#BRES Blencowe Resources Plc – AFC Expression of Interest
African Finance Corporation Issues Expression of Interest for Orom-Cross Project Funding
Tier One African Investment Bank Signals Willingness to Participate in Both Debt and Project Equity
Blencowe Resources Plc (LSE: BRES) is pleased to announce it has received a formal Expression of Interest (“EOI”) from the African Finance Corporation (“AFC” or “the AFC”), a leading multilateral finance institution, regarding potential participation in both debt and project level equity funding for the Orom-Cross graphite project in Uganda.
AFC: A Premier Institutional Funding Partner
This EOI follows extensive engagement between Blencowe and AFC over the past few years and represents a key step to securing the AFC as a co-funding solution partner for Orom-Cross. The AFC has conducted due diligence on the Orom-Cross Graphite Project and recognises its high-purity product, low-cost structure, and strategic positioning as a key supplier of non-China graphite into the global battery and industrial markets.
The AFC’s stated interest includes both debt and project level equity participation, underscoring its confidence in the long-term value of Orom-Cross.
The AFC is one of Africa’s most established and well-capitalised development finance institutions, boasting $12.3 billion in assets and a Moody’s A3/P-2 credit rating, reinforcing its position as a premier lender for large-scale resource projects. The AFC has a strong track record in funding major African mining developments, including:
· $175 million for Baomahun Gold (FG Gold in Sierra Leone)
· $86 million for Thor Exploration’s Segilola Gold (Nigeria)
· $130 million for Shalina Resources (DRC copper-cobalt)
AFC’s Expression of Interest includes potential funding participation in the initial start-up phase of Orom-Cross development, targeted for 2026. As part of this initial investment, AFC has also indicated an interest in securing future funding rights for subsequent project expansions, aligning with Orom-Cross’s long-term growth strategy.
Graphite’s essential role within the global energy transition has made securing independent, large-scale graphite supply a top priority, and AFC’s engagement provides strong validation of Orom-Cross as one of the world’s most promising new graphite projects.
Complementing Existing DFC Support
AFC’s interest represents a major step forward in securing project financing, complementing the existing $5 million Technical Assistance Grant (TAG) provided by the US International Development Finance Corporation (“DFC”) in 2023. DFC remains supportive of Blencowe and retains the first right to provide cornerstone debt funding for Orom-Cross.
With both AFC and DFC now involved, Blencowe is positioning Orom-Cross with a strong institutional funding pathway that could cover all debt and project equity financing following DFS completion.
Next Steps
Blencowe will continue its discussions with AFC and other institutional partners to finalise a financing structure that enables Phase 1 development in 2026 and ensures a clear pathway to commercial-scale production.
The Company remains committed to delivering a world-class graphite project, with a low-cost, high-purity supply chain that aligns with European and North American offtake priorities.
Executive Chairman Cameron Pearce commented: “Securing this Expression of Interest from the African Finance Corporation is a material milestone for Blencowe. AFC is one of Africa’s most respected financial institutions and its interest in Phase 1 funding, alongside future development phases, reinforces Orom-Cross’s long-term strategic importance.
“Institutional investors are increasingly recognising graphite’s critical role of in the global battery supply chain. With AFC now engaged alongside DFC, Blencowe is building a strong financial foundation that will position Orom-Cross as one of a select few new graphite mines advancing towards production. Our ongoing drill programme is expected to materially increase our graphite resource, further enhancing Orom-Cross’ economics and the attraction of the project.”
“We appreciate AFC’s support and look forward progressing discussions. Our differentiated strategy will mitigate risk, drive long-term success, and establish Orom-Cross as a premier supplier in the global energy transition.”
About African Finance Corporation
AFC is an Africa-focused infrastructure and development financing institution established by treaty between sovereign states to accelerate infrastructure and industrial development across the continent. With total assets of US$12.3 billion, AFC is Africa’s second highest investment grade rated multilateral financial institution, holding an A3/P-2 rating from Moody’s Investors Service.
Since 2008 AFC has disbursed more than US$13.2 billion across key infrastructure and resource projects, with an investment footprint across 36 African countries and 43 member states, including the Republic of Uganda.
AFC adds significant value to the development of major mining projects in Africa by leveraging its in-house technical expertise, international reach, and relationships for fundraising from private and development finance institutions alike. The AFC has various long-term investments in the mining sector across several African countries in addition to investments in a range of infrastructure projects in transport and logistics, power, heavy industries, and telecommunications.
For further information please contact:
|
Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250 |
|
Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441 sasha.sethi@blencoweresourcesplc.com |
|
Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733 |
ECR Minerals #ECR – Proposed acquisition of Maximus Minerals Ltd. Proposed amendment of Maximus’ Option to acquire the Cat Key Project
ECR Minerals plc (AIM: ECR), the exploration and development company focused on gold in Australia, announces that it has entered into an exclusivity arrangement and non-binding agreement to potentially acquire the entire share of capital of Maximus Minerals Ltd (“Maximus”) (the “Proposed Acquisition”). The Proposed Acquisition is subject to the satisfactory conclusion of ECR’s due diligence and completion of underlying transaction documentation by 31 May 2025.
Maximus is the owner of three properties in Ontario, Canada and has an option to acquire a license over a fourth property also in Ontario (the “Cat Key Project”).
Highlights
- Proposed Acquisition of Maximus for £500,000 which owns 100% of three base metal projects in Ontario, Canada with copper, zinc and gold showings
- Proposed that following completion of the Proposed Acquisition, ECR will also exercise Maximus’ option to acquire the Cat Key Project for an additional C$600,000 (c. £329,000)
- Work to date on the Cat Key Project would provide ECR with a drill ready opportunity at economic cost to progress towards a resource estimate
- Total area of 71.36 sq km across the four properties, all of which are accessible by road all year-round
- Proposed activities on the Maximus properties and the Cat Key Project are not expected to materially alter ECR’s existing budgeted expenditure or change funding requirements
- Exclusivity granted until 31 May 2025 to conclude due diligence and complete transaction documentation
- Consideration for both the Proposed Acquisition and the exercise of the option to acquire the Cat Key Project is to be satisfied through the issue of new ordinary shares of 0.001 pence each in ECR (“Ordinary Shares”)
- All new Ordinary Shares are to be issued at not less than 0.33 pence each, being the price equal to the issue price of the Company’s subscription announced on 25 November 2024
- C$406,245 (c. £223,000) of exploration credits at the Cat Key Project will transfer to ECR in the event that the option is exercised
Nick Tulloch, Chairman of ECR, said: “We have voiced our ambition to expand ECR on several occasions and, alongside developing our own projects, we have examined several potential opportunities, always adopting strict criteria to ensure that we best position ECR to strive to deliver value to shareholders.
“Maximus, with its three existing base metal projects and the option over the advanced high-grade gold Cat Key Project, fulfils these criteria. Completion of the Proposed Acquisition will provide ECR with both a geographical and project expansion, taking our assets beyond Australia and beyond gold, whilst still utilising the skills of the team. The Proposed Acquisition will provide ECR with a ready-made vehicle to commence operations in Canada.
Importantly the work carried done to date on Maximus’ properties provides considerable guidance for near term operations, which we believe can be carried out with little change to our existing budgeted plans. The Cat Key Project in particular would provide an opportunity for the Company to develop a gold resource based on the results from historic drilling.
“The Proposed Acquisition and the associated option over the Cat Key Project have been structured via all-equity consideration, consistent with our policy of preserving our cash resources for ongoing development of our projects.”
Further information on Maximus
Maximus, through its wholly owned Canadian subsidiary Maximus Minerals Inc, owns licences over three properties – Cavern Lake, Silver Lake, Chapman Copper – and an option (the “Option”) to acquire a fourth licence, being the Cat Key Project, from NuVision Resources ULC (“NuVision”). Maximus is currently owned by a number of shareholders, with the largest being Stirling Bridge Resources Limited.
Cat Key Project
The Cat Key Project, which is considered by the board of directors of ECR (the “Board” or the “Directors”) to be the most attractive asset within Maximus via the Option, is a 27.76 sq. km property consisting of 243 single-cell claims accessible via the east-west paved Highway 11 and is located 280 km west of Thunder Bay, Ontario and 50 km east of Fort Frances near the village of Mine Centre.
Mine Centre has been a focus of gold, base metal (Cu-Zn and Cu-Ni-PGM) and iron-titanium exploration since the 1890s having produced 25,000 ounces of gold and 3,000 ounces of silver from mining activities at the turn of the century.
The previous operator of the Cat Key Project property has outlined the 350 metre ‘Bush Rat’ zone. This consists of a 3-15 metre wide silicate-ankerite alteration envelope within a magnetite bearing quartz gabbro sill near the upper contact with dacitic flows and tuffs. The auriferous alteration zone is host to 2-5% sulphides primarily as disseminated pyrite plus minor pyrrhotite.
To date, the Bush Rat zone has only been tested to a vertical depth of 125 metres in three drilling campaigns but multiple zones have been identified at surface including:
- 2014: 7 diamond drill holes over 1,942 metres in aggregate
- 2016: 18 diamond drill holes over 4,923 metres in aggregate
- 2017: 46 diamond drill holes over 8,045 metres in aggregate
This past drilling of the Bush Rat zone has produced near surface intercepts of:
- 525 g/t Au over 0.5 metres
- 15 g/t Au over 10.5 metres
- 39 g/t Au over 19.44 metres
- 89 g/t Au over 10.0 metres
- 6 g/t Au over 8.0 metres
- 18 g/t Au over 4.5 metres
- 06 g/t Au over 7.5 metres
The Bush Rat remains open at depth and strike. With 11 km of potential strike, the Maximus management believe there is potential for the Cat Key Project to host in excess of 1 million ounces of gold. A National Instrument 43-101 (“NI 43-101”) report has been previously prepared on the property in 2014.
This extended exposure to prospective large-scale deposits which are already advanced to being drill ready and fully permitted, upon exercise of the Option, would provide ECR with a near term opportunity that the Directors believe can be completed at economic cost. A future work programme could include:
- The continued drill delineation of the Bush Rat zone to a vertical depth of 200 metres – a minimum of eighteen 250 metres drill holes
- Drill testing of a new zone for structural interpretation – four 200 metres drill holes
- Review and planned exploration of the other 12 high priority Induced Polarisation (IP) targets across the Cat Key Project
- Locate, map and sample many other untested Au-Ag, Cu-Zn & Cu-Ni-PGM mineral showings across the Cat Key Project
The core from the historic drilling campaigns (around 18,000 metres in total) is stored nearby so can be readily accessed for analysis as part of future exploration programmes.
Additional targets remain to be tested on the property including a 10 km long Cu-Pb-Zn horizon that has seen little gold exploration.
The Cat Key Project benefits from excellent year-round road and rail infrastructure and is located 120 km from a producing mill.
Further information on the Cat Key Project is available on NuVision’s website: https://www.nuvisionres.com/projects/cat-key/.
Cavern Lake
Cavern lake is a 7.6 sq. km zinc project, consisting of 38 single-cell claims in two separate blocks, situated 10 km north-east of Dorion, Ontario and located in the Thunder Bay Mining District. It is 10 km northwest of the Trans-Canada highway and accessible all year round.
The Cavern Lake property lies within Ontario’s Superior Province and has no underlying royalties. The Archean basement rocks of the property are part of the Quetico Subprovince. Unconformably overlying the Quetico basement are sedimentary rocks of the Sibley Group, an approximately 950 metres thick succession of weakly metamorphosed sedimentary rocks that were deposited in the Sibley Basin. The lower-most units of the Sibley Group, Pass Lake Formation, the Rossport Formation and the Kama Hill Formation, were mapped along the unconformity with Archean basement granites.
The Cavern Lake property contains a past producing zinc and lead mine which Maximus management consider remains under explored with high grade zinc potential. A historical geological report indicates the potential for a 10 million tonne Zinc-rich ore body across a 1.4 km strike length.
Historical hand grab samples from the Dorion mine within the property have been tested at up to 35.4% Zn and 12.6% Pb and the nearby Bishop Shaft within the property recorded a 22% Zn assay. Maximus conducted an extensive prospecting programme in May 2024 including sampling, mapping and prospecting with grab sample values up to 16.9% Zn and 20.6% Pb. A four-person crew collected 53 samples for assay and recorded 386 outcrops over two weeks.
This prospecting illustrated that the barite-carbonate-base metal vein system exists along the known unconformity that hosts the Dorion and Bishop showings. Glacial deposits and the Nipigon diabase obscures the host unconformity elsewhere on the property or it does not exist due to erosion. Copper-lead-zinc mineralization is typically course-grain and may be accompanied by barite within a metre-scale dolomite alteration halo. The rock is typically brecciated and vuggy where hosted in sandstone and may also host amethyst. Sampling indicates that there is significant Zn sulphide mineralization situated in the granitic footwall to the high-grade mineralization.
There are also believed to be targets for platinum-group element (PGE) mineralisation within the Cavern Lake footprint.
Silver Lake
Silver Lake is a 9.6 sq. km zinc and gold project consisting of 48 single-cell claims situated approximately 55 km east of Savant Lake, Ontario.
The Silver Lake footprint lies within a metal-abundant greenstone belt, featuring numerous conductors that the Maximus management consider are worthy of exploration, drilling and technical assessment. It is believed that the conductors are associated with the nearby Pride Lake Au-Ag-Zn-Pb mineralisation. As with the other properties owned by Maximus, there are no underlying royalties.
Maximus conducted a detailed aeromagnetic survey in June 2024, which verified the presence of multiple conductors, highlighting them as key exploration targets. The 138.6 line-km gradient magnetic survey was designed to help interpret the bedrock geology including the identification of structures that influence the base-metal mineralisation present on the property. The levelled magnetic data of the Silver Lake property is active and shows several anomalous features including several NE and NW breaks in the east-west magnetic fabric that suggest a complex fault pattern. The magnetic fabric bends around and is interrupted by a granitic intrusion with very low magnetic signature. The zinc showing and associated schist unit occur within a strong magnetic low between iron rich interflow sediments.
Historically, a high-grade grab sample revealed 8.4 g/t Au, 41.7 g/t of Ag, 9.5% Zn and 2.6% Pb.
Chapman Copper
Chapman Copper is a 31.4 sq. km copper project consisting of 157 single-cell claims situated approximately 200 km east of Thunder Bay, Ontario.
There are no underlying royalties and the property benefits from promising geological features that the Maximus management consider are suitable for further exploration through surface sampling. The area reveals indications of copper, silver and zinc, with historic drilling verifying the presence of minerals such as sphalerite, a zinc-based mineral similar to that found at the Winston Lake mine, as well as chalcopyrite and pyrite (copper) associated with copper.
Maximus undertook Initial sampling, mapping and prospecting completed during the third quarter of 2023. Historic assays of 1% Cu over 5.8 metres and 0.54% over 17.3 metres highlighted further areas of interest for future exploration.
Terms of the Proposed Acquisition and Option
Maximus has accepted a non-binding offer letter delivered by ECR pursuant to which ECR has agreed to acquire the entire issued share capital of Maximus for £500,000 to be payable to the shareholders of Maximus entirely via the issue of new Ordinary Shares. In addition, as part of the Proposed Acquisition, ECR and NuVision will amend the Option to acquire the Cat Key Project. The C$600,000 (c.£329,000) which is payable to NuVision as consideration for the exercise of the Option is to be settled entirely by the issue of new Ordinary Shares. Maximus has granted ECR exclusivity until 31 May 2025 to conclude its due diligence and complete the relevant transaction documentation.
The Proposed Acquisition will be satisfied by the issue of up to 151,515,151 new Ordinary Shares to Maximus’ shareholders. The new Ordinary Shares in ECR will be issued at the higher of 0.33 pence per share, being the price of the subscription completed by ECR in December 2025 or the volume weighted average price (“VWAP”) of an Ordinary Share calculated over the previous 10 trading days.
As explained above, Maximus also currently holds the Option over the Cat Key Project and ECR intends to exercise the Option on conclusion of the Proposed Acquisition. In return for this commitment, ECR has indicated to NuVision that the Option should be amended such that it can be exercised by ECR issuing to NuVision, on behalf of Maximus, C$600,000 in the form of new Ordinary Shares in ECR. Those Ordinary Shares will also be issued at the higher of 0.33 pence per Ordinary Share or the VWAP of an Ordinary Share calculated over the previous 10 trading days. NuVision has confirmed that it is agreeable to that amendment. There may be some foreign exchange impact on the number of Ordinary Shares that may be issued, but ECR has determined that the maximum number of Ordinary Shares that ECR will issue pursuant to the exercise of the Option will be no more than 106,060,606.
Accordingly, upon completion of the Proposed Acquisition and exercise of the Option, ECR would issue in aggregate a maximum of 257,575,757 new Ordinary Shares, which would represent up to 10.4% of the Company’s as enlarged ordinary share capital.
It is expected that all recipients of new Ordinary Shares pursuant to these arrangements will enter into an orderly market agreement with ECR. Under the orderly market agreements, the recipients will agree not to dispose of any Ordinary Shares for a period of twelve months from issue, provided that disposals may be made if the VWAP of an Ordinary Share calculated over the previous 10 trading days to any disposal is not less than 0.5 pence.
It is noted that, while Maximus has granted ECR exclusivity until 31 May 2025 to conclude its due diligence and complete the relevant transaction documentation, the terms in relation to both the Proposed Acquisition and the amendment of the Option to ECR are not binding, as described above, and that both the Proposed Acquisition and the amendment of the Option to ECR will be subject, among other things, to due diligence by ECR and the execution of a legally binding agreement governing the transactions. There can therefore be no certainty that final binding terms will be agreed, nor as to the timing or final terms, value or conditions of the Proposed Acquisition or the final position in respect of the Option.
Financial information on Maximus
Maximus reported unaudited total assets of £115,141 for the year ended 30 November 2023. Since that period, it has recorded an unaudited loss before tax of approximately £12,000.
NuVision values the Cat Key Project at an unaudited book value of C$406,245 (c. £223,000) which represents the level of exploration credits on the property (which transfer with ownership).
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals Plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals Plc | Tel: +44 (0) 1738 317 693 | ||
| Nick Tulloch, Chairman
Andrew Scott, Director |
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| Email: | |||
| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
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| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 | ||
| Broker | |||
| Ben Tadd / Lewis Jones | |||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | ||
| Broker | |||
| Nick Emerson
|
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| Brand Communications | Tel: +44 (0) 7976 431608 | ||
| Public & Investor Relations | |||
| Alan Green | |||
Glossary
| Ag: | Silver |
| Au: | Gold |
| Cu: | Copper |
| g/t: | Grammes per Tonne (Metric) |
| IP: |
Induced Polarisation, a geophysical imaging technique used to identify the electrical chargeability of subsurface materials |
| km: | Kilometres (Metric) |
| km²: | Kilometre squared (Metric) |
| M: | Metres (Metric) |
| Nb: | Niobium |
| Ni: | Nickel |
| Pb: | Lead |
| PGM: | Platinum Group Metals |
| ppm: | Parts per million (Metric) |
| Sq: | Square (Metric) |
| Ta: | Tantalum |
| Zn: | Zinc |
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
Quoted Micro 3 March 2025
AQUIS STOCK EXCHANGE
In the six months to November 2024, Field Systems Designs (FSD) improved revenues from £8.8m to £13.1m and pre-tax profit recovered from £84,000 to £853,000. There is cash of £4.4m. The mechanical and electrical engineering services company has benefit from increasing activity under the AMP7 programme for the water sector. The AMP8 programme will begin in April 2025. There are secured orders worth more than £22m, but the start of AMP8 is likely to see a slowdown in spending before it ramps up again.
Hydrogen Hotel, Eastbourne (HYDP) improved full year pre-tax profit from £236,000 to £350,000. There was £610,000 of cash generated from operations. Cash was £2.46m at the end of October 2024. A second interim dividend of 13p/share has been declared, taking the total to 26p/share.
Zentra Group (ZNT) has completed the sale of 19 out of 24 units at the One Meadow development in West Yorkshire to a registered housing provider for £3.96m. This will pay off the development finance facility. There are five units to sell privately.
Hot Rocks Investments (HRIP) has invested £75,000 in cross border payments company Endor Group, which trades as Universe Payments. Endor chief executive Tony Quirke was finance director at Equals.
Investment Evolution Credit (IEC) is acquiring Credit Canary, which specialises in AI and software developer and provider of credit services, for £4m in shares at 12.5p each. The brand will be retained.
KR1 (KR1) reported an end-January 2025 NAV of 77.5p/share, down from 77.8p/share the previous month, and has generated income of £721,233 during the months.
Having raised £7.4m from a placing at 180p/share healthcare procedures provider One Health Group (OHGR) has raised a further £200,000 through a retail offer, where shares worth up to £500,000 were on offer. Existing shareholders have the chance to take up shares in a one-for-38 open offer of up to £500,000 ahead of the move to AIM. which is expected to happen on 20 March.
Audit and assurance services provider Adsure Services (ADS) has signed a contract with K10 Vision to implement its audit working paper software. This will enhance the efficiency of subsidiary TIAA and integration is already underway.
Rogue Baron has changed its name to Richmond Hill Resources (SHNJ) and adopted an investment strategy in the natural resources. Trading in the shares recommenced on Wednesday 26 February.
Former Daniel Stewart boss Peter Shea has been appointed as a director of Good Life Plus (GDLF) and John Taylor has stepped down from the board.
SulNOx Group (SNOX) has signed an exclusive agency agreement for Greece and Cyprus with Technava SA. The focus will be the maritime market for the company’s fuel additives.
EDX Medical Group (EDX) founder and executive director Professor Sir Chris Evans acquired 60,000 shares at 12.97p each and 30,000 shares at an average share price of 13.49p each.
Kasei Digital Assets (KASH) director Bryan Coyne bought 1.06 million shares at 11.22p each. Cardiogeni (CGNI) executive chairman Darrin Disley has bought 152,205 shares, mainly at 22p/share, although 50,000 of these shares were acquired at 15p each.
RentGuarantor Holdings (RGG) has appointed Allenby as corporate adviser.
Inteliqo Ltd (IQO) will leave Aquis on 14 March.
ASSET MATCH
Chaarat Gold Holdings (CGH) decided to withdraw from Asset Match and the final auction was on 28 February. The last auction share price was 0.14p. The mining company left AIM on 16 August 2024.
Agricultural land and farming activities company Greenshields Agri Holdings (GAH) reported a decline in revenues from £6.18m to £3.95m. Crop sales and other farming income declined. There was also a fall in contract income. There was a reduction in cost of sales, and that helped the loss reduce from £728,000 to £436,000. NAV was £22.7m at the end of June 2024, which is equivalent to 145p/share.
AIM
Online building materials retailer CMO Group (CMO) has reviewed its strategic options and decided that it should leave AIM because it cannot source the finance it requires. This should save £700,000/year. JP Jenkins will provide a matched bargains market. CMO joined AIM at the height of the Covid-related boom in DIY and its results have declined since then. The market is currently declining, although there are signs of improvement in February. CMO raised £45m at 132p/share when it joined AIM in July 2021.
Staffing firm Staffline (STAF) is selling its workplace training business PeoplePlus for up to £6.9m – £12m minus £5.1m deduction for advanced payments. The change in government has led to uncertainty concerning training and delays in client decisions. PeoplePlus was expected to make a 2025 pre-tax profit of £300,000, down from £1.3m in 2024. Panmure Liberum expects an £11.1m non-cash write down on the business. A share buyback has been launched. This could acquire up to £7.5m worth of shares.
Bezant Resources (BZT) is planning to sell Puna Metals, which owns the Eureka gold and copper mine in Argentina, to Main Market shell Ajax Resources (AJAX). It will pay $120,000 in cash and $100,000 in shares – which will be based on the price of a fundraising.
Sovereign Metals Ltd (SVML) says graphite concentrate produced at the Kasiya rutile-graphite project has met or exceeded specifications for use in flame retardants, gaskets, seals and brake linings. Demand for graphite is growing at 6%-8%/year. Sovereign Metals believe it can produce the graphite at an incremental cost of $241/t, while the recent price was $1,140/t. The information will be used for talks with potential offtake partners. Rutile continues to be the primary potential product of the project.
Photonics and optical equipment supplier Gooch & Housego (GHH) is improving efficiency and margins and is set to meet full year expectations. At the AGM, it was revealed that the order book has grown to £126.4m. Defence optics, medical diagnostics and subsea data networks demand is strong. Semiconductors and industrial lasers markets remain weak. Net debt was £19.2m, following the acquisition of Wales-based Phoenix Optical for £6.75m. This business is being integrated. Net debt could fall to £15m by the end of September 2025. Further bolt-on acquisitions are being sought. Trading is likely to be second half weighted. Cavendish forecasts a recovery in pre-tax profit from £8.1m to £13.3m.
EnergyPathways (EPP) has signed a non-binding memorandum of understanding with a clean energy fund, which would be a cornerstone investor in an equity funding at higher than the current share price. This will provide cash for the development of the MESH energy storage project. A FTSE 100 constituent is interested in long-term storage capacity. The final concept engineering report has been submitted and a decision on the application for a gas storage licence is expected soon. The MESH project could be operational by the end of 2027.
Growth in the revenues of diagnostics developer Oxford BioDynamics (OBD) remains modest and the loss increased. Revenues moved up from £510,000 to £636,000, while the loss was nearly £12m. Since the balance sheet date £7.35m has been raised at 0.5p/share and Ian Ross appointed executive chairman. The company is seeking partners and collaborators to accelerate the take up of its EpiSwitch products.
Following the departure of its chief executive Wendy Lawrence and the loss of a NHS 111 contract healthcare services provider Totally (TLY) has renewed two multi-year contracts worth a total of £30m, including option extension periods. The original contracts had a similar annual value. David and Monique Newlands have been adding to their stake, and it has risen from 5.39% to 6.67%, while Trafalgar Capital increased its shareholding from 6.04% to 8.16%. Earlier in the week, Liontrust sold its 525% shareholding.
Retail software provider itim Group (ITIM) says that 2024 revenues were 5% better than expected at £17.9m thanks to contract wins in the second half. This enabled itim to move back into profit. Zeus forecasts a 2024 pre-tax profit of £200,000 and upgraded its 2025 figure to £500,000.
A June 2024 revaluation of the Mpac (MPAC) pension scheme shows an actuarial surplus of £21.1m. Back in June 2021the pension deficit was £28.4m. This should make it easier to transfer the scheme to a third party.
Asia-focused oil and gas producer Jadestone Energy (JSE) increased average production in 2024 by 35% to 18,696 barrels of oil equivalent/day. Revenues improved from $309.2m to $395m. The Akatara gas processing facility is up and running. Net debt was $104.8m at the end of 2024. This year production is expected to average 19,000-22,500 barrels of oil equivalent/day. Based on a Brent oil price of $70-$80/barrel Jadestone Energy believes it can generate $270m-$360m of free cash flow between 2025 and 2027.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has reported 2024 revenues 4% lower and an organic decline of 8% due to lower volumes and prices. Pe-tax profit was 3% lower at £25m. The manufacturing operations increased revenues, although like-for-like sales were flat, and its profit contribution rose by 10%.
Cybersecurity company Narf Industries (NARF) has reportedly been awarded a $6.8m contract by DARPA in the US. This is for the Intelligent Generation of Tools for Security programme. This is designed to assess vulnerabilities in systems and lasts 36 months.
Georgina Energy (GEX) says a scoping study has confirmed the viability of commercial gas production at Hussar. The NPV10 is estimated to be $1.64bn. Management is in discussions with potential offtake partners. There is a non-exclusive agreement with potential offtake partner Harlequin Energy covering helium, hydrogen and natural gas.
Andrew Hore
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covers #GSCU, #GGP, #CYK & #OHGR
On this week’s Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn, we discuss:
Great Southern Copper #GSCU
Greatland Gold #GGP
Cykel AI #CYK
One Health Group #OHGR
ECR Minerals #ECR – Strategic Update: Maximising the Value of Antimony at Bailieston and Tax Loss Monetisation
ECR Minerals plc (AIM: ECR), the exploration and development company focused on gold in Australia, provides an update on its ongoing strategy, including developments regarding the potential sale of its subsidiary, Mercator Gold Australia Pty Ltd (“MGA”), and plans to capitalise on the increasing global demand for antimony at Bailieston.
Highlights
- Termination of the non-binding heads of terms with Octo Holdings Pty Ltd
- Expanding discussions regarding the potential sale of MGA to include additional interested parties
- Reassessing the strategic value of Bailieston amid strong antimony prices and rising global demand
- Proposed further drilling campaign at Bailieston to unlock its full potential is funded and within budget
- Also evaluating an alternative strategy of allocating tax losses to Blue Mountain production
Potential sale of MGA
For several months, ECR has engaged in discussions with Octo Holdings Pty Ltd (“Octo”) in respect of the proposed sale of the entire issued share capital of MGA, which holds ECR’s Australian tax losses, to Octo. The proposed target completion date of the sale of MGA, as suggested by Octo, was 28 February 2025 to enable Octo to conclude other agreements, independent of ECR, that it is engaged in. In this regard, the Board of directors (“Board” or “Directors”) consider that Octo has not made satisfactory progress in relation to being able to proceed with the proposed transaction and consequently ECR has written to Octo terminating the non-binding heads of terms between the two parties.
During the discussions with Octo, ECR continued to attract interest in MGA from additional parties. As well as the appeal of the tax losses held by MGA, MGA is also the owner of three of the Company’s tenements in Victoria, including the Bailieston gold and antimony exploration project. It was proposed that on or before completion of the proposed disposal of MGA to Octo, ECR would effect a reorganisation of MGA such that the only exploration assets remaining within MGA would be the Bailieston project. With rising gold prices, and more particularly, rising antimony prices as well as growing global interest in the strategic importance of these metals, the Board believes that MGA’s, Bailieston tenement, represents an attractive possible strategic purchase as a potentially valuable asset in its own right.
With the non-binding heads of terms previously agreed with Octo now terminated, ECR’s Board has determined to widen discussions on the potential sale of MGA to include other interested parties. Based on the preliminary enquiries received, it is apparent that the interest in MGA and its assets is both extensive and varied and ECR will therefore take this opportunity to re-examine the optimum structure of any potential sale of MGA.
Rules on transferring tax losses in Australia are complicated with the overriding consideration being that tax losses will always belong to the company in which they were incurred (MGA in this instance) and the transfer of that company needs to be by way of an operating entity (i.e. the company needs to have activities in addition to the tax losses for a third party to be able to make use of them). Octo’s preference was for MGA’s operations to comprise Bailieston. However, in the intervening period and as described further below, ECR’s Board has reassessed Bailieston’s potential value in light of the ongoing price strength in the antimony market.
It is possible therefore that any potential sale of MGA could be restructured to comprise other tenements within the Company, thereby enabling ECR to retain Bailieston (or the more prospective areas within the Bailieston project area).
As previously announced, any disposal of MGA may be considered to be a fundamental change of business pursuant to Rule 15 of the AIM Rules for Companies. If applicable, this would require, amongst other items, the proposed disposal of MGA to be conditional on the consent of the Company’s shareholders being given in a general meeting, the publication of a shareholder circular detailing the terms of the transaction and certain other disclosures as set out in the AIM Rules. There can be no guarantee as to the conclusion of any agreement for the disposal of MGA, nor as to the timing or final terms, structure or value of any such transaction.
The Company will provide further updates as appropriate.
Antimony drilling campaign at Bailieston
On 3 July 2024, ECR announced the results of additional testing for antimony of diamond core samples from Bailieston drilled during 2021-2022. The best results included 0.3 metres grading 32% Sb (Antimony) and 0.1 metres grading 1.20% Sb and a total of 12 samples returned results greater than 0.1% Sb.
It is these results, coupled with other substantial antimony resources being reported in the nearby area that, in the opinion of the Board, have driven third party interest in Bailieston.
Given the growing strategic importance of antimony and the exceptional grade in the previous drilling, ECR is now examining plans for a step out drilling campaign at Bailieston. The Company’s geological analysis suggests that Bailieston is analogous to other narrow, high-grade gold-antimony deposits found throughout Central Victoria. Additionally, historical reports indicate small-scale antimony mining activity occurred immediately northwest of ECR’s previous drilling site along the same geological trend.
ECR’s geological team are reviewing these trends to determine the optimum locations for a new drilling campaign, targeting both gold and antimony. The results of this drilling may, if successful, redefine the potential value of Bailieston as well as MGA and may also inform ECR on the most suitable structures for any future sale of MGA.
This proposed drilling campaign was one of the allocated uses of funds from the subscription announced on 25 November 2024 and is therefore within ECR’s 2025 budget. A further announcement will be made in due course.
Update on plans for commercial production at Blue Mountain
Further to the announcement on 3 February 2025, ECR has continued to progress its plans to bring its Blue Mountain Project in Queensland into commercial production. This follows the 91.7% gold into 0.40% of the mass recovery rate estimated by Gekko Systems Pty Limited and the expectation that the alluvial-based ore located at the project is suitable for gravity concentration using a batch centrifugal concentrator.
The preliminary steps in relation to assessing the commercial suitability of the Blue Mountain Project are as follows:
- Aerial survey using drones to determine the most suitable locations for trenching
- Ground penetrating radar to determine the depth of the bedrock
- Commissioning of a wash plant, either made to order or purchased off the shelf and modified
- Planning for recovery and reuse of water
- Processing of bulk samples to test the recovery rate
Plans for steps 1-3 above are now well advanced in parallel with ongoing work on costing the full production plant and engaging specialist contractors. Further announcements will be made as the project develops.
Possible Strategic Use of Tax Losses
It is self-evident that MGA’s A$75 million tax losses represent a significant asset for ECR. While monetisation of the tax losses through a potential sale of MGA remains an option, ECR is also examining an alternative strategy of retaining and potentially utilising these losses within its own operations—particularly at Blue Mountain. Based on its preliminary projections, the Board understands that this could provide greater long-term value to shareholders.
The announcement on 3 February 2025 also noted that the ECR team believes that the Blue Mountain Project is capable of having an indicative revenue potential of approximately A$470,000 based on, amongst other assumptions, a wash plant with a 25 tonne per hour capacity. The results of the preliminary steps above are designed not only to validate these assumptions but also to determine the viability of increasing the scale of the operation by utilising dual wash plants. This in turn will inform the Board of the potential applicability of MGA’s tax losses for the Company’s own operations. Given the scale of Blue Mountain and the multiple gullies, the Board believes that there is considerable scope to upscale the operations, subject to the results of the steps described above.
Based on the current tax rates in Australia and the Board’s preliminary economic modelling for Blue Mountain, the Board currently estimates that MGA’s tax losses could have a total potential saving of approximately up to A$18.75 million to ECR if utilised within its own operations. The proposed transaction with Octo valued MGA at A$4.5 million reflecting the benefit to the Company of an immediate cash receipt. However, in light of the production opportunity at Blue Mountain, it has since become apparent that ECR may be able to use the tax losses itself on an earlier timeframe than previously envisaged. To put that in context, based on the potential revenue illustration above, the Board currently estimates that the Company would save A$4.5 million (being the value of the cash consideration that was proposed under the Octo transaction) in taxes in around six years through its operations at Blue Mountain. This period could be considerably less if the project was capable of being scaled up.
To make the tax losses available at Blue Mountain, ECR would need to conduct a straightforward restructuring of its Australian subsidiaries, a process that has already undergone considerable preparation work in the context of the potential sale of MGA. However, the effect of this reorganisation could potentially make Blue Mountain essentially tax free for the expected life of the project.
While ECR is assessing the commercial suitability of the Blue Mountain Project, there is no certainty that the Blue Mountain Project will enter into commercial production, nor be capable of achieving the illustrative monthly revenues outlined above and consequently being in a position to utilise any indicative tax savings in the manner described above.
ECR Chairman, Nick Tulloch, commented: “As shareholders are aware, we have dedicated substantial effort to unlocking value from our A$75 million of tax losses. Whilst we appreciate that some investors may be eager for a quick sale, it is essential that we prioritise the best long-term outcome for ECR’s shareholders. These losses were accumulated over two decades, and ensuring that we extract maximum value is our priority. The delays in the proposed Octo transaction, while disappointing, have provided us with an opportunity to reassess our strategic position. Given the level of demand for antimony and the strength of the grades that we have identified at Bailieston, it is clear that this asset may be more valuable than previously considered.
“Additionally, with our Blue Mountain Project advancing, we see a significant alternative opportunity to use MGA’s tax losses internally, potentially saving the Company millions in taxes if we bring this high-potential gold project into production.
“Our Company has several potentially high value projects and, through our sale efforts, a number of potentially interested parties wish to investigate the purchase of MGA. We are consequently in a far stronger place now than when we began the investigations into a sale of MGA and we will put our learning on the sale of tax losses and the developments within our own projects to good effect. Our plans to sell MGA and monetise the tax losses are still very much on our agenda, but offers will now be assessed against a competing use within our own operations.”
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals Plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals Plc | Tel: +44 (0) 1738 317 693 | ||
| Nick Tulloch, Chairman
Andrew Scott, Director |
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| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
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| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 | ||
| Broker | |||
| Ben Tadd / Lewis Jones | |||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | ||
| Broker | |||
| Nick Emerson
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| Brand Communications | Tel: +44 (0) 7976 431608 | ||
| Public & Investor Relations | |||
| Alan Green | |||
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
Blencowe Resources #BRES – Result of AGM
Blencowe Resources Plc (“Blencowe Resources”) (LSE: BRES) is pleased to announce that at the Company’s Annual General Meeting held on 26th February 2025, all resolutions were duly passed.
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For further information, please visit https://blencoweresourcesplc.com or the following:
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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 Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733 |
Citius Resources #CRES – Approval and Publication of Prospectus
The Company confirms that a prospectus has been approved by the Financial Conduct Authority and published by the Company (“Prospectus”) regarding the reverse takeover by Harena Resources Ltd and the Fundraising to raise gross proceeds of £1.35m.
Harena Resources Ltd is an Australian domiciled company that owns 75% of the Ampasindava Rare Earths Project (“Project”) located in the northwest of Madagascar. The Project has been the subject of significant exploration work including 4,470 test pits excavated and 277 holes drilled (approx. 20,000m of exploration drilling) by previous owners that has confirmed the mineral resource is an “Ionic Adsorption Clay” deposit. The Project contains a globally significant JORC Resource of 606,000t of rare earth oxides, importantly, 22% of the reported rare earth elements are those related to the manufacturing of permanent magnets that are critical to the transition to green energy. Following Re-admission, the Company plans to complete the feasibility study and environmental impact & social assessment study to further de-risk the project and move towards production.
The Prospectus has been published in connection with:
- The proposed acquisition of Harena Resources Ltd (“Proposed Acquisition”) and associated issue of Consideration Shares
- The Acquisition of Harena Resources Ltd is a reverse takeover under the Listing Rules;
- The Proposed Acquisition, Placing and Subscription is conditional on the passing of certain resolutions at an annual general meeting of the Company (“Completion”).
Following Completion, the Company will seek the admission of an aggregate of 370,634,352 New Ordinary Shares to the Equity Shares (transition) category of the Official List and to the main market of the London Stock Exchange (“Admission”). Following Admission, the Company will have an Enlarged Share Capital of 413,884,352 ordinary shares.
The Prospectus has been filed with the Financial Conduct Authority. To view the full document, please follow the linkwww.citiusresources.co.uk. A copy of the Prospectus has also been submitted to the National Storage Mechanism and will shortly be available for inspection at the following link:https://data.fca.org.uk/#/nsm/nationalstoragemechanism
It is expected that Completion will take place following the annual general meeting at 10.00 a.m. on 20 March 2025 and Admission on 8.00 a.m. on 21 March 2025. A notice of annual general meeting has been announced separately.
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Contact details:
Citius Resources Plc Cameron Pearce
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Tel: +44 (0)1624 681 250 cp@pangaeaenergy.co.uk |
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Tavira Financial Limited Jonathan Evans |
Tel: +44 (0)20 7330 1833
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#SVML Sovereign Metals – KASIYA’S GRAPHITE SUITABLE FOR EXPANDABLE MARKETS
KASIYA’S GRAPHITE SUITABLE FOR EXPANDABLE/EXPANDED GRAPHITE MARKETS
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Medium to coarse Kasiya graphite concentrate (>150 microns to >300 microns) has met or exceeded the key specifications required for use as expandable graphite in flame retardants and as expanded graphite in gaskets, seals and brake linings. |
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Demand for natural graphite in the expandable and expanded market is approaching 100,000 tonnes per year and is growing at 6%-8% CAGR.1 |
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According to Benchmark Mineral Intelligence, 94-95% graphite concentrate usable in the expandable and expanded markets was priced at US$1,140/t (FOB) in December 2024. |
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Overall test work to date demonstrates that Kasiya graphite is suitable for use in the three key segments that account for over 94% of the ~1.6Mtpa global demand for natural flake graphite-battery anodes, refractories and expanded/expandables.2 |
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Sovereign intends to produce a 96% graphite concentrate at an incremental cost of US$241/t (FOB) per the recently announced Kasiya Optimised Prefeasibility results. |
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Results will be used for customer engagement and potential offtake discussions. |
Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX: SVMLF) (Sovereign or the Company) is pleased to announce that further test work completed on graphite from the Company’s Kasiya Rutile-Graphite Project (Kasiya or the Project) has confirmed Kasiya’s graphite has the key characteristics required for use in expandable (fire retardant) and expanded (gaskets, seals, and brake lining) applications. The comprehensive testwork programs were completed by ProGraphite GmbH (ProGraphite) and Dorfner Anzaplan (DorfnerA) in Germany. The tests confirm that Kasiya medium to coarse flake (>150 microns to >300 microns) achieved very high expansion ratios using standard reagents at room temperature and short durations providing a competitive advantage over other current and potential sources of graphite supply.
Managing Director and CEO Frank Eagar commented: “Our continuous graphite downstream application testing has shown that the high-quality Kasiya concentrate is suitable for the three key natural graphite markets: the high-growth anode materials for graphite fines; the stable and large refractory materials market for coarse flake and the growing expandable and expanded graphite markets for medium to coarse flake.
These results along with our industry-low cost position, offers Kasiya the potential to become the world’s dominant natural graphite supplier, whilst remaining a primary rutile project.”
Testwork Complete and Suitability Confirmed (Dark blue)
Figure 1: Natural graphite market per application (Benchmark Minerals Intelligence, 2025).
Uses of Expandable and Expanded Graphite
A key use for expandable graphite is as a flame retardant. Growth for expandable graphite flame retardants, is driven by concerns over halogen-based flame retardants, which include brominated and chlorinated flame retardants. Many of these chemicals are now recognized as global contaminants and are associated with adverse health effects in animals and humans, including endocrine and thyroid disruption, immunotoxicity, reproductive toxicity, and cancer (National Institute of Health).
In this application, the natural graphite is pre-treated with acid and an oxidizer but not expanded via heat treatment. When exposed to a fire, the expandable graphite swells, forming a protective layer that slows down the fire. Expandable graphite represents a low-cost, good flame retardancy and low smoke generation solution, typically as a filler in polyurethane foams. Flame retardant applications for expandable graphite include the construction industry, chemicals and textiles.
Expanded graphite is used in gaskets, seals, brake linings, bi-polar plates for fuel cells, and thermal management in electronic devices, where the inherent properties of graphite are combined with the flexibility of expanded graphite.
Expandable and Expanded Application Test Work Results
Flake graphite concentrate generated from Kasiya ore was tested for expandable/expanded graphite applications at two leading European laboratories (ProGraphite and DorfnerA).
ProGraphite achieved expansion volumes of 320cm3/g and 355cm3/g for >180 microns concentrate and >300 microns concentrate respectively using standard reagents and conditions, above the typical minimum requirements of 250cm3/g and 350cm3/g respectively for these size fractions.
Optimisation testing of >150 microns concentrate at DorfnerA achieved a very high expansion volume of 650cm3/g, using standard reagents and short duration testing at room temperature – Figure 2. The results indicate the potential to tailor expansion volumes to application requirements and the ability to achieve high expansion volumes when required.
The results will be used for customer engagement and advancing offtake discussions for Kasiya’s medium to coarse flake.
Figure 2: Scanning Electron Microscopy (SEM) of optimised expanded graphite, achieving 650cm3/g expansion volume.
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Enquires |
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Frank Eagar, Managing Director & CEO South Africa / Malawi + 27 21 140 3190
Sapan Ghai, CCO London +44 207 478 3900 |
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat |
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Joint Brokers |
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Stifel |
+44 20 7710 7600 |
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Varun Talwar |
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Ashton Clanfield |
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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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Buchanan |
+ 44 20 7466 5000 |
First Class Metals #FCM – Publication of Prospectus and Issue of Equity
First Class Metals Plc (LSE: FCM), the Canada-focused precious and base metal explorer, with extensive land holdings in northern Ontario, is pleased to announce that, further to the announcement on 18 December 2024, it has today published a Prospectus (“Prospectus“). The Prospectus, which has been approved by the Financial Conduct Authority (“FCA”), has been published on the Company’s website at https://firstclassmetalsplc.com/prospectus-and-reports and will also be available at the FCA’s Document Storage Mechanism at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The Prospectus has been published to enable the issue and admission to the Official List (Equity Shares (transition) category) and to trading on the Main Market of the London Stock Exchange (“Admission“) of 90,922,121 new ordinary shares of £0.001 each (“Shares“), of which 78,552,084 are being issued to The 79th GRP Limited by way of a subscription at a price of 1.7 pence per share. The balance of the Shares are being issued to fulfil certain contractual obligations.
Application will be made for the Admission of 90,922,121 Shares. It is expected that Admission will become effective on or around 28 February 2025. The Shares will rank pari passu with the existing ordinary shares of the Company.
On Admission, the Company’s issued ordinary share capital shall consist of ordinary shares with each ordinary share carrying the right to one vote. Following the issue of the Shares the total issued share capital of the Company will comprise 191,741,361 Ordinary Shares. The Company has no Ordinary Shares held in treasury. Accordingly, the figure of 191,741,361 represents the total voting rights in the Company and should be the figure used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance & Transparency Rules.
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
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For Further Information:
Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here:
https://firstclassmetalsplc.com/auth/signup
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
Novum Securities Limited (Financial Adviser)
David Coffman / Daniel Harris
Website: www.novumsecurities.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones / Ben Tadd
Website: Axcap247.com
Tel: (0)203 026 0449
NOTES TO EDITORS
First Class Metals PLC – Background
First Class Metals listed on the LSE in July 2022 and is focused on metals exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. In particular, the Hemlo ‘camp’ near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit operated by Barrick Gold (>23M oz gold produced), with the past producing Geco and Winston Lake base metal deposits also situated in the region.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold, base metals, and rare earth element mineralization. In addition, FCM is carrying out a joint venture with Palladium One on the West Pickle Lake Property in the region, a drill-proven ultra-high-grade Ni-Cu project.
The flagship property North Hemlo had a high-definition low level magnetic Heli-borne survey flown in April 2022, this was followed with ground prospecting which ultimately defined the ‘Dead Otter Trend’ which is a discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest known assay ever recorded on the North Limb of Hemlo.
In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of Agnico Eagle’s Hammond Reef gold deposit (3.3 Moz of open pit probable gold reserves).
FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals’ Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was drilled prior to Christmas 2023 and results have now been released.
The significant potential of the properties for precious, base and battery metals relates to ‘nearology’, since all properties lie in the same districts as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain known showings, geochemical or geophysical anomalies, or favourable structures along strike from known showings (e.g. the Esa project, with an inferred Hemlo-style shear along strike from known gold occurrences).
First Class Metals Plc #FCM – Result of General Meeting
First Class Metals Plc (LSE:FCM) is pleased to announce that the sole resolution put to the shareholders at the General Meeting (“GM”) held earlier today was duly passed.
The results of the poll were as follows:
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Resolution |
For |
Against |
Withheld |
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1 |
47,771,085 |
30,670 |
Nil |
In accordance with UK Listing Rule 9.6.2R, a copy of the resolution passed has been submitted to the Financial Conduct Authority via the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
A copy of the poll results for the GM will also be available on the First Class Metals Plc website: www.firstclassmetalsplc.com.
Ends
For Further Information:
Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here:
https://firstclassmetalsplc.com/auth/signup
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
Novum Securities Limited (Financial Adviser)
David Coffman / Daniel Harris
Website: www.novumsecurities.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones / Ben Tadd
Website: Axcap247.com
Tel: (0)203 026 0449
NOTES TO EDITORS
First Class Metals PLC – Background
First Class Metals listed on the LSE in July 2022 and is focused on metals exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. In particular, the Hemlo ‘camp’ near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit operated by Barrick Gold (>23M oz gold produced), with the past producing Geco and Winston Lake base metal deposits also situated in the region.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold, base metals, and rare earth element mineralization. In addition, FCM is carrying out a joint venture with Palladium One on the West Pickle Lake Property in the region, a drill-proven ultra-high-grade Ni-Cu project.
The flagship property North Hemlo had a high-definition low level magnetic Heli-borne survey flown in April 2022, this was followed with ground prospecting which ultimately defined the ‘Dead Otter Trend’ which is a discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest known assay ever recorded on the North Limb of Hemlo.
In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of Agnico Eagle’s Hammond Reef gold deposit (3.3 Moz of open pit probable gold reserves).
FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals’ Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was drilled prior to Christmas 2023 and results have now been released.
The significant potential of the properties for precious, base and battery metals relates to ‘nearology’, since all properties lie in the same districts as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain known showings, geochemical or geophysical anomalies, or favourable structures along strike from known showings (e.g. the Esa project, with an inferred Hemlo-style shear along strike from known gold occurrences).