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#BRES Blencowe Resources – Half-year Report
The Company is pleased to announce its Interim Results for the six-month period to 31 March 2022.
Electronic copies of the report will be available at the Company’s website www.blencoweresourcesplc.com
For further information please contact:
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Blencowe Resources Sam Quinn
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Tel: +44 (0) 1624 681 250 info@blencoweresourcesplc.com
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Investor Enquiries Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Securities Limited Jonathan Evans |
Tel: +44 (0)203 192 1733 jonathan.evans@tavirasecurities.com
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First Equity Limited Jason Robertson |
Tel: +44 (0)20 7330 1883 |
#POW Power Metal Resources – Insider Warrant Extension
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an extension of the December 2019 financing warrants held by Paul Johnson and Edmund Shaw, Directors of the Company (the “Insider Warrants”).
Extension of Insider Warrants
As at 17 June 2022 the following Insider Warrants remained outstanding:
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Warrant Holder |
Number of Warrants |
Exercise Price |
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Paul Johnson |
6,250,000 |
0.7p |
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Ed Shaw |
5,000,000 |
0.7p |
The Insider warrants were issued following participation in the December 2019 financing and had an original expiry date of 17 December 2021 which was extended by 3 months to 17 March 2022, then a further 3 months to 17 June 2022 as announced on 17 March 2022.
The Company is undertaking numerous exploration programmes and corporate activities across its portfolio where current and near term expected work streams include:
North America:
– Preparatory work for the planned near-term London listing of Golden Metal Resources PLC focused on Nevada, USA
– Receipt and review of exploration findings relating to the Alamo gold project in Arizona, USA
– Finalisation of next stage exploration work in respect of the Authier lithium project in Quebec, Canada
– Finalisation of next stage exploration and specific corporate activities related thereto for the Athabasca Basin uranium interests, Saskatchewan, Canada
– Next stage plans in respect of the Silver Peak project in British Columbia, Canada
Africa:
– Diamond drill programme underway at the Ditau Camp Project JV in southwest Botswana
– Field work to delineate drill targets in the Kalahari Copper Belt JV interests in Botswana
– Corporate work and next stage exploration planning in respect of the Molopo Farms Project in southwest Botswana
– Finalisation of next stage plans for the Tati greenstone gold project in Botswana
– Interpretation of diamond drill results and next steps for the Haneti Project in Tanzania, including development of lithium opportunities
Australia:
– Preparatory work for the planned near-term London listing of First Development Resources PLC focused on Western Australia and Northern Territory exploration interests
– Further desktop, field and drill results from the New Ballarat Gold Corporation Victoria goldfields JV, following recent diamond drill programme, and matters pertaining to the planning for a listing of the holding company
As a result, the December 2019 Warrants held by Paul Johnson (Chief Executive Officer of Power Metal) and Ed Shaw (Non-executive Director of Power Metal) cannot be exercised on the expiry date of 17 June 2022 and may be extended under the warrant instrument, as outlined below.
Under the December 2019 Warrant instrument clause 2.3 provides that should any December 2019 Warrant holder be in the possession of price sensitive information and be thereby precluded from exercising warrant subscription rights, the exercise period shall be extended until 20 business days following the date on which the Warrant holder ceases to be an insider.
Given the level of ongoing operational activity there is a material likelihood that the receipt of price sensitive information could frequently restrict the ability of Paul Johnson and Ed Shaw to exercise the December 2019 warrants.
Reflecting the above the Company has extended the Insider Warrants expiry date to a new expiry date of 31 December 2022. No other changes to the terms of the Insider Warrants have been made.
Related Party Note
The extension of the Insider Warrants held by Paul Johnson and Ed Shaw as outlined above, have been treated as related party transactions for the purposes of AIM Rule 13.
Scott Richardson Brown being the independent Director for the purposes of the extension of the expiry date of the Insider Warrants held by Paul Johnson and Ed Shaw considers, having consulted with the Company’s nominated adviser, SP Angel, that the extension of the warrant expiry date to 31 December 2022 to such related parties is fair and reasonable insofar as the Shareholders are concerned.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#SVML Sovereign Metals – Kasiya Expanded Scoping Study Results
Sovereign Metals Limited (the Company or Sovereign) is pleased to announce the results of the Expanded Scoping Study (Scoping Study or Study) for the Company’s Kasiya Rutile Project (Kasiya or the Project) in Malawi.
In April 2022, Sovereign announced a new JORC Mineral Resource Estimate (MRE) for Kasiya which confirmed the Project as the world’s largest rutile (titanium dioxide) deposit and one of the world’s largest flake graphite deposits.
The Expanded Scoping Study based on the April 2022 MRE confirms that Kasiya will be one of the world’s largest and lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than current alternatives while significantly contributing to the social and economic development of Malawi.
KEY EXPANDED SCOPING STUDY HIGHLIGHTS
· Significant increase in NPV and EBITDA from the 2021 Initial Scoping Study with lower operating costs for a relatively small increase in Capex to first production
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US$1,537M |
36% |
US$12,038M |
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After Tax NPV8 |
After Tax IRR |
LOM Revenue |
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(↑79%) |
(No change) |
(↑92%) |
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US$323M |
US$320/t |
US$372M |
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Ave. Annual EBITDA |
Operating Cost |
Capex to 1st Production |
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(↑101%) |
(↓10%) |
(↑12%) |
· Potential to become a major producer in both the natural rutile and graphite markets with steady state production of 265,000 rutile and 170,000 tonnes of graphite with a 25-year mine life
· Low capital costs to first production due to exceptional existing available infrastructure offering significant cost reductions and providing optionality and scalability
· Low operating cost and high margins due to deposit size, zero strip ratio of soft, friable high-grade mineralisation from surface, amenability to hydro-mining, conventional processing, deposit location and low transport costs
· Extremely favourable market fundamentals as rutile (titanium) and natural graphite deemed critical raw materials for the US and EU based on economic importance and supply risk
· Natural rutile market in structural deficit with current global supply estimated to decline 45% in the next three years with graphite demand set to soar as electric vehicle production is forecast to increase 12-fold by 2040
· Natural ESG benefits for Kasiya:
o Substantially reduced CO2 emissions for both rutile and graphite compared to current alternatives, including substantial Scope 3 emissions reductions for pigment production from rutile compared to alternative feedstocks
o Significant social and economic benefits for Malawi including job creation, fiscal returns, training and continued community social initiatives
· Study based on conservative commodity price estimates. Long-term rutile price (real) of US$1,254/t versus current spot price of +US$2,200/t1 and long-term natural graphite basket price (real) of US$1,085/t versus current equivalent spot price of US$1,223/t2
Managing Director, Dr Julian Stephens commented
“The Expanded Scoping Study demonstrates Kasiya is a Tier 1 minerals project being the largest natural rutile resource and one of the largest graphite resources in the world. Both minerals are classified on the Critical Minerals lists of the US and EU and rutile is in extreme market supply deficit. In light of these factors, Kasiya is seen as a highly strategic project with the potential to be a major supplier in both rutile and graphite markets.
The project benefits from existing high-quality infrastructure and has inherent ESG advantages. Natural rutile has a far lower carbon footprint compared to other titanium feedstocks used in the pigment industry, and natural graphite is a key component in lithium-ion batteries – crucial to de-carbonising the global economy. Further, the vast majority of power for the planned Kasiya mining operation will be supplied by renewable hydro and solar – giving the mine itself a very low carbon footprint.
The future development of the Kasiya Rutile Project will bring substantial benefits to Malawi in terms of GDP, royalties, taxes, employment and training, local business opportunities and community development.”
ENQUIRIES
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Dr Julian Stephens (Perth) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
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Nominated Adviser on AIM |
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RFC Ambrian |
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Bhavesh Patel / Andrew Thomson |
+44 20 3440 6800 |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Varun Talwar |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingrams |
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Mariela Jaho |
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Christian Dennis |
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To view the announcement in full including all illustrations and figures, please refer to the announcement at http://sovereignmetals.com.au/announcements/.
#POW Power Metal Resources – First Development Resources – Selta Lithium Update
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a lithium focused exploration update for the Selta Project (“Selta” or the “Project”) located in the Northern Territory, Australia, and held by the Power Metal’s 82.78%-owned subsidiary First Development Resources Ltd (“FDR”).
HIGHLIGHTS:
· Following on from a recent in-depth data review covering Selta, FDR have undertaken a lithium specific review based initially on further desktop analysis.
· The review specifically focussed on the potential for pegmatite geology across the Selta Project and its capacity to host lithium mineralisation.
· The desktop work included a review of lithium specific publicly available data, along with a review of satellite imagery and hyperspectral analysis to identify high-priority targets for further field investigation.
· The multi-layered approach to the target definition process has identified several hundred coincident anomalies potentially indicative of pegmatite geology and 65 initial primary and secondary targets have been selected for further investigation
· FDR have mobilised a field investigation team which will arrive on site in the coming days to conduct mapping and surface sampling of the prospective targets identified.
Tristan Pottas, Chief Executive Officer of First Development Resources Ltd, commented:
“During our recent site visit to the Northern Territory, pegmatite style outcrop was observed within the Selta Project area, further adding weight to the findings from the original in-depth review of the Project.
Given the potential for lithium mineralisation, we commissioned a remote sensing study to look at the pegmatite specific potential and following the identification of 65 prospective targets we have expedited a field-based work programme to test whether the identified targets host lithium bearing mineralisation.”
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC, commented:
“The recent £1,125,000 Pre-IPO financing undertaken by FDR demonstrated the level of investor interest in the business proposition. This capital is being deployed into the planning and listing process, as well as enabling expedited exploration within the FDR project portfolio.
Our confidence in the prospectivity of Selta has grown considerably in recent months, from uranium, rare earth and now lithium potential. Therefore, as the largest shareholder in FDR, Power Metal is eager to see the results from the field exploration programme which is now commencing.”
BACKGROUND:
A recently completed in-depth review of all publicly available geological, geophysical and geochemical data for the Selta Project identified multiple uranium and rare-earth element (“REE”) targets within the Selta Project area and also highlighted the potential for lithium, gold and base-metal mineralisation.
The announcement in respect of this in-depth review may be viewed through the following link:
The above review identified the possibility of tin-tantalum-tungsten rich pegmatites within the Selta Project. It is noteworthy that pegmatite fields elsewhere in Australia represent important sources of lithium.
Following consideration of the findings, the Company initiated a follow up lithium specific desktop and remote sensing review over the Selta Project.
SELTA PROJECT – LITHIUM REVIEW
The potential for lithium presents an additional opportunity for a mineral discovery within the Selta Project area, an opportunity which had previously been unknown.
To gain a better understanding of the potential for lithium-caesium-tantalum (“LCT”) type pegmatites, the Company has undertaken a review of all publicly available data to help refine target areas for further investigation. The datasets included in the review have included satellite imagery, known mineral occurrence data recorded on the Northern Territory Government STRIKE database, hyperspectral analysis using Sentinal-2 visible / near infrared and shortwave infrared imagery and historic stream sediment sampling data acquired by Crossland Uranium between 2014-16. The announcement dated 20 May 2022 in respect of the Crossland Uranium stream sediment data may be viewed through the following link:
By applying a multi-layered approach to the target definition process, several coincident anomalies have been identified and a number of primary and secondary targets have been selected for further investigation.
The priority lithium targets selected are primarily associated with surface anomalies which have been identified on satellite imagery and are coincident with a spectral response relating to the spectral fingerprint of identified spectral endmembers. The interpretation of the spectral endmembers has been determined by comparing them to a library of 481 mineral spectra compiled by the United States Geological Survey. The endmembers of interest at Selta include neodymium (Nd) and lepidolite. Neodymium is a rare-earth element which based on our hyperspectral review, is prevalent across Selta and the adjacent licence areas. Lepidolite can be associated with lithium-bearing minerals like spodumene (LiAl(SiO3)2), in pegmatite bodies.
A field team will be deployed immediately to Selta to conduct site-specific reconnaissance and to collect samples for analysis from multiple high-priority lithium and REE targets. The initial target area will focus on 65 primary and secondary targets identified across two areas. One group of targets covers an area of approximately 3km x 2km and a second area covering approximately 4km x 3km. These two groupings are part of a larger area covering approximately 100km2 within which, several hundred similar surface anomalies have been identified
SELTA PROJECT OWNERSHIP
Selta is held within URE Metals Pty Limited (“URE”), an Australian private company and wholly owned subsidiary of FDR .
Power Metal has an 82.78% interest in FDR (62.12% on completion of the recently announced Pre-IPO financing).
The announcement dated 01 June 2022 in respect of the Pre-IPO Financing may be viewed through the following link:
FDR is planning to list on the London capital markets in Q3 2022 (the “IPO”) and is focussed on district scale exploration opportunities in Australia.
URE was acquired by FDR in the transaction managed and funded by Power Metal and the announcement dated 19 November 2021 in respect to this transaction may be viewed through the following link:
FDR EXPLORATION INTERESTS
FDR Australia holds the following exploration licence interests:
Wallal Project (Wallal Main-E45/5816 – 390km2 – granted), (Wallal West 1-E45/5853 96km2 – granted) and (Wallal West 2 – E45/5880 – 86km2 – granted).
A comprehensive geophysical review has identified three magnetic bullseye anomalies located under Phanerozoic sedimentary cover which are interpreted to have possible geological similarities major Au-Cu deposits within the Paterson Province including Winu (Rio Tinto) and Havieron (Newcrest Mining-Greatland Gold joint venture).
Braeside West Project (E45/5854 – 137km2 – one granted licence)
In-depth desktop analysis of historic exploration data is currently underway on the Braeside West Project. A recent base-metal discovery by neighbouring company Rumble Resources Ltd (ASX:RTR) has enhanced the overall prospectively within the Braeside West Project area as it is hosted within a similar geological environment to that of Rumble Resources discovery.
Ripon Hills Project (E45/5088 – 42km2 – one granted licence).
The Ripon Hills Project is prospective for base-metal and gold mineralisation associated with deep-seated north-south oriented fault structures which run through the Ripon Hills Project area. In-depth desktop analysis of historic exploration data is currently underway over the project.
Selta Project (EL 32737, EL 32738, EL 32755 – 1,575km2 – three granted licences)
The Selta Project is located in an area considered to be highly-prospective for uranium and rare earth element mineralisation. FDR recently completed an in-depth review of all geological, geophysical and geochemical data which also identified the potential for lithium, gold and base-metal mineralisation as well as the possibility of tin-tantalum-tungsten rich pegmatites.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#SVML Sovereign Metals – Leading Market Position for Kasiya’s Graphite
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Graphite planned to be produced as a co-product from the Kasiya rutile operation is estimated to sit at the lowest end of the global flake graphite cost curve |
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As one of the world’s largest flake graphite deposits, Kasiya has potential for a dominant market position due to production scale of a coarse flake, high purity and highly crystalline product which should be suitable for lithium-ion batteries and wider traditional industrial uses |
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Kasiya’s graphite flake size distribution compares favourably to industry peers suggesting potential to achieve a high graphite basket price |
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Independent Life Cycle Assessment Study demonstrates Kasiya’s high quality natural graphite concentrate should have a significantly lower carbon footprint than Chinese-produced natural graphite |
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o China currently produces over 75% of the world’s natural graphite, almost 80% of the world’s synthetic graphite and 100% of the world’s natural graphite anodes used in lithium-ion batteries |
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o Each tonne of graphite produced from Kasiya is expected to have a Global Warming Potential of only 0.2 tonnes CO2e which represents 5x less greenhouse gas emissions compared to natural graphite produced in the Heilongjiang Province, China |
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Recent independent studies published in the Journal of Industrial Ecology estimates global warming potential of synthetic graphite to be 20.6 t CO2e i.e., 103x that estimated for Kasiya’s natural graphite |
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Updated Scoping Study for Kasiya on track and due for completion shortly |
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to report recent analysis of Kasiya Rutile Project’s (Kasiya) graphite co-product, one of the critical raw materials contained with the Kasiya deposit.
Natural graphite concentrate would be produced as a co-product from Kasiya, the world’s largest rutile deposit. Benchmarking of characteristics of Kasiya’s natural graphite demonstrate that it can be produced in line with the 2021 Scoping Study with:
· one of the lowest potential production costs globally
· extremely low carbon footprint versus hard-rock operations or synthetic graphite production
· favourable flake size distribution suitable for a wide range of end uses including feedstock for the lithium-ion battery sector – technology crucial to tackling global climate change.
Sovereign’s Managing Director, Dr Julian Stephens commented: “Not only is Kasiya the world’s largest rutile deposit and one of the largest flake-graphite resources, but our latest graphite industry benchmarking also demonstrates the potential for Kasiya to be a globally dominant supplier and low-cost flake graphite producer at scale. Importantly, the very low graphite production costs at Kasiya should allow Sovereign to compete aggressively on price point across global graphite markets.“
ENQUIRIES
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Dr Julian Stephens (Perth) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
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Nominated Adviser on AIM |
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RFC Ambrian |
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Bhavesh Patel / Andrew Thomson |
+44 20 3440 6800 |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Varun Talwar |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingrams |
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Mariela Jaho |
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Christian Dennis |
#MNRG MetalNRG – Legal Proceedings Update
MetalNRG plc (the “Company”) announces that Sheriff Philip Mann has issued his judgement in the case brought by Mr Rocco (a former director of the Company) in the Scottish Sheriff’s Court in which he sought a “declarator” (effectively a court confirmation) and certain other court orders for payment against the Company, on the basis of a service agreement between the parties relating to Mr Rocco’s now-terminated employment with the Company.
Specifically, Mr Rocco sought: (1) payment of a termination payment in the sum of £50,000; (2) confirmation that indemnity provisions for legal expenses contained in the service agreement extended to cover Mr Rocco’s legal costs in the action brought by the Company in the High Court in England and Wales against him, Brit Energy Holdings LLP and BritNRG Limited on an unrestricted and unlimited basis; and (3) payment of his legal expenses in the action brought against him by the Company in the sum of £100,899.24 and continuing.
Sheriff Mann denied all of the applications made by Mr Rocco, confirming (as the Company had argued) that (1) the termination payment could only be due in circumstances in which Mr Rocco was a “good leaver”; and (2) the indemnity could not be construed to extend to allow Mr Rocco to take legal advice or recover his costs relating to his own breach of the service agreement or behaviour and that any alternative construction would also be incompatible with the general principle that a person should not be entitled to benefit from his own breach of contract.
This ruling effectively disposes of Mr Rocco’s claims in the Sheriff’s Court and the Company expects to make an application for its costs in this matter against Mr Rocco at a case management hearing scheduled for 21 June 2022.
Mr Rocco has now brought a separate claim in the Scottish Employment Tribunal for, inter alia, wrongful and unfair dismissal. The Company will vigorously defend this action when it is heard.
The Company is currently awaiting a date for the hearing of its application for summary judgment against Brit Energy Holdings LLP and BritNRG Limited in the proceeds brought by it against those entities and Mr Rocco personally. The fact that the summary judgment application does not extend to Mr Rocco is merely a technical procedural matter; if the Company obtains summary judgment against Brit Energy Holdings LLP and BritNRG Limited this will dispose of the action against two of the three defendants to that action in short order and will allow the Company to streamline the case as regards Mr Rocco personally.
The Company will provide further updates on the application for summary judgement in due course.
END
Contact details:
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MetalNRG plc Rolf Gerritsen |
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Corporate Broker |
+44 (0) 20 7469 0930 |
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Corporate Broker |
+44 (0) 1483 413500 |
Alan Green discuss #BARC Barclays, #AEXG Amaroq Minerals & #SVML Sovereign Metals on the Vox Podcast
#BRES Blencowe Resources – Blencowe Continues to Deliver Exceptional Results from Metallurgical Test Work for Orom-Cross Graphite Project
Highlights
- Final Stage 5 metallurgical test results underline a high quality end-product as concentrate from Orom-Cross Graphite Project in Uganda.
- Composite mix from both deposits delivers a 96-97% LOI concentrate, with battery sales entry level at 94% LOI.
- Specific attributes highlight Orom-Cross concentrate as particularly desirable to end-users.
- Technical Data Sheets (TDS) for all products have been sent to prospective end-users to gauge their interest.
Blencowe Resources (“Blencowe” or the “Company”) (LSE: BRES) is pleased to announce that recently completed studies on the metallurgical characterisation of Orom-Cross flake graphite concentrate provided very impressive results that will generate significant interest in the ASTM flake graphite grades planned for production from 2023 onwards. The Orom-Cross Graphite Project located in Uganda, Africa, has a unique ore body composition with specific element content that is unequal to other graphite projects. Key results from the lab work are:
- Uniform Mesh Size Distribution with ~50% as higher value +100 Mesh to +50 Mesh Fractions
- Sulphur Content < 0.1% across all Mesh Size Fractions
- Tap Density > 0.73 g/cm3 – Suitable Precursor for Advanced Micronisation / SPG Processing
- Halogen Content – Suitable to meet Advanced Foil Specifications & EBC Nuclear Grade Graphite Product requirements
- pH Values Indicate Neutral – Alkaline; Suitable for Expandable Graphite to meet Fire Retardant Specifications
- Low Levels of Fe, Ca, Na, and Mg Content; Ideal for Cathode or SPG Conductive additives for Battery & Electrochemistry Applications
- Lower Cost to Purify to 99.95% LOI as a Result of lower specific elements; Fe, Si, Na, Ca, Mg.
Over the coming months, additional post processing work for new potential applications for Orom-Cross Graphite Products will be completed. This work will support the progressive sales and marketing strategy focusing on both traditional and advanced graphite applications including both Primary and Secondary Battery Markets where is it expected the demand ahead for qualified graphite products will continue to expand and grow.
Cameron Pearce, Executive Chairman commented:
“The specific attributes highlighted above continue to underline the potential for Orom-Cross to deliver some of the highest quality graphite concentrate into world markets ahead as we transition to first production from 2023. End users are very discerning as to the quality of product they are seeking, hence these results are particularly encouraging in that our product can meet their high expectations, and thus provide our Project with a strong base of customers to sell into as we start selling graphite from next year.
Orom-Cross is shaping up to become a world class graphite project in all respects; with considerable size and scale to expand as necessary to meet anticipated strong future demand, high quality concentrate as evidenced above to sell our products into various markets, low operations costs due to low strip ratio and other key advantages, and a good mix of flake sizes that guarantees a high overall weighted average selling price. We look forward to sharing these parameters with the market via our Pre-Feasibility Study which is due for completion shortly.”
For further information please contact:
| Blencowe Resources Plc
Sam Quinn |
www.blencoweresourcesplc.com
Tel: +44 (0)1624 681 250
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| Investor Relations
Sasha Sethi |
Tel: +44 (0) 7891 677 441
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| Tavira Securities
Jonathan Evans |
Tel: +44 (0)20 7100 5100
jonathan.evans@tavirasecurities.com
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| First Equity Limited
Jason Robertson |
Tel: +44(0)20 7330 1833
jasonrobertson@firstequitylimited.com
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#SVML Sovereign Metals – Sovereign Initiates Major PFS Drill Program
SOVEREIGN INITIATES MAJOR PFS DRILL PROGRAM AT KASIYA
· 12,000m drilling program commenced at Kasiya to upgrade higher-grade Mineral Resource areas to underpin conversion to Reserves as part of the planned PFS
· Deeper drilling to target extensions to Indicated zones at depth to base of saprolite (~25m)
· Expansion of the overall mineralised footprint through extensional and regional hand-auger drilling will continue with multiple drill teams
· Updated Scoping Study incorporating the current resource is due for completion in the coming weeks
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the commencement of its Pre-feasibility Study (PFS) drilling program across the Kasiya Rutile Project (Kasiya). This is the first significant work program for the PFS to commence as the Company completes the updated Scoping Study due in the coming weeks.
ENQUIRIES
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Dr Julian Stephens (Perth) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
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Nominated Adviser on AIM |
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RFC Ambrian |
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Bhavesh Patel / Andrew Thomson |
+44 20 3440 6800 |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Varun Talwar |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingrams |
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Mariela Jaho |
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Christian Dennis |
#POW Power Metal Resources – First Development Resources – Pre-IPO Financing
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces its subsidiary First Development Resources Limited (“First Development” or “FDR”) has undertaken a 1,125,000 Pre-IPO financing (“Financing”).
FDR is planning to list on the London capital markets in Q3 2022 (the “IPO”) and is focussed on district-scale exploration opportunities in Australia .
HIGHLIGHTS
· First Development has raised £1,125,000 through a Pre-IPO financing undertaken with SI Capital Limited, corporate broker, through the issue of 16,866,566 new First Development ordinary shares of 1 pence each (“FDR Ordinary Share”) at a price of 6.67p per Ordinary Share, which will represent 27.14% of the issued share capital of First Development on completion of the Financing.
· 50% of Financing monies will be payable to First Development by 10.06.22 and 50% by 10.07.22 whereupon Financing completion will occur (“Completion”) and all shares will be issued to Financing participants shortly after Completion.
· Power Metal has subscribed for £75,000 of the Financing, subscribing for 1,124,437 FDR Ordinary Shares (“POW Subscription”).
· Following Financing Completion, Power Metal will hold a total of 38,605,696 FDR Ordinary Shares representing 62.12% of issued share capital First Development.
· On the basis of issued share capital of FDR on Completion of the Pre-IPO Financing the current valuation of First Development will be £4.125 million, and Power Metal’s 62.12% holding will be valued at circa £2.562 million.
· The monies raised will enable First Development to fully self-finance its operations including IPO listing advisory costs, corporate expenses and various project expenditures.
· Paul Johnson, Chief Executive Officer of Power Metal has subscribed for £50,000 (749,625 FDR Ordinary Shares) in the Financing.
· No warrants are included automatically with the Financing however should warrants be offered as part of the planned IPO financing, participants in this Pre-IPO Financing will receive warrants on the same terms.
Tristan Pottas Chief Executive Officer of First Development Resources Ltd commented:
“The Pre-IPO Financing provides FDR with the necessary working capital to confidently push ahead with business operations including its planned listing on the London capital markets.
The FDR business has been built around Australian exploration and notably, what we believe are high impact opportunities in Western Australia’s Paterson Province and the Northern Territory.
We have been analysing the extensive historical exploration data in and around our projects since early 2021, securing the benefits and knowledge from work undertaken by previous licence holders.
Using this core data and the latest in technological innovation in resource exploration we have been building targets for next stage work, including gold-copper drill targets at our flagship Wallal Project in the Paterson, and uranium-rare earth element and potential lithium targets at our Selta Project in the Northern Territory.”
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“The successful Pre-IPO Financing reported in today’s announcement is the first decisive step on FDR’s journey to becoming an independent listed vehicle. We believe the projects which make up FDR’s portfolio present a compelling investment proposition which we look forward to watching develop under the management of the FDR board.
The Pre-IPO Financing means First Development becomes financially self-sufficient and Power Metal will no longer be required to fund FDR operations in the period leading up to the planned IPO and instead will become a strategic FDR shareholder.
Of particular note is that Power Metal has now seen three of its project packages find their own independent corporate pathway, management and financing including:
– Disposal of the Company’s Schreiber – Hemlo interests in Ontario, Canada, into First Class Metals plc (“FCM”) in September 2021. Power Metal currently has a 36.3% interest in the issued share capital FCM, which secured Pre-IPO financing in September 2021 and is seeking a planned listing this quarter.
– Golden Metal Resources plc (“GMT”) focused on exploration and development interests in Nevada, USA, currently 83.13% Power Metal owned. GMT secured Pre-IPO financing in December 2021 and is seeking a planned listing this quarter.
– As announced today, First Development Resources, currently 82.78% Power Metal owned (62.12% following Completion) focused on Australian exploration interests and seeking a listing in Q3 2022.”
We continue to work on the potential spin-out listing of other business interests. This includes our Victorian Goldfields joint venture with Red Rock Resources plc (LON:RRR) and held through New Ballarat Gold Corporation plc (“NBGC”) where we hold a 49.9% interest.”
FDR EXPLORATION INTERESTS
FDR Australia holds the following exploration licence interests:
Wallal Project (Wallal Main-E45/5816 – 390km 2 – granted), (Wallal West 1-E45/5853 96km 2 – granted) and (Wallal West 2 – E45/5880 – 86km 2 – granted).
A comprehensive geophysical review has identified three magnetic bullseye anomalies located under Phanerozoic sedimentary cover which are interpreted to have possible geological similarities major Au-Cu deposits within the Paterson Province including Winu (Rio Tinto) and Havieron (Newcrest Mining-Greatland Gold joint venture).
Braeside West Project (E45/5854 – 137km 2 – one granted licence)
In-depth desktop analysis of historic exploration data is currently underway on the Braeside West Project. A recent base-metal discovery by neighbouring company Rumble Resources Ltd (ASX:RTR) has enhanced the overall prospectively within the Braeside West Project area as it is hosted within a similar geological environment to that of Rumble Resources discovery.
Ripon Hills Project (E45/5088 – 42km 2 – one granted licence).
The Ripon Hills Project is prospective for base-metal and gold mineralisation associated with deep-seated north-south oriented fault structures which run through the Ripon Hills Project area. In-depth desktop analysis of historic exploration data is currently underway over the project.
Selta Project (EL 32737, EL 32738, EL 32755 – 1,575km2 – three granted licences)
The Selta Project is located in an area considered to be highly-prospective for uranium and rare earth element mineralisation. FDR recently completed an in-depth review of all geological, geophysical and geochemical data which also identified the potential for lithium, gold and base-metal mineralisation as well as the possibility of tin-tantalum-tungsten rich pegmatites.
IPO AND LISTING PROCESS
FDR is seeking a listing on the London capital markets and is working with advisors in this regard and is targeting a listing on the London capital markets in Q3 2022.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
