Unicorn Mineral Resources plc Annual General Meeting Statement

RNS Number : 7237G

Unicorn Mineral Resources plc

03 October 2024

 

 

 

3 October 2024

Unicorn Mineral Resources Plc

 

("Unicorn" or the "Company")

 

Annual General Meeting Statement

At the annual general meeting of the Company being held today, the Chairman, Paddy Doherty, will give the following statement.

As I mentioned in our annual report in July, the Company spent much of the first half of 2024 investigating several opportunities in Africa.  We are currently focusing our due diligence on one such opportunity, a copper prospect in Namibia.  Whilst there can be no guarantee at this relatively early stage of completing a transaction, we are excited by the potential offered by this opportunity to reopen an old mine as well as to exploit the significant tailings that exist on site.

In Ireland, work has been focused on maintaining our ground holding at the Kilmallock and Lisheen Blocks.  The Kilmallock ground is located in a highly prospective region in south county Limerick, 15km south of the large Pallas Green deposit owned by Glencore Zinc Ireland and approximately 8km along strike to the west from the newly discovered Ballywire Deposit, owned and operated by Group Eleven Resources. Group Eleven Resources have been using gravity surveying to identify drilling targets that have produced some of the best zinc / lead, massive sulphide intersections, drilled in Ireland over the past ten years.  Unicorn Mineral Resources has a similar style of high grade zinc / lead massive mineralisation centred on the Bulgaden region.

As previously announced, a detailed gravity survey designed to identify drill targets located in the 100 - 300m depth range was carried out at Kilmallock earlier this year, testing the region underlain by sub-cropping Waulsortian Reef along strike from Bulgaden.  This work consisted of 174 stations on a nominal 200 x 200m grid and identified five very strong gravity anomalies that are considered to be highly prospective and will require follow up work.  The renewal reports for the three Kilmallock Licences have been prepared and submitted to the Geoscience Regulatory Office in order to maintain these licences in good standing for the next two years.

Lastly, we have commenced work with our advisers to prepare an FCA approved prospectus for the sole purpose of converting the £233,446 convertible loan notes issued last December.  A further £366,554 of convertible loan notes are available for issue and the Company may look to utilise this to raise additional working capital if required.

Whilst we cannot ignore the current geopolitical tensions that exist around the world and the negative impact on smaller listed companies, the move to sustainability will require an increase in the use of copper and zinc - two of the metals that Unicorn was set up to explore for.  Ireland is home to several 'unicorns' and whilst we are unlikely to achieve such lofty status, I remain confident that Unicorn Mineral Resources is no mythical creature but has a bright future.

 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). 

- ENDS -

For further information, please visit www.UnicornMineralResources.com or contact:

 

Unicorn Mineral Resources Plc   John O'Connor, CFO   Tel: [phone] Email: [e-mail]	Novum Securities Limited - Financial Adviser and Broker David Coffman / George Duxberry Colin Rowbury Tel: [phone]
Gathoni Muchai Investments Faith Kinyanjui Mumbi [e-mail]

 

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