Upon concluding a strategic review, MetalNRG will concentrate exclusively on the mining sector.

MetalNRG PLC (LSE: MNRG) has announced that, following a strategic review, it will concentrate its acquisition efforts on the mining sector and is considering a dual listing on the Toronto Stock Exchange.

This review was initiated with the appointment of seasoned mining sector professional, Chris Chadwick, as an executive director earlier this month. Subsequently, the company intends to direct its growth and value creation towards the metals and mining sector, anticipating a potential bull market cycle in this field.

To maximize shareholder value, MetalNRG is adopting a three-tiered strategy. This includes targeting late-stage development projects slated to commence production in the next 12 to 18 months; focusing on ongoing production projects with substantial exploration and development potential; and seeking projects that offer “blue sky growth opportunities” with the potential to become significant mines in the future.

As a part of this strategic shift, consultations are underway with advisers regarding the feasibility of a dual listing on the Toronto Stock Exchange. Nonetheless, the company recognizes the advantages of retaining its primary listing on the London Stock Exchange.

The directors are of the opinion that the company is presently undervalued and assure existing shareholders that their interests will be safeguarded in the event of a reverse takeover, anticipating an offer at a premium to the current share price.

Moreover, MetalNRG has disclosed plans to sell its stake in EQTEC Italia, viewing its partnership with EQTEC as no longer central to its core strategy.

A final decision regarding the Gold Ridge project in Arizona is pending, with the last geo-sampling results expected by mid-October.

Rolf Gerritsen, a director at MetalNRG, expressed that collaborating on the review with Chadwick has been “extremely exciting”, and he is eager to advance the implementation of the new strategic plan.

Chadwick echoed this sentiment, emphasizing the board’s belief in a robust value proposition, which could be significantly augmented through a potential dual-listing structure. He noted, “We are now entering the next phase where we will focus on executing the new strategy.”

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