TIDMALS
RNS Number : 7530E
Altus Strategies PLC
15 March 2022
Altus Strategies Plc / Index (EPIC): AIM (ALS); TSX-V (ALTS);
OTCQX (ALTUF) / Sector: Mining
15 March 2022
Altus Strategies Plc
("Altus" or the "Company")
Royalty Generated on Toura Nickel-Cobalt Project, Côte
d'Ivoire
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces that it has executed a Sale and Purchase Agreement
("SPA") with Firering Strategic Minerals Plc ("Firering") for the
sale of the Company's wholly-owned Toura nickel-cobalt licence
application located in western Côte d'Ivoire ("Toura" or the
"Project"). In consideration for the Project, Firering will grant
the Company a Gross Revenue Royalty ("GRR") of up to 1.0% on nickel
and cobalt sales from the Project and pay the Company
EUR15,000.
Highlights:
-- SPA with Firering which will acquire a 100% interest in the Company's local subsidiary
-- Royalty generated on the Toura nickel-cobalt Project
application in western Côte d'Ivoire
-- Altus to receive a GRR of up to 1.0%, subject to prevailing nickel prices, and EUR15,000
-- Toura located in an emerging and highly prospective nickel-cobalt province
-- Potential for strong future demand for nickel and cobalt from growing electric vehicle sector
-- Altus's business model includes the generation of low-cost
royalties by staking and monetising projects
Steven Poulton, Chief Executive of Altus, commented:
"We are pleased to generate this new nickel-cobalt royalty on
our Toura application in Côte d'Ivoire, which is strategically
located in an emerging and highly prospective nickel-cobalt
province. Altus will receive a gross revenue royalty of up to 1.0%
on any future production from the project and a nominal cash
consideration upfront. This transaction illustrates the value of
our 'boots on the ground' approach, where Altus can generate
royalties at low cost, by directly staking and monetising projects.
We look forward to following Firering's progress as it advances the
Project."
About the Toura Nickel-Cobalt Project
The Project comprises an application for a nickel-cobalt mineral
prospecting licence with an area of approximately 168 km(2) , in
western Côte d'Ivoire ("Application"). The Application targets
potential nickel-cobalt mineralisation within the lateritic profile
overlaying mafic and ultramafic intrusive rocks (see Figure 2). The
region is considered prospective for such nickel-cobalt
mineralisation, with several known deposits in the vicinity,
including the Sipilou, Foungouesso and Moyango projects (located
0-35 km north-west of Toura) owned by Nickel de l'Ouest Côte
d'Ivoire and the Samapleu and Grata projects (located 35 km west of
Toura) owned by Sama Resources Inc (see Figure 1). Mineralisation
hosted on these properties is not necessarily indicative of
mineralisation hosted at Toura.
Terms of the SPA & Gross Revenue Royalty
Upon closing of the SPA, Altus will transfer to Firering a 100%
interest in the Company's wholly-owned Seychelles subsidiary, Altar
Resources Limited ("Altar"). Altar is the 100% owner of Apalex
SARL, an Ivorian incorporated company which has submitted the
Application. In addition to the GRR, Firering will also pay Altus
EUR15,000. The SPA follows and replaces an option agreement in
respect of the Project previously agreed with Firering (see Company
announcement on 25 July 2019).
Altus will receive a GRR from the Project, linked to the United
States dollar nickel price (as quoted per tonne ("t") by the London
Metal Exchange) at the time of the metal sales as follows:
- When the nickel price is less than or equal to US$12,000/t: no royalties will be payable;
- When the nickel price is between US$12,000/t and US$18,000/t
the Company will receive a 0.5% GRR; and
- When the nickel price is higher than US$18,000/t the Company will receive a 1.0% GRR.
The London Metal Exchange currently quotes a cash price for
nickel of approximately US$48,000/t.
The GRR will be calculated as the gross proceeds received from
sales from the Project, less transportation costs. The GRR will be
subject to a separate agreement, which will be entered into between
the Company and Firering, within six months of the grant of the
Application.
Illustrations
The following figures relate to the disclosures in this
announcement and are visible in the version of this announcement on
the Company's website (www.altus-strategies.com), or in PDF format
by following this link:
https://altus-strategies.com/site/assets/files/5445/altus_nr_-_firering_spa_15_mar_2022.pdf
-- Location of the Toura nickel-cobalt project in Côte d'Ivoire is shown in Figure 1.
-- Regional geology of the Toura nickel-cobalt project in Côte
d'Ivoire is shown in Figure 2.
Figure 1 : Location of the Toura nickel-cobalt project in Côte
d'Ivoire
Figure 2 : Regional geology of the Toura nickel-cobalt project
in Côte d'Ivoire
Qualified Person
The technical disclosure in this regulatory announcement has
been approved by Steven Poulton, Chief Executive of Altus. A
graduate of the University of Southampton in Geology (Hons), he
also holds a Master's degree from the Camborne School of Mines
(Exeter University) in Mining Geology. He is a Fellow of the
Institute of Materials, Minerals and Mining and has over 20 years
of experience in mineral exploration and is a Qualified Person
under the AIM rules and NI 43-101.
For further information you are invited to visit the Company's
website www.altus-strategies.com or contact:
Altus Strategies Plc Tel: +44 (0) 1235 511 767
Steven Poulton, Chief Executive E-mail: info@altus-strategies.com
SP Angel Corporate Finance LLP (Nominated
Adviser) Tel: +44 (0) 20 3470 0470
Richard Morrison / Adam Cowl
SP Angel Corporate Finance LLP (Broker)
Grant Barker Tel: +44 (0) 20 3470 0471
Rob Rees Tel: +44 (0) 20 3470 0535
Shard Capital Partners LLP (Broker)
Isabella Pierre / Damon Heath Tel: +44 (0) 20 7186 9927
Yellow Jersey PR (Financial PR & IR) Tel: +44 (0) 20 3004 9512
Charles Goodwin / Henry Wilkinson E-mail: altus@yellowjerseypr.com
About Altus Strategies Plc
Altus Strategies (AIM: ALS, TSX-V: ALTS & OTCQX: ALTUF) is a
mining royalty company generating a diversified and precious metal
focused portfolio of assets. The Company's differentiated approach
of generating royalties on its own discoveries in Africa and
acquiring royalties globally through financings and acquisitions
with third parties, has attracted key institutional investor
backing. The Company engages constructively with all stakeholders,
working diligently to minimise its environmental impact and to
promote positive economic and social outcomes in the communities
where it operates. For further information, please visit
www.altus-strategies.com .
Cautionary Note Regarding Forward-Looking Statements
Certain information included in this announcement, including
information relating to future financial or operating performance
and other statements that express the expectations of the Directors
or estimates of future performance constitute "forward-looking
statements". These statements address future events and conditions
and, as such, involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements.
Such factors include, without limitation, the completion of planned
expenditures, the ability to complete exploration programmes on
schedule and the success of exploration programmes. Readers are
cautioned not to place undue reliance on the forward-looking
information, which speak only as of the date of this announcement
and the forward-looking statements contained in this announcement
are expressly qualified in their entirety by this cautionary
statement.
Where the Company expresses or implies an expectation or belief
as to future events or results, such expectation or belief is based
on assumptions made in good faith and believed to have a reasonable
basis. The forward-looking statements contained in this
announcement are made as at the date hereof and the Company assumes
no obligation to publicly update or revise any forward-looking
information or any forward-looking statements contained in any
other announcements whether as a result of new information, future
events or otherwise, except as required under applicable law or
regulations.
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organisation of Canada accepts responsibility for the
adequacy or accuracy of this release.
Market Abuse Regulation Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR. Upon publication
of this announcement, the inside information is now considered to
be in the public domain for the purposes of MAR.
****
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