Proactiveinvestors United Kingdom African Battery Metals https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom African Battery Metals RSS feed en Tue, 21 May 2019 10:28:31 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Haneti Nickel project - Exploration Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190521092253_14081643/ Tue, 21 May 2019 09:22:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190521092253_14081643/ <![CDATA[News - African Battery Metals begins exploration work at Cameroon copper-nickel project ]]> https://www.proactiveinvestors.co.uk/companies/news/220603/african-battery-metals-begins-exploration-work-at-cameroon-copper-nickel-project-220603.html African Battery Metals PLC (LON:ABM) has kicked off exploration work at its cobalt-nickel project in Cameroon.

Starting immediately, the AIM company is to undertake a pit excavation programme, digging down to up to 15 metres.

READ: ABM prepares to analyse samples from DRC copper-cobalt project

The pitting programme will include mapping and sampling of each excavated pit, which will add to the data from historical work at the site.

African Battery bosses are using the programme to try to figure out if their project demonstrates similarities to the nearby Nkamouna deposit, which is host to an estimated 323mln tonnes of ore at 0.21% cobalt, 0.61% nickel and 1.26% manganese.

The plan is to finish the excavation work before the onset of the heavy rains later in the year, with the samples to be sent to a laboratory in South Africa for analysis.

Results could have ‘dramatic’ impact

“I am pleased to announce the recommencement of exploration field work in Cameroon, which follows the recommencement of exploration at the Kisinka project in the DRC announced in April,” said executive director Paul Johnson.

“As with Kisinka, we have opted to focus our initial exploration spend in a highly targeted manner, answering a simple exploration question and namely, do the identified target areas have geological similarity to the nearby Nkamouna deposit?”

“If the answer is positive, the impact on the value of the project to the company could be dramatic and certainly disproportionately beneficial against the underlying modest cost of conducting the planned pitting and sampling programme.”

African Battery shares rose 5.6% to 0.48p on the back of Monday’s announcement.

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Mon, 20 May 2019 12:39:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220603/african-battery-metals-begins-exploration-work-at-cameroon-copper-nickel-project-220603.html
<![CDATA[RNS press release - Cameroon Cobalt-Nickel Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190520114351_14080308/ Mon, 20 May 2019 11:43:51 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190520114351_14080308/ <![CDATA[News - African Battery Metals prepares to analyse samples from DRC copper-cobalt project ]]> https://www.proactiveinvestors.co.uk/companies/news/220481/african-battery-metals-prepares-to-analyse-samples-from-drc-copper-cobalt-project-220481.html African Battery Metals PLC (LON:ABM) said field operations at its Kisinka copper-cobalt project in the Democratic Republic of Congo are complete with the samples taken during the process being prepared for analysis.

In all 23 staff, including two geologists and five technicians, collected earth from 663 termite mounds that will be assessed using x-ray fluorescence spectrometry technology to determine copper and cobalt levels.

Director Paul Johnson said: "Our team coped well with difficult on-site logistics as grass levels remained high after late rains, and we recruited additional casual support staff to ensure timely completion of the field phase of activities.

“This initial programme has been carried out with speed and efficiency and bodes well for our ability to operate effectively in the DRC.  We look forward to reporting results as these become available."

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Fri, 17 May 2019 07:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220481/african-battery-metals-prepares-to-analyse-samples-from-drc-copper-cobalt-project-220481.html
<![CDATA[RNS press release - Kisinka Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190517070003_14077663/ Fri, 17 May 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190517070003_14077663/ <![CDATA[News - African Battery Metals acquires additional interest in Katoro Gold and Haneti Nickel project ]]> https://www.proactiveinvestors.co.uk/companies/news/220337/african-battery-metals-acquires-additional-interest-in-katoro-gold-and-haneti-nickel-project-220337.html African Battery Metals PLC (LON:ABM) has agreed to acquire an additional 7.5mln shares in AIM peer Katoro Gold PLC (LON:KAT) and a 25% interest in Kibo Nickel, which owns the Haneti Nickel project in Tanzania.

The exploration firm said it would invest £75,000 to acquire the additional shares in Katoro at a price of 1p each, which would be taken from its existing cash resources.

READ: ABM teams up with Katoro Gold for Tanzania project

The group added that with its new 25% share of the Haneti project it would be required to fund a quarter of the project costs and also had the right to acquire an additional 10% stake in the project for £25,000 in cash within the next 12 months.

Paul Johnson, executive director of ABM, said that the company would now enter into a joint venture agreement with Katoro in respect of the Haneti project, which he said complemented the group’s existing portfolio in the country.

“ABM looks forward to working with Katoro to develop a work plan for Haneti and anticipates further updates will be provided to the market in the near term."

Louis Coetzee, executive chairman of Katoro, added that the agreement "holds the promise of establishing a strategic partnership with ABM, with whom we can explore and ultimately hopefully develop the full potential of Haneti".

"The investment by ABM announced today, fits perfectly with Katoro's development strategy for Haneti and will enable the Company to execute its exploration program for Haneti quicker and with significant more effectiveness and efficiency."

The acquisition follows a previous agreement between ABM and Katoro in March when ABM invested £25,000 to acquire 2.5mln Katoro shares.

In late-afternoon trading on Wednesday, ABM shares were steady at 0.5p.

--Adds Katoro executive comment--

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Wed, 15 May 2019 15:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220337/african-battery-metals-acquires-additional-interest-in-katoro-gold-and-haneti-nickel-project-220337.html
<![CDATA[RNS press release - Investment and Option Agreement with Katoro Gold ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190515143001_14075333/ Wed, 15 May 2019 14:30:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190515143001_14075333/ <![CDATA[Media files - African Battery Metals acquires stake in 'exciting' new Botswana opportunity ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13318/african-battery-metals-acquires-stake-in--exciting--new-botswana-opportunity-13318.html Mon, 13 May 2019 12:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13318/african-battery-metals-acquires-stake-in--exciting--new-botswana-opportunity-13318.html <![CDATA[News - African Battery Metals acquires interest in nickel and PGM project in Botswana ]]> https://www.proactiveinvestors.co.uk/companies/news/220113/african-battery-metals-acquires-interest-in-nickel-and-pgm-project-in-botswana-220113.html African Battery Metals PLC (LON:ABM) has acquired an 18.26% stake in Kalahari Key Mineral Exploration Ltd.

Kalahari Key owns the Molopo Farms Complex project in south-west Botswana, known to be highly prospective for nickel and platinum group metals.

WATCH: African Battery Metals refinanced and recharged as it hits the ground in the DRC

The total consideration is US$194,810, to be settled out of existing cash resources.

In addition, ABM may elect to earn-in to a 40% direct project interest in the MFC roject by expending US$500,000 by 31 December 2020 on ground exploration, expected to include drilling of high priority targets.

Upon completion of the earn-in expenditure requirement, ABM will hold a total economic interest of 50.96% in the MFC project through its 18.26% shareholding in Kalahari Key and 40% direct interest in the MFC project.

The MFC Project comprises three exploration licences, covering 2,725 square kilometres which are believed to be prospective for nickel, PGM and copper mineralisation.

Kalahari Key has recently undertaken a high-resolution, helicopter-borne electromagnetic and magnetic survey, which identified 17 key zones where the conductivity of the rocks is of interest.

"I am delighted to secure this new Botswana opportunity for African Battery Metal shareholders,” said chairman Andrew Bell. 

"Botswana is an exceptional country with exciting exploration opportunities and a superb operating environment."

 

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Mon, 13 May 2019 08:27:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220113/african-battery-metals-acquires-interest-in-nickel-and-pgm-project-in-botswana-220113.html
<![CDATA[RNS press release - Acquisition and Earn-in Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190513070004_14070634/ Mon, 13 May 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190513070004_14070634/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190507113237_14064828/ Tue, 07 May 2019 11:32:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190507113237_14064828/ <![CDATA[News - African Battery Metals hails progress at copper-cobalt project ]]> https://www.proactiveinvestors.co.uk/companies/news/219537/african-battery-metals-hails-progress-at-copper-cobalt-project-219537.html African Battery Metals PLC (LON:ABM) said samples have been taken from 248 termite mounds at its Kisinka copper-cobalt project in the Democratic Republic of Congo.

It follows the restart of activities on April 12.

A field camp has also been set up for 14 people conducting or supporting field activities. ABM said termite mound sampling continued and further updates on progress are planned.

The company will use x-ray fluorescence testing of the samples, following which the results will be assessed, mapped and compared with available geophysical data.

Executive director Paul Johnson said: "After quite a gap in operational activity for the Company I am pleased to advise that operations are now underway at Kisinka where we are targeting copper-cobalt mineralisation in a highly prospective region.

“I am keen to ensure the market is fully informed as material developments occur in respect of Kisinka and also across our other projects and wider commercial activities."

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Thu, 02 May 2019 07:39:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219537/african-battery-metals-hails-progress-at-copper-cobalt-project-219537.html
<![CDATA[RNS press release - Kisinka Project - Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190502070002_14060121/ Thu, 02 May 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190502070002_14060121/ <![CDATA[Media files - African Battery Metals refinanced and recharged as it hits the ground in the DRC ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12987/african-battery-metals-refinanced-and-recharged-as-it-hits-the-ground-in-the-drc-12987.html Fri, 12 Apr 2019 16:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/12987/african-battery-metals-refinanced-and-recharged-as-it-hits-the-ground-in-the-drc-12987.html <![CDATA[News - African Battery Metals to recommence exploration activities at its Kisinka Copper-Cobalt project in the DRC ]]> https://www.proactiveinvestors.co.uk/companies/news/218494/african-battery-metals-to-recommence-exploration-activities-at-its-kisinka-copper-cobalt-project-in-the-drc-218494.html African Battery Metals PLC (LON:ABM) has announced that it has restarted exploration activities at its Kisinka Copper-Cobalt project in the Democratic Republic of Congo with immediate effect following a detailed review of historic exploration.

The AIM-listed battery metal exploration and development company said, in order to protect and preserve its working capital, the exploration programme will adopt a staged approach with initial wide-area exploration focused on identifying areas of anomalous copper and cobalt mineralisation.

This will be followed by follow up drilling if appropriate drill targets present themselves.

READ: African Battery Metals to push ahead with work at Cameroon nickel-cobalt project following a review

The company added that the initial programme will comprise of termite mound sampling across the Kisinka license area, with X-ray fluorescence testing conducted on site, following which the results will be assessed and mapped after comparison with available structural and geophysical data.

It said further reports to market will be provided as and when material developments occur.

Paul Johnson, African Battery Metals’ executive director said that “after the challenges in late 2018 and the subsequent refinancing restoring the Company's financial position, it is extremely positive to be focused back on the advancement of our business interests through exploration.”

He added: “Alongside the Kisinka project we are pursuing a number of existing and new initiatives seeking the highest impact for shareholders and seeking to punch above our weight utilising our now robust financial position in a measured and disciplined manner."

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Fri, 12 Apr 2019 10:11:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218494/african-battery-metals-to-recommence-exploration-activities-at-its-kisinka-copper-cobalt-project-in-the-drc-218494.html
<![CDATA[RNS press release - Kisinka Copper-Cobalt Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190412095605_14039333/ Fri, 12 Apr 2019 09:56:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190412095605_14039333/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190403142206_14027672/ Wed, 03 Apr 2019 14:22:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190403142206_14027672/ <![CDATA[News - African Battery Metals to push ahead with work at Cameroon nickel cobalt project following a review ]]> https://www.proactiveinvestors.co.uk/companies/news/217834/african-battery-metals-to-push-ahead-with-work-at-cameroon-nickel-cobalt-project-following-a-review-217834.html African Battery Metals PLC (LON:ABM) shares rose on Wednesday on news the firm is to push ahead with its work in Cameroon following a review, with the tenements held seen as highly prospective for elevated grades of nickel and cobalt.

In a statement, the AIM-listed battery metal exploration and development company noted that a desktop study undertaken by Sahara Natural Resources, completed for the company in June 2018, which ranked the interests in order of technical priority has been reviewed.

READ: African Battery Metals hails well-funded and debt-free position following “challenging period” in latest full year

The group said follow-up up site visits were conducted by Sahara in October 2018 with sampling undertaken within one metre of surface however the lateritic environment requires deeper sampling methods as demonstrated by the work undertaken at the nearby Geovic project which indicated that the mineralised horizons were below six metres.

The company has four licenses in Cameroon at Ngoila Nord, Ngoila Est, Ekok and N'dja, as well as also two licence applications at Ntam Est and N'Gaoundere, with the original rationale to acquire the licences in August 2018  being their proximity and geological similarity to the Geovic Mining Corp Nkamouna deposit which remains the largest undeveloped cobalt resource globally outside the Democratic Republic of Congo.

The company added that the review work undertaken as part of the company's Strategic and Operational planning has confirmed that the Cameroon Project should be continued and a forward work programme is now being devised which will be announced shortly.

In early afternoon trading, ABM shares were 6.3% higher at 0.42p.

Work to commence as soon as possible

Paul Johnson, African Battery Metals’ executive director commented: "ABM is now continuing work in respect of both the DRC and Cameroon projects, utilising the information gathered to date to identify an optimal pathway to value generation for investors.

“The proximity and geological similarity of our interests to the Nkamouna deposit is highly attractive, particularly given the scale of Nkamouna. Furthermore, the Company's team have identified what appears to be cost-effective exploration methodology to test mineralisation on our license areas which should, without too much further delay, demonstrate the potential prospectivity of the license ground.”

He concluded: “I look forward to providing further information in respect of our planned exploration in-country, which ideally we would like to commence as soon as possible to enable work to be completed prior to the heavy rains expected after June."

ABM’s Cameroon interests are held through Cobalt Blue Holdings Inc., a BVI company which in turn holds 100% of Cameroon registered Cobalt Blue Limited, which in turn holds 100% of Cameroon registered companies, LC Minerals Limited and LC Exploration Limited. The latter two companies hold 100% of the company's Cameroon project interests.

 -- Adds share price --

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Wed, 03 Apr 2019 07:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/217834/african-battery-metals-to-push-ahead-with-work-at-cameroon-nickel-cobalt-project-following-a-review-217834.html
<![CDATA[RNS press release - Cameroon Cobalt-Nickel Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190403070004_14026340/ Wed, 03 Apr 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190403070004_14026340/ <![CDATA[RNS press release - Posting of documents to shareholders ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190401071337_14022948/ Mon, 01 Apr 2019 07:13:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190401071337_14022948/ <![CDATA[News - African Battery Metals hails well funded and debt free position following “challenging period” in latest full year ]]> https://www.proactiveinvestors.co.uk/companies/news/217507/african-battery-metals-hails-well-funded-and-debt-free-position-following-challenging-period-in-latest-full-year-217507.html African Battery Metals PLC (LON:ABM) executive director Paul Johnson has hailed a “well funded” and debt-free business following what he said was a “challenging period” for the exploration firm in its latest full year.

The company said the previous year had been marred by poor sentiment and unfavourable conditions due to a fall in metal prices, which had made it more difficult for the junior part of the sector to sustain itself.

“Whilst respecting the challenges of the past and their impact on the business I can't allow them to overshadow the opportunity we now have as a well-funded company with no debt and new energy to drive our business forward”, Johnson said.

READ: ABM teams up with Katoro Gold for Tanzania project

Andrew Bell, the company’s chief executive, added that given a “struggling” junior resource sector there were “many attractive resource opportunities” available to the company that would not have been possible in a stronger market.

“Given the company's solid financial resources, we intend to take advantage and are reviewing various new opportunities to complement existing interests.”

ABM ended its latest fiscal year with a cash balance of £150,000, which was supplemented post-period by a £1mln equity issue.

In the year ended 30 September 2018, the group reported a pre-tax loss of £1.15mln compared to a £1mln loss the year before, it did not record any revenues.

In early trading on Friday, ABM shares were steady at 0.4p.

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Fri, 29 Mar 2019 08:41:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217507/african-battery-metals-hails-well-funded-and-debt-free-position-following-challenging-period-in-latest-full-year-217507.html
<![CDATA[RNS press release - Audited Results for the Year Ended 30 Sept 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190329070006_14020426/ Fri, 29 Mar 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190329070006_14020426/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190328164051_14020156/ Thu, 28 Mar 2019 16:40:51 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190328164051_14020156/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190328163544_14020149/ Thu, 28 Mar 2019 16:35:44 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190328163544_14020149/ <![CDATA[News - ABM teams up with Katoro Gold for Tanzania project ]]> https://www.proactiveinvestors.co.uk/companies/news/216554/abm-teams-up-with-katoro-gold-for-tanzania-project-216554.html African Battery Metals plc (LON:ABM) has announced a deal to acquire a stake in AIM peer Katoro Gold plc (LON:KAT) as both firms put their sights on a Nickel project in Tanzania.

Katoro currently holds 100% of the Haneti nickel project – which is also prospective for platinum-group-elements, cobalt, copper, gold and lithium – and, the new agreement provides the possibility for ABM to acquire up to 35% of the project.

"I am delighted to announce the acquisition of an interest in Katoro Gold plc and the option agreement enabling us to increase our holding in Katoro and also secure a strategic stake in the Haneti nickel project,” said Paul Johnson, ABM executive director.

READ: Katoro sees high priority exploration targets at the Haneti nickel project

“The agreement announced today complements our existing interests and provides a degree of diversification whilst remaining focused on Africa and battery metal projects.”

Johnson added: “We are looking to work with Katoro on an accelerated exploration programme at Haneti to build on the knowledge that Katoro, and previous owner Kibo Mining plc, gathered.  This includes data demonstrating 13.59% nickel in sampling of outcrops.

“We look forward to reporting back on developments in respect of this strategic transaction in the near future."

ABM is initially investing £25,000 to acquire 2.5mln Katoro shares, at 1.25p each, and, it also receives the option to acquire a further 7.5mln shares priced at 1p each – thereafter, a tranche of 7.5mln share warrants will be issued to ABM, allowing them to convert into additional shares at 1.25p each within three years.

Once the option is taken up, ABM will acquire a 25% interest in the Katoro Nickel subsidiary that holds the Haneti asset, and, thereafter the company will accordingly be committed to covering 25% of the project’s costs.

It will also have opportunity to acquire an additional 10% of Katoro Nickel with a further payment.

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Fri, 15 Mar 2019 11:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216554/abm-teams-up-with-katoro-gold-for-tanzania-project-216554.html
<![CDATA[RNS press release - Investment and Option Agreement with Katoro Gold ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190315100003_14003936/ Fri, 15 Mar 2019 10:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190315100003_14003936/ <![CDATA[Media files - African Battery Metals an opportunity investor Paul Johnson couldn't resist ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12592/african-battery-metals-an-opportunity-investor-paul-johnson-couldn-t-resist-12592.html Thu, 14 Mar 2019 08:08:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12592/african-battery-metals-an-opportunity-investor-paul-johnson-couldn-t-resist-12592.html <![CDATA[News - African Battery Metals to push ahead with Kisinka copper-cobalt project as it reviews assets ]]> https://www.proactiveinvestors.co.uk/companies/news/216206/african-battery-metals-to-push-ahead-with-kisinka-copper-cobalt-project-as-it-reviews-assets-216206.html African Battery Metals PLC (LON:ABM) has made progress in taking its Kisinka copper-cobalt project in the Democratic Republic of Congo to the next stage of exploration.

The AIM-listed mining company plans to proceed with the project after its chairman met with project vendors and local technical advisers at the site in February.

READ: African Battery Metals to assess existing assets before adding to portfolio

The group is currently liaising with its geological team to prepare the next steps for exploration.

Based on an assessment of previous exploration data, modifications have been made to the original exploration programme to get the most out of project expenditure.

ABM, which holds a 70% interest in the project, said outstanding payments have now been made to the vendor and changes in the legal ownership structure of the license have been made to comply with the new Mining Act.

Paul Johnson, executive director of African Battery Metal, said:  "I am pleased to confirm the company's commitment to the Kisinka copper-cobalt project and look forward to moving this project forward in due course.

“ABM is continuing to review all the company's existing projects and will report back individually with regard to each project over the coming weeks.

“The overriding objective of the company now is to work efficiently through our review of existing interests and where we decide to proceed, to design and implement exploration and development programmes efficiently.”

He added that ABM will continue to review additional opportunities where it sees the potential for considerable value to be added to the business.

Further updates are expected to be released soon, he said.

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Mon, 11 Mar 2019 14:46:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216206/african-battery-metals-to-push-ahead-with-kisinka-copper-cobalt-project-as-it-reviews-assets-216206.html
<![CDATA[RNS press release - Kisinka Copper-Cobalt Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190311140005_13997673/ Mon, 11 Mar 2019 14:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190311140005_13997673/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190307110523_13994164/ Thu, 07 Mar 2019 11:05:23 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190307110523_13994164/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190307110022_13994152/ Thu, 07 Mar 2019 11:00:22 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190307110022_13994152/ <![CDATA[News - African Battery Metals to assess existing assets before adding to portfolio ]]> https://www.proactiveinvestors.co.uk/companies/news/215894/african-battery-metals-to-assess-existing-assets-before-adding-to-portfolio-215894.html African Battery Metals PLC (LON:ABM) has already received offers of new projects but will focus first on its existing portfolio, said executive director Paul Johnson.

ABM, which was refinanced in January, owns copper, nickel and cobalt assets in the DRC, Cameroon and Ivory Coast.

A new management team also took over at the same time led by ex-Regency Mines boss Andrew Bell and Johnson.

READ: African Battery Metals shares resume trading on AIM after shareholders approved refinancing Friday

Tough financing conditions for junior miners presenting a lot of opportunities said ABM, but it will choose carefully and focus in initially on the existing assets first.

 “Any recovery scenario should look to focus on existing interests first, extracting the best opportunities and building from that core.  We are doing just that.”

The allocation of project management and exploration spend will be skewed to those projects with the highest potential impact per exploration dollar.

However, ABM is now in a robust financial position and able to take the steps it needs to drive its business forward and potentially flourish, said Johnson, and if an attractive opportunity arises it will be considered.

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Wed, 06 Mar 2019 08:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215894/african-battery-metals-to-assess-existing-assets-before-adding-to-portfolio-215894.html
<![CDATA[RNS press release - Business Update - Strategic and Operational Plan ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190306070002_13991440/ Wed, 06 Mar 2019 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190306070002_13991440/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190228083044_13985016/ Thu, 28 Feb 2019 08:30:44 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190228083044_13985016/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190227104827_13983663/ Wed, 27 Feb 2019 10:48:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190227104827_13983663/ <![CDATA[News - African Battery Metals refinanced and off to a fresh start ]]> https://www.proactiveinvestors.co.uk/companies/news/215121/african-battery-metals-refinanced-and-off-to-a-fresh-start-215121.html African Battery Metals PLC (LON:ABM) is a specialist exploration company focusing on the exploration and development of projects containing the key metals used in new generation batteries, particularly in electric vehicles.

In particular, the focus will be on cobalt, copper, lithium and nickel. Demand for all of these metals is set to rise in coming years as electric cars become more ubiquitous. Indeed lithium and cobalt have already seen significant price moves.

What African Battery Metals owns

African Battery Metals has assets in three countries in Africa, Côte d’Ivoire, Democratic Republic of Congo, and Cameroon.

ABM holds two licences in the DRC: Kisinka and Sakania, the latter by means of an exclusive option agreement.

Kisinka is a 50 square kilometre licence with seven kilometres of strike along the roan group of rocks, which hosts most of the DRC’s copper and cobalt mines. There are many large cobalt-copper mines in the area, both on strike and in the same rock structure, to the west.

Kisinka and Sakania are prospective for copper and cobalt.

In Cameroon, African Battery Metals holds, through its subsidiary Cobalt Blue Holdings, four nickel-cobalt exploration licences, Ngoila Nord, Ngoila Est and Ekok and N’Dja.

The company has also applied for two further Cameroon-based nickel-cobalt exploration licences at Ntam Est and Ngaoundéré. 

In Côte d’Ivoire, African Battery Metals has entered into an agreement to earn into 70% of the Lizetta II chrome, nickel, cobalt exploration licence Côte d’Ivoire by expending a total of USD 850,000 on the project over the period to June 2021.

Inflection points New management have initiated a strategic review to cut costs New opportunities under active consideration Focus may broaden from battery metals New and experienced management team look to make their mark

African Battery Metals was refinanced in January of 2019, and as part of that process seasoned mining entrepreneurs Paul Johnson and Andrew Bell were appointed to the board and allotted shares.

Johnson was the driving force behind the growth of Metal Tiger (LON:MTL) into the successful investment vehicle it is today.

Bell founded Red Rock Resources (LON:RRR) and Regency Mines (LON:RGM), and has a long track record of deal-making in the junior resources space. Red Rock Resources has also come onto the African Battery Metals share register by subscribing for £100,000 worth of the new shares for a 6.89% interest.

 

 

 

 

 

 

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Fri, 22 Feb 2019 09:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215121/african-battery-metals-refinanced-and-off-to-a-fresh-start-215121.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190218164112_13973277/ Mon, 18 Feb 2019 16:41:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190218164112_13973277/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190218163553_13973271/ Mon, 18 Feb 2019 16:35:53 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190218163553_13973271/ <![CDATA[RNS press release - Restoration of Trading ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190218073106_13972378/ Mon, 18 Feb 2019 07:31:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190218073106_13972378/ <![CDATA[RNS press release - Restoration - African Battery Metals Plc ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190218073003_13972377/ Mon, 18 Feb 2019 07:30:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190218073003_13972377/ <![CDATA[News - African Battery Metals shares resume trading on AIM after shareholders approved refinancing Friday ]]> https://www.proactiveinvestors.co.uk/companies/news/214742/african-battery-metals-shares-resume-trading-on-aim-after-shareholders-approved-refinancing-friday-214742.html African Battery Metals Ltd (LON:ABM) shares resumed trading on AIM on Monday after shareholders last Friday approved a refinancing placing and share subscription by the group.

The exploration company's shares were temporarily suspended in December, pending clarification of the company's financial position, as the group said then that despite "protracted discussions" with its largest shareholders, the firm was unable to secure equity finance from its shareholders on any terms.

READ: African Battery Metals announces refinancing as it readies for strategic review

However, at a general meeting held on Friday, ABM shareholders almost unanimously approved resolutions to raise £1mln via a placing of 200.0mln shares at 0.5p each.

ABM had said the refinancing would allow it to pay all of its material creditors through a mixture of cash and shares and to become essentially debt free with a “robust” cash position for at least 12 months of operation.

Following the passage of the resolutions, ABM also said its chief executive, Roger Murphy, and executive director Matt Wood would step down from the board, while Andrew Bell would be appointed executive chairman and Paul Johnson as executive director.

Both Bell and Johnson had committed to subscribe £50,000 in the refinancing, while Red Rock Resources PLC (LON:RRR), where Bell is a director, had committed to subscribe for £100,000.

In early trading on Monday, African Battery shares were trading at 0.65p, above the 0.5p placing price, but around half the 1.35p level they were when trading was suspended.

 -- Adds share trading resumption, price --

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Fri, 15 Feb 2019 15:19:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214742/african-battery-metals-shares-resume-trading-on-aim-after-shareholders-approved-refinancing-friday-214742.html
<![CDATA[RNS press release - Result of GM, Director Dealing & Suspension Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190215131800_13971425/ Fri, 15 Feb 2019 13:18:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190215131800_13971425/ <![CDATA[RNS press release - Notice of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190129070009_13949558/ Tue, 29 Jan 2019 07:00:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190129070009_13949558/ <![CDATA[News - African Battery Metals announces refinancing as it readies for strategic review ]]> https://www.proactiveinvestors.co.uk/companies/news/213423/african-battery-metals-announces-refinancing-as-it-readies-for-strategic-review-213423.html African Battery Metals PLC (LON:ABM) has announced a refinancing placing and share subscription as it updated on a strategic and operational review.

The exploration firm said it was raising £1mln through the placing and subscription of 200mln new shares at a price of 0.5p each.

READ: ABM to approach its creditors and suppliers with a view to negotiating a settlement of its liabilities

Each share would also have an attached warrant to subscribe for a new share at a price of 1p each with a two-year life to expiry from admission of the refinancing shares to AIM.

ABM said the refinancing would allow it to pay all of its material creditors through a mixture of cash and shares and to become essentially debt free with a “robust” cash position for at least 12 months of operation.

The company said the resolutions for the refinancing would need to be approved at a general meeting, to be held in February, adding that it had already received votes in favour from existing shareholders representing 47.5% of the shares.

Following the passage of the resolutions, ABM also said its chief executive, Roger Murphy, and executive director Matt Wood would step down from the board, while Andrew Bell would be appointed executive chairman and Paul Johnson as executive director.

Both Bell and Johnson had committed to subscribe £50,000 in the refinancing, while Red Rock Resources PLC (LON:RRR), where Bell is a director, had committed to subscribe for £100,000.

ABM said that following the refinancing a full strategic and operational review would be undertaken to ensure corporate costs were “minimised”, exploration opportunities were target in a “prioritised manner”, and new opportunities were considered to “complement and diversify” its interests.

The refinancing marks a bright turnaround from last month, when ABM’s shares were suspended from trading on AIM after the group said it had been unable to secure financing with any of its shareholders.

Roger Murphy, chief executive of ABM, said the further to the December announcement, the company had “been able to negotiate and conclude a business restructuring and refinancing package that enables the Company, subject to shareholder approval at General Meeting, to return to trading on the market”.

ABM’s shares are still suspended on AIM at 1.35p.

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Mon, 28 Jan 2019 13:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213423/african-battery-metals-announces-refinancing-as-it-readies-for-strategic-review-213423.html
<![CDATA[RNS press release - Conditional Refinancing & Business update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190128124049_13949009/ Mon, 28 Jan 2019 12:40:49 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20190128124049_13949009/ <![CDATA[News - ABM to approach its creditors and suppliers with a view to negotiating a settlement of its liabilities ]]> https://www.proactiveinvestors.co.uk/companies/news/211042/abm-to-approach-its-creditors-and-suppliers-with-a-view-to-negotiating-a-settlement-of-its-liabilities-211042.html African Battery Metals PLC (LON:ABM) said it intends to approach all of its existing creditors and suppliers with a view to negotiating a settlement of all of the company's existing liabilities on equal terms, in order to give the group the time to seek other solutions for the continuation of its trade.

In a statement following the suspension of trading in the AIM-listed African focused exploration company’s shares on Tuesday, said it was “very disappointed” to announce that, despite protracted discussions over many weeks with its largest shareholders, it has been unable to secure equity finance from these shareholders on any terms.

WATCH: African Battery Metals begins exploration efforts on Cameroon licences

The company added that, given the current adverse market conditions for junior resource exploration companies and after consultation on alternative sources of finance with its professional advisers, it has concluded that other sources of equity capital are not currently available to the company.

ABM said should it be able to reach an agreement with its creditors, its directors anticipate that this will necessitate the issue of new shares in the company in settlement of amounts due. 

The firm added that none of ABM's employees and directors will draw salaries and fees until further notice.

The group said: “In the current circumstances, the Directors believe that this approach will deliver the best available outcome to its stakeholders.”

But it added: “Should the Company be unable to reach a satisfactory settlement with its creditors, ABM will be at risk of being unable to continue to trade as a going concern.”

Trading in ABM’s shares was suspended at 1.35p each earlier on Tuesday pending clarification of its financial position.

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Tue, 11 Dec 2018 17:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211042/abm-to-approach-its-creditors-and-suppliers-with-a-view-to-negotiating-a-settlement-of-its-liabilities-211042.html
<![CDATA[RNS press release - Statement re. Suspension ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20181211162515_13899863/ Tue, 11 Dec 2018 16:25:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20181211162515_13899863/ <![CDATA[RNS press release - Suspension - African Battery Metals Plc ]]> https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20181211160003_13899831/ Tue, 11 Dec 2018 16:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4063/LSE20181211160003_13899831/ <![CDATA[Media files - African Battery Metals begins exploration efforts on Cameroon licences ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11208/african-battery-metals-begins-exploration-efforts-on-cameroon-licences-11208.html Thu, 15 Nov 2018 12:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11208/african-battery-metals-begins-exploration-efforts-on-cameroon-licences-11208.html <![CDATA[News - African Battery Minerals redraws plans for Kisinka as work starts in Cameroon ]]> https://www.proactiveinvestors.co.uk/companies/news/209172/african-battery-minerals-redraws-plans-for-kisinka-as-work-starts-in-cameroon-209172.html African Battery Metals PLC (LON:ABM) has started to assess other targets at its Kisinka prospect in the DRC after auger results on two tracts indicated minimal amounts of cobalt and copper.

Work has also started in Cameroon on the licences acquired with the purchase of Cobalt Blue in August.

WATCH: African Battery Metals begins exploration efforts on Cameroon licences

These licences back on to the huge but undeveloped Nkamouna cobalt prospect.

ABM has acquired geophysical data and commissioned a desktop report to help identify targets.

Roger Murphy, chief executive, said: “We know from Geovic's past exploration work at Nkamouna, that this area hosts one of the world's largest non-DRC cobalt resources, and that we are in 'elephant country' for cobalt and nickel.

“We believe we understand why the mineralisation is where it is in the licences historically held by Geovic and, as the charts in this release show, we have similar areas within ABM's Cameroon Licences. 

Murphy added while the results so far from Kisinka have been disappointing, it is a large licence area with copper-cobalt mines nearby.

“Our work to date has only covered a small fraction of the licence so we, therefore, cannot rule anything out yet.”

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Wed, 14 Nov 2018 09:44:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209172/african-battery-minerals-redraws-plans-for-kisinka-as-work-starts-in-cameroon-209172.html