TIDMGMET
Golden Metal Resources PLC
05 September 2023
5 September 2023
GOLDEN METAL RESOURCES PLC
('Golden Metal' or the 'Company')
OPEN LETTER TO SHAREHOLDERS FROM THE CHAIRMAN
Golden Metal Resources plc (LON:GMET), a mineral exploration
company focused on tungsten, gold, copper and silver within Nevada,
USA, this morning published an Open Letter to Shareholders from the
Company's Chairman outlining the progress that has been made on its
mining projects in Nevada.
The full text of the letter is included below and is also
available on the Company's website at
https://www.goldenmetalresources.com .
The Company is also pleased to announce that a form 211 has been
cleared with the U.S. broker dealer regulator Finra with a view of
joining the OTCQB venture market. Full trading on the OTCQB is
expected to commence in the coming weeks, allowing U.S. based
investors to more easily invest in the Company going forward.
For further information visit www.goldenmetalresources.com or
contact the following:
Golden Metal Resources plc Tel: +44 (0) 20 7583 8304
Oliver Friesen (CEO)
Cairn Financial Advisers LLP Tel: +44 20 7213 0880
Nominated Adviser
Sandy Jamieson/Jo Turner/Louise
O'Driscoll
First Equity Limited Tel: +44 20 7374 2212
Broker
Jonathan Brown/Jason Robertson
Dear Shareholder,
As we move into the latter part of 2023, it is timely to write
to shareholders to summarise Golden Metal Resources plc's ("Golden
Metal" or the "Company") main achievements since our successful
admission to trading on AIM ("Admission") on 10 May 2023, and to
restate our enthusiasm for the coming months and into 2024.
First, I want to thank you for investing or showing interest in
Golden Metal as we are very much aware that in today's market there
is a great deal of competition for people's time and their
investment dollar (or pound) and we appreciate the support you have
shown the Company.
My fellow directors and I are firmly of the view that Golden
Metal is operating in one of the best mining jurisdictions in the
world and that we are perfectly positioned to support the United
States in particular in its stated intention to strengthen its
domestic supply, g of critical battery and defence metal supply
chains.
OPERATIONAL PROGRESS
We have published all of our significant progress events since
Admission in our series of Regulatory News Service (RNS)
announcements. The full text of these can be seen on our website at
https://www.goldenmetalresources.com/news/ . Many of these are
summarised below:
Significant Copper System - Garfield Project
On 22 May 2023 we announced that a significant copper system was
identified at our 100% owned Garfield Project following the results
of a high-resolution soil geochemical sampling survey. This
featured the discovery of two significant copper (Cu) zones which
returned individual Cu-in-soil results of up to 851ppm and 950ppm
Cu in zones coincident with historical rock sampling results which
returned up to 2.6% Cu and 5.53% Cu in the two key areas.
Two Carlin-type Gold Targets - Golconda Project
Also in May we released news that Carlin-type gold targets had
been identified at our Golconda Summit Project, based on rock
sampling results that returned significant arsenic (As) anomalism -
As being the main alteration element (pathfinder mineral)
associated with Carlin-type gold systems. 11 of the 52 samples
collected returned above 250ppm As, with an impressive 6 returning
above 500ppm As. These results suggest the presence of a "feeder
zone" and therefore the possibility that a Carlin-type gold system
may exist within the Golconda Project at depth.
Appointment of Strategic US Government Advisor
On 5 June 2023 we announced that Washington, D.C based Mrs.
Chang Turkmani had been appointed as Strategic US Government
Advisor. This is an important step in engaging further with the US
Government with the aim of securing non-dilutive Federal funding
for the accelerated and enlarged development of our Pilot Mountain
tungsten project, in the context of this being listed by the US
Government as a critical mineral used for defence and other
industrial applications.
Securing non-dilutive funding is one of Golden Metal's
priorities and efforts are being made in these regard in order to
identify and apply for grants which are well suited for the
Company.
Disclosure of progress on these fronts is not permitted, but
investors will be updated as soon as it is possible to do so.
At Golden Metal we are extremely pleased to be one of the only
small-cap mineral exploration companies in London which is well
positioned to receive these non-dilutive monies - lessening the
burden on our current and prospective shareholders to fund future
exploration and development at our flagship asset.
Publication of Corporate Environmental, Social and Governance
Report
In June, we published the Company's inaugural Environmental,
Social and Governance (ESG) Report highlighting the desire of the
Company to be a leader in this area, as well as the shift in the
global investment landscape towards ESG-focussed investing.
Five Additional High-Priority Exploration Targets - Pilot
Mountain Project
On 6 June 2023 and later on 20 June 2023 we announced results
from the high-resolution induced polarisation (IP) survey completed
across our Pilot Mountain Project, both consistent with the
strategy of accelerated development and expansion of that important
asset.
Significantly, five high-priority un-drilled exploration targets
were identified by this work - further proving the tremendous
exploration potential at Pilot Mountain and the possibility of
significantly increasing the size of the in-ground resources during
future drilling campaigns.
Tungsten Concentrate Offtake Letter of Intent Signed - Pilot
Mountain Project
On 28 June 2023 we announced the signing of a Letter of Intent
("LOI") with United States-based Global Tungsten & Powders LLC
("GTP") of Towanda, Pennsylvania, in respect of a tungsten
concentrate off-take agreement for the Pilot Mountain Project. The
non-binding LOI provides outline terms for a future off-take
agreement, subject to successful technical and legal due diligence,
and represents another important step forward in the development of
this highly strategic project.
Memorandum of Understanding Signed For Critical Metal (Tungsten)
Supply Pathways
The Company's tungsten business was further strengthened in July
with the signing of a Memorandum of Understanding ("MoU") between
Golden Metal and Oxford Sigma Limited, a nuclear fusion technology
company, to work together to explore and develop critical metal
supply pathways for tungsten alloy and tungsten containing
materials within the fusion industry.
Many commentators feel that nuclear fusion, not to be confused
with current technology nuclear fission, will be a very important
source of zero carbon emission energy for the future and the amount
of tungsten that is required within this evolving technology is
likely to be very large.
Claim Staking at Kibby Basin
In July, we took up an opportunity to stake claims over a
significant footprint within the Kibby Basin, near Pilot Mountain,
located within the prolific Walker Lake Mineral Belt in Nevada,
where lithium brine discoveries were recently made. This positions
us well for future work in the exploitation of another critical
mineral essential for the rapidly growing electric vehicle and
battery technology sector. Further updates on this newly acquired
project are expected shortly.
Publication of Broker Note by First Equity Limited
Finally, in August, our broker, First Equity Limited, published
a comprehensive research note which established a price target of
35p. This is available to view at https://tdy.lol/gujyS and I would
encourage you to read it if you have not already done so.
OTC Listing
The Company is also pleased to announce that a Form 211 has been
cleared with the U.S. broker dealer regulator Finra with a view of
joining the OTCQB venture market. As this main regulatory hurdle
has now been met, Golden Metal anticipates full trading on the
OTCQB to commence within the coming weeks, allowing US-based
investors to more easily invest going forward.
News in Overview
Taken together, the announcements above set out the progress the
Company has made in only a few months since Admission. In our view,
significant value has been added to the business and we will
continue to drive the Company forward with the same tenacity
throughout the rest of 2023 and beyond.
We believe market conditions are showing early signs of
improvement, and we are very optimistic about the trajectory of
Golden Metal going forward.
NEXT STEPS
Autumn is normally a very active period in the junior mining
sector and we at Golden Metal have been extremely busy over the
past few weeks in readiness for the months ahead.
Technical updates across our project portfolio are expected
alongside various commercial updates in due course and we encour
age readers to keep an eye on the Company's announcements over the
coming weeks and months.
Readers wishing to see an overview of the business as it stands
today are encouraged to review the Investor Presentation on our
website which may be viewed through the following link:
https://www.goldenmetalresources.com/investors/corporate-presentation/
SUMMARY AND CONTACT INFORMATION
Golden Metal has worked to add significant value to the business
in the past few months, moving us closer to our aim of becoming a
recognised player and partner in the supply of critical and
valuable commodities into the rapidly changing demand side of
western economies.
If you have any questions or comments on these matters, or any
other aspects of the Company, you are very welcome to contact our
CEO, Oliver Friesen, at oliver.friesen@goldenmetalresources.com or
myself at david.ovadia@goldenmetalresources.com .
We also hope that as many as possible of our shareholders will
attend the next AGM in London, the details of which will be
provided later this year.
Yours faithfully,
David Ovadia MBE
Chairman
Golden Metal Resources plc
___________________________________________
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END
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