Last checked at 17 Apr 2024 07:00
Katoro Gold plc (Incorporated in England and Wales)(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
('Katoro' or 'the Company')
Dated: 17 April 2024
Katoro Gold PLC ('Katoro' or the 'Company')
Business Update
Katoro Gold PLC (AIM:KAT), the strategic and precious minerals exploration and development company, announces a business update for shareholders.
HANETI PROJECT
A series of technical meetings and review have been undertaken in respect of the Haneti Project and the Company is preparing to move to the next stage of exploration work.
As previously announced, previous exploration, including the diamond drill programme conducted in 2021/22, provided an extensive dataset that has greatly increased the Company's understanding of the Project's geology and, from this, determined the optimal next steps for exploration.
A further technical review of the Haneti Project is now underway and will include a detailed review of historical exploration, including a possible new approach targeting the potential for nickel ("Ni") and copper ("Cu") mineralisation within the gabbroic lithologies within the project licence boundaries.
A further update in respect of exploration strategies and findings from the work undertaken will be provided to the market in due course.
LAKE VICTORIA GOLD - IMWERU PROJECT
Under contract, the Company is due €792,000 from Australian private company Lake Victoria Gold ("LVG") following the transaction involving a joint venture agreement covering the Company's Lake Victoria gold interests to LVG in March 2022.
This liability was disputed by LVG and the Company has further reviewed with legal advisers the matters raised by LVG and the Company has decided it will be pursuing the matter further by taking appropriate further action.
NEW OPPORTUNITIES
As previously stated, the aim of Katoro is to focus on high impact exploration and development projects, rather than a diverse wide-ranging portfolio, enabling the allocation of working capital into focused business interests.
Potential additional opportunities have been identified by the Company and its advisers, with review work of these prospects currently underway in respect of project suitability in respect of various project options.
Whilst the Katoro Board remain confident that new opportunities can be added to the Company's portfolio, until formal agreements have been signed shareholders should note that there can be no guarantee that such additions will be completed, or the specific nature of project interests secured.
BOARD AND MANAGEMENT
The Company is well advanced in the identification and selection of a new Chief Executive Officer, however given the forward direction of the business under certain options may lead to a more extensive Board restructuring, the appointment of the CEO has not been finalised to date.
**ENDS**
For further information please visit www.katorogold.com or contact:
Louis Coetzee | Info@katorogold.com | Katoro Gold PLC | Executive Director |
James Biddle Roland Cornish | +44 207 628 3396 | Beaumont Cornish Limited | Nominated Adviser |
Nick Emmerson Sam Lomanto | +44 148 341 3500 | SI Capital Ltd | Broker |
Beaumont Cornish Limited ('Beaumont Cornish') is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.