New Contracts & Sales in Critical Minerals Sector

RNS Number : 8320F

GETECH Group plc

24 March 2022

 

24 March 2022

Getech Group plc

("Getech" or the "Company")

New Contracts and Sales in Critical Minerals Sector

Getech, the net zero technology provider and data-led energy asset developer, is pleased to announce that it has won new contracts with leading mining companies to explore for sedimentary copper, iron oxide-copper-gold deposits, and other minerals critical to the delivery of the Energy Transition.

These contracts result from investment by Getech to expand the application of geoscience and data products that the Group originally developed as petroleum solutions - positioning them as essential tools in locating and developing new critical mineral deposits.

Using its proprietary data and workflows, Getech can identify the specific factors responsible for the location and economic concentration of energy and critical minerals. This information is delivered and managed through Getech's unique platforms, such as Globe, which contain the Group's world-leading gravity and magnet datasets and earth systems knowledge.

The total initial value of these new contracts is c. GB£110,000, which adds to Getech's existing revenue from the mining sector. The Company's focus is to use its new critical mineral products to expand revenue generation and where appropriate, explore equity participation in off-grid energy solutions.

Getech's Chief Executive Office, Dr Jonathan Copus, commented:

"As we leverage our flagship products and world-leading data to unlock value in new markets, these sales demonstrate the versatility of our foundation products and solutions, and their adaptability in locating and de-risking different commodities across a wide range of geographies.

Against the current complex geopolitical backdrop, we see Getech's ability to locate and define new geographically-diverse sources of critical minerals as essential to delivering a secure and sustainable energy transition. This is driving an expansion of interest in our unique offering, and as a trusted partner providing integrated local solutions to global energy challenges, this also presents us with opportunities for participation in these projects."

Details of new contracts

1. Sedimentary copper project in Australia - Getech signed an agreement with a leading international mining company based in Australia to assess the potential for sedimentary copper accumulations in an area of interest in Australia.

2. Multi-mineral project in South America - Getech signed an agreement with a resources company based in Asia to undertake an evaluation of a multi-mineral project in South America. Getech will utilise its gravity and magnetic data expertise to high grade areas of potential iron oxide-copper-gold (IOGC) mineralisation in their area of interest.

3. Multi-mineral project in North America - The client, a global mining and metals company based in Australia, has licensed Getech's Globe product, which will be used to carry out genetic analyses for critical minerals projects in North America.

For further information, please contact:

Getech Group plc Jonathan Copus, Chief Executive	Tel:  [phone]
Cenkos Securities plc Neil McDonald / Pete Lynch (Corporate Finance) Michael Johnson / Dale Bellis (Sales)	Tel:  [phone]
Camarco James Crothers / Toby Strong / Charles Dingwall	Tel: [phone]

Notes to editors:

Getech (AIM: GTC)  helps countries and companies to manage their natural resources and energy infrastructure to assist in the delivery of a successful energy transition to a net zero economy. We use our extensive geoscience and geospatial technology, data and skills to locate sustainable energy resources, de-risk and optimise their development, and to ensure long-term economic production. Our focus is on scalable projects that can deliver meaningful impact across industries including oil and gas, critical minerals, geothermal, green hydrogen, and carbon capture and storage.

Getech is also using its data, technology, and skills to build its own portfolio of low-carbon assets. The Group is developing its first green hydrogen projects in Inverness and Shoreham, targeting decarbonization of the commercial transport sector across multiple green hydrogen hubs. UK commercial fleet fuel demand, which in 2019 totalled GB£12 billion, is set to fully decarbonise by 2050.

For further information, please visit www.getech.com .

 

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