Corcel PLC Operational and Strategic Update (3446Q)
20 Februar 2023 - 8:01AM
UK Regulatory
TIDMCRCL
RNS Number : 3446Q
Corcel PLC
20 February 2023
Corcel PLC
("Corcel" or the "Company")
Operational and Strategic Update
20 February 2023
Corcel Plc (London AIM: CRCL), the natural resource exploration
and development company, with interests in battery metals including
nickel, cobalt, vanadium and rare earth elements, announces its
forward work programme and revised strategy following the
successful restructuring of its corporate debt and the completion
of the disposal of its UK asset portfolio.
Highlights
o Corcel positioned as a carried non-operator miner across
multiple mineral exploration projects in its growing battery metals
upstream portfolio
o Broadening of strategy to include oil and gas alongside
mining, reflecting the significant onshore opportunity set in oil
and gas at attractive valuations and the Company's Executive
experience and connectivity in this space
o Strategic focus on Brazil where the Company is at an advanced
stage on multiple transactions across both mining and oil and
gas
Upstream Battery Metals:
The Company has historically been primarily focused on an
upstream battery metals strategy, reflecting its strong belief in
global electrification, the expected supply constraints in these
key metals and the associated price increases already underway
involving battery metals globally. The Company notes recent
structural increases in the prices of copper, nickel, lithium and
other key battery metals.
The current battery metals portfolio primarily includes the
Company's interests in two PNG based lateritic nickel deposits,
Mambare and Wowo Gap (where it holds a 41% and 100% interest
respectively). As announced on 17 October 2022, the Company is well
advanced in a restructuring and the formation of a new joint
venture entity in Asia, such that it will retain a non-operated and
fully carried interest in these projects as they continue to be
developed. The Company will update the markets upon formal
signature of the transaction. As previously announced, the
intention of this restructuring is to tie these assets to several
Asian industrial concerns and end users of these metals, and to
prepare the portfolio for a separate listing, as part of a broader
battery metals portfolio, in Australia or Singapore at an
attractive valuation.
The Company has also, as announced on 5 December 2022 and 4
January 2023, recently acquired and subsequently farmed out the Mt.
Weld project in Western Australia. Mt Weld is a potentially
significant rare earth project, located next to one of the world's
largest REE mines, where results of a magnetics inversion which
were also announced this morning confirm the potential of the
project, which is now preparing up to four high quality drill
targets. This interest is also a non-operated and fully carried
position.
The Company plans to continue to selectively acquire upstream
battery metal positions where it finds the right combination of
solid technical fundamentals, potentially transformational upside,
low upfront entry cost and strong opportunities for back-to-back
farm outs of an asset; ultimately resulting in a carried position
with little or no ongoing cost to the Company. The Company's goal
is therefore ultimately to offer its shareholders ongoing exposure
to a range of non-operated upstream battery metals projects, with
carried positions where possible.
Strategic Broadening:
The Company further announces it is now broadening its strategic
focus to include the full range of extractive industries including
oil and gas alongside mining. This reflects the unique
opportunities available in the onshore oil and gas sector at
present and the e3xecutive team's experience, connectivity and
skill set in this sector. The Company will review its staffing
model during Q1 to reflect this broadening and its evolving
technical requirements.
Whilst the Company's geographic focus to-date has been PNG and
Australia, this is now expected to rapidly broaden across other
geographies including Brazil, where the Company has been actively
screening industrial opportunities for over 12 months and has
multiple potential transaction opportunities. The Company is
uniquely positioned in Brazil given the Chairman's strong
connectivity in country, fluency in Portuguese and deep
understanding of the local business culture. The Company advises it
is attending multiple project vendor meetings in Brazil the week of
27(th) of February and further announcements will be made following
the conclusion of these engagements as required.
Whilst primarily focused on buy and build opportunities in its
chosen extractive industries and geographies, the Company also
confirms that it is also exploring various potentially
transformational transactions in other sectors, which could
potentially repurpose the listing. The Company will continue to
consider these as they originate, focused on providing access to
capital through a listing to existing revenue and cash generating
businesses. However, the Company cautions that there can be no
certainty at this point of such a transaction completing, and that
further announcements will be made as appropriate.
Investor Event:
The Company expects to host an investor event where it will
launch its new strategy and release its new investor deck towards
the end of March 2023. Further details will be provided in due
course.
For further information, please contact:
Scott Kaintz Corcel Plc CEO
020 7747 9960
James Joyce / James Bavister /Andrew de Andrade WH Ireland Ltd NOMAD & Broker
0207 220 1666
Patrick d'Ancona Vigo Communications IR
0207 3900 230
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