Proactiveinvestors United Kingdom Power Metal Resources https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Power Metal Resources RSS feed en Tue, 23 Jul 2019 17:24:41 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Power Metal Resources marks new 'exciting' future with three flagship projects ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13896/power-metal-resources-marks-new--exciting--future-with-three-flagship-projects-13896.html Thu, 27 Jun 2019 10:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13896/power-metal-resources-marks-new--exciting--future-with-three-flagship-projects-13896.html <![CDATA[News - African Battery Metals plans name change to Power Metal Resources ]]> https://www.proactiveinvestors.co.uk/companies/news/222605/african-battery-metals-plans-name-change-to-power-metal-resources-222605.html African Battery Metals Plc (LON:ABM) will change its name to Power Metal Resources PLC, with the new ticker code of POW, after its restructuring earlier this year.

The AIM-listed battery metal explorer and developer said the change will be effective from Monday 24 June.

READ: African Battery Metals back on track after 'turbulent' first half

"Since the restructuring and refinancing approved by shareholders in February 2019 ABM has taken multiple steps forward,” said executive director Paul Johnson.

With active operations in Botswana, Cameroon, the Democratic Republic of Congo and Tanzania, Johnson said the “reinvigorated business” needed “a new name which we feel reflects the new drive of the company”.

He said its various projects was carrying out exploration work that was expected to deliver news flow to the market in the near future.

 

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Fri, 21 Jun 2019 16:05:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222605/african-battery-metals-plans-name-change-to-power-metal-resources-222605.html
<![CDATA[News - African Battery Metals back on track after 'turbulent' first half ]]> https://www.proactiveinvestors.co.uk/companies/news/221872/african-battery-metals-back-on-track-after--turbulent--first-half-221872.html African Battery Metals Plc (LON:ABM) said the first half was a “turbulent time” for the company but it is back on track after completing a restructuring and refinancing.

The exploration company’s shares were temporarily suspended in December, pending the clarification of its financial position after it was unable to secure equity finance from its shareholders on any terms. But in February, ABM shareholders approved a resolution to raise £1mln via a placing of 200mln shares. 

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

The refinancing allowed the group to pay all of its material creditors and to become essentially debt free with a “robust” cash position for at least 12 months of operation.

Reporting interim results for the six months period ended 31 March 2019, ABM said its assets at the period end were £3mln, up from £2mln as at the end of September 2018. The loss for the period, attributable to owners of the parent company, was £0.32mln, against £0.79mln in 2018, resulting in a loss per share of 0.17p versus a 1.05p loss.

Board restructuring 

At the same time, the group carried out a restructuring of its board. Chief executive, Roger Murphy, and executive director, Matt Wood, stepped down while Andrew Bell was appointed executive chairman and Paul Johnson joined as executive director.

ABM then kicked off a review of the business, which included an assessment of each project.

In March, the group said it would be continuing with the existing Kisinka copper-cobalt project in the Democratic Republic of Congo.

The company has been undertaking field operations including sample testing (across 663 samples) and preliminary analysis has identified a 7 kilometres zone anomalous for copper.

In April, the company said it would be continuing with its Cameroon cobalt-nickel project interests in ground near to the substantial Nkamouna deposit.

A month later, ABM announced that it would exercise an option with Katoro Gold PLC (LON:KAT) to buy a 25% interest in its Haneti Nickel project in Tanzania.

Around the same time, ABM bought about 18% of Kalahari Key Mineral Exploration Limited, a private company in Botswana, and has an option to earn-in to a 40% direct project interest by supporting the costs of a four-hole drilling programme, ground geophysical surveys and related exploration.

In the Ivory Coast, the firm is reviewing additional opportunities with “potentially exciting natural resource projects”, it said.

'Extremely well positioned'

“Despite the challenges in late 2018, ABM is now, in the opinion of the board, extremely well positioned for what we expect will be a strong natural resource sector recovery, particularly in respect of battery and electrification metals and storage metals,” executive director Paul Johnson said.

“Notwithstanding the cleaning up of the outstanding creditors following the refinancing in February 2019, relaunching exploration programmes across two of our main projects, and acquiring new business interests we remain in a robust financial position. “

He said ABM plans to release an update of its ongoing strategic and operational review later this month.

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Tue, 11 Jun 2019 11:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221872/african-battery-metals-back-on-track-after--turbulent--first-half-221872.html
<![CDATA[Media files - African Battery 'pushing ahead at pace' as it identifies significant copper anomaly in DRC ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13672/african-battery--pushing-ahead-at-pace--as-it-identifies-significant-copper-anomaly-in-drc-13672.html Fri, 07 Jun 2019 15:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13672/african-battery--pushing-ahead-at-pace--as-it-identifies-significant-copper-anomaly-in-drc-13672.html <![CDATA[News - African Battery Metals boosted by early Kisinka results ]]> https://www.proactiveinvestors.co.uk/companies/news/221722/african-battery-metals-boosted-by-early-kisinka-results-221722.html African Battery Metals Plc (LON:ABM) has updated investors on its ongoing exploration at the Kisinka copper-cobalt project, in the Democratic Republic of Congo.

The company has been undertaking field operations including sample testing (across 663 samples) and preliminary analysis identified a 7 kilometres zone anomalous for copper.

Further analysis and a review of all results will continue in the coming week, it added.

WATCH: African Battery 'pushing ahead at pace' as it identifies significant copper anomaly in DRC

"The immediate identification of a copper anomaly related to the Undifferentiated Roan horizons passing through the length of our license was a welcome result at this early stage of analysis of the results of our sampling programme,” said Paul Johnson, ABM executive director.

“The potential significance of this large anomalous zone makes this a high priority prospect for the company.

“Initial exploration in 2018 had failed to pick up significant signs of any mineralisation, and so this appears to be a positive change in fortunes".

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Fri, 07 Jun 2019 09:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221722/african-battery-metals-boosted-by-early-kisinka-results-221722.html
<![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[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[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[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[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[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[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[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[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[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[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[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[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[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[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[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
<![CDATA[Media files - African Battery Metals gearing up for structured field exploration in Ivory Coast ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10868/african-battery-metals-gearing-up-for-structured-field-exploration-in-ivory-coast-10868.html Tue, 16 Oct 2018 15:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10868/african-battery-metals-gearing-up-for-structured-field-exploration-in-ivory-coast-10868.html <![CDATA[News - African Battery Metals gets down to work on Lizetta II ]]> https://www.proactiveinvestors.co.uk/companies/news/207160/african-battery-metals-gets-down-to-work-on-lizetta-ii-207160.html African Battery Metals PLC (LON:ABM) has commenced geological work on its recently acquired 380-square-kilometre Lizetta II nickel, cobalt and chrome exploration project in Ivory Coast. 

ABM commissioned a site visit by a technical team, led by a highly qualified exploration geologist to prepare for a structured field exploration programme. Additional historic technical data was identified during the visit and will complement a consultancy report completed in 2017.

READ: Expansion into new metals, new countries helping African Battery Metals focus on its changed nomenclature

That 2017 study re-confirmed previous work that showed the occurrence of up to 0.25% cobalt, 0.87% nickel and over 1% chrome in surface anomalies

The major surface anomaly is open to the south-south-east and provides potential to expand the mineralised footprint.

A supplementary surface sampling programme is now planned to explore the extension of the mineralisation anomaly to the south-south-east, as well as to follow up on unexplored areas, with the aim of identifying areas potentially suitable for reverse circulation drilling identified from surface anomalies.

“Planning of field activities is progressing well, and we will brief the market as soon as these activities have commenced," said African Battery Metals chief executive Roger Murphy.

"The project was recently acquired as part of the Regent Resources Capital Corporation transaction, which saw ABM gain highly supportive and proven mining professionals, including Stephen Dattels and Ian Stalker, as shareholders."

 

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Tue, 16 Oct 2018 08:28:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207160/african-battery-metals-gets-down-to-work-on-lizetta-ii-207160.html
<![CDATA[Media files - New focus sees African Battery Metals discontinue activities in Sierra Leone ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10313/new-focus-sees-african-battery-metals-discontinue-activities-in-sierra-leone-10313.html Mon, 03 Sep 2018 11:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10313/new-focus-sees-african-battery-metals-discontinue-activities-in-sierra-leone-10313.html <![CDATA[News - Expansion into new metals, new countries helping African Battery Metals focus on its changed nomenclature ]]> https://www.proactiveinvestors.co.uk/companies/news/203991/expansion-into-new-metals-new-countries-helping-african-battery-metals-focus-on-its-changed-nomenclature-203991.html Having changed its name at the start of the year to reflect a refocusing, African Battery Metals PLC (LON:ABM) has set about making a series of acquisitions taking it into new countries and new metals to fulfil its nomenclature.

Previously known as Sula Iron & Gold PLC – as indicated by that name – ABM was focused on iron and gold exploration at Ferensola in Sierra Leone.

READ: African Battery Metals to discontinue activities in Sierra Leone after review of assets

But the AIM-listed group has now decided to discontinue its activities in Sierra Leone after a review of its assets following the acquisition of two new nickel and cobalt projects in Cameroon and Cote d'Ivoire, which complement the prospective cobalt licences ABM holds in the Democratic Republic of Congo.

ABM is also actively evaluating additional projects which it believes have potential to significantly advance the company's stated strategy.

The firm said its strategy of rapidly building the company both organically and through acquisition has been endorsed by new shareholders led by highly successful international resource entrepreneurs, including Stephen Dattels and Ian Stalker.

Announcing the withdrawal from Sierra Leone – which is expected to see a local liquidator appointed to manage the process – ABM’s CEO Roger Murphy, said: " We believe that in order to maximise shareholder value we need to focus resources on our core strategy.

“We have a platform from which to grow, both through the development of our current portfolio and by securing additional highly value accretive acquisitions and in the process deliver a leading battery metals-focussed resource company."

Attractive long-term market fundamentals for battery metals

ABM believes that there are attractive long-term market fundamentals for battery metals, hence its move at the start of August to acquire stakes in two private companies - Cobalt Blue Holdings Inc (CBH) and Regent Resources Interests Corp (RRIC).

CBH has four prospecting licences in Cameroon, while RRIC has the right to acquire 70% of the Lizetta II cobalt, chrome and nickel project in Cote d'Ivoire.

Murphy told Proactive’s Andrew Scott at the time that the deals will help diversify ABM’s geopolitical and commodity exposure.

WATCH: African Battery Metals picks up nickel assets as it diversifies country risk

The considerations for the acquisitions were satisfied by the issue of ABM shares to both companies and at the same time the firm raised £200,000 via a placing of new shares to provide additional capital to support the company’s portfolio development and its growth

Under the placing some 6.6mln ABM shares were issued at 3p per share, a price which was adjusted for a subsequent capital reorganisation – designed to attract new institutional investors and increase market liquidity by reducing volatility - which reduced the number of shares in issue by a factor of 100.

ABM shares currently trade at 3.25p, just above that placing price as investors await further news on the refocusing.

DRC prospects

ABM announced in June that it had completed two auger programmes at its 53 square kilometre Kisinka permit in the Katanga Province of the Democratic Republic of Congo.

The programmes collected soil samples along lines across the seven-to-eight kilometre length of the licence, which is highly prospective for cobalt and copper, with assay results still to be announced.

The initial work at Kisinka - which is about 40 kilometres east of the city of Lubumbashi – is to be followed up by a licence-wide sampling programme including geophysics and soil sampling to test for further anomalies in what is recognised as a highly prospective mineralised district, with seven producing cobalt/copper mines already operating within 30km of the Licence.

ABM also has a licence at Sakania licence, which is over 200km to the south-east of Lubumbashi and further from the traditional cobalt copper mining areas of Katanga within the DRC. 

The group said the area was identified because it is currently being targeted by artisanal miners who very frequently provide the first evidence of mineralisation and represents “a low-cost option to be a first mover in a new prospective area”.

Financials steady

In terms of financial results, in June the newly rebooted company reported a £0.79mln loss for the six months to March 31, almost unchanged on the £0.78mln loss reported a year earlier.

At the end of March, ABM had £6.09mln of net assets including £601,000 of cash and equivalents.

Such losses are likely to continue until the new prospects start to produce results, but with ABM’s underlying asset strength and the significant potential for battery materials as the electric car revolution gains pace, the future could hold much excitement for the group.    

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Fri, 31 Aug 2018 14:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/203991/expansion-into-new-metals-new-countries-helping-african-battery-metals-focus-on-its-changed-nomenclature-203991.html
<![CDATA[News - African Battery Metals to discontinue activities in Sierra Leone after review of assets following recent acquisitions ]]> https://www.proactiveinvestors.co.uk/companies/news/203856/african-battery-metals-to-discontinue-activities-in-sierra-leone-after-review-of-assets-following-recent-acquisitions-203856.html African Battery Metals PLC (LON:ABM) has decided to discontinue its activities in Sierra Leone after a review of its assets following the acquisition of two new nickel and cobalt projects in Cameroon and Cote d'Ivoire.

The African-focused exploration company developing projects in strategic battery metals said the decision will allow it “to focus all its resources and energies on advancing its portfolio and identifying further opportunities that fit within its investment criteria, to build value and deliver a leading battery metals-focussed resource company.”

WATCH: New focus sees African Battery Metals discontinue activities in Sierra Leone

The AIM-listed group said it believes that there are attractive long-term market fundamentals for battery metals. 

The firm said its strategy of rapidly building the company both organically and through acquisition has been endorsed by new shareholders led by highly successful international resource entrepreneurs, including Stephen Dattels and Ian Stalker. 

It added that this, and the fact that the exploration licence covering the 153 sq. km Ferensola Project, in Northern Sierra Leone, is due for renewal, has prompted the decision to end all activity in Sierra Leone. 

Accordingly, ABM said it is expected that a local liquidator will be appointed to manage the process and ensure a timely and satisfactory exit.

Exit impact in next financial report

The group said the impact of the exit “will be reported on in the next financial statement relevant to the period.”

The company pointed out that it now holds four prospecting licences in Cameroon close to one of the largest undeveloped cobalt resources in the world and two prospecting licence applications, as well as the irrevocable right to earn in to up to 70% of the 380 sq km Lizetta II cobalt, chrome and nickel project in Cote d'Ivoire. 

It said these two projects complement the licences in the Democratic Republic of Congo which are prospective for cobalt. 

ABM added that it is also actively evaluating additional projects which it believes have potential to significantly advance the company's stated strategy.

Roger Murphy, ABM CEO, commented: " We believe that in order to maximise shareholder value we need to focus resources on our core strategy. We have a platform from which to grow, both through the development of our current portfolio and by securing additional highly value accretive acquisitions and in the process deliver a leading battery metals-focussed resource company."

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Thu, 30 Aug 2018 07:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/203856/african-battery-metals-to-discontinue-activities-in-sierra-leone-after-review-of-assets-following-recent-acquisitions-203856.html
<![CDATA[Media files - African Battery Metals picks up nickel assets as it diversifies country risk ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10067/african-battery-metals-picks-up-nickel-assets-as-it-diversifies-country-risk-10067.html Wed, 08 Aug 2018 12:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10067/african-battery-metals-picks-up-nickel-assets-as-it-diversifies-country-risk-10067.html <![CDATA[News - African Battery Metals acquires new projects in Cameroon and Cote d'Ivoire ]]> https://www.proactiveinvestors.co.uk/companies/news/202454/african-battery-metals-acquires-new-projects-in-cameroon-and-cote-d-ivoire-202454.html African Battery Metals PLC (LON:ABM) has agreed two acquisitions, picking up stakes in private companies Cobalt Blue Holdings Inc (CBH) and Regent Resources Interests Corp (RRIC), which own highly prospective cobalt-nickel exploration assets in Cameroon and Cote d'Ivoire.

The company said the deals will diversify its geopolitical and commodity exposure.

CBH has four prospecting licences in Cameroon, while RRIC has the right to acquire 70% of the Lizetta II cobalt, chrome and nickel project in Cote d'Ivoire.

WATCH: African Battery Metals picks up nickel assets as it diversifies country risk

A conditional placing to raise £200,000 of additional capital to support the company’s portfolio development and its growth – some 6.6mln shares will be issued at 3p per share.

The company will subsequently carry out a capital reorganisation, reducing the number of shares by a factor of 100.

"We are delighted to announce these proposed acquisitions, which are intended to fast-track our strategy to become a significant explorer, developer and ultimately producer of battery metals,” said Roger Murphy, ABM chief executive.

“The proposed acquisitions of two highly prospective nickel and cobalt assets in new jurisdictions complement our existing DRC cobalt projects and give us what the ABM board believes to be an extremely exciting portfolio.”

Murphy added: "With rapid development plans in place to advance the projects up the development curve and build value, we look forward to strengthening the board with experienced specialists in the sector and to gaining key new shareholder support from several recognised and successful mining entrepreneurs with strong international track records including Stephen Dattels and Ian Stalker.

"With the proposed new team, high profile backing and a defined development path for both our existing portfolio and identifying additional opportunities, we believe we have the right platform to build shareholder value and deliver a leading battery metals-focussed resource company."

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Wed, 08 Aug 2018 07:57:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/202454/african-battery-metals-acquires-new-projects-in-cameroon-and-cote-d-ivoire-202454.html
<![CDATA[News - African Battery Metals advanced new strategy in very busy period ]]> https://www.proactiveinvestors.co.uk/companies/news/199195/african-battery-metals-advanced-new-strategy-in-very-busy-period-199195.html African Battery Metals Plc (LON:ABM) has reported on six months which it described as “a very busy period” as it advanced plans to become a significant explorer, developer and ultimately producer of battery metals.

The junior mining company, formerly known as Sula Iron & Gold, was relaunched in January alongside the acquisition of a cobalt asset in the Democratic Republic of Congo (DRC) and the appointment of a team.

READ: African Battery Metals completes sampling at Kisinka

“The board, which has proven expertise in African exploration, mining and project generation, recognised the potential for a dedicated London listed vehicle, which could utilise its listing to become a significant participant in the battery metal arena through targeted project generation,” chief executive Roger Murphy said in a statement.

He added: “Since then, we have been identifying and assessing prospective opportunities in proven jurisdictions to acquire or farm into projects that, with investment and development, have the potential to re-rate quickly and increase shareholder value.”

Presently, the company’s main focus is on its Kisinka project, in the DRC, where exploration has commenced – some augur drilling has taken place and samples have been sent to lab for analysis.

A more targeted drill programme is anticipated, subject to the initial results, along with a licence wide soil sampling programme.

In terms of financial results, the newly rebooted company reported a £0.79mln loss for the period.

At the end of March, it had £6.09mln of net assets including £601,000 of cash and equivalents.

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Wed, 20 Jun 2018 07:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199195/african-battery-metals-advanced-new-strategy-in-very-busy-period-199195.html
<![CDATA[Media files - African Battery Metals initiates second tranche payment for Kisinka licence ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9449/african-battery-metals-initiates-second-tranche-payment-for-kisinka-licence-9449.html Tue, 05 Jun 2018 12:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9449/african-battery-metals-initiates-second-tranche-payment-for-kisinka-licence-9449.html <![CDATA[News - African Battery Metals completes soil sampling at Kisinka, contemplates further deals ]]> https://www.proactiveinvestors.co.uk/companies/news/198249/african-battery-metals-completes-soil-sampling-at-kisinka-contemplates-further-deals-198249.html African Battery Metals PLC (LON:ABM) has now completed two auger programmes at its 53 square kilometre Kisinka permit in the Katanga Province of the Democratic Republic of Congo.

These collected soil samples along lines across the seven-to-eight kilometre length of the licence, which is highly prospective for cobalt and copper. 

WATCH: African Battery Metals initiates second tranche payment for Kisinka licence

A number of the resulting samples, after bagging, collation and preparation, are being sent to an independent laboratory in Johannesburg for assay. Subject to customs clearance these should be dispatched by June 15. Assay results will be announced as soon as they are available. 

This initial work on the licence, which is about 40 kilometres east of the city of Lubumbashi, will be followed up by a licence-wide sampling programme including geophysics and soil sampling to test for further anomalies in what is recognised as a highly prospective mineralised district, with seven producing cobalt/copper mines within 30km of the Licence. 

Further to the agreement with Mr Jean-Pierre Ndobo Mwamby, the Congolese vendor of Kisinka, African Battery Metals has now made over the second US$50,000 tranche of its committed US$100,000 payment to acquire 70% of the licence as per the original agreement.

The company has also continued to assess multiple opportunities within the battery metals arena, and with this workflow in hand has been unable to send geologists to the Sakania licence permit in the DRC. 

Accordingly, it has agreed to defer by six months the U$50,000 payment to the vendor Jean-Pierre Mwamby for the acquisition of the project into ABM. 

"We continue to be extremely busy in building a portfolio of projects focussed on the battery metals arena,” said chief executive Roger Murphy. 

“We will be submitting the first set of samples from Kisinka for independent analysis and are currently implementing further exploration initiatives across the licence to assist in quantifying its prospectivity. Concurrently, we have been evaluating multiple opportunities that we have both generated ourselves and been approached on.  We have a defined evaluation and investment process and hope to announce further updates on these in the near future."

 

 

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Tue, 05 Jun 2018 08:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198249/african-battery-metals-completes-soil-sampling-at-kisinka-contemplates-further-deals-198249.html
<![CDATA[Media files - African Battery Metals extends auger programme at Kisinka ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9058/african-battery-metals-extends-auger-programme-at-kisinka-9058.html Thu, 12 Apr 2018 13:05:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9058/african-battery-metals-extends-auger-programme-at-kisinka-9058.html <![CDATA[News - African Battery extends auger drilling programme on Kisinka property in DRC ]]> https://www.proactiveinvestors.co.uk/companies/news/194821/african-battery-extends-auger-drilling-programme-on-kisinka-property-in-drc-194821.html African Battery Metals PLC (LON:ABM) has extended the auger drilling programme on its Kisinka property in the Democratic Republic of the Congo (DRC) to investigate some additional soil anomalies.

The AIM-listed firm said that two lines of augering have so far been completed on the 70% owned Kisinka licence acquired in December 2017 - one across the southeastern part and the second towards the northwestern part of the licence.

WATCH: African Battery Metals extends auger programme at Kisinka

ABM said the augering penetrates the surface to extract soil samples from closer to the bedrock which is useful in areas of soil cover like Kisinka.

The Africa-focused exploration company said given the positive results from the northern line, the decision was made to extend the auger programme.

The firm said it intends to submit soil samples for laboratory analysis in Johannesburg shortly. It added that given the large size of the iicence, and the distance between the two lines of augering, consideration will also be given to running a soil sampling programme on a grid pattern across the whole licence area.

Continues to evaluate other copper-cobalt opportunities in the DRC

ABM added that whilst its current exploration focus is on Kisinka, it continues to evaluate other copper-cobalt opportunities in the DRC. ABM retains the option over a second licence, Sakania, and expects to investigate that licence in due course.

The group said it has also been approached to look at other licences within the DRC, some of which have had geological work already completed on them and which confirms high-grade copper/cobalt mineralisation. 

Roger Murphy, CEO of ABM, said: “The next round of field work on Kisinka, which could involve soil sampling or further augering, will be formulated based on ongoing results. We will update the market with these as they become available.”

He added: "In the meanwhile we are excited by the quality of opportunities we are being offered.  We continue to assess these opportunities and will update the market as appropriate."

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Thu, 12 Apr 2018 07:39:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/194821/african-battery-extends-auger-drilling-programme-on-kisinka-property-in-drc-194821.html
<![CDATA[News - African Battery expects significant cobalt progress in 2018 ]]> https://www.proactiveinvestors.co.uk/companies/news/193206/african-battery-expects-significant-cobalt-progress-in-2018-193206.html African Battery Metals PLC (LON:ABM)  posted a higher loss in 2017 as it switched its focus to cobalt in the DRC from gold exploration in Sierra Leone.

Roger Murphy, chief executive, said:  "In 2018, we expect to significantly advance our exploration activities in battery metals, especially cobalt. 

READ: African Battery Metals switches focus to cobalt in DRC

“Cobalt is integral to the make-up of the batteries and the strong global drive to move away from internal combustion engines and to replace these with electric vehicles powered by batteries is underway and will not be derailed.”

Formerly known as Sula Iron & Gold, losses were £3.95ln ( £1.8mln), with the cash at the September year end of £180,000, since when ABM has raised £1.75mln to fund its current exploration programme.

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Thu, 15 Mar 2018 07:25:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/193206/african-battery-expects-significant-cobalt-progress-in-2018-193206.html
<![CDATA[News - African Battery Metals switches focus to cobalt in DRC ]]> https://www.proactiveinvestors.co.uk/companies/news/193097/african-battery-metals-switches-focus-to-cobalt-in-drc-193097.html African Battery Metals PLC (LON:ABM) has changed its name recently from Sula Iron & Gold PLC to reflect the new importance of cobalt in its portfolio.

At present, the Kisinka licence, near Lubumbashi in the DRC, is the focus and early stage exploration has just got underway.

ABM says it chose the DRC because the metal can be mined and processed without the challenges faced by developers with arsenic rich ore elsewhere.

Kisinka is also close to several large copper-cobalt producing mines.

Good address

Indeed, there are seven large mines within 25km of Kisinka, including two that account for 7% of the world's cobalt.  

Kisinka, a 53 sq km block, so far has seen field mapping over a significant portion of the licence and a satellite imagery report.

Watch: African Battery Metals to kick off Augur drilling programme this week at Kisinka

Soil sampling will be the next step with Grand Conglomérat the first target. It runs SE-NW on both sides of the Kisinka licence.

Auger drilling every 25m to depths of up to 20m is underway with any notable anomalies sent for assay testing.

A second licence, Sakania, will be sampled when the wet season abates.

Ferensola

Up until recently, ABM had focused on iron and gold exploration at Ferensola in Sierra Leone, where talks over bringing in a partner continue with several non-disclosure agreements in place.

Chief executive upbeat

Roger Murphy, chief executive, recently spoke to Proactive.

“At the moment, auger drilling is an attractive option given its relatively cheap, quick and we can drill up to a hundred metres a day.

“We feel we are in the right areas and in the right rocks and are optimistic of finding something that can take Kasinka forward.

“At Sankania, the way to think about it is as one of a number of possibilities.”

Two other groups with attractive licences have approached ABM, he added, and these might be available, maybe on even better terms.

Well away from DRC conflict zone 

“DRC undoubtedly is one of the more challenging [mining] jurisdictions, but bear in mind the country is the size of India.

“All of the conflict is in the Far East of the country and we are a thousand kilometres from that in the south near the Zambian border.

“That is where all the copper comes from. It is a much more stable area with a lot of companies already operating there.”

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Tue, 13 Mar 2018 12:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/193097/african-battery-metals-switches-focus-to-cobalt-in-drc-193097.html
<![CDATA[News - African Battery Metals steps up the pace of cobalt exploration on Kisinka ]]> https://www.proactiveinvestors.co.uk/companies/news/192982/african-battery-metals-steps-up-the-pace-of-cobalt-exploration-on-kisinka-192982.html Work is continuing apace on the Kisinka property in the Democratic Republic of Congo, owned by African Battery Metals PLC (LON:ABM).

Chief executive Roger Murphy is currently on site overseeing the exploration programme, laying down fence lines ahead of a planned soil sampling programme.

WATCH: African Battery Metals to kick off Augur drilling programme this week at Kisinka

Field mapping over a significant portion of the license has already been completed, while satellite imagery has identified a number of follow-up targets.

Kiskinka is close to several large copper-cobalt producing mines. There are seven large mines within 25 kilometres, and the two mines for which African Battery Metals has data together account for 7% of the world's cobalt production.

Kisinka is a 53 square kilometre licence block which African Battery believes sits on the right rock type to produce cobalt and copper. Other companies, including existing producers, are exploring in this same area on blocks adjacent to Kisinka.

Given that bedrock is generally covered by a few metres of soil, a quick and efficient method to recover material closer to bedrock is to auger through the soil cover. African Battery is augering holes every 25 metres to depths of up to 20 metres.  

As the loose weathered material is recovered by the auger, an XRF Olympus gun will pass over the material. XRF readings are helpful and provide the geologist with instantaneous feedback on metal content.  The XRF, however, is not definitive and is therefore used only as an early identification tool.

Meanwhile, the company continues to evaluate other opportunities, and retains the option over a second licence, Sakania. This license will be investigated when the wet season abates.

African Battery Metals is also aware of other licences which are potentially available, some of which have had geological work already completed on them and which confirm copper/cobalt mineralisation. The company believes that it may be able to acquire such licences for a modest and deferred front end fee, or to earn a majority stake through funding exploration.

At the Ferensola gold project in Sierra Leone, a surface soil sampling programme of artisanal gold workings has been completed.

Discussions on a farm-out of Ferensola continue and there have been several expressions of interest and a number of companies have signed NDAs and are in the dataroom.

 

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Mon, 12 Mar 2018 08:33:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192982/african-battery-metals-steps-up-the-pace-of-cobalt-exploration-on-kisinka-192982.html
<![CDATA[Media files - African Battery Metals to kick off Augur drilling programme this week at Kisinka ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8770/african-battery-metals-to-kick-off-augur-drilling-programme-this-week-at-kisinka-8770.html Tue, 20 Feb 2018 10:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/8770/african-battery-metals-to-kick-off-augur-drilling-programme-this-week-at-kisinka-8770.html <![CDATA[News - African Battery Metals commences field exploration at Kisinka licence as part of cobalt exploration programme ]]> https://www.proactiveinvestors.co.uk/companies/news/191898/african-battery-metals-commences-field-exploration-at-kisinka-licence-as-part-of-cobalt-exploration-programme-191898.html African Battery Metals PLC (LON:ABM) has started its first exploration work at the Kisinka cobalt project in the Democratic Republic of the Congo (DRC).

Sampling, mapping and augur drilling are underway following satellite targetting.

READ: African Battery Metals to kick off exploration programme at Kisinka cobalt licence in DRC

African Battery was formally known as Sula but changed its emphasis to cobalt from gold in January, with the target the emerging electric vehicle market.

Cobalt is seen as an essential material in batteries in EVs.

ABM added that an option over a second licence in the DRC, Sakania, had been extended to 30 April 2018.

WATCH: African Battery Metals to kick off Augur drilling programme this week at Kisinka

Roger Murphy, chief executive, said Kisinka is in the centre of the world-class Katangan Copperbelt, where half of the world’s cobalt is situated.

“The area surrounding Kisinka is home to at least seven mines,” he added, whose cumulative cobalt output represents a significant proportion of cobalt production globally.

Due diligence was ongoing at Sakania, he added while ABM was also looking at other licences nearer to Kisinka.

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Tue, 20 Feb 2018 10:45:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/191898/african-battery-metals-commences-field-exploration-at-kisinka-licence-as-part-of-cobalt-exploration-programme-191898.html
<![CDATA[News - African Battery Metals to kick off exploration programme at Kisinka cobalt licence in DRC ]]> https://www.proactiveinvestors.co.uk/companies/news/190628/african-battery-metals-to-kick-off-exploration-programme-at-kisinka-cobalt-licence-in-drc-190628.html African Battery Metals PLC (LON:ABM) is set to kick off an exploration programme at its recently acquired cobalt-copper properties in the Democratic Republic of Congo.

Back in December, Sula Iron & Gold – as ABM was then known – acquired the rights to 70% of a cobalt-copper licence in the DRC called Kisinka and an option over a second licence called Sakania.

READ: Sula completes name change to African Battery Metals

The junior explorer said the initial programme at Kisinka is due to start on Monday (January 29) and is expected to include geophysics, soil sampling, pitting, trenching and drilling.

A number of grab samples have been collected at the licence by an independent geologist, who has reported grades of up to 2.5% cobalt.

As well as assessing the Kisinka licence, ABM said the programme will also look to confirm the cobalt prospectivity of Sakania, which will help the company determine whether or not to exercise its option.

A number of other available cobalt licences will also be explored with a view to further expansion in due course.

Transitioning into the battery metals space

“Our initiative into cobalt marks a significant step towards the company's transition into the battery metals space,” said chief executive Roger Murphy.

“This is an area that is driven by an increasing global commitment to more efficient and environmentally sustainable energy usage, especially in the automotive industry.

“We have already secured one licence in close proximity to at least seven other existing large-scale operations and have the option to acquire another.

“Our recent acquisition has already transformed the company and we now have the potential to develop a cobalt-copper project in the centre of the world-class Katangan Copperbelt, which hosts approximately 50% of the world's cobalt resources.”

Shares edged 2% higher to 0.061p late on Thursday morning.

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Thu, 25 Jan 2018 11:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190628/african-battery-metals-to-kick-off-exploration-programme-at-kisinka-cobalt-licence-in-drc-190628.html
<![CDATA[Media files - Sula Iron & Gold begins trading as African Battery Metals ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8625/sula-iron-gold-begins-trading-as-african-battery-metals-8625.html Wed, 17 Jan 2018 10:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/8625/sula-iron-gold-begins-trading-as-african-battery-metals-8625.html <![CDATA[News - Sula Iron & Gold completes name change to African Battery Metals ]]> https://www.proactiveinvestors.co.uk/companies/news/190121/sula-iron-gold-completes-name-change-to-african-battery-metals-190121.html Sula Iron and Gold PLC (LON:SULA) has officially changed its name to African Battery Metals PLC with immediate effect.

The name change was originally announce last month and the company expects to start trading under its new name and ticker – LON:ABM – tomorrow morning (17 January 2018).

WATCH: ABM boss discusses name change READ: Sula moves into cobalt in the DRC

"Our new name better reflects the company's new focus and strategy going forward - targeting cobalt and other battery metals for the electric vehicle market,” said chief executive Roger Murphy.

“The board believes that the company is now in a strong position with increasing demand for battery metals.”

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Tue, 16 Jan 2018 16:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190121/sula-iron-gold-completes-name-change-to-african-battery-metals-190121.html
<![CDATA[Media files - Sula Iron & Gold acquires exciting cobalt project as part of complete makeover ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8520/sula-iron-gold-acquires-exciting-cobalt-project-as-part-of-complete-makeover-8520.html Mon, 11 Dec 2017 15:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/8520/sula-iron-gold-acquires-exciting-cobalt-project-as-part-of-complete-makeover-8520.html <![CDATA[News - Sula Iron & Gold moves into cobalt in the DRC ]]> https://www.proactiveinvestors.co.uk/companies/news/188571/sula-iron-gold-moves-into-cobalt-in-the-drc-188571.html Sula Iron & Gold PLC (LON:SULA) has acquired a cobalt deposit in the Democratic Republic of Congo to diversify its exploration activity.

A £1.75mln placing and subscription at 0.05p will fund the change of tack, which will be accompanied by a name change to African Battery Metals Limited.

READ: Sula surges after strategy update reveals plans to farm-out Ferensola or find a joint venture partner

Over half of the money has come from a subscription by one investor.

Sula will own 70% of a new company to be set to develop the cobalt deposit with the vendor owning the remaining 30%.

The funds raised will be used to prepare a JORC-compliant cobalt and copper resource; to repay an existing finance facility with D-Beta and to provide funds for the gold project at Ferensola. 

Roger Murphy, chief executive, said he was bullish on the outlook for cobalt and the other battery metals.

“African Battery Metals plc will provide UK equity investors with exposure to cobalt, which some analysts see as the battery metal with the tightest supply/demand fundamentals.

WATCH: Ferensola grades 'verging on Bonanza' says Sula Iron & Gold chief

Murphy added cobalt gave an important diversification to the exploration activities, though it was still committed to Ferensola in Sierra Leone where it still hopes to find a joint venture or farm-out partner to move the project forward.

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Mon, 11 Dec 2017 09:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/188571/sula-iron-gold-moves-into-cobalt-in-the-drc-188571.html
<![CDATA[News - Sula's founder, Nick Warrell, steps down from the board ]]> https://www.proactiveinvestors.co.uk/companies/news/187137/sula-s-founder-nick-warrell-steps-down-from-the-board-187137.html Nick Warrell, the chief operating officer of Sula Iron & Gold PLC (LON:SULA), has stepped down from the board with immediate effect.

"The founder of Sula and Blue Horizon the company and its stakeholders would like to thank Nick for all his hard work and dedication over the last six years and wish him well for the future," said Roger Murphy, Sula’s chief executive officer.

READ: Sula surges after strategy update reveals plans to farm-out Ferensola or find a joint venture partner

Warrell will remain chief executive of Blue Horizon, Sula’s Sierra Leone operating subsidiary, until the end of the month to ensure an orderly handover.

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Mon, 13 Nov 2017 08:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/187137/sula-s-founder-nick-warrell-steps-down-from-the-board-187137.html
<![CDATA[News - Sula surges after strategy update reveals plans to farm-out Ferensola or find a joint venture partner ]]> https://www.proactiveinvestors.co.uk/companies/news/185786/sula-surges-after-strategy-update-reveals-plans-to-farm-out-ferensola-or-find-a-joint-venture-partner-185786.html Sula Iron and Gold PLC (LON:SULA) is considering adding further assets to its portfolio.

In a strategy update, the gold exploration company said the search for suitable new assets is taking place alongside detailed analysis and structural interpretation work on its Ferensola gold project in Sierra Leone.

READ: Ferensola grades 'verging on Bonanza' says Sula Iron & Gold chief

Once that analysis is completed, Sula intends to examine various options for the further development of Ferensola on the back of the very encouraging and high-grade gold intersections over several targets across the Ferensola licence. 

The current plan is to solicit expressions of interest for a joint venture or farm-out of the project. The board is of the view that this will provide a cost-effective means to “prove-up” the potential inherent value that the company believes this project contains.

"The challenge faced by Sula in the current climate is how best to develop this project with a view of maximising value for our stakeholders,” declared Roger Murphy, Sula’s chief executive officer.

“With that in mind the board has commenced a process to evaluate how best to continue developing Ferensola's gold asset and also to bring in additional opportunities to the company.  The board believes that these should not only increase value, but also mitigate single project financing risk,” he added.

The market liked the sound of the joint venture/farm-out idea, and drove Sula’s shares 10% higher to 0.088p in early deals.

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Wed, 18 Oct 2017 08:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/185786/sula-surges-after-strategy-update-reveals-plans-to-farm-out-ferensola-or-find-a-joint-venture-partner-185786.html
<![CDATA[Media files - Ferensola grades 'verging on Bonanza' says Sula Iron & Gold chief ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8144/ferensola-grades-verging-on-bonanza-says-sula-iron-gold-chief-8144.html Tue, 26 Sep 2017 15:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/8144/ferensola-grades-verging-on-bonanza-says-sula-iron-gold-chief-8144.html