TIDMSRES
RNS Number : 9272P
Sunrise Resources Plc
17 February 2023
17 February 2023
SUNRISE RESOURCES PLC
("Sunrise" or the "Company")
AGM Chairman's Statement
Sunrise Resources plc is pleased to provide the following
Chairman's Statement and project update ahead of its Annual General
Meeting ("AGM"") to be held at 10.00am today, 17 February 2023.
Chairman's Statement
"It is my pleasure to Chair the Company's AGM later this morning
and to provide this update for shareholders. I will be giving a
presentation on the Company's projects at the AGM and this is now
live on our website.
Since its discovery, the CS Natural Pozzolan-Perlite Project in
Nevada, USA, has been, and continues to be, the main focus for our
resources. It is our flagship project within a balanced portfolio
of US projects and royalty interests that seeks to mitigate risk
from over exposure to any one single project. We continue to engage
with multiple interested parties who are potential partners for the
CS Project. 2022 also saw, with limited input of our human and cash
resources, the significant evolution of our Pioche Sepiolite
Project and our second natural pozzolan project at Hazen, both also
located in Nevada.
Your Board believes these three key projects now form a strong
Nevada based portfolio of industrial mineral project with solid
fundamentals, each having the potential to significantly enhance
shareholder value. The US Government is committed to carbon
reductions strategies that, we believe, will inevitably lead to an
increase in price and demand for natural pozzolan. Our CS and Hazen
projects are well placed to take full advantage of this and with
the added potential of the Pioche Project your Board believes that
we have enhanced our prospects for value accretion in 2023.
Strategy
In the immediate future we will be wholly focused on the
continued development of these key industrial mineral projects. Our
strategy remains to partner with leaders in their respective
industries who are already selling these same minerals into
industrial markets. This strategy has been effective at the Pioche
Project, where we are now working with world leading's sepiolite
producer, Tolsa S.A. It is moving forward at the Hazen Project
where commercial scale testwork is progressing; and remains the
Company's primary strategy at the more advanced CS Project.
Our experience shows that the cement and ready-mix companies are
conservative. Each has its own raw material formulas and needs to
do their own detailed tests on product suitability before
committing to a new source of raw material. However, once a
partnership of offtake is struck, these relationships tend to be
long-term and so are sources of long-term regular recurring
cashflow, particularly when the material source is as large as the
Company's CS Natural Pozzolan Project.
All other routes to the creation of stakeholder value remain
under ongoing consideration. We are monitoring the progress at two
natural pozzolan grinding projects in Utah (Geofortis) and Arizona
(Eco Material Technologies), where dedicated pozzolan processing
plants are now commissioned, to gauge the success of a more capital
intensive go-it-alone strategy.
The following update sets out some of the steps we are taking to
ensure our existing strategy is a success. We look forward to
welcoming shareholders at the AGM and to reporting on our progress
throughout 2023."
CS Project, Nevada USA
The CS Project is fully permitted and shovel ready with a fully
approved mine plan for the extraction of a total of 14.5 million
tons of pozzolan and 1.3 million tons of perlite at a rate of up to
500,000 tons per year. The Company's permits continue indefinitely,
subject to periodic, procedural renewals.
As a guide to the value of natural pozzolan, the latest pricing
information available to the Company suggests fly ash, for which
natural pozzolan is a replacement, sells for c.US$100 delivered
into Las Vegas and the cement price, which natural pozzolan can
partially replace, is currently around US$140/ton and rising.
The Company is continuing to target discussions with the large
integrated cement and cement and ready-mix companies that could
both grind the pozzolan as a fly ash replacement or to make 1P
(pozzolan) cement. We are also targeting fly ash distributors who
see natural pozzolan as a means to continue their business at a
time when coal fly ash supplies are threatened by the closure of
coal-fired power stations. We have also extended our discussions to
materials companies that supply (for example aggregates) to the
concrete industry, and to the producers of new-generation cements
that are based on natural pozzolans.
We have also commissioned a number of industry insiders to
assist in this process as this approach has worked very
successfully for the Company in bringing world leading sepiolite
producer, Tolsa. S.A. into the Company's Pioche Sepiolite
Project.
A detailed market study has been commissioned for the cement and
supplementary cementitious industries in California and Nevada to
update the preliminary study we obtained some time ago. We expect
this will help identify additional opportunities for further
development of the CS Project.
We are continuing our work to develop markets for perlite with
an emphasis on horticultural grade perlite. A number of companies
have undertaken tests on our raw perlite and expressed interest in
buying material when commercially available. Other companies have
material ready for testing, are awaiting test materials when next
available or have recently completed testwork. In the latter
category is a large industrial consumer of finer grained,
industrial grade perlite which recently completed preliminary
testwork and which has now expressed interest in moving to larger
scale tests.
The latest published price for raw perlite is $66/ton at the
mine gate, an average for all grades.
Hazen Natural Pozzolan
In October 2022 the Company announced a collaborative
arrangement with an existing processor of natural pozzolan for
mining and test grinding of a 250-ton bulk sample. This programme
is being carried out at no cost to Sunrise.
The bulk sample was mined successfully and demonstrated that the
Hazen pozzolan is free digging and so amenable to low-cost mining.
The bulk sample is currently at the process plant awaiting test
grinding when sufficient silo space is available.
Pioche Sepiolite Project
The Pioche Project contains an extensive deposit of sepiolite,
an industrial clay that is rare in commercial deposits. All
evaluation work is being solely funded by Spanish company, Tolsa
S.A., the world's largest producer of sepiolite.
Tolsa holds an option to purchase the Pioche Project for US$1.25
million payable by 28 December 2023 and Sunrise will retain a 3%
royalty on net turnover from any future production. Tolsa has
recently staked a further 31 mining claims to more than double the
size of the Pioche Project following a successful trenching
programme last year and is planning a resource definition drilling
programme this coming Spring.
Patrick Cheetham
Executive Chairman
Further information:
Sunrise Resources plc Tel: +44 (0)1625 838 884
Patrick Cheetham, Executive
Chairman
Tel: +44 (0)207 628 3396
Beaumont Cornish Limited
Nominated Adviser
James Biddle/Roland Cornish
Tel: +44 (0)207 469 0930
Peterhouse Capital Limited
Broker
Lucy Williams/Duncan Vasey
Shares in the Company trade on AIM. EPIC: "SRES".
Website: www.sunriseresourcesplc.com
Market Abuse Regulation (MAR) Disclosure
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the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 which forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
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END
AGMUSOBROKUUAAR
(END) Dow Jones Newswires
February 17, 2023 02:00 ET (07:00 GMT)
Sunrise Resources (LSE:SRES)
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부터 11월(11) 2024 으로 12월(12) 2024
Sunrise Resources (LSE:SRES)
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부터 12월(12) 2023 으로 12월(12) 2024
