Directorate Changes

RNS Number : 9003M

Caerus Mineral Resources PLC

26 May 2022

 

 26 May 2022

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

Directorate Changes

Caerus Mineral Resources  (LON: CMRS) , the Cyprus-based exploration and resource development company focused on developing copper-gold mineral resources to support the global "Clean Energy" initiative, advises of changes to the Board of Directors and updates shareholders on the Company's business plan.

Changes to Board and Management

Further to the announcement today of the renewal of the Strategic Alliance between the Company and EV Metals Group (EV Metals or EVM) (www.evmetalsgroup.com), Caerus is pleased to further announce changes to the Board to support the delivery of the expanded scope of its business objectives. Brian Rowbotham and Richard Hawken are stepping down from their roles of non-Executive Chairman and non-Executive Director respectively. Charles Long, a mining specialist with experience in the extractive industries and financial services sectors continues to serve as Chief Executive Officer ("CEO") and Martyn Churchouse, the former CEO, remains in a Senior Consulting Role to advance the Joint Venture between Bezant Resources plc ("Bezant") and Caerus in respect of the flagship Troulli Project in Cyprus.

Christopher Lambert is appointed as the Executive Chairman of Caerus. Chris has a background in financial services and commodity trading in London andhas extensive experience in non-Executive and Executive Chairman roles for public companies, and of asset identification and acquisition in the natural resources sector.

Russell Thompson and Dominic Traynor join the Caerus Board, both in the role of non-Executive Director. They join Andrew Daniels whose role remains unchanged. Russell is the Finance Director of EV Metals Group and Dominic is an Alternate Director and Joint Company Secretary. Both have long and successful careers in companies or consultancies engaged with mining and exploration and will support the Company in its quest for new business acquisitions in Europe.

The terms and conditions associated with the Bezant Joint Venture remain in force without any changes as does the relationship with Jubilee Metals Group.

Business plan update

These new Board appointments are to promote the next phase of growth in the Company's Business Plan and advance expansion plans in Europe in co-operation with EV Metals Group.  EV Metals is a fully integrated global battery chemicals and technology business that has created an exciting opportunity for Caerus on the back of the transformative announcement released today by RNS on the acquisition by EV Metals Group of the majority of the Battery Materials business of Johnson Matthey plc (www.prnewswire.com/news-releases/johnson-matthey-announces-sale-of-battery-materials-301555487).

EV Metals Group envisages the Company as a key element of compliance with the "Rules of Origin" (RoO) for electric automotive products under the UK-EU Trade and Co-operation Agreement (TCA) so that they are tariff- and quota-free. The RoO stipulate the proportion of an automotive product in value terms that must be created from a UK-EU source. Automotive products to be covered by the TCA include battery packs for fully electric and hybrid vehicles.

Caerus is ideally positioned to facilitate TCA compliance by virtue of having copper-gold production capability from its operations in Cyprus. These are centred upon its flagship Troulli project with JORC-2012 compliant resources of 4.9 million tonnes at 0.41% Cu and 0.2 g/t Au for 20,000 t of Cu metal and 31,000 ozs of Au, from a cut-off grade of 0.26% Cu equivalent.

A second feature of the renewed Strategic Alliance is that EV Metals Group intends to leverage-off its now substantial UK., business presence in the European automotive battery sector by promoting Caerus as the preferred vehicle by which EV Metals acquires advanced mining and metal production projects in Europe so as to further promote compliance with the TCA and utilise its commercial benefits.

Charles Long, CEO of Caerus Mineral Resources said : " I am delighted to welcome my new colleagues as Caerus enters the next phase in its development, and in close alliance with EV Metals Group following the announcement of their transformational deal with Johnson Matthey. Caerus now has a new strategic role to play in helping EV Metals Group to develop specific aspects of its newly acquired Battery Technology, Manufacturing and Distribution businesses. This will take place alongside our existing copper mine development agreements with Bezant Resources as a joint venture partner and Jubilee Metals Group as a potential future JV partner".

About Caerus Mineral Resources

Caerus Mineral Resources is a European focused copper-gold resource development and exploration company with a portfolio of mineral exploration licences located in Cyprus. The Country has a well-developed infrastructure and history of mineral exploration and production, which has been dormant over the last 50 years and provides significant undiscovered value.

With investors recognising copper as one of the cornerstone metals for the Clean Energy Transition centred upon the Electric Vehicle and Stationary Energy sectors, Caerus is working to rapidly expand its copper exploration and production objectives. The Caerus licence portfolio includes 18 former mines which operated with an average head grade of approximately 2% copper. 

Caerus' licence portfolio comprises brownfield sites, where historic mining has taken place, and greenfield licences, where there has been no systematic exploration. The Brownfield sites and the former high-grade copper-gold mines they host are evidence of rock types and structures conducive to Volcanogenic Massive Sulphide ("VMS") mineralisation. As VMS deposits characteristically occur in camps or clusters, it is the company's view that its licences are prospective for both extensions to existing or mined-out orebodies together with new discoveries. 

For further information , please visit www.caerusmineralresources.com or contact:

Caerus Mineral Resources plc:
Charles Long Chief Executive Officer	[e-mail]
Novum Securities
Jon Belliss	[phone]

Follow us on Twitter at @CaerusMieral

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation 9EU) No 596/2014 until the release of this announcement.

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