TIDMCRTM
RNS Number : 9493Y
Critical Metals PLC
08 January 2024
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as
it forms part of UK Domestic 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.
Critical Metals plc / EPIC: CRTM / Market: Main Market
8 January 2024
("Critical Metals" or the "Company")
Placing
Critical Metals plc, operator of Molulu copper/cobalt project in
the Democratic Republic of Congo ("Molulu"), is pleased to announce
it has raised c. GBP215,000 at 9.5 pence per share ("the Placing"),
the proceeds of which will be used for advancing the diamond
drilling campaign at Molulu and for the upgrade of the public road
to Molulu, as previously announced.
Drilling Campaign
As announced on 19 December 2023, the Molulu Project has
undertaken diamond drilling in Phases 1, 2, and 4, for resource
estimation of the copper-cobalt mineralisation in the area in order
to update a JORC compliant report. The planned drill holes were
placed in high signature zones shown by magnetics and IP surveys
done within the project area. A total of 24 holes have been
drilled, logged, and sampled at Molulu. The outcomes from the
24-drill-hole campaign have been encouraging, revealing high-grade
copper mineralization that underscores the remarkable promise of
the Molulu project. Going forward, drilling is anticipated to
restart in January 2024 with core logging, scanning XRF analysis,
QA/QC, and sampling to begin soon after. An extension of the
drilling plan into Phase 2 and 3 is set to also commence in the
first quarter of 2024. The key factors to this drilling programme
are to scale out the mineralised zones in all the Phases, and to
get the grade, mineralogy, thickness, and extent of the mineralised
beds in each Phase.
The drilling data and information is planned to be inserted into
the JORC report which is expected to be released in Q1 2024.
Road Upgrade
In addition, and as further set out in the Company's
announcement on 19 December 2023, the decision has been made to
further invest in the public road from the Molulu Project to ensure
reliable ore delivery at anticipated volumes. These road
improvements also benefit the local community and form a continuing
part of our programme of local stakeholder engagement.
Improvements to the road include additional grading, ground
compacting, with a layer of stones to be placed in the areas of
water collection and heavy usage. Such improvements include
rainwater drainage points.
A road contractor has already been appointed and the time to
improve the road is anticipated to take approximately forty-five
(45) days. Work on the road is scheduled to begin in January and
with these new improvements, the road is expected to be useable for
copper ore deliveries for the remainder of the rain season which
normally ends in April.
Part of the Placing proceeds will be used in this road
upgrade.
The Placing
The Company has raised c. GBP215,000 at an issue price of 9.5
pence per Ordinary Share by the issue of 2,263,159 Ordinary
Shares.
Russell Fryer, the CEO of Critical Metals PLC, has participated
in this placement.
Admission of Ordinary Shares
Application has been made for the admission to the Official List
and the Main Market of 2,263,159 Ordinary Shares in respect of the
Placing, which are expected to admit on 12 January 2024. On
Admission of the Ordinary Shares the total number of Ordinary
Shares in issue will be 67,392,680 with each Ordinary Share
carrying the right to one vote.
The figure which may be used by shareholders as the denominator
for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest
in the Company under the Transparency (Directive 2004/109/EC)
Regulations 2007 and the Transparency Rules is, therefore,
67,392,680.
**ENDS**
For further information on the Company please visit
www.criticalmetals.co.uk or contact:
Critical Metals plc
Russell Fryer, CEO Tel: +44 (0)20 7236 1177
Peterhouse Capital Limited
Corporate Broker
Lucy William / Charles Goodfellow Tel: +44 (0)20 7469 0936 / +44
(0)20 7220 9797
St Brides Partners Ltd
Financial PR
Ana Ribeiro/Isabelle Morris Tel: +44 (0)20 7236 1177
About Critical Metals
Critical Metals PLC has acquired a controlling 100% stake in
Madini Occidental Limited, which holds an indirect 70% interest in
the Molulu copper/cobalt project, a producing asset in the Katangan
Copperbelt in the Democratic Republic of Congo.
The Company will continue to identify future assets that are in
line with its stated acquisition objective of low CAPEX and OPEX
brown-field projects with near-term production and cash-flow,
whilst concentrating on minerals that have strategic importance to
future economic growth thereby generating significant value for
shareholders.
Details of the full notifications received by the Company are
set out below:
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Russell Fryer
--------------------------------------- -------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------
a) Position/status CEO of Critical Metals Plc
--------------------------------------- -------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- -------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name CRITICAL METALS PLC
--------------------------------------- -------------------------------------
b) LEI 213800WAVVOPS85N2205
--------------------------------------- -------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------
a) Description of the Ordinary Shares
financial instrument,
type of instrument
Identification code GB00BJVR6M63
b) Nature of the transaction Subscription of Ordinary Shares
--------------------------------------- -------------------------------------
c) Price(s) and volume(s)
---------------- ----------------
Price(s) Volume(s)
---------------- ----------------
9.5p 52,631
---------------- ----------------
d) Aggregated information
- Aggregated volume 52,631
- Price 9.5p
e) Date of the transaction 8 January 2024
--------------------------------------- -------------------------------------
f) Place of the transaction London Stock Exchange
--------------------------------------- -------------------------------------
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END
DSHGZGGMGRDGDZM
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January 08, 2024 05:08 ET (10:08 GMT)
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