NNR Inspection Successfully Completed

Kazera Global PLC

29 August 2024

 

This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

29 August 2024

Kazera Global plc

('Kazera' or 'the Company)

National Nuclear Regulator Inspection Successfully Completed

HMS Samples Now Being Produced For Potential Off Takers

Kazera Global plc, the AIM-quoted investment company, is pleased to announce that the on-site inspection of its Whale Head Minerals heavy mineral sands ("HMS") operation by an independent consultant on behalf of the National Nuclear Regulator ("NNR") was successfully completed on Friday 23 August 2024 and the NNR has now consented to the commencement of mining and processing at the HMS site. In feedback following the on-site inspection visit, the consultant commended the Company on the work it had undertaken as part of the NNR certification process.

The Company has already commenced mining samples in preparation for processing and for distribution to various potential off takers ("POTs") for analysis. Following this analysis, the Company expects to be able to finalise contract terms with POTs.

Dennis Edmonds, Chief Executive Officer of Kazera Global Plc commented: "The positive feedback we received following the final on-site visit inspection is testament to the hard work and professionalism of the Whale Head Minerals team. Having now been given the green light to commence mining and processing we are busy mining samples to send to potential off takers and hope to be able to announce good news in this regard in the not too distant future."

ENDS

For further information visit www.kazeraglobal.com or contact: 

Kazera Global plc  Dennis Edmonds, CEO	[e-mail]
Cavendish Capital Markets Ltd (Nominated Adviser and Broker) Derrick Lee / Pearl Kellie (Corporate Finance)	Tel: [phone]
St Brides Partners (Financial PR) Paul Dulieu / Isabel de Salis	[e-mail]

About Kazera Global plc

Kazera is a global investment company focused on leveraging the skills and expertise of its Board of Directors to develop early-stage mineral exploration and development assets towards meaningful cashflow and production. Its three principal investments are as follows:

Alluvial diamond mining through Deep Blue Minerals (Pty) Ltd, Alexander Bay, South Africa

Kazera currently has a 100% direct interest in Deep Blue Minerals, of which 74% is held beneficially by Kazera and 26% is held on behalf of Black Economic Empowerment partners.

Heavy Mineral Sands mining (including ilmenite, monazite, rutile, and zircon) through Whale Head Minerals (Pty) Ltd, Alexander Bay, South Africa.

Kazera currently has a 70% direct beneficial interest in Whale Head Minerals together with the benefit of a loan facility entitling it to receive approximately £38m out of dividends from the other shareholders.

Tantalite mining in South-East Namibia (divestment in progress)

As announced on 20 December 2022, Kazera has agreed to dispose of African Tantalum (Pty) Ltd ("Aftan") for a cash consideration of US$13 million plus a debenture payment of 2.5% of the gross sales of produced lithium and tantalum for life-of-mine. Completion of the sale is subject to receipt of full consideration proceeds. Aftan has been deconsolidated from the Company's financial statements with effect from 4 January 2023 because in accordance with the terms of the sale agreement, it has relinquished control of the Aftan in favour of the purchaser, Hebei Xinjian Construction Close Corp ("Hebei Xinjian") with effect from that date. Kazera retains the right to cancel the transaction and retain all amounts paid to date in the event of default by Hebei Xinjian.

The Company will consider additional investment opportunities as appropriate, having regard to the Group's future cash flow requirements.

Forward Looking Statement

This press release contains certain "forward-looking information". All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are deemed forward-looking information.

This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realised or substantially realised, there can be no assurance that they will have the expected consequences to, or effects on the Company.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

 

END