer – Tel: +44 (0)7531 475111
Andrew King, Chairman – Tel: +44 (0)7825 963700
Davy
Nominated Adviser & Joint Corporate Broker
Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363
Zeus Capital Limited
Joint Corporate Broker
Katy Mitchell / Harry Ansell – Tel: +44 (0)161 831 1512
LEI: 213800X8BO8EK2B4HQ71
About Anglesey Mining plc:
Anglesey Mining is traded on the AIM market of the London Stock Exchange and currently has 484,822,255 ordinary shares in issue.
Anglesey is developing the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in North Wales, UK with a reported resource of 5.3 million tonnes at over 4.0% combined base metals in the Measured and Indicated categories and 10.8 million tonnes at over 2.5% combined base metals in the Inferred category.
Anglesey also holds a 49.8% interest in the Grängesberg iron ore project in Sweden and 11.9% of Labrador Iron Mines Holdings Limited, which through its 52% owned subsidiaries, is engaged in the exploration and development of direct shipping iron ore deposits in Labrador and Quebec.
Appendix:
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Publication and posting to Shareholders of the Circular
26 September 2025
Latest time and date for receipt of proxy appointment
11.00 a.m. on 21 October 2025
General Meeting
11.00 a.m. on 23 October 2025
Latest time and date for dealings in Existing Ordinary Shares
Close of business on 23 October 2025
Record Date
6.00 p.m. on 23 October 2025
Admission effective and commencement of dealings in the New Ordinary Shares
8.00am on 24 October 2025
CREST accounts credited with the New Ordinary Shares in uncertificated form
24 October 2025
Despatch of definitive certificates for New Ordinary Shares (in certificated form)
Week commencing 3 November 2025
Notes:
1) References to times are to London time (unless otherwise stated).
2) The dates set out in the timetable above may be subject to change (including without limitation, if the General Meeting is adjourned).
3) If any of the above times or dates should change, the revised times and/or dates will be notified by an announcement to an RNS.
STATISTICS RELATING TO THE CAPITAL REORGANISATION
Ordinary Shares in issue at 6.00 pm on the date immediately prior to the date of publication of this announcement
484,822,255
Number of Existing Ordinary Shares expected to be in issue immediately prior to the Capital Reorganisation
484,822,260
Conversion ratio
1 New Ordinary Share and 1 Deferred C Share for every 20 Existing Ordinary Shares
Total expected number of New Ordinary Shares in issue following the Capital Reorganisation
24,241,113
Total expected number of Deferred C Shares in issue following the Capital Reorganisation
24,241,113
ISIN code for the New Ordinary Shares
GB00BVTDCS88
SEDOL for the New Ordinary Shares
BVTDCS8
#FDR First Development Resources PLC – Establishment of drilling site complete
First Development Resources plc (AIM: FDR) a UK based, Australian focused exploration company with mineral interests in Western Australia and Australia’s Northern Territory, is pleased to announce that the drilling platform and site access has been established (Figure 1) to facilitate the Company’s Phase I diamond drilling programme at its Wallal Project in the Paterson Province of Western Australia.
Figure 1:FDR Wallal Phase I diamond drilling site preparation, Paterson Province, Western Australia, August 2025
Over the coming days, the Company’s drilling partner DDH1 Drilling Pty Ltd, will establish its camp ahead of rig mobilisation and the commencement of drilling.
For further information visit www.firstdevelopmentresources.com or contact the following:
|
First Development Resources plc Tristan Pottas (CEO) |
Tel: +44 (0) 20 3778 1397 |
About Reach announcements
This is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.
ABOUT FIRST DEVELOPMENT RESOURCES
First Development Resources’ assets comprise eight granted tenements covering a total area of 2,314.4km2. Five of the tenements, comprising three prospective copper-gold projects, are located in Western Australia (WA) while the remaining three tenements, comprising a rare-earth element (REE), uranium, lithium and gold project, are located in the Australian’s Northern Territory. All tenements are wholly owned by FDR. The assets are a mixture of drill ready and earlier stage exploration.
The WA Projects include the Company’s flagship Wallal Project as well as Ripon Hills and Braeside West Projects situated in the Paterson Province, which is widely regarded as one of the most productive regions in Australia for the discovery of world-class gold-copper deposits, and which is home to several world-class mines and more recent discoveries.
The Selta Project in the Northern Territory is located in an area considered highly prospective for uranium and rare-earth element mineralisation along with base and precious metal mineralisation. Numerous companies are actively exploring within the region.
Beyond the existing portfolio, FDR is actively looking to expand its portfolio through the acquisition of early-stage exploration projects in Australia.
#BRES Blencowe Resources PLC – Offtake Agreement Signed
Blencowe Resources Plc (“Blencowe”) is pleased to announce the signing of an additional Non-binding Agreement (“Agreement”) for offtake of natural fine flake concentrate from its Orom-Cross Graphite Project with Perpetuus Advanced Materials Limited. (“PAM”). PAM is a UK based advanced materials innovator with more than a decade of expertise in plasma-treated graphene production.
The Agreement covers 19,000 tonnes of +97% TGC fine flake graphite over an initial five-year term, representing a significant portion of Orom-Cross’s planned Phase 1 output of 10,000tpa, with volumes likely to rise further as PAM leads the way globally in manufacturing plasma-treated, surface engineered graphenes and sub-micron particles for commercial uses.
PAM’s proprietary requirement for high quality graphite validates Orom-Cross’s product and provides Blencowe with a valuable additional western offtake partner. Sales into UK markets also create a pathway to access specialist UK Government critical mineral funding for initial project implementation, which requires domestic offtake into export-driven supply chains.
Highlights:
· 19,000 tonnes of +97% fine flake graphite concentrate to be supplied over initial 5-year term, ramping up thereafter.
· Products tested and validated through PAM’s proprietary systems.
· Agreement supports Blencowe’s strategy to prioritise high-value western offtakers.
· Fine flake sales to western markets currently attract in excess of US$1,200 per tonne which is significantly higher than Asian prices for similar products.
· Builds case for UK Government funding support via existing critical mineral schemes.
· Agreement follows a recent, successful UK, US, and EU marketing roadshow with further offtake discussions ongoing.
Strategic Implications
This Agreement represents a major commercial milestone for Blencowe, adding another high-value, long-term offtake partner from a western market and further validating Orom-Cross’s premium product quality.
PAM’s proprietary dry environmentally friendly, plasma process converts fine flake graphite to industrial scale surface engineered graphenes, currently utilised by manufacturers requiring lighter, stronger and more energy‑efficient products.
Importantly, the Agreement covers a significant component of Blencowe’s proposed steady state production of fine flake products from both Phase 1 and Phase 2 production, and it continues the commitment of the Company in diversifying offtakes away from lower-margin bulk markets into higher value applications and cleaner processing technologies. This includes graphene-enabled solutions in automotive, defence, and electronics which are all areas where pricing and margins are typically stronger.
Beyond PAM, Blencowe has engaged in advanced discussions with other OEMs and leading downstream processors in the UK, Europe, and the United States. These firms are conducting quality testing of Orom-Cross material following the Company’s recent marketing roadshow. Early feedback is encouraging.
As these discussions progress, Blencowe remains focused on building a robust and diversified offtake book across multiple geographies and end-use sectors. This will support a strong commercial foundation for full Phase 2 production at 50,000tpa – positioning Orom-Cross as a leading supplier into both traditional and emerging graphite markets.
UK Government Support Pathway
UK Government funding schemes linked to domestic critical mineral supply chains require offtake into UK companies that export finished goods. This Agreement with PAM meets that criterion, allowing Blencowe to progress its funding application for P1 production, and potentially reducing future financing risk.
John Buckland, Chief Executive of Perpetuus Advanced Materials, commented:
“Blencowe’s premium Orom‑Cross graphite provides a secure, high purity feedstock required to scale our plasma surface engineered graphene manufacturing programme and the commercial launch of our current performance tyre, fertiliser and battery storage products.”
“This supply of feedstock will also fast track our next wave of aluminium, polymer and petrochemical graphene enhanced products and enable future commercial development of our extensive panoply of ‘pre-production’ prototypes.”
Blencowe Executive Chairman Cameron Pearce commented:
“This offtake Agreement is one of the most significant to date for Orom-Cross in that it provides substantial sales of fine flake concentrate into a leading western buyer. Western markets are currently paying considerably more per tonne for fine flake concentrate than Asian markets so the more western contracts we can bring in the better.”
“We understand that PAM intends to leverage its ability to produce industrial quantities of high quality surface engineered graphenes to innovate and develop graphene enabled products. We hope to be providing PAM with considerable quantities of product over a long period into the future as both companies expand our respective operations.”
“Once again the high quality of Orom-Cross graphite is clearly differentiating our product from our peers and I cannot stress how important this is in building a successful commercial model. Added to which this particular sale channel opens the door for Blencowe to pursue niche UK Government funding support, which could provide yet another unique value-add proposition for our Company.”
Blencowe CEO, Mike Ralston, talks about this offtake agreement and other Company matters in the following two interviews:
https://media.focusir.com/BlencoweResourcesAnnouncesOfftakePartnerInTheUK
https://www.voxmarkets.co.uk/articles/q-a-with-blencowe-resources-ceo-mike-ralston-00ae062
For further information please contact:
|
Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
|
|
Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441 |
|
Tavira Securities Jonathan Evans |
Tel: +44 (0)20 3192 1733
|
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is now completing the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.
Perpetuus Advance Materials Limited.
Perpetuus Advanced Materials is a UK company with over ten years’ experience in the development of plasma-treated, surface engineered graphenes, and sub-micron particles for commercial use. It is considered a global leader in its fields of expertise.
Perpetuus has developed the first in its range of proprietary nano engineered graphene-enhanced masterbatch compounds, formulated specifically for the field of commercial, passenger and industrial tyre manufacturing sectors. The initial offering will be broadened to include other polymer/elastomer masterbatches suitable for industries such as hoses, seals, gaskets, V-belts, and conveyor belts.
Using its environmentally friendly, plasma treatment process, Perpetuus graphenes are integrated into the masterbatch. The resultant masterbatch is now available in industrial quantities, allowing tyre manufacturers to integrate this breakthrough material into their existing production processes.
#BRES Blencowe Resources PLC – Receipt of US$0.75 million from DFC
Blencowe Resources Plc (LSE: BRES) is pleased to announce receipt of a further $0.75 million tranche of grant funding from the US International Development Finance Corporation (“DFC”), bringing total funds received under the overall US$5.0 million technical assistance grant to $4.75 million (95%).
The final tranche of $0.25 million will be paid upon completion of the Definitive Feasibility Study (“DFS”).
This DFC funding is non-dilutive to shareholders of the Company, and the support arrives at a critical juncture, as the US Government continues to assess which global projects to support in the energy transition. Graphite remains a declared US critical mineral, and the strong backing of Orom-Cross by the DFC signals both confidence in the project and strategic alignment with broader US priorities.
Key Milestones Delivered to Secure This Tranche:
· Completion of all infill drilling, to substantially increment the Mineable Reserves
· Completion of all infrastructure scope – power, roads, water, communications and camp
These milestones mark substantial progress in finalising the Definitive Feasibility Study (“DFS”).
The Company recently completed an infill drilling program as part of its wider drilling campaign to infill sections of the existing drilling database to provide further geological confidence and ultimately to provide additional mineable tonnes or Reserves within the DFS. Once assays are finalised, independent geological consultant, Minrom will deliver an updated JORC Resource Statement.
This larger and upgraded resource will provide Orom-Cross with a longer life of mine including the capacity to produce and sell greater volumes annually. Crucially, upgrading Inferred and Indicated Resources into Measured Resources and Reserves is a key requirement for inclusion in the Definitive Feasibility Study, as only Reserves can be counted for mine planning. This work will underpin the final DFS and enhance commercial outcomes, particularly as graphite demand is forecast to double over the medium term and new supply remains constrained.
Key infrastructure work has been completed and reports submitted to the DFC, demonstrating progress across all critical areas required to support Orom-Cross startup.
Cameron Pearce, Executive Chairman commented:
“This latest tranche of funding from the DFC brings us closer to unlocking significant value at Orom-Cross. Their continued support is a strong endorsement of the project’s potential and strategic importance.”
“As the revised JORC Resource is finalised and the Definitive Feasibility Study completed, we are approaching a clear value inflection point.”
For further information please contact:
|
Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
|
|
Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
|
|
Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
|
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit. Blencowe completed a successful Pre-Feasibility Study on the Project in July 2022 and is now within the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead. Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.