REG - Caerus Mineral Res. - AGM Statement

Critical Mineral ResourcesAnnouncement

29/06/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230629:nRSc3031Ea&default-theme=true

RNS Number : 3031E  Caerus Mineral Resources PLC  29 June 2023

29 June 2023

 

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

Update and AGM Statement

 

Caerus Mineral Resources PLC (LON:CMRS) provides the following update
regarding the publication of its report and accounts for the year end 31
December 2022, the re-admission of the Company's shares to trading, and a
trading update which will be read today at the Company's Annual General
Meeting.

Annual Report and Accounts

The Company is pleased to announce that the report and accounts are in the
process of finalisation and subject to a final review from the auditors is
expected to be published shortly. This is anticipated to be before 14 July
2023.

Re-admission of Shares to Trading

The Company expects to request a restoration of its listing once the Company's
report and accounts has been published. The FCA's re-admission process is then
required before the listing is restored.

Annual General Meeting Trading Update

The Company is holding its Annual General Meeting today. At the meeting
Executive Chairman, Chris Lambert, will read the following trading update:

I would like to thank shareholders for their patience following the suspension
of the Company's shares due to a delay in publishing the annual report and
accounts for the year ended 31 December 2022. This arose as a result of
complications resulting from the previously announced re-structuring and
re-organisation of the business in 2022.

 

The Board believes considerable shareholder value can be delivered if the
Company remains focused on its strategy of taking opportunities arising from
and aligned to supporting the European electric vehicle supply chain, and its
compliance with increasing global legislation.

 

CMR is committed to supplying the clean energy sector and will look to
maximise opportunities created through the Company's alliance with EV Metals
Group plc ("EVM"). However, in addition to the EVM alliance, the board is able
to draw on its significant experience within the mining sector and the
management's extensive network and deep understanding of the industry's
dynamics. Accordingly, alongside opportunities that emerge from the EVM
alliance, the board has been evaluating opportunities from its own network
that fit its strategy. As the market recognises the long-term production
deficit for commodities required to supply the clean energy transition, not
all vendor valuation expectations meet CMR's high hurdle of delivering
long-term sustainable value. We continue to ensure rigorous financial
discipline when evaluating opportunities, and several opportunities in recent
months have not progressed. However, in the first six months of the year, the
Company has built several new and exciting relationships with owners of
high-quality upstream and midstream assets where discussions regarding
partnership and investment are ongoing.

In recent weeks, CMR has decided to enter Morocco, which stands out as an
extremely attractive jurisdiction for upstream and potentially midstream
battery materials projects. With deposits of copper, manganese, cobalt and
potentially other clean technology metals and minerals, Morocco has proven
well-mineralised geology yet is largely under-explored. Morocco's main trading
partner is the European Union, and its modern infrastructure, proximity to
Europe and political stability make it an excellent country for CMR to operate
in.  For a modest sum, CMR has agreed to acquire 80% of a local Moroccan
exploration company, led by a highly regarded geologist with extensive
knowledge of the region. This will enable CMR to enter into strategic upstream
joint ventures in addition to creating its own portfolio of 100% owned
projects. I look forward to updating you as our Moroccan portfolio and
partnerships progress.

In December, we announced the payment of a deposit of £500,000 to secure the
exclusivity of RIWAQ and its portfolio of 146 exploration licences in Saudi
Arabia. In May, we completed our review of the RIWAQ portfolio and took the
difficult decision not to pursue the opportunity. This was due to several
factors, including the early stage of the projects and the very large size of
the portfolio, which our Board decided would be too large a drain on CMR's
resources.

I want to thank the Department of International Trade (DIT) for its help in
the U.K. and overseas territories, where we continue to evaluate
opportunities. Our success will enable the U.K. market to benefit from the
essential commodities we can deliver for the security of a critical supply
chain.

2022 was a year of turmoil, though significant progress was made to stabilise
the Company and ensure governance failings are not repeated. The Board and I
would like to thank the FCA for assisting us in steering our way through a
very difficult path for the Company. I am pleased to report all these issues
are behind us now.

 

The Company is now focused on developing excellent opportunities aligned with
its clear strategy. Importantly, we are making meaningful progress. I look
forward to providing our investors with updates over the next six months that
return the Company to growth and value creation for all stakeholders.

 

 

For further information, please contact:

 Caerus Mineral Resources plc             info@caerusmineralresources.com (mailto:info@caerusmineralresources.com)

 Chris Lambert, Executive Chairman        via Hudson Sandler +44 (0) 207 796 4133

 Charles Long, Chief Executive Officer
 Novum Securities                         +44 (0) 20 7399 9425

 Jon Belliss
 Hudson Sandler (Financial PR)            +44 (0) 207 796 4133

 Charlie Jack

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGMNKFBKKBKBBAB