Big picture - Why invest in North River Resources plc.
North River Resources plc. Snapshot
North River is a mineral exploration and development company active in Namibia and Mozambique. The Company is focussed on re-opening its flagship asset, the Namib Lead Zinc Project near Swakopmund in Namibia and is targeting commencement of production in the near term.
The project has a current JORC resource of 1,250,000 tonnes, with resulting underground in-situ metal inventory of:
30,709 tonnes of lead
80,640 tonnes of zinc
1.76 million ounces of silver
A mine development plan has been completed based on a 250,000kt per annum plant, which demonstrates a payback of just 1.4 years based on a Mineral Inventory of 425kt of Indicated Resource, and 234kt of Inferred Resource.
The Company has a project equity agreement for up to $12.0 million with Greenstone Resources with which to progress the project through to production.
In addition to the Namib project, the Company has numerous other interests in both Namibia and Mozambique covering phosphate, iron ore, copper and gold. In tandem with the development of Namib into production, the Company has a wider strategy to build North River by acquisition during the sector downturn to become a high-growth enterprise.
Chief Executive Officer
James Beams joined North River having previously spent 14 years with Anglo American plc. For his final five years at Anglo American he was the Chief Financial Officer for the Copper division, and prior to that served in several senior management positions within the company. Prior to his time at Anglo American, he held senior finance roles at Minorco and Commercial Union.
Ms Ding Chan (Tina)
Tina has a Masters degree in Law and gained investment banking experience in Beijing and Singapore before joining CGNPC as Mining Investment Manager in 2014.
Dr. Rodney Beddows
Independent Non-Executive Chairman
Dr. Rodney Graham Beddows, also known as Rod, serves as a Senior Adviser for the Global Steel industry at RBC Capital Markets LLC since October 2014. Dr. Beddows served as a Co-Founder and President at HCF International Advisers Limited. He is now a Senior Adviser for the Mining industry at HCF. He founded Beddows and Co. and served as its Chief Executive. Dr. Beddows has spent most of his professional career as a strategy consultant then financial adviser to mining and metals companies. He is the Non-Executive Chairman and Non-Executive Director of Zincox Resources plc since July 7, 2014 and February 25, 2008 respectively. Dr. Beddows was for several years a main board director of Hatch Associates, after selling Beddows & Co to Hatch in 1998. Dr. Beddows has co-authored a book entitled 'Managing Large Research and Development Programs'. During a 25 year career as a Strategy Consultant, he has held Director level appointments at two international consultancies and in a number of innovative technology based metals companies. He is now on the board of Albion Steel Ltd, a start up seeking to bring a steel making technology to Europe.Dr. Beddows has a B.A. in Philosophy and Politics from the University of Bristol, an M.Sc. in Management Studies from the University of Durham, and a D.B.A. in Administrative Systems from Harvard Business School. He has been a Senior Visiting Reseach Fellow at HBS. In 2014 he oublished â€œSteel 2050; How steel transformed the world and now must transform itself.â€
Mark Thompson (Independent Director)
Mark Thompson is the executive Chairman of Treliver Minerals Ltd, a UK company developing Tin mining projects in England and Germany. He is a non-executive Director of TSX-V listed Margaret Lake Diamonds Inc as well as holding a number of other directorships in private companies engaged in mineral exploration. He is a former Chief Investment Officer and co-founder of Galena Asset Management Ltd, the fund management arm of Trafigura Beheer b.v., and partner at Apollo Management, one of the world's largest alternative asset managers. Mark holds a masters degree in Physics from Oxford University.
Mark Sawyer is a Senior Partner at Greenstone Capital LLP and a co-founder of Greenstone Resources LP ("Greenstone"), the private equity fund. Mark co-founded Greenstone in 2013 after a 18 year career in the mining sector including as co-head of group business development at Xstrata plc, and senior roles at Rio Tinto plc and Cutfield Freeman & Co Ltd. Together with Greenstone's co-founder, Mark oversees all aspects of the management of the business. He serves as a director of Greenstone Management Ltd, the fund's General Partner, and is a member, and co-Chairman, of the Investment Committee.
Keith Marshall (Independent Director)
Keith Marshall is a mining engineer and has over 35 years' experience in the mining industry and has worked for extended periods of time in every continent specialising in underground mining. He has developed a wealth of technical and managerial experience and has spent the last 15 years in senior mine leadership roles with Rio Tinto PLC as Managing Director of the Palabora Mining Company (copper) in South Africa, and President of the Oyu Tolgoi Project in Mongolia (copper/gold).
Ken Sangster (Independent Director)
Ken Sangster was trained as a metallurgist and has 49 years' experience in the mining industry in a number of highly successful project development / project management roles ranging in project size from USD20M to USD600M. He previously worked in numerous senior roles for Rio Tinto plc for over 15 years, as well having metallurgy focused project development roles for Anglo American PLC, Consolidated Gold Fields, Outokumpu Metals and Resources, TVX Gold and Ivernia plc. He is also a Fellow of the Institute of Directors.
Country Manager (Namibia)
Edwin Daweti holds a BSc degree from the University of Namibia and a BSc Honours degree, GDE and M.Eng (Mineral Resource Evaluation and Rock Mechanics) from the University of Witwatersrand, South Africa. He has nine years of mining and exploration geology, with experience in Namibia and South Africa. Prior to joining North River, Edwin held positions with Rossing Uranium (Rio Tinto), Xemplar Energy Corporation and Rosh Pinah Zinc Mine. Edwin has been working for North River since April 2011 and is responsible for the Company's team of ten staff in Namibia, and direct supervision of various contractors.
AIM securities in issue - 26,392,596 ordinary shares.
Percentage of shares not in public hands - 77.09%
Greenstone Resources LP 75.69%
Taurus Mineral Limited (Note 1) 4.04%
Note 1 - Taurus Mineral Limited's stake is held through Kalahari Gold Limited (980,000 shares) and Kalahari Diamonds Limited (86,666 shares), both of which are 100% owned by Extract Resources Limited, which in turn is 100% owned by Taurus Mineral Limited
James Beams 0.74%
Keith Marshall 0.15%
Mark Thompson 0.43%
Mark Sawyer (Note 2) 75.69%
Ken Sangster 0.08%
Note 2 - Held indirectly through Greenstone Resources L.P (“Greenstone”). Mark Sawyer does not have any direct interest in the Ordinary Shares or any options over Ordinary Shares but is a founding partner of Greenstone. Greenstone also holds the Tranche One Notes (as defined in the Company’s announcement yesterday), pursuant to the terms of the Greenstone Placing.
Key Shareholders and AIM securities in issue as of 12.08.16