Imara Gold Plc has entered into an exclusivity agreement with Volts Velocity LLC FZ (VVL) covering majority interests in four exploration licences in Zambia, spanning approximately 253km².
The agreement, which runs until 28 February 2026, grants Imara Gold the exclusive right to carry out due diligence and negotiate either the acquisition of 80% of VVL’s rights in the licences or the formation of a joint venture.
As consideration for the exclusivity period, Imara will issue £50,000 worth of ordinary shares at 0.3 pence each to VVL. Following this and other recent share issuances, the company said its total number of ordinary shares with voting rights will rise to 2,663,245,258.
The move marks a strategic step for Imara Gold as it evaluates its options to expand its exploration footprint in Zambia through a potential majority acquisition or partnership structure.
While Zambia is best known for its copper industry, its gold sector is gaining momentum and emerging as a vibrant and increasingly important contributor to the national economy. Gold production has been rising steadily, supported by strong global prices, favourable government policies and a clear commitment to responsible mining. The country’s rich and diverse geology continues to attract significant international investment, reinforcing its potential for long-term growth and diversification.
Against this backdrop, Imara Gold believes Zambia offers a compelling opportunity to establish a meaningful foothold in a rapidly developing gold market. The Board sees the exclusivity agreement as a key strategic step in building the Company’s presence and positioning Imara Gold as a leading East African gold-focused mining and exploration company.
Further updates will be provided as matters progress.
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For further information visit www.caracalgold.com or contact the following:
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Imara Gold plc Jason Brewer Shareholder Enquiries |
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