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#TM1 Technology Minerals PLC – Licenses in Cameroon and Funding Drawdown Update
Facility Drawdown
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that it has drawn down a further £560,000 from the £4.0 million convertible bond facility (the “Facility”) with Macquarie Bank Limited (“MBL”) and Atlas Capital Markets LLC (“ACM”) as detailed in the Company’s announcement on 9 December 2022. Following this, a total of £1,060,000 of the Facility has been drawn down.
This convertible bond tranche has a coupon of 5% per annum over the SONIA rate, payable quarterly in cash or in shares at the Company’s discretion. As part of the agreement, MBL and ACM can convert the convertible bonds to Technology Minerals shares (“Shares”) by issuing a conversion notice with the price set at 90% of the 3-day Volume Weighted Average Price of the Shares, where the three days may be consecutive or not and are selected by MBL or ACM (as applicable) from the 20 days prior to the issue of a conversion notice by MBL or ACM. The convertible bonds shall have a maturity of two years from issuance.
Conversion Notice and Total Voting Rights
In addition, Technology Minerals announces that it has received further Conversion Notices from Macquarie Bank Limited (“MBL”) for a total of £210,000 of Convertible Bonds of the first £500,000 tranche drawn from the £4.0 million convertible bond facility (the “Facility”).
|
Conversion Notice Date |
Amount Converted (£) |
Number of shares |
|
17.02.2023 |
100,000 |
10,068,972 |
|
20.02.2023 |
90,000 |
9,062,075 |
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23.02.2023 |
20,000 |
2,013,794 |
Technology Minerals will issue 21,144,841 ordinary shares of £0.001 per share (“Ordinary Shares”) at a conversion price of 0.993150p per Ordinary Share.
Admission and Total Voting Rights
Application will be made for the 21,144,841 new ordinary shares, which will rank pari passu in all respects with the existing ordinary shares of the Company, to be admitted to the Standard List segment of Official List and to trading on the main market of the London Stock Exchange plc, which is expected to occur on or around 8.00 a.m. on 3 March 2023 (“Admission”). Upon Admission, the total number of issued shares and the total number of voting rights in the Company will be 1,333,482,275.
The above figure of 1,333,482,275 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Cameroon exploration permits validated and granted to Technology Minerals
Further to the announcement on 27 June 2022, Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce the Cameroon Ministry of Mines, Industry and Technological Development has confirmed that the five exploration permits at the Technology Minerals Cameroon (“TMC”) Property have been validated under Cameroon law and granted to the Company.
The property covers an area of 2,456km² in south-eastern Cameroon, proximal to the world-class Nkamouna nickel-cobalt laterite deposit, 600km by road east of the port city of Douala, and 400km by road east of the capital of Yaoundé. At least three of the permits are in areas considered prospective for nickel-cobalt rich laterite.
To date, TMC has performed a reconnaissance exploration on the five permit areas, which entailed geochemical evaluation, soil sampling, and lithogeochemical (rock) sampling. With the approval of the permits finalised, the Company plans to continue further exploration and perform a more detailed remote sensing study of the area for Nickel, Cobalt and Manganese.
Alex Stanbury, CEO of Technology Minerals, said: “We are pleased to receive confirmation that these exploration permits have been validated and awarded to the Company. With the prospect located near the world-class Nkamouna nickel-cobalt laterite deposit and covering around 2,500km2 in an area considered prospective for nickel and cobalt, we look forward to further exploration work to increase our understanding of the prospect’s potential.”
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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Arden Partners Plc |
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Tim Dainton, Louisa Waddell |
+44 (0)20 3829 5000 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, Rebecca Scott |
+44 (0)20 4582 3500 |
#POW Power Metal Resources PLC – Commercial Update
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a commercial update providing the latest position in respect of various corporate activities recently completed or underway.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“I am a resolute believer in the junior resource sector and its ability to deliver considerable returns for investors. The sector is, ultimately, driven by cyclicity caused by shifting supply and demand fundamentals for the underlying metals.
Over the past 4 years, Power Metal has assembled a unique and diverse global project portfolio which is ready for what I believe will be a longstanding and robust bull market for junior resource companies.
After a long-sustained bear market for resource juniors, I believe that the sector recovery has now begun as demonstrated by rising metal prices and the evident growing demand for metals in most industrial settings and for investment security.
In the last 6 months we have seen the IPO of Power Metal investee company First Class Metals PLC and completion of the Kanye Resources disposal to Kavango Resources PLC. These two transactions alone brought additional listed securities into the Power Metal portfolio that are together currently worth c.£4.1m (at the mid-market price on 21.12.22 market close).
Below you will see a further five transactions which each have the potential to add considerably to the Power Metal balance sheet. This corporate activity will complement our ongoing and successful exploration work at the Molopo Farms Complex and Tati Gold projects both located in Botswana and our Athabasca Basin uranium interests in Canada.
I would like to thank our professional teams for working so diligently on multiple complex transactions and positioning us where we are today. I also want to thank our shareholders who have stayed with us, through this challenging part of the cycle, patiently supporting us while we continue to push the business forward in advance of the next bull market.
We approach the Christmas and New Year break with a heightened sense of excitement and optimism for 2023 and beyond.”
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Company/Operations |
POW % |
Status |
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First Class Metals PLC (LON:FCM) Exploration in the Schreiber-Hemlo region of Ontario, Canada. |
27.91% |
Following the disposal of Power Metal’s Schreiber-Hemlo interests to FCM in September 2021, FCM successfully secured admission to the Official List (by way of a Standard Listing under Chapter 14 of the Listing Rules), on 29 July 2022. Power Metal holds a total of 18,516,097 FCM shares, which are subject to a hard lock-in agreement until 29 July 2023, with a further 12-month orderly market arrangement thereafter. The Company also holds 517,705 warrants to acquire new FCM ordinary shares at a price of 10p and with an expiry date of 29 July 2023. At the closing market mid-price of 17p on 21 December 2022 the value of Power Metal’s shareholding in FCM is £3,194,027. |
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Kavango Resources PLC (LON:KAV) Exploration in Botswana |
9.85% |
Following completion of the disposal of Power Metal’s interest in the Kanye Resources joint venture back to partner KAV, as announced in November 2022, Power Metal’s interests in KAV, which is also on the Official List of the London Stock Exchange, include: – 69,500,000 KAV ordinary shares. – Warrants to acquire 4,750,000 KAV ordinary shares at a price of 2.5p (expiry April 2023) – Warrants to acquire 30,000,000 KAV ordinary shares at a price of 4.25p (expiry January 2025) – Warrants to acquire 30,000,000 KAV ordinary shares at a price of 5.5p (expiry January 2025) In addition, Power Metal holds a 1% net smelter return (“NSR”) royalty across all Kanye Resources properties as at 8 July 2022. At the closing market mid-price of 1.5p on 21 December 2022 the value of Power Metal’s shareholding in KAV is £1,042,500. |
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Golden Metal Resources PLC (GMT) Exploration and development in Nevada, USA. |
83.13% |
During 2021, Power Metal acquired outright three projects located in Nevada, USA (Pilot Mountain, Garfield and Stonewall) and secured an option to acquire a 100% interest in a fourth project (Golconda Summit). The projects were acquired through GMT, then a wholly-owned subsidiary of Power Metal and a vehicle incorporated in advance of a planned listing in the London capital markets. A subsequent Pre-IPO financing for GMT raised £750,000 before expenses. Power Metal currently holds 49,874,437 GMT shares or 83.13% of GMT issued share capital. GMT has now completed the pre-IPO work required and a listing document has now been prepared (subject to final data additions) and the IPO financing is underway. A series of roadshow meetings have been undertaken with interested parties including institutions based in Canada and the UK and to date the GMT business model and listing proposal has been well received. These meetings will continue over the coming weeks and into the new year, allowing those with conflicts during the holidays to finalise their interest in the IPO early in the new year. GMT is looking to complete the IPO Financing and, subject to standard regulatory approvals, the final listing steps in early 2023. |
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First Development Resources PLC (FDR) Exploration in Western Australia and the Northern Territory of Australia. |
62.12%* |
During 2021. Power Metal acquired three exploration projects in Western Australia (Wallal, Braeside West and Ripon Hills), The projects were acquired through FDR, then a wholly-owned subsidiary of Power Metal and a vehicle incorporated in advance of a planned listing in the London capital markets. Subsequently, in 2021, FDR acquired an additional exploration project in the Northern Territory of Australia (Selta). Additional commercial transactions were undertaken by FDR in 2022 with the acquisition of a 100% interest in Pardoo Resources Pty Ltd (a project holding company) and the purchase of NSR royalties retained by the vendors of the vehicles holding the above projects. Power Metal currently holds 38,605,697 FDR shares or 62.12%* of FDR issued share capital. FDR is nearing completion of all the IPO work streams and is finalising the listing document in preparation for a planned IPO financing roadshow which is expected to commence in early 2023. |
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New Ballarat Gold PLC (NBGC) Exploration in the Victoria Goldfields of Australia. https://www.powermetalresources.com/project/victoria-goldfields/. |
49.9% |
In 2020 Power Metal established a joint venture with Red Rock Resources PLC (LON:RRR) focused on exploration projects in the Victoria Goldfields, Australia. The joint venture has secured a ground footprint in the Victoria Goldfields comprising 1,841km2 of granted licences and 493km2 of exploration licence applications awaiting grant. The footprint includes two former high-grade working gold mines (Ajax and Berringa), with Berringa currently the subject of an ongoing diamond drilling programme. A National Instrument 43-101 technical report has been prepared covering 7 of the licences, as an underlying document in preparation for listing of NBGC. The joint venture has a local operational team and is based out of Ballarat, Victoria. Across the footprint extensive evidence of historical gold workings exist, and outside of the footprint boundaries numerous positive exploration updates have been noted by fellow exploration companies. For example, we note recently the discovery of extensive gold mineralisation by Southern Cross Gold Ltd (a spin-out listing from Mawson Gold Ltd) included an intersection of 305.8m at 2.4g/t gold at their Sunday Creek project situated 5km east of the Kilmore project held by NBGC. Link here: https://wcsecure.weblink.com.au/pdf/SXG/02612149.pdf With the increasing confidence in the market and support for high-quality gold exploration investment opportunities, Power Metal is working with partner Red Rock Resources PLC to identify the best commercial structure and expeditious pathway to enable the planned listing to proceed. |
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NewCo Exploration in Queensland’s Mount Isa copper belt and in South Australia. NewCo to be incorporated shortly to allow the merger of three companies and their interests in South Australia and Queensland as per POW RNS 15.12.22). NewCo website under development. |
20%^ |
Power Metal announced on 15.11.22 the merger of its wholly owned Australian holding company which holds a 100% interest in the Wilan Project located in South Australia, with two other Australian exploration companies with 100% owned interests in the Mount Isa copper belt region of Queensland, Australia. The intention is to secure a planned new listing on a recognised stock exchange of the new merger company NewCo, comprising the South Australia and Queensland interests, or to dispose of the new merger company into a currently listed or to be listed vehicle. Work is underway now to consider all available options and updates will be provided to the market in due course. |
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Uranium Energy Exploration PLC (UEE) Uranium exploration in the Athabasca region of Canada |
50-55%~ |
Power Metal has agreed the disposal of two uranium properties to UEE subject to completion of a planned listing of UEE. Following discussions with UEE, Power Metal has agreed to extend the period for completion of the planned listing by 3 months to 31 March 2023. The intention is to list on a different exchange to that previously planned and to add further uranium projects to the UEE portfolio prior to the planned listing. As a result, UEE is now actively reviewing additional opportunities within the uranium space to bolster their portfolio in advance of the planned listing. The proposed business model (Uranium exploration focused on the Athabasca Basin area of Saskatchewan, Canada) has the support in principle of proposed investors in an IPO financing and would bring the first Athabasca focused investment proposition to the London capital markets. Further updates to follow as plans continue to advance. |
^ subject to completion of Merger announced 15.12.22.
~ subject to completion of disposal of Reitenbach and E-12 properties, announced on 8.8.22 and 4.11.22, respectively.
* reducing to 58.59% on issue of equity for NSR buyout announced 5.12.22
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 |
Technology Minerals #TM1 – First Tranche of Facility Drawdown
First Tranche of Facility Drawdown
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announces that it has drawn down a £500,000 tranche from the £4.0 million convertible bond facility (the “Facility”) with Macquarie Bank Limited (“MBL”) and Atlas Capital Markets LLC (“ACM”) as detailed in the Company’s announcement of 9 December 2022.
This convertible bond tranche has a coupon of 5% per annum over the SONIA rate, payable quarterly in cash or in shares at the Company’s discretion. As part of the agreement, MBL and ACM can convert the convertible bonds to Technology Minerals shares (“Shares”) by issuing a conversion notice with the price set at 90% of the 3-day Volume Weighted Average Price of the Shares, where the three days may be consecutive or not and are selected by MBL or ACM (as applicable) from the 20 days prior to the issue of a conversion notice by MBL or ACM. The convertible bonds shall have a maturity of two years from issuance.
Enquiries
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Technology Minerals Plc |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+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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Arden Partners Plc |
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Ruari McGirr |
+44 (0)207 614 5900 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, W illiam Dobinson |
+44 (0) 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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Power Metal Resources #POW – Kalahari Key – Acquisition & Drilling Update
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in respect of the acquisition of an additional 58.7% interest in Kalahari Key Mineral Exploration Pty Limited (“Kalahari Key” or “KKME”) (the “Transaction”).
The steps outlined below will result in Power Metal holding an 87.71% interest in Kalahari Key, which will hold a 100% interest in the Molopo Farms Complex Project (the “Project”, “Molopo Farms” or the “MFC Project”) targeting a large-scale nickel-platinum group metal (“PGM”) discovery in southwest Botswana.
The conditional acquisition was originally announced on 18 May 2022 which may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC, commented:
“Today Power Metal announces the next steps towards completion of the acquisition of Kalahari Key shares and the remaining steps that will take Power Metal’s interest in Kalahari Key and therefore Molopo Farms to 87.71%.
Drilling at Molopo Farms continues successfully with the first two drill holes now complete and downhole geophysics on the first hole underway. The drill rig is moving to target area T1-14 in the coming days to commence the third diamond drillhole targeting a superconductor identified there by a recently completed moving loop electromagnetic survey.
A further detailed operational update is expected in the near term.”
DIAMOND DRILL PROGRAMME UPDATE
The first two holes into target T1-6 have been successfully completed as follows:
– DDH1-6(B) drilled to 650.0m
– DDH1-6(B)(2) drilled to 300.2m
Downhole geophysics is currently underway at DDH1-6(B).
The drill site has been prepared at target T1-14 ready for diamond drilling into the electromagnetic superconductor target identified. Drilling at T1-14 is expected to commence shortly.
The Company expects to release a further detailed operational update covering the latest developments at Molopo Farms in the near future.
ISSUE OF CONSIDERATION SHARES
Following the receipt of regulatory approvals for the Transaction as announced on 28 October 2022 Power Metal and as outlined in the original Transaction announcement of 18 May 2022 (see link above), Power Metal will now issue the following consideration to the shareholder of Kalahari Key selling their shares to Power Metal (the “Vendors”):
Initial Consideration:
Initial consideration of £807,348 payable through the issue to the Vendors of 46,134,171 new ordinary Shares of 0.1p each in the Company (“Ordinary Shares”) at an issue price of 1.75p per new Ordinary Share (“Consideration Shares”) and warrants over 46,134,171 new Ordinary Shares at a 3.5p exercise price with an expiry date of 18 May 2024 (“Consideration Warrants”).
With respect to the Consideration Warrants, Power Metal will hold an acceleration right, whereby should the volume weighted average Power Metal share price exceed 7.0p for 5 trading days, Power Metal has the right to serve written notice to the Vendors of 14 days to exercise and pay for the Consideration Warrants or they may be cancelled.
Further Consideration:
In the event, that by 18 May 2024 Kalahari Key or the MFC Project is sold for US$10million or greater, or a joint venture (or earn-in) agreement is signed with a potential third party where the potential project spend is US$10million or greater, Power Metal will issue the Vendors with further warrants over 46,134,171 new Ordinary Shares at an exercise price of 5.0p with a 2 year life to expiry ending 18 May 2024 (“Further Consideration Warrants”).
In respect of the Further Consideration Warrants Power Metal will hold an acceleration right, whereby should the volume weighted average Power Metal share price exceed 10.0p for 5 trading days, Power Metal has the right to serve written notice to the Vendors of 14 days to exercise and pay for the Further Consideration Warrants or they may be cancelled.
CONVERSION OF PROJECT EARN-IN
Power Metal is working with Kalahari Key to issue a further 17,033 Kalahari Key shares to Power Metal to extinguish its previously secured 40% earn-in to the Molopo Farms Complex Project and restore Kalahari Key to an effective 100% interest in the MFC Project.
New Power Metal Holding in Kalahari Key
Following the completion of the above steps (“Completion”) Power Metal’s holding in Kalahari Key will amount to 37,348 shares or 87.71% of Kalahari Key issued share capital as follows:
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Shares |
% KKME |
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Power Metal Original Holding |
5,313 |
20.79 |
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Shares Acquired by Power Metal in KKME |
15,002 |
58.72 |
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Remaining KKME Shareholders |
5,235 |
20.49 |
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Interim Total |
25,550 |
100.00 |
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Shares Issued to Power Metal re Molopo 40% Earn-in |
17,033 |
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Power Metal Final KKME Shareholding |
37,348 |
87.71 |
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Remaining KKME Shareholders |
5,235 |
12.29 |
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Total Kalahari Key Shares in Issue on Completion |
42,583 |
100.00 |
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ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 46,134,171 Consideration Shares to be admitted to trading on AIM which is expected to occur on or around 10 November 2022 (“Admission”). The Consideration Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
Following Admission, the Company’s issued share capital will comprise 1,660,789,092 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
Further information in respect of Molopo Farms may be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/project/molopo-farms-complex/
In addition, photographs and videos from the Project are and will be available on the Company’s website gallery section, through the following link:
https://www.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/
Technology Minerals #TM1 – Result of General Meeting
Technology Minerals Plc (LSE: TM1), the first listed UK company to focus on creating a sustainable circular economy for battery metals, announces that all resolutions put to shareholders were duly passed at the Company’s General Meeting held today. The proxy votes received in advance of the meeting are as follows:
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Resolution |
Votes for |
Votes against |
Votes withheld |
Total proxy votes (excl. votes withheld) |
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No. of votes |
% of votes cast |
No. of votes |
% of votes cast |
No. of votes |
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1 |
557,899,466 |
99.82 |
1,019,543 |
0.18 |
24,493 |
558,919,009 |
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2 |
557,891,466 |
99.82 |
1,027,543 |
0.18 |
24,493 |
558,919,009 |
For further information, please contact:
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Technology Minerals Plc |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+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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Arden Partners Plc |
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Ruari McGirr, George Morgan |
+44 (0)207 614 5900 |
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Gracechurch Group |
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Harry Chathli, Alexis Gore, Amy Stupavsky |
+44 (0) 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 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.
Kavango Resources #KAV – Block listing Interim Review
Block Listing Six Monthly Return
Kavango Resources Plc announces the following Block Listing six-monthly return:
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Name of applicant: |
Kavango Resources Plc |
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Name of scheme: |
Warrants & Share options |
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Period of return: |
From: |
19/04/22 |
To: |
18/10/22 |
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Balance of unallotted securities under scheme(s) from previous return: |
141,081,651 |
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Plus: The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for): |
n/a |
|||
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Less: Number of securities issued/allotted under scheme(s) during period (see LR3.5.7G): |
0 |
|||
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Equals: Balance under scheme(s) not yet issued/allotted at end of period: |
141,081,651 |
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Name of contact: |
ONE Advisory Limited, Company Secretary |
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Telephone number of contact: |
+44 (0) 20 7583 8304 |
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
Kavango Resources #KAV – Strategic Financing to raise additional £500,000
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that it has agreed to raise a further 500,000 before expenses by the issue of 27,777,777 New Ordinary Shares in the capital of the Company (“New Ordinary Shares”) at a price per share of 1.8 pence.
Strategic Investment
The 27,777,777 New Ordinary Shares will be conditionally issued via a direct subscription (the “Strategic Investment”) into the Company by a single strategic investor, Arigo Capital Limited (Rwanda).
Each New Ordinary Share will have, on a one-for-one basis, a warrant attached exercisable at 3p for a term of 24 months from the date of issue. Issue of the warrants will require the approval of shareholders and details of a general meeting at which such approval will be sought will be sent to shareholders in the near future.
Ben Turney, Chief Executive Officer of Kavango, commented:
“Following yesterday’s £3million strategic financing, I am extremely happy to welcome our second strategic investor into Kavango for an additional £500,000 investment.
With all the progress we’ve made across our portfolio over the last 12 months, this is an incredibly exciting time to be involved in this business.
We are now extremely well positioned to pursue our ambition of making multiple major metal discoveries in Botswana.”
Use of funds
The Strategic Investment, which is independent of the £3 million conditional financing announced yesterday, will contribute to the Company’s general working capital and, taken with the financing announced yesterday ( announced>>> 24 October 2022 ), will further fund proposed exploration work.
Admission
Application will be made for the New Ordinary Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 30 November 2022.
On Admission Arigo will hold 5.99% of the issued share capital of Kavango.
Total Voting Rights
Following Admission, the total issued share capital of the Company will consist of 463,423,703 Ordinary Shares*. Therefore, the total number of voting rights in the Company is 463,423,703* and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company.
*Exclusive of shares issued as a result of successful publication of the prospectus, announced 24 October 2022.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
Power Metal Resources #POW – Molopo Farms Complex – Geophysics Update T1-14
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana where drilling is currently underway.
On 20 October 2022 the Company announced an update regarding the ongoing drilling programme and the link to this announcement is below:
Further detailed work in regard to the moving loop electromagnetic (“MLEM”) survey results over the target area T1-14 has been ongoing, with an update relating to those results presented herein.
HIGHLIGHTS
§ A geophysical electromagnetic (“EM”) ‘superconductor’ has now been identified at target area T1-14, with a conductance reading akin to that of massive sulphides. 1
§ As a result, the superconductor at target area T1-14 has been upgraded to priority status and will be subject to diamond drilling in the coming weeks, being now the strongest MLEM conductor identified on the Project to date.
§ Diamond drilling at target area T1-14 will commence after the completion of diamond drillholes DDH1-6B and DDH1-6B(2), both targeting the conductor identified within target area T1-6.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“The momentum at our Molopo Farms Complex Project continues to build and we now have four Company designated priority (A+) targets that we plan to test during the ongoing drilling campaign.
The results from the extra MLEM work over target area T1-14 are quite definitive and have resulted in the upgrade of this target area following the identification of a superconductor.
I appreciate that the mineral discoveries under cover that we seek at Molopo Farms, and at other Company interests, often require a long lead time with complex preparatory work often needed to define drill targets. However, we have the rig drilling now at Molopo Farms and the drill testing of the T1-14 superconductor, targeting a massive nickel sulphide discovery, is expected to commence in the coming weeks.”
FURTHER INFORMATION
Target Area T1-14
§ During the 2020/2021 drilling campaign, a 515.8m long diamond drillhole (KKME1-14) was drilled within target area T1-14 which was targeting a priority airborne EM conductor.
§ Drillhole KKME1-14 intersected three main geological units including serpentinites (40.4m – 208.5m) quartzites (208.5 – 479.6m) and graphitic mudstones (479.6 – 515.8m). It was originally assumed that the graphitic mudstone was the cause of the airborne conductive anomaly identified at this target zone – and as a result the hole was shut down at 515.8m.
§ The conductor at target area T1-14 was originally given a lower priority B ranking due to it being slightly deeper than priority conductors found at T1-6, T2-3 and T1-3. However, following further analysis of available datasets, the following conclusions have been reached:
o The MLEM conductor modelled at target area T1-14 has been classified as a superconductor, ranking it as the strongest conductor identified at the Project to date. The conductance reading at T1-14 is akin to that of massive sulphides.
o KKME1-14 was drilled mostly within a magnetic low, which is consistent with the drillhole intersecting mostly sedimentary rock units instead of targeted mafic/ultramafic rocks (which are typically strongly magnetic and can host primary magmatic nickel sulphides).
o The MLEM superconductor now modelled at target area T1-14 has a discrete shape. If the graphitic mudstones were the cause of the conductor identified at this target area, it would be expected that this conductor would be flat-lying, consistent with the typically very flat-lying and continuous nature of Transvaal sedimentary units within the Molopo Farms Complex.
o Three dimensional (“3D”) modelling of KKME1-14 shows that it intersected only the edge of the newly identified superconductor.
§ The combination of the ground MLEM and airborne EM geophysics datasets into a single 3D model has enabled a geological model to be developed. This is interpreted to show a geological contact zone between mafic/ultramafic magmatic intrusive rocks and potentially sulphur rich sedimentary rocks (as signified by overlapping highly magnetic and conductive bodies). Melting of the sedimentary rocks at this intrusive contact zone could have led to magma mixing, differentiation, and contamination that triggered sulphide saturation and the segregation of an immiscible sulphide melt which could have resulted in the accumulation of massive sulphide mineralisation. It appears that this prospective, highly conductive, contact zone was not intersected by the previous drillhole KKME1-14.
§ As a result of further integration and analysis of available datasets, target area T1-14 has been upgraded by the Company to Priority A+ status and a 700m drillhole (DDH1-14A) is now planned following the completion of DDH1-6B(2). It is estimated that the superconductor could be reached at a downhole depth between 450-500m.
FURTHER INFORMATION
Figure 1 – Molopo Farms Complex Project Plan Map: A plan map of the Project area, including the location of various elements mentioned above is outlined in Figure 1 below.
Figure 2 – T1-14 3D View (Magnetics; Pink = Magnetic High): A 3D view showing the location of the planned drillhole DDH1-14A and historical drillhole KKME1-14 with the ground magnetic inversion. KKME1-14 was drilled mostly within a magnetic low, which is consistent with the quartzites and carbonaceous mudstones.
Figure 3 – T1-14 3D View (MLEM: Blue = Conductivity High): A 3D view showing the location of the planned drillhole DDH1-14A and historical drillhole KKME1-14 with the MLEM superconductor identified.
The diagrams and images presented above will be uploaded shortly to the Company’s website which may be reached through the following link:
https://www.powermetalresources.com/project/molopo-farms-complex/
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.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
Reference Notes
1 The term ‘superconductor’ is utilised here, to describe a region of very high geophysical conductivity as depicted by a very slow decay of the electromagnetic signal. In the case of T1-14, the electromagnetic signal has not decayed to system noise levels after 2,000 milliseconds (msecs). The calculated decay constant is between 400 and 550 msecs which is common for massive nickel sulphides.
Glossary
Serpentinite: Mafic rock composed of one or more serpentine group minerals. Serpentinization is a form of low-temperature metamorphism of ultramafic rocks. They often are strongly magnetic.
Quartzite: Hard, non-foliated metamorphic rock which was originally very quartz rich. It has a low magnetic and conductance response.
Graphitic Mudstone: Graphite rich, fine-grained clastic sedimentary rock. It has a low magnetic and can have a high conductance response.
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 |
NOTES TO EDITORS
Power Metal Resources plc – Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Resources #POW – Molopo Farms Complex – Botswana Drilling Update
Molopo Farms Complex – Botswana Drilling Update
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a drilling update from the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.
In September 2022 Power Metal commenced a planned 2,600m diamond drill programme at Molopo Farms focused on the drilling of three Company designated priority (A+) electromagnetic (“EM”) geophysics conductors, located at target areas T1-6, T2-3 and T1-3. The first diamond core drillhole, DDH1-6B is within priority target area T1-6 and is located 530m south of previous drillhole KKME1-6 drilled in 2020, which returned multiple nickel sulphide intervals which are detailed in the Company’s announcement of 24 September 2021 accessible via the link below:
HIGHLIGHTS:
§ The first diamond hole, DDH1-6B, has now achieved a depth of 576m.
§ Ultramafic rocks have been intersected immediately beneath relatively shallow (~24m) Kalahari Group sediments and have continued to the current hole depth.
§ Preliminary inspection of DDH1-6B shows interbedded mafic units, predominantly comprised of pyroxenites and serpentinites. Pyroxenites were the host rock for nickel sulphide mineralisation found within drillhole KKME1-6.
§ Visible sulphide mineralisation has been logged within pyroxenites toward the end of the current drillhole DDH1-6B. As a result, the Company has decided to extend the hole from the original 600m target depth, with the goal of intersecting additional pyroxenite layering. Drillhole DDH1-6B now has a planned target depth of at least 650m.
§ Drill core recovery has been excellent, with core now being transported to the processing area. Core logging and the preparation of samples for assay testing will be expedited where possible.
§ Following the completion of DDH1-6B, a down hole EM survey will be undertaken in order to gather further geophysical data which will assist in the vectoring of subsequent drillholes planned to test the priority T1-6 target area.
§ In the interim on completion of DDH1-6B, the Company will undertake a further new shallow drill hole into target area T1-6, DDH1-6B(2), from a drill location proximal to that for the original hole KKME1-6. The new drill hole is planned to a target depth of 250m. This hole will test for the potential up dip extension (shallower) of the nickel mineralised pyroxenites identified in drillhole KKME1-6, and should help the Company to demonstrate the full extent of the mineralised system at this priority target area.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“The initial findings from hole DDH1-6B are exciting, confirming the extension of pyroxenite layering to the south of original hole KKME1-6 and providing significant core intervals for expedited processing and subsequent assay testing.
The presence of visible sulphide mineralisation toward the end of the current hole has led us to make the decision to extend the planned target depth of DDH1-6B to at least 650m.
The preliminary logging of the ongoing drillhole has confirmed the angle of dip of geological units from original hole KKME1-6 to the current hole DDH1-6B to be approximately 30°, it is also clear that we should test the northerly extension of the pyroxenite layering up-dip, to the north of KKME1-6, where we are targeting nickel sulphide mineralisation nearer to surface.
The opportunity at Molopo Farms is considerable, so I am particularly pleased to report the findings above so early in this ongoing programme and look forward to releasing further information as soon as possible.
My thanks to the drill team and our technical advisers in the field for a great job on the programme thus far.”
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
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:
|
Power Metal Resources plc |
|
|
Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
|
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 |
Kavango Resources #KAV – KCB – Promising CSAMT Results PL082
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce encouraging initial results from the Controlled-Source Audio Magnetotelluric (“CSAMT”) surveys conducted over PL082/2018 in the Kalahari Copper Belt (“KCB”).
Kavango is the first company on the KCB to deploy CSAMT in this way. If validated by the Company’s current drill programme on PL082/2018, Kavango’s field application, inversion and interpretation techniques could prove to be a highly powerful exploration tool in this region.
HIGHLIGHTS
– Results of inversions of the CSAMT data on lines 8 and 6a encompass:
– High quality data down to 4km depth, far exceeding expectations
– High contrast resistivity sections that clearly delineate major folding and faulting
– Current interpretation highlights a very sharp steeply dipping geological structure/deformation zone within Kavango’s PL082/2018 licence area, against which steeply folded lithologies sit:
– This is interpreted as a faulted and brecciated margin
– CSAMT inversions suggest that this structure extends to 4km depth
– Such deep seated structures are thought to serve as pathways for fluid flow and mineral s mobilisation, a key component of mineralising systems in the KCB
– On both CSAMT sections processed to date, this significant deformation zone is interpreted to be coincident with the Northern Zone Soil copper anomaly and a significant airborne electromagnetic (“AEM”) conductor
– KCBRC001, the current hole being drilled on PL082/2018, is designed to test a different CSAMT signature that is interpreted as a main stratigraphic contact, and directly targets the highest soil copper values (118.8ppm copper; pXRF values) recorded on the licence to date
– Additional CSAMT work is planned to improve interpretation of the geology and structure of PL082/2018 by collecting closer spaced data using an even closer station spacing than the current 50m, thereby further increasing resolution.
– Current planned drillholes will be used to calibrate the CSAMT inversions and interpretation with the geology and structures.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“One of Kavango’s competitive edges is our commitment to trialling modern remote sensing technology across our portfolio. The outcome is often unpredictable, but the upside can be significant.
From what we’ve seen of the results so far from our CSAMT surveys over PL082, this technology has potential to become transformational for exploration in the Kalahari Copper Belt.
Mapping the crucial Ngwako Pan/D’kar Formation contact and structural fluid conduits is key to discovering copper/silver deposits. With the drill rig in the field, we now have a perfect opportunity to test our geophysics against physical geology.”
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.