Critical Mineral Resources PLC Regulatory News (CMRS)

06 May 2022

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

Directorate Change

Caerus Mineral Resources (LON: CMRS), the Cyprus-based exploration and resource development company focused on developing copper-gold mineral resources to support the global "Clean Energy" initiative, advises of changes to the Board of Directors and updates shareholders on the Company's business plan.

Changes to Board and Management

Martyn Churchouse is stepping down from the role of Chief Executive Officer ("CEO") and will be succeeded by Charles Long, a mining specialist with stockbroking, management and business development experience in the extractive industries and financial services sectors. Mr Churchouse will manage an orderly transition and will remain in a Senior Consulting Role to the Caerus Board so as to ensure continuity and advancement of the Joint Venture between Bezant Resources plc ("Bezant") and Caerus in respect of the Troulli Project in Cyprus which is rapidly reaching the development phase. Mr Long will commence his role as CEO on 16 May 2022.

Professor Michael Johnson is retiring from the role of non-Executive Chairman of Caerus, with Brian Rowbotham to assume the role on 16 May 2022. Mr Rowbotham has extensive Board level experience in several areas of the financial services sector including investment banking, stockbroking, fund management and private equity.

Furthermore, Richard Hawken joins the Caerus Board in the role of non-Executive Director joining Andrew Daniels whose position and in-country role in Cyprus remain unchanged. Richard has a long and successful career in mining and exploration in southern Africa and will be jointly responsible for managing new business acquisitions focused on the country 'arc' of Namibia, Botswana and Zambia.

The terms and conditions associated with the Bezant Joint Venture remain in force without any changes being applied as does the contribution of Jubilee Metals Group.

Business plan update

The appointment of Mr Long is to accommodate and promote the next phase of growth in the company's business plan and oversee and advance expansion plans into Africa. Multiple southern African states harbour Tier 1 copper mines and there are many opportunities for ambitious new entrants such as Caerus to gain a foothold and grow in this region. Copper is a strategic metal in the Clean Energy Transition and remains a core focus for Caerus. The Company recognises significant opportunities to develop responsible, sustainable sources of copper to meet growing demand.

Caerus is presently in an advanced stage of due diligence on opportunities in the copper sector and shareholders can expect further announcements in this regard in the near future.

Martyn Churchouse, CEO of Caerus Mineral Resources said: "Caerus has, over a period of 12 months, made a number of valuable acquisitions in Cyprus alongside concluding strategic agreements with Bezant Resources as a joint venture partner and Jubilee Metals Group as a potential future JV partner. The development of our maiden resource is the culmination of the exploration team's hard work that has only just begun to scratch the surface of the potential in Cyprus, where I fully expect further significant discoveries to be made.

This is an important period for the Company and I look forward to working with Charlie and the rest of the board in my role as we progress the projects further.

I would also like to take the opportunity to thank Mike Johnson for all his hard work, insight and good company as both a founder of Caerus and in his role as Chairman. Caerus was fortunate to have Mike at its helm and I wish him the very best in the future".

Charlie Long commented; "It is an extremely exciting time to be joining Caerus as the work in Cyprus continues to highlight the strong potential for further discoveries, underpinned by the maiden resource base. Additionally, Caerus is expanding its focus and has begun targeting copper opportunities in the exciting southern Africa region.

I would like to thank Martyn and Michael for their work at Caerus, without whom we would not be in the strong position we are in today, and I look forward to updating our shareholders on progress both in Cyprus and beyond."

About Caerus Mineral Resources

Caerus Mineral Resources is a European focused copper-gold resource development and exploration company with a portfolio of mineral exploration licences located in Cyprus. The Country has a well-developed infrastructure and history of mineral exploration and production, which has been dormant over the last 50 years and provides significant undiscovered value.

With investors recognising copper as one of the cornerstone metals for the Clean Energy Transition centred upon the Electric Vehicle and Stationary Energy sectors, Caerus is working to rapidly expand its copper exploration and production objectives. The Caerus licence portfolio includes 18 former mines which operated with an average head grade of approximately 2% copper. 

Caerus' licence portfolio comprises brownfield sites, where historic mining has taken place, and greenfield licences, where there has been no systematic exploration. The Brownfield sites and the former high-grade copper-gold mines they host are evidence of rock types and structures conducive to Volcanogenic Massive Sulphide ("VMS") mineralisation. As VMS deposits characteristically occur in camps or clusters, it is the company's view that its licences are prospective for both extensions to existing or mined-out orebodies together with new discoveries. 

The combination of brown and greenfield exploration provides optionality and the opportunity for the company to quickly build a resource portfolio that can be developed commercially. 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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