REG - Contango HoldingsPLC - Confirmation of Registration and Receipt of US$1M

Contango HoldingsAnnouncement

28/01/2026 07:00

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RNS Number : 7022Q  Contango Holdings PLC  28 January 2026

28 January 2026

 

Contango Holdings PLC

("Contango" or the "Company")

 

Confirmation of Registration and Receipt of US$1,000,000

 

Contango Holdings Plc, a company focused on unlocking value from the +2
billion tonne Muchesu coal project in Zimbabwe ("Muchesu" or the "Project"),
is pleased to advise  the completion of registration with the Reserve Bank of
Zimbabwe for the transfer of 51% ownership of Monaf Investments (Private)
Limited ("Monaf") from Contango to Pacific Goal Investments Private Limited
("PGI"). PGI have also now been registered as operator of the Project.

 

The revised ownership of Monaf, the 100% owner of Muchesu, is now as follows:

 Shareholder                  Holding
 PGI                          51.0%
 Contango                     24.0%
 Lilyone Investments          6.5%
 Local Minority Shareholders  18.5%

 

As previously reported, PGI forms part of the Pacific Goal Group, a Hong Kong
based industrial group with extensive mining and energy operations in
Zimbabwe, including a major mine-to-energy industrial park, incorporating two
power stations, a graphite processing plant and a nickel smelter. PGI is
co-owned by Mr Wencai Huo, the Company's 20.42% shareholder, and Mr Liu Jun.

 

The Mineral Royalty Agreement ("MRA") payable by Monaf to Contango remains in
effect for the life of mine and includes a US$2 per tonne on thermal coal,
US$4 per tonne on industrial coal and US$8 per tonne on coking coal
production. A provision within the MRA also ensures a minimum payment to the
Company of US$2,000,000 per annum.

 

For further background on the variation please refer to RNS No 3870E dated 22
October 2025 "Variation to Strategic Partnership for Muchesu".

 

 

 

Receipt of US$1,000,000

 

The Company is also pleased to confirm that it has received US$1,000,000 from
PGI, marking the first payment received from PGI since it replaced Huo
Investments last quarter as the proposed operator, 51% owner of Muchesu and
provider of the US$20 million loan facility to the Muchesu project.

 

Commenting, Daniel Dos Santos, CEO of Contango, said:

 

"I am pleased to confirm the registration of PGI as a 51% shareholder in Monaf
and operator of the Project. In addition, we have also received US$1,000,000
as settlement of the outstanding liability from PGI as part of the variation
of terms.

 

The Company will provide a separate operational update shortly."

 

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

 

ENDS

 

Contango Holdings plc

Daniel Dos Santos - Chief Executive Officer

E: contango@stbridespartners.co.uk

 

Tavira Financial Limited - Financial Adviser & Broker

Jonathan Evans

T: +44 (0)20 7100 5100

 

 

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