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All Star Minerals Plc (ASMO)

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Monday 23 October, 2017

All Star Minerals Plc

Quarterly Update

("All Star" or "the Company")

Quarterly Update

The board of All Star provides its quarterly update.

Investment Opportunities

Since the last quarterly update on 12 July 2017, the board has continued to review a number of potential opportunities for the Company. Whilst at this time there can be no guarantee as to the outcome of these opportunities, the board is focused on securing a suitable transaction for All Star.

Holding in NQ Minerals Plc (“NQ”)

The board notes the further progress of NQ Minerals plc (“NQ”), a company in which All Star holds 5,519,545 shares, representing 1.98% of its issued share capital.

In July 2017, NQ announced that it was moving onto AIM instead of the previously announced Standard List, allowing NQ access to a wide range of investors including institutional investors for future financing requirements. Also in the same month, NQ entered into a US$7m secured loan facility with a 12% coupon with an institutional investor. The terms of the facility included a gold purchase deed over a 3 year period and so far, US$5m has been drawn down by NQ.

On 2 August 2017, NQ announced that it has issued 6,013,447 ordinary shares as further part of the consideration to the vendors of Keen Pacific Pty Ltd. On the same day, it was announced that holders of £145,000 of convertible loan notes had elected to convert into ordinary shares at a conversion price of 6p leading to a further 2,416,667 ordinary shares being issued.

On 11 August 2017, the Company announced the appointment of Adrian Lungan as a Non-Executive Director. Adrian was formerly the CEO of Keen Pacific, the company which also owned Ivy Resources Pty Ltd and Hellyer Gold Mines Pty Ltd. This appointment further strengthens the board of the NQ and provides additional transparency on its objective of creating new mining operations and near term production.

On 11 August 2017 and 26 September 2017, NQ issued 1,408,334 and 9,147,132 new ordinary shares, raising AU$149,000 and £781,787 respectively.

The closing mid-price of NQ shares as at 22 October 2017 was 9.5 pence.

The Directors of All Star are responsible for the contents of this announcement.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.


All Star Minerals Plc
Tomas Nugent, Chairman

NEX Corporate Adviser
Cairn Financial Advisers LLP
Liam Murray
020 7213 0880

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