REG - Oriole Resources PLC - Placing to Raise £1.8 million
14/11/2025 07:00
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RNS Number : 5156H Oriole Resources PLC 14 November 2025
The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
Oriole Resources PLC
("Oriole" or the "Company")
Placing to Raise £1.8 million
Additional Retail Offer to Raise up to £0.2 million
Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company
focused on West and Central Africa, is pleased to announce that it has
conditionally raised £1.8 million before expenses through the issue of, in
aggregate, 750,000,000 new ordinary shares of 0.1 pence each in the capital of
the Company ("Ordinary Shares" and such 750,000,000 Ordinary Shares being the
"Placing Shares") at a price of 0.24 pence per share (the "Placing Price").
The Placing Price is equal to the bid-price of the Company's ordinary shares
at close of market on 13 November 2025.
The Placing comprises a £1.68 million placing undertaken by Shard Capital
Partners LLP ("Shard") as Placing Agent to the Company and a direct
subscription with the Company, for in aggregate £0.12 million, by certain
Directors and associated parties including Greenwood Capital Partners Limited,
the Company's investment research provider.
The Company is pleased to announce that the placees include the RAB Capital
Group ('RAB Capital') which has taken 13.3% of the placing and will hold
approximately 2.1% of the Company at Admission.
The Placing proceeds will be used to advance the Company's assets in Cameroon
during the 2025/26 field season and will, more specifically, provide capital
for a step out drilling programme at the MB01-S deposit (following completion
of the fully funded MB01-N target drill programme, as announced on 5 November
2025), focus on extensive exploration work in the Eastern Central Licence
Package, and enable the completion of technical studies in support of the
Company's application for an exploitation licence at the Bibemi project.
The Company is intending to raise up to a further approximately £0.20
million, through the issue of up to 83,333,333 new Ordinary Shares (the "Offer
Shares"), by way of a retail offer (the "Offer") via the Winterflood Retail
Access Platform ("WRAP"), details of which will shortly be announced
separately. Any additional funds raised via the Offer will provide the
Company with additional working capital.
Each participant in the Placing and the Offer will be issued warrants
("Warrants") to subscribe for new Ordinary Shares ("Warrant Shares") on the
basis of one Warrant for each Placing Share subscribed for excercisable at
0.36 pence each.
Highlights
· £1.8 million conditionally raised (before expenses) in the Placing,
including a direct subscription with the Company for in aggregate £0.12
million by certain Directors and associated parties including Greenwood
Capital Partners Limited, the Company's investment research provider.
· The Placing proceeds will primarily be used to advance the Company's
exciting exploration assets in Cameroon:
o Step-out diamond drilling programme planned for MB01-S to test the
southern extension of the recently announced Mineral Resource Estimate
("MRE");
o Infill soil sampling campaigns planned for the Ndom, Pokor and Tenoukou
licences within the Eastern CLP to follow up the successful regional stream
sediment and soil sampling programmes in 2021/22;
o Funding of technical studies at Bibemi in support of the exploitation
licence application submitted in June 2024 and expected to be awarded in the
first half of 2026.
· In aggregate, 750,000,000 Placing Shares will be issued at the
Placing Price. The Placing Price is equal to the bid-price of the Company's
ordinary shares at close of market on 13 November 2025.
· The Company intends to raise up to a further approximately £0.20
million, by way of a WRAP Offer further details of which will be announced
shortly.
· Warrants to subscribe for Warrant Shares will be granted to each
participant in the Placing and Offer, with one Warrant to be issued for every
Placing Share and Offer Share subscribed. The Warrants will have an exercise
price of 0.36 pence per Warrant Share, an expiration of 2 years and will be
subject to an accelerator mechanism if the volume average weighted price per
Ordinary Share exceeds 0.60 pence over a 10 day period (the "10 day VWAP")
during the Warrant term. Detailed terms are outlined in the Further Details
section below.
· RAB Capital will become a shareholder in the Company having taken
13.3% of the Placing and will hold approximately 2.1% of the Company at
Admission.
· The Placing and Offer are being undertaken using authorities granted
to the directors to issue new Ordinary Shares at the Company's annual general
meeting held on 25 June 2025.
· Immediately following the Placing, the Directors will collectively
hold approximately 6.7% of the issued share capital of the Company.
Oriole CEO, Martin Rosser, said:
"As we approach the end of 2025, we can already look back on a year of
considerable achievement. Firstly at Bibemi, with 460,000oz reported in the
JORC Indicated and Inferred categories, Preliminary Economic Assessment (PEA)
modelling in progress and the exploitation licence application negotiations
set to gear up shortly. Secondly, at Mbe where we reported an excellent
maiden MRE of 870,000oz of contained gold in the JORC Inferred category for
the MB01-S deposit.
"With the recent announcement of the completion agreement with BCM and today's
Placing, the Company is in excellent financial health. Accordingly, we have
appropriate funding for a busy and important work schedule planned for our
Cameroon projects. Firstly, with the objective of adding JORC MRE resources
quickly at Mbe, through the drilling of the MB01-N prospect, which is planned
to commence in December 2025 and targeted to conclude in late Q1-2026. This
programme is designed to convert the existing Exploration Target, with a range
of 370,000oz to 605,000oz of contained gold, into JORC Resources. Further
details on the planned programme will be announced shortly.
"In addition, for 2026 we are now well financed to undertake a significant
additional programme of work including a proposed step-out drilling programme
at MB01-S, which is open in all directions. In the highly prospective Pokor,
Ndom and Tenekou licences within the Eastern Central Licence Package, in close
vicinity of Mbe and in the same major regional geological trend, we will also
conduct surface sampling over selected targets. We have a 90% interest in
these licences and our objective is to find another Mbe.
"The funding will also enable us to complete more advanced technical design
studies to support the Company's application for an exploitation licence.
"We are excited about the potential to add substantial value at all of our
Cameroon projects and to intensify our focus on achieving a significant market
valuation rerating for the Company based on the existing fundamentals and
anticipated successful progress."
Background and Reasons for the Placing
Oriole is focused on the exploration for and the potential development of
economic mineral deposits, principally gold. The Company is focused on
developing its assets in Cameroon, where it believes the opportunity exists
for a new gold mining district.
The Company's two most advanced projects are the Mbe and Bibemi projects in
Cameroon.
At Mbe, the Company has published a JORC Inferred MRE of 870,000oz at 1.09g/t
Au for the MB01-S zone (the "MB01-S MRE"), and an Exploration Target 1
(#_ftn1) range of 15 to 20Mt at a grade of 0.77 to 0.94g/t Au for 370,000oz to
605,000oz contained gold for the MB01-N zone.
The Company has also reported a Resource of 460,000oz contained gold at
2.06g/t Au in the JORC Indicated and Inferred categories at its 90% owned
Bibemi project, where it has applied for an exploitation licence.
In January 2024, the Company signed two Earn-In Agreements with BCM
International ("BCM") in relation to the Mbe and Bibemi projects (see
announcements dated 5 January and 19 January 2024), whereby BCM could earn a
50% interest in both projects by meeting certain commitments, including US$4
million in exploration expenditure at each project within two years, and
future resource-linked, success-based payments. In addition to these
projects, the Company has 90% ownership of four further licences (the "Eastern
CLP") which are adjacent to Mbe and are prospective for gold.
As announced on 5 November 2025, Oriole and BCM have signed a Completion
Agreement to formalise the outstanding exploration programmes and expenditure
commitments under those Earn-In Agreements.
Under the terms of the Completion Agreement, BCM will fund a planned 2,950m
diamond drilling programme at the Mbe project, expected to commence in
December 2025, which will focus on converting the existing MB01-N Exploration
Target into JORC Resources, expected to be announced in Q2-2026, and provide
funds for further metallurgical test work at Bibemi.
The proceeds of the Placing will primarily be used to:
· Provide working capital for a follow up diamond drilling programme at
the MB01-S target on the Mbe licence. This step out drilling programme is
planned to explore the southern extent of the MB01-S deposit and is expected
to add additional ounces to the global Resource for the MB01 prospect. An
updated MRE is anticipated in Q2-2026;
· Undertake soil sampling programmes on the Pokor, Tenekou and Ndom
(Eastern CLP) licences to follow up the regional stream sediment sampling that
confirmed gold anomalism (up to 291 parts per billion) in multiple drainage
basins and the regional soil sampling that identified several multi-kilometre
gold-in soil anomalies;
· Enable further technical studies at the Bibemi project to support the
Company's application for an exploitation licence. Work to secure the
exploitation licence is underway with a targeted completion date of Q2-2026;
and
· Provide working capital funding to meet general and administrative
expenses.
Further Details on the Placing and the Placing Agreement
The Company has conditionally raised £1.8 million before expenses through the
issue of 750,000,000 Placing Shares at the Placing Price. The Placing
comprises a broker-led placing of 698,291,667 Placing Shares and direct
subscriptions with the Company for 51,708,333 Placing Shares. The Placing
Price is equal to the bid-price per Ordinary Share at close of market on 13
November 2025.
The Company has entered into a placing agreement with Shard under which Shard
has agreed to use its reasonable endeavours to procure placees for 698,291,667
Placing Shares at the Placing Price. The Placing has not been
underwritten.
The Placing Agreement contains certain customary warranties in favour of Shard
given by the Company with respect to its business and certain matters
connected with the Placing. In addition, the Company has given customary
indemnities to Shard in connection with the Placing and its performance of
services in relation to the Placing. Shard has the right to terminate the
Placing Agreement in specified circumstances.
The Warrant Shares will also be issued to each subscriber in the Placing, with
one Warrant to be issued for every one Placing Share subscribed for, for a
total of 750,000,000 Warrants. The Warrants will have an exercise price of
0.36 pence per Warrant Share and an expiration date of 2 years from the date
of the issue of the Placing Shares. The Warrants will also be subject to an
accelerator provision, such that if at any time during the 2 year duration of
the Warrants the 10 day VWAP of the Ordinary Shares exceeds 0.60 pence, the
Company may give Warrant holders notice to exercise their Warrants within 10
business days following the Company's notice and to pay the exercise price in
full within 15 business days following the Company's notice, failing which the
Warrants will automatically expire. The Warrants are subject to customary
protection provisions.
Directors' participation in the Placing
The following directors of the Company ("Directors") have subscribed for
shares in the Placing as follows:
Name No. of Existing Ordinary Shares No. of Subscription Shares Number of Ordinary Shares held post Admission of Placing Shares Percentage of Total Option holdings post Admission Total Warrant holdings post Admission
enlarged issued
share capital
following
Admission of Placing Shares
Eileen Carr 196,672,969 20,833,333 217,506,302 4.66% 62,300,000 20,833,333
Martin Rosser ((2)) 14,612,377 10,416,667 25,029,044 0.54% 30,000,000 10,416,666
Robert Smeeton 44,507,458 2,500,000 47,007,458 1.01% 91,383,952 2,500,000
Claire Bay 14,636,629 1,666,667 16,303,296 0.35% 74,350,000 1,666,666
Further information on these dealings are included in the PDMR dealing
notifications below.
Following the Placing, the Directors will collectively hold approximately
6.70% of the issued share capital of the Company as outlined in the above
table.
Related Party Transactions
The participation in the Placing by the Directors, as set out in the above
table, is deemed to be a related party transaction pursuant to the AIM Rules
for Companies (the "AIM Rules").
The Director independent of the participation in the Placing (being David
Pelham) considers, having consulted with the Company's nominated adviser,
Strand Hanson, that the terms of the Directors' participation in the Placing
are fair and reasonable insofar as the Company's shareholders are concerned.
Admission and Dealings of the Placing Shares
The Placing Shares will be issued as fully paid and will rank pari passu in
all respects with the existing Ordinary Shares, including the right to receive
dividends and other distributions declared on or after the date on which they
are issued.
The Placing Shares and, as applicable, any Warrant Shares, are being issued
from authorities granted to the directors to issue and allot new Ordinary
Shares at the Company's annual general meeting on 25 June 2025. The issuance
of the Placing Shares and Warrant Shares is therefore not subject to any
further shareholder approval.
Application will be made to the London Stock Exchange for the Placing Shares
to be admitted to trading on AIM ("Admission"). Admission is expected to
occur at 8.00 a.m. on or around 28 November 2025.
Total Voting Rights
Following Admission of the Placing Shares, the Company's issued share capital
will be 4,667,702,338 Ordinary Shares. This figure of 4,667,702,338 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 FCA's Disclosure Guidance and
Transparency Rules.
Competent Persons Statement
The information in this announcement that relates to the Mineral Resource
Estimate and the Exploration Target is based on data compiled by Mr. Robert
Davies, EurGeol, CGeol, an independent consultant to Oriole. Mr Davies is a
Director of Forge International Limited. Mr Davies has sufficient experience
that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent
Person as defined in the JORC Code. Mr Davies consents to the inclusion in
the report of the matters based on his information in the form and context in
which it appears. The Company confirms that it is not aware of any new
information or data that materially affects the Mineral Resource Estimate or
the Exploration Target, and that all material assumptions and technical
parameters underpinning the MRE and the Exploration Target continue to apply.
The technical information in this release that relates to Exploration Results
and any planned exploration programme has been compiled by Mrs Claire Bay
(Executive Director). Claire Bay (MGeol, CGeol) is a Competent Person as
defined in the JORC code and takes responsibility for the release of this
information. Claire has reviewed the information in this announcement and
confirms that she is not aware of any new information or data that materially
affects the information reproduced here.
Enquires:
Oriole Resources PLC Tel: +44 (0)23 8065 1649
Martin Rosser / Bob Smeeton / Claire Bay
Strand Hanson (Nomad & Broker) Tel: +44 (0)20 7409 3494
Christopher Raggett / James Spinney / Edward Foulkes
IFC Advisory Ltd (Financial IR & PR) Tel: +44 (0)20 3934 6630
Tim Metcalfe / Graham Herring / Florence Staton oriole@investor-focus.co.uk
Shard Capital Partners LLP (Placing Agent) Tel: +44 (0)20 7186 9900
Damon Heath / Andrew Gutman / Isabella Pierre
Glossary and Abbreviations
Au Gold
Bibemi Bibemi orogenic gold project
Company Oriole Resources PLC
Forge Forge International Limited
g/t Grammes per tonne
JORC Joint Ore Reserves Committee
JORC Code 2012 Edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves
km Kilometre
km(2) Square kilometre
Mbe Mbe orogenic gold project
m Metres
MRE Mineral Resource Estimate
Mt Million tonnes
Oriole Resources Oriole Resources PLC
oz Troy ounce of gold
t/m(3) Tonnes per cubic metre
VWAP Volume weighted average price
Notes to Editors:
Oriole Resources PLC is an AIM-quoted gold exploration company, with projects
in West and Central Africa. It is focused on early-stage exploration in
Cameroon.
At its district scale Central Licence Package, the Company has identified
multi-kilometre long gold anomalies including at its flagship Mbe project.
At Mbe, the Company has published a JORC Inferred MRE of 870,000oz at
1.09g/t Au for the MB01-S zone, and an Exploration Target range of 15 to 20Mt
at a grade of 0.77 to 0.94g/t Au for 370,000oz to 605,000oz contained gold for
the MB01-N zone.
The Company has also reported a Resource of 460,000oz contained gold at
2.06g/t Au in the JORC Indicated and Inferred categories at its 90% owned
Bibemi project, where it has applied for an exploitation licence. BCM
International is currently earning up to a 50% interest in the Bibemi and Mbe
projects in return for a combined investment of US$1.5 million in signature
payments, up to US$8 million in exploration expenditure, as well as JORC
resource-based success payments.
At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl
('AGEM'), a wholly owned subsidiary of Managem Group, has completed a six-year
earn-in to acquire an approximate 59% beneficial interest in the Senala
Exploration Licence by spending US$5.8 million. The Company has reported a
Resource of 155,000oz contained gold at 1.26g/t Au in the JORC Inferred
category for the Faré South prospect, and an additional, complementary
Exploration Target range of 17 to 24Mt at a grade of 0.69 to 0.84g/t Au for
380,000 to 650,000oz contained gold for all prospects at Senala. Discussions
on the formation of a joint venture company are currently underway. The
Company also has several interests and royalties in companies operating in
East Africa and Turkey that could give future cash payments.
For further information please visit www.orioleresources.com
(http://www.orioleresources.com/) , @OrioleResources on X
ANNEX - PDMR notifications
Template for 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
Martin Rosser
2 Reason for the notification
a) Position/status Chief Executive Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Oriole Resources PLC
b) LEI 213800X32GJR5AGAR511
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 of 0.1 pence each in the capital of the Company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Purchase of new ordinary shares pursuant to a placing
c) Price(s) and volume(s)
Price(s) Volume(s)
0.24p 10,416,667
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 13 November 2025
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name
Martin Rosser
2 Reason for the notification
a) Position/status Chief Executive Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Oriole Resources PLC
b) LEI 213800X32GJR5AGAR511
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 Warrants over ordinary shares of 0.1 pence each in the capital of the Company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Warrants over new ordinary shares pursuant to a placing
c) Price(s) and volume(s)
Price(s) Volume(s)
Nil 10,416,667
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 13 November 2025
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name
Robert Smeeton
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Oriole Resources PLC
b) LEI 213800X32GJR5AGAR511
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 of 0.1 pence each in the share capital of the company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Purchase of new ordinary shares pursuant to a placing
c) Price(s) and volume(s)
Price(s) Volume(s)
0.24p 2,500,000
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 13 November 2025
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name
Robert Smeeton
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Oriole Resources PLC
b) LEI 213800X32GJR5AGAR511
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 Warrants over ordinary shares of 0.1 pence each in the share capital of the
company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Warrants over new ordinary shares pursuant to a placing
c) Price(s) and volume(s)
Price(s) Volume(s)
Nil 2,500,000
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 13 November 2025
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Claire Jenna Louise Bay
2 Reason for the notification
a) Position/status Executive Director
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Oriole Resources PLC
b) LEI 213800X32GJR5AGAR511
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 of 0.01 pence each in the share capital of the company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Purchase of new ordinary shares pursuant to a placing
c) Price(s) and volume(s)
Price(s) Volume(s)
0.24p 1,666,667
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 13 November 2025
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Claire Jenna Louise Bay
2 Reason for the notification
a) Position/status Executive Director
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Oriole Resources PLC
b) LEI 213800X32GJR5AGAR511
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 Warrants over ordinary shares of 0.01 pence each in the share capital of the
company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Warrants over new ordinary shares pursuant to a placing
c) Price(s) and volume(s)
Price(s) Volume(s)
Nil 1,666,667
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 13 November 2025
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Eileen Carr
2 Reason for the notification
a) Position/status Non-Executive Chair
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Oriole Resources PLC
b) LEI 213800X32GJR5AGAR511
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 of 0.01 pence each in the share capital of the company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Purchase of new ordinary shares pursuant to a placing
c) Price(s) and volume(s)
Price(s) Volume(s)
0.24p 20,833,333
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 13 November 2025
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Eileen Carr
2 Reason for the notification
a) Position/status Non-Executive Chair
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Oriole Resources PLC
b) LEI 213800X32GJR5AGAR511
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 Warrants over ordinary shares of 0.01 pence each in the share capital of the
company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Warrants over new ordinary shares pursuant to a placing
c) Price(s) and volume(s)
Price(s) Volume(s)
Nil 20,833,333
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 13 November 2025
f) Place of the transaction Outside a trading venue
1 (#_ftnref1) The potential quantity and grade of the Exploration Target is
conceptual in nature. In these areas, there has been insufficient exploration
to estimate a Mineral Resource and it is uncertain if further exploration will
result in the estimation of a Mineral Resource
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