Atlas Metals Group (previously known as MetalNRG) Corporate Update

Atlas Metals (previously known as MetalNRG), announced on 24 December 2024 that the sale and purchase agreement that the Company had signed to acquire the entire issued share capital of Compagnie Minière de Oumejrane (“CMO”) from Managem S.A. (“Managem”) had been terminated with immediate effect.

The Company subsequently examined possible alternative options to enable the conclusion of the acquisition of CMO, but no appropriate alternatives were available in the required timescale and Managem have now completed the sale of CMO to a third party.

Following the failure to complete the acquisition of CMO the Company’s management have been examining and engaging in discussions with a number of other potential acquisition targets, which are primarily producing assets focused on copper and gold in Africa.

In addition, the Company continues to explore options to maximise the value to its shareholders of Atlas Metal’s existing portfolio of assets.

Further announcements will be made in due course, as appropriate.

Commenting Christopher Chadwick, CEO of Atlas Metals, said: “Whilst it was obviously disappointing that we could not conclude the acquisition of CMO, I am very pleased with the quality and breadth of the alternative acquisition opportunities that are being presented.  The Atlas Metals strategy remains unchanged and I am fully committed to building a global natural resources business to deliver industry leading returns to shareholders through a consolidation of tier two assets over the next five years.  I look forward to providing further updates in due course as discussions progress.”

For the purposes of UK MAR, the person responsible for arranging release of this announcement on behalf of Atlas Metals is Christopher Chadwick, Chief Executive Officer.

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