Appointment of Strategic Advisor & Issue of Shares

Golden Metal Resources PLC

05 June 2023

 

5 June 2023

Golden Metal Resources plc

('Golden Metal' or the 'Company')

Appointment of Strategic United States Government Advisor

Issue of New Ordinary Shares

Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, announces the appointment of Mrs. Chang Oh Turkmani as a Strategic United States Government Advisor to the Company with immediate effect.

As Strategic United States Government Advisor to the Company, Mrs. Turkmani will be responsible for helping the company advance its critical minerals strategy within Nevada and the broader United States.

Golden Metal will be providing an update to the market in regards to its United States awards strategy shortly which will include further details on the awards process, timelines, and specific awards that the Company intends to pursue, with a particular focus on seeking US government supported funding for the Pilot Mountain Project.

Biography:

Mrs. Turkmani is a respected, multilingual businesswoman with extensive experience in the import and export of industrial commodities, as well as the mining, manufacturing, construction, energy trading, shipping, environmental remediation, renewable energy, and investment advisory industries.  She leverages her expertise in investing in critical minerals ranging from lithium, cobalt, nickel, tungsten, and rare earths, government procurement, structuring major infrastructure projects, and strategic planning to help oversee corporate execution.  

Mrs. Turkmani is Managing Director and Principal of The Mega Company, based in Washington, DC - a role she has held since 1990. The Mega Company is a private American development company and import and export business that principally deals with industrial raw materials and goods, including iron ore, metallurgical coal, rock phosphate and cement. She is Principal of American Construction Technologies, Mega Distribution and Key Logistics Centre, based in Bucharest, Romania, where she is responsible for the development, construction and management of one of the largest US developments in the highly specialized field of temperature-controlled warehouses and logistics.  Mrs. Turkmani led the companies through significant organic growth and infrastructure development.  

Other leadership roles include Managing Director at CDM Global, which is an environmental remediation and industrial waste management, environmental due diligence, permitting and impact assessment business, and Crest Energy, which is in the production of renewable energy and wholesale trading of electricity.  Originally qualifying as a lawyer with Dow, Lohnes & Albertson, she moved to work for Patton, Boggs & Blow in Washington, DC.

She holds a Bachelor's and a Master's degree from Northwestern University and a Juris Doctorate from Georgetown University Law Center in Washington, DC where she has been Adjunct Professor of Law for more than 16 years teaching Pre-negotiation Strategies for Cross-Border Transactions.  She is a qualified lawyer in the US, having specialised in International Trade, Cross-Border Negotiation, Due Diligence, and Dispute Resolution.  She received a U.S. Presidential Appointment to be a Board member on the National Cancer Advisory Board, is a Board member of the American Romanian Business Council, and a Board Member and Finance Chair of Alianta - a U.S. non-profit organisation working to strengthen the cultural, economic and security ties between the United States and Romania. In addition to numerous accolades, she was knighted Dame by the Order of Knights Templar.

Oliver Friesen, CEO of Golden Metal, commented: 

"Let me be the first to welcome Mrs. Turkmani to the Golden Metal team. She brings a wealth of experience and connections within Washington D.C. and the US Government which will be hugely valuable to Golden Metal as we rapidly push forward the defense and critical metals strategy of our flagship Pilot Mountain Project.

"Significant amounts of non-dilutive grant funding have recently been made available by various US government departments including the Department of Defense (DOD), Department of Commerce (DOC), Department of Energy (DOE) and Department of Minerals (DOM) among others. With Mrs. Turkmani now engaged as a Strategic United States Government Adviser to the Company, we look forward to rapidly advancing this strategy and communicating to the market the steps being taken in this regard."

Further Details

Mrs. Turkmani will be paid a fee equivalent to £34,250 per annum and she is engaged for a 2 year period, with the possibility of extension.  The total contract value over 2 years is therefore £68,500, to be satisfied through the issue to Ms. Turkmani of 805,882 new Golden Metal ordinary shares of 1.0p ("Ordinary Shares") at an issue price of 8.5p per Ordinary Share ("Contract Shares").

The issue price of the Contract Shares equates to Golden Metal's  share price on its admission to AIM on 10 May 2023.

Following issue of the Contract Shares, Mrs. Turkmani's total interest in Golden Metal, including those acquired during the IPO financing by The Mega Company (which is beneficially owned by Mr Salah Turkmani, the husband of Mrs. Turkmani), will amount to 3,747,058 representing to 4.41% of the Company's issued share capital.

Admission and Total Voting Rights

Application will be made for the 805,882 Contract Shares to be admitted to trading on AIM which is expected to occur on or around 9 June 2023 ("Admission"). The Contract Shares will rank pari passu in all respects with the existing Ordinary Shares currently traded on AIM.

Following Admission, the Company's issued share capital will comprise 85,000,255 Ordinary Shares. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

For further information visit www.goldenmetalresources.com or contact the following:

Golden Metal Resources plc Oliver Friesen (CEO)	Tel: [phone]
Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O'Driscoll	Tel: [phone]
First Equity Limited Broker Jonathan Brown/Jason Robertson	Tel: [phone]

The Projects:

Pilot Mountain Project

The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km² (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.

Golconda Summit Project

Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain - Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km² (795.4 acres) located approximately 27km east of Winnemucca.

Garfield Project

The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km² (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.

Stonewall Project

The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km² (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.

 

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