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#BRES Blencowe Resources PLC – High Value Synthetic Diamond Manufacture
Blencowe Resources Plc (LSE: BRES) is pleased to announce the results of additional test work confirming that graphite concentrates from the Orom-Cross Project are suitable for the manufacture of synthetic industrial diamonds, further validating the quality, versatility and downstream optionality of the Company’s graphite feedstock.
The test work was undertaken by American Energy Technology Co. (“AETC”) in Chicago and forms part of Blencowe’s value-addition programme focused on demonstrating commercially viable, non-China downstream applications for Orom-Cross graphite.
Crucially, the test work achieved a diamond conversion yield of 53.6wt%, exceeding the typical industry benchmark of approximately 50%. AETC notes that this threshold is widely regarded as critical in determining whether synthetic diamond production can be undertaken economically outside China, given the highly competitive cost structure of the industry. Conversion yields below this level typically necessitate lower-cost Chinese processing to remain viable.
Production of industrial diamonds provides Orom-Cross with another significant value-adding enhancement opportunity beyond sale of graphite as concentrates and Blencowe will be seeking offtake opportunities in this sector ahead as it continues to drive towards first production.
Synthetic Diamond Test Work – Highlights
· Successful synthesis of robust industrial diamonds from Orom-Cross graphite concentrate
· All diamonds produced were mono-crystalline, a higher-value structure than polycrystalline alternatives
· Average particle size of 50-60 microns, with oversized diamonds up to 350-500 microns
· Conversion yield of 53.6wt%, supporting cost-competitive production outside China
AETC further observed that many natural graphites, including several deposits across East Africa, are less suitable for synthetic diamond manufacture due to thicker, less compressible flake structures, which inhibit efficient diamond formation. In contrast, the fine, compressible flake characteristics of Orom-Cross graphite proved highly conducive to diamond synthesis, representing a distinctive quality signature of the deposit.
Strategic Context
Synthetic diamond manufacture is a specialised, high-value industrial market where feedstock quality and conversion efficiency directly influence cost competitiveness. These results confirm that Orom-Cross graphite meets the technical thresholds required to support economically viable diamond production outside China, opening additional downstream pathways alongside the Company’s core battery and energy transition strategy.
This optionality further differentiates Orom-Cross as a high-quality, non-China graphite source, aligned with increasing Western focus on secure supply chains, local processing and advanced manufacturing.
Importantly, the confirmation of multiple high-value end markets strengthens the overall Orom-Cross development case and supports Blencowe’s ongoing funding and offtake processes. In parallel, the Company continues to progress drilling and resource definition across the project, with remaining assay results from the Iyan and Beehive programmes expected to be reported progressively, building toward sequential JORC resource updates.
Cameron Pearce, Blencowe’s Executive Chairman commented:
“This work highlights a fundamental characteristic of Orom-Cross graphite: its quality extends beyond battery applications into demanding industrial uses where conversion efficiency and cost competitiveness are critical. Achieving mono-crystalline diamond formation at conversion yields above industry benchmarks reflects the compressibility and structural integrity of our graphite, which continues to differentiate the project.
As further drill results and technical validation are delivered, Orom-Cross continues to mature as a scalable, high-quality graphite development. This progress strengthens the underlying project fundamentals and is directly supporting funding and offtake discussions currently underway, as we advance toward the next resource update.”
For further information please contact:
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Blencowe Resources Plc |
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Sam Quinn (Director) |
Tel: +44 (0)1624 681 250
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Sasha Sethi (Investor Relations) |
Tel: +44 (0) 7891 677 441 |
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Tavira Financial (Joint Broker)
Jonathan Evans |
Tel: +44 (0)20 3192 1733 |
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Oak Securities (Joint Broker)
Calvin Man /Mungo Sheehan / Jerry Keen |
Tel: +44 (0)20 3973 3678 |
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#GRX GreenX Metals Limited – Historical Core Logging Program at Tannenberg
HIGHLIGHTS
· Historical core logging and sampling program planned in collaboration with and funded by the BHP Xplor program
· Core from 47 historical drill holes from the Tannenberg Copper Project are now accessible for comprehensive re-evaluation using modern techniques
· Program provides major opportunity to unlock untested copper potential with significant gaps in historical data presenting discovery upside
o 18 holes never assayed – representing completely untested copper potential
o 29 holes with limited historical assaying focused only on narrow 5m width across the T1 shale (Kupferschiefer) horizon, with true extent of potential mineralised interval untested
· Modern understanding reveals potential for substantially wider mineralised intervals based on Poland’s world-class KGHM Kupferschiefer mines where copper mineralisation can be offset up to 30m above and 60m below the T1 shale horizon
· Potential to discover previously unrecognised mineralisation in hanging wall limestone and footwall sandstones using modern analytical techniques
· Strong indications of mineralisation extending beyond the historically sampled intervals already identified in the archived core including previously reported drill hole results:
o Ro 45 ends in 1% Cu after 2.7 m @ 1.6% Cu & 19 g/t Ag from 268 m
o Ro 22 starts in 0.67% Cu for 3.14 m @ 1.2% Cu & 15 g/t Ag from 436 m
o Ro 41 starts in 0.45% Cu at 414 m and did not fully capture hanging wall mineralisation
o Ro 38 ends in 0.37% Cu at 538 m and did not fully capture footwall mineralisation
· Comprehensive 4km core logging and 2km assay program using advanced hyperspectral scanning technology not available to historical operators
· Enhanced geophysical dataset through petrophysical measurements to optimize future exploration targeting
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or Company) is pleased to advise that work on historical drill cores from the Tannenberg Copper Project (Tannenberg or Project) will soon commence.
GreenX CEO, Mr Ben Stoikovich, said “There is tremendous value to be gained from the historical core at Tannenberg. These historical holes were drilled, but not properly assayed. For very little cost, we will gain a lot of new information about the Kupferschiefer mineral system at Tannenberg. This work package is funded by the BHP Xplor grant up to USD$500,000 announced in January 2025. The historical core program was planned in collaboration with the BHP Xplor team and the results are expected to expand known copper mineralisation and aid exploration targeting within this large-scale, high-grade, and shallow brownfield historical mining district in central Germany.”
The work package involves geological logging, sampling, assaying, and hyperspectral scanning of core from 47 drill holes from within the Tannenberg 1 and 2 licences. Results are expected to confirm and expand known copper mineralisation. There is also potential for the identification of completely new mineralisation in 18 holes which have no recorded historical assays.
Figure 1: Distribution of historical holes selected for logging and assaying.
Historical Core Program
The Richelsdorf Mining District has seen a considerable amount of drilling. Some drilling was for copper exploration and mine development, while other holes were sunk for other purposes, such as oil and gas exploration. Within the Tannenberg licences, cores from 47 historical holes that intercepted the target stratigraphy exist in the Hesse state core archives, and are available for modern analysis.
These past exploration efforts were technically-limited by the prevailing geological model at the time which considered copper mineralisation to be syngenetic with the thin Kupferschiefer shale. The Company’s hypothesis that copper mineralisation exists outside of the shale is already well-supported by historical assays and channel samples from historic mines operating in the Tanneberg license area. Modern-day mining of Kupferschiefer-style copper in Poland also supports the hypothesis because mineralisation can be offset by up to 30 m above and 60 m below the T1 horizon.
Most historical assaying at Tannenberg has focussed on the shale. They most common coverage is only 5 m of sampling around the T1 shale. Kupferschiefer copper is known to be difficult to visually identify, and in many cases the outdated deposit model led previous geologists to stop sampling for copper mineralisation outside of the T1 shale.
The planned core program involves re-logging, re-assaying, hyperspectral scanning, as well as the collection of petrophysical measurements. Where appropriate, assaying and hyperspectral scanning will cover up to 30 m above and 60 m below the T1 shale.
Results from this historical core program are expected in Q4 2025.
Figure 2: Historical drill core from Ro 45, 1.6% Cu and 19 g/t Ag over 2.7 m from 268 m.
Upcoming Work Programs
The historical core program sits within a larger exploration work program planned in collaboration with and funded by the BHP Xplor program. Key features of GreenX’s 2025 exploration program at Tannenberg include:
· Logging, assaying, and hyperspectral scanning of historical core;
· airborne magnetic and radiometric survey (flown in May);
· Analysis of historical geophysical data; and
· Collation of historic mining and production data.
INCENTIVE SECURITIES
In order to incentivise management and align their interests with shareholders, the Company will issue incentive options which will only vest if the following project milestones at Tannenberg are achieved:
· Class A: the public announcement by GreenX of an independently assessed JORC Code inferred resource of at least 250,000 tonnes of contained copper equivalent at a minimum resource grade of 1% Cu Equivalent** (or equivalent, with a cut-off grade of 0.5% Cu equivalent); and
· Class B: the public announcement by GreenX of an independently assessed JORC Code inferred resource of at least 500,000 tonnes of contained copper equivalent at a minimum resource grade of 1% Cu Equivalent** (or equivalent, with a cut-off grade of 0.5% Cu equivalent).
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Director |
Class A |
Class B |
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Mr Benjamin Stoikovich (subject to shareholder approval) |
1,200,000 |
1,200,000 |
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Mr Mark Pearce (subject to shareholder approval) |
600,000 |
600,000 |
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Other key employees and consultants (to be issued under the Company’s shareholder approved equity incentive plan) |
5,000,000 |
5,000,000 |
**Cu Equivalent means any combination of Cu, Ag, Ni, Co, Cr, Pt, Pd, Au, Rh, Ru, Ir, Os, Zn and/or Pb.
ENQUIRIES
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Ben Stoikovich +44 207 478 3900
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#FCM First Class Metals PLC – Half-year Report
I. Operational Highlights
In early May FCM announced that field work had been initiated on its projects in Canada, with three exploration teams deployed:
· Channel Sampling of the Rare Earth Element (REE) Diatreme at McKellar underway.
· Sunbeam historic review widened to encompass detailed core review from historical drill holes. Grades up to 93.3g/t Gold (Au).
· Field base set up and exploration soon to commence on the North Hemlo and Esa properties to follow up on the successes of 2022.
A property wise summary of the exploration work conducted in the first six months of 2023 is enumerated as follows:
North Hemlo
· The Dead Otter Lake area is situated 20.5km North of the iconic Barrick Hemlo 23m oz producing gold mine.
· The main event of significance is the Identification of a +3km long gold (‘Au’) and molybdenum (‘Mo’) anomalous trend – named the Dead Otter Lake trend (‘DOT’), which is situated to the southeast of the historic Dead Otter Lake occurrence. Grab samples recorded up to 19.6g/t Au along the trend. Sampling has extended anomalous Au/Mo mineralisation for +3km to the SE from the historic showing (3.7 g/t Au, 0.59% Mo). The mineralised structure closely mimics the granite contact. The 19.6 g/t Au sample, in the extreme SE of the trend could be where one of potentially two subparallel arcuate structures intersects the trend.
· The Exploration currently in progress at North Hemlo is with a clear focus on drill preparation. Visible gold has been observed in multiple grab samples from the Dead Otter Trend.
· Exploration permit has been submitted to the Provincial authorities, reflecting our confidence in our exploration progress and our commitment to fulfilling all necessary regulatory requirements.
In May, FCM signed an exclusivity agreement for an Option cum Earn-In arrangement with Ongold a private company in respect to its claims contiguous to North Hemlo.
Zigzag
· The signing of the Earn-in Agreement with Nuinsco Resources Limited (“Nuinsco”) completes the process outlined in the ‘Exclusivity Agreement’ announced on the 12th of December 2022 for the Zigzag hard rock lithium property in NW Ontario.
· The project funding was also announced in the same news release, James Goozee a High Net Worth Individual (“HNWI”) who is a battery metals focussed investor took the full £300,000 private subscription at 16p per share.
· Historic grades reported at surface were up to 1.68% lithium (Li20) over 7.9m and 0.168% tantalum (Ta205) over 2.54m. The claim group covers the historic Tebishogeshik occurrence as well as other mineralised occurrences.
· The pegmatite hosting the deposit is reported to be more than 800m in length and 20m thick at surface.
· Sampling by Nuinsco returned strongly anomalous lithium, tantalum, and rubidium, peaking at 3.55% Li20 with significant tantalum and rubidium results at 836 ppm Ta₂O5, and 4,003 ppm Rubidium Rb₂2O.
· Exploration Permit already in place, allowing for exploration activities which may include stripping, trenching, and drilling.
· The property is located 10.5km from the Green Technology Metals Limited (ASX: GT1) Seymour Project and several other hard rock lithium properties. It is also close to nearby current and future planned key infrastructure.
· Zigzag Lithium-Initial reconnaissance trip with the property completely under the cover of snow returns grades of Lithium (Li) up to 1.00% and Tantalum (Ta) up to 198 ppm.
Sunbeam
· The historic data and core reviews have been completed.
· Extensive prospecting, sampling, and mapping programs were conducted, this includes rediscovery of a 3m wide quartz vein on the Pettigrew Trend with over 200 samples collected.
· Project being prepared for stripping / channel sampling in order to identify preferred drill locations.
West Pickle Lake (‘WPL’)
· First Class Metals is delighted to report assay results from the West Pickle Lake massive sulphide discovery.
· These drill results reinforce both the high-grade nature of the West Pickle Lake Zone and the potential for tonnage as reported in hole TK22-114, the widths and grades are similar to the Palladium One RJ Zone approx. 2.5km to the East and further develops the theory of the chonolith / feeder dykes in the area to host significant mineralisation.
Selected highlights reported by Palladium One from the West Pickle Zone:
o TK-22-072 2.0% Ni, 0.9% Cu, 0.04% Co, 0.36 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au) over 4.1 meters of massive and semi-massive sulphides in hole
o Including 5.3 Ni%, 1.5% Cu, 0.12% Co, 0.67 g/t TPM over 1.5 meters
o ThesTK-22-073 7.2% Ni, 2.0% Cu, 0.10% Co, 0.56 g/t Total Precious Metals (“TPM”) (Platinum (Pt) + Palladium (Pd) + Gold (Au)) over 2.6 meters of massive sulphides in hole.
o Including 10.3% Ni, 2.9% Cu, 0.15% Co, 0.80 g/t TPM over 1.8 meters
o TK-22-074 3.9% Nickel (Ni), 2.5% Copper (Cu), 0.05% Co, 0.55 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au) over 2.0 meters of massive and semi-massive sulphides in hole
o Including 8.1% Ni, 2.8% Cu, 0.11% Co, 1.05 g/t TPM over 0.9 meters
o TK22-114 0.6% Ni, 0.4% Cu, 0.01% Co, 0.08 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au) over 28.2 meters
o Including 2.0% Ni, 0.6% Cu, 0.04% Co, 0.12 g/t TPM over 3.2 meters
o TK22-118 0.43% Ni, 0.26% Cu, 0.01% Co, 0.06 g/t TPM over 27.0 meters.
o Including 2.0% Ni, 0.7% Cu, 0.04% Co, 0.14 g/t TPM over 1.0 meters
o TK22-116 1.5% Ni, 0.7% Cu, 0.02% Co, 0.30 g/t TPM over 8.0 meters.
o Including 10.0% Ni, 4.47% Cu, 0.14% Co, 2.13 g/t TPM over 1.0 meters
· Hole TK22-76 drilled just off the 100% owned FCM North Hemlo Property boundary by Palladium One intercepts 46.3m of anomalous nickel mineralisation in an east west trending structure, further proving up Palladium One’s property wide feeder dyke/chonolith geological model.
· West Pickle mineralised strike length increased to over 600 meters, remains open to the east and west.
· To date a total of 32 holes, totalling 6,766 meters have been drilled in the vicinity of the West Pickle Discovery.
Esa
· Total of 478 soil samples were collected from 11 predominantly subparallel, north – south soil lines in 2022.
· An intermittent 4km anomalous zone has been identified corresponding to the surface expression of the inferred shear.
· Multiple 10-95 ppb gold (Au) and key pathfinder elements including molybdenum (Mo), antimony (Sb) and arsenic (As).
· Anomalous trends identified by the soil sampling as well as the background magnetics highlighting NE structures intersecting the shear, including: Hemlo ‘look alike’ angular boulder identified, which reported 0.7ppm Au which is considered significant.
· Extensive soil sampling campaign completed to build on the successful 2022 program with 539 samples now awaiting assay results.
McKellar
“McKellar Trend” – Volcanic Massive Sulphide (“VMS”) conceptual trend supported by reconnaissance and assay results, extending over 550m, open ‘along strike’ in both directions.
· Over 100 grab samples taken with highlights including 4.82% Zinc (Zn) 80 g/t Silver (Ag)
· Work programme further proves up conceptual VMS model and extension of historical high grade metal occurrences across the property.
· Eight contiguous claims have been staked, adjoining the southern boundary of the McKellar property.
· McKellar has a proven potential for Rare Earth Elements (“REE”), confirmed by sawn channel sampling of diatreme verifies historical findings and further evidenced REE system.
Enable
· Field work identified a new gold (Au) with significant silver (Ag) ‘showing’ on the property.
· The historic West Perch Lake showing of ~2ppm Au confirmed and expanded.
· An exploration permit application is being drafted which will allow ‘mechanical exploration’ including drilling.
· The winter 2023 exploration campaign was completed with a programme of lake sediment sampling.
Sugar Cube
· In Q1 2023 a geophysics survey consisting of 578 line km comprising a helicopter borne low level 100m line spacing magnetic as well as electromagnetic (EM) survey was completed.
II. Operational Overview
North Hemlo & Esa
Figure showing the relative location of North Hemlo (including OnGold), Esa and Magical in respect to the Williams gold mine and the district scale shears associated with mineralisation
North Hemlo
Overview
The Flagship North Hemlo property historically comprised of three claim areas: Pezim I, Pezim II, and Wabikoba, which weren’t contiguous. However, the addition of the Hemlo North block, acquired from Power Metals Plc., brought North Hemlo together as one cohesive block.
The property now extends across 448 claims covering ~98km². Note: 33 claims are effectively under a Joint Venture agreement with Palladium One and FCM’s ownership is reduced to 20%.
There were limited historical showings on the property, the most important being the gold / molybdenum showing at Dead Otter Lake. The geology / geophysical signature of the Dotted Lake / Fairservice prospect continues onto the North Hemlo block. Furthermore, the JV – Earn-in with Palladium One has significantly enhanced the base, battery, and critical metal potential of the block.
Further potential is derived from the arcuate inferred shears which mimic the shear hosting the Hemlo gold mine.
In May, FCM signed exclusivity agreement for an Option cum Earn-In arrangement with Ongold a private company in respect to its 163 claims, covering 34 km² contiguous to the north of the North Hemlo property.
An Exploration permit, required for ‘invasive’ exploration such as trenching, stripping and drilling, has been drafted and after discussion with the First Nations submitted to the Ontario Provincial Mining authority for review.
Esa
Overview
The Esa property contains 86 claims, covers 20.6km², and is located approximately 11km northeast from the Barrick Hemlo gold mine, immediately south of FCM’s North Hemlo property.
The claim block is dissected by a geological / geophysical feature, which adds significant merit to the block’s potential. This structure is considered one of three subparallel, arcuate trends contained in the Hemlo ‘north limb’, which mirror the Hemlo trend to the south. Re-interpretation of geophysical data further enhanced the property’s prospectivity. Extensive exploration was conducted along this feature in 2022, and further soils sampling and prospecting conducted in 2023.
The assessment credits generated during the year will maintain the property in good standing through 2023.
An Exploration permit, required for ‘invasive’ exploration such as trenching, stripping, and drilling has been drafted and after discussion with the First Nations submitted to the Ontario Provincial Mining authority for review.
Work Conducted in 2023
A team was mobilised in early May to continue the exploration at Esa, focusing on the anomalous soil sample results as well as the 0.7ppm boulder identified in the central eastern sector as detailed in the recent news release.
A Further 534 soil samples and 5 rock chip samples have been collected, both subparallel to the shear – orthogonal to the north striking magnetic features- as well as in the areas of higher Au anomalism in the previous programme. Results have not yet been received.
Exploration at North Hemlo project started later in the month when the snow cover thawed. To advance the prospect towards drill ready status, the intention is to follow up the encouraging sampling on the Dead Otter Lake trend which has returned anomalous gold results along its 3km plus strike up to 19.6 g/t Au. Over the winter months ninety-six lake sediment samples as well as a number of rock samples were collected from North Hemlo, with very positive results being reported.
Discussions are ongoing with drill companies to undertake a maiden drilling programme at Esa and or North Hemlo. To this end the Application for an Exploration permit has been submitted to the Provincial authorities.
Sunbeam
Overview
The Sunbeam Gold Property includes the historic Sunbeam Mine. This was a high-grade underground gold mine which operated from 1898 to 1905. The core of the Property consists of 104 unpatented mining claims covering 20.2km² in the Ramsay-Wright Township in North-western Ontario.
The Option to purchase was signed with Nuinsco in October 2022. Nuinsco holds the claims through an underlying agreement with several prospectors who held the claims. In February 2023, FCM made a second payment to Nuinsco, and the claim ownership was transferred to FCMC for the central Sunbeam area. The third and final payment, (in total Cdn$700,00), was made in June. The Sunbeam extended (English Option extending over 24.8km²) is still part of an Option agreement with Nuinsco and the claim owner, which FCM has assumed.
Work conducted in 2023
Historic data and core reviews completed alongside extensive prospecting, sampling, and mapping program which includes rediscovery of a 3m wide quartz vein on the Pettigrew Trend. Mechanical stripping and then a targeted, systematic channel sampling programme has been undertaken at potential drill locations at the Pettigrew and Roy occurrences. Trail access for a drill rig into the same areas was also completed.
McKellar
Overview
The McKellar property, originally comprising 58 claims, covers ~10.1km² and is situated in prime geological terrain within the Coldwell complex. Located to the west of Generation Mining’s Palladium Project, McKellar is roughly 25 kilometres from the town of Marathon, the main service centre for Barrick’s Hemlo mine. McKellar has a number of historic ‘showings’ with significant values in both base (battery) and precious metals. McKellar was the second largest of the claim blocks that formed the Power Metals Resources PLC claim acquisition. Field work conducted in 2022 generated assessment credits that cover the property into 2023. Eight contiguous claims were ‘staked’ in February 2023 in the southern area of the claim block, extending the total claim area to 12.3km².
An exploration permit, required for ‘invasive’ exploration such as trenching, stripping and drilling has been drafted and after discussion with the First Nations, summited to the Provincial authorities.
Work conducted in 2023
In 2023, 18 sawn channel samples of approximately 1m were collected across the exposed diatreme, which historically reported REE. In addition, local scale prospecting resulted in 5 grab samples also being collected for assay.
Results of the 2023 programme (highest two samples) and other assayed samples from the diatreme area are included in the table below.
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Element |
Historical assay results for selected elements (including REE’s), McKellar Creek Diatreme: |
FCM recent 2023 sampling showing two highest values, all ppm |
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Gold Au |
25 ppb |
N/A |
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Platinum Pt |
17 ppb |
N/A |
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Neodymium Nd |
300 ppm |
259, 205 |
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Lanthanum La |
400 ppm |
362, 253 |
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Beryllium Be |
2.8 ppm |
5 all others BLD |
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Cerium Ce |
513 ppm |
653, 503 |
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Yttrium Y |
214 ppm |
287, 193 |
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Strontium Sr |
1280 ppm |
1410, 1360 |
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Thorium Th |
180 ppm |
145, 140 |
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U308 |
38 ppm |
U: 32.8 23.4 |
Table showing historic as well as FCM generated sample results from the McKellar diatreme
Zigzag
Overview
The 6-unit claim group spans approximately 1.2km and covers the historic Tebishogeshik lithium occurrence as well as other mineralized sites. The claims are a part of an ‘Option’ Agreement with Nuinsco signed in March 2023. Nuinsco, whilst not the registered owners, hold an Option to Purchase agreement with the claim owner. By virtue of this agreement, FCM has committed to a four-year work programme as well as staged payments to Nuinsco, which can be accelerated. At the fulfilment of these obligations, FCM will own the claim option on an 80:20 arrangement with Nuinsco. At this point a JV would be entered into between FCM and Nuinsco for the further development of the mining claims. Should either party not wish to contribute to the JV they would be diluted as per an agreed dilution formula. If either Nuinsco or FCM is diluted to 10% ownership their entire remaining ownership would be automatically converted into an NSR.
Work conducted in 2023
During a winter reconnaissance of the Zigzag property in order to assess access the team identified an old trench for which sample information was not available. Four samples were collected from the in-situ debris flanking the trench. The results, tabulated below validate previous sampling, with values up to 1.0% (10,000ppm):
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Sample number |
Lithium (Li) ppm |
Tantalum (Ta) ppm |
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A1104880 |
1390 |
184 |
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A1104881 |
5070 |
84.7 |
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A1104882 |
10000 |
139 |
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A1104883 |
1180 |
198 |
Table showing Zigzag grab sampling results
Sugar Cube
The Sugar Cube claim block of 205 claims, covering ~43km², is contiguous to the north-west of Silver Lake’s 1.6Moz+ Sugar Zone gold mine. Sugar Cube was one of the ‘seed’ properties that formed the pre-IPO company portfolio.
Work Conducted in 2023
Whilst virtually no ground-based exploration was conducted in 2022, in Q1 2023 a 578 line km geophysics survey comprising a helicopter borne low level 100m line spacing magnetic as well as electromagnetic (EM) survey was completed, which will provide sufficient credits to maintain this entire block through 2023
The survey data was processed by the contractor then passed to Paterson Grant Watson (PGW) who undertook a detailed interpretation. This interpretation will determine future field work to ‘ground-truth’ any identified anomalies.
Other Properties:
FCMC Inc. holds a further 85 claims totalling 18km² in three Properties in the Hemlo area, (Enable, Coco East and Magical), however, either no work was conducted, or no work reported in the public domain associated with these Properties.
III. Corporate and Financial Highlights
The start of 2023 has witnessed several corporate actions by the Company as the business positions itself to exploit the remarkable team and network it has developed. FCM now moves into a period of development that will see a major upturn in work across its portfolio of assets.
· On 7th February 2023 the Company announced the 2nd Instalment of the Sunbeam option was completed with a payment of CAD$150,000 made to Nuinsco.
· On 9th March 2023 the Company announced the Earn-In into the Zigzag Lithium project, which included a cash payment of $50,000 on signing and the issue of CAD$25,000 equivalent in ordinary shares.
· On 15th March 2023, the Company announced that it had received notice of an exercise of a total of 600,000 warrants with an exercise price of 12.5p, raising gross proceeds of £75,000 for the Company. Admission of the shares took place on the 21st of March 2023.
· On 29th March 2023 we announced receipt of the final payment of CAD$140,000 of the 2022/3 Ontario Junior Exploration Grant (“OJEP”) for work completed on the North Hemlo property.
· On 26th June 2023 the Company announced the placing, subscription, and exercise of warrants of 10,491,700 ordinary shares raising gross proceeds £1,049,170 all at the price of 10p per share. Admission of these shares took place on or before 10th July 2023.
· The Annual General Meeting (“AGM”) of the Company was held on 29th June 2023, at which all resolutions were duly passed.
James Knowles, Chairman commented:
The first half of 2023 has been an exciting time for First Class Metals. Following on from the IPO in July 2022 and successful inaugural field season we looked to develop our diverse portfolio of precious and base metal focused assets in Ontario further.
With fieldwork planned and in operation across Sunbeam, North Hemlo, Esa, Enable and Zigzag the year started with a very active program. Behind the field work the Company’s board progressed drilling permits and amendments to existing permitted properties.
With the addition of the Zigzag Lithium project ‘earn-In’ we now have exposure to a key battery metal project, located in an area of Ontario which holds numerous other developing hard rock lithium projects and future processing infrastructure.
The progress of the Company during the period has been tremendous and with the successful completion of our fund raise, on 26th June 2023, First Class Metals is funded to continue to drive through the exciting planned workstreams ahead.
I would like to take this opportunity thank and congratulate our teams and partners in Canada for their hard work and results and to state that we very much look forward to continuing to push this exciting portfolio of assets onwards.
IV. Financial Review
Funding
At the period end, the Group was funded through investment from its shareholders following successful post-IPO fund raising events. A sum of £1,186,478.20 was raised through warrant conversion and private placement.
Current Assets
At 30th June 2023, the Group had trade and other receivables of £157,632 (Dec 2022: £226,217, June 2022: £31,177).
Liquidity, cash and cash equivalents
At 30th June 2023, the Group held £844,131 (Dec 2022: £712,715, 30 June 2022: £227,683) of cash and cash equivalents, all of which are denominated in pound sterling.
Going concern
The financial information has been prepared on the basis that the Group will continue as a going concern.
As a junior exploration company, the Directors are aware that the Company must seek funds from the market to meet its investment and exploration plans and to maintain its listing status.
The Group’s reliance on a successful fund raising presents a material uncertainty that may cast doubt on the Group’s ability to continue to operate as planned and to pay its liabilities as they fall due.
The Company successfully raised £1,186,478.20 in the period ended 30th June 2023 through a combination of issuing new shares and warrant conversions.
The Directors are aware of the reliance on fund raising within the next 12 months and the material uncertainty this presents but having reviewed the Group’s working capital forecasts they believe the Group is well placed to manage its business risks successfully providing the fund raising is successful.
Statement of Directors’ Responsibilities
The Directors are responsible for preparing this report and the financial statements in accordance with applicable United Kingdom law and regulations and UK adopted International Financial Reporting Standards (“IFRS”).
Company law requires the Directors to prepare financial statements for each financial period which present fairly the financial position of the Company and the financial performance and cash flows of the Company for that period. In preparing those financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
• state whether applicable IFRS standards have been followed, subject to any material departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
• provide additional disclosures when compliance with the specific requirements in IFRS standards is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the Company financial statements comply with the Companies Act 2006 and Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors’ Report, Directors’ Remuneration Report and Corporate Governance Statement that comply with that law and those regulations, and for ensuring that the Annual report includes information required by the Listing Rules of the Financial Conduct Authority.
The financial statements are published on the Company’s website https://www.firstclassmetalsplc.com/. The work carried out by the Auditor does not involve consideration of the maintenance and integrity of this website and accordingly, the Auditor accepts no responsibility for any changes that have occurred to the financial statements since they were initially presented on the website. Visitors to the website need to be aware that legislation in the United Kingdom covering the preparation and dissemination of the financial statements may differ from legislation in their jurisdiction.
The Directors confirm that to the best of their knowledge the Company financial statements give a true and fair view of the assets, liabilities, financial position of the Company.
V. Half yearly accounts
Consolidated Income Statement for the Period from 1 January 2023 to 30 June 2023
|
6 months to |
6 months to |
12 months to |
|
|
Revenue |
– |
– |
– |
|
Cost of sales |
– |
– |
– |
|
Gross loss |
– |
– |
– |
|
Administrative expenses |
(693,460) |
(159,790) |
(693,583) |
|
Operating loss |
(693,460) |
(159,790) |
(693,583) |
|
Finance income |
2,058 |
12 |
461 |
|
Finance costs |
(53,298) |
– |
(7,918) |
|
Net finance cost |
(51,240) |
12 |
(7,457) |
|
Loss before tax |
(744,700) |
(159,778) |
(701,040) |
|
Loss for the period |
(744,700) |
(159,778) |
(701,040) |
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
(744,700) |
(159,778) |
(701,040) |
|
Loss for the period |
(744,700) |
(159,778) |
(701,040) |
|
|
Items that may be reclassified subsequently to profit or loss |
||||
|
Foreign currency translation (losses)/gains |
(84) |
123,772 |
98 |
|
|
Total comprehensive (loss)/income for the period |
(744,784) |
(36,006) |
(700,942) |
|
|
Total comprehensive (loss)/income attributable to: |
||||
|
Owners of the company |
(744,784) |
(36,006) |
(700,942) |
|
|
Loss per share: |
(1.06)p |
(0.17)p |
(1.31)p |
|
Consolidated Statement of Financial Position as at 30 June 2023
|
Note |
30 June |
30 June |
31 December |
|
|
Assets |
||||
|
Non-current assets |
||||
|
Property, plant and equipment |
5 |
1,169 |
– |
812 |
|
Mineral property exploration and evaluation |
4 |
2,914,105 |
1,751,778 |
2,256,720 |
|
2,915,274 |
1,751,778 |
2,257,532 |
||
|
Current assets |
||||
|
Trade and other receivables |
7 |
157,632 |
31,177 |
226,217 |
|
Cash and cash equivalents |
8 |
844,131 |
227,683 |
712,715 |
|
1,001,763 |
258,860 |
938,932 |
||
|
Total assets |
3,917,037 |
2,010,638 |
3,196,464 |
|
|
Equity and liabilities |
||||
|
Equity |
||||
|
Share capital |
9 |
(79,551) |
(50,944) |
(69,049) |
|
Share premium |
(4,470,806) |
(1,486,947) |
(3,395,168) |
|
|
Equity reserve |
(22,201) |
– |
(10,258) |
|
|
Foreign currency translation reserve |
(14) |
– |
(98) |
|
|
Retained earnings |
1,614,079 |
204,700 |
869,379 |
|
|
Equity attributable to owners of the company |
(2,958,493) |
(1,333,191) |
(2,605,194) |
|
|
Non-current liabilities |
||||
|
Other non-current financial liabilities |
– |
– |
(15,353) |
|
|
Current liabilities |
||||
|
Trade and other payables |
12 |
(459,558) |
(377,448) |
(357,325) |
|
Loans and borrowings |
10 |
(498,986) |
(300,000) |
(218,592) |
|
(958,544) |
(677,448) |
(575,917) |
||
|
Total liabilities |
(958,544) |
(677,448) |
(591,270) |
|
|
Total equity and liabilities |
(3,917,037) |
(2,010,639) |
(3,196,464) |
|
Consolidated Statement of Changes in Equity for the Period from 1 January 2023 to 30 June 2023
|
Unaudited |
Share capital |
Share premium |
Equity reserve |
Foreign currency translation |
Retained earnings |
Total equity |
|
At 1 January 2023 |
69,049 |
3,395,168 |
10,258 |
98 |
(869,379) |
2,605,194 |
|
Loss for the period |
– |
– |
– |
– |
(744,700) |
(744,700) |
|
Other comprehensive income |
– |
– |
– |
(84) |
– |
(84) |
|
Total comprehensive income |
– |
– |
– |
(84) |
(744,700) |
(744,784) |
|
New share capital subscribed |
10,502 |
1,075,638 |
– |
– |
– |
1,086,140 |
|
Other equity reserve movements |
– |
– |
11,943 |
– |
– |
11,943 |
|
At 30 June 2023 |
79,551 |
4,470,806 |
22,201 |
14 |
(1,614,079) |
2,958,493 |
|
Unaudited |
Share capital |
Share premium |
Equity reserve |
Foreign currency translation |
Retained earnings |
Total equity |
|
At 1 January 2022 |
943 |
1,536,947 |
– |
– |
(168,339) |
1,369,551 |
|
Loss for the period |
– |
– |
– |
– |
(36,006) |
(36,006) |
|
Other comprehensive income |
– |
– |
– |
– |
– |
– |
|
Total comprehensive income |
– |
1,536,947 |
– |
– |
(204,345) |
(1,333,545) |
|
New share capital subscribed |
50,000 |
(50,000) |
– |
– |
– |
– |
|
Other equity reserve movements |
– |
– |
– |
– |
– |
– |
|
At 30 June 2022 |
50,943 |
1,486,947 |
– |
– |
(204,345) |
(1,333,545) |
|
Audited |
Share capital |
Share premium |
Equity reserve |
Foreign currency translation |
Retained earnings |
Total equity |
|
At 1 January 2022 |
943 |
1,536,947 |
– |
– |
(168,339) |
1,369,551 |
|
Loss for the period |
– |
– |
– |
– |
(701,040) |
(701,040) |
|
Other comprehensive income |
– |
– |
– |
98 |
– |
98 |
|
Total comprehensive income |
– |
– |
– |
98 |
(701,040) |
(700,942) |
|
New share capital subscribed |
68,106 |
1,858,221 |
– |
– |
– |
1,926,327 |
|
Other equity reserve movements |
– |
– |
10,258 |
– |
– |
10,258 |
|
At 31 December 2022 |
69,049 |
3,395,168 |
10,258 |
98 |
(869,379) |
2,605,194 |
Consolidated Statement of Cash Flows for the Period from 1 January 2023 to 30 June 2023
|
Note |
6 months to |
6 months to |
12 months to |
|
|
Cash flows from operating activities |
||||
|
Loss for the period |
(744,700) |
(36,006) |
(701,040) |
|
|
Adjustments to cash flows from non-cash items |
||||
|
Depreciation and amortisation |
266 |
(123,771) |
162 |
|
|
Foreign exchange loss/(gain) |
80,474 |
– |
(29,831) |
|
|
Finance income |
(2,058) |
(12) |
(461) |
|
|
Finance costs |
53,298 |
934 |
7,918 |
|
|
(612,720) |
(158,855) |
(723,252) |
||
|
Working capital adjustments |
||||
|
Decrease/(increase) in trade and other receivables |
7 |
68,585 |
(1,985) |
(176,917) |
|
Increase in trade and other payables |
12 |
102,233 |
270,866 |
266,096 |
|
Net cash flow from operating activities |
(441,902) |
110,026 |
(634,073) |
|
|
Cash flows from investing activities |
||||
|
Interest received |
2,058 |
– |
461 |
|
|
Acquisitions of property plant and equipment |
(624) |
– |
(974) |
|
|
Acquisition of mineral property exploration and evaluation |
4 |
(729,823) |
(572,081) |
(1,013,050) |
|
Net cash flows from investing activities |
(728,389) |
(572,081) |
(1,013,563) |
|
|
Cash flows from financing activities |
||||
|
Proceeds from issue of ordinary shares, net of issue costs |
1,098,083 |
– |
1,593,549 |
|
|
Proceeds from other borrowing draw downs |
280,394 |
300,000 |
587,180 |
|
|
Foreign exchange loss/(gain) |
– |
123,771 |
– |
|
|
Repayment of other borrowing |
(15,353) |
– |
(23,747) |
|
|
Net cash flows from financing activities |
1,363,124 |
423,771 |
2,156,982 |
|
|
Net increase in cash and cash equivalents |
192,833 |
(38,284) |
509,346 |
|
|
Cash and cash equivalents at 1 January |
712,715 |
267,244 |
267,244 |
|
|
Effect of exchange rate fluctuations on cash held |
(61,417) |
(1,277) |
(63,875) |
|
|
Cash and cash equivalents at 30 June |
844,131 |
227,683 |
712,715 |
|
Notes to the Financial Statements for the Period from 1 January 2023 to 30 June 2023
|
1 |
General information |
The Company is a public company limited by share capital, incorporated and domiciled in England and Wales.
The principal activity of the Company was that of a holding company.
The principal activity of the Group was that of the exploration of gold and other semi-precious metals as well as battery metals critical to energy storage and power generation solutions.
The Company’s ordinary shares are traded on the London Stock Exchange (LSE) under the ticker symbol FCM.
The address of its registered office is:
Suite 16 Freckleton Business Centre
Freckleton Street
Blackburn
Lancashire BB2 2AL
United Kingdom
These unaudited interim results comprise the Company and its subsidiary, First Class Metals Canada Inc.
The Company’s interim report and accounts for the six months ended 30 June 2023 have been prepared using the recognition and measurement principles of International Accounting Standards in conformity with the requirements of the Companies Act 2006.
These interim financial statements for the six months ended 30 June 2023 should be read in conjunction with the financial statements for the year ended 31 December 2022, which have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as applied in accordance with the provisions of the Companies Act 2006. The interim report and accounts do not include all the information and disclosures required in the annual financial statements.
The interim report and accounts have been prepared in accordance with IAS34 (interim financial statements) and on the basis of the accounting policies, presentation and methods of computation as set out in the Company’s December 2022 Annual Report and Accounts, except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2023 and will be adopted in the 2023 annual financial statements.
The financial information is presented in Pounds Sterling, rounded to the nearest pound and has been prepared under the historical cost convention.
The interim report and accounts do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. These interim financial statements were approved by the Board of Directors on 28 September 2023. The results for the six months to 30 June 2023 and the comparative results for the six months to 30 June 2021 are unaudited. The figures for the year ended 31 December 2022 are extracted from the audited statutory accounts of the Company for that period.
Going Concern
The Directors have confirmed their intention to support the Company whilst it is in the process of raising funds to achieve its business plans. The Directors consider that sufficient resources are available to support the Company’s operations for the foreseeable future and therefore believe that the going concern basis of preparation is appropriate.
2 Loss per share
|
|
|
6 months ended 30 June 2023 |
6 months ended 30 June 2022 |
12 months ended 31 December 2022 |
|
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
|
|
|
|
|
Loss from operations |
£ |
(744,700) |
(36,006) |
(701,040) |
|
Weighted average number of shares |
|
70,410,322 |
21,673,976 |
53,456,619 |
|
Basic and fully diluted loss per share |
Pence |
(1.06) |
(0.17) |
(1.31) |
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
There are potentially issuable shares all of which relate to share warrants issued as part of placings in 2022. However, due to the losses for the year the impact of the potential additional shares is anti-dilutive and has therefore not been recognised in the calculation of the fully diluted loss per share.
|
3 |
Earnings per share |
The calculation of the basic and diluted earnings per share (EPS) has been based on the loss attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding.
|
4 |
Mineral property exploration and evaluation |
|
|||
|
|
Mineral property exploration and evaluation |
|
|||
|
|
Cost or valuation |
||||
|
|
At 1 January 2022 |
1,179,697 |
|||
|
|
Additions |
1,013,050 |
|||
|
|
Foreign exchange movements |
63,973 |
|||
|
|
At 31 December 2022 |
2,256,720 |
|||
|
|
At 1 January 2023 |
2,256,720 |
|||
|
|
Additions |
729,823 |
|||
|
|
Foreign exchange movements |
(72,438) |
|||
|
|
At 30 June 2023 |
2,914,105 |
|||
|
|
Amortisation |
||||
|
|
At 30 June 2023 |
– |
|||
|
|
Carrying amount |
||||
|
|
At 30 June 2023 |
2,914,105 |
|||
|
|
At 1 January 2022 |
1,179,697 |
|||
|
5 |
Property, plant and equipment |
|
|||
Group
|
|
Furniture, fittings and equipment |
|||||
|
|
Cost |
|
||||
|
|
Additions |
974 |
|
|||
|
|
At 31 December 2022 |
974 |
|
|||
|
|
At 1 January 2023 |
974 |
|
|||
|
|
Additions |
624 |
|
|||
|
|
At 30 June 2023 |
1,598 |
|
|||
|
|
Depreciation |
|
||||
|
|
Charge for year |
162 |
|
|||
|
|
At 31 December 2022 |
162 |
|
|||
|
|
At 1 January 2023 |
162 |
|
|||
|
|
Charge for the period |
267 |
|
|||
|
|
At 30 June 2023 |
429 |
|
|||
|
|
Carrying amount |
|
||||
|
|
At 30 June 2023 |
1,169 |
|
|||
|
|
At 31 December 2022 |
812 |
|
|||
|
6 |
Investments |
|
||||
Group subsidiaries
Details of the group subsidiaries as at 30 June 2023 are as follows:
|
Name of subsidiary |
Principal activity |
Registered office |
Proportion of ownership interest and voting rights held |
2022 |
|
First Class Metals Canada Inc.* |
Mining of other non-ferrous metal ores |
55 York Street Canada |
100% |
100% |
* indicates direct investment of the company
|
7 |
Trade and other receivables |
|
|||||
|
|
30 June |
30 June |
31 December |
||||
|
|
Accrued income |
– |
– |
85,979 |
|||
|
|
Prepayments |
60,479 |
8,220 |
67,919 |
|||
|
|
Other receivables |
97,153 |
22,957 |
72,319 |
|||
|
|
157,632 |
31,177 |
226,217 |
||||
|
|
|||||||
|
8 |
Cash and cash equivalents |
|
|||||||
|
|
30 June |
30 June |
31 December |
||||||
|
|
Cash at bank |
844,131 |
227,683 |
712,715 |
|||||
|
9 |
Share capital |
|
|||||||
|
|
|||||||||
Allotted, called up and fully paid shares
|
|
30 June |
31 December |
||||
|
|
No. |
£ |
No. |
£ |
||
|
|
Ordinary shares of £0.001 each |
79,551,294 |
79,551 |
69,048,707 |
69,049 |
|
|
|
||||||
|
10 |
Loans and borrowings |
|
||||
|
30 June |
30 June |
31 December |
|
|
Current loans and borrowings |
|||
|
Finance lease liabilities |
– |
– |
13,433 |
|
Convertible debt |
498,986 |
300,000 |
205,159 |
|
498,986 |
300,000 |
218,592 |
|
The group’s exposure to market and liquidity risks, including maturity analysis, relating to loans and borrowings is disclosed in note 15 “Financial risk review”.
In October 2022, the company has access to a drawdown facility of £1,000,000, of which £500,000 was drawn down as of June 30, 2023.
|
11 |
Leases |
Lease liabilities maturity analysis
A maturity analysis of lease liabilities based on undiscounted gross cash flow is reported in the table below:
|
|
30 June |
30 June |
31 December |
|||
|
|
Less than one year |
– |
– |
13,433 |
||
|
12 |
Trade and other payables |
|
||||
|
|
30 June |
30 June |
31 December |
|||
|
|
Trade payables |
183,257 |
161,062 |
82,006 |
||
|
|
Accrued expenses |
269,562 |
32,051 |
236,810 |
||
|
|
Social security and other taxes |
4,875 |
3,535 |
7,667 |
||
|
|
Outstanding defined contribution pension costs |
1,864 |
– |
– |
||
|
|
Other payables |
– |
180,800 |
30,842 |
||
|
|
459,558 |
377,448 |
357,325 |
|||
|
13 |
Financial risk review |
|
||||
Group
Principle risks & uncertainties are detailed in the most recent Annual report (page 41 & 42) which can be found on the company’s website and remain unchanged. This Annual Report can be found at: 2022+Annu\al+Report+&+Financial+Statements.pdf (squarespace.com)
In addition, this note presents information about the group’s exposure to financial risks and the group’s management of capital.
Capital risk management
The Group’s objectives when managing capital are: (a) To maintain a flexible capital structure which optimizes the cost of capital at acceptable risk; (b) To meet external capital requirements on debt and credit facilities; (c) To ensure adequate capital to support long-term growth strategy; and (d) To provide an adequate return to shareholders. The Group continuously monitors and reviews the capital structure to ensure the objectives are met. Management defines capital as the combination of its indebtedness and equity balances, as disclosed in note 13, and manages the capital structure within the context of the business strategy, general economic conditions, market conditions in the power industry and the risk characteristics of assets. The Group’s objectives in managing capital and the definition of capital remain unchanged throughout the period. External factors, such as the economic environment, have not altered the Group’s objectives in managing capital.
Credit risk
The group’s definition of credit risk is Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. At present the Group does not have any customers and its risk on cash and bank is mitigated by holding of the funds in an “A” rated bank.
Liquidity risk
The group’s definition of liquidity risk is Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they become due. The Group manages liquidity risk by maintaining adequate cash balances.
Market risk
The group’s definition of market risk is Market risk is the risk that changes in market prices, such as commodity prices, will affect the Group’s earnings. The objective of market risk management is to identify both the market risk and the Group’s option to mitigate this risk.
A majority of the Group’s operating costs will be incurred in US and Canadian dollars, whilst the Group has raised capital in £ Sterling. The Group will incur exploration costs in US and Canadian Dollars, but it has raised capital in £ Sterling. Fluctuations in exchange rates of the US Dollar and Canadian Dollar against £ Sterling may materially affect the Group’s translated results of operations. In addition, given the relatively small size of the Group, it may not be able to effectively hedge against risks associated with currency exchange rates at commercially realistic rates. Accordingly, any significant adverse fluctuations in currency rates could have a material adverse effect on the Group’s business, financial condition and prospects to a much greater extent than might be expected for a larger enterprise.
Interest rate risk is the risk that the fair value of the future cash flows of a financial instrument will fluctuate because of changes in market rates of interest. As the Group has no significant interest bearing assets or liabilities, the group’s operating cash flows are substantially independent of changes in market interest rates. Therefore, the Group is not exposed to significant interest rate risk.
|
14 |
Post balance sheet events In July FCM announced that it has signed an agreement with OnGold Investment Corp (“OnGold”) in respect to the Pickle Lake Property, McGill Township in Ontario . The property consists of 163 single cell mining claims, comprising 3,455ha (hectares). Contiguous to both First Class Metals, North Hemlo Property and Palladium One (TSXV:PDM) Tyko Project. Eleven high priority targets defined on the property from previous operators work program. Winter Lake Sediment sampling by FCM across the area as part of the due diligence process returned gold grades of up to 103ppb gold (Au) which is deemed to be extremely high for the wider area.
|
|
|
15 |
Related party transactions |
|
Parties are considered to be related if one party has the ability (directly or indirectly) to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities.
During the period, the Group incurred consultancy and travel expenses in relation to the intangible assets from Specialist Exploration Services (Scotland) Limited, a company controlled by a common director. The services were for £53,850.46 (Dec 2022: £121,965) of which £7,350 (Dec 2022: £7,000) was outstanding at the year end.
On the 26th Of June 2023 Marc J Sale subscribed to £37,500 shares in a private placement totalling 375,000 shares. The shares will be held in the name of Specialist Exploration Services Scotland Ltd which is a UK registered company controlled by Mr Marc J Sale.
#TEK Capital investee company #BELL Belluscura PLC – Orders for over 6,500 DISCOV-R™ received
LONDON, U.K. AND PLANO, TX, U.S. (16 August 2023). Belluscura plc (AIM: BELL), a leading medical device developer focused on lightweight and portable oxygen enrichment technology, announces that it has received purchase orders for over 6,500 of its next-generation DISCOV-R portable oxygen concentrator. This represents approximately $15 million of potential revenue to the Company, with initial production of the DISCOV-R expected to begin by the end of this quarter.
Following the pre-market launch of DISCOV-R and a patient usability study in June 2023, the Company plans a controlled roll out of the DISCOV-R this autumn and into 2024 to meet growing demand for the device amid substantial interest from medical device distributors, retailers, patients and durable medical equipment (DME) providers, among others.
The DISCOV-R is expected to be the world’s first ambulatory two litre continuous flow, eight level pulse dose portable oxygen concentrator when it is released. With the ability to produce two litres of continuous flow and maximum single pulse dose volumes exceeding 110ml, the Company believes that the DISCOV-R will be covered by both CMS E1390 (stationary) and E1392 (portable) reimbursement codes, making the DISCOV-R a better financial option for the thousands of homecare oxygen providers. It will also produce nearly three times as much oxygen by weight than its dual flow competitors.
The recent purchase orders follow the signing of several distribution agreements with medical device distributors and other home healthcare providers, including a distribution agreement with a division of McKesson, one of the largest distributors of pharmaceuticals and medical devices in North America, earlier this month and a marketing agreement with GoodRx®, a leading digital healthcare platform, in February 2023. The Company has received multiple additional requests from leading oxygen homecare providers in the US to distribute the DISCOV-R.
The Company will update the market later this year as it plans its controlled roll out of the DISCOV-R this autumn and into 2024.
Substantial progress on X-PLOR® and proprietary NOMAD biometric app
At the same time, the Company continues to progress its CE and UKCA registration mark application for its X-PLOR® portable oxygen concentrator. Since resources in the US were redirected to completing the development and launch of the DISCOV-R, production of X-PLOR by our Chinese partner, Innomax Medical Technology Ltd (Innomax), has now progressed, with 1,500 units recently being manufactured and shipped to the US for distribution.
The Company recently established a subsidiary and hired its first employees in Shenzhen, China as it prepares for the anticipated registration of the X-PLOR for sale and distribution in China and Hong Kong later this year. The Company and Innomax believe there is a significant market opportunity in China with approximately 100 million people suffering from COPD.
Additionally, the Company continues to drive innovation in telemedicine and artificial intelligence with its proprietary NOMAD biometric app. The NOMAD app will allow users of the DISCOV-R to track performance data on their concentrator and connected devices such as an Apple® or Samsung® Watch, FitBit® device or Nonin® and Masimo® pulse oximeters. The collective information can then be provided to a patient’s healthcare provider in person or remotely.
The Company is already working on the next-generation NOMAD app that will alert patients when their blood oxygen saturation level has varied beyond parameters set by their doctor, which is expected to help patients better monitor their conditions, but also improve the efficiency of the device by delivering supplemental oxygen as needed.
Bob Fary. Sr Vice President of Global Sales, Belluscura plc, commented:
“We are very excited about the overwhelming interest in the DISCOV-R by online retail sellers and other medical equipment providers. Following the pre-market launch of the product and the patient usability study in June, initial feedback suggests we will receive the same or greater level of interest from leading home healthcare providers once it is launched commercially.”
Bob Rauker, Chief Executive Officer, Belluscura plc, commented:
“We believe the DISCOV-R, combined with our proprietary NOMAD app, will be transformational to the portable oxygen industry and patient outcomes. This is reflected by early demand for the product prior to its full commercial launch, which is expected to take place later this year. The significant number of orders received demonstrates the substantial appetite for this product and we anticipate adding several more of these providers to our distribution network as we balance the high demand with production expectations over the next twelve months.
“This marks another exciting development for the Company, delivering on our strategy to design and manufacture highly differentiated, high quality and high margin products. Amid growing sales and continued progress with our X-PLOR device and NOMAD app, we continue to seek further opportunities to improve the quality of life for our end users”.
For further information please contact:
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Belluscura plc |
Tel: +44 (0)20 3128 8100 |
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Adam Reynolds, Chairman |
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SPARK Advisory Partners Limited Nominated Adviser |
Tel: +44 (0)20 3368 3550 |
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Neil Baldwin / Jade Bayat |
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Dowgate Capital Limited Broker |
Tel: +44 (0)20 3903 7715 |
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James Serjeant / Russell Cook |
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MHP Financial PR & Investor Relations |
Tel: +44 (0)20 3128 8100 email: Belluscura@mhpgroup.com |
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Katie Hunt/Matthew Taylor |
#FCM First Class Metals PLC – MoU with Whitesand FN – Zigzag Lithium Property
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam land holding is pleased to announce that it has signed an agreement (the “Memorandum of Understanding” or “MoU“) with the Whitesand First Nation (WFN) for initial exploration on the Zigzag lithium project.
Highlights:
- MoU signed for a three-year term with the Whitesand First Nation provides for the formal commencement of exploration work on the Zigzag property.
- The Zigzag lithium property is situated in the Armstrong area of Canada in a locality that hosts several developing hard-rock pegmatite lithium projects, including Green Technology Metals Limited (ASX:GT1) owned Seymour Lake Project and Battery Age Minerals Limited (ASX:BM8) owned Falcon Lake Project.
Whitesand First Nation MOU
FCM has optioned the Zigzag property from Nuinsco who were successfully awarded an Exploration Permit. However, as no agreement was needed nor discussed with the First Nations at that time, FCM took the step of entering into discussions with the Whitesand First Nation. FCM is now pleased to announce that, following continued positive discussions and consultation with Whitesand First Nation, FCM has executed a MoU, by which the Company will commence formal exploration activities on the Zigzag lithium property in Ontario, Canada in collaboration with the Whitesand First Nation.
First Class Metals is grateful for the support and endorsement of Whitesand First Nation and is committed to continuing to work closely with Whitesand throughout all stages of the Zigzag project. The Company believes that, by working with indigenous communities in Ontario, it can create long lasting and mutually beneficial partnerships that generate significant economic opportunities and contribute to the sustainable development of local communities.
In the meantime, FCM intends to advance the discussions with Whitesand First Nation to formalise an Early Exploration Agreement (EEA).
Figure 1-Zigzag Lithium Location in key Ontario ‘Battery Metals Belt’
Recent activity by Battery Age Minerals Limited as reported in their news release of 26th July 2023, indicates that widths of plus 20m with grades of over 1% even 2% Li2O are attainable in this lithium belt. Historical sampling and limited drilling at Zigzag has proved that grades of >1% Li2O exist and FCM will be focussing exploration efforts to confirm the width of the pegmatite as being in the order of 20m and extending over 800m as previously reported, .
Figure 2- the historical work conducted by and pre-Nuinsco
Background-Zigzag Lithium
Historic grades at surface up to 1.68% lithium (Li20) over 7.9m and 0.168% tantalum (Ta205) over 2.54m. The claim group covers the historic Tebishogeshik occurrence as well as other mineralised occurrences.
The pegmatite hosting the deposit is reported to be more than 800m in length and 20m thick at surface.
Sampling by Nuinsco (previous operator) returned strongly anomalous lithium, tantalum, and rubidium, peaking at 3.55% Li20 with significant tantalum, and rubidium results at 836 ppm Ta₂O5, and 4,003 ppm Rubidium Rb₂2O.
The project is a little over 50km from Armstrong in northwest Ontario in the Seymour Lake area, a district already proved to be prospective for hard rock, pegmatite hosted lithium. Existing infrastructure currently in place in the local area is expected to be further bolstered in the future by the planned Jackfish Hydro project and a Spodumene Process Plant at the Green Technology Metals, Seymour site which is just over 10km away.
The six-unit claim group includes a mapped structure of 800m which (Tebishogeshik occurrence) and is wholly contained within the claim block, the lithium-tantalum mineralization is pegmatite-hosted with significant rubidium and cesium mineralization also reported. All of which are ‘critical minerals’ as identified by the 1Canadian and United Kingdom Governments.
Previous workers of the Tebishogeshik occurrence have identified Li2O and Ta2O5 mineralization along the entire length of the showing from sampling at surface, grading up to 1.68% Li2O over 7.9m and 0.168% Ta2O5 over 2.54m in separate channels samples. Several shallow historic drill holes along the occurrence have returned significant intersections, including, (in separate drill holes) an intersection grading 1.08% Li2O over 6.1m and a separate intersection of 399.8ppm Ta2O5 over 2.92m. Both intersections were less than 20m down hole. The structure is open along strike and to depth and remains to be fully evaluated.
Lithium-ion battery production capacity pipeline globally to 2030 increases up to 8.1 TWh and North American EV battery production is forecast to reach 1 TWh annually by 2030. Even if production from known current assets were to double against planned capacities, expected North American demand alone would exceed supply by 40%.
Resilience for the Future: The United Kingdom’s Critical Minerals Strategy (publishing.service.gov.uk)
Figure 3-Photo of specimen samples of Zigzag lithium bearing pegmatite taken from the Zigzag property near to where historic as well as recently reported samples by FCM were collected, (see RNS of June 8th 2023). Note very coarse crystalline fabric.
Marc Sale First Class Metals CEO Commented:
“I am delighted that having now visited the property and seen a ‘snapshot’ of Zigzag’s potential I am pleased that the exploration of the Zigzag property will now commence in earnest. More so that it is with the support of the Whitesand First Nation. We will shortly have a team on the ground prospecting in advance of a sawn channel sampling programme aimed at identifying sections of the pegmatite for a focussed drill programme.
For further information, please contact:
| James Knowles, Executive Chairman | JamesK@Firstclassmetalsplc.com | 07488 362641 |
| Marc J Sale, CEO | MarcS@Firstclassmetalsplc.com | 07711 093532 |
| Ayub Bodi, Executive Director | AyubB@Firstclassmetalsplc.com | 07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
| Jonathan Brown | 0207 3742212 | |
| Jason Robertson | 0207 3742212 |
#BRES Blencowe Resources PLC – Bulk Sampling Update & China Visit
Highlights:
· Blencowe has successfully completed a critical component of the Definitive Feasibility Study (“DFS”), with the successful scaled commercialisation of the flowsheet within the bulk sample processing at Chinese pilot plant graphite production facility.
· Results continue to highlight a high-grade, low impurity concentrate can be delivered in bulk from Orom-Cross.
· Several meetings held with leading Chinese graphite offtake firms seeking both large flake and fines concentrates.
· Ugandan mining officials visited China with Blencowe and were shown the process facility in support of the project.
· Blencowe now approached for downstream processing opportunities.
Blencowe Resources Plc (“Blencowe” or the “Company”), is pleased to provide an update on the 100 tonne bulk sample processing program currently underway. The work is being completed by a leading graphite technical specialist firm, Jilin New Technology, based in Yanji Province in northern China. This experienced graphite facility has been conducting similar test work on several other leading East African graphite projects over the past few years.
The Company is expecting the bulk sample test program to be completed by the end of August.
Senior Company personnel travelled to China recently to review the progress on the bulk sample processing and broaden relationships in this key market. Accompanying the COO was the Company’s Ugandan Country Manager and a representative of the Ugandan Directorate of Geological Survey and Mines (DGSM), with the express purpose of evaluating the progress of the processing and to demonstrate the full process for the Ugandan Government.
Following a refinement of the Pre-Feasibility Study processing methodology by Wuhan University specialists, Blencowe wished to confirm directly with the pilot plant operators the expected improvements in both overall recovery and concentrate grades and secure early samples for delivery to potential offtake partners, following a marked increase in interest for the projects’ concentrate within China. The 100 tonne pilot plant process is currently nearing completion and to date it is confirming the commercial processing viability of the Orom-Cross ores. The Company also visited operating graphite plants and graphite processing equipment suppliers.
Following the distribution of concentrate samples to potential end users from the IMO test work and Wuhan University 150kg test work, several large downstream offtake processors requested meetings to discuss timing and availability of the high-grade, low impurity concentrates from the Orom-Cross project. The offtake meetings involved firms seeking substantial quantities of both larger flake concentrates and fines feedstock for the SPG processors. Several downstream processing firms have expressed interest in opportunities to explore in-country downstream processing of the Orom-Cross concentrates and Blencowe will consider this within the DFS that is underway.
Blencowe was pleased to be able to escort a representative of the Ugandan Directorate of Geological Survey and Mines to view the final processing of the bulk sample. Blencowe invited the DGSM representative to view the process in order to continue to develop a better understanding of the processing technology involved, to foster a deeper overall understanding of the project within Uganda, and to continue to work in partnership with the Government in order to develop the project.
For further information please contact:
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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 Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733 jonathan.evans@tavira.group
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First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 jasonrobertson@firstequitylimited.com
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UKIM Podcast – CEO Alan Green discusses Apple, Amazon, and Harland & Wolff
Alan Green joins the Podcast to discuss Apple and Amazon’s earnings, and the US tech sector. We also provide and overview and analysis of Harland & Wolff.
We discuss:
- Apple (NYSE:AAPL))
- Amazon (NYSE:AMZN)
- Harland & Wolff (LON:HARL)
Listen – https://ukinvestormagazine.co.uk/apple-amazon-and-harland-wolff-with-alan-green/
UK Investor Magazine Podcast – CEO Alan Green discusses Improving UK sentiment, Tekcapital #TEK, and ECR Minerals #ECR
The UK Investor Magazine was thrilled to welcome Alan Green back to the Podcast for a deep dive into the latest developments in UK markets and analysis of UK equities.
We start with UK inflation and yesterday’s lower-than-expected reading which has boosted UK sentiment. Housebuilders have rallied significantly and we explore possible scenarios for the rest of the year.
ECR Minerals shares have ticked higher, and Alan outlines possible reasons why. He looks forward to newsflow for the rest of the year.
Tekcapital is trading at a significant discount to NAV. Alan explains why we could see a rerating in the technology company.
Listen- https://ukinvestormagazine.co.uk/improving-uk-sentiment-tekcapital-ecr-minerals-with-alan-green/?mc_cid=43709e7e0f&mc_eid=df2295942c
Technology Minerals Plc #TM1 – EA Approves Lithium-ion Battery Recycling Plant
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce that its 48.25% owned battery recycling business, Recyclus Group Ltd (“Recyclus”), has received final clearance from the Environment Agency (“EA”) to commence full operations at its lithium-ion (“Li-ion”) battery recycling plant in Wolverhampton, West Midlands. Recyclus has also been awarded Approved Battery Treatment Operator (“ABTO”) status by the EA, allowing it to commence recycling operations immediately, with on-site treatment and processing of spent Li-ion batteries.
The EA permit allows Recyclus a daily storage limit of 140 m3 (c.100 tonnes) and to process up to 22,000 tonnes of Li-ion batteries per annum. It is expected that 8,300 tonnes will be processed in the first year, utilising a single shift pattern of labour during the standard working week. Applications for licence variations to operate additional shifts will be considered in due course as will the potential to increase processing capability.
The approval from the EA for the Wolverhampton plant is a major milestone for Recyclus, making it the first industrial scale plant in the UK with the capability to recycle Li-ion batteries. Operations will commence on completion of the fire prevention systems installation which is expected shortly. This will be followed immediately by a plant commissioning phase, which is expected to commence in June this year.
Following commencement of operations, Recyclus anticipates the receipt of gate fees for collection and storage of Li-ion batteries, and from the sale of black mass, produced from the recycling process. Black mass contains critical battery metals that can be sold back into the battery supply chain.
Recyclus owns the IP for both the process and the plant which is designed to process most Li-ion battery types. Recyclus will manufacture all plants, including those designed specifically for OEM clients, here in the UK. Recyclus’s aim is to increase the UK processing capability to c.50,000 tonnes per annum through the construction of five more Li-ion recycling plants.
BIS Research latest study, Black Mass Recycling Market – A Global and Regional Analysis, states the global black mass recycling market, valued at $9.22bn in 2022, is projected to reach $53 bn by 2031.
Robin Brundle, Chairman of Technology Minerals, said: “We are pleased to announce that we have received final EA approval to commence full automated operations at our Li-ion battery recycling plant in Wolverhampton. This is a significant moment for the Company and the UK. The Wolverhampton plant has become the first facility in the UK with the capability to recycle Li-ion batteries on an industrial scale.
“Given the global shift towards electrification and the growing demand for Li-ion batteries, we believe we have a compelling first mover advantage in this burgeoning market. Our aim is to establish enduring partnerships with businesses and organisations, both in the UK and internationally, offering them an environmentally friendly solution for their end-of-life batteries. With feedstock stored and ready to be processed, everything is in place to ramp up operations at the facility and start generating revenues.”
Enquiries
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Technology Minerals Plc |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
c/o +44 (0)20 4582 3500 |
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Oberon Investments Limited |
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Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, Rebecca Scott |
+44 (0)20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK’s first listed company, providing a sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. As with the increasing global demand for battery metals to supply electrification increases, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Recyclus Group Ltd
The demand for the raw materials used in battery manufacturing is anticipated to increase substantially. Recyclus Group provides a national recycling initiative that supports the transition to carbon neutrality. Recyclus Group’s battery recycling capacity will prove essential in the shift from fossil fuels to electric transportation. Through its strategic support from Technology Minerals, Recyclus is an integral component to the recycling of lithium-ion and lead-acid batteries and is a significant contributor towards the circular economy of battery metals. Further information on Recyclus Group is available at www.recyclusgroup.com
#TEK TekCapital PLC – Innovation Eyewear Hosts First Smart Eyewear Show
Tekcapital Plc (AIM: TEK, OTCQB: TEKCF), the UK intellectual property investment group announces that Innovative Eyewear, Inc. (“Innovative Eyewear”) (NASDAQ: LUCY; LUCYW), the developer and retailer of smart eyewear under the Lucyd®, Nautica®, and Eddie Bauer® brands, will be holding an Eyewear Fashion Show on April 20th @ 6:00PM EDT at Win 37 Art Gallery, 4320 NW 2nd Ave, Miami, FL 33127 to display its. Lyte 2.0 ChatGPT-enabled smart eyewear line, as part of its Spring 2023 Collection.
Innovative Eyewear believes its new designs and upgrade to the global smart eyewear market can improve the daily lives of people around the world. The Lucyd Lyte® flagship smart eyewear line is reimagining and disrupting the smart eyewear market with a new seamless voice integration with ChatGPT, powered by its patent-pending Lucyd app. Lucyd glasses empower consumers to listen to music, take and make calls, and use voice assistants to perform tasks, and can instantly help individuals tap into ChatGPT’s powerful AI, enabling them to ask ChatGPT just about anything and receive spoken answers.
Harrison Gross, CEO of Innovative Eyewear said:
“From translating languages to looking up recipes and asking questions about pop culture, consumers can verbally ask questions to ChatGPT through microphones seamlessly built into Lucyd glasses and hear the responses through stereo speakers. Additionally, the app may also be used via a streamlined visual interface on iOS/Android, providing the user with both seamless voice and textual interfaces for ChatGPT.
“We believe that our smart eyewear app, integrating ChatGPT, is a paradigm shift in the fashion eyewear market. With our new Lucyd app, which is free during the open beta, we are continuing to make smart eyewear more accessible and functional. It’s our view that a great pair of smart glasses is defined by three key factors: beautiful design, innovative technology, and suitability for all-day wear. The Lyte 2.0 eyewear collection successfully offers these attributes and now provides a fourth factor-access to one of the world’s most popular AI bots. By connecting to ChatGPT via voice commands on Lucyd smart eyewear, users can now access a wealth of detailed information on just about any subject, making smart eyewear a wonderful mobile learning tool.
“Lucyd Lyte® 2.0 eyewear is available in 15 distinct, patent-pending styles, all of which are available with prescription or sunglass lenses, making it one of the most versatile lines of smart eyewear globally. Lucyd smart eyewear makes it easy to use ChatGPT by combining the strength of a natural language AI bot with the natural ergonomic interface of speaking and listening on a hands-free wearable device.
“With this latest debut, Lucyd Smart Eyewear is fusing AI technology and style to disrupt the designer eyewear market by seamlessly integrating ChatGPT via voice commands through Siri or Google Voice. Our Smart glasses go beyond listening to music or taking a phone call-Now consumers can go from stylish and smart to gifted, with audio ChatGPT spoken directly in their ears.
“Lucyd® is an award-winning, patented, smart eyewear brand that is competitively priced with traditional eyewear. With proprietary technology and stylish designs made to elevate customers’ eyewear experience, our eyewear is made to provide the ultimate combination of style and functionality.
“The power of AI chatbots has become undeniable over the last few months. Coupling it with an ergonomic, spoken interface makes it easier to realize its promise. Conversations with AI chatbots are now voice enabled with the Lucyd app and available on-the-go through the entire Lyte 2.0 line.
“We believe Lucyd®’s Spring 2023 collection of men’s and women’s eyewear has the potential to make a serious dent in the fashion smart eyewear market. Our latest generation of smart glasses combines sleek design with open-ear headphones, UV protection, prescription lenses and voice assistance into one innovative, lightweight eyewear product that are equally beautiful and functional.
“With quadrasonic speakers, open-ear audio, noise cancellation microphones, polarized UV 400 lenses and 12-hour battery life seamlessly programmed to work with the world’s smartest Artificial Intelligence platform, Lucyd Lyte is smart eyewear like no other. We believe Lucyd ChatGPT enabled eyewear is the next evolutionary step to Upgrade your Eyewear®.“
Lucyd’s Spring 2023 ChatGPT Enabled Eyewear includes the following models:
Darkside – $199; Darkside Bluetooth smart glasses from Lucyd feature a flat brow design blending mid-century and modern style seamlessly.
Dynamo – $199; Dynamo audio smart glasses offer a refined matte black finish on a bold flat front, an exciting new twist on the classic Roy Orbison silhouette.
Earthbound – $229; The Lucyd Earthbound smart sunglasses offer a fresh tech take on the classic Clubmaster style. An old-school favorite with all-around appeal.
Eclipse – $199; The Lucyd Eclipse audio smart glasses offer an elevated take on the trending crystal-front, black-temple wayfarer.
Electra – $229; The Electra frame from Lucyd is the epitome of bold style offering a matte black brushed titanium front with a glamorous bright gold rim that offers an excellent crossover size that looks great as a sunglass or an eyeglass.
Fusion – $199; The Fusion style offers an excellent crossover size that looks great for both Rx and sunglass wear.
Millennia – $199; The Millennia audio glasses from Lucyd feature a slightly oversized butterfly front in luxurious champagne crystal, with eye-popping glossy white temples.
Moonshot – $199; Trendsetters can experience the apex of sleek design with Moonshot audio glasses from Lucyd, which offers a round-cat shape frame with a lux matte finish.
Nebula – $199; Elevate your style with Nebula audio glasses from Lucyd for a sleek contoured look, offering the perfect frame size for a modern and sophisticated look.
Penubra – $199; Lucyd Penumbra Bluetooth smart glasses offer bold geometric angles that defy the status quo with every contour and offer a futuristic look in glossy black.
Shimmer – $229; Shimmer Lucyd smart glasses bring the ultimate flair of rose gold titanium to smart eyewear for the first time.
Starlyte – $199,; The Lucyd Starlyte smart glasses offer a defined modern cat eye featuring upturned lenses and bowed browline, achieving the perfect symmetrical balance of beauty and elegance.
Starseeker – $229; Lucyd Starseeker titanium audio glasses are made of a brushed gunmetal titanium front and temples, providing an audacious yet sophisticated look.
Stratus – $199; Lucyd Stratus audio glasses are modern and feature subtle features, clean corners and sleek curves, making it the perfect frame for any occasion.
Voyager – $199; Blaze past the limit with the Voyager Bluetooth glass from Lucyd, featuring a trendy acetate aviator shape and a double brow bar.
Download the Lucyd beta app now for a free trial and unlock the possibilities of ChatGPT-enabled smart glasses.
About Innovative Eyewear, Inc.
Innovative Eyewear is a developer and retailer of cutting-edge smart eyewear, under the Lucyd®, Nautica® & Eddie Bauer® brands. True to our mission to Upgrade Your Eyewear®, our Bluetooth audio glasses allow users to stay safely and ergonomically connected to their digital lives, and are offered in hundreds of frame and lens combinations to meet the needs of the optical market. To learn more and explore our continuously evolving collection of smart eyewear, please visit www.lucyd.co.
Tekcapital currently owns 5,189,086 shares (approximately 67%) of Innovative Eyewear, Inc.
For further information, please contact:
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Tekcapital Plc |
Via Flagstaff |
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Clifford M. Gross, Ph.D. |
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SP Angel Corporate Finance LLP (Nominated Adviser and Broker) |
+44 (0) 20 3470 0470 |
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Richard Morrison/Charlie Bouverat (Corporate Finance)/Abigail Wayne / Rob Rees (Corporate Broking)
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Flagstaff Strategic and Investor Communications |
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+44 (0) 20 7129 1474 |
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Tim Thompson/Andrea Seymour/Fergus Mellon |
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About Tekcapital plc
Tekcapital creates value from investing in new, university-developed discoveries that can enhance people’s lives and provides a range of technology transfer services to help organisations evaluate and commercialise new technologies. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in the UK. For more information, please visit www.tekcapital.com.