Evrima Plc - Investee Update: POW Molopo Farms Drilling Update

31 August 2022

Evrima plc

("Evrima" or the "Company")

Investee Update: Kalahari Key Project Operator, Power Metal Resources plc, provide Molopo Farms Complex Project Drilling Update

Evrima is pleased to provide an update on its investee company, Kalahari Key Minerals Exploration Pty Limited (“Kalahari Key”) and its Molopo Farms Complex Project (“MFC”).

On 18 May 2022, Power Metal Resources plc (“Power Metal”) (AIM: POW) announced a conditional acquisition of certain of the Kalahari Key shareholdings which if approved would result in Power Metal becoming the single largest shareholder of Kalahari Key 87.71% and the project operator. The acquisition was approved by the shareholders and Power Metal continues to make strong progress in completing the acquisition with the principal elements outstanding being that of regulatory and legal approvals, in-country.

Evrima have elected to retain its equity investment and upon closing of the acquisition, will maintain an 8.93% project-level interest in Kalahari Key. The interest is to be governed by a shareholder agreement that provides the terms for retention of the Company’s interest.

Power Metal have provided an update confirming engagement of a Drill Contract and details of an upcoming ~2,600m Diamond Drill campaign at the Molopo Farms Complex scheduled to commence in mid-September. A link to the source release by Power Metal can be accessed here.

Key Updates:

• Diamond drilling contract has been signed with Mindea Exploration and Drilling Services (Pty) Ltd (“Mindea”), an experienced Botswana-based company with extensive drilling experience in-country. Mindea is 100% Botswana citizen owned.

• The current planned programme is for circa 2,600m of diamond drilling across an expected 6 drillholes, with at least two drillholes planned into the newly identified conductor within the T1-6 target area.

• Mindea’s base of operations is located only 98km from Molopo Farms allowing for quick and efficient mobilisation of crews and equipment, with the expected mobilisation and drilling commencement scheduled for mid-September 2022.

The Directors of Evrima accept responsibility for this announcement.

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

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Enquiries  : 

Company: 
Burns Singh Tennent-Bhohi (CEO & Director): burns@evrimaplc.com
             
Simon Grant-Rennick (Executive Chairman): simon@evrimaplc.com

Novum Securities Limited (AQSE Corporate Adviser):

David Coffman / Lucy Bowden: + 44 (0) 20 7399 9400