Last checked at 15 May 2020 14:00
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
15 May 2020
Katoro Gold plc ('Katoro' or the 'Company')
HANETI POLYMETALLIC PROJECT - COMMERCIAL UPDATE
Katoro Gold plc (AIM: KAT), the AIM listed gold and nickel exploration and development company, is pleased to announce an update regarding commercial developments in respect of the Haneti polymetallic project (the 'Project').
BACKGROUND:
On 15 March 2019 Katoro announced an Investment and Option Agreement whereby current joint venture partner Power Metal Resources plc (LON:POW) (formerly African Battery Metals plc) could acquire up to a 35% interest in the Project. This announcement may be viewed through the following link:
https://polaris.brighterir.com/public/katoro_gold/news/rns/story/xq46v7w
After due diligence POW duly acquired a 25% interest in the Project on 15 May 2019 and held an option to acquire a further 10% through a payment to Katoro of £25,000 by 15 May 2020.
In recent months Katoro has received approaches with a view to earn-in, joint venture or similar, in respect of the Project, with a primary focus on the nickel sulphide potential. Reflecting this, Katoro and POW have agreed an extension to the above 15 May 2020 deadline to 31 May 2020, to allow time to finalise restructuring discussions in respect of Haneti Project ownership.
Louis Coetzee, Executive Chairman of Katoro, said:
"Katoro have been pleased with the level of interest shown by third parties in Haneti, and with our joint venture partners we are looking to structure the ownership of the Project in a manner that maximises the potential for positive commercial developments.
"This is complex work and POW and Katoro have agreed to a short extension to enable us to complete this, with a view to making a fuller announcement to the market in the near term."
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.
**ENDS**
For further information please visit www.katorogold.com or contact:
Louis Coetzee
| louisc@katorogold.com | Katoro Gold plc | Executive Chairman |
Bhavesh Patel Andrew Thomson | +44 (0) 20 3440 6800 | RFC Ambrian Limited | Nominated Adviser |
Nick Emmerson Sam Lomanto
| +44 (0) 1483 413 500
| SI Capital Ltd
| Broker
|
Isabel de Salis Beth Melluish | +44 (0) 20 7236 1177 | St Brides Partners Ltd | Investor and Media Relations Adviser |