REG - Arc Minerals Limited - General Update

ARC MineralsAnnouncement

14/05/2025 07:00

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RNS Number : 5383I  Arc Minerals Limited  14 May 2025

14 May 2025, 07:00 UTC

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service (RIS), this inside information
will be in the public domain.

 

Arc Minerals Ltd

('Arc' or the 'Company')

GENERAL UPDATE

 

Arc Minerals (LSE: ARCM), an exploration company focused on developing Tier 1
copper deposits, announces the following updates.

 

Joint Venture with a subsidiary of Anglo American in Zambia

The technical review of the 2024 results and future targeting options for the
2025 field season are being evaluated. Additional targets being reviewed
include Fwiji and Nyambwezu that have not been previously tested by the JV
Company, and the Cheyeza prospect, where drilling in November 2024 last year
confirmed both oxide and sulphide mineralisation within 1.5 km from the
Cheyeza East oxide occurrence (with Copper (Cu) grades of between 2-4%).
Results from the most recent drilling by the JV at Cheyeza (see announcement
dated 4 February 2025) included 40.60m @ 0.61% Cu including 12.75m @ 1.2% Cu
from 22.25m. The Company confirms that the remaining assay results for the
last three holes from this 2024 drilling campaign identified no significant
intercepts.

 

Nick von Schirnding, Executive Chairman of Arc Minerals, commented:

"I look forward to reporting back to shareholders over the coming months in
respect of our various drilling plans as the rainy season comes to an end."

 

Acquisition of Chingola Project

The Company confirms that, further to the announcement on 7 April 2025, the
Company is in the process of progressing the outstanding acquisition
conditions including the completion of satisfactory due diligence and the
receipt of necessary consents and approvals for the transfer. Further updates
will be provided in due course.

 

Virgo Project in Botswana

The Company has completed its drilling plans in respect of license PL135/2017
and, depending on the timing of the proposed acquisition of the Chingola
Project  and associated scope of work, will either commence drilling in
Botswana or progress its work programme at Chingola. The Company can confirm
that the assay results from the remaining  drill hole from the 2024
exploration season in respect of license PL162/2017 (see announcement dated 25
September 2024) have identified no significant intercepts.

 

The Directors of Arc are solely and entirely responsible for the content of
this announcement. Neither Anglo American nor any other person, accepts
responsibility for the adequacy or accuracy of this news release.

 

For further information contact:

 Arc Minerals Ltd                                         info@arcminerals.com

 Nick von Schirnding (Executive Chairman)

 Zeus Capital Ltd (Nominated Adviser & Joint Broker)      Tel: +44 (0) 20 3829 5000

 Katy Mitchell/Harry Ansell

 Shard Capital Partners LLP (Joint Broker)                Tel: +44 (0) 20 7186 9952

 Damon Heath

 

For more information, visit www.arcminerals.com (http://www.arcminerals.com/)
.

 

Forward-looking Statements

This news release contains forward-looking statements that are based on the
Company's current expectations and estimates. Forward-looking statements are
frequently characterised by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other
similar words or statements that certain events or conditions "may" or "will"
occur. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or results to
differ materially from estimated or anticipated events or results implied or
expressed in such forward-looking statements. Such factors include, among
others: the actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans continue to be
refined; possible variations in ore grade or recovery rates; accidents, labour
disputes and other risks of the mining industry; delays in obtaining
governmental approvals or financing; and fluctuations in metal prices. There
may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are not
guarantees of future performance and accordingly undue reliance should not be
put on such statements due to the inherent uncertainty therein.

 

Background on the Joint Venture with a subsidiary of Anglo American

 

Arc Minerals has entered into a Joint Venture Agreement with a subsidiary of
Anglo American on its Zambian Copper Project (ZPC) comprising a number of
licenses covering circa 870km(2) ha in the North Western Province, in the
Domes region of the Zambian Copperbelt near world-class mines such as First
Quantum Minerals' Sentinel and Kansanshi copper mines and Barrick's Lumwana
mine.

 

The license areas are located approximately 900 km from Lusaka, in Mwinilunga,
North Western Province, and is well within the trending arm of the major
geological structure known as the Lufilian Arc (Copperbelt), on the western
flank of the Kabompo Dome.

 

The Copperbelt is home to all the major copper mines in Zambia and these
licenses represent one of the last dome-related areas in Zambia yet to be
explored in any detail.

 

Under the agreement, Anglo American can an earn-in on the ZCP by making a
number of project expenditures and assume operator ship of the project. The
details of the agreement are set out below:

· Phase 1 - Anglo will pay $14.5M in staged cash payments to Unico Minerals
Ltd (67% owned by Arc) and invest up to $24m in exploration expenditures
(total $38.5M) within three years and 180 days of the signing of the Agreement
(RNS 20.04.23) to secure a 51% interest in ZCP.

· Phase 2 - Anglo may elect to increase its interest in the ZCP to 60% by
investing a further $20M (total $58.5M) within two years of the completion of
Phase 1.

· Phase 3 - Anglo may elect to increase its interest in the ZCP to 70% by
investing a further $30M (total $88.5M) within two years of the completion of
Phase 2.

 

**ENDS**

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