Caerus Mineral Resources PLC AGM Statement (3031E)
29 Junio 2023 - 1:00AM
UK Regulatory
TIDMCMRS
RNS Number : 3031E
Caerus Mineral Resources PLC
29 June 2023
29 June 2023
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Update and AGM Statement
Caerus Mineral Resources PLC (LON:CMRS) provides the following
update regarding the publication of its report and accounts for the
year end 31 December 2022, the re-admission of the Company's shares
to trading, and a trading update which will be read today at the
Company's Annual General Meeting.
Annual Report and Accounts
The Company is pleased to announce that the report and accounts
are in the process of finalisation and subject to a final review
from the auditors is expected to be published shortly. This is
anticipated to be before 14 July 2023.
Re-admission of Shares to Trading
The Company expects to request a restoration of its listing once
the Company's report and accounts has been published. The FCA's
re-admission process is then required before the listing is
restored.
Annual General Meeting Trading Update
The Company is holding its Annual General Meeting today. At the
meeting Executive Chairman, Chris Lambert, will read the following
trading update:
I would like to thank shareholders for their patience following
the suspension of the Company's shares due to a delay in publishing
the annual report and accounts for the year ended 31 December 2022.
This arose as a result of complications resulting from the
previously announced re-structuring and re-organisation of the
business in 2022.
The Board believes considerable shareholder value can be
delivered if the Company remains focused on its strategy of taking
opportunities arising from and aligned to supporting the European
electric vehicle supply chain, and its compliance with increasing
global legislation.
CMR is committed to supplying the clean energy sector and will
look to maximise opportunities created through the Company's
alliance with EV Metals Group plc ("EVM") . However, in addition to
the EVM alliance, the board is able to draw on its significant
experience within the mining sector and the management's extensive
network and deep understanding of the industry's dynamics.
Accordingly, alongside opportunities that emerge from the EVM
alliance, the board has been evaluating opportunities from its own
network that fit its strategy. As the market recognises the
long-term production deficit for commodities required to supply the
clean energy transition, not all vendor valuation expectations meet
CMR's high hurdle of delivering long-term sustainable value. We
continue to ensure rigorous financial discipline when evaluating
opportunities, and several opportunities in recent months have not
progressed. However, in the first six months of the year, the
Company has built several new and exciting relationships with
owners of high-quality upstream and midstream assets where
discussions regarding partnership and investment are ongoing.
In recent weeks, CMR has decided to enter Morocco, which stands
out as an extremely attractive jurisdiction for upstream and
potentially midstream battery materials projects. With deposits of
copper, manganese, cobalt and potentially other clean technology
metals and minerals, Morocco has proven well-mineralised geology
yet is largely under-explored. Morocco's main trading partner is
the European Union, and its modern infrastructure, proximity to
Europe and political stability make it an excellent country for CMR
to operate in. For a modest sum, CMR has agreed to acquire 80% of a
local Moroccan exploration company, led by a highly regarded
geologist with extensive knowledge of the region. This will enable
CMR to enter into strategic upstream joint ventures in addition to
creating its own portfolio of 100% owned projects. I look forward
to updating you as our Moroccan portfolio and partnerships
progress.
In December, we announced the payment of a deposit of GBP500,000
to secure the exclusivity of RIWAQ and its portfolio of 146
exploration licences in Saudi Arabia. In May, we completed our
review of the RIWAQ portfolio and took the difficult decision not
to pursue the opportunity. This was due to several factors,
including the early stage of the projects and the very large size
of the portfolio, which our Board decided would be too large a
drain on CMR's resources.
I want to thank the Department of International Trade (DIT) for
its help in the U.K. and overseas territories, where we continue to
evaluate opportunities. Our success will enable the U.K. market to
benefit from the essential commodities we can deliver for the
security of a critical supply chain.
2022 was a year of turmoil, though significant progress was made
to stabilise the Company and ensure governance failings are not
repeated. The Board and I would like to thank the FCA for assisting
us in steering our way through a very difficult path for the
Company. I am pleased to report all these issues are behind us
now.
The Company is now focused on developing excellent opportunities
aligned with its clear strategy. Importantly, we are making
meaningful progress. I look forward to providing our investors with
updates over the next six months that return the Company to growth
and value creation for all stakeholders.
For further information, please contact:
Caerus Mineral Resources plc info@caerusmineralresources.com
Chris Lambert, Executive Chairman via Hudson Sandler +44 (0)
Charles Long, Chief Executive Officer 207 796 4133
Novum Securities
Jon Belliss +44 (0) 20 7399 9425
--------------------------------
Hudson Sandler (Financial PR)
Charlie Jack +44 (0) 207 796 4133
--------------------------------
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