Mining Licence Granted for Agdz Copper-Silver Project in Morocco
12 April 2022 - Altus Strategies Plc (AIM:ALS), (TSXV:ALTS), (OTC:ALTUF) announces that the Ministry of Energy Transition and Sustainable Development of the Kingdom of Morocco has issued a 10 year mining licence in respect of the Company's 100% owned Agdz copper ("Cu") and silver ("Ag") project ("Agdz" or the "Project"). Agdz is located 14km southwest of the Bou Skour Cu-Ag mine in the eastern Anti-Atlas of the Kingdom of Morocco (resources and reserves at Bou Skour are not indicative of commercial mineralisation at Agdz). The Company's Moroccan portfolio is held by its 100% owned subsidiary Aterian Resources Ltd. Aterian is subject to a potential vend-in and royalty generation transaction (the "Transaction") with Eastinco Mining and Exploration Plc. The Transaction remains subject to Eastinco completing its proposed admission to the London Stock Exchange ("LSE") Standard List (see Company announcement dated 22 November 2021). Highlights:
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Ten year mining licence granted on the Agdz Cu-Ag project in Morocco
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Agdz is located 14km southwest of the Bou Skour Cu-Ag mine
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Agdz hosts four significant Cu-Ag prospects covering an area of approximately 8 km
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Moroccan portfolio to be vended to Eastinco, subject to certain conditions precedent
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Altus to hold 25% of the issued share capital of Eastinco upon closing of Transaction
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Transaction will generate 14 new royalties to Altus in Morocco and one in Rwanda
Steven Poulton, Chief Executive of Altus, commented:
"The granting of a mining licence for the Agdz Cu-Ag project in Morocco is a notable milestone for the project. The 10 year licence provides long-term security of tenure for Agdz, where the Company has discovered a number of significant copper and silver prospects. Agdz is one of 14 Moroccan projects to be vended by Altus to Eastinco subject to its proposed LSE listing. Altus will hold royalties on all of the Moroccan projects, a royalty on a tantalum asset in Rwanda as well as 25% of Eastinco's enlarged share capital with warrants to purchase up to an additional 10%. I look forward to updating shareholders on the potential transaction and our progress in Morocco".
Agdz Mining Licence
A ten year 34.36 km2 mining licence has been granted to the Company's 100% owned Moroccan incorporated subsidiary, Azru Resources SARL.AU. The licence will commence on 21 May 2021 and was granted in accordance with Morocco's new mining law proclaimed in May 2016. The Company has made a number of discoveries at Agdz, including:
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The 2.80km long Makarn prospect, with results up to 8.00 % Cu and 448 g/t Ag
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The 2.00km long Amzwaro prospect, with results up to 4.82 % Cu and 189 g/t Ag
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The 0.15km long Minière prospect, with results up to 13.05 % Cu and 12 g/t Ag
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The 0.70km long Daoud prospect, with results up to 2.71 % Cu and 152 g/t Ag
Potential Transaction with Eastinco
Agdz is one of 14 projects the Company intends to vend to Eastinco, subject to Eastinco completing its proposed admission on the LSE Standard List. Under the terms of the Transaction, the grant of the mining licence on Agdz will result in Altus holding 25% of the issued share capital of Eastinco upon its admission to the LSE. Subject to admission, Altus will also be issued with five year warrants to purchase up to an additional 10% of the enlarged share capital of Eastinco. The exercise price of the first 50% of the warrants will be the weighted average of the Eastinco pre-IPO price and the market price on admission. The remaining 50% of the warrants will have an exercise price which is at a 100% premium to the first exercise price.
Illustrations
The following figures relate to the disclosures in this announcement and are visible in the version of this announcement on the Company's website (www.altus-strategies.com), or in PDF format by following this link: https://altus-strategies.com/site/assets/files/5545/altus_nr_-_agdz_licence_12_apr_2022.pdf
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Location of the Adgz Cu-Ag project in Morocco is shown in Figure 1.
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Map of the Adgz mining licence is shown in Figure 2.
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Map ofground magnetics survey at Agdz is shown in Figure 3.
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A selection of photos from Agdz is shown in Figure 4
Figure 1. Location of the Adgz Cu-Ag project in Morocco
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Figure 2. Map of the Adgz mining licence
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Figure 3. Map of ground magnetics survey at Agdz
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Figure 4. Selection of photos from Agdz
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Qualified Person
The technical disclosure in this regulatory announcement has been approved by Steven Poulton, Chief Executive of Altus. A graduate of the University of Southampton in Geology (Hons), he also holds a Master's degree from the Camborne School of Mines (Exeter University) in Mining Geology. He is a Fellow of the Institute of Materials, Minerals and Mining and has over 20 years of experience in mineral exploration and is a Qualified Person under the AIM rules and NI 43-101.
For further information you are invited to visit the Company's website www.altus-strategies.com or contact:
| Steven Poulton, Chief Executive | Tel: +44 (0) 1235 511 767 E-mail: info@altus-strategies.com |
| SP Angel Corporate Finance LLP (Nominated Adviser) Richard Morrison / Adam Cowl | Tel: +44 (0) 20 3470 0470 |
| SP Angel Corporate Finance LLP (Broker) Grant Barker Rob Rees | Tel: +44 (0) 20 3470 0471 Tel: +44 (0) 20 3470 0535 |
| Shard Capital Partners LLP (Broker) Isabella Pierre / Damon Heath | Tel: +44 (0) 20 7186 9927 |
| Yellow Jersey PR (Financial PR & IR) Charles Goodwin / Henry Wilkinson | Tel: +44 (0) 20 3004 9512 E-mail: altus@yellowjerseypr.com |
About Altus Strategies Plc
Altus Strategies (AIM: ALS, TSX-V: ALTS & OTCQX: ALTUF) is a mining royalty company generating a diversified and precious metal focused portfolio of assets. The Company's differentiated approach of generating royalties on its own discoveries in Africa and acquiring royalties globally through financings and acquisitions with third parties, has attracted key institutional investor backing. Altus has established a global portfolio comprising 33 royalty interests and 27 project interests across nine countries and nine metals. The Company continues to assess royalty acquisition opportunities as well as actively advancing its portfolio of gold and base metal projects across Africa, as part of its 'boots on the ground' royalty generation strategy. The Company engages constructively with all stakeholders, working diligently to minimise its environmental impact and to promote positive economic and social outcomes in the communities where it operates. For further information, please visit www.altus-strategies.com.
Cautionary Note Regarding Forward-Looking Statements
Certain information included in this announcement, including information relating to future financial or operating performance and other statements that express the expectations of the Company or estimates of future performance, may constitute "forward-looking statements". These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programmes on schedule and the success of exploration programmes. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this announcement and the forward-looking statements contained in this announcement are expressly qualified in their entirety by this cautionary statement.
Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. The forward-looking statements contained in this announcement are made as at the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking information or any forward-looking statements contained in any other announcements whether as a result of new information, future events or otherwise, except as required under applicable law or regulations.
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organisation of Canada accepts responsibility for the adequacy or accuracy of this release.
Market Abuse Regulation Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
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