April 2019 – Shard Capital ECM

Chesterfield Resources Plc – Final Results, Notice of AGM, Director Resignation

Posted on 30th April 2019 by emmaedwards

Chesterfield Resources plc is pleased to announce its final results for the year ended 31 December 2018.

FINAL RESULTS

Chairman’s Statement

“Chesterfield Resources plc has made significant progress in its operations since the last Chairman’s letter to shareholders, a little over six months ago.

By way of recap, in July 2018 Chesterfield re-admitted as a Standard Listing on the main board of the London Stock Exchange. This was to effect an acquisition of HKP Exploration Limited, which held a number of mineral exploration licences in the Republic of Cyprus. In the third quarter of 2018 the Group commenced a preliminary drill campaign on a number of targets namely Evloimeni, Mavroyi, Magouda, Double Seven and Ayia Saranta.

Progress report for the last six months

The Company completed 3,097m of its drilling campaign in the last quarter of 2018 on several targets in its Troodos West Exploration area. From a preliminary analysis of core, the Board of Directors took a decision to greatly expand the Group’s land package in Cyprus. There were numerous intersections of 1-2% Cu and also a surprising amount of gold, with many intersections assaying at 1-2g per tonne. There was a geological surprise also, with the discovery of more recent epithermal systems alongside the well-established Cyprus-type Volcanogenic Massive Sulphide (“VMS”) mineralization. This means that copper-gold+/-zinc mineralisation can be hosted in two different types of system

The operations team was asked to focus its attention on identifying new minerals rights land packages for the Group to apply for. Because the permits were available directly from the authorities in Cyprus they were relatively inexpensive and easy to acquire. Thus, it made sense to secure first mover advantage by submitting applications over the most promising licence areas still available. The programme of new land applications was completed at the end of February 2019, almost quadrupling the Group’s total land position to 237 km². This made Chesterfield by far the largest holder of mineral rights in Cyprus. The new licence areas expanded the Group’s position along both the northern and southern flanks of the Troodos mountains in the most prospective volcanic belt.

In addition, more prospecting permits were also granted on the Group’s existing batch of applications at Troodos North. I am pleased to report the current portfolio of approved prospecting permits now totals more than 50 km².

In order to run this significantly expanded exploration programme, the Group recruited Mike Parker as Chief Operating Officer in January 2019. Mike brings a huge amount of experience to Chesterfield. Prior to joining our Group, Mike had a 20-year career for First Quantum. He was a key player in making two major copper discoveries for First Quantum and was its Country Manager for DRC and then Peru.

To provide a first sweep of our greatly enlarged exploration area, we commissioned a remote sensing survey, using both the Astra and the Sentinel 2 satellite platforms. The survey uses both high resolution satellite photography and also data from the non-visible spectrum using specially calibrated satellite sensors. The survey is able to identify geological faults that may control mineralization and associated rock alterations due to hydrothermal activity. The satellite data was interpreted using a specialist company in the US. It has allowed us to rapidly reduce our search areas to a number of specific targets, which would otherwise have taken many of months of field work on the ground. The survey has also identified targets outside of our exploration licence areas and, as a result, we may submit applications for further licences.

The Group has built a strong field team in Cyprus. This includes three graduates from Camborne School of Mines (CSM). We are pleased to have built a good relationship with one of the premier mining schools in the UK. We recently hosted a field visit in Cyprus for CSM’s third year students and will shortly be taking in two of its Master’s students on internships in Cyprus. It is important to us that we are well integrated into the local community. We now have employ four part-time Cypriot geologists on the team, have good relationship with the Mine Services department and we also employ contractors from the villages we operate around.

The team has been involved in an intensive period of data collection over the last few months. There is a very large volume of historical data in Cyprus, both from the period of mining in the 1960s and 1970s, and various exploration and study projects since. Sifting through this and digitising the most relevant information has been a meticulous but rewarding process. The team has spent much time in the field mapping and sampling the areas of greatest interest. The various layers of information are being collated into the Group’s geographic information system (GIS).

We have also made some corporate changes in Cyprus. PKF Savvides & Co Ltd have been appointed as our local auditors, Hive Management Services Ltd has been appointed as our in-country accountants, and we have changed the name of HKP Exploration Limited to CRC Chesterfield Chesterfield Resources (Cyprus) Limited.

We are looking forward to an active period ahead. The operations team has been conducting intensive field studies on several targets which we will shortly be further investigating using geophysics. The Group has a diamond drill in storage at our core shed in Cyprus and we expect to be drilling again soon. We have been careful to ensure we have completed detailed examination of each target before moving onto the most costly process of drill testing of targets.

Outside of the exploration there are a number of other opportunities that the Group is investigating that could yield near-term revenue potential. It is our intention to grow the business through joint ventures and new projects as these opportunities arise.

Having worked hard to build our land position in Cyprus, operations team and data sets, the Group now has a strong target list in final stages of preparation. We now also feel in a position to start releasing information regarding the Group’s operations and prospects more actively to the stock market. The shares are becoming more actively traded and the price stronger. We will be using various channels of communication to raise the profile of the Group. This will be accompanied by a more professional web site and revamped presentation. Chesterfield is entering an exciting phase of its growth and I look forward to bringing you regular news over coming weeks and months.

Director’s Resignation
David Hall, one of our directors, has decided not to stand for re-election this year. David is involved in a number of different junior resource projects, both listed and unlisted. Having helped shape our venture in Cyprus, he has now found many demands on his busy schedule. We would like to thank him for his hard work and wish him the best of luck.

Financial Review

The loss before taxation of the Group for the year ended 31 December 2018 amounted to £689,367 (period ended 31 December 2017: £111,012).

The Group’s cash position at 31 December 2018 was £1,885,726 (2017: £1,184,424).

In July 2018 the group raised £2,000,000 by issuing 26,666,667 new ordinary shares of 0.1 pence at a price of 7.5 pence per share. The funds raised is to primarily support the continued exploration of various license areas in Cyprus.

Outlook

I would like to thank our shareholders for their support, we are lucky to have a strong and supportive base of investors and we hope that the coming months and years will continue to be value accretive for all our stakeholders.”

Group Statement Of Comprehensive Income

For the year ended 31 December 2018

Continuing operations	31 December 2018 £	31 December 2017 £
Administrative expenses	(689,367)	(111,012)
Operating Loss	(689,367)	(111,012)
Loss before taxation	(689,367)	(111,012)
Income tax	–	–
Loss for the Period attributable to owners of the parent	(689,367)	(111,012)
Basic and Diluted Earnings Per Share attributable to owners of the parent (expressed in pence per share)	(1.524)	(1.01)

	31 December 2018 £	31 December 2017 £
Loss for the period	(689,367)	(111,012)
Other Comprehensive Income:
Items that may be subsequently reclassified to profit or loss
Currency translation differences	6,181	–
Other comprehensive income for the period, net of tax	(6,181)	–
Total Comprehensive Income attributable to owners of the parent	(683,186)	(111,012)

Statement of Financial Position

For the year ended 31 December 2018

	31 December 2018 £	31 December 2017 £
Non-Current Assets
Property, plant and equipment	13,891	–
Intangible assets	1,156,429	–
Investments in subsidiaries	–	–
	1,170,320	–
Current Assets
Trade and other receivables	77,067	44,683
Cash and cash equivalents	1,885,726	1,184,424
	1,962,793	1,229,107
Total Assets	3,133,113	1,229,107

Non-Current Liabilities
Deferred tax liabilities	(127,450)	–
	(127,450)	–
Current Liabilities
Trade and other payables	(89,138)	(51,286)

Total Liabilities	(216,588)	(51,286)

Net Assets	2,916,525	1,177,821
Equity attributable to owners of the Parent
Share capital	159,933	126,600
Share premium	3,534,597	1,157,873
Other reserves	22,374	4,360
Retained losses	(800,379)	(111,012)
Total Equity	2,916,525	1,177,821

Group Statement of Changes in Equity

For the year ended 31 December 2018

	Attributable to owners of the Parent
	Share capital £	Share premium £	Other reserves £	Retained losses £	Total £
Balance on Incorporation on 4 January 2017	–	–	–	–	–
Loss for the period	–	–	–	(111,012)	(111,012)
Other comprehensive income for the period
Items that may be subsequently reclassified to profit or loss
Currency translation differences	–	–	–	–	–
Total comprehensive income for the period	–	–	–	(111,012)	(111,012)
Proceeds from share issues	126,600	1,274,000	–	–	1,400,600
Issue costs	–	(116,127)	–	–	(116,127)
Share based payments	–	–	4,360	–	4,360
Total transactions with owners, recognised directly in equity	126,600	1,157,873	4,360	–	1,288,833
Balance as at 31 December 2017*	126,600	1,157,873	4,360	(111,012)	1,177,821

Balance as at 1 January 2018	126,600	1,157,873	4,360	(111,012)	1,177,821
Loss for the period	–	–	–	(689,367)	(689,367)
Other comprehensive income for the period
Items that may be subsequently reclassified to profit or loss
Currency translation differences	–	–	6,181	–	6,181
Total comprehensive income for the period	–	–	6,181	(689,367)	(683,186)
Proceeds from share issues	26,666	1,973,334	–	–	2,000,000
Issue costs	–	(89,943)	–	–	(89,943)
Share based payment	–	–	11,833	–	11,833
Shares issued on business combination	6,667	493,333	–	–	500,000
Total transactions with owners, recognised directly in equity	33,333	2,376,724	11,833	–	2,421,890
Balance as at 31 December 2018	159,933	3,534,597	22,374	(800,379)	2,916,525

Group Statement of Cash Flows

For the year ended 31 December 2018

	Year ended 31 December 2018 £	Period ended 31 December 2017 £
Cash flows from operating activities
Loss before income tax	(689,367)	(111,012)
Adjustments for:
Depreciation and amortisation	2,864	–
Share options expense	11,833	4,360
Intercompany charges	–	–
Foreign exchange	6,158	–
(Increase)/Decrease in trade and receivables	17,350	(44,683)
Increase/(Decrease) in trade and payables	(56,946)	51,286
Net cash used in operating activities	(708,108)	(100,049)
Cash flows from investing activities
Cash acquired upon acquisition	1,744	–
Interest received	–	–
Purchase of property plant and equipment	(16,755)	–
Loans granted to subsidiary undertakings	–	–
Exploration and evaluation activities	(485,636)	–
Net cash used in investing activities	(500,647)	–
Cash flows from financing activities
Proceeds from issue of share capital	2,000,000	1,400,600
Transaction costs of share issue	(89,943)	(116,127)
Net cash generated from financing activities	1,910,057	1,284,473
Net increase in cash and cash equivalents	701,302	1,184,424
Cash and cash equivalents at beginning of period	1,184,424	–
Exchange gain on cash and cash equivalents	–	–
Cash and cash equivalents at end of period	1,885,726	1,184,424

DIRECTOR RESIGNATION

Non-Executive Director David Hall has today announced his intention to resign from the Board to focus on his other business interests. His resignation will come into effect following the Company’s AGM. The Board would like to thank David for his contributions to the Company.

NOTICE OF AGM

The Company also gives notice that its Annual General Meeting (‘AGM’) will be held on June 5th at 11am. at The Washington Mayfair Hotel, 5 Curzon Street, London, W1J 5HE.

Copies of the Notice of AGM, together with the Form of Proxy and the Annual Report will be posted today to shareholders and will be available to view on the Company’s website at www.chesterfieldresourcesplc.com

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About Chesterfield Resources Plc

Chesterfield Resources is a copper-gold exploration and development Company active in Cyprus. The Company generates value for shareholders by discovering and developing multiple deposits to production. Chesterfield is currently progressing its Cyprus Project.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

**ENDS**

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

Chesterfield Resources plc:

Martin French, Executive Chairman Tel: +44 (0) 7901 552277

Shard Capital (Broker):

Damon Heath Tel: +44 (0) 20 7186 9952

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

European Metals Holdings Limited – Quarterly Activities Report

Posted on 30th April 2019 by emmaedwards

EUROPEAN METALS HOLDINGS LIMITED

QUARTERLY ACTIVITIES REPORT – MARCH 2019

European Metals Holdings Limited (“European Metals” or “the Company”) is pleased to report on its activities and continued progress in the development of the globally significant Cinovec Lithium / Tin Project (“the project” or “Cinovec”) in Czech Republic during the three-month period ending March 2019.

DRILL PROGRAMME UPDATE

During the quarter the Company released two updates regarding the current eight core-hole resource drilling programme at the Cinovec Project. Drilling of five of the eight holes was reported as completed. Analytical results for the five drill holes from the Cinovec South deposit were also reported.

Key points:

· Resource drill holes CIS-10, CIS-11, CIS-12, CIS-13 and CIS-14 were completed including analytical reports.

o Hole CIS-11 returned 129.3m averaging 0.51% Li₂O, incl. 2m @ 0.93% Li₂O, 2m @0.93% Li₂O; 5m @ 0.56% Sn and 0.11% W, 5m @ 0.21% Sn, and 7m @ 0.11% Sn.

o Hole CIS-13 returned 108m averaging 0.45% Li₂O and 0.11% Sn, incl. 4m @ 0.99% Li₂O; 6m @ 0.29% Sn, 5m @ 0.34% Sn, 3m @ 0.77% Sn and 0.12% W, and 2m @ 1.03% Sn, incl. 1m @ 1.92% Sn.

o Hole CIS-10 returned 89m averaging 0.47% Li₂O, incl. 6m @ 1.02% Li₂O and 6m @ 0.91% Li₂O; 5m @ 0.26% Sn, 5m @ 0.14% Sn, and 7m @ 0.077% W.

o Hole CIS-12 returned 93m averaging 0.48% Li2O, incl. 2m @ 1.32% Li2O, 2.4m @ 1.17% Li2O and 3m @ 1.08% Li2O; 8m @ 0.83% Li2O and 0.18% Sn, 4m @ 0.13% Sn, and 5m @ 0.16% W.

o Hole CIS-14 returned 67m averaging 0.43% Li₂O (incl. 3m @ 0.99% Li₂O and 0.18% Sn); 8m @ 0.67% Li₂O and 0.20% Sn (incl. 4.15m @ 1.00% Li₂O and 0.35% Sn); 8m @ 0.21% Sn, 4m @ 0.39% Sn; and 3m @ 0.20% Sn

BATTERY GRADE LITHIUM HYDROXIDE SAMPLE PRODUCED

Post the quarter, the Company provided a project update highlighting the outcomes from a recently completed engineering assessment of the flowsheet and subsequent testwork aimed at demonstrating the ability to produce lithium hydroxide from Cinovec ore. The move by the Company to develop a process for the production of lithium hydroxide from the Cinovec project has been in response to market forces that continue to move Czech and European manufacturers towards the production of advanced technology batteries.

The highlights were:

· A flowsheet was successfully developed and tested for the production of lithium hydroxide from Cinovec ore.

· A potential production rate in excess of 25,000 tpa lithium hydroxide was demonstrated to be possible utilising a robust process route proven in the lithium production sector.

· A formal update of the project PFS reflecting the production of lithium hydroxide is underway and will be completed soon.

CORPORATE

HALF YEAR ACCOUNTS

The Company released the Half Year Accounts.

PERFORMANCE SHARES

As at 31 March 2019 the issued performance shares including the terms and conditions were as follows:

Number	Description	Summary Terms & Conversion Hurdles
1,000,000 1,000,000	A Class Performance Shares B Class Performance Shares	Convert into Shares and an equivalent number of CDIs upon the Company’s Mineral Resource at Cinovec South and Cinovec Main being entered in the State Balance. The A Class Performance Shares and B Class Performance Shares shall convert into the number of Shares and equivalent number of CDIs equal to 1,000,000 multiplied by 0.5 and divided by the greater of: (A) $0.50 per CDI; and (B) the volume weighted average price of CDIs (expressed as a decimal of $1.00) as calculated over the 5 ASX trading days prior to the date the Mineral Resource is entered.
1,000,000 1,000,000	A Class Performance Shares B Class Performance Shares	Convert into Shares and an equivalent number of CDIs upon the issuance of the preliminary mining licenses relating to the Cinovec Project. The A Class Performance Shares and B Class Performance Shares shall convert into the number of Shares and equivalent number of CDIs equal to 1,000,000 multiplied by 0.5 and divided by the greater of: (A) $0.50 per CDI; and (B) the volume weighted average price of CDIs (expressed as a decimal of $1.00) as calculated over the 5 ASX trading days prior to the date the final preliminary mining license is issued.
3,000,000 3,000,000	A Class Performance Shares B Class Performance Shares	Convert into Shares and an equivalent number of CDIs upon the completion of a definitive feasibility study (DFS). For clarity, the DFS must be: (i) of a standard suitable to be submitted to a financial institution as the basis for lending of funds for the development and operation of mining activities contemplated in the study; (ii) capable of supporting a decision to mine on the Permits; and (iii) completed to an accuracy of +/- 15% with respect to operating and capital costs and display a pre-tax net present value of not less than US$250,000,000. The A Class Performance Shares and B Class Performance Shares shall convert into the number of Shares and equivalent number of CDIs equal to 3,000,000 multiplied by 0.5 and divided by the greater of: (A) $0.50 per CDI; and (B) the volume weighted average price of CDIs (expressed as a decimal of $1.00) as calculated over the 5 ASX trading days prior to date of receipt of the completed DFS.

(Together the Milestones and each a Milestone). For the avoidance of doubt, the number of Shares and equivalent number of CDIs which will be issued on conversion of the A Class Performance Shares and B Class Performance Shares will not exceed a ratio of 1 for 1.)

If the Milestone is not achieved or the Change of Control Event does not occur by the required date, then each A Class Performance Share and B Class Performance Share held by a Holder will be automatically redeemed by the Company for the sum of $0.000001 within 10 ASX trading days of non-satisfaction of the Milestone.

TENEMENT SCHEDULE

Permit	Code	Deposit	Interest at beginning of Quarter	Acquired / Disposed	Interest at end of Quarter
Exploration Area	Cinovec	N/A	100%	N/A	100%
	Cinovec II		100%	N/A	100%
	Cinovec III		100%	N/A	100%
	Cinovec IV		100%	N/A	100%
Preliminary Mining Permit	Cinovec I	Cinovec East	100%	N/A	100%
Preliminary Mining Permit	Cinovec II	Cinovec South	100%	N/A	100%

BACKGROUND INFORMATION ON CINOVEC

PROJECT OVERVIEW

Cinovec Lithium/Tin Project

European Metals, through its wholly owned subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium/Tin Project. Cinovec hosts a globally significant hard rock lithium deposit with a total Indicated Mineral Resource of 372.4Mt @ 0.45% Li₂O and 0.04% Sn and an Inferred Mineral Resource of 323.5Mt @ 0.39% Li₂O and 0.04% Sn containing a combined 7.18 million tonnes Lithium Carbonate Equivalent and 263kt of tin reported 28 November 2017 (Further Increase in Indicated Resource at Cinovec South). An initial Probable Ore Reserve of 34.5Mt @ 0.65% Li₂O and 0.09% Sn reported 4 July 2017 (Cinovec Maiden Ore Reserve – Further Information) has been declared to cover the first 20 years mining at an output of 22,500tpa of lithium carbonate reported 11 July 2018 (Cinovec Production Modelled to Increase to 22,500tpa of Lithium Carbonate).

This makes Cinovec the largest lithium deposit in Europe, the fourth largest non-brine deposit in the world and a globally significant tin resource.

The deposit has previously had over 400,000 tonnes of ore mined as a trial sub-level open stope underground mining operation.

EMH has completed a Preliminary Feasibility Study, conducted by specialist independent consultants, which indicated a return post tax NPV of USD540m and an IRR of 21% reported 19 April 2017 (PFS Confirms Potential Low Cost Lithium Carbonate Producer). It confirmed the deposit is amenable to bulk underground mining. Metallurgical test work has produced both battery grade lithium carbonate and high-grade tin concentrate at excellent recoveries. Cinovec is centrally located for European end-users and is well serviced by infrastructure, with a sealed road adjacent to the deposit, rail lines located 5 km north and 8 km south of the deposit and an active 22 kV transmission line running to the historic mine. As the deposit lies in an active mining region, it has strong community support.

The economic viability of Cinovec has been enhanced by the recent strong increase in demand for lithium globally, and within Europe specifically.

There are no other material changes to the original information and all the material assumptions continue to apply to the forecasts.

CONTACT

For further information on this update or the Company generally, please visit our website at www. http://europeanmet.com or contact:

Mr. Keith Coughlan
Managing Director

COMPETENT PERSON

Information in this release that relates to exploration results is based on information compiled by Dr Pavel Reichl. Dr Reichl is a Certified Professional Geologist (certified by the American Institute of Professional Geologists), a member of the American Institute of Professional Geologists, a Fellow of the Society of Economic Geologists and is a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and a Qualified Person for the purposes of the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009. Dr Reichl consents to the inclusion in the release of the matters based on his information in the form and context in which it appears. Dr Reichl holds CDIs in European Metals.

The information in this release that relates to Mineral Resources and Exploration Targets has been compiled by Mr Lynn Widenbar. Mr Widenbar, who is a Member of the Australasian Institute of Mining and Metallurgy, is a full time employee of Widenbar and Associates and produced the estimate based on data and geological information supplied by European Metals. Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012 Edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Widenbar consents to the inclusion in this report of the matters based on his information in the form and context that the information appears.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the company’s business and operations in the future. The company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the company or management or beyond the company’s control.

Although the company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

LITHIUM CLASSIFICATION AND CONVERSION FACTORS

Lithium grades are normally presented in percentages or parts per million (ppm). Grades of deposits are also expressed as lithium compounds in percentages, for example as a percent lithium oxide (Li₂O) content or percent lithium carbonate (Li₂CO₃) content.

Lithium carbonate equivalent (“LCE“) is the industry standard terminology for, and is equivalent to, Li₂CO₃. Use of LCE is to provide data comparable with industry reports and is the total equivalent amount of lithium carbonate, assuming the lithium content in the deposit is converted to lithium carbonate, using the conversion rates in the table included below to get an equivalent Li₂CO₃ value in percent. Use of LCE assumes 100% recovery and no process losses in the extraction of Li₂CO₃from the deposit.

Lithium resources and reserves are usually presented in tonnes of LCE or Li.

The standard conversion factors are set out in the table below:

Table: Conversion Factors for Lithium Compounds and Minerals

Convert from		Convert to Li	Convert to Li₂O	Convert to Li₂CO₃
Lithium	Li	1.000	2.153	5.324
Lithium Oxide	Li₂O	0.464	1.000	2.473
Lithium Carbonate	Li₂CO3	0.188	0.404	1.000

WEBSITE

A copy of this announcement is available from the Company’s website at www.europeanmet.com.

ENQUIRIES:

European Metals Holdings Limited

Keith Coughlan, Managing Director

Kiran Morzaria, Non-Executive Director

Julia Beckett, Company Secretary

Tel: +61 (0) 419 996 333

Email: keith@europeanmet.com

Tel: +44 (0) 20 7440 0647

Tel: +61 (0) 8 6245 2057

Email: julia@europeanmet.com

Beaumont Cornish (Nomad & Broker)

Michael Cornish

Roland Cornish

Tel: +44 (0) 20 7628 3396

Email: corpfin@b-cornish.co.uk

Joint Broker

Damon Health

Erik Woolgar

Shard Capital

Tel: +44 (0) 20 7186 9950

The information contained within this announcement is considered to be inside information, for the purposes of Article 7 of EU Regulation 596/2014, prior to its release. The person who arranged for the release of this announcement on behalf of the Company was Keith Coughlan, Managing Director.

European Metals Holdings Limited – Quarterly Cashflow Report

Posted on 30th April 201930th April 2019 by emmaedwards

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity
European Metals Holdings Limited (ASX: EMH)
ABN		Quarter ended (“current quarter”)
55 154 618 989		31 March 2019

Consolidated statement of cash flows			Current quarter $A’000	Year to date (9 months) $A’000
1.	Cash flows from operating activities
1.1	Receipts from customers
1.2	Payments for		(304)	(1,102)
	(a) exploration & evaluation		(304)	(1,102)
	(b) development		–	–
	(c) production		–	–
	(d) staff costs		(135)	(535)
	(e) administration and corporate costs		(244)	(968)
1.3	Dividends received (see note 3)		–	–
1.4	Interest received		–	1
1.5	Interest and other costs of finance paid		–	–
1.6	Income taxes paid		–	–
1.7	Research and development refunds		–	–
1.8	Other (legal costs)		–	–
1.9	Net cash from / (used in) operating activities		(683)	(2,604)

2.		Cash flows from investing activities	–	–
2.1		Payments to acquire:
		(a) property, plant and equipment
		(b) tenements (see item 10)	–	–
		(c) investments	–	–
		(d) other non-current assets	–	–
2.2		Proceeds from the disposal of:	–	–
		(a) property, plant and equipment	–	–
		(b) tenements (see item 10)	–	–
		(c) investments	–	–
		(d) other non-current assets	–	–
2.3		Cash flows from loans to other entities	–	–
2.4		Dividends received (see note 3)	–	–
2.5		Other (provide details if material)	–	–
2.6		Net cash from / (used in) investing activities	–	–

3.		Cash flows from financing activities	–	1,817
3.1		Proceeds from issues of shares	–	1,817
3.2		Proceeds from issue of convertible notes	–	–
3.3		Proceeds from exercise of share options	–	–
3.4		Transaction costs related to issues of shares, convertible notes or options	(4)	(127)
3.5		Proceeds from borrowings	–	–
3.6		Repayment of borrowings	–	–
3.7		Transaction costs related to loans and borrowings	–	–
3.8		Dividends paid	–	–
3.9		Other (provide details if material)	–	–
3.10		Net cash from / (used in) financing activities	(4)	1,690

4.		Net increase / (decrease) in cash and cash equivalents for the period	2,007	2,223
4.1		Cash and cash equivalents at beginning of period	2,007	2,223
4.2		Net cash from / (used in) operating activities (item 1.9 above)	(683)	(2,604)
4.3		Net cash from / (used in) investing activities (item 2.6 above)	–	–
4.4		Net cash from / (used in) financing activities (item 3.10 above)	(4)	1,690
4.5		Effect of movement in exchange rates on cash held	–	10
4.6		Cash and cash equivalents at end of period	1,320	1,319

5.	Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1	Bank balances	1,319	2,007
5.2	Call deposits	–	–
5.3	Bank overdrafts	–	–
5.4	Other (provide details)	–	–
5.5	Cash and cash equivalents at end of quarter (should equal item 4.6 above)	1,319	2,007

6.	Payments to directors of the entity and their associates	Current quarter $A’000
6.1	Aggregate amount of payments to these parties included in item 1.2	122
6.2	Aggregate amount of cash flow from loans to these parties included in item 2.3
6.3	Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
Amounts paid to directors and their associates as director remuneration and reimbursement expenses (117k). Amounts paid to Wilgus Investments Pty Ltd a related entity of David Reeves for Rent ($5k).

7.	Payments to related entities of the entity and their associates		Current quarter $A’000
7.1	Aggregate amount of payments to these parties included in item 1.2
7.2	Aggregate amount of cash flow from loans to these parties included in item 2.3
7.3	Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2

8.	Financing facilities available Add notes as necessary for an understanding of the position	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
8.1	Loan facilities
8.2	Credit standby arrangements
8.3	Other (please specify)
8.4	Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.

9.	Estimated cash outflows for next quarter	$A’000
9.1	Exploration and evaluation	288
9.2	Development
9.3	Production
9.4	Staff costs	218
9.5	Administration and corporate costs	289
9.6	Other (provide details if material)
9.7	Total estimated cash outflows	795

10.	Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
10.1	Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced	Nil
10.2	Interests in mining tenements and petroleum tenements acquired or increased	Nil

Compliance statement

1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2 This statement gives a true and fair view of the matters disclosed.

Sign here: Julia Beckett Date: 30 April 2019

(Company secretary)

Print name: Julia Beckett

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

Nostra Terra Oil and Gas Company Plc – First Horizontal Well at Mesquite

Posted on 29th April 2019 by emmaedwards

Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, is pleased to announce plans to drill the Company’s first horizontal well at its Mesquite Asset in the Permian Basin, Texas (“Mesquite”).

Proposed new lease agreement & plans to drill

Nostra Terra is pleased to announce that it is in advanced discussions with regards to a new 160-acre lease opportunity (the “New Lease”) in the Mesquite Target Area (the “Target Area”). The Target Area currently covers over 30,000 acres, of which the Company has secured 2,184 gross acres (1,984 net acres to Nostra Terra).

The New Lease, presents Nostra Terra with an immediate opportunity to drill a half-mile horizontal well to prove up and increase the Company’s overall Proven (1P) and Probable (2P) oil reserves at Mesquite. The New Lease is standalone, near, but not adjacent to, the existing acreage. Accordingly, the Company expects to be able to bring in partners on the New Lease whilst still maintaining a 100% interest in the existing Mesquite Asset

Nostra Terra intends to fund drilling of the proposed horizontal well using existing cash resources and through selling off a percentage working interest in the New Lease to certain oil and gas investors. Nostra Terra has already received expressions of interest from potential industry partners concerning the New Lease.

Next steps

Following completion of the placing announced on 27 February 2019, Nostra Terra engaged a landman to begin title work and to secure new leases for the Company in the Target Area.

The Company had previously identified the potential of the New Lease and has subsequently entered into discussions with the current mineral owners. These discussions are nearing conclusion and once complete Nostra Terra will apply for a permit to drill the first horizontal well.

Following permitting, Nostra Terra plans to secure a rig and prepare the pad, followed by drilling and completion operations. Subject to execution of the lease agreement, these activities are expected to take place in the coming weeks and months.

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:

“This new lease presents an excellent strategic opportunity for Nostra Terra. We see such large potential in the area and plan to increase our footprint, including retaining a larger interest in the Mesquite Asset. We will be able to drill our first horizontal well at Mesquite, with the aim of proving reserves for additional horizontal drilling. We intend do this while retaining full ownership of the acreage we have already secured.

Much more importantly, we will also preserve our first mover advantage in the wider Mesquite target area. The first horizontal well could deliver substantial cash flow to the Company whilst significantly strengthening our position in any future farm out discussions for Mesquite.”

Competent Person Disclosure

John Stafford, a Director at Nostra Terra with over 35 years’ relevant experience in the oil industry, has reviewed this announcement for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in June 2009. Mr. Stafford is a Fellow of the Geological Society and a member of the Petroleum Exploration Society of Great Britain.

For further information, visit www.ntog.co.uk or contact:

Nostra Terra Oil and Gas Company plc Matt Lofgran, CEO	Tel:	+1 480 993 8933
Strand Hanson Limited (Nominated & Financial Adviser and Joint Broker) Rory Murphy / Ritchie Balmer / Jack Botros	Tel:	+44 (0) 20 7409 3494
Shard Capital Stockbrokers (Joint Broker) Damon Heath / Erik Woolgar Smaller Company Capital Limited (Joint Broker) Rupert Williams / Jeremy Woodgate	Tel: Tel:	+44 (0) 207 186 9952 +44 (0) 203 651 2910

About Nostra Terra

Nostra Terra’s US portfolio includes its 100% working interest in the Pine Mills oil field, East Texas, and its various working interests in assets in the Permian Basin, West Texas, including Mesquite. Net Revenue Interest to Nostra Terra in each lease ranges from 75-80% after entitlements to mineral owners.

As of 14 February 2019, Nostra Terra’s net 2P (Proved and Probable) oil reserves across its US assets was 2,429,660 barrels of oil, including Net Proved reserves of 764,030 barrels of oil.

In Egypt, Nostra Terra owns a 50% working interest in the East Ghazalat Concession (“the Concession”), via its wholly owned subsidiary Independent Resources Egypt Limited (“IRE”). Nostra Terra’s attributable 2P Reserves from the Concession are 1,008,922 barrels of oil (according to the 2015 Competent Persons Report produced by DeGoyler and MacNaughton Canada). Nostra Terra is currently in international arbitration with the Concession’s operator, North Petroleum.

About Mesquite

The Mesquite asset covers 2,184 gross acres (1,984 net acres to Nostra Terra) in the Eastern Shelf of the prolific Permian Basin. The target formations at Mesquite are “tight”, meaning the oil-bearing rock formations are conventional horizons of low permeability. As such, the target formations have characteristics that make them ideal targets for horizontal drilling and have delivered substantial oil production in other areas of the Permian Basin using these techniques.

In the Engineered Economics Report for Mesquite, prepared by Trey Resources (“Trey”) and announced on 21 January 2019, the Company reported that the first 1,384 net acres at Mesquite contain 2,400,000 barrels of recoverable oil (Estimated Ultimate Recovery, “EUR”). The NPV 10 valuation assigned to these barrels, at US$60 oil, is US$28,600,000.

Trey’s Per Well Economic model is based on drilling 5,000ft (1,524m) lateral (horizontal) wells on 160-acre spacing. Each 5,000ft lateral is expected to have a 20-year well life and to produce 100,000 barrels of oil in its first three years. The estimated Internal Rate of Return for each well is 46% at US$60 oil.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Galileo Resources Plc – Holdings in Company

Posted on 23rd April 2019 by emmaedwards

The Company has received a TR-1 which is set out, without amendment, below:

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)ⁱ

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:			Galileo Resources PLC
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights						X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation^iv
Name			Peel Hunt LLP
City and country of registered office (if applicable)			London, United Kingdom
4. Full name of shareholder(s) (if different from 3.)^v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reached^vi:			17/04/2019
6. Date on which issuer notified (DD/MM/YYYY):			23/04/2019
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer^vii
Resulting situation on the date on which threshold was crossed or reached	16.64%	n/a		16.64%	50,695,539
Position of previous notification (if applicable)	14.97%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rights^ix					% of voting rights
		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)			Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
GB00B115T142		50,695,539		n/a			16.64%		n/a


SUBTOTAL 8. A		50,695,539					16.64%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration date^x	Exercise/ Conversion Period^xi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights
n/a


			SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration date^x		Exercise/ Conversion Period ^xi		Physical or cash settlement^xii			Number of voting rights	% of voting rights
n/a


					SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii				x
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv(please add additional rows as necessary)
Name^xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
n/a





10. In case of proxy voting, please identify:
Name of the proxy holder		n/a
The number and % of voting rights held		n/a
The date until which the voting rights will be held		n/a

11. Additional information^xvi
n/a

Place of completion	London
Date of completion	23/04/2019

You can also follow Galileo on Twitter: @GalileoResource

For further information, please contact: Galileo Resources PLC

Colin Bird, Chairman

Andrew Sarosi, Executive Director

Tel +44 (0) 20 7581 4477

Tel +44 (0) 1752 221937

Beaumont Cornish Limited – Nomad

Roland Cornish/James Biddle

Tel +44 (0) 20 7628 3396

Novum Securities Limited Broker

Colin Rowbury/Jon Belliss

Tel +44 (0) 20 7399 9400

ECM Insights – April 2019

Posted on 17th April 201917th April 2019 by shardadmin

Market Overview

2019 has seen a drop in fundraising and listing activity in comparison to this time last year. There have been zero new issues on AIM in January and only three in the Main Market.

While there has been significant slowdown in the market, two bright spots in terms of fundraising are the Healthcare and Oil and Gas sectors, which make up the majority of the funds raised in January. While the Materials sector saw a high level of activity, the amounts of funds raised were disproportionately low.

Shard Capital is looking ahead to the release of February numbers to determine if January was only a bump in the road or the beginning of a downward trend.

While companies may be expected to “graduate” from AIM to the Main Market, potentially lower costs and regulatory requirements may have driven companies to do the opposite.

Over recent years, there has been a trend for smaller companies to choose the Main Market over AIM. This may be reversing.

So far, 2019 has seen two companies move from AIM to the Main Market while two companies have gone the other way.

Month: April 2019

Chesterfield Resources Plc – Final Results, Notice of AGM, Director Resignation

European Metals Holdings Limited – Quarterly Activities Report

European Metals Holdings Limited – Quarterly Cashflow Report

Nostra Terra Oil and Gas Company Plc – First Horizontal Well at Mesquite

Galileo Resources Plc – Holdings in Company

ECM Insights – April 2019

Market Overview

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