REG - URA Holdings PLC - Production Begins at Gravelotte Emerald Mine

URA HoldingsAnnouncement

29/04/2024 07:00

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RNS Number : 2947M  URA Holdings PLC  29 April 2024

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URA Holdings plc

("URA" or the "Company")

 

Production Begins at Gravelotte Emerald Mine

URA Holdings (LSE: URAH), the gemstone mining company is pleased to announce
that the start of phased production at the Gravelotte Emerald Mine ("GEM").

 

 Highlights

 

·      Following the successful commissioning of our processing and
sorting plants, phased production at GEM commenced as scheduled before the end
of April 2024 and within budget

 

·      Ore processing from the stockpiled material is underway and the
first emeralds have been successfully recovered

 

·      Over the coming months, production will be increased, and
systems, processes, and equipment will be optimised.

 

·      With production now underway, preparations are being made for a
first trial sales of emeralds from GEM in early H2 2024

 

Ed Nealon, Chairman of URA, stated:

 "The initiation of phased production at Gravelotte is a transformative step
for URA. This milestone not only underscores our commitment to reviving one of
the world's most historically significant emerald mines but also highlights
our capability in implementing advanced mining technologies and sustainable
practices. We will update the market on production targets, sales mechanisms
and marketing strategies in due course".

 

Bernard Olivier, CEO of URA, commented:

"We are pleased to have achieved the start of emerald production within a very
short period and on a tight budget. With production now underway, we are
focused on optimizing our equipment, systems, and scaling up production over
the coming months. We would like to thank our shareholders for their ongoing
support and look forward to keeping them updated on our progress as we look
ahead towards our first test sales and rebuilding market awareness of our
emeralds."

Financial Outlook and Forward-Looking Goals

As URA Holdings plc progresses towards operational status at the Gravelotte
Emerald Mine, our focus shifts to generating our first sales and revenue. We
are pleased to confirm that our financial preparations have been robust,
ensuring that we are fully funded into this initial production phase. This
strategic financial planning underscores our commitment to achieving a smooth
transition from development to production within the limits of our current
working capital.

 

We are excited about the rapid advancements in production capabilities and
market readiness. It has been a fantastic team effort to achieve so much in
such a short time frame. We are now targeting initial sales and then working
towards achieving profitability. Our immediate strategy emphasizes
establishing market presence and optimising operational efficiencies to lay a
robust foundation for future sustainable profitability.

Figure 1.  Plant processing stockpiled ore material.

 

Figure 2. Optical sorter, extracting emeralds and emerald bearing material
from the ore

 

Figure 3. First emeralds extracted from GEM

 

Enquiries:

 

 URA Holdings plc                                                                                                                                            +44 (0)746 368 6497

 Chief Executive Officer

 Bernard Olivier

 Director

 Peter Redmond

 Chief Operating Officer

Jeremy Sturgess-Smith

                                                                                                                                                           info@uraholdingsplc.co.uk (about%3Ablank)

 Peterhouse Capital Limited                                                                                                                                  +44 (0)20 7469 0930

 Joint Corporate Broker

 Lucy Williams

 Duncan Vasey

 Capital Plus Partners

 Joint Corporate Broker

 Keith Swann                                                                                                                                                 +44 (0)203 821 6169

 Jon                                                                                                                                                         +44 (0)203 821 6168
 Critchley
 CMC Markets

 Joint Corporate Broker

 Douglas Crippen                                                                                                                                             +44 (0)20 3003 8632

About URA Holdings Plc

URA is focused on restarting the Gravelotte Emerald Mine (GEM). GEM is
historically one of the world's largest emerald mines and is located in South
Africa. URA Holdings is committed to sustainable and efficient mining
practices, utilising modern technology to revive one of the world's
historically significant emerald mines.

 

For more information about URA Holdings Plc, including investor relations and
corporate news, please visit our website at www.uraholdingsplc.co.uk
(http://www.uraholdingsplc.co.uk) or follow us through our social media
channel:

X(formally known as Twitter): @ura_plc

 

 

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