Termination of Proposed Acquisition of UPSA
Summary by AI BETAClose X
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF THE DOMESTIC LAW OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND ("UK") PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
5 November 2026
Atlas Metals Group plc
("Atlas Metals" or the "Company")
Termination of Proposed Acquisition of UPSA
Proposed Critical Metals Acquisitions
Atlas Metals (LSE: AMG), the natural resources and energy company, announces that it has terminated the conditional share purchase agreement (“SPA”) relating to the proposed acquisition of Universal Pozzolanic Silica Alumina Ltd ("UPSA"), originally announced on 17 June 2025, with the signing of the SPA announced on 10 September 2025. The termination follows recent due diligence difficulties and actions by representatives of UPSA which the Company believes materially changes the merits and viability of the transaction. The Company is seeking to recover material amounts owed to it by UPSA.
The Company is now in advanced discussions regarding two potential acquisitions involving lithium and graphite assets in established mining jurisdictions in Africa and South America. The projects are well-funded, have the potential to generate revenues in the near term and are supported by existing technical reports.
Atlas Metals expects to enter into a period of exclusivity on both assets with the vendors shortly, during which it intends to undertake detailed due diligence on the assets and the proposed transactions. There can be no certainty that either acquisition will proceed, and the Company will make further announcements as appropriate.
Chris Chadwick, Chief Executive Officer of Atlas Metals, commented:
“Whilst we are disappointed that the proposed acquisition of UPSA has not proceeded, the Board believes that terminating the transaction is in the best interests of Atlas Metals shareholders.
"We remain focused on identifying and securing opportunities that have the potential to deliver meaningful value for Atlas Metals shareholders. The two critical metals opportunities we are currently evaluating are particularly interesting, given their exposure to lithium and graphite, their potential to generate revenues in the near term and their locations in established mining jurisdictions.
"We look forward to progressing discussions and updating shareholders as matters progress."
For further information, please contact:
|
Atlas Metals Group plc: | |
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Christopher Chadwick |
+44 (0) 207 796 9060 |
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Strand Hanson – Financial Adviser and Sponsor: | |
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Rory Murphy |
+44 (0) 207 409 1761 |
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Abigail Wennington |
+44 (0) 207 409 1761 |
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Edward Foulkes |
+44 (0) 207 409 1761 |
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S I Capital Limited – Broker: | |
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Nick Emerson |
+44 (0) 1483 413500 |
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CMC Markets – Joint Broker: | |
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Douglas Crippen |
+44 (0) 20 3003 8632 |
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Axis Capital Markets Limited – Joint Broker: | |
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Richard Hutchison |
+44 (0) 20 3026 0320 |
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IFC Advisory Limited – Financial PR and IR: | |
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Tim Metcalfe |
+44 (0) 203 934 6632 |
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Florence Staton |
+44 (0) 203 934 6632 |
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