Katoro Gold PLC Katoro Gold Plc: General Update (7727H)
06 August 2021 - 04:00PM
UK Regulatory
TIDMKAT
RNS Number : 7727H
Katoro Gold PLC
06 August 2021
Katoro Gold plc (Incorporated in England and Wales )
( Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
06 Aug 2021
Katoro Gold plc ('Katoro' or the 'Company')
Katoro Gold Plc: General Update
Katoro Gold plc (AIM: KAT), the AIM listed gold and nickel
exploration and development company, is pleased to update the
market regarding its two projects, The Blyvoor Joint Venture
project ("BV") and The Haneti Nickel PGM project ("Haneti").
The following RNS' must be read in conjunction with this General
Update; 4 March, 7 April, 4 May 2021.
THE BLYVOOR JOINT VENTURE PROJECT ("BV")
After completion of the main technical workstream and the
subsequent publication of a comprehensive Competent Person's Report
("CPR") as reported in RNS dated 4 May 2021, the funding
workstream, which was at an advanced stage already, could progress
further, specifically focused on a short-listed group of potential
investors and lenders in conjunction with our team of financial
advisors. The main objective of the funding workstream is to
structure and secure comprehensive funding, comprising both debt
and equity, to fund the complete development, construction and
commissioning of the Blyvoor Gold Tailings Project.
Progress To Date
- Investor and lender negotiations advanced at pace following
the announcement of 04 May 2021, with several parties submitting
initial funding offers / proposals that were within the broad
funding requirements and expectations of the Company.
- Following the recent unrest in the Kwazulu-Natal and Gauteng
provinces of South Africa, the funding process came to an abrupt
standstill with a significant number of the parties on the
preferred funder list requesting time to re-assess whether the
country risk for their potential investment into the BV has been
adversely impacted in any material way.
- Some of the potential funders have subsequently indicated that
they are satisfied that the latest events in South Africa did not
have any adverse impact on their existing risk rating, and
negotiations / discussions with these potential funders have since
resumed, while the Company awaits the final decision from those
preferred funding parties who have not yet completed their country
risk re-assessment.
Next steps for the Company on BV include:
- Investor and lender agreement negotiations to be completed and
to conclude final funding arrangement for BV during the latter part
of 2021.
- Conclusion of future EPC, mining contractor and operator
appointment, subject to successful funding referred to above.
THE HANETI NICKEL PGM PROJECT
Further to our announcement of 7 April 2021 in which a planned d
iamond drilling project was announced with the objective to
intersect the TDEM and magnetic geophysics anomalies, i.e. the
primary sulphide mineralisation and fresh unaltered rock samples
for mineralogical analysis, the Company can now confirm that
planning for the campaign has been completed. The planning process
involved amongst others the careful consideration of exploration
results to date to ensure accurate hole positioning and required
extensive technical consultation.
The drill programme and associated budget for Haneti will now be
submitted for approval and subsequent implementation.
Louis Coetzee, Executive Chairman of Katoro, said: "We are
satisfied and encouraged with the continued progress on the BV
funding process despite recent delays on account of the political
unrest in South Africa. The interest and confidence in the merit of
the BV as a robust project remains very strong with potential
funders. The general view in this regard is in fact that the BV is
strong and robust enough to mitigate a substantial part of the
perceived country risk in its own right.
We are similarly excited to commence with the next phase of
drilling on the Haneti project after the confirmatory results of
the 2020 RAB drilling programme that strongly confirmed the
exploration potential of the Haneti project and the merit of
continuing with advanced exploration activities .
The Company has also been able to manage its cash reserves very
astutely since the last placement in December 2020 which leaves the
Company in a position to confidently continue with the various
workstreams discussed above."
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
**ENDS**
For further information please visit www.katorogold.com or
contact:
Louis Coetzee louisc@katorogold.com Katoro Gold plc Executive Chairman
Bhavesh Patel +44 20 3440 6800 RFC Ambrian Limited NOMAD on AIM
Andrew Thomson
Nick Emmerson +44 (0) 1483 413 SI Capital Ltd Broker
Sam Lomanto 500
Isabel de Salis +44 (0) 20 7236 St Brides Partners Investor and Media
1177 Ltd Relations Adviser
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END
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