Citius Res Share Price (CRES)

GC,

I would hope, and to a degree expect, that they will be able to go with deemed s.p. that was intended for the aborted RTO, i.e. 4.625p/share:-

9th Jun 2022 7:40 am RNS Statement re. Suspension

" ... Citius has agreed, subject to further due diligence, to acquire the entire share capital of AUC for total consideration of £2,000,000 (two million pounds), to be satisfied in full by the issue of 43,243,333,242 new shares of the Company at an implied price of £0.04625 per share ("Acquisition"). Citius will also undertake to raise further capital to support the future work programme and for general working capital. The details of the work programme will be finalised during the forthcoming due diligence phase. ..."

https://www.lse.co.uk/rns/CRES/statement-re-suspension-wnqgwbqiqbdoda4.html

Rare Earths looks like an attractive option.

Marula Mining (MARU), an Aquis-only-traded stock, has a Rare Earths etc. project in Africa, amongst others:-

https://marulamining.com/Projects.html

And MARU has risen from 2.45p a year ago to 11.25p now (market cap. £18.73M.):-

https://www.aquis.eu/companies/MARU

Thanks Hedge! Good news, Q1 should be interesting. I wonder what the expected SP is with the new path upon listing.

1st Dec 2023 9:01 am RNS Lodgement of Prospectus

The Company is pleased to announce that it has lodged a Prospectus for the proposed transaction with Harena Resources Pty Ltd ("Harena"), the 75% owner of the Ampasindava Rare Earths Project in Madagascar ("Proposed Transaction"), to the FCA for the purposes of granting eligibility for the readmission of the enlarged company to the Official List by the FCA and the London Stock Exchange ("Readmission").

The Proposed Transaction is conditional on a number of conditions including; i) satisfactory due diligence ii) entering into definitive legal agreements iii) raising further funds for the Proposed Transaction; iv) approval by shareholders at a General Meeting to be convened; v) obtaining all necessary approvals (if required) and; vi) granting of eligibility for the readmission of the Company to the Official List by the FCA.

There can be no certainty that the Proposed Transaction will take place and the Company will continue to update shareholders in due course once a firm timeline to Readmission.

Cameron Pearce Commented:

"We have now lodged the prospectus and subject to the eligibility process we are targeting to list the enlarged company in Q1 2024. We look forward to working with the Harena team to finalise the transaction and will keep the shareholders appraised on the definitive timetable."

Cameron Pearce

Tel: +44 (0)1624 681 250

info@citiusresources.co.uk

Tavira Financial Limited - Financial Adviser and Broker

Jonathan Evans

Telephone: +44 (0)20 3192 1733

https://www.lse.co.uk/rns/CRES/lodgement-of-prospectus-4b9spxudbe6xwye.html

10th Nov 2023 10:00 am RNS Half-year Report

... Interim Management Report

Dear shareholder,

I am pleased to present the interim report and accounts for the six-month period to 31 October 2023 for Citius Resources Plc.

The Company was pleased to announce during the period that we have entered into a binding Heads of Terms for the acquisition of 100% of the issued shares in Harena Resources Pty Ltd ("Harena") the 75% owner of the Ampasindava Rare Earths Project in Madagascar (the, "Acquisition"). Harena is an Australian domiciled company preparing to develop the 75% owned Ampasindava Rare Earths Project, which will include the mining and processing of Ionic Clay material to extract Rare Earth elements to produce Mixed Rare Earth Carbonate or Mixed Rare Earth Concentrate.

Harena is what can be described as Reverse Take Over ("RTO") advanced stages therefore the Company is well positioned to complete the Acquisition in this next reporting period which would constitute a RTO under the Listing Rules and accordingly, the company would apply for re-admission of its shares to the Official List and Main Market of the London Stock Exchange.

I would like to thank the board and our advisors for their dedication and professionalism in what can only be described as challenging market conditions and we look forward to applying for re-admission and moving the exciting Ampasindava Rare Earths project forward.

Cameron Pearce Chief Executive Officer ...

6. Impairment of the loan

On 9 June 2022 the Company announced that it has entered into a binding Heads of Terms with regard to the possible acquisition of 100% of the share capital of AUC Mining (U) Limited ("AUC"). As part of the Heads of Terms, the Company loaned AUC £249,341. On 26 October 2023, the Company agreed to terminate the agreement with AUC for the acquisition of the Kamalenge project, and therefore, the loan was impaired to Nil. ...

https://www.lse.co.uk/rns/CRES/half-year-report-kag2ohpt5266ogb.html

"AMPASINDAVA RARE EARTHS PROJECT

... Mineral Resource

Harena Resources, through a subsidiary Malagasy Company, Reenova Rare Earths Malagasy, holds the exploration licences grant PR 6698 in the province of Antsiranana, Madagascar. SGS Canada Inc. – Geostat Office (hereafter “SGS Geostat”) completed a resource estimate technical report for the PR 6698 licenses (“The Project”).

The AMPASINDAVA property was first recognized for hosting mineralized dykes hosting high grade Rare Earth Elements (REE) in fresh rock. REE hosted within the regolith (or soil profile) was recognized in 2012; and it has become clear that this “ionic clay” style of mineralization has the most significant economic potential. The ionic clays are the most important mineralization type due to the relatively simple process required to put the REE into solution and the fact that neither Thorium nor Uranium is concentrated through this process; this is in stark contrast to most REE deposits being developed or promoted in the western world.

More than 10 years of data has been collected by excavating shafts by hand and sampled along the depth. A total of 4474 test pits have been completed with an average depth of 5.8m with a maximum depth of 10m. The sampling methodology was validated in the field by SGS Geostat and this has produced reliable data that has been integrated into the following resource estimation. A total of 4412 pits were retained for the resource estimation along with 359 drill holes.

The updated resources estimation was constructed solely from the laterite and saprolite layers within the TRE property. REE grades were interpolated separately by ordinary kriging and blocks were cutoff based on their conceptual amenability to in-situ leaching or tank leaching.

The base case resource with tonnage and grade is presented in the Table below. ...

Approaching Proof of Concept

The Ampasindava Project has a NI 43-101 Report published for the Resource.

Some 5 stages of metallurgical testwork have been completed and a relatively simple, environmentally responsible heap leach process has resulted in highly acceptable mineral product yields into the leachate material.

The Project will now move to a Proof of Concept phase at the site while further design related study work will continue in order to finalise potential project economic and technical viability.

Harena is a private company and will seek an Initial Placement Offer at the Australian Securities Exchange during the second half of 2023. Subscribe to our email news alerts for details about the upcoming IPO and how to invest."

http://harenaresources.com.au/ampasindava-rare-earths-project/

Looks like Harena has changed its plan, from floating in Oz, to floating in London.

But a lot of preparatory work for a float should have done done already, so hopefully the RTO into CRES will now progress swiftly.