RE: Warrants4 Jan 2026 15:41
Next stop .36
The following data is compiled from recent regulatory filings (RNS) and London Stock Exchange records as of January 4, 2026:
1. The 0.25p Warrant Expiry
Warrant Count: 152,777,778 warrants.
Exercise Price: 0.25 pence per share.
Revised Expiry Date: January 13, 2026 (extended from July 13, 2025).
Gross Proceeds: If 100% are exercised, the company will receive £381,944.45 in cash.
Director Holdings: Two directors (Eileen Carr and Robert Smeeton) collectively held 4,777,777 of these warrants, but their specific holdings were scheduled to lapse on July 13, 2025, after they recused themselves from the extension vote.
2. The 0.36p Warrant Structure
Origin: Issued via the £1.8 million placing and WRAP retail offer in November 2025.
Warrant Count: Approximately 750,000,000 (Placing) + ~83,000,000 (Retail Offer).
Exercise Price: 0.36 pence per share.
Expiry: November 2027 (2-year term).
Accelerator Clause: If the 10-day Volume Weighted Average Price (VWAP) exceeds 0.60p, the company can trigger a mandatory exercise notice (10 business days).
3. Current Resource & Operational Status
Mbe Project (MB01-S): Maiden JORC Inferred Resource of 870,000 oz at 1.09 g/t Au (announced Oct 2025).
Mbe Project (MB01-N): Current Exploration Target of 370,000 – 605,000 oz. A 2,950m diamond drill program is ~30% complete (as of Dec 23, 2025).
Bibemi Project: Resource of 460,000 oz (Indicated & Inferred). Preliminary Economic Assessment (PEA) published Dec 16, 2025, assuming a $3,200/oz gold price.
Partner Status: BCM International completed its 50% earn-in at Bibemi in Nov 2025 and is currently funding the Mbe drilling to earn a 50% interest there.
4. Timeline for January 2026
January 13: Official expiry date for the remaining 152.7M legacy warrants at 0.25p.
January 17: Expected final settlement and admission of any shares resulting from last-minute warrant exercises.
Late Q1 2026: Anticipated conclusion of Mbe North drilling, with first assay batches expected in early 2026.