Corcel PLC Rare Earth Project Option (3819D)

TIDMCRCL

RNS Number : 3819D

Corcel PLC

19 October 2022

Corcel PLC

("Corcel" or the "Company")

Rare Earth Project Option

Laverton, Western Australia

19 October 2022

Corcel Plc (London AIM: CRCL), the natural resource exploration and development company, with interests in battery metals and flexible energy generation and storage, announces that it has signed an exclusive 45-day option to acquire 100% ownership of the "Mt Weld (P38/4489) Project," a granted mineral tenement, located only 1.4 km (0.9 miles) west-north-west of Lynas Rare Earths Limited's ("Lynas")(ASX: LYC) Mt. Weld REE Mine near Laverton in Western Australia.

The Project covers 171 hectares in size and the tenement straddles the mine access road to Lynas's Mt. Weld Mine (Fig 1: http://www.rns-pdf.londonstockexchange.com/rns/3819D_1-2022-10-19.pdf). The tenement is predominantly covered by recent transported sediments obscuring the underlying geology. Four discrete undrilled magnetic features, potentially representing carbonatite intrusive complexes have been interpreted from open file high resolution magnetic surveys [1] and warrant further investigation (Fig 2: http://www.rns-pdf.londonstockexchange.com/rns/3819D_2-2022-10-19.pdf).

Chief Executive Officer, Scott Kaintz commented: "The Rare Earth Element sector is robust and demand for REE's is growing worldwide for use in critical electronics, super-magnets and key defence technologies. Multiple countries including the USA have sought, amidst rising world geopolitical tensions, to diversify sources of REEs, targeting locations such as Australia as expanding producers.

The Mt. Weld (P38/4489) Project appears to have four undercover targets amenable to immediate drilling. The tenement is fully granted, and existing access is excellent, which bodes well for a quick option assessment and potential drill programme. Immediate plans are to complete our due diligence during the exclusive option period, which will include reprocessing the existing geophysics to refine priority targets. Should these targets prove to be carbonatites, similar to Lynas's Mt Weld, we believe we will have a very exciting new project for Corcel's exploration portfolio."

Transaction Details:

Corcel has signed an exclusive 45-day option to acquire the Mt Weld (P38/4489) Project and has agreed to pay the vendors a non-refundable option payment of GBP15,000. Corcel has commenced due diligence on the project and intends to complete this during the 45-day option period. Following Corcel exercising the option to proceed to acquire the project, the Company will issue the vendors (Peter Romeo Gianni, Geonomics Australia Pty Ltd and David Anthony Lenigas) 50,000,000 new ordinary shares ("Acquisition Shares") at a deemed issue price of 0.4p equating to GBP200,000 in aggregate.

None of the vendors are a related party to Corcel.

Qualified Persons Statement:

The information in this announcement that relates to the Exploration Results for the Mt Weld Project is based on information compiled and fairly represented by Mr Robert Jewson, who is a Member of the Australian Institute of Geoscientists and is a vendor of the Mt Weld Project. Mr Jewson has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he has undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Jewson consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

For further information, please contact:

   Scott Kaintz  020 7747 9960                                                     Corcel Plc CEO 
   James Joyce / Andrew de Andrade 0207 220 1666               WH Ireland Ltd NOMAD & Broker 
   Simon Woods  0207 3900 230                                                   Vigo Communications IR 

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

[1] North Sunrise Survey commissioned by Acacia Resources Ltd completed on 40m line spacing in an east west orientation with 25m terrain clearance

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October 19, 2022 02:00 ET (06:00 GMT)