10 May 2021
W Resources Plc
("W" or the "Company")
Extremadura Government Grant Received
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, is pleased to announce it received notification on Friday 7 May 2021 that the Grant from the Junta de Extremadura Government, which was initially awarded in March 2018 for the sum of €5.3m has, subject to one amendment, been paid and total proceeds of €5.2m have now been received as settlement in full.
In February 2020, W received a €5m loan from Spanish bank, Banco Santander, S.A ("Santander") in order to monetise the Grant and this has now been repaid, reducing the Group's debt and further strengthening the balance sheet.
Michael Masterman said: "Receipt of the €5.2m grant proceeds is a long awaited and extremely timely outcome. It's a true credit to the team to have been awarded this grant and received the cash funds. We have immediately used the funds to reduce debt and strengthen our balance sheet. With tin prices up 100% in the last six months, strong tungsten prices and materially improved plant performance we expect a strong second half of 2021."
Investor presentation
W also confirms that Michael Masterman, Pablo Neira and Paul Hailes will host an investor presentation and Q&A, at 12pm on Monday 17 May 2021. Investors are invited to register their interest and submit questions to wres@almapr.co.uk.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
| W Resources Plc Paul Hailes, CFO | Grant Thornton UK LLP Colin Aaronson / Harrison Clarke / Lukas Girzadas T: +44 (0) 20 7383 5100 |
| Joint Broker Turner Pope Investments (TPI) Ltd Andy Thacker / James Pope T: +44 (0) 203 657 0050 | Joint Broker Alternative Resource Capital / Shard Capital Alex Wood T:+44 (0) 20 7186 9004 Damon Heath T:+44 (0) 20 7186 9952 |
| Alma PR Justine James T: +44 (0) 20 3405 0205 M: +44 (0) 7525 324431 |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
