REG - Sunrise Resources - UPDATE ON THE COMPANY’S NATURAL POZZOLAN PROJECTS

Sunrise ResourcesAnnouncement

05/12/2024 07:00

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RNS Number : 8772O  Sunrise Resources Plc  05 December 2024

 5 December 2024

 

SUNRISE RESOURCES PLC

("Sunrise" or "the Company")

 

UPDATE ON THE COMPANY'S NATURAL POZZOLAN PROJECTS

 

The Company is pleased to provide the following update for its two natural
pozzolan projects in Nevada, USA.

 

The CS Project, located in south central Nevada, is "mine-ready" with key
operating permits already in place covering 14.5 million tons of pozzolan and
1.3 million tons of perlite. An additional area, the Northeast Zone, presents
a large additional target for natural pozzolan. Pozzolan extraction from the
CS Project is aimed at the cement and concrete markets of southern California.

 

The Hazen Project is an earlier stage project and is located close to Reno in
northern Nevada and pozzolan extraction from this project is expected to serve
markets in northern Nevada and northern California.

 

For some time now, the Company has been in discussions with various groups
with the objective of securing investment and material offtake agreements for
the development of both projects.  These discussions usually involve
extensive testing programmes to evaluate the performance of a specific
pozzolan when blended with proprietary cements and/or cement blends.

 

Currently, discussions and testwork are progressing with four separate groups:

 

·    a large multinational cement company that has extensive cement and
ready-mix businesses in the western USA. Discussions with this company
originated some time ago and have recently been revived with renewed testwork
in progress aimed at introducing the Company's natural pozzolans into its
ready-mix products.

 

·    an existing multinational industrial minerals producer looking to
produce various cementitious materials for the mining industry. This company
has completed initial due diligence testwork and a due diligence field visit
to the CS Project.

 

·    an established industrial minerals company which is considering use
of our natural pozzolan as a beneficial additive to their existing planned
production of cementitious materials and is continuing its testwork programme.
Initial testwork was successful and a 25-ton bulk sample has been requested
for grinding testwork and to produce samples for customer evaluation.

 

·    a private group looking for opportunities to establish a new natural
pozzolan grinding facility in Nevada. Testwork is nearing completion.

 

 

The nature of the discussions, and possible deal structures, are different in
each case, reflecting the different objectives of the interested parties.
Ongoing discussions have included simple offtake arrangements, joint
production arrangements and the outright sale of the projects. Some
discussions relate to just one of the pozzolan projects, others to both.

 

Commenting today, Executive Chairman, Patrick Cheetham, said:

 

"We are pleased to provide this update for our natural pozzolan projects. In
all of our discussions with interested parties our natural pozzolan is one
part of a larger jigsaw where those parties are evaluating multiple strategies
and raw materials from different sources to produce blended cements and
concrete with lower embodied carbon. Their testing programmes and due
diligence programmes are time consuming, repetitious and sometimes
intermittent, which I know is equally frustrating for shareholders, as it is
for management. Nevertheless, the consistent feedback is that our natural
pozzolan is of the highest quality and we remain confident that we will
achieve a positive outcome."

 

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

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.

 

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.

 

 

 

CAUTIONARY NOTICE

The news release may contain certain statements and expressions of belief,
expectation or opinion which are forward looking statements, and which relate,
inter alia, to the Company's proposed strategy, plans and objectives or to the
expectations or intentions of the Company's directors. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors beyond the control of the Company that could cause the actual
performance or achievements of the Company to be materially different from
such forward-looking statements. Accordingly, you should not rely on any
forward-looking statements and save as required by the AIM Rules for Companies
or by law, the Company does not accept any obligation to disseminate any
updates or revisions to such forward-looking statements.

 

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

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

 

 

 

 

 

 

 

 

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