Evrima Plc Investee Update: POW Molopo Farms Drilling Update

 
TIDMEVA 
 
31 August 2022 
 
                                  Evrima plc 
 
                          ("Evrima" or the "Company") 
 
  Investee Update: Kalahari Key Project Operator, Power Metal Resources plc, 
             provide Molopo Farms Complex Project Drilling Update 
 
Evrima is pleased to provide an update on its investee company, Kalahari Key 
Minerals Exploration Pty Limited ("Kalahari Key") and its Molopo Farms Complex 
Project ("MFC"). 
 
On 18 May 2022, Power Metal Resources plc ("Power Metal") (AIM: POW) announced 
a conditional acquisition of certain of the Kalahari Key shareholdings which if 
approved would result in Power Metal becoming the single largest shareholder of 
Kalahari Key 87.71% and the project operator. The acquisition was approved by 
the shareholders and Power Metal continues to make strong progress in 
completing the acquisition with the principal elements outstanding being that 
of regulatory and legal approvals, in-country. 
 
Evrima have elected to retain its equity investment and upon closing of the 
acquisition, will maintain an 8.93% project-level interest in Kalahari Key. The 
interest is to be governed by a shareholder agreement that provides the terms 
for retention of the Company's interest. 
 
Power Metal have provided an update confirming engagement of a Drill Contract 
and details of an upcoming 2,600m Diamond Drill campaign at the Molopo Farms 
Complex scheduled to commence in mid-September. A link to the source release by 
Power Metal can be accessed here. 
 
Key Updates: 
 
  * Diamond drilling contract has been signed with Mindea Exploration and 
    Drilling Services (Pty) Ltd ("Mindea"), an experienced Botswana-based 
    company with extensive drilling experience in-country. Mindea is 100% 
    Botswana citizen owned. 
 
  * The current planned programme is for circa 2,600m of diamond drilling 
    across an expected 6 drillholes, with at least two drillholes planned into 
    the newly identified conductor within the T1-6 target area. 
 
  * Mindea's base of operations is located only 98km from Molopo Farms allowing 
    for quick and efficient mobilisation of crews and equipment, with the 
    expected mobilisation and drilling commencement scheduled for mid-September 
    2022. 
 
The Directors of Evrima accept responsibility for this announcement. 
 
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 - 
 
Enquiries  : 
 
Company: 
Burns Singh Tennent-Bhohi (CEO & Director): burns@evrimaplc.com 
 
Simon Grant-Rennick (Executive Chairman): simon@evrimaplc.com 
 
Novum Securities Limited (AQSE Corporate Adviser): 
 
David Coffman / Lucy Bowden: + 44 (0) 20 7399 9400 
 
 
 
END

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August 31, 2022 02:00 ET (06:00 GMT)

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