REG - Unicorn Mineral Res. - Update on Potential Namibian Acquisition

Unicorn Mineral Resources Public CoAnnouncement

13/11/2025 07:00

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RNS Number : 3137H  Unicorn Mineral Resources plc  13 November 2025

Unicorn Mineral Resources Plc

("Unicorn", or "the Company")

13 November 2025

Update on Potential Namibian Acquisition

Unicorn Mineral Resources Plc, (LSE: UMR), is today pleased to announce that
it has signed conditional heads of terms to acquire a 75% stake in the Klein
Aub Copper Mine located in Namibia (the "Transaction") for a total
consideration of ZAR 26.5 million (approx. £1.0 million).

The Klein Aub Copper Mine operated for over 20 years until its closure in 1987
and was one of central Namibia's most productive small-scale underground
copper operations of the twentieth century.  From the underground development
of three orebodies with an estimated to be 7.5 million tonnes of total
mineable resources, the mine produced over 5.5 million tonnes of ore with an
average mined ore grade of 2.0% Cu and 50.0g/t Ag.

Over the past year, the Company and its technical management and consultants
have completed a detailed technical due diligence review of the Klein Aub
Copper Mine including site visits and a review of historical exploration
results.   Drilling and assay work completed since 2020 indicate a potential
deposit of 5,587,000 tonnes of ore contained in the historic tailings and
slimes dam.  Of this, 5,500,000 tonnes are contained in tailings dam, with an
estimated grade of 0.26% Cu and 7.4g/t Ag, and 87,000t in the slimes dam, with
an estimated grade of 1.34% Cu and 33.55g/t Ag. Together these provide for a
potential total in situ metal content of up to 15,460 tonnes of copper and 1.4
million ounces of silver.  In addition, there is the potential for several
unmined parallel lodes extending along strike to the northeast.

The initial target would be to extract the copper and silver from the slimes
and tailings.  However, the metallurgy is complex.  The Company is
investigating an environmentally-friendly, leaching technique as a potential
method of extracting the copper profitably. The metallurgical test work is
already underway and is expected to be completed in early 2026.

The Klein Aub Copper Mine sits about 90 kilometres south of Namibia's capital
city of Windhoek and 45 kilometres southwest of Rehoboth and is located on two
granted Exclusive Prospecting License (EPL's), both of which have been
recently renewed, that extend over a combined area of 6,536 hectares.  The
EPLs are located in the Kalahari Copperbelt, a north-east trending belt
extending discontinuously for over 1,000 kilometres from western Namibia to
northern Botswana. The Klein Aub, Witvlei, Dordabis and Oamites stratabound,
sediment hosted, copper-silver deposits are considered to define the nature of
the Kalahari Copperbelt, where an estimated 8 million tonnes of copper has
been discovered to date.  The mineralisation at Klein Aub is stratabound,
hosted in dolomitic marble and quartzite, and with ore consisting mainly of
chalcopyrite, bornite, and chalcocite. The deposit occurs along a faulted
contact zone trending northeast-southwest and dipping steeply northwest.

The acquisition of a 75% interest in the Klein Aub Copper Mine, is being
completed for a total consideration of ZAR 26.5 million (approx. £1.0
million), including the settlement of various non-material debts to local
landowners and employees. Of this ZAR 23.0m is due on completion of the
Transaction through the issue of approx. 8.6 million new Unicorn shares at a
price of 10p per share, and a cash payment of ZAR 1.5m (approx. £60,000).  A
deferred payment of ZAR 2.0m due 12 months after completion may be settled in
cash or through the issue of further shares at the Company's discretion.  The
Transaction is subject to contract and to the successful completion of the
metallurgical work and is expected to complete towards the end of Q1 2026.

Commenting on the Transaction, Paddy Doherty, Chairman, said:

"Whilst the due diligence has been time consuming and challenging, we are
encouraged by the results of the tests to date, and we are confident that the
Klein Aub project represents a great opportunity for Unicorn's shareholders.
Klein Aub also provides a stepping stone into the rest of Namibia with other
prospects there being considered."

 

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

- Ends -

 

For further information, please visit www.UnicornMineralResources.com
(http://www.unicornmineralresources.com/)  or contact:

 

 Unicorn Mineral Resources Plc       AlbR Capital Limited

 John O'Connor, CFO                  Financial Adviser and Broker

 Tel: +353 86 259 5123               David Coffman / Anastassiya Eley

 Email: John.OConnor@UMR.ie          Colin Rowbury

                                     Tel: +44 (0)20 7469 0930
 Gathoni Muchai Investments

Faith Kinyanjui Mumbi

 info@gathonimuchaiinvestments.com

 

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