Finnsbo Swedish Rare Earth Transaction Completion

Alba Mineral Resources PLC

08 January 2025

 

Alba Mineral Resources Plc / EPIC: ALBA / Market: AIM / Sector: Mining

8 January 2025

Alba Mineral Resources plc

("Alba" or "the Company")

Completion of Finnsbo Swedish Rare Earth Transaction

Alba Mineral Resources plc (AIM: ALBA) is pleased to announce that it has exercised the option over the Finnsbo Rare Earth Project in Sweden (see our announcement of 6 November 2024) and has now completed the transaction, involving a Completion payment to the project owners of £7.5k in cash and £7.5k in Alba shares (for a total of 30,512,612 shares).

Alba now has the right to earn into the Finnsbo Project in stages, as per our announcement of 6 November 2024, with the first stage comprising the right to spend £100k on qualifying expenditure over a 12-month period in order to earn a 25% interest in the Project, with the further right thereafter to earn or acquire in further stages up to a 100% interest in the Project.

Further information about the forthcoming work programme at this exciting, high-grade prospect will follow in due course.

Admission to AIM

Application will be made for the 30,512,612 new ordinary shares to be admitted to trading on AIM ("Admission"). It is expected that Admission of the new ordinary shares will become effective at 8.00 a.m. on or around 13 January 2025. The new ordinary shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after Admission and will otherwise rank on Admission pari passu in all respects with the existing ordinary shares.

Total Voting Rights

Following Admission, the total number of ordinary shares in issue will be 10,941,721,949. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares with voting rights will be 10,941,721,949. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company's or any third party's ability to execute and implement future plans, and the occurrence of unexpected events.  Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

**ENDS**

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Alba Mineral Resources plc George Frangeskides, Executive Chairman	[phone]
SPARK Advisory Partners Limited (Nomad)  Andrew Emmott	[phone]
CMC Markets plc (Broker) Thomas Smith / Douglas Crippen	[phone]

Alba's Projects & Investments
Projects Operated by Alba	Location	Ownership
Clogau (gold)	Wales	100%
Dolgellau Gold Exploration (gold)	Wales	100%
Gwynfynydd (gold)	Wales	100%
Investments Held by Alba	Location	Ownership
GreenRoc Strategic Materials Plc (graphite - anode)	Greenland	34.34%
Horse Hill (oil)	England	11.765%
Earn-in Projects	Location	Earn-in Rights
Finnsbo (rare earths, copper, gold)	Sweden	Up to 100%
Optioned Projects	Location	Further details
Norrby (gold, other metals)	Sweden	RNS 6/11/24
Glava (copper, gold)	Sweden	RNS 6/11/24
East African projects (gold)	Tanzania	RNS 11/11/24

 

END