REG - Critical Metals PLC - Placing

Critical MetalsAnnouncement

08/01/2024 10:15

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RNS Number : 9493Y  Critical Metals PLC  08 January 2024

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.

 

Critical Metals plc / EPIC: CRTM / Market: Main Market

8 January 2024

("Critical Metals" or the "Company")

Placing

Critical Metals plc, operator of Molulu copper/cobalt project in the
Democratic Republic of Congo ("Molulu"), is pleased to announce it has
raised c. £215,000 at 9.5 pence per share ("the Placing"), the proceeds
of which will be used for advancing the diamond drilling campaign at Molulu
and for the upgrade of the public road to Molulu, as previously announced.

 

 

Drilling Campaign

As announced on 19 December 2023, the Molulu Project has undertaken diamond
drilling in Phases 1, 2, and 4, for resource estimation of the copper-cobalt
mineralisation in the area in order to update a JORC compliant report. The
planned drill holes were placed in high signature zones shown by magnetics and
IP surveys done within the project area. A total of 24 holes have been
drilled, logged, and sampled at Molulu. The outcomes from the 24-drill-hole
campaign have been encouraging, revealing high-grade copper mineralization
that underscores the remarkable promise of the Molulu project. Going forward,
drilling is anticipated to restart in January 2024 with core logging, scanning
XRF analysis, QA/QC, and sampling to begin soon after. An extension of the
drilling plan into Phase 2 and 3 is set to also commence in the first quarter
of 2024. The key factors to this drilling programme are to scale out the
mineralised zones in all the Phases, and to get the grade, mineralogy,
thickness, and extent of the mineralised beds in each Phase.

The drilling data and information is planned to be inserted into the JORC
report which is expected to be released in Q1 2024.

Road Upgrade

In addition, and as further set out in the Company's announcement on 19
December 2023, the decision has been made to further invest in the public road
from the Molulu Project to ensure reliable ore delivery at anticipated
volumes.  These road improvements also benefit the local community and form a
continuing part of our programme of local stakeholder engagement.

Improvements to the road include additional grading, ground compacting, with a
layer of stones to be placed in the areas of water collection and heavy usage.
Such improvements include rainwater drainage points.

A road contractor has already been appointed and the time to improve the road
is anticipated to take approximately forty-five (45) days. Work on the road is
scheduled to begin in January and with these new improvements, the road is
expected to be useable for copper ore deliveries for the remainder of the rain
season which normally ends in April.

Part of the Placing proceeds will be used in this road upgrade.

The Placing

 

The Company has raised c. £215,000 at an issue price of 9.5 pence per
Ordinary Share by the issue of 2,263,159 Ordinary Shares.

Russell Fryer, the CEO of Critical Metals PLC, has participated in this
placement.

Admission of Ordinary Shares

Application has been made for the admission to the Official List and the Main
Market of 2,263,159 Ordinary Shares in respect of the Placing, which are
expected to admit on 12 January 2024.  On Admission of the Ordinary Shares
the total number of Ordinary Shares in issue will be 67,392,680 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, 67,392,680.

 

**ENDS**

For further information on the Company please visit www.criticalmetals.co.uk
(http://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

 Ana Ribeiro/Isabelle Morris         Tel: +44 (0)20 7236 1177

 

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, a producing asset in the Katangan Copperbelt in the Democratic
Republic of Congo.

 

The Company will continue to identify future assets that are in line with its
stated acquisition objective of low CAPEX and OPEX brown-field projects with
near-term production and cash-flow, whilst concentrating on minerals that have
strategic importance to future economic growth thereby generating significant
value for shareholders.

 

Details of the full notifications received by the Company are set out below:

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Russell Fryer

 2    Reason for the notification

 a)   Position/status                                              CEO of Critical Metals Plc

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         CRITICAL METALS PLC

 b)   LEI                                                          213800WAVVOPS85N2205 (https://search.gleif.org/#/record/213800WAVVOPS85N2205)

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted

 a)   Description of the financial instrument, type of instrument  Ordinary Shares

      Identification code                                          GB00BJVR6M63

 b)   Nature of the transaction                                    Subscription of Ordinary Shares

 c)   Price(s) and volume(s)

                                                                                         Price(s)              Volume(s)
                                                                                         9.5p                  52,631

 d)   Aggregated information

      - Aggregated volume                                          52,631

      - Price                                                      9.5p

 e)   Date of the transaction                                      8 January 2024

 f)   Place of the transaction                                     London Stock Exchange

 

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