ACP

TIDMACP

RNS Number : 5474E

Armadale Capital PLC

11 March 2022

Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company

11 March 2022

Armadale Capital Plc

('Armadale' or 'the Company')

Director/PDMR Shareholding and TVR

Armadale Capital plc, the AIM quoted investment group focused on natural resource projects in Africa, announces that it has received from Matt Bull, a director, an exercise notice for 7,852,273 warrants to subscribe for ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares"), at an exercise price of 2.2 pence per Ordinary Share, raising GBP172,750. Accordingly, pursuant to the block admission arrangements announced on 18 June 2020 and 28 June 2021, it has issued 7,852,273 Ordinary Shares to Mr Bull which rank pari passu with the Company's existing Ordinary Shares.

Following the issue of these new Ordinary Shares, the Company's total issued share capital consists of 548,193,824 Ordinary Shares with no shares held in Treasury. This figure may be used as the denominator for the calculations by which shareholders can determine if they are required to notify their interest in, or a change to their interest in, the Company.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU No. 596/2014) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 
 Enquiries: 
 Armadale Capital Plc 
  Nick Johansen, Chairman 
  Tim Jones, Company Secretary                           +44 (0) 20 7236 1177 
 Nomad and broker: finnCap Ltd 
  Christopher Raggett / Seamus Fricker / Teddy Whiley    +44 (0) 20 7220 0500 
 

Notes

Armadale's wholly-owned Mahenge Liandu Graphite Project is located in a highly prospective region, with a high-grade JORC compliant indicated and inferred mineral resource estimate announced February 2018 - 59.5Mt at 9.8% TGC. This includes 11.5Mt @ 10.5% Measured 32.Mt Indicted at 9.6% and 15.9Mt at 9.8% TGC, making it one of the largest high-grade resources in Tanzania.

The work to date has demonstrated the Project's potential as a commercially viable deposit, with significant tonnage, high-grade coarse flake and near surface mineralisation (implying a low strip ratio) contained within one contiguous ore body.

The Company's updated Definitive Feasibility Study (June 2020) confirmed Mahenge as a long-life low-cost graphite project with a US$430m NPV and IRR of 91% based on a two-stage expansion strategy comprising:

-- Stage One - processing plant and infrastructure at a nominal design basis rate of 0.4-0.5 Mt/pa to produce a nominal 60,000t/pa graphite concentrate in the first three years of production

-- Stage Two - a second 0.5 Mt/y plant and associated additional infrastructure doubling throughput to 1 Mt/y from Year 5 of operation

The DFS shows that Armadale can be a significant low-cost supplier to the graphite industry with the potential to generate pre-tax cashflows of US$985m over an initial 15 year mine-life and scope for further improvement as this utilises just 25% of the current resource, which remains open in multiple directions.

Projected timeline to first production is expected to be approximately 10-12 months from the start of construction and the capital cost estimate for Stage 1 is US$39.7m, which includes a contingency of U$S4.1m or 15% of total direct capital cost, with a 1.6 year payback for Stage 1 (after tax) based on an average sales price of US$1,112/t. Stage 2 expansion is expected to be funded from cashflow.

More information can be found on the website www.armadalecapitalplc.com .

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them are set out below pursuant to the EU Market Abuse regulation.

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                     Matthew Bull 
     -----------------------  -------------------------------------------- 
 2    Reason for the notification 
     --------------------------------------------------------------------- 
 a)   Position/status          Technical Director & Non-Executive Director 
     -----------------------  -------------------------------------------- 
 b)   Initial notification     Initial 
       /Amendment 
     -----------------------  -------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     --------------------------------------------------------------------- 
 a)   Name                     Armadale Capital plc 
     -----------------------  -------------------------------------------- 
 b)   LEI                      213800495EK876JETD10 
     -----------------------  -------------------------------------------- 
 4    Details of the transaction(s): section to be repeated for 
       (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     --------------------------------------------------------------------- 
 a)   Description              0.1p Ordinary Shares 
       of the financial 
       instrument, 
       type of instrument       ISIN: GB00BYMSY631 
 
       Identification 
       code 
     -----------------------  -------------------------------------------- 
 b)   Nature of the             Exercise of warrants 
       transaction 
     -----------------------  -------------------------------------------- 
 c)   Price(s) and              Price(s)   Volume(s) 
       volume(s)                 2.2p       7,852,273 
                                           ---------- 
     -----------------------  -------------------------------------------- 
 d)   Aggregated information   N/A 
       - Aggregated 
       volume 
       - Price 
     -----------------------  -------------------------------------------- 
 e)   Date of the              11 March 2022 
       transaction 
     -----------------------  -------------------------------------------- 
 f)   Place of the             Outside a trading venue 
       transaction 
     -----------------------  -------------------------------------------- 
 

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