Seed Capital Solutions #SCSP – Result of AGM
Seed Capital Solutions plc, formed in December 2017, which operates as a special purpose acquisitions company (SPAC) to undertake one or more acquisitions of target companies or businesses, is pleased to announce the result of today’s Annual General Meeting (“AGM”).
Ordinary resolutions 1-8 were all passed. Special resolution no. 9 was also passed.
-Ends
FOR FURTHER INFORMATION, PLEASE CONTACT:
| Seed Capital Solutions plc | Tel: +44 (0) 7976 431608 | |||
| Chairman Damion Greef
Brand Communications |
Tel: +44 (0) 7976 431608 |
|||
| Public & Investor Relations | ||||
| Alan Green
|
||||
ABOUT SEED CAPITAL SOLUTIONS PLC
Seed Capital Solutions Plc (LON: SCSP) is a Special Purpose Acquisition Vehicle (SPAC), which operates for the purpose of acquiring a business or businesses operating in market sectors that can display strong ESG credentials, thereby benefitting from the current trend of superior performance and increased investor appetite.
Quoted Micro 24 February 2025
AQUIS STOCK EXCHANGE
Aquis-quoted healthcare procedures supplier One Health Group (OHGR) plans to move to AIM. As part of the process, it raised £5.2m from a placing at 180p/share and existing shareholders have the chance to take up shares in an open offer of up to £500,000. A WRAP retail offer could raise up to £500,000 more. The cash will be invested in the first owned surgical hub. This will cost up to £9m and it could generate £9m of income each year. It should be earnings enhancing in the first full year of operation. The employee benefit trust (EBT), the chairman and chief medical officer are selling £2.2m worth of shares. The EBT will repay a £750,000 loan to the company. The retail offer closes on 24 February. The minimum subscription is £100.
Invinity Energy Systems (IES) has signed a partnership with Frontier Power, and it will provide the partner with flow batteries for potential projects supported by the UK’s long duration cap and floor mechanism, where applications should commence in the summer. Frontier Power has reserved up to 2GWh of manufacturing capacity to underpin its bids. There will be an upfront fee when projects have been won. There could also be international opportunities.
EDX Medical Group (EDX) has developed a new test for prostate cancer. The test can identify cancerous cells, whether the cancer is early stage or late stage and how aggressive the cancer is. More than 100 biomarkers are measured by the test, which is more than rival tests. Accuracy should be better than 96%. There are 55,000 cases of prostate cancer in the UK each year. Founder Professor Sir Chris Evans acquired a total of 320,000 shares at an average share price of 13.68p each, plus 20,000 shares at 13.5p each, taking his stake to 37.3%. Chief executive Dr Michael Hudson bought 45,888 shares at 10.87p each, taking his stake to 5.84%, and deputy chair Martin Walton purchased an initial 85,000 shares at 10.717p each.
Valereum (VLRM) has entered into an agreement with DMC Markets Inc for a cash raise of £19m. Previously it was expected to be £13m. There will be 130 million shares issue at 10p ach and 20 million shares issued at 20p each, plus a further 20 million shares at 10p each that were previously under option to Blue Sky Vision. This will be done via a new company called Valereum Inc, which will hold 48.9% of Valereum. A UK investor will invest an additional £1m at 20p/share. The cash will be invested in minority stakes in four strategic assets sourced by DMC.
ProBiotix Health (PBX) has an agreement with Kemin China Technology, which will sell LP LDL as a cardiometabolic health ingredient in China, Hong Kong and Macau. The sales will be co-branded. Chief executive Steen Andersen has been granted 9.05 million options with an exercise price of 9.5p. They last ten years and performance criteria have to be met for them to be exercised.
Vehicle electrification technology developer Equipmake (EQIP) has signed a development agreement with JC Bamford. It will develop specific power electronics for JCB. This is an initial six-month development agreement.
Coinsilium Group Ltd (COIN) says portfolio company Otomato Web3 Agent Protocol, which has commenced the launch of the Otomato.xyz platform. The public launch is scheduled for the second quarter of 2025. The platform streamlines Web3 interactions. As well as its stake, Coinsilium has the rights to 7.5% of revenues generated by the platform up to the Token Listing Event.
Ananda Pharma (ANA) has completed the manufacture of a final technical batch of MRX1 CBD drug candidate. This enables the next step of the process to achieve MHRA clinical trial approval.
Arbuthnot Banking Group (ARBB) is trading in line with expectations and is set to achieve a 2024 pre-tax profit of £34.5m.
Tap Global Group (TAP) has raised £1m at 2p/share and this will be invested in the fintech app platform and growing its database of registered users.
SulNOx Group (SNOX) non-exec Nicholas Fairfax has bought 91,350 shares at 87p each. SulNOx has secured a patent in Malaysia covering a range of formulations for emulsifiers and fuel conditioners.
Mark Lyttleton has a 3.11% stake in WeCap (WCAP). Stephen Hill has 3.7% of Igraine (KING). Kasei Digital Assets (KASH) director Bryan Coyne bought 1.06 million shares at 11.22p each, taking his stake to 18.9%.
ASSET MATCH
Marshall of Cambridge (MCH) says the MoD has sold 12 ex-RAF C-130 aircraft to the Turkey government. Marshall has undertaken life extension work on seven of the aircraft and it will do the same work on the other five aircraft for the Turkey government. The value of this contract is £200m and it includes ongoing maintenance. This work will last until 2028. The US authorities are required to approve the deal.
JP JENKINS
Hotel chain operator Studio Stays Hotel Group (SSHG) has joined JP Jenkins. This is a company that was formed by chief executive Grant Bovey on 7 February 2025. It has raised £50,000 at 0.5p/share. The plan is to develop a business that generates income from hotels and AIRBNB.
Deltex Medical Group (DEMG) has departed AIM and moved to the JP Jenkins matched bargains platform. The share price ended on AIM at 0.024p. Deltex Medical has developed ultrasound-based oesophageal doppler monitoring equipment for surgery and intensive care use.
Tribe Technology (TRYB) has also left AIM. The last share price on AIM was 0.075p. Northern Ireland-based Tribe Technology is a developer of autonomous mining equipment.
AIM
Cash shell Rosebank Industries (ROSE) is in discussions with Cerberus Capital about the acquisition of Electrical Components International Inc (ECI). US-based ECI is a supplier of critical electrical distribution systems to a range of industries. No price has been put on the acquisition, but it will require a significant share issue and a new debt facility. The deal is subject to due diligence and will require a document for readmission to AIM. Trading in Rosebank Industries shares has been suspended until there is a document. Rosebank Industries joined AIM on 11 July 2024 after raising £50m at 250p/share. There was cash of £48.1m at the end of 2024.
Greatland Gold (GGP) released maiden drilling results for the West Dome Underground target at the Telfer prospect. This deposit is 800 metres below the West Dome open pit. There were 16 out of 19 holes that intercepted significant mineralisation. The weighted average intercept is calculated as 23 metres at 2.95g/t gold and 1.07% copper. This could extend the mine life. There will be a second phase of drilling.
Rail software and technology company Tracsis (TRCS) has won the contract to provide the ‘tap converter’ ticketing technology that will enable pay-as-you-go travel across the UK rail network. Tracsis previously supplied a similar service to some train operators. This will generate a small, fixed payment to Tracsis with every journey and could generate highly significant revenues. If 10% of journeys are via PAYG then this could generate £3m of annual revenues. The technology will not be deployed until 2026 and will take time to roll out, so it does not affect the 2024-25 forecasts and is not included in the 2025-26 pre-tax profit forecast of £15.3m. The Department of Transport has published a document outlining plans for Great British Rail and this should lead to the ending of uncertainty of the future of rail.
Medical and radiation technology developer Kromek (KMK) has received the initial payment of $25m from its deal with Siemens. This will enable Kromek to be profitable this year. The total agreement is worth $37.5m. The rest is payable over four years. The deal was announced at the end of January and is for producing cadmium zinc telluride (CZT) detectors for single photon emission computed tomography (SPECT) applications. This is a non-exclusive agreement and could lead to deals with other companies. Cavendish forecasts a 2024-25 pre-tax profit of £4.9m after a recovery in revenues in the second half. This could fall to £2.1m next year. Net cash is expected to be £1.8m at the end of April 2025 and Kromek is likely to stay in a net cash position for the next two years.
TheraCryf (TCF) is raising £4.25m at 0.25p/share. The previous closing share price was 1p. The cash will finance the pre-clinical development of Orexin-1, which came with the acquisition of Chronos Therapeutics. Orexin-1 is a potential drug for a range of neuropsychiatric disorders, including addiction and anxiety. This market could be worth $67.6bn by 2034. The preclinical data generated will help to attract potential partners. TheraCryf was previously expected to have net cash of £900,000 by the end of March 2025. Former Avacta boss Dr Alastair Smith has been appointed as TheraCryf chair. He will take his fee for at least 12 months in the form of shares.
Film and media localisation services provider Zoo Digital (ZOO) expects full year revenues to be at least $50.5m and a return to positive EBITDA of at least $1m. These are below expectations, though. Trading recovered following the writers’ strike in Hollywood, but there have been delays and cancellations. Zoo Digital is a preferred fulfilment vendor for Amazon Prime Video and there is an increase in potential work, predominantly for existing content. Original content production remains subdued and may not recover until nearer the end of the year. This year dubbing revenues will be lower than last year. Fixed costs have been cut by one-fifth over the past year and margins are improving.
Scotland-based housebuilder Springfield Properties (SPR) is selling land holdings in central Scotland to Barratt for £64.2m and could sell further sites. This will contribute a significant profit in the year to May 2025. Springfield Properties will refocus on the north of Scotland. Trading has been weak so far in this financial year. Interim revenues declined 13%, but better margins meant that pre-tax profit recovered from £2m to £3.8m. Singer has downgraded its 2025-26 pre-tax profit forecast by 14% to £14.2m, but the dividend is expected to continue to recover. A net cash position is expected by 2027.
Transense Technologies (TRT) reported interim figures showing revenues 36% ahead at £2.46m, although pre-tax profit was 13% lower at £550,000. Hiring is going on to build up the business to cope with further growth and this is holding back short-term profit. Full year pre-tax profit is expected to edge up to £1.6m this year, before slipping back to £1.3m in the year to June 2026. It should then return to growth. The company recently secured a new distribution agreement with Haltec Corporation, a US tyre valve company focused on mining, truck and aviation sectors. Cash was £1.19m at the end of 2024, but it rose to £1.87m at the end of January 2025.
Cambridge Cognition (COG) has submitted a letter of intent to the FDA under the Drug Development Tool pathway. This relates to the development of digital cognitive assessments reliable measurement of Cognitive Impairment Associated with Schizophrenia (CIAS). Cambridge Cognition does not require regulatory approval for its assessments, but the FDA qualification would help to broaden the adoption. The FDA has a backlog, and it could take more than two months to get a response. The next step would be to submit a detailed plan. Cambridge Cognition’s CANTAB platform has been used in the analysis of two phase 3 rials that were used in the FDA approval of Cobenfy from Bristol Myers Squibb. Cobenfy is the first antipsychotic drug to be approved with a new mechanism of action was approved in September 2024.
Compliance and resource management software provider AdvancedAdvT Ltd (ADVT) is winning new business and generating renewals on improved terms. Demand for cloud and digital services is growing. Singer expects EBITDA of £9.6m, having previously forecast £8.4m. The 2026 EBITDA forecast has been raised from £8.8m to £10.1m. AdvancedAdvT is still at an early stage of its buy and build strategy. Net cash is estimated to be £88m.
Media marketing platform developer SEEEN (SEEN) says 2024 revenues grew from $2.1m to $3.2m following a strong second half. This suggests that the business is gaining momentum and the current annual run-rate for revenues is $5m, which is in line with forecasts. A large publisher has contracted SEEEN to manage its video library on YouTube. SEEN has IP that can maximise the income from these videos. Revenues were below forecast but the outlook is positive.
Biome Technologies (BIOM) is planning to leave AIM and is holding a general meeting on 13 March to gain shareholder agreement. Access to additional funding is difficult with a depressed share price due to trading disappointments. Management believes it will be easier to raise cash as a private company without a public share price. It will also be easier to enter into transactions without having to make announcements. There will also be cost savings. JP Jenkins will provide a matched bargains facility.
Allergy Therapeutics (AGY) says published data from its phase III G306 study for its grass allergen immunotherapy Grass MATA MPL shows a 20.3% improvement, which is much higher than for trials of other treatments. The treatment requires six injections rather than up to 100 injections and tablets of other treatments. The quality of life improves by 27.7%. A marketing authorisation application has been filed in Germany.
Totally (TLY) chief executive Wendy Lawrence has stepped down and the board is seeking a replacement for the healthcare services provider. This follows the trading statement at the end of the previous week when the company lost a contract. Totally is still expected to make a pre-tax profit of £700,000 for the year to March 2025, but Canaccord Genuity has cut its 2025-26 forecast from £1.6m to £700,000. Professor Prasad Godbole is interim chief executive, although he is not on the board.
MAIN MARKET
Helium and hydrogen explorer Georgina Energy (GEX) has paid the A$50,000 deposit to AIM-quoted Mosman Oil and Gas (MSMN) as part of the acquisition of the company that owns the EPA155 permit. This covers Mt Winter, where previous drilling has identified helium and hydrogen, along with natural gas. The final acquisition is dependent on government authorisation of the exploration permit. This will trigger the second payment of A$300,000. Seismic data is being reprocessed. At the Hussar project, the Environmental Impact Survey is being completed.
First Tin (1SN) says crushing test work at the Taronga tin project in Australia shows it is possible to obtain up to 89.5% up to 89.5% of the contained tin. The average is 87.1% across seven samples. Testing is ongoing.
Andrew Hore
ECR Minerals #ECR – Sale of surplus land now unconditional
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that the offer of A$225,000 for the sale of the Company’s surplus land at Brewing Lane in Victoria, Australia is now unconditional. This follows the purchaser successfully having obtained suitable financing, which was outlined as a condition to the proposed sale in the Company’s announcement on 21 November 2024. Cash settlement is anticipated to occur on or around 14 March 2025.
The monies raised from this sale will be utilised to accelerate the Company’s near-term exploration and operational activities, which in the near-term will focus on the Company’s Queensland projects at Blue Mountain and Lolworth. The sale of the surplus land was arranged directly with the purchaser and no agency commissions are payable.
Nick Tulloch, ECR’s Chairman, said: “The sale of our surplus land at Brewing Lane is part of our strategy to realise value from unused assets within ECR. The sale proceeds will be applied to our exploration and operational activities which in the near-term will focus on our Queensland projects at Blue Mountain and Lolworth.
“We are also continuing to progress the proposed sale of our subsidiary Mercator Gold Australia Pty Ltd. and the A$75 million of tax losses held by that company. As set out in more detail in the announcement of 13 February 2025, we remain in discussions with Octo Holdings Pty Ltd in this regard but with several other parties having registered their interest.”
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals Plc | Tel: +44 (0) 1738 317 693 | ||
| Nick Tulloch, Chairman
Andrew Scott, Director |
|||
| Email: | |||
| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
||
| 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
|
|||
| 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.
SCP Equity Research – Kasiya graphite refractory test results are excellent – A$1.65 (83p) price target maintained
Read the full SCO note here: 250219-scp-svm-graphite
#BRES Blencowe Resources PLC – Hydropower Study Confirms Sustainable, Low-Cost Power Supply for Orom-Cross
Blencowe Resources Plc (LSE: BRES) is pleased to announce the completion of an initial hydropower study for its Orom-Cross Graphite Project in Uganda. The study confirms the availability of abundant, low-cost, and renewable hydropower from the Ugandan national grid, providing a strategic advantage for the Project’s future mining and processing operations. This marks a major step towards Blencowe’s commitment to sustainability and its ambition to deliver a net-zero graphite operation.
Key Findings of the Hydropower Study
· Plentiful renewable energy: Two high-capacity power transmission spurs extend to the regional grid near to Orom-Cross, one from the Bujagali Hydroelectric Dam in Jinga and the other from the Isimba Hydroelectric Dam, both located on the Nile River. This ensures a reliable supply of renewable energy to Orom-Cross, including redundancy.
· Low Cost Advantage: Uganda’s hydropower tariffs are significantly lower than regional African comparisons, positioning Orom-Cross as one of the lowest-cost graphite producers globally.
· Ample Capacity: Uganda currently has over 1,000 MW of installed hydropower capacity, with additional hydro-projects underway. Orom-Cross’s power demand of 12MW (Phase 2) rising to 40MW at full production can be comfortably accommodated.
· Advancing towards Power Purchase Agreement (PPA): The Company is now working towards securing a long-term PPA with Uganda Electricity Transmission Company Limited (UETCL) to formalise the supply of low-cost hydroelectricity for the Project.
· Net-zero Potential: Access to 100% renewable energy for strengthens Blencowe’s ability to achieve net-zero production, making Orom-Cross one of the most environmentally responsible graphite projects globally, a critical factor for funding providers and offtake partners in Europe and North America.
Strategic Importance of Hydropower for Orom-Cross
Reliable, green, and cost-effective energy is a major advantage as Blencowe moves towards first production in 2026. Orom-Cross will require 12MW for Phase 2 commercial scale production, scaling to 40MW at full ramp up, making power a critical cost factor. The study reinforces confidence that Orom-Cross can operate with one of the lowest carbon footprints in the graphite sector, aligning with global ESG and sustainability standards.
Hydropower access strengthens Blencowe’s appeal to OEMs, battery manufacturers, and critical mineral end-users seeking to secure sustainable supply chains. It also enhances discussions with potential offtake and funding partners, particularly in Europe and North America where securing non-China supply is a priority.
Downstream Beneficiation
A key differentiator for Orom-Cross is Blencowe’s plan to develop a beneficiation facility near the Karuma Power Station, (190kms from site) in partnership with one of the most world’s leading SPG producers (“SPG Partner”). This facility will upgrade 96% small fines graphite concentrate to 99.95% SPG (spheronised purified graphite) significantly increasing value and returns.
A low-cost, high-capacity power source is essential for this process. Blencowe intends to leverage its SPG Partner’s proven thermal purification technology which requires considerable energy. This technology eliminates the need for acid leaching and avoids associated environmental concerns.
The availability of abundant, cost-effective hydropower makes this downstream processing strategy viable and highly competitive, reinforcing Orom-Cross’s position ahead as a premier graphite supplier.
Next Steps
Blencowe will continue discussions with UETCL and the Ugandan Government to finalise a PPA and integrate renewable energy planning into the ongoing Definitive Feasibility Study (DFS). Additional studies will be conducted to assess potential power demand scenarios as Orom-Cross scales up production.
Executive Chairman Cameron Pearce commented:
“Access to abundant, low-cost hydropower directly from Uganda’s national grid represents a major strategic advantage for Orom-Cross. This will enable us to operate sustainably with one of the lowest carbon footprints in the graphite sector while keeping production costs highly competitive.”
“We are committed to building one of the world’s most ESG-friendly graphite projects, and securing clean energy is a critical milestone towards that goal. With work now progressing to formalise a PPA, we are securing ensuring a long-term, sustainable power solution that aligns with our development timeline.”
Conclusion
The integration of hydropower into the Orom-Cross development plan underscores Blencowe’s strategic vision to establish a low-cost, high-purity, and net-zero graphite operation. As the Company advances its DFS and project financing discussions, securing sustainable energy further enhances Orom-Cross’s appeal to global investors, end-users
Blencowe remains focused on delivering a world-class graphite project with industry-leading sustainability credentials and looks forward to providing further updates as the PPA process advances.
Figure 1: Isimba Hydroelectric Power Station, Uganda
For further information please contact:
|
Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
|
|
Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
|
|
Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
|
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit. Blencowe completed a successful Pre-Feasibility Study on the Project in July 2022 and is now within the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead. Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.
In 3Q 2024 Blencowe introduced a Joint Venture concept with experienced downstream graphite processing partners to ultimately produce upgraded 99.95% SPG in Uganda. This strategy has several key advantages plus substantial cost savings which will assist deliver a world class project once DFS is completed.
#SVML Sovereign Metals LTD – Kasiya’s Graphite Suitable for Refractory Use
KASIYA’S GRAPHITE SUITABLE FOR REFRACTORY USE
|
· |
Kasiya graphite concentrate confirmed to meet or exceed all critical characteristics required for refractory applications |
|
· |
Refractories market is the second largest end-user of natural graphite (24%) after batteries sector (52%) |
|
· |
Refractories use coarser (larger) flake graphite products, which typically attract a premium over smaller flake-size products used in the batteries sector |
|
· |
In Q4 2024, graphite usable in refractories achieved prices up to US$1,193/t versus smaller flake graphite used in the batteries sector, which sold for US$564/t |
|
· |
Kasiya’s incremental cost of graphite production per the recently announced Optimised Prefeasibility results is US$241/t (FOB) |
|
· |
Leading German laboratories ProGraphite and Dorfner Anzaplan completed a comprehensive testwork program of Kasiya’s graphite concentrate |
|
· |
Results will be used for customer engagement and potential offtake discussions |
|
· |
Previous testwork has already confirmed that Kasiya’s graphite can produce outstanding battery anode material |
Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX: SVMLF) (Sovereign or the Company) is pleased to announce that testwork 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 refractory applications. The comprehensive testwork programs were completed by ProGraphite GmbH (ProGraphite) and Dorfner Anzaplan (DA) in Germany and demonstrated that Kasiya graphite concentrate contains very low sulphur levels and the absence of other impurities of concern, providing a competitive advantage over other current and potential sources of graphite supply.
Managing Director and CEO Frank Eagar commented: “The refractories market is the second largest end-user of natural graphite and requires larger, coarser graphite flakes with specific chemical and physical properties. We know that almost 70% of Kasiya’s graphite meets the size requirements for refractory applications. Today’s results confirm that our graphite product also meets or exceeds the key chemical and physical properties required to sell into the refractory market.
Combining these results with the excellent results for anode materials testing highlights the premium quality of Kasiya graphite concentrate and provides a very strong foundation for sales and marketing discussions.”
Kasiya Graphite Testwork Update
Sovereign has now completed testwork programs to confirm the suitability of graphite from Kasiya as a product for the two largest end-use markets for natural flake graphite i.e. refractory applications and anode material for use in lithium-ion batteries. Together, these two sectors account for over three-quarters of global natural graphite demand (see Figure 1).
Graphite products for refractory applications typically require larger flake sizes than the smaller graphite flake products used to produce battery anode materials. Larger flake size graphite products tend to attract significantly higher prices than smaller flake products.
In Q4 2024, Syrah Resources Limited (the world’s largest, publicly listed natural graphite producer outside of China) reported a price for smaller flake graphite concentrate to be used for battery anode production of US$564 per tonne (CIF) based on third-party sales. In December 2024, large flake graphite used in the refractory sector achieved prices of up to US$1,193/t (based on data from Benchmark Mineral Intelligence).
The incremental cost of producing a tonne of graphite from Kasiya under Sovereign’s recently announced Optimised Prefeasibility Study is US$241/t (see ASX announcement “Kasiya – Optimised PFS Results” dated 22 January 2025).
Figure 1: Uses of Graphite (Source: European Advanced Carbon and Graphite Association)
Refractory Application Testwork Results Summary
Flake graphite concentrate generated from Kasiya samples were tested for traditional, refractory applications at two leading European laboratories ProGraphite and DA, with the following findings:
|
Table 1: Graphite Requirements for Refractory Applications |
Kasiya Graphite |
|
High purity graphite concentrate with little impurities |
|
|
High grade, large flakes within graphite concentrate |
|
|
High melting temperature for flake ash residue after combusting graphite |
|
|
High oxidation resistance of graphite concentrate |
|
|
Low levels of volatiles in concentrate |
|
|
Low levels of problematic mineral impurities, including sulphur |
|
|
Low levels of “springback” from compression |
|
Customer Engagement and Offtakes
The global refractory market is an estimated €20 Billion worldwide industry and is the largest traditional market for natural flake graphite. Natural flake graphite is added to refractories to improve performance.
Refractories are used to line furnaces and vessels to support high-temperature processing across a wide range of industries, including iron and steel production, non-ferrous metals, cement and lime, glass, and chemicals.
According to the global leader in refractories, RHI Magnesita NV, steel production is the major consumer of refractories, accounting for 60% of global demand. Each tonne of steel requires approximately 10-15kg of refractories.
Other key companies in the refractories market include Vesuvius plc, Krosakai Harima Corporation, Puyang Refractories Group, Chosun Refractories Co, Imerys SA, Shinagwa Refractories, Saint-Gobain, Morgans Advanced Materials and Calderys.
The successful assessment of Kasiya coarse flake for refractory applications will be used for customer engagement and offtake discussions.
|
Enquires |
|
|
Frank Eagar, Managing Director & CEO South Africa / Malawi + 27 21 140 3190
Sapan Ghai, CCO London +44 207 478 3900 |
|
Nominated Adviser on AIM and Joint Broker |
|
|
SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
|
Ewan Leggat Charlie Bouverat |
|
|
|
|
|
Joint Brokers |
|
|
Stifel |
+44 20 7710 7600 |
|
Varun Talwar |
|
|
Ashton Clanfield |
|
|
|
|
|
Berenberg |
+44 20 3207 7800 |
|
Matthew Armitt |
|
|
Jennifer Lee |
|
|
|
|
|
Buchanan |
+ 44 20 7466 5000 |
Competent Person Statement
The information in this report that relates to Metallurgical Testwork is based on information compiled by Dr Surinder Ghag, PhD., B. Eng, MBA, M.Sc., who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Dr Ghag is engaged as a consultant by Sovereign Metals Limited. Dr Ghag has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Ghag consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Exploration Results is based on information compiled by Mr Malcolm Titley, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Titley consults to Sovereign Metals Limited and is a holder of ordinary shares and unlisted performance rights in Sovereign Metals Limited. Mr Titley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Titley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this announcement that relates to operating costs is extracted from an announcement dated 22 January 2025, which is available to view at www.sovereignmetals.com.au. Sovereign confirms that: a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions and technical parameters underpinning the Production Target, and related forecast financial information derived from the Production Target included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this presentation have not been materially modified from the original announcement.
Forward Looking Statement
This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Appendix 1: Detailed Refractory Application Testwork Results
High purity graphite concentrate with little impurities
Kasiya concentrate was determined to have high purity (98%) with no observable natural mineral impurities observed (see Figure 2). Talc, which is not an impurity of concern for refractory applications, was determined to be the minor impurity on analysis of the ash remaining from combusting the graphite.
Figure 2: Kasiya Flake Graphite SEM highlighting clean flakes
High grade, large flakes within graphite concentrate
Natural flake graphite for refractory applications requires high oxidation resistance. Particle size and grade are the two key determinants of oxidation resistance.
There are three different size fractions applicable to refractory graphite products: +300 microns, +180 microns and +150 microns. All three size fractions for Kasiya graphite concentrate demonstrate very high grade, highlighting coarse Kasiya flakes suitability for refractory applications.
|
Table 2: Size fraction analysis for Loss-on-Ignition (LOI) and Fixed Carbon Grade |
||
|
Sample |
LOI (%) |
Fixed Carbon (%) |
|
+300 microns |
98.69 |
98.50 |
|
+180 microns |
98.83 |
98.57 |
|
+150 microns |
98.75 |
98.49 |
High melting temperature for flake ash residue
Flake ash is the residue from combusting (burning) graphite. A high flake ash melting temperature is required for refractory applications.
Flake ash from coarse Kasiya flake (>180 microns) has a melting temperature of 1,373°C, above that for flake ash of commercial reference material (>1250°C), and hemisphere temperature of 1,393°C and flow temperature of 1,429°C (Figure 3) i.e. flake ash from coarse Kasiya concentrate exceeds the melting characteristics specification.
Figure 3: Flake ash from Kasiya coarse flake melting testing
High oxidation resistance of graphite concentrate
As reported in the Company’s ASX Announcement dated 21 November 2024, entitled “Positive Initial Test Results For Use Of Kasiya Graphite In Refractories”, and as expected from the high purity of Kasiya coarse fractions (Table 2), Kasiya’s coarse flake has excellent resistance to oxidation. ProGraphite had confirmed Kasiya coarse flake exhibits:
No oxidation below 400°C, only a 6.4% mass loss after four hours at 650°C, and a very low oxidation rate of 1.6% per hour at 650°C.
Comparative testing at DA showed that only a coarse commercial reference material (>300 microns) had a greater resistance than Kasiya coarse flake (>180 microns).
Low levels of volatiles in concentrate
DA measured volatiles content at 0.2%, which is comparable or better than commercial reference materials; ProGraphite measured volatile content at 0.19%-0.26% for various size fractions, significantly lower than what is considered “high volatiles content” at ~0.5% or higher.
High volatiles content can damage the refractory, indicating that Kasiya coarse flake meets this specification.
Low levels of problematic mineral impurities
Sulphur content was measured at 0.03% at DA, noting that Kasiya graphite sulphur levels are low compared to commercial reference material from other sources.
Calcium carbonates (calcite, dolomite) act as a flux, lowering the melting point of other minerals and releasing CO2 when exposed to high temperatures. Consequently, low levels are required in graphite used for refractory applications. Calcium carbonates were not detected in testing of Kasiya concentrate via a range of methods. Other alkalis (sodium, potassium) which can also be reactive in refractory applications were also at low levels.
Low levels of “springback” from compression
Springback is an assessment of the extent of graphite to increase its volume after compression. A low springback is preferred for shape retention e.g. in producing refractory bricks.
Springback of Kasiya graphite was observed to be low and in line with results from Chinese graphite’s, decreasing with particle size (see Table 3).
|
Table 3: Springback Analysis of Kasiya Coarse Fractions |
|
|
Sample |
Springback (%) |
|
+300 microns |
8.1% |
|
+180 microns |
9.2% |
|
+150 microns |
11.5% |
Conclusion
Testing of the broad range of criteria on the suitability of natural graphite concentrates for refractory applications confirmed that coarse Kasiya concentrate has the characteristics required for refractory applications – it has high purity, high oxidation resistance, high ash melting temperatures, low levels of volatiles, sulphur and calcium carbonates, and low springback.
Appendix 2: JORC CODE, 2012 EDITION – TABLE 1
SECTION 1 – SAMPLING TECHNIQUES AND DATA
|
Criteria |
JORC Code explanation |
Commentary |
|
Sampling Techniques |
Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
|
Metallurgical Composite Sample: The sample was a composite of 24 Hand Auger (HA) and Push Tube (PT) holes drilled in 2021 and 2022 in the Kingfisher pit. All drilling samples within the pit shell were added to the composite resulting in a sample of 2,498kg. Specifically, the composite sample consisted of selected rutile mineralised zones from holes, NSHA0009, 0010, 0056, 0060, 0061, 0074, 0119, 0311, 0343, 0344, 0345, 0350 and NSPT 0011, 0013, 0014, 0015, 0017, 0020, 0021, 0023, 0024, 0025, 0026, 0027. The following workflow was used to generate a pre-concentrate graphite feed at AML: · Wet screen at 2mm to remove oversize · Two stage cyclone separation at a cut size of 45µm to remove -45µm material · Pass +45µm -2mm (sand) fraction through Up Current Classifier (UCC) · Pass UCC O/F through cyclone at cut point of 45µm · Pass UCC O/F cyclone U/F (fine) over MG12 Mineral Technologies Spiral · Pass UCC U/F (coarse) over MG12 Mineral Technologies Spiral · Spiral cons are combined for further processing. Fine and coarse gravity tailing samples contain approximately 75%-80% of the graphite present in the feed sample. The majority of the graphite lost is contained in the -45µm fines. |
|
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
|
Placer Consulting (Placer) Resource Geologists have reviewed Standard Operating Procedures (SOPs) for the collection of HA and PT drill samples and found them to be fit for purpose. Drilling and sampling activities are supervised by a suitably qualified Company geologist who is present at all times. All bulk 1-metre drill samples are geologically logged by the geologist at the drill site. The primary metallurgical composite sample is considered representative for this style of mineralisation. |
|
|
Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.
|
HA drilling was used to obtain 1-metre samples. The bulk metallurgical sample was a composite of selected samples from routine resource drilling. Existing rutile and graphite exploration results were used to determine the 1-metre intervals suitable to contribute to the two bulk sample composites. |
|
|
Drilling Techniques |
Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face‐sampling bit or other type, whether core is oriented and if so, by what method, etc).
|
Hand-auger drilling is completed with 75mm diameter enclosed spiral bits with 1-metrelong steel rods. Each 1m of drill sample is collected into separate sample bags and set aside. The auger bits and flights are cleaned between each metre of sampling to avoid contamination. Placer has reviewed SOPs for hand-auger drilling and found them to be fit for purpose and support the resource classifications as applied to the MRE. |
|
Drill Sample Recovery |
Method of recording and assessing core and chip sample recoveries and results assessed.
|
The configuration of drilling and nature of materials encountered results in negligible sample loss or contamination. Samples are assessed visually for recoveries. Overall, recovery is good. Drilling is ceased when recoveries become poor generally once the water table has been encountered. Auger drilling samples are actively assessed by the geologist onsite for recoveries and contamination. |
|
Measures taken to maximise sample recovery and ensure representative nature of the samples.
|
The Company’s trained geologists supervise auger drilling on a 1 team 1 geologist basis and are responsible for monitoring all aspects of the drilling and sampling process.
|
|
|
Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
|
No bias related to preferential loss or gain of different materials has occurred. |
|
|
Logging |
Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies and metallurgical studies.
|
All individual 1-metre auger intervals are geologically logged, recording relevant data to a set template using company codes.
|
|
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
|
All logging includes lithological features and estimates of basic mineralogy. Logging is generally qualitative. |
|
|
The total length and percentage of the relevant intersection logged
|
100% of samples are geologically logged. |
|
|
Sub-sampling techniques and sample preparation |
If core, whether cut or sawn and whether quarter, half or all core taken.
|
Not applicable – no core drilling conducted.
|
|
If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. |
Primary individual 1-metre samples from all HA and PT holes drilled are sun dried, homogenised and riffle split.
|
|
|
For all sample types, the nature, quality and appropriateness of the sample preparation technique.
|
Metallurgical Composite Sample: 1-metre intervals selected for the 2,498kg metallurgical sample were divided into weathering units. MOTT and PSAP material were combined and homogenised in preparation for dispatch to Australian laboratory Intertek for TGC assay. Per Australian import quarantine requirements the contributing SOIL/FERP material from within 2m of surface was kept separate to undergo quarantine heat treatment at Intertek Laboratory on arrival into Australia. The two sub samples (SOIL/FERP and MOTT/PSAP) were then dispatched from Intertek to AML Laboratory (AML). AML sub-sampled and assayed the individual lithologies prior to combining and homogenising the sample in preparation for test-work. |
|
|
Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
|
The sample preparation techniques and QA/QC protocols are considered appropriate for the nature of this test-work.
|
|
|
Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
|
The sampling best represents the material in situ. |
|
|
Whether sample sizes are appropriate to the grain size of the material being sampled.
|
The sample size is considered appropriate for the nature of the test-work. |
|
|
Quality of assay data and laboratory tests |
The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. |
Metallurgical Composite Sample: The following workflow was used to generate a graphite product; o Coarse and fine rougher graphite flotation o Polishing grind of coarse and fine rougher graphite concentrate o Cleaner flotation of coarse and fine graphite o Cleaner concentrate sizing at 180µm o Regrind of separate +180µm/-180µm fractions o Three stage recleaner flotation of +180µm/-180µm fractions
|
|
For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
|
Acceptable levels of accuracy and precision have been established. No handheld methods are used for quantitative determination.
|
|
|
Nature of quality control procedures adopted (e.g. standards, blanks, duplicate, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
|
Acceptable levels of accuracy and precision have been established in the preparation of the bulk sample composites. |
|
|
Verification of sampling & assaying |
The verification of significant intersections by either independent or alternative company personnel.
|
No drilling intersections are being reported. |
|
The use of twinned holes.
|
No twin holes completed in this program.
|
|
|
Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. |
All data was collected initially on paper logging sheets and codified to the Company’s templates. This data was hand entered to spreadsheets and validated by Company geologists.
|
|
|
Discuss any adjustment to assay data.
|
No adjustment to assay data has been made.
|
|
|
Location of data points |
Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
|
A Trimble R2 Differential GPS is used to pick up the collars. Daily capture at a registered reference marker ensures equipment remains in calibration. No downhole surveying is completed. Given the vertical nature and shallow depths of the holes, drill hole deviation is not considered to significantly affect the downhole location of samples. |
|
Specification of the grid system used. |
WGS84 UTM Zone 36 South. |
|
|
Quality and adequacy of topographic control. |
DGPS pickups are considered to be high quality topographic control measures. |
|
|
Data spacing & distribution |
Data spacing for reporting of Exploration Results. |
Metallurgical Composite Sample: The hand-auger holes contributing to this metallurgical were selected from pit area Kingfisher and broadly represent early years of mining as contemplated in the OPFS (Approximately the first three years).
It is deemed that these holes should be broadly representative of the mineralisation style in the general area.
|
|
Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. |
Not applicable, no Mineral Resource or Ore Reserve estimations are covered by new data in this report. |
|
|
Whether sample compositing has been applied. |
Metallurgical Composite Sample: The sample was composited as described under Sampling Techniques in this Table.
|
|
|
Orientation of data in relation to geological structure |
Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known considering the deposit type
|
No bias attributable to orientation of sampling has been identified. |
|
If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
|
All holes were drilled vertically as the nature of the mineralisation is horizontal. No bias attributable to orientation of drilling has been identified. |
|
|
Sample security |
The measures taken to ensure sample security |
Samples are stored in secure storage from the time of drilling, through gathering, compositing and analysis. The samples are sealed as soon as site preparation is complete.
A reputable international transport company with shipment tracking enables a chain of custody to be maintained while the samples move from Malawi to Australia or Malawi to Johannesburg. Samples are again securely stored once they arrive and are processed at Australian laboratories. A reputable domestic courier company manages the movement of samples within Perth, Australia.
At each point of the sample workflow the samples are inspected by a company representative to monitor sample condition. Each laboratory confirms the integrity of the samples upon receipt. |
|
Audits or reviews |
The results of any audits or reviews of sampling techniques and data
|
It is considered by the Company that industry best practice methods have been employed at all stages of the exploration.
Malawi Field and Laboratory visits have been completed by Richard Stockwell in May 2022. A high standard of operation, procedure and personnel was observed and reported.
|
SECTION 2 – REPORTING OF EXPLORATION RESULTS
|
Criteria |
Explanation |
Commentary |
|
Mineral tenement & land tenure status |
Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environment settings. |
The Company owns 100% of the following Exploration Licences (ELs) under the Mines and Minerals Act 2019 (Malawi), held in the Company’s wholly-owned, Malawi-registered subsidiaries: EL0609, EL0582, EL0492, EL0528, EL0545, EL0561, EL0657 and EL0710.
A 5% royalty is payable to the government upon mining and a 2% of net profit royalty is payable to the original project vendor.
No significant native vegetation or reserves exist in the area. The region is intensively cultivated for agricultural crops. |
|
The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
The tenements are in good standing and no known impediments to exploration or mining exist. |
|
|
Exploration done by other parties
|
Acknowledgement and appraisal of exploration by other parties. |
Sovereign Metals Ltd is a first-mover in the discovery and definition of residual rutile and graphite deposits in Malawi. |
|
Geology |
Deposit type, geological setting and style of mineralisation |
The rutile deposit type is considered a residual placer formed by the intense weathering of rutile-rich basement paragneisses and variable enrichment by eluvial processes.
Rutile occurs in a mostly topographically flat area west of Malawi’s capital, known as the Lilongwe Plain, where a deep tropical weathering profile is preserved. A typical profile from top to base is generally soil (“SOIL” 0-1m) ferruginous pedolith (“FERP”, 1-4m), mottled zone (“MOTT”, 4-7m), pallid saprolite (“PSAP”, 7-9m), saprolite (“SAPL”, 9-25m), saprock (“SAPR”, 25-35m) and fresh rock (“FRESH” >35m).
The low-grade graphite mineralisation occurs as multiple bands of graphite gneisses, hosted within a broader Proterozoic paragneiss package. In the Kasiya areas specifically, the preserved weathering profile hosts significant vertical thicknesses from near surface of graphite mineralisation. |
|
Drill hole information |
A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northings of the drill hole collar; elevation or RL (Reduced Level-elevation above sea level in metres of the drill hole collar); dip and azimuth of the hole; down hole length and interception depth; and hole length |
All intercepts relating to the Kasiya Deposit have been included in public releases during each phase of exploration and in this report. Releases included all collar and composite data and these can be viewed on the Company website. There are no further drill hole results that are considered material to the understanding of the exploration results. Identification of the broad zone of mineralisation is made via multiple intersections of drill holes and to list them all would not give the reader any further clarification of the distribution of mineralisation throughout the deposit.
|
|
If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case |
No information has been excluded. |
|
|
Data aggregation methods |
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high-grades) and cut-off grades are usually Material and should be stated. |
No data aggregation was required. |
|
Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. |
No data aggregation was required. |
|
|
The assumptions used for any reporting of metal equivalent values should be clearly stated. |
Not applicable |
|
|
Relationship between mineralisation widths & intercept lengths |
These relationships are particularly important in the reporting of Exploration Results. |
The mineralisation has been released by weathering of the underlying, layered gneissic bedrock that broadly trends NE-SW at Kasiya North and N-S at Kasiya South. It lies in a laterally extensive superficial blanket with high-grade zones reflecting the broad bedrock strike orientation of ~045° in the North of Kasiya and 360° in the South of Kasiya. No drilling intercepts are being reported. |
|
If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. |
The mineralisation is laterally extensive where the entire weathering profile is preserved and not significantly eroded. Minor removal of the mineralised profile has occurred where alluvial channels cut the surface of the deposit. These areas are adequately defined by the drilling pattern and topographical control for the resource estimate. |
|
|
If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’. |
No drilling intercepts are being reported. |
|
|
Diagrams |
Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of the drill collar locations and appropriate sectional views. |
In exploration results and plan view for the samples used in relation to the metallurgical composite test work conducted in this announcement, are included in Sovereign’s announcements dated 30 March 2021, 18 August 2021 and 15 March 2022.
These are accessible on the Company’s and on the ASX websites. |
|
Balanced reporting |
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of exploration results. |
All results are included in this report and in previous releases. These are accessible on the Company’s webpage. |
|
Other substantive exploration data |
Other exploration data, if meaningful and material, should be reported including (but not limited to: geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
Limited lateritic duricrust has been variably developed at Kasiya, as is customary in tropical highland areas subjected to seasonal wet/dry cycles. Lithological logs record drilling refusal in just under 2% of the HA/PT drill database. No drilling refusal was recorded above the saprock interface by AC drilling. Sample quality (representivity) is established by geostatistical analysis of comparable sample intervals.
|
|
Further work |
The nature and scale of planned further work (e.g. test for lateral extensions or depth extensions or large-scale step-out drilling). |
Having recently completed an OPFS, the Company is working towards completing a definitive feasibility study. |
|
Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
Refer to diagrams disclosed previous releases. These are accessible on the Company’s website as discussed above. |
#AYM Anglesey Mining Plc – Anglesey and RheEnergise Partner to Explore Underground Energy Storage at Parys Mountain Mine, through the Rehabilitation of the Existing 300m Deep Morris Shaft.
Anglesey Mining plc and RheEnergise Partner to Explore Underground Energy Storage at Parys Mountain Mine, through the Rehabilitation of the Existing 300m Deep Morris Shaft
Anglesey Mining and RheEnergise are pleased to announce the signing of a memorandum of understanding (MOU) to explore the potential deployment of RheEnergise’s innovative High-Density Hydro® (HD Hydro) energy storage technology at the Parys Mountain mine site. The collaboration aims to provide an energy storage solution to support existing and planned renewable energy projects on the Isle of Anglesey and also a reliable source of clean energy for future mining and mineral processing operations. High-Density Hydro® (HD Hydro) energy storage is based on traditional pumped energy storage technology but rather than using water, a high-density fluid which is 2.5 x more dense than water is used in a closed loop. This technology requires 2.5 x less elevation than water-based systems for a given output and installations would also be correspondingly smaller and cheaper.
The MOU outlines the two companies’ intention to jointly investigate the feasibility of utilising the modern 300-meter-deep Parys Mountain Morris Shaft to host a hydro-energy storage project. This initiative would not only demonstrate the capabilities of RheEnergise’s HD Hydro technology in an operational environment but also facilitate the redevelopment of the underground mine at Parys Mountain.
The initial focus of the collaboration will be on conducting a comprehensive scoping study to assess the technical and economic viability of the proposed project. This will involve evaluating the potential environmental impacts and identifying any necessary permits or regulatory approvals.
The parties have agreed to work together to secure non-dilutive funding to support the project through the various stages of development, from feasibility study to construction and commissioning, including de-watering of the Morris shaft.
” RheEnergise has shown that it is able to deliver demonstration projects here in the UK,” said Rob Marsden, Chief Executive of Anglesey Mining. “The infrastructure and mothballed assets at Parys Mountain provide an ideal site at which to place a commercial scale plant. Anglesey Mining is focused on delivering a polymetallic underground mine at Parys Mountain. Securing a source of consistent green power on site while benefiting from the synergies between deployment of the technology and establishing a presence back underground at Parys Mountain is key to the strategy of de-risking the incremental development of the mine.”
“We are delighted to have the opportunity to work with Anglesey Mining on this groundbreaking project,” said Stephen Crosher, Chief Executive of RheEnergise. “The Parys Mountain site presents a unique opportunity to demonstrate the versatility and scalability of our HD Hydro technology. We believe that this project will serve as a model for future deployments of energy storage solutions at mine sites around the world.”
About Anglesey Mining
Anglesey Mining is a leading mineral exploration company focused on the development of the Parys Mountain polymetallic deposit in Wales. The company is committed to sustainable mining practices and seeks to minimize its environmental impact while maximizing the economic benefits of its operations.
Anglesey Mining is traded on the AIM market of the London Stock Exchange and currently has 461,593,017 ordinary shares in issue.
Anglesey Mining is developing the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in North Wales, UK with a reported resource of 5.3 million tonnes at over 4.0% combined base metals in the Measured and Indicated categories and 10.8 million tonnes at over 2.5% combined base metals in the Inferred category.
Anglesey Mining also holds a 49.8% interest in the Grängesberg iron ore project in Sweden and 11.9% of Labrador Iron Mines Holdings Limited, which through its 52% owned subsidiaries, is engaged in the exploration and development of direct shipping iron ore deposits in Labrador and Quebec.
About RheEnergise
RheEnergise is an innovative energy storage company pioneering the development of High-Density Hydro® technology. The company’s mission is to provide cost-effective and sustainable energy storage solutions that can help accelerate the transition to a low-carbon economy.
How the HD Hydro system works: at times of low energy demand, with associated low costs, the High-Density Fluid R-19™ is pumped uphill between storage tanks (buried underground). The storage tanks are connected by underground pipes. As energy prices rise, the benign fluid is released downhill and passes through turbines, generating electricity to supply power to the grid. Projects will range from 5MW to 100MW of power and can work with vertical elevations as low as 100m or less. It means that, unlike conventional pumped hydro energy storage, a RheEnergise HD Hydro system can operate beneath small hills rather than mountains; the system requires 2½ times less vertical elevation. It also means that there are many more sites suitable for RheEnergise projects – in the UK and across the world.
RheEnergise’s analysis of potential project opportunities has indicated that there are c6500 site opportunities in the UK, c115,000 in Europe, c345,000 in North America and c500,000 in Africa and the Middle East.
In November 2022, RheEnergise was awarded a UK £8.25m small business research initiative (SBRI) contract from the UK Government’s Net Zero Innovation Portfolio (NZIP) to deploy a first-of-a-kind demonstrator at a site near Plymouth, Devon.
For further information
RheEnergise – www.rheenergise.com / LinkedIn @rheenergise
Stephen Crosher, Chief Executive: sc@rheenergise.com
Philippa Rogers, Communications Manager: 07971 269559 / pr@rheenergise.com
Anglesey Mining plc – www.angleseymining.co.uk
Rob Marsden, CEO: 07531 475111 / rob.marsden@angleseymining.co.uk
Anglesey Mining plc
Rob Marsden, Chief Executive Officer – Tel: +44 (0)7531 475111
Andrew King, Chairman – Tel: +44 (0)7825 963700
Davy – Nominated Adviser & Joint Corporate Broker
Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363
Zeus Capital Limited – Joint Corporate Broker
Katy Mitchell / Harry Ansell – Tel: +44 (0)161 831 1512
Quoted Micro 17 February 2025
AQUIS STOCK EXCHANGE
Music management and event promotion company All Things Considered (ATC) more than doubled 2024 revenues to £50m and EBITDA was £1.5m. Growth is coming from adding managers and new clients, plus acquisitions. Further acquisitions are planned. An agreement has been reached to take the stake in livestreaming platform Driift from 32.5% to 100%. All Things Considered is assessing a move to an unspecified London Stock Exchange market.
Broker and investment manager Oberon Investments Group (OBE) has raised £2.5m in an oversubscribed placing at 4.5p/share. The cash will be used to accelerate growth, particularly in the broking business, which is expected to increase revenues by more than 50% in the current year. Mergers among larger broker provide potential to add to clients. There are also opportunities to add teams of investment and wealth managers. The Oberon AIM VCT (OVCT) is trying to raise a further £5m, plus over-allotment facility of £3.4m. Oberon Investments gets a fee based on the amount subscribed.
Cardiogeni (CGNI) has signed a memorandum of understanding with the private office of Sheikh Al Qassimi for funding of clinical trials. A joint venture will be formed, and it will receive £20m over a period up to 2027 to complete research and clinical trials in the UAE. There will be an initial cash injection of £5m. The cash will fund phase 2b/3 clinical trials and commercialisation of Cardiogeni’s heart failure treatments. The deal could be signed by the end of March 2025.
In the year to January 2025, EPE Special Opportunities (EO.P) NAV edged up to 328p/share. That includes cash of £11m. Trading was tough for all of the businesses in the portfolio. Investee company Whittard of Chelsea increased like-for-like sales by 6%. Pharmacy2U also grew organically and acquired a business in the pet care market.
ChallengerX (CXS) has entered into conditional agreements to acquire NYCE International for £1.6m, Virya VC for £280,000 and an instance of Reelsof AB’s remote gaming software and game aggregation platform for £160,000. These payments will be satisfied by the issue of 510 million shares at 0.4p each. There will also be a £600,000 fundraising. Virya founder Farzad Peyman will be appointed chief executive and NYCE founder Harmen Brenninkmeijer will become executive chairman.
Marula Mining (MARU) has signed the first copper sales agreement for the Kinusi copper mine with a European commodity trader. The initial delivery is 250 tonnes of copper concentrate based on 20% copper grade. The income is linked to the LME copper price with additional payments for gold and silver content. The first revenues should be received in this quarter. After successfully delivery, there will be more each month that will total up to 1,000 tonnes. There are three other potential offtake agreements. Kinui has reached a milestone, so $200,000 of shares have been issued to Takela Mining Tanzania at 6p each. Marula Mining has also paid the final consideration of £625,000 for Northern Cape Lithium and Tungsten in the form of 20.83 million shares at 6p each. Modifications to the plant at the Kilifi processing plant in Kenya should be completed in the second quarter. As part of the drawdown agreement, AUO Commercial Brokerage has subscribed for £500,000 worth of shares at 3.75p/share.
Valereum (VLRM) is not proceeding with the £2m option agreement with Blue Sky Ventures. Blue Sky was going to subscribe for shares at 10p each. It was previously announced that the option had been exercised. The proposed subscription may be taken on by another investor.
Inteliqo Ltd (IQO) wants to cancel the admission to the Aquis Stock Exchange. Inteliqo has been developing and marketing the Langaroo app for a client. It wants to save the costs of the quotation. Trading could end on 14 March if shareholders agree at the general meeting on 27 February.
Early-stage businesses investor MaxRets Ventures (MAX) is also seeking shareholder approval at a general meeting on 4 March to leave the Aquis Stock Exchange. There has been limited liquidity in the shares, and it can be difficult to trade. It has not been possible to raise additional cash.
Ormonde Mining (ORM) has secured three-year renewals for two gold exploration licences in Zamora Province in western Spain. Ormonde Mining plans to acquire the other 51.3% interest in the licences from AIM-quoted cyber security company Shearwater Group (SWG) for five million shares. That is a discount to the implied book value.
EDX Medical (EDX) has appointed Martin Walton as deputy chair. He has worked for other life sciences companies, including former AIM company ReNeuron.
One Heritage Property Development has reduced its stake in Zentra Group (ZNT) from 65.2% to 53.8% and Jason Upton, a director of the company, has raised his shareholding from 3.5% to 14.85%.
DXS International (DXSP) chairman Bob Sutcliffe bought 60,000 shares at 2.89p each, taking his stake to 2.08%. Gowin New Energy Group (GWIN) director Chen Chih-Lung has been transferred 9.73 million shares by Choice Only International Ent Co at a price of 0.00012894p each.
Investment Evolution Credit (IEC) has appointed Oberon as broker.
ASSET MATCH
The i-nexus Global (INX) auction has closed, and 49,220 shares were traded at 1.5p each.
AIM
Agricultural products supplier Wynnstay (WYN) reported a small dip in gross profit for the year to October 2024, but higher energy and labour costs meant that pre-tax profit reduced from £10.3m to £7.6m. Higher prices for milk and other agricultural products provide a more favourable background for this year. Even after a £600,000 National Insurance cost increase, pre-tax profit is expected to recover to £8.5m this year. A three-year programme called project Genesis will help to improve efficiency and there will be investment in additional feed capacity.
Cavendish has upgraded Filtronic (FTC) due to another contract from SpaceX. The 2024-25 pre-tax profit estimate has been raised from £11.5m to £11.9m, while the 2025-26 figure has been edged up from £8m to £8.3m. This £16.8m order is part of the framework agreement to supply technology for the Starlink Low Earth Orbit satellite network.
Specialist staffing provider Gattaca (GATC) has offset a small decline in net fee income in the first half through cost control. This is a better performance than the sector. Interim net fee income is 3% lower at £18m following a 10% decline in permanent net fee income. There are signs of recovery in permanent net fee income. Interim pre-tax profit is likely to be flat at £800,000. The full year pre-tax profit forecast is £3m. The forecast dividend of 3.1p/share should be twice covered by earnings.
Distribution Finance Capital Holdings (DFCH) has received authorisation from the FCA to conduct consumer lending. The core business is providing finance to distributors and manufacturers. The new retail products should be launched by the end of the first half of 2025. They can be offered through dealers that already work with the company.
Lord Ashcroft is trying to remove another of his companies from AIM. A general meeting has been requisitioned at wine maker Gusbourne (GUS), where he owns 66.8%. Talks with potential acquirers have ended and the strategic review has been terminated. This follows Lord Ashcroft’s success in getting Merit Group and Jaywing to leave AIM.
Genetics company GENinCode (GENI) is raising £4m at 3.7p/share and a retail offer could raise up to £500,000 more. The retail offer closes on 17 February at 5pm. There will be £1.5m set aside for commercialising its diagnostic products in the US. The US regulatory and reimbursement programmes will be completed. There will also be cash spent on expansion in the UK and the EU. There could be other funding options, such as partnerships and distribution agreements. Lipid inCode and Cardio inCode are the two main products. Lipid inCode diagnoses family hypercholesterolemia, which has a low rate of diagnosis with four-fifths of sufferers estimated to be undiagnosed. Cardio inCode focuses on genetic risk.
Optimisation software provider Checkit (CKT) has agreed a merger with Crimson Tide (TIDE). Shareholders will receive six Checkit shares for each Crimson Tide share. This ratio is based on the relative annual recurring revenues of each company. Checkit has been interested in a merger for four years and an indicative offer was made and rejected. Following the decision of Ideagen last July not to make a cash bid for Crimson Tide the two companies commenced discussions. The deal will increase the scale of the workflow management business. The Checkit chief executive and finance directors will remain in their roles. Crimson Tide was valued at £6.5m (99p/share) at the Checkit closing price last Monday.
Healthcare services provider Totally (TLY) has lost the NHS 111 Resilience support contract. The 12-month contract was worth around £13m and it ends on 15 February. This is due to the ending of national services for excess demand. Totally is still expected to make a pre-tax profit of £700,000 for the year to March 2025, but Canaccord Genuity has cut its 2025-26 forecast from £1.6m to £700,000. The 10-year government plan for the NHS should be published in the spring.
Medical imaging technology developer IXICO (IXI) announced the completion of the analysis of more than 6,000 images within its Huntington’s disease patient MRI datasets. This puts IXIXO in a strong position to be selected as a contract research organisation on Huntingdon’s disease clinical trials. This is part of the Huntington’s Disease Imaging Harmonisation consortium. This data should identify imaging biomarkers. This will help with improving clinical trial design, patient selection and drug development. IXICO has 25 clinical trials in its order book and ten of them are for Huntington’s disease. They account for 50% of the order book that was worth £15.4m at the end of September 2024. Globally, there are a total of 58 active Huntington’ disease clinical trials.
Avingtrans (AVG) subsidiary Booth Industries has won a £4.5m contract to supply pressure rated fire doors to HS2. These doors provide access to railway tunnels in emergencies. Booth Industries already had a £36m contract with HS2 for cross-tunnel sliding doors that seal off passageways between tunnels. Production for the latest contract is not expected to start until the year to May 2027. Interim results are due to be published on 26 February.
Serinus Energy (SENX) has won a legal case against the Romanian tax authorities over VAT refunds. The company has been awarded a VAT refund of $1.73m for 2018 and 2019, as well as interest of $750,000. This has to be paid within 45 days. The Romanian operation is loss-making, but there are gas projects that could be developed. The 2024 results are due to be published in March and there should be news concerning how the money will be invested in the business.
Empire Metals (EEE) has achieved a 91% extraction rate of titanium dioxide at the Pitfield project in Western Australia. The test work results suggest that the processing method is straightforward. Development of the processing flowsheet is continuing, and further refining could increase recovery. The main titanium-bearing minerals are anatase and rutile.
Surveillance technology developer Thruvision (THRU) says potential contracts have been delayed. This means expected 2024-25 revenues will be between £5m and £6m. The previous expectation was £9m. Cash should last until May and talks have commenced with potential acquirers or providers of additional cash.
Surgical instruments manufacturer Surgical Innovations (SUN) has returned to profit in the second half of 2024, although the full year loss could still be £300,000. Trading was broadly in line with expectations. Net debt was £300,000 at the end of 2024. Brent Greetham has been appointed as finance director. The business restructuring of the business will benefit the 2025 figures.
Wound healing technology developer AOTI Inc (AOTI) says 2024 revenues will be in excess of $58.1m, up from $43.9m. The Veterans Association accounted for less than three-fifths of revenues as new markets are developed, and they will become increasingly important. However, payments are slower. The full figures will be published on 26 April. Growth is expected to be more than 30% in 2025.
Strategic Minerals (SML) has identified additional mineralisation at the Redmoor tungsten and copper project in Cornwall. This will add to a future update of the mineral resource estimate, which is six years old. The total inferred resource was 11.7 million tonnes at 0.82% tungsten equivalent. Further drill core from 2017 will be relogged to support the remodelling of the deposit.
MAIN MARKET
Fintech Asia has completed the reverse takeover of Mongolia-based ICFG and changed its name to ICFG Ltd (ICFG). The payment was 177.84 million shares at a valuation of 64p each, which was higher than the market price. The main subsidiary InvestCore NBFI is listed on the Mongolian Stock Exchange, but ICFG owns more than 80%. This subsidiary has operations in Mongolia and Kyrgystan and is opening additional operations in Kazakhstan and Uzbekistan. There are plans to open up in other countries in Asia. Investment in software and AI helps ICFG to be competitive. Other operations include investment banking and property investment. Trading in the shares resumed and the share price ended the week at 50.5p.
ACG Metals (ACG) is planning a cash tender offer for 30% of warrants in issue. The offer is 50 cents for each warrant. It already announced an offer for the other 70% of warrants of 0.1 of a share for each warrant. Both tenders close on 28 February. The Gediktepe mine increased gold equivalent production by 49% to 57,000 ounces. Costs fell 2% to less than $1,150/ounce.
Shares in royalty company Cloudbreak Discovery (CDL) returned from suspension following publication of the accounts for the year to June 2024.
Andrew Hore
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covers #ONDO, #GFIN, #OTB, #OMI, #IMM & #EGT
On this week’s Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn, we discuss:
Ondo Insurtech #ONDO
Gfinity #GFIN
On The Beach #OTB
Orosur Mining #OMI
Immupharma #IMM
European Green Transition #EGT