Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Our Burwell project is of high value and of great importance.
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Corcel’s Burwell project is highly valued.
As per 22 September 2020 RNS:
Corcel Plc, ("Corcel" or "the Company"), the natural resource exploration and development company with interests in battery metals and flexible grid solutions, announces the receipt of both Planning Permission and a Grid Connection for the Burwell energy project.
So we have planning permission and a grid connection agreement in place.
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WEBINAR:
Scott Kaintz:
Valuing Burwell (50MW battery storage/50MW solar) for a sale:
“Connection/Planning/Lease in place, one might expect £20-50k per MW on the battery storage side, and a bit higher for solar projects.”
Valuation of our Burwell project:
Battery storage side: £1 million - £2.5 million
Solar: circa £3 million
Total: £4 million - £5.5 million.
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With our Burwell site being located near a Nationally Significant Infrastructure Project and us already having the planning permission and a grid connection agreement in place means we have a highly valuable asset.
Possible outcomes:
1. Sale of asset as per Dec 1 2020 RNS: “open to the potential for a quick sale of the project to a third party.”
£4 million - £5.5 million to Corcel
Or…
2. With our Burwell site being located near a Nationally Significant Infrastructure Project and us already having the planning permission and a grid connection agreement in place means if we do decide to proceed with funding then we should get favourable funding .
Also in regards to revenue as Scott Kaintz states: “projects such as Burwell have often been much higher, pushing £70k-£90k per MW”
£70k-£90k per MW per year. With our 100MW facility that’s serious revenues for Corcel per year and a big shift in the share price for us.
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Personally speaking, I think a sale is on the cards.
Sunnica Energy Farm is a National Strategic Infrastructure Project (NSIP) very close to our project.
Limejump Ltd, a subsidiary of Shell New Energy Ventures also has an off take agreement already in place for the Burwell project.
Land lease heads of terms in place
Big players already involved and IMO our highly prized asset will be gathering a lot of interest.
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Scott Kaintz: “Once the project is “Shovel Ready” numerous development options exist from bringing in partners to flipping the project in its entirety or to taking it through to construction”
Dec 1st 2020:
“Corcel said that after a review of revenue projections it had sanctioned the project to proceed to "shovel ready" status and thereafter Financial Close.”
January 26, 2021
Lower Portland Farm, Burwell, a 241-acre farm has been sold to Cambridgeshire County Council.
the farm and land would provide “provide long term environmental and development opportunities”.
Align Corcel report:
“Solar projects used to be all the rage. Developers have been doing them for years across the UK and so nearly all the easy land has now been snapped up, leaving only more challenging project sites. FGS may do a tie up with solar people as such sites are obviously becoming increasingly rare and FGS appears to have the basics in order. The problem is that a 50MW solar site needs c.200+ acres, whilst you can get a 50MW battery storage project into a couple of acres at most.”
PROJECT NEEDS C.200+ ACRES
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So:
1. 50MW solar needs 200+ acres.
2. Cambridgeshire Country Council just purchased 241 Burwell farm, to “provide long term environmental and development opportunities”.
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“Battery storage is such a hot sector, that at this stage, FGS will likely have the option to flip the Burwell project or co-develop it as it sees fit.”
Then…
In December 2020… buyout of the other 50% shareholders. Following a positive project economic review, the company has sanctioned the project to PROCEED TO SHOVEL READY STATUS and thereafter financial close. The news was that the company was also securing the 100MW 132kV UK Power Networks grid connection offer by paying the associated deposit. 100% owner of the Burwell Project.”
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Cambridgeshire County Council has purchased 241 acres of land in BURWELL. Also the 100MW 132kV UK Power Networks grid connection has been secured.
Project becoming SHOVEL READY and have the option to flip the Burwell project or co-develop it as it sees fit.
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KEY VALUE INFLECTION POINTS:
Burwell Financial Close
Tue, 1st Dec 2020 Corcel RNS:
“We expect to be initiating discussions with project funders (likely at an SPV level) shortly whilst also remaining open to the potential for a quick sale of the project to a third party."
WEBINAR:
Scott Kaintz:
Valuing Burwell (50MW battery storage/50MW solar) for a sale:
“Connection/Planning/Lease in place, one might expect £20-50k per MW on the battery storage side, and a bit higher for solar projects.”
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Sale of Burwell to come or co-development of the project to increase Corcel SP a great deal.
Limejump Ltd, a subsidiary of Shell New Energy Ventures also has a off take agreement already in place for the Burwell project.