REG - URU Metals Limited - Mining Right: Key Regulatory Milestone Met

URU MetalsAnnouncement

25/04/2025 07:00

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RNS Number : 1370G  URU Metals Limited  25 April 2025

25 April 2025

URU Metals Limited

("URU" or the "Company")

 

Mining Right: Key Regulatory Milestone Met

URU Metals Limited ("URU" or the "Company") is pleased to announce that,
Lesego Platinum Uitloop (Pty) Ltd ("LPU"), has initiated a share issuance
process to comply with South Africa's empowerment regulations under Mining
Charter III. This significant step marks a crucial milestone in fulfilling the
requirements for the granting of the mining right by the Department of Mineral
Resources and Energy (DMRE) to URU, thereby positioning the Company to advance
its exploration and further project development activities.

In alignment with Mining Charter III's provisions for meaningful participation
of Historically Disadvantaged South Africans (HDSA), LPU will allocate 10% of
its equity as follows:

·    5% to an Employee Share Ownership Scheme (ESOP): This initiative
ensures that the employees of LPU directly benefit from the company's growth
and success, fostering long-term engagement and inclusivity.

·    5% to a newly formed Non-Profit Company (NPC), Uitloop Communities
NPC. The NPC will focus on community development and socio-economic
upliftment, furthering the mandate to deliver tangible benefits to local
stakeholders.

These measures, previously disclosed by the Company, reflect the Company's
commitment to operating in compliance with South African mining legislation
and fostering sustainable relationships with employees and surrounding
communities.

Clearing the Path for Exploration Progress

The share issuance marks a key regulatory milestone, significantly advancing
the process for the Company to secure its mining right. Once granted, the
mining right will enable the Company to proceed with the next phase of the
exploration program, including:

·    Infill Drilling Program: A focused campaign aimed at upgrading the
existing resource classification at the Zebediela project.

·    Declaration of a Maiden Resource: This phase will target the
high-grade nickel-platinum group elements (Ni-PGE) mineralization in the
footwall zone, building upon the substantial resource base already identified.

These advancements underline URU's commitment to maximizing the value of its
projects while adhering to regulatory and community-focused best practices.

A Milestone for Sustainable Growth

"We are thrilled to take this significant step towards regulatory compliance
and operational progress," said John Zorbas, CEO of URU. "The issuance of
shares by LPU not only demonstrates our commitment to supporting the
principles of Mining Charter III but also solidifies our path toward securing
the mining right. This milestone positions us to unlock the immense potential
of our project while delivering value to all stakeholders, including our
employees and local communities."

Looking Ahead

As LPU progresses towards mining right issuance and exploration advancements,
URU remains focused on operational excellence and stakeholder engagement. The
Company looks forward to updating the market on its exploration milestones,
including the anticipated maiden resource declaration, in due course.

URU is a mineral exploration and development company focused on advancing its
high-potential critical metals projects in South Africa. The Company is
committed to creating sustainable value through responsible mining practices,
regulatory compliance, and engagement with stakeholders. For more information,
visit www.urumetals.com.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

For further information, please contact:

 

 URU Metals Limited               +1 416 504 3978

 John Zorbas

 (Chief Executive Officer)

 SP Angel Corporate Finance LLP   + 44 (0) 203 470 0470

 (Nominated Adviser and Broker)

 Ewan Leggat / Jen Clarke

 

 

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