Project Update

RNS Number : 1861S

Caerus Mineral Resources PLC

12 July 2022

 

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

Correction: Project update

This announcement replaces the announcement released this morning at 8.23am under RNS number 1510S. It clarifies wording relating to BMG's notice to NCC that NCC has defaulted on a A$2m payment. All other details remain unchanged and the full amended text is shown below.

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 8^th 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 the latter 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 14^th 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 4^th July 2022.

The Board of NCC maintains that the intention behind the Amendment dated 20^th 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	[e-mail]
Novum Securities
Jon Belliss	[phone]

 

END

 

 

PFUSFWFSEEESEEW