Source - LSE Regulatory
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 £500,000 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

Chris Lambert, Executive Chairman

Charles Long, Chief Executive Officer

info@caerusmineralresources.com

via Hudson Sandler +44 (0) 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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