THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE
REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK LAW AS
AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
ALT
Resources PLC
("ALTR"
or the "Company")
Proposed
Acquisition of Cash-Generative Mining Royalty
Notice of
Intention to Request Voluntary Cancellation of Listing on the
Official List
Proposed
Board Appointment
And
Proposed Admission to Trading on the AIM market of the
London Stock Exchange ("AIM")
Further to its announcement of 29
October 2024, ALTR, the mining royalty and streaming company, is
pleased to announce that it has entered into a conditional royalty
agreement (the "Royalty Agreement") to acquire a cash-generative
mining royalty (the "Proposed Acquisition"). Completion of the
Proposed Acquisition will be subject to certain conditions,
including, inter alia, due
diligence, legal documentation, fundraising, and admission of the
Company's entire issued and to be issued share capital to trading
on AIM.
Prad Mazumder, Director of ALTR commented:
"We are excited to commence our royalty investment journey
through a conditional agreement to acquire an interest in a
near-producing gold asset with a fast-growing ASX-listed mining
company with a top-tier resource base. This investment is expected
to be value accretive to Alt Resources shareholders, as we believe
the investment will generate significant revenues in the near-term,
provide exposure to an appreciating gold price, and lock in a high
net asset value for ALTR."
The Proposed Acquisition will
establish ALTR as a new, growth-focused, diversified mining royalty
and streaming company with a pipeline of additional
opportunities.
Concurrent with the completion of
the Proposed Acquisition, the Company intends to seek the
cancellation of the admission of its ordinary shares ("Shares")
from the Official List of the FCA and its trading on the London
Stock Exchange's ("LSE") main market for listed securities
(together, the "Cancellation"), and seek admission of its Shares to
trading on AIM ("Admission"). The directors of the Company (the
"Directors") consider AIM a more suitable market and regulatory
environment for ALTR, providing greater flexibility with regard to
corporate transactions. Concurrent with Admission, ALTR intends to
conduct a financing (the "Financing").
A further update regarding the
Proposed Acquisition and the Financing will be made in due
course.
Highlights
- Establish
ALTR as a growth-focused, diversified mining royalty and streaming
company aiming to provide investors with exposure to both critical
and precious metals.
-
The Royalty Agreement allows the Company to
conditionally acquire a cash-generative royalty from Theta Gold
Mines Limited ("Theta"). Theta is an
Australian Securities Exchange-listed company (ASX: TGM). Through
its controlling subsidiaries in South Africa, Theta's gold assets
consist of over 6.1Moz of gold in shallow underground and open-pit
JORC resources in the historically prolific gold mining region in
the Mpumalanga Province of South Africa along with a plant and
Tailings-Storage-Facility on-site, ready to be expanded for
production.
- The
Proposed Acquisition facilitates the commencement of construction
of Theta's initial CIL gold plant build.
- The
Directors believe mining royalty and streaming assets represent an
attractive opportunity for shareholders and new investors,
providing exposure to commodity prices with a lower risk profile
than mining equities.
- The
Company's strategy to provide alternative finance in the mining
sector by creating new royalties and continued consolidation of
existing royalties and streams available on attractive terms, takes
advantage of gaps in the market under-exploited by
peers.
- Strong
board with significant experience, including in generating
significant value for shareholders through the royalty and
streaming model, which is well-positioned to execute its
strategy.
- Upon
Admission, Aaron Kidd will join the ALTR Board as an independent
Non-Executive Director.
Pursuant to UK Listing Rule
21.2.17R, the Company must give at least 20 business days' notice
of the intended Cancellation. The Company expects the Cancellation
to become effective from 24 March 2025 (or such later date as the
Company may announce), the anticipated completion date for the
Proposed Acquisition and Admission. The Company will
update shareholders in due course once the timetable for
Cancellation is confirmed. Immediately
following the Cancellation, it is intended that the Shares will be
admitted to trading on AIM.
While matters relating to the
Proposed Acquisition, Financing and Admission are at an advanced
stage, shareholders should note that there remain several matters
upon which completion of the Proposed Acquisition, Financing and
Admission is conditional. Accordingly, there can be no certainty
that the Proposed Acquisition, Financing and Admission will
proceed.
Proposed Board appointment
Upon Admission, Aaron Kidd will join
the ALTR Board as an independent Non-Executive Director. Mr. Kidd
has nearly 20 years of global experience in Tier 1 investment
banking, private equity and advisory, leading M&A and financing
strategy and execution in complex transactions, particularly in
natural resources. Aaron is currently Executive Director of Zephyr
Capital and Non-Executive Director of ASX-Listed Vmoto Limited.
Previously, Aaron was Head of Australia for Appian Capital Advisory
LLP, the world's largest natural resources specialised private
equity fund, following various roles at Credit Suisse, Azure
Capital and Goldman Sachs. Mr Kidd holds a Bachelor of Laws
(Honours) and Bachelor of Commerce (Honours) from the University of
Western Australia.
Aaron Reade Kidd (aged 41), an
Australian citizen, has the following current and former
directorships:
Current:
Arbitrage Pty Ltd.
Long Volatility Pty Ltd.
PE Two Pty Ltd.
Vmoto Limited.
Zephyr Capital Pty Ltd.
Previous:
PE One Pty Ltd.
(Deregistered)
Skeleton Coast SPV Pty
Ltd.
VC One Pty Ltd.
(Deregistered)
Except as set out above, no
disclosure obligations arise under paragraphs (1) to (6) of UKLR
6.4.8 R of the UK Financial Conduct Authority's Listing Rules in
respect of Mr. Kidd's appointment.
For
further information:
www.altresources.co.uk
ALT Resources
PLC
stacey@altresources.co.uk
Paul Welch, Chairman
Celicourt
Communications
+44 207 770 6424 / altresources@celicourt.uk
Mark Antelme / Jimmy Lea
