Caerus Mineral Resources plc (LON:CMRS), the exploration and resource development company focused on developing mineral resources in Europe to support the global ‘Clean Energy’ initiative is pleased to announce its unaudited interim results for the six months ended 30 June 2021.
Highlights in H1 2021:
· Admission to the LSE in March 2021 with a cash raise of 2.2m GBP
· Increase of licences in portfolio to 16 through 2 targeted acquisitions
o Acquisition of PR Ploutonic Resources Limited (“Ploutonic” or “PRL”)
o Acquisition of Gold Mines (Cyprus) Limited (“GMCL”)
· Successful due diligence drill programme over a number of newly acquired assets
· Option Agreements signed with both Jubilee Metals Group PLC (AIM: JBL) (“Jubilee Metals”) and Bezant Resources PLC (AIM:BZT) (“Bezant”) to accelerate development towards production via joint ventures
Post Period:
· Announcement of a Placing and Subscription to raise a further 1.5m GBP (gross) to fund developments within these new licences
· Sale of non-core licences and assets
· Commencement of a diamond drill programme for NI 43-101 Mineral Resource Estimation for the Troulli and Kokkinapetra Licences
Commenting on the Interim Results, Chief Executive Officer Martyn Churchouse said ” Over the past six month the Company has made considerable progress since our Listing in London, and is well on its way to achieving its strategic objectives. Our dual programme of developing of hard rock copper-gold resources and building a resource of metal-bearing surface material within dumps, stockpiles and tailings has quickly gathered momentum. This activity has been bolstered by the acquisition of prospective licences, many of which host broadly defined copper-gold resources and have already shown indicated some prospective targets for future exploration.
Since the signing of the agreement we have and continue to work closely with Jubilee Metals and look forward to the results of on-going metallurgical test work aimed at developing an optimised mineral processing design as we move forward with our projects. We recently raised additional funds specifically to provide the necessary means to ensure that new acquisitions can be advanced quickly and brought in-line with the current development status of existing projects. This is important to be able to deliver relevant technical information and samples to our prospective future JV Partner if they are to optimise plant design. We are also working closely with Bezant with forward-looking design discussions focusing on the most likely production scenarios for priority projects including plant throughput, feedstock-type scheduling and general logistics.
Caerus’s exploration team continues to impress, particularly its’ ability to adapt exploration programmes to fit the “Waste to Revenue” model and parallel hard rock resource development programme. Acutely aware of the economics of surface material reprocessing alongside traditional hard rock mining practices means the Team is focused on the important elements of exploration, improving delivery to our potential JV Partners and thereby bringing future cash flow generation that much closer”
CAERUS MINERAL RESOURCES PLC
INTERIM REPORT – SIX MONTHS ENDED 30 JUNE 2021
Chairman’s Review of Year to date
Caerus has delivered an exceptional performance for the six-month period under review, significantly expanding its asset base whilst building important strategic alliances alongside the fast-tracking of its resource development programmes.
Our exploration team has been able to continue work despite the on-going Covid-19 pandemic due in part to our key personnel being residents of Cyprus. The wealth of local knowledge gives Caerus a competitive advantage when it comes to identifying opportunities in the Country which is reflected in the additions, we have made to the licence portfolio during the short period since Listing.
The acquisition of Ploutonic was seen as a natural expansion of our licence portfolio due to its brownfield status, hosting a sizeable metal-bearing surface material resource together with known high-grade near-surface hard rock mineralisation. The Troulli Project has become a priority for the Company with diamond drilling for NI – 43-101 Mineral Resource estimation having already commenced.
The GMCL acquisition has provided three further licences, two with broadly delineated resources that can potentially be incorporated into existing project hubs for future development.
The Company’s “Waste to Revenue” strategy, focusing on the reprocessing of large quantities of metal-bearing surface materials continues to identify resources suitable for treatment. This programme underpins the parallel assessment and development of hard rock copper and gold resources that are expected to be treatable in a common processing plant design.
Caerus’s recent association with Jubilee demonstrates our commitment to using the best possible expertise available to the Company. As an industry leader in reprocessing of surface materials, Jubilee is an ideal potential partner for our “Waste to Revenue” ambitions.
The proposed future joint venture with Bezant reflects our confidence that we will, in the shortest possible timeframe, be in a position to start the process of mine planning and development, and a mining partner provides an opportunity to share the capital cost burden and reduce Shareholder exposure to mining risks.
I am delighted by the progress made in the six months since Listing and look forward to updating Shareholders in the near future as our Mineral Resource estimation programmes start to generate results alongside the on-going routine exploration of our greenfield licences and the building of value through the accumulation of dump resources suitable for low-cost reprocessing and metal recovery.
Financials
During the period the Group made a pre-tax loss of 415,553 GBP (six months ended 30 June 2020: loss of 41,844 GBP). The total assets of the Group increased from 1,369,184 GBP as of 31 December 2020 to 4,137,791 GBP.
During the period, the net cash outflow from operating activities was 540,316 GBP and the net cash position increased by 1,730,815 GBP to 1,868,721 GBP.
Directors’ Responsibility Statement
The Directors confirm that, to the best of their knowledge, the interim financial statements have been prepared in accordance with International Accounting Standards 34, Interim Financial Reporting, as adopted by the United Kingdom and the LSE Rule for Companies, and that the interim results give a true and fair view of the assets, liabilities, financial position and loss of the Group.
The interim report was approved by the Board of Directors and the above responsibility statement was signed on its behalf by:
Michael Johnson
Non- Executive Chairman
27 September 2020
