TIDMTRR
RNS Number : 4462Q
Trident Royalties PLC
18 October 2023
18 October 2023
Trident Royalties Plc
("Trident" or the "Company")
Major Resource Upgrade for Paradox Basin Lithium Royalty
Trident Royalties Plc (AIM: TRR, OTCQB: TDTRF), the diversified
mining royalty company, is pleased to note the recent announcement
by ASX-listed Anson Resources Ltd ("Anson", ASX:ASN) outlining a
45% increase in its JORC 2012 compliant Mineral Resource at its
Paradox Lithium Project ("Paradox") located in the Paradox Basin of
south-eastern Utah, USA.
On 4 September 2023, Trident announced the acquisition of a
2.50% net smelter return royalty over all of Anson's projects in
the Paradox Basin, including Paradox and the Green River Lithium
Project(1) .
Highlights (2)
Material increase in Resource demonstrates value of Trident's
royalty
-- Material JORC 2012 Mineral Resource upgrade confirmed at Paradox;
o 1.504Mt of Lithium Carbonate Equivalent (LCE) and 7.61Mt of
Bromine, including,
-- Indicated Resource of 366,737t of LCE and 1.91Mt of
Bromine
-- Inferred Resource of 1.14Mt of LCE and 5.70Mt of Bromine
-- Upgraded Mineral Resource represents:
o 45% increase in previously reported Lithium Resource,
including;
-- 6% increase in Indicated Resource
-- 117% increase in Inferred Resource
-- Mineral Resource upgrade confirmed after Anson successfully
completes the strategic acquisition of the Green Energy Lithium
Project immediately adjacent to Paradox
-- The Upgraded Mineral Resource represents a further
significant expansion of Anson's lithium JORC Mineral Resource
inventory in the Paradox Basin
-- Potential for substantial further Mineral Resource expansion
via drilling of Anson's Western Strategy
Adam Davidson, Chief Executive Officer of Trident commented:
"The material increase in Resource following the acquisition of
Green Energy highlights the attractiveness of the royalty model,
with value add from the acquisition immediately flowing to the
royalty. Anson continues to progress Paradox aggressively and we
are pleased with the significant amount of activity that has
occurred within the short time since we acquired the royalty. With
this royalty giving us further exposure to battery metals, and in
this instance direct lithium extraction, we look forward to further
progress as Anson advances Paradox towards a development
decision."
Figure 1. Plan shows the Mineral Resource classification for the
Clastic Zone 31 horizon after resource upgrade (2)
References
1: Source: Trident Royalties announcement dated 4 September 2023
(
https://polaris.brighterir.com/public/trident/news/rns/story/rgz8ljw
)
2: Source: Anson Resources announcement dated 16 October 2023
(
https://wcsecure.weblink.com.au/clients/ansonresources/headline.aspx?headlineid=61174219
)
Table 1: Paradox Lithium Project Total JORC 2012 Mineral
Resource estimate, dated 16 October 2023
Category Brine Brine Li Br (ppm) Contained ('000t)
Volume Tonnes (ppm)
(Ml(3) (Mt)
)
LCE Br(2)
--------- ---------
Indicated 4,550 562 123 3,398 367 1,910
-------- -------- ------- --------- --------- ---------
Inferred 16,584 1,954 109 2,915 1,138 6,699
-------- -------- ------- --------- --------- ---------
Total Resources 21,134 2,516 112 3,023 1,504 7,609
-------- -------- ------- --------- --------- ---------
Notes: * Lithium is converted to lithium carbonate (Li(2) CO(3)
) using a conversion factor of 5.32 and boron is converted to boric
acid (H(3) BO(3) ) using a conversion factor of 5.72. Rounding
errors may occur. No cut-off grades have been applied to the
resource reporting. The model has been classified by radius around
sampled wells. Indicated resources have been classified within 2 km
of a sampled well and inferred resourced within 4 km of a sampled
well. Estimation by inverse distance squared interpolation. JORC
2012: 2012 edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves.
Competent Person's Statement
The technical information contained in this disclosure has been
read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, MIMMM,
FGS), who is a qualified geologist and acts as the Competent Person
under the AIM Rules - Note for Mining and Oil & Gas Companies.
Mr O'Reilly is a Principal Consultant working for Mining Analyst
Consulting Ltd which has been retained by Trident to provide
technical support.
** Ends **
Contact details:
Trident Royalties Plc www.tridentroyalties.com
Adam Davidson / Richard Hughes +1 (757) 208-5171 / +44 7967
589997
Grant Thornton (Nominated Adviser) www.grantthornton.co.uk
Colin Aaronson / Samantha Harrison +44 020 7383 5100
/ Samuel Littler
------------------------------
Liberum Capital Limited (Joint Broker) www.liberum.com
Scott Mathieson / Cara Murphy +44 20 3100 2184
------------------------------
Stifel Nicolaus Europe Limited (Joint www.stifelinstitutional.com
Broker) +44 20 7710 7600
Callum Stewart / Ashton Clanfield
------------------------------
Tamesis Partners LLP (Joint Broker) www.tamesispartners.com
Richard Greenfield +44 20 3882 2868
------------------------------
St Brides Partners Ltd (Financial www.stbridespartners.co.uk
PR & IR) +44 20 7236 1177
Susie Geliher / Catherine Leftley
------------------------------
About Trident
Trident is a growth-focused diversified mining royalty and
streaming company, providing investors with exposure to a mix of
base battery, precious, and bulk metals.
Key highlights of Trident's strategy include:
-- Building upon a royalty and streaming portfolio which broadly
mirrors the commodity exposure of the global mining sector
(excluding fossil fuels) with a bias towards production or
near-production assets, differentiating Trident from the
majority of peers which are exclusively, or heavily weighted,
to precious metals;
-- Acquiring royalties and streams in resource-friendly jurisdictions
worldwide, while most competitors have portfolios focused
on North and South America;
-- Targeting attractive small-to-mid size transactions which
are often ignored in a sector dominated by large players;
-- Active deal-sourcing which, in addition to writing new royalties
and streams, will focus on the acquisition of assets held
by natural sellers such as: closed-end funds, prospect generators,
junior and mid-tier miners holding royalties as non-core
assets, and counterparties seeking to monetise packages of
royalties and streams which are otherwise undervalued by
the market;
-- Maintaining a low-overhead model which is capable of supporting
a larger scale business without a commensurate increase in
operating costs; and
-- Leveraging the experience of management, the board of directors,
and Trident's adviser team, all of whom have deep industry
connections and strong transactional experience across multiple
commodities and jurisdictions.
The acquisition and aggregation of individual royalties and
streams is expected to deliver strong returns for shareholders as
assets are acquired on terms reflective of single asset risk
compared with the lower risk profile of a diversified, larger scale
portfolio. Further value is expected to be delivered by the
introduction of conservative levels of leverage through debt. Once
scale has been achieved, strong cash generation is expected to
support an attractive dividend policy, providing investors with a
desirable mix of inflation protection, growth and income.
Forward-looking Statements
This news release contains forward -- looking information. The
statements are based on reasonable assumptions and expectations of
management and Trident provides no assurance that actual events
will meet management's expectations. In certain cases, forward --
looking information may be identified by such terms as
"anticipates", "believes", "could", "estimates", "expects", "may",
"shall", "will", or "would". Although Trident believes the
expectations expressed in such forward -- looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance and actual results or developments may differ
materially from those projected. Mining exploration and development
is an inherently risky business. In addition, factors that could
cause actual events to differ materially from the forward-looking
information stated herein include any factors which affect
decisions to pursue mineral exploration on the relevant property
and the ultimate exercise of option rights, which may include
changes in market conditions, changes in metal prices, general
economic and political conditions, environmental risks, and
community and non-governmental actions. Such factors will also
affect whether Trident will ultimately receive the benefits
anticipated pursuant to relevant agreements. This list is not
exhaustive of the factors that may affect any of the forward --
looking statements.
These and other factors should be considered carefully and
readers should not place undue reliance on forward-looking
information.
Third Party Information
As a royalty and streaming company, Trident often has limited,
if any, access to non-public scientific and technical information
in respect of the properties underlying its portfolio of royalties
and investments, or such information is subject to confidentiality
provisions. As such, in preparing this announcement, the Company
often largely relies upon information provided by or the public
disclosures of the owners and operators of the properties
underlying its portfolio of royalties, as available at the date of
this announcement.
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