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#GRX GreenX Metals LTD – Notice of AGM
GreenX Metals Limited (GreenX or the Company) advises that its Annual General Meeting (Meeting) will be held on Wednesday, 22 November 2024 at 2:00pm (AWST) at the Conference Room, Ground Floor, 28 The Esplanade, Perth, Western Australia 6000.
In accordance with 110D of the Corporations Act 2001 (Cth), the Company will not be dispatching physical copies of the Notice of Meeting (unless a shareholder has elected to receive documents in hard copy in accordance with the timeframe specified in section 110E(8) of the Corporations Act 2001 (Cth)).
A copy of the Notice of Meeting can be viewed and downloaded online as follows:
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the Company’s website: https://greenxmetals.com/investors/announcements/. |
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the Company’s ASX Market announcements page at www.asx.com.au under the Company’s ASX code “GRX”; or |
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if you have provided an email address and have elected to receive electronic communications from the Company, you will receive an email to your nominated email address with a link to an electronic copy of the Notice of Meeting. |
The Company intends to hold a physical meeting. The Company will notify shareholders of any changes to this by way of an announcement and the details will also be made available on our website.
The Notice of Meeting is important and should be read in its entirety. If you are in doubt as to the course of action you should follow, you should consult your stock broker, investment advisor, accountant, solicitor or other professional adviser.
You may also, prior to the Meeting, obtain a paper copy of the Notice of Meeting (free of charge) by contacting the Company Secretary on +61 8 9322 6322 or by sending an email to info@greenxmetals.com.
Holders of Depositary Interests should complete and sign a separate Form of Instruction and return it by the time and in accordance with the instructions set out in the Form of Instruction. Holders on the Warsaw Stock Exchange should contact their brokers to submit their vote for the Meeting. Holders of Depositary Interests and holders on the Warsaw Stock Exchange will not be eligible to vote in person at the Meeting.
How do I update my communications preferences?
Shareholders can still elect to receive some or all of their communications in physical or electronic form or elect not to receive certain documents such as annual reports. To review your communications preferences, or sign up to receive your shareholder communications via email, please update your communication preferences with Computershare at https://www-au.computershare.com/Investor/#Home or contact your broker.
ISSUE OF SHARES
GreenX Metals Limited (GreenX or the Company) has today issued 382,636 ordinary fully paid shares (of no par value) (Shares) following completion of the amended option agreement for the Eleonore North gold project in Greenland (refer to company announcement dated 15 July 2024 for further details).
An application will be made for admission of the Shares to the standard listing segment of the Official List of the FCA (Official List) and to trading on the main market of the London Stock Exchange for listed securities (LSE Admission). LSE Admission is expected to take place on or around 25 October 2024.
For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (DTRs), following LSE Admission, the Company’s issued ordinary share capital will be 279,883,668 ordinary shares. The above figure of 279,883,668 may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company following LSE Admission.
Following the issue of Shares, GreenX has the following securities on issue:
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279,883,668 ordinary fully paid shares; |
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4,775,000 unlisted options exercisable at A$0.45 each on or before 30 November 2025; |
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5,525,000 unlisted options exercisable at A$0.55 each on or before 30 November 2026; and |
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11,00,000 performance rights that have an expiry date of 8 October 2026. |
Enquiries:
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GreenX Metals Limited |
Tel: +61 8 9322 6322 |
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Dylan Browne, Company Secretary |
Email: info@greenxmetals.com |
#SVML Sovereign Metals LTD – Result of Meeting
A General Meeting (AGM) of Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML, OTCQX:SVMLF) was held today, 12 September 2024, at 10.00am (AWST).
The resolutions voted on were in accordance with the Notice of Meeting previously advised to the Australian Securities Exchange (ASX) and shareholders. All resolutions were decided on and carried by way of poll.
In accordance with Section 251AA of the Corporations Act 2001 and ASX Listing Rule 3.13.2, the details of the poll and proxies received in respect of each resolution are set out below.
Classification 3.1 Additional regulated information required to be disclosed under the laws of a Member State
ENQUIRIES
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Dylan Browne Company Secretary info@sovereignmetals.com |
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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 |
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Resolution |
Number of Proxy Votes |
Number and Percentage of Votes cast on the Poll |
Voting Method and Result |
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For |
Against |
Abstain |
Proxy’s Discretion |
For |
Against |
Abstain |
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1. Issue of Advisory Shares |
33,758,103 |
49,000 |
– |
2,233,818 |
49,649,439 |
49,000 |
– |
Carried on vote by poll |
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2. Issue of Performance Rights to a Director – Mr Benjamin Stoikovich |
8,211,814 |
1,771,219 |
23,824,070 |
2,233,818 |
10,545,632 |
1,771,219 |
37,381,588 |
Carried on vote by poll |
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3. Issue of Performance Rights to a Director – Mr Frank Eagar |
8,744,733 |
1,771,219 |
23,291,151 |
2,233,818 |
11,078,551 |
1,771,219 |
36,848,669 |
Carried on vote by poll |
First Class Metals #FCM – Holding(s) in Company
Andrew Paul Greenhalgh now holds 2,493,815 shares (3.04%) of the Company
TR-1: Standard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii: |
First Class Metals PLC |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify) iii: |
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3. Details of person subject to the notification obligation iv
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Name |
Andrew Paul Greenhalgh |
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City and country of registered office (if applicable) |
N/A |
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4. Full name of shareholder(s) (if different from 3.) v |
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Name |
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City and country of registered office (if applicable) |
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5. Date on which the threshold was crossed or reached vi: |
18/06/2024 |
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6. Date on which issuer notified (DD/MM/YYYY): |
02/07/2024 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights held in issuer (8.A + 8.B) vii |
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Resulting situation on the date on which threshold was crossed or reached |
3.04 |
N/A |
3.04 |
2,493,815 |
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Position of previous notification (if applicable) |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rights ix |
% of voting rights |
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Direct (DTR5.1) |
Indirect (DTR5.2.1) |
Direct (DTR5.1) |
Indirect (DTR5.2.1) |
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GB00BPJGTF16 |
2,493,815 |
3.04% |
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SUBTOTAL 8. A |
3.04% |
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B 1: Financial Instruments according to DTR5.3.1R (1) (a) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash Settlement xii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii |
x |
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Full chain of controlled undertakings through which the voting rights and/or the |
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Name xv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
N/A |
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The number and % of voting rights held |
N/A |
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The date until which the voting rights will be held |
N/A |
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11. Additional information xvi |
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Place of completion |
Carlisle, United Kingdom |
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Date of completion |
02/07/2024 |
#BRES Blencowe Resources PLC – Subscription & Conditional Subscription – Replace
New Investor
The Company is pleased to report it has raised US$500,000 (£392,350) at 5 pence per share with a specialist African-based investor (“African Investor”) through the issue of 7,847,000 new ordinary shares. The investor has undertaken extensive due diligence over the last four months and the current investment is viewed as an initial entry into the project ahead of anticipated further investment as required. The shares have been issued to the African Investor under the Company’s existing headroom.
Additional Investor and the Issue of a Prospectus
In addition, the Company has conditionally raised a further £2,500,000 at 5 pence resulting in the issue of 50,000,000 new ordinary shares to an additional strategic investor (“Strategic Investor”). The Company is required to publish a prospectus on the basis that it will be issuing more than 20% of its issued share capital in a 12-month period. The Company and its advisers are in advanced stages of finalising the prospectus. The Company anticipates publishing the prospectus this month and will update shareholders prior to its publication.
Conditional Subscription
The Strategic Investor has received investment committee approval and made a firm commitment to subscribe. The subscription by the Strategic Investor is subject to the Company issuing the prospectus, a general meeting by the Company to approve certain resolutions relating to the issue of new ordinary shares, settlement of the investment and the issue and allotment of the new ordinary shares.
For the avoidance of doubt, the subscription by the African Investor is firm and not contingent on any investment by the Strategic Investor. The subscription funds have been received from the African Investor and the Company shall apply for the new ordinary shares to commence trading.
Admission
An application has been made for 7,847,000 new ordinary shares to be admitted to trading on the official list and the London Stock Exchange from 8.00 a.m. on Monday 12 February 2024 (“Admission”).
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, the Company confirms that following Admission, the Company’s enlarged issued ordinary share capital will comprise 217,226,950 Ordinary Shares. The Company does not hold any Ordinary Shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to 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 and Transparency Rules.
Mike Ralston, CEO of Blencowe Resources, commented:
‘I am pleased to provide this positive update with respect to our fundraising initiatives. As previously reported, we have already received US$2,000,000 in grant funding from the US International Development Finance Corporation (“DFC”) out of their approved US$5,000,000 grant. A further US$1,000,000 is expected from the DFC in the near term as the next milestones have been met.
We now welcome a new specialist African investor to the register following the fundraise of US$500,000 at 5 pence, which represents a healthy premium to the current market price and underlines their decision to invest for the long term after an extensive due diligence exercise. We reasonably believe that they will look to invest further as our relationship is built.
Moreover, we are now in the closing stages of a further subscription of £2.5m at 5 pence from another Strategic Investor and we are busily working with our advisers to finalise and issue the prospectus.
Both these investments at 5p underline the value proposition offered by Blencowe and will provide us with a good runway to complete the DFS this year. We are making rapid progress in de-risking the Orom-Cross project, especially following the recent letter of interest received from the DFC to provide a funding solution for the build and development of Orom-Cross. We will continue to work closely with the DFC as we complete the DFS to ensure construction can commence at Orom-Cross in a timely fashion.
I believe it is testament of the quality of the Orom-Cross project that we have been able secure funding partners like this at a time when the junior mining sector continues to face significant difficulties with respect to sourcing capital. We are hoping to deliver an NPV in the DFS significantly higher than the post-tax NPV of US$482M achieved in the Pre-Feasibility Study and will keep shareholders updated on our progress.’
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
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First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 jasonrobertson@firstequitylimited.com
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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.
#FCM First Class Metals PLC – 2023 Year-end Shareholder Letter
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce that a Shareholder Letter has been uploaded to the Company’s website at www.firstclassmetalsplc.com. The letter, a review of the major developments for the Company during 2023 and the outlook for 2024.
Dear Shareholders,
On this the last working day of the year I would like to take the opportunity to reflect on what an excellent year it has been in First Class Metal’s development: we rapidly advanced and completed on our commitment to bring four properties to a ‘Drill Ready Status’ and undertake a drill programme on one property in 2023. A number of key milestones were met during 2023, which are summarised below. I have our highly experienced and dedicated team in Canada and the UK to thank for this significant progress and I am delighted to see their efforts come to fruition, in a positive way, with the results achieved. With further results from a number of programmes still awaited , we are determined to take this momentum through into next year.
2023 Key Milestones
First Nations Agreements and Permitting
At FCM we are committed to working in harmony with the First Nations who have claims to traditional lands in which out properties sit. This open and co-operative attitude has manifested itself in the granting of five Exploration Permits in what has been a relatively short time. Furthermore, Exploration Agreements or MoU’s are in place with four First Nations groups which effectively cover the six Exploration Permits which FCM holds.
Obtaining new Exploration Permits across five properties and securing exploration agreements with support from First Nation partners is a major milestone for our company in 2023.
The successful acquisition of these permits and agreements demonstrates our commitment to responsible exploration practices and building strong relationships with local communities. With these achievements, our portfolio now contains six properties with valid exploration permits, positioning us for further growth and success. We remain dedicated to advancing our exploration activities in a sustainable and mutually beneficial manner.
Exploration Zigzag, Esa, North Hemlo, Sunbeam
In order to efficiently use investor funds for what is the most expensive outlay in exploration : drilling, we have focussed on understanding the geology (geochemistry and structure) of the four primary properties with I believe admirable success. To this end further drilling on the other three properties is more likely to achieve success.
Figure 1- Spodumene rich core from the recent drilling campaign on the Zigzag lithium property.
Figure 2-Summer 2023, First Class Metals CEO Marc Sale at the ‘Dead Otter Trend’ on the North Hemlo Property
James Knowles- Executive Chairmans End of Year Quote
“2023 was a pivotal and transformative year for FCM. We set ambitious operational goals, including advancing four properties to drill ready status and successfully drilling on one. I would like to express my gratitude to Marc and his exceptional ‘in-country team’ for their dedication and achievements in completing this task. On the corporate side despite challenging market conditions, we secured funding twice, a testament to the quality of our properties. I am excited to see this progress continue into 2024 as we have much to look forward to.”
Outlook for 2024
The outlook for First Class in 2024 is expected to mirror the high activity level experienced in 2023. With six permitted properties, including Zigzag, North Hemlo, Esa, and Sunbeam, four of which are now ‘Drill Ready’ or have undergone an initial drill program in the case of Zigzag, we are well-positioned for the year ahead.
Our focus for 2024 will entail a two-pronged approach. Firstly, we aim to enhance our geological understanding and the mineralisation of these properties to further increase their value. Simultaneously, we will explore opportunities to secure third-party investment through ‘earn-ins,’ joint ventures, or potentially even corporate transactions.
As we approach the end of 2023, we are pleased to share that we have received expressions of interest from various sources across our portfolio. These range from junior exploration companies with comparable standing to significant players in the industry. This interest validates the potential and attractiveness of our properties and bodes well for the opportunities that may arise in the coming year.
In addition to the ‘core four’ portfolio, we are strategically preparing a pipeline of projects from within our existing portfolio of assets, to further advance our exploration efforts. Two promising properties within this pipeline are the McKellar polymetallic property near Marathon and the Enable Gold project near Schreiber. Both of these properties have obtained the necessary permits, enabling us to move forward with focused exploration plans. With the planned programmes in 2024, we aim to progress these projects to a ‘Drill Ready’ status. This will keep the momentum building and ensure properties of merit can move up the priority list when required, whilst always remaining cognisant of divestment opportunities.
We are actively seeking potential new mineral properties in Ontario, whether through staking or acquisition, alongside our existing portfolio. Our focus is on identifying properties that have the potential to move ‘up the value curve’ and contribute to our growth strategy. Through thorough research, engagement with industry networks, and strategic partnerships, we aim to acquire promising mineral properties. By continuously evaluating and augmenting our portfolio, we can ensure the ongoing success of our ‘project incubator’ model.
This year has seen First Class take several early ‘green field’ properties up through the value curve and we strongly believe that 2024 will continue on this trend as we enter into a transformative period for the Company. I would like to take this opportunity to thank all our shareholders, stakeholders, contractors, and Emerald Geological Services with a personal thanks to their Principle, Bruce A McLaughlin for the continued support of First Class Metals during this exciting period for us and wish you all a happy New Year.
#SVML Sovereign Metals – Company Presentation
Sovereign Metals Limited (Sovereign or the Company) (ASX:SVM, AIM:SVML) is pleased to advise that an updated Company presentation is available to download from the Company’s website at:https://www.investi.com.au/api/announcements/svm/22095baf-388.pdf.
ENQUIRIES
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Frank Eagar (South Africa/Malawi) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London) |
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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 Harry Davies-Ball |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Tavistock PR |
+44 20 7920 3150 |
#GRX Green X Metals LTD – Result of AGM
Results of Annual General Meeting
GreenX Metals Limited (GreenX or the Company) advises, that the 2023 Annual General Meeting (AGM) of the Company was held today, 22 November 2023, at 10.00am (AWST).
The resolutions voted on were in accordance with the Notice of AGM previously advised to shareholders.
All resolutions were decided on and carried by way of a poll.
In accordance with Section 251AA of the Corporations Act 2001 and ASX Listing Rule 3.13.2, the details of the poll and the proxies received in respect of each resolution are set out over page.
For further information please contact:
Dylan Browne
Company Secretary
+61 8 9322 6322
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Resolution |
Number of Proxy Votes |
Number of Votes cast on the Poll |
Result |
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For |
Against |
Abstain |
Proxy’s Discretion |
For |
Against |
Abstain |
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1. Remuneration Report |
2,337,137 |
– |
14,575,000 |
3,557 |
2,990,694 |
– |
14,575,000 |
Carried on vote by poll |
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2. Re-election of Director – Mr Benjamin Stoikovich |
16,912,137 |
– |
– |
3,557 |
17,565,694 |
– |
– |
Carried on vote by poll |
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3. Approval of Additional 10% Placement Capacity |
15,575,078 |
1,337,059 |
– |
3,557 |
16,228,635 |
1,337,059 |
– |
Carried on vote by poll |
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4. Appointment of Auditor |
16,912,137 |
– |
– |
3,557 |
17,565,694 |
– |
– |
Carried on vote by poll |
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5. Appointment of Polish Auditor |
16,912,137 |
– |
– |
3,557 |
17,565,694 |
– |
– |
Carried on vote by poll |
#KAV Kavango Resources Plc – Grant of New Share Options
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, announces the Board has approved the grant of 48,000,000 share options to directors and PDMRs of the Company (the “Director Options”) and 20,000,000 share options to key consultants to the Company (the “Consultant Options”).
More information on the terms of the option grants and amendments is provided below.
The Director Options are exercisable at a price of 1.1 pence per Ordinary Share for a period of seven years.
The Consultant Options are exercisable at a price of 1.1 pence per Ordinary Share for a period of seven years. The Consultant Options are subject to phased vesting over twenty four months from the date of grant, with 2,000,000 of the Consultant Options vesting immediately, 4,000,000 vesting after twelve months and the remainder vesting after twenty four months, subject to continuous employment or commercial engagement with the Company.
For further information, please contact:
Kavango Resources Plc
Ben Turney. +46 7697 406 06
First Equity (Broker)
Jason Robertson. +44 207 374 2212
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (“UK MAR”). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
#SVML Sovereign Metals LTD – Initial Director’s Interest Notice
Initial Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/9/2001.
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Name of entity Sovereign Metals Limited |
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ABN 71 120 833 427 |
We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.
Name of Director |
Francis (Frank) Eagar |
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Date of appointment |
20 October 2023 |
Part 1 – Director’s relevant interests in securities of which the director is the registered holder
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
Number & class of securities
500,000 ordinary fully paid shares
1,000,000 unlisted performance rights subject to the “Definitive Feasibility Study Milestone” expiring on or before 31 October 2025
500,000 unlisted performance rights subject to the “Grant of Mining Licence Milestone” expiring on or before 31 March 2026
700,000 unlisted performance rights subject to the “Final Investment Decision Milestone” expiring on or before 30 June 2026
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Part 2 – Director’s relevant interests in securities of which the director is not the registered holder
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Name of holder & nature of interestNote: Provide details of the circumstances giving rise to the relevant interest.
Not applicable |
Number & class of Securities
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Part 3 – Director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
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Detail of contract |
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Nature of interest
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Name of registered holder (if issued securities)
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No. and class of securities to which interest relates
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Initial notification/Amendment |
Initial |
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LEI |
213800NSPXSASTENFQ34 |
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Place of transaction |
Australian Securities Exchange (ASX) |
#BRES Blencowe Resources PLC – Receipt of $1m Grant First Tranche from DFC
Blencowe receives first US$1 Million Grant funding from Development Finance Corporation for Orom-Cross Graphite Project
Initial 20% Mobilisation tranche paid to Blencowe for Project Feasibility Costs
Blencowe Resources Plc (“Blencowe” or the “Company”) (LSE: BRES) is pleased to announce it has received its first US$1 million mobilisation tranche payment from the Development Finance Corporation (“DFC”). This represents 20% of the full US$5 million DFC grant for Definitive Feasibility Study (“DFS”) costs, recently completed and announced by Blencowe.
Blencowe announced on 22 September that the Company had secured a US$5 million grant from tier one funding provider DFC to cover a substantial part of the DFS costs for the Orom-Cross Project. Furthermore, DFC is now the lead mandated partner to deliver a full funding solution for Orom-Cross production, assuming completion of a successful DFS.
Blencowe is confident that this unique strategic relationship will now open doors to unlock additional value at Orom-Cross by expanding the project in ways previously considered not possible due to capital constraints.
Orom-Cross is one of the largest graphite projects worldwide by size and scale of deposit and a 21 year Mining License has already been awarded. Blencowe took the project through a successful Pre-Feasibility Study in 2022 and is now embarked on the Definitive Feasibility Study as it drives towards decision to mine. Metallurgical test results by leading graphite industry experts in South Africa, Canada, Australia and China have all underlined Orom-Cross graphite as upgrading to one of the cleanest, purest high grade concentrates of any graphite project, with an excellent mix of both coarse and smaller flakes. This has recently been confirmed again on a commercial scale within the 100 tonne bulk sample test programme conducted at one of the leading graphite producer’s facility in China.
Cameron Pearce, Executive Chairman commented;
“This first US$1 million received is of significance firstly because it is completely undilutive funding for Blencowe and its shareholders, and secondly because it solidifies the critical strategic relationship that has been developed between our Company and the DFC. I would like to emphasise once again that the Grant Agreement with DFC does not require Blencowe to match funds input by them. Their US$5 million funding is provided via this initial mobilisation tranche and thereafter by further tranches that are paid upon Blencowe achieving as-agreed milestones, which are all key deliverables within the DFS program. We are already well advanced in our achievement of the next milestone which would access and release another US$1 million payment from DFC.”
Mr Pearce added “The DFC Grant Agreement also has no pre-set marketing restrictions and we remain committed to achieving the best offtake partnerships for our products wherever they may be. Our bulk sample pre-qualification process is well underway and we have considerable offtake interest from recent marketing in China. We look forward to the completion of critical SPG testing in USA to prove that Orom-Cross can ultimately produce an efficient 99.95% uncoated battery-ready product for the anode market which will then lead to further OEM SPG testing as part of our DFS.”
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
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First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 |