Results of General Meeting

Echo Energy PLC

28 August 2024

 

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

28 August 2024

Echo Energy PLC

("Echo" or the "Company")

Results of General Meeting, Issue of Equity and Change of Name

Echo (LON:ECHO), the Latin America focused natural resources company, is pleased to announce that at the General Meeting ("GM") of the Company held earlier today all resolutions were duly passed.

The results of the GM were determined by way of a poll and the results were as follows:

Resolutions	For	%	Against	%	Withheld
1	3,074,735,891	99.993	206,672	0.007	73,740,949
2	3,060,340,992	99.993	224,025	0.007	88,118,495
3	3,056,324,753	99.396	18,565,540	0.604	73,793,219
4	2,834,585,330	92.616	225,979,687	7.384	88,118,495
5	2,825,971,845	92.335	234,593,172	7.665	88,118,495
6	2,825,375,858	91.885	249,514,435	8.115	73,793,219

1.   A "Vote withheld" is not a vote in law and is not counted in the calculation of the percentage of shares voted "For" or "Against" any resolution.

2.   Any proxy appointments which gave discretion to the chairman of the meeting have been included in the 'For' total.

Further to the RNS announcement dated 31 July 2024, the 4,199,179,800 Conditional Placing Shares are now to be issued and admitted to trading on AIM. As also announced, the Company will issue one warrant for every Placing Share at an exercise price of 0.005p for a period of 24 months from the date of admission of the Conditional Placing Shares to AIM (as detailed below). Accordingly, the Company will be issuing 16,729,800,000 such warrants to investors in due course.

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for the Conditional Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will take place at 8.00 a.m. on or around 30 August 2024.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the Conditional Placing Shares, its issued ordinary share capital will comprise 39,768,375,407 Ordinary Shares. All the Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury. The total number of voting rights in the Company will therefore be 39,768,375,407. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or a change to their interest in, the Company.

Operational Update

The mine site at the Tesoro Gold Concession in Peru is being developed, with the central camp and main shaft having been commissioned. The experienced miners, geologists, engineers and support staff of Boku Resources SAC, the Company's 50%-owned Peruvian joint venture, are ready to start operations and key operational permits have been obtained. Discussions for offtake of ore will be concluded prior to the first delivery of ore.

Working Capital

As noted in the Company's full year results for the year ended 31 December 2023, the Company's cash position continues to be constrained, and whilst the Company is continuing to manage its cash position carefully, as is the case with many early-stage exploration and mining companies, additional funding will be required in the future to enable the Company to further develop its Peruvian assets.

Change of Name

Shareholders also approved at the GM today the change of the Company's name to Nativo Resources plc. Accordingly, an application has been made to register this change of name. Such change will take effect upon receipt of confirmation from Companies House. A further announcement will be made in due course upon receiving this confirmation, following which trading of the Company's shares will trade on AIM under the new name and with a new TIDM (AIM: NTVO). The Company's ISIN and SEDOL numbers will remain unchanged.

Stephen Birrell, Chief Executive Officer of Echo, commented:

"We are pleased that shareholders have supported the board in passing the resolutions at the General Meeting. Management is focussed on delivering first gold production in September, which remains on track. Further investment will be required to scale production beyond the first mine and to progress the tailings assets towards a final investment decision and production in 2025."

All defined terms in this announcement will have the same meaning as those in the RNS announcement dated 31 July 2024 unless specified otherwise.

For further information please contact:

Echo Stephen Birrell, Chief Executive Officer	Via Vigo Consulting [e-mail]
Zeus Capital Limited (Nominated Adviser and Joint Broker) James Joyce James Bavister Isaac Hooper	Tel: [phone]
Peterhouse Capital limited (Joint Broker) Duncan Vasey Lucy Williams	Tel: [phone]
Vigo Consulting (Investor Relations) Ben Simons Peter Jacob	Tel: [phone] [e-mail]

About Echo

Following the partial divestment of its assets in Argentina, Echo entered into a 50:50 joint venture in Peru in July 2024 with an experienced local partner for precious metals (gold/silver) mining and the cleaning of known tailings deposits containing Measured and Indicated resources of gold and silver. Through the JV, known as Boku Resources, Echo has secured an opportunity to scale operations in Peru producing gold and silver through primary mining and tailings cleaning, owning 50% of the production and resources. Initially, Boku intends to establish formalised artisanal and small mining operations on its 100% held Tesoro Gold concession, southern Peru, targeting early cash flow generation by Q4 2024.

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