TIDMCMRS
RNS Number : 0215S
Caerus Mineral Resources PLC
11 November 2021
11 November 2021
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Signing of Joint Venture Agreement with Bezant Resources PLC
Caerus Mineral Resources (LON: CMRS), the exploration and
resource development company focused on developing mineral
resources in Europe to support the global "Clean Energy"
initiative, is pleased to inform shareholders of the signing of a
Joint Venture Agreement (the "Agreement") with AIM-listed Bezant
Resources PLC (AIM: BZT) (" Bezant").
Highlights
-- The Joint Venture ("JV") covers the Troulli, Kokkinapetra and
Anglisides licences, held by Caerus in Cyprus ("JV Properties")
-- The JV begins with immediate effect, with Bezant's financial
contribution backdated from the commencement of diamond drilling at
Troulli on 16 September 2021
-- The Parties have committed an initial sum of USD1.0 million
towards resource development and to take the Project to
feasibility
-- Caerus will manage the exploration and resource development
phase of the programme, with Bezant will be responsible for;
o Project feasibility studies and mine development; and
o Arranging funding and guarantees required by third party
funders for plant and infrastructure funding to commence mining
-- Once in production, Caerus will, as a priority, be refunded
for all direct exploration expenditure committed to getting the
projects to the feasibility stage and will receive 20% free-carried
interest over the life of mine.
Commenting on the Joint Venture Agreement, Chief Executive
Officer Martyn Churchouse said, " The signing of the Joint Venture
with Bezant is a major step forward for the Company. The Agreement
allows us to share the exploration and development risk associated
with the Troulli - Kokkinapetra Project. At the same time, it frees
up funding and capacity to expand our exploration and resource
development programme across the rest of our licences. Bezant will
bear the burden of arranging funding for the feasibility stage and
the capital expenditure for both infrastructure and mine
development whilst the Caerus will, once production commences, be
reimbursed for all direct exploration expenditure and will receive
a 20% free-carried interest over the life of mine."
Summary of the Terms of the Joint Venture Agreement ("JV" or
"Agreement")
Commencement Date
The terms of the JV are effective immediately, with joint
funding backdated to the commencement of diamond drilling at
Troulli on 16 September 2021
JV Properties
The Agreement covers all licences associated with the Troulli,
Kokkinapetra and Anglisides projects
Option Agreement
The Option agreement signed on 30 July 2021 remains in full
force, allowing the Parties to joint venture further properties in
due course.
Funding and Budgets
The Parties have committed to a budget of USD1.0 million for
direct exploration and resource development on the JV Properties.
Caerus will provide budget and manage cash calls
Caerus Exploration Costs
Caerus will be paid 70% of excess cash from operating cash flow
after commercial production is achieved until all direct
exploration costs have been refunded. Excess cash from which
payment to Caerus will be made will be calculated based on revenue
less recognised operating costs
Technical Committee
A joint technical committee will operate and be chaired by
Caerus during the exploration and resource development phase and by
Bezant during the feasibility, construction, and production
phase
Jubilee Metals Group ("Jubilee") Agreement
In the event that Jubilee Metals Group elects to enter into a
joint venture and design, construct and finance a processing plant
for the JV Properties, Caerus and Bezant will subordinate their
interests under the Joint Venture Agreement to the 15% free
participation due to Jubilee under its agreement with Caerus
For further information , please visit
www.caerusmineralresources.com or contact:
Caerus Mineral Resources plc:
Martyn Churchouse info@caerusmineralresources.com
Chief Executive Officer +44 (0)1249 782162
--------------------------------
Novum Securities
--------------------------------
Jon Bellis +44 (0) 20 7399 9425
--------------------------------
Follow us on Twitter at @CaerusMineral
About Caerus Mineral Resources
Caerus Mineral Resources is a European focused copper-gold
resource development and exploration company with a portfolio of
mineral exploration licences located in Cyprus. The Country has a
well-developed infrastructure and history of mineral exploration
and production, which has been dormant over the last 50 years and
provides significant undiscovered value.
With investors recognising copper as one of the cornerstone
metals for the Clean Energy Transition centred upon the Electric
Vehicle and Stationary Energy sectors, Caerus is working to rapidly
expand its copper exploration and production objectives. The Caerus
licence portfolio includes 16 former mines which operated with an
average head grade of approximately 2% copper.
Caerus' licence portfolio comprises brownfield sites, where
historic mining has taken place, and greenfield licences, where
there has been no systematic exploration. The Brownfield sites and
the former high-grade copper-gold mines they host are evidence of
rock types and structures conducive to Volcanogenic Massive
Sulphide ("VMS") mineralisation. As VMS deposits characteristically
occur in camps or clusters, it is the Company's view that its
licences are prospective for both extensions to existing or
mined-out orebodies together with new discoveries.
The combination of brown and greenfield exploration provides
optionality and the opportunity for the Company to quickly build a
resource portfolio that can be commercially developed.
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
END
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
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.
END
AGRGPGRAGUPGPGU
(END) Dow Jones Newswires
November 11, 2021 02:00 ET (07:00 GMT)
Critical Mineral Resources (LSE:CMRS)
Historical Stock Chart
From Jul 2024 to Jul 2024
Critical Mineral Resources (LSE:CMRS)
Historical Stock Chart
From Jul 2023 to Jul 2024