Evrima Plc - Investee Update: Kalahari Key, Drill Programme Underway

9 September 2022

Evrima plc

("Evrima" or the "Company")

Investee Update: Kalahari Key Project Operator, Power Metal Resources plc, provide Drill Programme Underway

Evrima are 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.

On 8^th September 2022, Power Metal announced the commencement of drill mobilisation, the source release can accessed here.

Key Updates:

• Mindea Exploration and Drilling Services (Pty) (“Mindea”), an experienced Botswana-based company with extensive experience in-country has officially commenced mobilisation for the upcoming drilling programme.

• The planned drilling start date is now set for mid-September 2022. A further RNS will be provided to the market once drilling has officially commenced.

• The current planned programme is for circa 2,600m of drilling across an expected 6 drillholes, with at least two drillholes planned into the newly identified conductor within the T1-6 target area.

• Additional geophysics, including further Moving Loop Electromagnetic (“MLEM”) surveys as well as high-resolution ground-based magnetic surveys are underway. A further update in regard to this work, as well as survey results, are expected shortly.

• The programme is being designed to ensure expeditious core analysis to include: geologists on site to conduct continuous core inspection and logging, identification of visible sulphides, selection of core samples for assay testing and the arrangement where appropriate of expedited laboratory assays to minimise turnaround time. Hiring of the personnel required for the above is in the process of being finalised with crews arriving to site shortly.

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).

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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

About Kalahari Key Mineral Exploration

The KKME opportunity developed from a recognition that no historical exploration targeting “feeder” styles of Ni-Cu-PGM mineralisation had been completed within the MFC ultramafic complex. The founding group of four seasoned metals explorers identified a number of prospecting licences over a prospective geological feature often associated with feeder-style deposits. KKME is a privately owned company, which currently owns 100% of prospecting licences PL310/2016, PL311/2016 and PL202/2018 in Botswana, collectively making up KKME’s interest in the MFP. KKME holds no other interests and is debt-free.