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#FCM First Class Metals PLC – Operations Update – Field Work Commenced
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive land holdings, remains focused in northern Ontario, Canada, is pleased to announce that field work is now underway.
Highlights
- Sunbeam property, porphyry focus:
o review and sampling of the Nuinsco core.
o review of historic TerraX core approximately 1,500m.
- Instructed Prospectair to commence a High-resolution magnetic survey of the Kerrs Gold property block.
- Zigzag Critical Metals Property-Exploration Permit application submitted.
- Ontario Junior Exploration Programme, (OJEP), application submitted for work on the North Hemlo Property.
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- Reconnaissance trip to the Quinlan lithium property.
- Planning for stripping programme at the Dead Otter trend, North Hemlo.
- Prospecting at Coco East
Marc Sale First Class Metals CEO Commented:
“I am, as ever, enthusiastic with the speed at which FCM has started the field season, all thanks to EGS support. The review of the Sunbeam Property core, the geophysics survey over Kerrs and the preparation for work at Dead Otter herald an exciting field season for First Class.”
Sunbeam Property historic core review
Whilst a review of the Nuinsco core was previously conducted by FCM through Emerald Geological Services (EGS), the identification of reportable gold values in the host rock – a felsic porphyry, has significant upside for a radicle re-rate of the potential for additional mineralisation on the Property. Accordingly, after exhaustive searching EGS located the TerraX core. TerraX undertook several short drill campaigns over many of the prospects on the Sunbeam property.
Background:
In 2010, TerraX drilled five diamond drill holes (SP10-01 to SP10-05) totalling 661.5m in the Pettigrew area. The first four holes targeted chargeability highs from an IP/Resistivity survey, results were anomalous but not ‘high grade’. The main structure was not drilled.
In 2011, TerraX drilled three holes (SP11-06 to SP11-08) spaced 50 m apart along the trend of quartz vein system and the mineralised zone encountered by Nahanni, the ‘Road Zone’. (In 1982, Nahanni Mines drilled an intersection at the Road zone of 4.8 g/t over 8.5m, including 15.8 g/t Au over 1.8m). The alteration zone in TerraX hole SP11-06 returned an intersection 1.11 g/t Au over 13.90 m.
At the WN12 occurrence, early 2012, three holes (SP12-14 to SP12-16) were drilled. The first two holes tested the 65m intermittently mineralised stripped outcrop with hole SP12-15 intersecting 18.0 g/t Au over 0.95m in the footwall zone.
At Roy, two holes, SP11-12 intersected 4.01 g/t Au over 1.85m. SP11-13 intersected 1.05 g/t Au over 3.78m, see figure 01.
Figures 01, TerraX core from the Roy zone showing gold grade in the porphyry ‘wall rock’.
The stripping at the Roy zone reported high grade gold intersections as well as gold in the porphyry, highlights previously reported:
- Results from the stripping at Roy have confirmed high grade gold assays up to 18.8 g/t gold (Au) / 0.3m channel sample at Roy.
Other highlights include:
- 6.27 g/t Au channel / 0.35m in mafic schist with quartz veinlets;
- 4.98 g/t Au channel / 0.5m in sheared porphyry; and
- 5.58g/t Au channel / 0.5m within a quartz vein.
The total number of samples for assay (with blanks and standards) will be in the order of 90+ samples, over 80 being new half core samples
Kerrs Gold property
Prospectair have been commissioned to undertake a low level hi-resolution magnetic survey over the property in late June / July.
The survey will be carried out with 50m traverse lines oriented in order to properly map the dominant magnetic/geological strike. Control lines will be flown perpendicular to traverse lines and at a 500 m line spacing. This gives a total survey distance of 736 l-km.
The road accessible Kerrs Gold Deposit consists of 36 units totalling approximately 665 hectares and lies 90 kilometres east-northeast of Timmins, in the Larder Lake Mining Division.
Geologically the Project is located in the Abitibi Greenstone Gold Belt. Initially drilled in the 1980’s, with further drilling in the early to late-2000’s and early 2011. The drilling database was used to calculate the 2011 historic resource estimate, with further drilling completed after the release of the estimate, see figure 02.
Figure 02 at property scale showing the significant historical sampling as well as the drill grid.
The Kerrs Gold deposit is considered a stratabound deposit, occurring at the contact of a thick, mafic pillow flow sequence overlying an ultramafic, magnetite-rich flow sequence. Drilling has traced the main zone eight hundred metres and remains open in both directions and at depth.
Gold mineralisation occurs as pyritized quartz vein replacement breccias enveloped by quartz fuchsite carbonate vein breccias averaging approximately 10m and alteration envelopes varying up to 40 m in thickness.
The Kerrs Gold historical resources estimate of 386,467 Oz Au was disclosed in “NI 43-101 Resource Estimation on the Kerr’s Gold Deposit, Matheson, Ontario” prepared for Sheltered Oak Resources Inc. by Garth Kirkham, P. Geo of Kirkham Geosystems Ltd. And dated June 10, 2011.
The Kerrs historic estimate is an inferred resource as defined in National Instrument 43-101. The table below shows the potential ounces with differing cut of grades. FCM would look at remodelling the resource in order to identify higher grade envelopes for targeting in any proposed future drilling.
| Kerrs Resources
Estimate Cut-Off Grade |
TONNES | GOLD (g/t) | Metal
(OZ.) |
| 0.5 | 7,041,460 | 1.71 | 386,467 |
| 1 | 5,237,213 | 2.04 | 342,856 |
| 1.5 | 3,375,361 | 2.47 | 268,468 |
| 2 | 1,936,189 | 3.04 | 188,972 |
| 2.5 | 1,165,664 | 3.57 | 133,778 |
| 3 | 818,171 | 3.94 | 103,622 |
Zigzag Exploration Permit
The updated exploration permit (“Permit”) for the Zigzag property has been submitted to the Ontario Ministry of Mines with the full support of Whitesand First Nation community.
The new Permit will allow further stripping and drilling along the main trend both to the easy and west of the ‘core 400m zone’. Importantly it will also allow initial stripping and if warranted allows for drilling on the southern, possibly subparallel trend.
Highlights from the pre-Christmas drilling included:
- Assay results from the recent drill programme are in line with and exceed the channel sample results.
- Selected highlights include:
- ZIG-23-01 4.3m @ 1.65% Lithium (Li20) including 1m at 2.93%
- ZIG-23-02 5.0m @ 1.5% Li20 including 0.2m @ 5.19% and 5.75m @ 0.21% Rb20
- ZIG-23-07 6.5m @ 1.09% Li20 including 0.5m @ 2.76%
- Elevated grades of several key technology critical metals present including: gallium (Ga), rubidium (Rb20), caesium (Ca) and tantalum (Ta).
- Significant upside for the expansion of the geochemical envelope along strike in both directions and down dip.
Ontario Junior Exploration Program (OJEP) 2024 Intake
The recently opened (8 May 2024) intake for OJEP closed on 5 June 2024. FCM has successfully submitted an application for the grant with the focus being the auriferous Dead Otter trend on the flagship North Hemlo property. FCM has twice been awarded the maximum OJEP grant of CAD$200,000.
Quinlan lithium prospect
The Quinlan property, containing ninety-eight claims covering about 20km2 is the subject of an earn in Option to Purchase agreement with Broken Rock Resources. The property contains an extremely anomalous lithium value from a lake sediment sampled collected during a government sampling programme. EGS recently undertook a reconnaissance exercise in order to ascertain the possibility of ground access rather than a helicopter supported field campaign.
Dead Otter trend, North Hemlo
The Dead Otter trend on the North Hemlo claim block extends for 3km from the historic showing in the northwest (3.1ppm Au and 0.59% Mo) to the ’19 grammer’ in the southeast. Other gold occurrences as well as anomalous ‘pathfinder’ elements are reported along thee 3km strike. The structure is discontinuous as outcrop is intermittent.
Figure 03, the Dead Otter trend at North Hemlo with the significantly anomalous geochemistry along 3km of strike.
FCM plans to undertake a stripping programme in the area of the Dead Otter showing, the ’19 grammer’ as well as one or two locations along strike.
Given the potential for ‘coarse gold’ in the Dead Otter sector of the structure FCM is identifying up to thirty samples for photon assay for gold with ALS Thunder Bay.
Other activities
McInnes Lake
EGS has elected not to continue with the Earn in Option over McInnes lake. After discussions FCM has agreed to cease negotiations.
Coco East
FCM also intends to undertake a reconnaissance / prospecting programme in the northern sector of the Coco Este property where we interpret the metalliferous belts extends from the west on to the property.
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
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David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
#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.
Cadence Minerals #KDNC – Corporate Update – Evergreen Lithium (ASX: EG1) identifies large-scale Lithium Pegmatite Targets at Bynoe
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the results of its geochemical program at Bynoe. The soil samples show significant NE-trending lithium anomalism. The anomalies are up to several kilometres long and include anomalies in the geochemical pathfinder elements Beryllium (Be), Caesium (Cs), Potassium (K), Lanthanum (La), Rubidium (Rb), Tin (Sn) and Tantalum (Ta).
The Bynoe Project is located contiguous to Core Lithium’s (ASX:CXO) Finniss Project which contains an estimated Total Mineral Resource of 30.6Mt at 1.31% Li2O.
Cadence holds 15,830,138 million shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder. Evergreen was listed on the Australian Stock Exchange on 11 April 2023.
Bynoe Results – Highlights:
- Phase 2 soil geochemical results extend previously identified lithium anomalies and reveal two broad NE-trending zones which host multiple lithium pegmatite targets.
- These targets are along strike from and parallel to the strike of neighbouring spodumene bearing pegmatites.
- The lithium anomalies are coincident with lithium pathfinder elements Beryllium (Be), Caesium (Cs), Lanthanum (La), Rubidium (Rb), Tin (Sn) and Tantalum (Ta).
- Geochemical sampling and mapping are currently underway to further define existing and additional lithium pegmatite targets.
- Geophysical Ambient Noise Tomography (ANT) survey data has been received and interpretation is currently being undertaken.
Link here to view the full Evergreen ASX announcement
Evergreen Head of Exploration, Jason Ward commented: “These recent results add to the geochemical picture at Bynoe and indicate several very large zones of lithium anomalism. The lithium anomalies are supported by the pathfinder elements which are commonly associated with the surface expression of lithium bearing LCT pegmatites below. We will use this data together with the results of our recently conducted Fleet Exosphere ANT study, which we are currently analysing, to define drill targets.”
Background to Cadence’s investment in Evergreen Lithium
Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies (“LT and LS”) to Evergreen as announced on 27 June 2022. A further AS$ 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved. Further details of these milestones can be found in the Evergreen prospectus available here . Cadence’s shares are subject to a 2-year escrow agreement as determined by the listing rules of the ASX.
| For further information contact:
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| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
| James Joyce | |
| Darshan Patel
Enzo Aliaj |
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| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green
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Cadence Minerals #KDNC – Corporate Update – Evergreen Lithium (ASX: EG1)
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced that Geochemical results from its soil auger survey at the Kenny Project in Western Australia have identified Rare Earth Element (“REE”) targets, indicated by several Cerium and Lanthanum anomalies. Evergreen said that four priority REE target zones have been identified with CeO2 assay results showing maximum values up to 451ppm CeO2.
Evergreen’s Kenny project is located 50km east of Norseman and just 17km east of Liontown Resources’ (ASX: LTR) Buldania lithium deposit of 14.9Mt @0.97% Li20 (LTR, 2019).
Cadence holds 15,830,138 million shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder. Evergreen was listed on the Australian Stock Exchange on 11 April 2023.
Kenny Results – Highlights:
- Geochemical results from Evergreen’s soil auger survey at Kenny have identified Rare Earth Element (“REE”) targets, indicated by several Cerium and Lanthanum anomalies.
- Four priority REE target zones have been identified with CeO2 assay results showing maximum values up to 451ppm CeO2.
- A partial suite of REE’s were assayed as part of a multi-element assay method used to identify lithium and its pathfinder elements. The partial suite included three (3) REE elements: Cerium (Ce), Lanthanum (La) and Yttrium (Y).
- Assays of interest within the partial suite included maximum values, as converted to oxides, of 451ppm CeO2, 186.5ppm La2O3, & 62.4ppm Y2O3;
- CeO2, La2O3, & Y2O3 REE anomalies compare favourably to other first pass soil anomalies.
Link here to view the full Evergreen ASX announcement
Evergreen Head of Exploration, Jason Ward commented: “Geochemistry from our phase 1 soil auger sampling program has detected several anomalies in the rare earth minerals Cerium, Lanthanum and Yttrium. We are now undertaking further assays to determine the Total Rare Earth Oxide (TREO) of these samples, so that we can consider this information in our prioritisation of drill targets.”
Background to Cadence’s investment in Evergreen Lithium
Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies (“LT and LS”) to Evergreen as announced on 27 June 2022. A further AS$ 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved. Further details of these milestones can be found in the Evergreen prospectus available here . Cadence’s shares are subject to a 2-year escrow agreement as determined by the listing rules of the ASX.
| For further information contact:
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| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
| James Joyce | |
| Darshan Patel
Enzo Aliaj |
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| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “should”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will”, or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the company’s future growth results of operations performance, future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements.
The information contained within this announcement is deemed by the company to constitute Inside Information as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
#KDNC Cadence Minerals PLC – Corporate Update – Evergreen Lithium (ASX: EG1)
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the results of its auger geochemical programme at the Kenny project, which has resulted in the identification of significant and widespread lithium. The Kenny Project is located 50km east of Norseman and just 17km east of Liontown Resources’ (ASX:LTR) Buldania lithium deposit of 14.9Mt @ 0.97% Li2O.
Cadence holds 15,830,138 shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder. Evergreen was listed on the Australian Stock Exchange on 11 April 2023.
Kenny Results – Highlights:
· Geochemical anomalies indicate the potential for Lithium Caesium Tantalum (LCT) pegmatites at Kenny, evidenced by the presence of significant and widespread lithium.
· 5 priority lithium target zones have been identified with Li2O assay results showing maximum values up to 250 ppm Li2O.
· Lithium pathfinders of interest included maximum values of:
o 3.54ppm Be, 46.2ppm Cs, 5.17% K,159.00ppm La, 427ppm Rb & 11.9ppm Ta
· Further geochemical analysis is being undertaken to assess prospectivity for other critical minerals, including Rare Earth Elements.
· Results demand further work and planning for follow up exploration activities at Kenny is currently underway.
Link here to view the full Evergreen ASX announcement
Evergreen Head of Exploration, Jason Ward commented: “This is an excellent start for Evergreen Lithium. These geochemical results from Evergreen’s maiden soil auger program at the Kenny Project in WA show strong lithium values over a widespread area and the coincident anomalies in pathfinder elements have identified several compelling targets for LCT pegmatites. We look forward to following these up with further work including a drilling program.”
Evergreen Chairman, Simon Lill commented: “After a successful IPO listing based primarily on the Company’s flagship Bynoe Project, it is extremely pleasing to remind the market that we have other quality projects. These initial results should elevate Kenny’s status in shareholder perceptions.“
Background to Cadence’s investment in Evergreen Lithium
Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies (“LT and LS”) to Evergreen as announced on 27 June 2022. A further AS$ 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved. Further details of these milestones can be found in the Evergreen prospectus available here . Cadence’s shares are subject to a 2-year escrow agreement as determined by the listing rules of the ASX.
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For further information contact:
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Cadence Minerals plc |
+44 (0) 20 3582 6636 |
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Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce |
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Darshan Patel Enzo Aliaj |
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Brand Communications |
+44 (0) 7976 431608 |
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Public & Investor Relations |
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Alan Green
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “should”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will”, or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the company’s future growth results of operations performance, future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements.
Technology Minerals Plc #TM1 – EA Approves Lithium-ion Battery Recycling Plant
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce that its 48.25% owned battery recycling business, Recyclus Group Ltd (“Recyclus”), has received final clearance from the Environment Agency (“EA”) to commence full operations at its lithium-ion (“Li-ion”) battery recycling plant in Wolverhampton, West Midlands. Recyclus has also been awarded Approved Battery Treatment Operator (“ABTO”) status by the EA, allowing it to commence recycling operations immediately, with on-site treatment and processing of spent Li-ion batteries.
The EA permit allows Recyclus a daily storage limit of 140 m3 (c.100 tonnes) and to process up to 22,000 tonnes of Li-ion batteries per annum. It is expected that 8,300 tonnes will be processed in the first year, utilising a single shift pattern of labour during the standard working week. Applications for licence variations to operate additional shifts will be considered in due course as will the potential to increase processing capability.
The approval from the EA for the Wolverhampton plant is a major milestone for Recyclus, making it the first industrial scale plant in the UK with the capability to recycle Li-ion batteries. Operations will commence on completion of the fire prevention systems installation which is expected shortly. This will be followed immediately by a plant commissioning phase, which is expected to commence in June this year.
Following commencement of operations, Recyclus anticipates the receipt of gate fees for collection and storage of Li-ion batteries, and from the sale of black mass, produced from the recycling process. Black mass contains critical battery metals that can be sold back into the battery supply chain.
Recyclus owns the IP for both the process and the plant which is designed to process most Li-ion battery types. Recyclus will manufacture all plants, including those designed specifically for OEM clients, here in the UK. Recyclus’s aim is to increase the UK processing capability to c.50,000 tonnes per annum through the construction of five more Li-ion recycling plants.
BIS Research latest study, Black Mass Recycling Market – A Global and Regional Analysis, states the global black mass recycling market, valued at $9.22bn in 2022, is projected to reach $53 bn by 2031.
Robin Brundle, Chairman of Technology Minerals, said: “We are pleased to announce that we have received final EA approval to commence full automated operations at our Li-ion battery recycling plant in Wolverhampton. This is a significant moment for the Company and the UK. The Wolverhampton plant has become the first facility in the UK with the capability to recycle Li-ion batteries on an industrial scale.
“Given the global shift towards electrification and the growing demand for Li-ion batteries, we believe we have a compelling first mover advantage in this burgeoning market. Our aim is to establish enduring partnerships with businesses and organisations, both in the UK and internationally, offering them an environmentally friendly solution for their end-of-life batteries. With feedstock stored and ready to be processed, everything is in place to ramp up operations at the facility and start generating revenues.”
Enquiries
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Technology Minerals Plc |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
c/o +44 (0)20 4582 3500 |
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Oberon Investments Limited |
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Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, Rebecca Scott |
+44 (0)20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK’s first listed company, providing a sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. As with the increasing global demand for battery metals to supply electrification increases, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Recyclus Group Ltd
The demand for the raw materials used in battery manufacturing is anticipated to increase substantially. Recyclus Group provides a national recycling initiative that supports the transition to carbon neutrality. Recyclus Group’s battery recycling capacity will prove essential in the shift from fossil fuels to electric transportation. Through its strategic support from Technology Minerals, Recyclus is an integral component to the recycling of lithium-ion and lead-acid batteries and is a significant contributor towards the circular economy of battery metals. Further information on Recyclus Group is available at www.recyclusgroup.com
#UKIM Podcast – Alan Green discusses #ANTO Antofagasta, #GGP Greatland Gold and Golden Metal Resources
The UK Investor Magazine was delighted to have Alan Green back on the podcast after a brief hiatus. We delve into key market themes and three UK equities.
UK inflation remains above 10% and presents the Bank of England with a problem. Hike rates to fight inflation and risk the negative economic consequences of higher rates. Or hold off and risk soaring prices in a cost-of-living crisis. We discuss their options.
Antofagasta has released their Q1 production report and we look at the merits of the copper miner in the current environment.
We review Greatland Gold and the Havieron gold project. Alan provides an overview of the latest updates from their JV with Newcrest.
We finish with a look at the upcoming Golden Metal Resources IPO.
#POW Power Metal Resources PLC – Result of AGM
Power Metal Resources PLC (LON:POW) the London-listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the results of its Annual General Meeting held today.
All 8 resolutions put to members were passed on a poll. Resolutions 1 to 6 were passed as ordinary resolutions and resolutions 7-8 were passed as special resolutions.
The results of the poll (including proxy votes) are outlined in the table below.
The number of votes cast for and against each of the resolutions proposed and the number of votes withheld (including proxy votes) were as follows:
|
Resolution |
Votes for |
% Votes Cast |
Votes against |
% Votes Cast |
Votes withheld |
|
Resolution 1 (Ordinary) To receive the report and accounts for the year ended 30 September 2022 |
164,656,922 |
99.72 |
459,109 |
0.28% |
78,146 |
|
Resolution 2 (Ordinary) To re-appoint the auditors |
164,978,142 |
99.88 |
199,627 |
0.12% |
16,408 |
|
Resolution 3 (Ordinary) To authorise the directors to determine the auditor’s fees |
165,046,481 |
99.93 |
111,288 |
0.07% |
36,408 |
|
Resolution 4 (Ordinary) To appoint Owain Morton |
164,759,664 |
99.88 |
202,780 |
0.12% |
231,733 |
|
Resolution 5 (Ordinary) To re-appoint Edmund Shaw |
163,980,579 |
99.74 |
427,694 |
0.26% |
785,904 |
|
Resolution 6 (Ordinary) To authorise the directors to allot equity |
164,464,061 |
99.60 |
659,537 |
0.40% |
70,579 |
|
Resolution 7 (Special) To disapply pre-emption rights |
163,282,428 |
99.00 |
1,649,941 |
1.00% |
261,808 |
|
Resolution 8 (Special) To authorise the buyback of Company shares |
164,321,240 |
99.54 |
759,627 |
0.46% |
113,310 |
As at 30 March 2023, there were 1,739,033,678 ordinary shares in issue. Shareholders are entitled to one vote per share. Votes withheld are not votes in law and so have not been included in the calculation of the proportion of votes for and against a resolution.
The full text of each resolution is available in the Notice of Annual General Meeting, published on the Company’s website.
For further information please visit https://www.powermetalresources.com/ or contact:
|
Power Metal Resources plc |
|
|
Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
|
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
SI Capital Limited (Joint Broker) |
|
|
Nick Emerson |
+44 (0) 1483 413 500 |
|
First Equity Limited (Joint Broker) |
|
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |