Last checked at 25 Jun 2021 07:00
25 June 2021
Arc Minerals Ltd
('Arc' or the 'Company')
Annual Results Filing Extension and Update
The Company announces that, further to the guidance provided by AIM Regulation on 27 January 2021, it has been granted an extension to its filing deadline for its audited financial results for the nine-month period ended 31 December 2020 (the "Annual Report") from 30 June 2021 to 30 September 2021.
The delay is occasioned at the request of the Company and its auditors, PKF Littlejohn LLP, to reflect the additional time needed to complete the audit given the COVID-19 pandemic and the associated staffing restrictions and delays in fulfilling audit requests, which has impacted the audits of the Company's Zambian subsidiaries.
As has been widely reported, Zambia is currently undergoing a major COVID-19 wave of infections which has had a wide-ranging impact on large sections of the population and on various businesses. Arc is taking every precaution to ensure the safety of its employees and contractors.
Arc's liquidity position is strong, with cash and cash equivalents exceeding US$5.3m as of 31 May 2021.
With regards to the upcoming drilling programme, Arc's drilling contractor is now mobilising its equipment at Fwiji. The horizontal gradient fixed wing magnetic and radiometric airborne survey over the Cheyeza, Muswema and Lumbeta target areas is due to start shortly, following new quarantine regulations recently introduced. In regard to Cheyeza East, initial metallurgical test work in South Africa has recently been completed and is currently being evaluated.
The company looks forward to updating shareholders in the next weeks and months ahead.
For more information visit www.arcminerals.com.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
**ENDS**
Contacts
Arc Minerals Ltd Nick von Schirnding (Chairman)
| +44 (0) 20 7917 2942
|
SP Angel (Nominated Adviser & Joint Broker) Ewan Leggat / Adam Cowl
| +44 (0) 20 3470 0470
|
WH Ireland Limited (Joint Broker) Harry Ansell / Katy Mitchell
| +44 (0) 20 7220 1666
|