Extension of Exclusivity Agreement

RNS Number : 2353F

Arc Minerals Limited

03 November 2022

 

3 November 2022

Arc Minerals Ltd

('Arc Minerals' or the 'Company')

Extension of Exclusivity Agreement

Arc Minerals announces that, following the re-opening of the Zambian Mining Cadastre office on 19 October 2022, the Cadastre published a schedule that it will start receiving new applications for licenses from 21 November 2022.  As a result of the Cadastre process and this new timeline Arc has extended the exclusivity period under the Letter Agreement (the "Agreement") with Anglo Exploration Zambia Ltd ("Anglo") to 8 February 2023, pursuant to which the parties intend to form a joint venture with respect to the Company's copper projects located in the North-Western province of Zambia (the "Joint Venture"). The Companies are working to finalise and sign the proposed Joint Venture documents in accordance with the Agreement as soon as possible and in any event before the expiry of the extended exclusivity period. Further information on the Agreement is included in the Company's announcement of 12 May 2022.

Until the signing of definitive Joint Venture documents, there can be no guarantee that Arc Minerals or any company in its group will complete any commercial transaction in relation to its Zambian assets.

Market Abuse Regulation (MAR) 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.

**ENDS**

Contacts

Arc Minerals Ltd Nick von Schirnding (Executive Chairman)	[phone]
SP Angel (Nominated Adviser & Joint Broker) Ewan Leggat / Adam Cowl	[phone]
WH Ireland Limited (Joint Broker) Harry Ansell / Katy Mitchell	[phone]

 

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