African Battery Metals plc, the AIM quoted African focused exploration company, is pleased to announce its consolidated audited results for the year ended 30 September 2017 for the Company and its subsidiary, Blue Horizon (SL) Ltd, (together the “Group”).
Highlights from the year under review:
• New Board appointments with Roger Murphy and Iain Macpherson joining as Chief Executive Officer and Non-Executive Director, respectively;
• Renewal of the Company’s 153km2 Ferensola exploration licence from Sierra Leone Government for a period of three years with right to extend for a further two years (“SL Licence”);
• Completed second drill programme of 3,783m on the gold project at Ferensola (the “Ferensola Gold Project”) with some high grade intersections generated at Sanama Hill and a new discovery zone in the Southern Target;
• Completed a third drill programme of 5,185m on the Ferensola Gold Project with further high grade gold intersections generated at both Sanama Hill and the Southern Target;
• Structural geological interpretation of the Ferensola Gold Project carried out by Tect Geological Consulting which identified 19 targets, including Sanama Hill and Southern Target; and
• Conducted soil sampling programme on eight of the 19 targets, returning anomalous levels of gold in most targets, providing additional evidence that Ferensola hosts further gold sources.
• Loss for the year to 30 September 2017 of £3.9 million (2016: £1.8 million);
• Total equity of £5.4 million at year end (2016: £5.6 million); and
• Raised, gross of issue costs, £3.9 million in new equity financing, including £0.4 million via an equity swap facility, from a combination of new and existing shareholders, including the Directors, the net proceeds of which were used exclusively to further the exploration activities and drill programmes on the Ferensola Gold Project.
• Raised £1.75 million in new equity to acquire cobalt assets, progress the Ferensola Gold Project and repay equity swap facilities;
• Adopted a lower-cost and slimmed down Board of Directors following the resignations of Howard Baker (Non-executive Technical Director) and Nick Warrell (Chief Operating Officer);
• Company’s exploration activities strengthened through the exercise of an option over 70% of an exploration licence prospective for cobalt-copper (“Kisinka”) in the Democratic Republic of the Congo (“DRC”) and securing an option over a second cobalt-copper licence in the DRC;
• Incorporation of ABM Kobald SAS, the Company’s 70% owned subsidiary in the DRC, which holds the Kisinka licence, and through which the Company commenced cobalt exploration activities in January 2018; and
• Company’s name changed to African Battery Metals plc to reflect its immediate focus of exploration activities on battery metals, with a farm out or JV of Ferensola being pursued.
Roger Murphy, CEO of ABM said:
“2017 was a year of significant change for ABM, culminating in the recent change in its name to African Battery Metals Plc. In 2018, we expect to significantly advance our exploration activities in battery metals, especially cobalt. Cobalt is integral to the make up of the batteries and the strong global drive to move away from internal combustion engines and to replace these with electric vehicles powered by batteries is underway and will not be derailed.
Whilst our own exploration activities will be largely focussed on battery metals, we remain committed to our assets in Sierra Leone, in particular the significant gold potential and the proven iron reserve within the Ferensola licence. We are optimistic about the Group’s future.”
15 March 2018