REG - Sunrise Resources - Sale Option Agreement – Hazen Project

Sunrise ResourcesAnnouncement

21/07/2025 07:00

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RNS Number : 7414R  Sunrise Resources Plc  21 July 2025

21 July 2025

 

 

SUNRISE RESOURCES PLC

("Sunrise" or the "Company")

 

Sale Option Agreement - Hazen Project

 

Sunrise Resources plc is pleased to advise that its 100% owned US subsidiary,
SR Minerals Inc. (SRM" or the "Company"), has signed an agreement with a large
US based company (the "Optioner") granting the Optioner an option to purchase
the Company's wholly owned Hazen Project in Nevada (the "Option Agreement").

 

Key Points

 

·    SRM has granted the Optioner an exclusive 90-day option to purchase
the Hazen Project (the "Project") mining claims for a consideration of
US$800,000 payable in cash.

·    Option fee of US$20,000 payable to SRM on signing the Option
Agreement.

 

·    90-day option period (the "Option Period):

 

Ø will start from the date on which the US Bureau of Land Management approves
NCC's Notice of Intent ("NOI") to conduct exploration (which NOI was submitted
in June and typically takes up to 30 days to be approved).

 

Ø can be extended for up to three successive periods of 30 days each on
payment to SRM of a further US$7,500 for each such extension.

 

·    Book value of the Project, reflecting the Company's expenditure since
staking the Hazen mining claims, was £23,940 as at 30 March 2025. In the six
months to 30 March 2025 £2,135 was spent on the Project.

 

The Option Agreement allows the Optioner to conduct exploration on the Project
area during the Option Period and contains the customary clauses relating to
warranties, indemnities, confidentiality, insurance and governing law etc.

 

Should the Optioner elect to purchase the Project then the parties will enter
into a contract for the sale of the Project. Any such sale will be considered
a Substantial Transaction as defined in the AIM Rules for Companies and
further information will be provided to shareholders at that time.

 

Commenting today, Executive Chairman Patrick Cheetham said:

 

"We have been discussing the Hazen project with the Optioner for some time, so
we are pleased to bring these talks to fruition. Should the option be
exercised, the proceeds will be used for additional working capital and the
further advancement of the Company's project portfolio.

 

"Hazen is an early stage project and so non-core for Sunrise Resources.
Agreements like this highlight the deep value contained within the project
portfolio which we are progressively looking to valorise."

 

 

 

Further information:

 

 Sunrise Resources plc                  Tel: +44 (0)1625 838 884

 Patrick Cheetham, Executive Chairman
                                        Tel: +44 (0)207 628 3396

 Beaumont Cornish Limited

 Nominated Adviser

 James Biddle/Roland Cornish
                                        Tel: +44 (0)207 469 0930

 Peterhouse Capital Limited

 Broker

 Lucy Williams/Duncan Vasey

 

Shares in the Company trade on AIM. EPIC: "SRES"

Website: www.sunriseresourcesplc.com (http://www.sunriseresourcesplc.com)

 

 

Nominated Adviser

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.

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 which forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

 

NOTES:

 

About the Hazen Project

 

The Project is located in Churchill County in northern Nevada, 20 miles by
road from the County town of Fallon.

 

The Company's mining claims were staked in June 2021 to cover a deposit of
glassy pumice. Pumice is currently mined elsewhere in the US and at Hazen,
pumice was mined some decades ago as a lightweight aggregate from a shallow
open pit.

 

Whilst the Hazen Project is less advanced than the CS Project, the Company's
laboratory testwork to date has shown that the material present in the pit is
of similar high quality to the CS Project.

 

The Hazen pumice has the additional property that it is lightweight and so it
will also be evaluated for its potential as a lightweight aggregate for use in
lightweight concrete blocks and facing stones.

 

Further work is required to determine the extent of the Hazen deposit although
indications are that the pumice extends several hundred meters beyond the
limits of the existing open pit.

 

 

 

 

 

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