Australia's Argonaut Resources falls on cancellation of Zambian project licence

Orpheus Uranium

24/01/2022 01:00

** Shares of Argonaut Resources N L  ARE.AX  fall as much as
58.3% to A$0.003, their biggest intraday pct fall since May 2019
    ** The base metals explorer says exploration licence
22399-HQ-LEL, Lumwana West, was not renewed by the Zambian govt
on Dec 28  urn:newsml:reuters.com:*:nASX5VNYvD
    ** Discovers that key compliance documents provided to its
Zambian shareholders for filing were not submitted
    ** Adds it has lodged an appeal against the grant of the new
licence on the grounds of fraud and impropriety
    ** Stock at its lowest since March 2020
    ** About 248 mln shares change hands, nearly 58 times the
30-day avg volume of 4.3 mln
    
    

 (Reporting by Yamini C S)
 ((Yamini.CS@thomsonreuters.com;))