RCS - Katoro Gold PLC - Business Update

Katoro GoldAnnouncement

17/04/2024 07:00

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RNS Number : 8737K  Katoro Gold PLC  17 April 2024

 

Katoro Gold plc (Incorporated in England and Wales)

(Registration Number: 9306219)

Share code on AIM: KAT

ISIN: GB00BSNBL022

('Katoro' or 'the Company')

 

 

Dated:  17 April 2024

 

 

Katoro Gold PLC ('Katoro' or the 'Company')

 

Business Update

 

Katoro Gold PLC (AIM:KAT), the strategic and precious minerals exploration
and development company, announces a business update for shareholders.

HANETI PROJECT

A series of technical meetings and review have been undertaken in respect of
the Haneti Project and the Company is preparing to move to the next stage of
exploration work.

As previously announced, previous exploration, including the diamond drill
programme conducted in 2021/22, provided an extensive dataset that has greatly
increased the Company's understanding of the Project's geology and, from this,
determined the optimal next steps for exploration.

A further technical review of the Haneti Project is now underway and will
include a detailed review of historical exploration, including a possible new
approach targeting the potential for nickel ("Ni") and copper ("Cu")
mineralisation within the gabbroic lithologies within the project licence
boundaries.

A further update in respect of exploration strategies and findings from the
work undertaken will be provided to the market in due course.

LAKE VICTORIA GOLD - IMWERU PROJECT

Under contract, the Company is due €792,000 from Australian private company
Lake Victoria Gold ("LVG") following the transaction involving a joint venture
agreement covering the Company's Lake Victoria gold interests to LVG in March
2022.

This liability was disputed by LVG and the Company has further reviewed with
legal advisers the matters raised by LVG and the Company has decided it will
be pursuing the matter further by taking appropriate further action.

NEW OPPORTUNITIES

As previously stated, the aim of Katoro is to focus on high impact exploration
and development projects, rather than a diverse wide-ranging portfolio,
enabling the allocation of working capital into focused business interests.

Potential additional opportunities have been identified by the Company and its
advisers, with review work of these prospects currently underway in respect of
project suitability in respect of various project options.

Whilst the Katoro Board remain confident that new opportunities can be added
to the Company's portfolio, until formal agreements have been signed
shareholders should note that there can be no guarantee that such additions
will be completed, or the specific nature of project interests secured.

BOARD AND MANAGEMENT

The Company is well advanced in the identification and selection of a new
Chief Executive Officer, however given the forward direction of the business
under certain options may lead to a more extensive Board restructuring, the
appointment of the CEO has not been finalised to date.

 

**ENDS**

 

 

For further information please visit www.katorogold.com
(http://www.katorogold.com) or contact:

 

 Louis Coetzee    Info@katorogold.com (mailto:Info@katorogold.com)  Katoro Gold PLC           Executive Director
 James Biddle     +44 207 628 3396                                  Beaumont Cornish Limited  Nominated Adviser

 Roland Cornish
 Nick Emmerson    +44 148 341 3500                                  SI Capital Ltd            Broker

 Sam Lomanto

 

Beaumont Cornish Limited ('Beaumont Cornish') is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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