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#MDH Mendell Helium PLC – Issue of Equity & Warrants
Mendell Helium announces that it has issued 667,000 new ordinary shares at a price of 3 pence per share (the “Shares”) and 500,000 warrants over new ordinary shares with an exercise price of 3 pence per share exercisable for a period of two years from Admission (as defined below), in lieu of certain accrued liabilities owed by the Company.
Admission
Application has been made for the Shares to be admitted to trading on the Aquis Stock Exchange AQSE Growth Market (“Admission”). Admission is expected to occur at 8:00 am on or around 15 October 2024.
Total voting rights
Following Admission, the Company’s enlarged share capital will comprise 43,885,160 ordinary shares of 1 pence each. Therefore, the total number of voting rights in the Company will be 43,885,160. This figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
As announced on 27 June 2024, the Company has an option to acquire M3 Helium Corp., a producer of helium based in Kansas and with an interest in six wells. There is no certainty that the Company’s option to acquire M3 Helium will be exercised, nor that the enlarged group will successfully complete its re-admission to trading on the AQSE Growth Market.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
#SVML Sovereign Metals LTD – Change of Director’s Interest Notice and AGM
Sovereign Metals Limited (ASX: SVM, AIM: SVML, OTCQX: SVMLF) (the Company) advises that Mr. Ian Middlemas, non-executive director (and PDMR), has purchased 400,000 fully paid ordinary shares (of no par value) in the Company on market at an average price of A$0.709 for consideration of A$283,414.
A Change of Director’s Interest Notice has been provided below:
Appendix 3Y
Change of 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 30/09/01 Amended 01/01/11
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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.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
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Name of Director |
Ian Peter Middlemas |
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Date of last notice |
24 June 2020 |
Part 1 – Change of director’s relevant interests in securities
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.
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Direct or indirect interest |
Indirect |
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Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
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Arredo Pty Ltd (director and shareholder) |
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Date of change |
4 – 8 October 2024 |
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No. of securities held prior to change |
16,100,000 Shares
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Class |
Fully paid ordinary shares (ASX.SVM) |
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Number acquired |
400,000 |
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Number disposed |
Not applicable |
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Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
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$283,414 (average price of A$0.709) |
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No. of securities held after change |
16,500,000 |
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Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
On-market purchase
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Part 2 – Change of 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 |
Not applicable |
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Nature of interest
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Not applicable |
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Name of registered holder (if issued securities)
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Not applicable |
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Date of change |
Not applicable |
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No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
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Not applicable |
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Interest acquired |
Not applicable |
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Interest disposed |
Not applicable |
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Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
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Not applicable |
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Interest after change |
Not applicable |
Part 3 – +Closed period
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Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required? |
No |
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If so, was prior written clearance provided to allow the trade to proceed during this period? |
Not applicable |
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If prior written clearance was provided, on what date was this provided? |
Not applicable |
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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) |
AGM
Sovereign Metals Limited (ASX: SVM, AIM: SVML, OTCQX: SVMLF) (the Company) advises that the Annual General Meeting (Meeting) will be held on Friday, 22 November 2024 at 11:00am (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:
· the Company’s website: http://sovereignmetals.com.au/announcements/.
· the Company’s ASX Market announcements page at www.asx.com.au under the Company’s ASX code “SVM”; or
· 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 on ASX and AIM and the details will also be made available on our website.
The Notice of Meeting is important and should be read in their 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@sovereignmetals.com.au.
Holders of Depositary Interests should complete and sign a Form of Instruction, which will be sent separately to each Holder of Depositary Interests, and return it by the time and in accordance with the instructions set out in the Form of Instruction. Holders of Depositary Interests 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.
ENQUIRIES
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Dylan Browne Company Secretary +61(8) 9322 6322 |
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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 |
#GRX GreenX Metals LTD – Issue of Shares
GreenX Metals Limited (GreenX or Company) advises that it has issued 310,288 ordinary fully paid shares (Shares) on the exercise of 600,000 unlisted options pursuant to a cashless exercise facility.
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 before 10 November 2023.
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 273,189,227 ordinary shares. The above figure of 273,189,227 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 and options, GreenX has the following securities on issue:
· 273,189,227 ordinary fully paid shares;
· 4,775,000 unlisted options exercisable at A$0.45 each on or before 30 November 2025;
· 5,525,000 unlisted options exercisable at A$0.55 each on or before 30 November 2026;
· 11,000,000 performance rights that have an expiry date 8 October 2026;
· A convertible loan note with a principal amount of A$2,627,430, convertible into 5,711,805 ordinary shares at a conversion price of A$0.46 per share with no expiry date.
Classification: 2.5 Total number of voting rights and capital
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 |
#KAV Kavango Resources PLC – Annual Financial Report Published
Kavango Resources plc (LSE:KAV) announces that the Annual Report and Accounts for the year ended 31 December 2022 is now available to download from the Company’s website:
http://www.kavangoresources.com/investor-relations/financial-reports
In accordance with DTR 6.3.5(1A), the unedited full text of the regulated information required to be made public under DTR 4.1 is contained within the 2022 Annual Report and Accounts which has been uploaded to the National Storage Mechanism and is available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Further information in respect of Kavango and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Broker)
+44 207 374 2212
Jason Robertson
#POW Power Metal Resources PLC – Tati Project, Botswana – 2023 Exploration Underway
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces next stage exploration on its 100% owned and operated Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana, is underway.
EXPLORATION PROGRAMME KEY OBJECTIVES
– To confirm the presence of a large gold-bearing system and delineate a deposit, through follow-on work over a larger portion of the approximately 8km long gold-in-soil anomaly.
– Through Power Metal’s largest and most comprehensive exploration campaign across the Tati Project, to date.
o Programme will include mechanised trenching, geophysics surveys, high-resolution geochemical surveys, reverse circulation (“RC”) drilling and diamond core drilling.
o Both geophysical survey work and mechanised trenching are currently underway, with further soil sampling scheduled and RC and diamond drilling to follow on in order to test the emerging high priority gold targets.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“The exploration campaign now underway is a key step forward for Power Metal with the various planned works tailored towards a single objective, namely the discovery of a large gold deposit.
Our exploration programmes in 2021 and 2022 have built a robust picture of the Project’s potential and we are particularly excited as we proceed with the next stage of exploration – the largest ever completed on the Project by Power Metal.
So far, we have confirmed near surface high-grade gold from reverse circulation drilling, conducted last year, which intersected the quartz reef structure near the Cherished Hope mine and delivered high-grade and bonanza-grade gold results. Figure 1 below provides an overview of those results.
Within the table immediately below is an overview of the work we are planning to undertake, with explanatory notes on the various steps to be implemented.”
EXPLORATION PROGRAMME OVERVIEW
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Exploration Work |
Rationale and Targeted Outcome |
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TRENCHING A circa 500 metre mechanised trenching programme (underway). Trenching will be focused along various strike-length extensions of the known outcropping gold mineralised quartz reef structure. Quartz reef as well as mineralised wall rock will be sampled when intersected within the exposed trenches.
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This work will look to extend the already known strike length extension of the main quartz reef structure at the Cherished Hope gold mine (the “Cherished Hope”) within the Project licence area. The quartz reef currently remains open towards the northwest and southeast as well as down dip. If the main quartz reef is successfully intercepted, the trenching would highlight quartz reef continuity between known historical workings at Cherished Hope, as well as to the northwest and southeast of current (~175m) strike length extents as defined by the recently completed RC drilling campaign. By extending the surficial expression of the mineralised quartz reef structure beyond the currently defined 175m strike length, Power Metal will be able to follow up drill test these areas to prove the downdip continuity, therefore increasing the size of the mineralised system in multiple dimensions. |
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SOIL GEOCHEMISTRY High-resolution soil geochemistry programme focussed on approximately 3km of strike-length (see red area highlighted on figure 1 below). Approximately 500-600 individual soil samples are planned with follow up assay testing of samples. Soil samples will be collected along a grid which will be focussed northwest of the 2022 RC drilling area. The goal is to improve the resolution and definition over several kilometres of the currently defined ~8km long gold-in-soil anomaly. |
Historical soil sampling completed over the majority of the Tati Project was undertaken by previous operators along 400m spaced lines at 40m sample spacing. This programme looks to infill the line spacing so that the definition and location of already proven Au-in-soil anomalies is vastly improved. This work will then allow Power Metal to follow up with more focussed next exploration steps which could include trenching and RC drilling of these new areas during subsequent work programmes. By completing this work, a much larger percentage of the 8km long Au-in-soil anomaly can move to next exploration steps therefore increasing the overall attractiveness of the Project as well as the size of the mineralised footprint. |
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GEOPHYSICS A ground magnetometer geophysics survey focussed on the northwestern strike length extension of the Cherished Hope Mine (underway).
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The goal of the magnetometer survey is to provide high-resolution imaging of any structures or geology which may have had an influence on the emplacement of mineralised quartz reef structures. Prospective structures and geology identified by the magnetometer survey can then be upgraded to further work streams which may include geochemical sampling, trenching and RC & diamond drilling. |
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REVERSE CIRCULATION (“RC”) DRILLING(1) ~15 RC drillholes are planned to an average planned depth of ~100m for ~1,500m in total.
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This RC programme is designed to test for the along strike and down dip extension of the main mineralised quartz reef structure. The mechanised trenching programme will be completed prior to the RC drilling and will look to extend the known surficial expression of the mineralised quartz reef structure. Once the surface expression is well defined by trenching, RC drilling will be employed in order to test for the down dip or depth extension of the quartz reefs within the subsurface. The goal is to prove continuity in the widths as well as grades of the quartz reef structure from surface down to depths targeted by the RC drilling. |
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DIAMOND CORE DRILLING(2)
~5 diamond drill holes are planned to an average expected depth of 100m for ~500m in total.
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The diamond drilling programme is designed to drill test select portions of the quartz reef structures which were previously successfully delineated by the RC drilling conducted during fall 2022. Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation. The information extracted from diamond drilling will allow the company to gain a better understanding of the mineralised quartz reefs and surrounding wall rocks. This data will be important as exploration continues to develop across the broader Tati Project. |
KEY:
(1) RC drilling involves a “hammer” piston which repeatedly strikes the target rock. Simultaneously, a powerful drill-bit at the end made of tungsten rotates at high speed. This creates small chips of rock known as drill cuttings that are sucked up with a vacuum and transported to a cyclone at the surface through dedicated tubes. The chips are then sorted into a variety of sampling bags, each of which represents a certain depth section of the drill hole. These bags are then sent off directly to the assay lab where their mineral content can be analysed. In turn, a picture of the rock types the hole encountered throughout its length can be established.
(2) Diamond core drilling involves rotating a hollow drill bit embedded with diamonds into the ground to a certain depth before extracting the solid, intact core recovered for analysis.
FURTHER INFORMATION
Figure 1 – Tati Project Overview Plan Map:
Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#SVML Sovereign Metals Limited- TZMI Congress Presentation
Sovereign Metals Limited (Company) is pleased to advise that a presentation entitled ‘TZMI Congress Presentation’ is available to download from the Company’s website at: http://sovereignmetals.com.au/company-presentations/.
ENQUIRIES
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Dr Julian Stephens (Perth) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
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Nominated Adviser on AIM |
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RFC Ambrian |
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Bhavesh Patel / Andrew Thomson |
+44 20 3440 6800 |
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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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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingram |
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Mariela Jaho |
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Christian Dennis |
#HVO hVIVO plc – Capital Markets Day
-The event was a success since many attendees went on a facilities tour following the event.#POW Power Metal Resources Plc- Golden Metal Resources – Golconda Gold Anomalies
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update from Golden Metal Resources PLC (“Golden Metal” or “GMT”), the Company’s 83.13% owned subsidiary, which is planning to list on the London capital markets this quarter.
The most recent update from Golden Metal was released on 26 August 2022 and can be found at the link below:
HIGHLIGHTS:
-Recently obtained historical dataset from a high-resolution geochemical soil survey covering the entirety of the Golconda Summit Project (“Golconda Summit” or the “Project”), has highlighted three zones of strongly anomalous arsenic and gold mineralisation for further investigation.
-Rock sample assay results from a geological mapping and sampling programme over Golconda Summit, undertaken by Golden Metal’s in-country senior geological consultant, have confirmed strong arsenic (pathfinder for Carlin-type gold mineralisation) and gold anomalism.
-At the Garfield Project assay results are pending for the recently completed soil geochemical survey.
-At the Pilot Mountain Project three-dimensional (“3D”) modelling of the high-resolution induced polarisation (“IP”) geophysics survey data collected over Golden Metal’s flagship project has been commissioned, with results eagerly awaited.
Oliver Friesen, Chief Executive Officer of Golden Metal Resources PLC, commented:
“Our 100% owned flagship Pilot Mountain Project has been a source of particular focus for GMT and our investors, with good reason, as we continue to engage in various discussions regarding possible technical and financial engagement at a project level.
Work has continued in parallel across GMT’S other Nevada interests and today’s update is focused on significant gold anomalism confirmed across the Golconda Summit Project where we are targeting a Carlin-type gold discovery.
Review of newly acquired historical datasets, together with recently completed detailed geological mapping and rock sampling at Golconda Summit have delivered clear evidence of gold and arsenic anomalism. These results, in GMT’s technical view, further underpin the strong value proposition associated with bringing this compelling gold opportunity to UK investors alongside the rest of our exciting Nevada focused project portfolio.
We are seeing a steady improvement of market conditions, and particularly those surrounding junior mining and exploration companies. As a result, we are seeking to secure the UK listing of Golden Metal Resources as soon as possible.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC, commented:
“The news from Golconda Summit today is the first key set of exploration results, and they have ratified our belief in the potential of the Project to host a Carlin-type gold deposit. As a result, Golconda has been designated as a priority Project for follow-on exploration and subsequent drilling.
The combination of the strategically significant Pilot Mountain Project combined with the blue-sky exploration upside offered by Golconda Summit, as confirmed today, makes Golden Metal, in our view, a unique investment proposition focused on Nevada, USA and we look forward to the planned listing in London.“
Further Information: Golconda Summit
Within Carlin-type gold deposits, which are found almost exclusively within northern Nevada, there are multiple alteration minerals that are typically found proximal and near to Carlin-type gold deposits. The most notable of these is arsenic, so as a result arsenic anomalism is often one of the best proxies when looking for Carlin-type gold deposits. Additionally, arsenic is considered to be highly mobile (compared to gold) and therefore arsenic can more easily be remobilised along fluid conduits away from Carlin-type mineralised systems.
Geochemical Sampling
Golden Metal have obtained the dataset for a high-resolution (60m x 60m sample spacing) soil geochemical survey completed across the entire Golconda Summit Project in 2006. This historical geochemical dataset includes 741 multi-element assay results from which three discrete anomalous zones have been identified: ‘Trench’, ‘Thrust’, and ‘Ridge’ zones. These zones are defined by the arsenic and gold results, of which there is a strong correlation noted. The ‘Trench’ zone is coincident with historical trenching completed within the Project, while little historical work is known to have been completed within the ‘Thrust’ and ‘Ridge’ zones (see Figure 1).
‘Trench Zone’ – Strong arsenic and gold anomalism was identified with individual results up to 929ppm As and 1846ppb Au (1.846g/t; Sample GS-358).
‘Thrust Zone’ – Strong arsenic and gold anomalism was identified with results up to 338ppm As and 402ppb Au (Sample GS-134).
‘Ridge Zone’ – Strong arsenic and gold anomalism was identified with results up to 110ppm As and 782ppm Au (Sample GS-679).
Rock Sampling/Mapping
Detailed mapping and rock sampling was recently completed across Golconda Summit by Golden Metals’ in-country senior geological consultant. A total of 41 individual rock samples were taken, and detailed mapping of the easterly dipping iron-point thrust fault was completed. Most of the sampling was done within or near to the ‘Thrust Zone’. Strong arsenic and gold anomalism was identified within multiple samples, and in particular within five samples that are within the mapped iron-point thrust fault.
As with the geochemical results, a strong correlation between arsenic and gold results was noted. Of the 41 samples collected, 9 samples returned >250ppm As, with 6 samples returning >500ppm As (500ppb represents upper limits of analysis technique used). The three top gold results from the rock sampling completed were all from samples that returned >250ppm As (838, 335, and 280ppb Au).
Geological Model
At Golconda Summit, GMT’s geological consultant has completed several weeks of detailed mapping and has identified the presence of the Iron Point thrust fault. This thrust fault has controlled the emplacement of non-reactive ‘upper plate’ rocks, over top of reactive ‘lower plate’ rocks. Encouragingly (see Figure 2), a very strong arsenic anomalism within rock and soil sample results is coincident with the surface expression of the Iron Point thrust fault. The postulation is that there has been remobilisation of Carlin-type fluids up along the Iron Point thrust fault – with the view that one would need to drill test east of this thrust fault. Interestingly, the ‘Trench Zone’ is located with this drill target zone, and here, historical trenching completed by Nerco Mining Company in 1989 returned up to 7.6m of 19.7g/t Au within non-reactive ‘upper plate’ rocks. Secondary sub-vertical faults have been mapped across this trench area which could have controlled the remobilisation of Carlin-type gold from reactive ‘lower-plate’ rocks below.
Trenching as well as follow-up reverse circulation (“RC”) drilling is planned post the planned listing of Golden Metal. Golden Metal will be the first company to ever drill test at Golconda multiple prospective ‘lower plate’ units including the Antler Peak limestone, Edna Mountain and Preble Formations, all of which host Carlin-type gold deposits elsewhere in Northern Nevada.
Figure 1 – Golconda Summit: A plan map of the Project area including the recently obtained 2006 geochemical results as well as 2022 rock sampling results. Arsenic is a strong pathfinder for gold within Carlin-type gold deposits.
Figure 2 – Golconda Summit: A plan map of the Project showing the location of the ‘Ridge’, ‘Thrust’ and ‘Trench’ zones in relation to the major iron-point thrust fault which has been mapped across the Project.
The diagrams and images presented above may be viewed on GMT’s website and may be reached through the following link:
https://www.goldenmetalresources.com/project/the-golconda-summit-project/
Further photographs and videos from the drill programme are and will be available on the Company’s website gallery section, through the following link:
https://www.goldenmetalresources.com/investors/gallery/golconda-summit-project/
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#MNRG MetalNRG PLC – Further Litigation Update
MetalNRG plc (“the Company”) announces that further to the High Court’s written judgements in the Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants (together the “Defendants”), in its action for recission of certain contracts and restitution, the deadline for the Defendants to make payment to the Company in the sum of £1,122,961.85 (which includes interest awarded and interim costs recovery) was 4.00pm yesterday (26th October 2022) (the “Payment Deadline”).
The Company has this morning received the second payment of £250,000 mentioned in the previous release and therefore a total of £500,001 has been received, the Defendants are currently in default in the sum of £622,960.85.
As previously announced the Company will today issue statutory demands for the unpaid balance, as a measure to protect its and its shareholders interests, and if such balance is not paid in full by the Defendants (with such additional interest as may accrue), will proceed to petition for the winding up of, or administrators appointed over, the Defendants on grounds of insolvency.
END
Contact details:
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MetalNRG plc Rolf Gerritsen |
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Corporate Broker |
+44 (0) 20 7469 0930 |
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Corporate Broker |
+44 (0) 1483 413500 |
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#TM1 Technology Minerals – Global Battery Metals Exercises Leinster Option
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 Global Battery Metals Ltd (“GBML”), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ), an international critical mineral exploration and development company focused on growth-oriented battery metal projects, has elected to exercise its first option with respect to the Company’s lithium North-West Leinster Property in the Republic of Ireland (“the Property”).
The Leinster Property is currently operated as an Earn-in Option between LRH Resources Limited (Ireland) (“LRH”) (a wholly-owned subsidiary of the Company) and GBML. The project is operated under an exclusive Earn-in and option agreement with GBML with no project expenditure required by the Company.
The agreement provides GBML with three staged options to acquire up to 90% of the Property as follows:
· First Option: to earn 17.5% equity by spending on the Property by 12 October 2022:
o (i) up to €85,000 (already spent) in expenditures on the Property, separate from the license fees
o (ii) up to €6,500 (already spent) in connection with all such license charges, fees and rents as may be required to keep the Property in good standing
· Second Option: to earn a further 37.5% equity by spending a further €500,000 (with credit given for overspend by GBML prior to 12 October 2022) within two years of the exercise of the 1st Option, and paying the Company €50,000 (i) in cash or (ii) GBML shares at market price and €5,000 in cash
· Third Option: If Option 2 is exercised, to earn a further 35% equity by spending a further €1,000,000 within two years of the exercise of the 2nd Option, and paying the Company €200,000 (i) in cash or (ii) GBML shares at market price and €20,000 in cash.
· GBML is required to maintain the applicable Option in good standing, and when GBML reaches 55% interest, pursuant to the terms of the Second Option, a joint venture between the Company and GBML will be formed. The joint venture terms include:
(i) each party having a right of first refusal on the other party’s shares;
(ii) each party having tag along rights in the event a party seeks to sell its shares (and the other party does not exercise its right of first refusal); and
(iii) each party’s interest shall convert to a 2% gross smelter royalty (the “GSR”) if its interest dilutes below 10%. The royalty payor of the GSR has a buy back right on one half of the GSR exercisable within a period of 12 months after its grant for an acquisition price of €1,000,000 payable in cash or GBML shares at market price.
The Leinster Property
The Leinster Property, located in the counties of Wicklow and Dublin, is focused on the exploration for lithium mineralisation within spodumene-bearing granite pegmatites. The Property consists of fifteen prospecting licences, termed ‘the North-west Leinster Block’, which cover a total area of approximately 477km2, and a new Prospecting Licence (“PL”), PL1597 which was awarded on 22 March 2022. All the Property prospecting licences were granted to LRH.
The Property lies on a 135km long zone of lithium-bearing pegmatites, centred on the Aclare and Moylisha deposits which were discovered during 1960’s and 1970’s and are currently being explored by the Ganfeng – International Lithium joint venture.
Lithium mineralization on the Property has been confirmed, with spodumene bearing samples from various prospects identified within the project area: Sorrel (1.6% Li2O equivalent); Tonygarrow (1.0% Li2O); Aghavannagh (1.78% Li2O). Lithium mineralization on PL1597 has also been confirmed, with spodumene bearing samples from two boulder trains identified, the results of which will be released in the near future.
The Company and GBML plan further work programmes on the Property (including PL1597) in Q4 2022, with geological mapping, lithogeochemical sampling, ground surveying, deep overburden sampling and limited diamond drilling where warranted.
As part of an on-going workflow, the Company continues to identify, fully assess and apply for other spodumene-pegmatite exploration opportunities along the district-scale Irish lithium belt.
Alex Stanbury, CEO of Technology Minerals, said: “I am pleased that Global Battery Metals will be exercising their first option at the Leinster Property. This news demonstrates the strength of our working relationship with Global Battery Metals and underlines their faith in the potential of this project and the Irish pegmatite belt.
“It also vindicates our strategy to move early-stage mining assets up the value chain and shows the value of Technology Minerals exploration work. We look forward to continuing to work closely with Global Battery Metals, as well as our other joint venture partners, to develop our portfolio of projects focused on the critical minerals needed to power the transition to net zero.”
Enquiries
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Technology Minerals Plc |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 20 4582 3500 |
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Global Battery Metals Ltd. |
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Michael Murphy BA, MBA, MSc., ICD, President & CEO |
+1 604-649-2350 |
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Arden Partners Plc |
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Ruari McGirr, George Morgan |
+44 207 614 5900 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, Amy Stupavsky |
+44 20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, 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. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk