Armadale Capital Plc (LON:ACP) Final Results and Notice of AGM

Armadale, the AIM quoted investment company focused on natural resource projects in Africa, is pleased to announce its Final Results for the year ended 31 December 2018.



  • Notable progress advancing the Mahenge Liandu Graphite Project in Tanzania
    Completed Scoping Study highlighting a potential NPV of US$349m and IRR of 122%
    On track to deliver Definitive Feasibility Study (‘DFS’) Q4 2019 and commence production 2021
    First off-take MOU signed and discussions underway with other potential customers
    Engaged in discussions to secure project level funding mandate
  • In January 2019, post period end, the Company signed an agreement to sell non-core Mpokoto Project to focus on primary value driver, whilst retaining upside exposure
  • Ongoing review of quoted portfolio, the Directors believe there are opportunities for capital gains
  • Continue to actively review further exciting investment opportunities
  • Post period end, the Board strengthened with the appointment of Paul Johnson as a Non-executive Director


Proactive Investors Stocktube Published on Apr 24, 2019

Nick Johansen, Director of Armadale said: “2018 has seen Armadale make considerable progress advancing Mahenge Liandu towards production in 2021. With the Scoping Study complete, which supported a pre-tax IRR of 122% and an NPV of US$349m, confirming the compelling economics of the Project, work has focussed on the advancement of the DFS and product marketing.

In line with this, post period end, we signed our first off-take MOU and discussions are underway with other potential customers. This indication of interest highlights the increased global demand for high-quality graphite products; notably Mahenge Liandu is one of the largest high-grade resources in Tanzania with a high-grade JORC compliant indicated and inferred mineral resource estimate of 51.1Mt at 9.3% total graphite content.

“With various work streams underway towards the completion of the DFS in Q4 2019, shareholders can look forward to multiple value triggers in the coming months. We continue to actively review other exciting investment opportunities to add to our portfolio and look forward to providing updates on these and steps to realise the potential of Mahenge Liandu in the coming months.”


The Company announces that its Annual General Meeting (‘AGM’) will be held at St Brides Partners Limited, 4th Floor, Salisbury House, London Wall, London EC2M 5QQ on 27 June at 11.00 am. A notice of AGM, together with printed copies of the Company’s full Annual Report for the year ended 31 December 2018 will be posted to shareholders today.

Copies will also be available to view on the Company’s website:


To view a version of the strategic report with maps and figures, please go to the Company’s website at

During the year under review, Armadale continued to operate as a diversified investing company focused on natural resource projects in Africa. To this end, its portfolio is divided into two groups:

  • Actively managed investments where the Company has majority ownership of the investment
  • Passively managed investments where the Company has a minority investment, typically in a quoted company, and does not have management control.

Currently, its key actively managed investment is the Mahenge Liandu Graphite Project in Tanzania. With its large, high-grade open cut resource, and having completed a Scoping Study that highlighted a potential NPV of US$349m and IRR of 122%, the Company is on track to commence production at the Project during the course of 2021. This is timely given that global need for graphite is set to accelerate driven by demand for spherical graphite from the new energy sector as well as emerging demand for expandable graphite used in products such as fireproof insulation. Notably, the strength of the market was highlighted when, post period end, the Company signed its first off-take MOU. The Company is also currently reviewing other potential markets and customers within this space.

Additionally, the Company continued to actively review other investment opportunities with a view to targeting investments with similar quality and potential as Mahenge Liandu.


Full Update Can Be Viewed HERE 


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