TIDMCRTM
RNS Number : 0851B
Critical Metals PLC
31 May 2023
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (596/2014/EU) as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement,
such information no longer constitutes inside information.
Critical Metals plc / EPIC: CRTM / Market: Main Market
31 May 2023
Critical Metals plc
("Critical Metals" or the "Company")
Molulu Project Update
GBP600,000 Premium Placing
Critical Metals plc, a mining investment company established to
acquire mining opportunities in the critical and strategic metals
sector, is pleased to provide an update on recent progress at the
Company's Molulu copper/cobalt asset ("Molulu" or the "Molulu
Project") in the Democratic Republic of Congo ("DRC").
In addition, Critical Metals is pleased to announce it has
raised GBP600,000 at 25 pence per share, the proceeds of which will
be used to assess acquisition opportunities in line with the
Company's stated goal to expand its asset base.
Highlights:
- Two new anomalies identified by the geophysics analysis on Molulu project
- Road rehabilitation is complete and bridge building has begun
- High grade sulphide open pits begin draining
- Drilling to begin in mid-June
- Additional geologist hired for the creation of the Molulu JORC report
- Raised GBP600,000 at 25p per share, a 4.2% premium to the
share price closing price yesterday
- Funds to advance M&A due diligence on potential new acquisition opportunities
Molulu Project Groundwork Update
Further to the announcement of 15 May 2023, the Molulu Project
has three areas where mapping and geophysics analysis has been
completed, with the Induced Polarisation (IP) beginning this week.
Figure 1 below shows the three areas, labeled Phase 1, Phase 2, and
Phase 3.
Figure 1
During the mapping and geophysics surveys, two new copper
anomalies were discovered directly south of the Phase 1 area. These
new areas, known as Phase 1a and Phase 1b, will be included in the
current IP programme. The Company believes that this will further
increase the tonnage to the already known copper resource base.
The IP will move to the Phase 3 and Phase 2 locations
respectively which will allow geologists to identify the
approximate depth and image of the subsurface minerals, notably
copper and cobalt. The drilling targets will then be based on the
results of the IP imaging which will be released when complete.
In addition, a drilling contractor has been appointed and
recently visited Molulu to begin preparation for mobilisation on
site. Initial drill target areas have been discussed and final
decisions on the location of the first drill pads will happen once
the Phase 1 IP imagery is received, which is expected in June 2023.
Once the first drill results are received, the Company believes
there will be sufficient data to obtain a JORC Resource for the
project.
In early May 2023, the Company's management decided to use the
hired dozer and excavator that were already located at Molulu to
rehabilitate the road that connects the property to a number of ore
buyers' processing plants. This decision saved shareholders over
$50,000 in external contractor costs. The dozer has now
rehabilitated the entire road and now all that remains to allow
large tipper trucks to use the road to supply ore to the selected
buyers is the construction of a bridge that can accept the weight
of 40-50 tonne tipper trucks. Management has decided to use 40-50
tonne trucks instead of 25 tonne trucks in order to move larger
volumes of copper ore more efficiently, thereby reducing the wear
on both the bridge and road, while reducing variable unit costs.
The water-direction piping, steel re-enforcement, cement, and other
bridge building requirements are on site and the building of the
bridge has begun. The Company expects that the bridge will be
complete in June 2023.
A water pump has been purchased and installed in the high-grade
copper sulphide open pit. Water decanting has begun, and the open
pit is expected to be empty in the middle of June 2023. This pit is
the new focus of mining due to the Company's belief that that the
in-situ sulphide ore is higher-grade and extends past 100 meters in
depth.
It is anticipated drilling will begin in the second half of June
2023 once the first results of the Phase 1 IP programme are
received. Last month, the Company hired an exploration geologist
working on her PhD in geology to capture and collate all the
geotechnical, geophysics, IP, and borehole drilling data for
insertion into the creation of the maiden JORC report for
Molulu.
GBP600,000 Placing
As part of the Company's stated strategy to identify future
assets that are in line with its acquisition objective of low CAPEX
and OPEX projects with near-term production, concentrating on
minerals that are perceived to have strategic importance to future
economic growth and generate significant value for shareholders,
the Company is pleased to have raised GBP600,000 (the "Placing"),
the proceeds of which will be used for geological due diligence on
potential acquisition opportunities, one of which has been
identified outside of the DRC. Consulting geologists have already
visited this potential opportunity and feedback is expected
shortly.
The Placing has been completed at a premium price of 25 pence
per Ordinary Share, a 4.2% premium to the closing price on 30 May
2023. In addition, warrants to subscribe for Ordinary Shares in the
Company are being granted in the ratio of one warrant for every 1
new Ordinary Share ("Warrants"). The Warrants are exercisable at a
price of 40 pence per Ordinary Share for 18 months from the date of
issue.
Participants in the Placing include Ian Hannam, and five other
long-term supporters. Russell Fryer , a director of the Company, is
also subscribing for Ordinary Shares in the Placing at a price of
25p per Ordinary Share.
The Placing coincides with Molulu generating its first ore sales
which are expected late June, making the Molulu Project a
self-sustaining operation.
Admission of Ordinary Shares
Application has been made for the admission to the Official List
and the Main Market of 2,400,000 Ordinary Shares in respect of the
Placing, which are expected to admit on 1 June 2023. On Admission
of the Ordinary Shares the total number of Ordinary Shares in issue
will be 62,312,235 with each Ordinary Share carrying the right to
one vote.
The figure which may be used by shareholders as the denominator
for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest
in the Company under the Transparency (Directive 2004/109/EC)
Regulations 2007 and the Transparency Rules is, therefore,
62,312,235.
CEO of Critical Metals, Russell Fryer commented , "I am pleased
to be able to report on our continued progress at Molulu. With the
road rehabilitation now complete, and with the construction of the
bridge underway, we look forward to selling copper ore from Molulu
in June.
"The discovery of two further anomalies is encouraging, with IP
surveys expected to take place. These survey results will be used
to help plan the upcoming drill programme. What is becoming
apparent is the size of Molulu deposit is increasing.
"Further, I am encouraged by the premium fundraise of
GBP600,000. The Company is continuing to assess further assets of
interest in line with our acquisition strategy, and we will provide
an update to shareholders when possible.
"As ever, I would like to thank our team at Molulu for their
work getting us to this point, as well as all shareholders for
their continued support for the management team. I look forward to
providing an update to shareholders and the market in the near
future."
**S**
For further information on the Company please visit
www.criticalmetals.co.uk or contact:
Critical Metals plc
Russell Fryer, CEO Tel: +44 (0)20 7236 1177
Peterhouse Capital Limited
Corporate Broker
Lucy William / Charles Goodfellow Tel: +44 (0)20 7469 0936 / +44 (0)20
7220 9797
--------------------------------------
St Brides Partners Ltd
Financial PR
Catherine Leftley /Ana Ribeiro/Isabelle Tel: +44 (0)20 7236 1177
Morris
--------------------------------------
About Critical Metals
Critical Metals PLC has acquired a controlling 100% stake in
Madini Occidental Limited, which holds an indirect 70% interest in
the Molulu copper/cobalt project, an ex-producing medium-scale
asset in the Katangan Copperbelt in the Democratic Republic of
Congo. In line with its investment strategy of focusing primarily
on known deposits, targeting projects with low entry costs and the
potential to generate short-term cash flow; the Company intends to
produce 120,000t/per annum of Copper Oxide Ore.
The Company will continue to identify future acquisition
opportunities which are low CAPEX and OPEX projects with near-term
production, concentrating on minerals that are perceived to have
strategic importance to future economic growth and generate
significant value for shareholders.
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