Project Update

RNS Number : 1510S
Caerus Mineral Resources PLC
12 July 2022
 

 

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

Project update

 

Caerus Mineral Resources plc (CMRS), the Cyprus-based exploration and resource development company with a focus on developing mineral resources to support the global "Clean Energy" initiative of its strategic partner EV Metals Group plc (EVM), would like to provide an update to the market.

 

As announced on the 8th July 2022, it is the new Board's intention to build upon Caerus' Cypriot assets by commencing a bold and broader mandate from its strategic partner EVM to expand the Company's horizons and acquire assets that support the growth of the UK's and Europe's EV battery materials supply chain.

 

As a small part of the Company's Cypriot portfolio, New Cyprus Copper P.A. Ltd (NCC) owns a 90% interest in Treasure Development Limited (TDL) in Cyprus and is also responsible for maintaining and progressing other Cypriot projects. BMG Resources Limited (ASX: BMG) is the minority shareholder in TDL and retains a 10% interest.

 

BMG has notified NCC that it has defaulted on a A$2m payment based upon on BMG's interpretation of an amendment to the original share purchase agreement between BMG, NCC and TDL dated 14th April 2016 (the Original SPA), inter alia, granting a put-option to BMG in respect of the acquisition of the balance 10% shares of TDL (the Amendment). BMG expressed its interest in exercising the put-option and NCC confirmed it elected to revert to payment through a net smelter royalty on 4th July 2022.

 

The Board of NCC maintains that the intention behind the Amendment dated 20th May 2021 was for NCC to retain its ability to elect to pay the balance payment via a net smelter royalty.

 

BMG has invoked the dispute resolution process with NCC under the Original SPA, and Caerus will monitor this and continue to provide updates to its shareholders on this matter as and when materially necessary.

 

 

For further information, please contact:

Caerus Mineral Resources plc

 

Charles Long

Chief Executive Officer

info@caerusmineralresources.com

 

Novum Securities

 

Jon Belliss

+44 (0) 20 7399 9425

 

 

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