Tri-Star Resources PLC / AIM: TSTR /
Sector: Natural Resources
24 July 2019
Tri-Star Resources
plc ("Tri-Star" or the "Company")
AGM Statement
Tri-Star Resources plc (AIM: TSTR), the minerals processing
company, is holding its AGM today. At the meeting, the
Chairman, Adrian Collins will make
the following statement:
“As shareholders would have noted, the antimony-gold processing
facility in the Sultanate of Oman
(the Project’) being developed by Strategic & Precious Metals
Processing LLC (“SPMP”), in which we have a 40% stake, is now
showing strong signs of progress. The Project is the largest
antimony roaster outside of China
and the world’s first ‘Clean Plant’, designed to EU environmental
standards with a targeted capacity to produce in excess of 50,000
oz. of gold and 20,000 tonnes in combined antimony metal and
antimony trioxide (“ATO”) per annum.
“With the announcement of maiden production of antimony metal
and the news that the gold recovery circuit is now proven and
operational, we believe the Project is entering the next stage of
its development. Accordingly, we are looking forward to
providing regular updates as production of both commodities is
ramped up and levels reach commercial purity and quantities.
“We have all had to be patient over the last twelve months with
the on-ground team having to both identify the issues with the
Project and apply the relevant remedial work. A new gas
cooling solution was installed, and the first antimony smelting
furnace bought on stream. Work will now be carried out on the
second furnace. There are improvements to be made, however,
we are confident from the early results that the team is on the
right track and can deliver full production in 2020. We are
beholden to the SPMP team for development on the Project but will
endeavour to update the market as regularly as
possible.
“We initiated an internal review and as a result have made
several changes. Cost cutting is on-going with one of the
Board’s main targets being to keep the overhead to a minimum, and
commensurate with the Company’s status as a holding company whose
principal asset is its minority investment SPMP. To
ensure we are more technically aligned at the Project level, we
appointed Wally Channon as an
advisor to the Company. He has an MSc in metallurgical
engineering and over 40 years' experience operating and running
metal processing plants; I believe he will make a significant
positive contribution to SPMP on our behalf.
“With regards to funding, negotiations are ongoing regarding the
conversion of SPMP’s existing mezzanine loans into an interest free
shareholder loan and/or equity and it is expected that final terms
will be agreed and the conversion to happen prior to the conclusion
of the current round of SPMP debt funding.
“In my short tenure as Chairman of the Company, I have witnessed
much progress and would like to thank all stakeholders for their
continuing support for our unique proposition in terms of commodity
mix and partners. We continue to believe in the strong
long-term fundamentals for antimony metal and the potential for the
Project to become a critical component in the global supply chain.
The revenue generated from this, as well as that from the
significant gold dory production circuit, should translate into
significant long term value for Tri-Star and reward shareholders
for their support.”
**ENDS**
For further information please visit www.tri-starresources.com
or contact:
Tri-Star Resources
plc
David Facey, CEO/ CFO |
c/o SBP
Tel: +44 (0)20 7236 1177 |
St Brides Partners
(Financial PR)
Isabel de Salis/ Priit Piip |
Tel: +44 (0)20 7236 1177 |
SP Angel Corporate
Finance (Nominated Adviser)
Robert Wooldridge/Jeff
Keating |
Tel: +44 (0)20 3470 0470 |
finnCap Ltd
(Broker)
Scott Mathieson/Camille Gochez |
Tel: +44 (0)20 7220 0500 |
Notes to Editors:
Tri-Star’s principal interest is in an antimony and gold production
facility (the “SPMP Project”). The SPMP Project is based in Sohar,
Sultanate of Oman, and is being
developed by Strategic & Precious Metals Processing LLC
(“SPMP”), an Omani company in which Tri-Star has a 40% equity
interest. Tri-Star also has antimony exploration licenses in
Canada which are held for their
potential contribution of feedstock to the SPMP Project.