RNS Number : 1838F

Armadale Capital PLC

17 March 2022

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

17 March 2022

Armadale Capital Plc ('Armadale' or 'the Company')

Holding(s) in Company

Armadale Capital plc (LON: ACP) the AIM quoted investment group focused on natural resource projects in Africa, announces that following the 11 March 2022 notice of the exercise of 7,852,273 warrants by Director Matt Bull to subscribe for ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares"), Mr. Bull's enlarged shareholding in the Company is now 53,373,765 shares equal to 9.74% of the issued share capital in the Company.

TR-1: S tandard form for notification of major holdings

 NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft 
  Word format if possible) (i) 
 1a. Identity of the issuer or the underlying                              ARMADALE CAPITAL PLC 
 issuer of existing shares to which voting rights 
 are attached (ii) : 
 1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) 
 Non-UK issuer 
 2. Reason for the notification (please mark the appropriate box or boxes with an "X") 
 An acquisition or disposal of voting rights                                                                  X 
 An acquisition or disposal of financial instruments 
 An event changing the breakdown of voting rights 
 Other (please specify)(iii) : 
 3. Details of person subject to the notification obligation (iv) 
 Name                                               MATTHEW BULL 
 City and country of registered office (if          PERTH, AUSTRALIA 
 4. Full name of shareholder(s) (if different from 3) (v) 
 City and country of registered office (if          As above 
 5. Date on which the threshold was crossed or      11 MARCH 2022 
 reached (vi) : 
 6. Date on which issuer notified (DD/MM/YYYY):     17 MARCH 2022 
 7. Total positions of person(s) subject to the notification obligation 
                    % of voting       % of voting rights through     Total of both in   Total number of voting rights 
                  rights attached       financial instruments         % (8.A + 8.B)     held in issuer (8.A + 8.B) 
                     to shares         (total of 8.B 1 + 8.B 2)                         (vii) 
                  (total of 8. A) 
                 ----------------  -------------------------------  -----------------  ------------------------------- 
  situation on 
  the date on 
  threshold was 
  crossed or 
  reached         9.74                                               9.74               53,373,765 
                 ----------------  -------------------------------  -----------------  ------------------------------- 
 Position of 
  applicable)     8.45                                               8.45 
                 ----------------  -------------------------------  -----------------  ------------------------------- 
 8. Notified details of the resulting situation on the date on which the threshold was crossed 
  or reached (viii) 
 A: Voting rights attached to shares 
 Class/type of                        Number of voting rights (ix)       % of voting rights 
  ISIN code (if possible) 
                                          Direct          Indirect          Direct         Indirect 
                                         (DTR5.1)         (DTR5.2.1)       (DTR5.1)        (DTR5.2.1) 
 GB00BYMSY631                         53,373,765                         9.74 
                                     ---------------  ----------------  -------------  ---------------- 
 SUBTOTAL 8. A                        53,373,765                                           9.74 
 B 1: Financial Instruments according to DTR5.3.1R (1) (a) 
 Type of financial    Expiration     Exercise/                Number of voting rights that may be         % of voting 
  instrument           date (x)      Conversion Period (xi)   acquired if the instrument is               rights 
                     -------------  -----------------------  ------------------------------------------  ------------- 
                      29 April 
 Warrants             2022           2                        1,666,669                                   0.3% 
                     -------------  -----------------------  ------------------------------------------  ------------- 
                                     SUBTOTAL 8. B 1 
                                    -----------------------  ------------------------------------------  ------------- 
 B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b) 
 Type of         Expiration          Exercise/      Physical or cash               Number of voting       % of voting 
  financial       date (x)           Conversion      settlement (xii)              rights                 rights 
  instrument                         Period (xi) 
                ------------------  -------------  -----------------------------  --------------------- 
                                                    SUBTOTAL 8.B.2 
                                                   -----------------------------  --------------------- 
 9. Information in relation to the person subject to the notification obligation (please mark 
  applicable box with an "X") 
 Person subject to the notification obligation is not controlled by any natural person or legal 
  entity and does not control any other undertaking(s) holding directly or indirectly an interest 
  in the (underlying) issuer (xiii) 
 Full chain of controlled undertakings through which the voting rights and/or the                             X 
  financial instruments are effectively held starting with the ultimate controlling natural 
  person or legal entity (xiv) (please add additional rows as necessary) 
   Name (xv)       % of voting rights if it       % of voting rights         Total of both if it equals or is higher 
                   equals or is higher than        through financial              than the notifiable threshold 
                   the notifiable threshold    instruments if it equals 
                                                 or is higher than the 
                 ---------------------------  --------------------------  -------------------------------------------- 
 10. In case of proxy voting, please identify: 
 Name of the proxy holder 
 The number and % of voting rights held 
 The date until which the voting rights will 
 be held 
 11. Additional information (xvi) 
 Place of completion   London, UK 
 Date of completion    17 March 2022 


Armadale Capital Plc 
 Nick Johansen, Non-Executive Director 
 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 


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  . 

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March 17, 2022 11:20 ET (15:20 GMT)

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