Evrima Plc - Investee Update: Kalahari Key Project Drilling Underway

22 September 2022

Evrima plc

("Evrima" or the "Company")

Investee Update: Kalahari Key Project Operator, Power Metal Resources plc, Drilling 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 21^st September 2022, Power Metal announced the commencement of drill mobilisation, the source release can accessed here.

Key Updates:

Drill Programme

• Inaugural drilling campaign at Molopo Farms has now commenced.
• Diamond core drilling at drillhole DDH1-6B is now underway and is targeting a large southerly dipping conductor that was identified by the Company’s recently completed moving loop electromagnetic (“MLEM”) geophysics survey over the priority Target area 1-6 (“T1-6”).
• DDH1-6B is located 530m to the south of December 2020 drill hole KKME 1-6 which intersected significant nickel mineralisation ^{1, 2}  subsequently interpreted to be on the  edge of a large electromagnetic (“EM”) conductor.
• The second diamond core drillhole DDH 1-6C planned for the ongoing drilling campaign will be located 830m to the south of KKME1-6.  Site preparations are underway and will be completed shortly.

Geophysics

• Additional ground magnetic and MLEM geophysics surveys over target areas 1-3, 2-3 and 1-14 have now been completed.
• Preliminary geophysical data has now been received, and the Company is now compiling and interpreting these results.
• Power Metal will release a further update to the market in due course with the findings of this geophysical work and the additional drill targets derived from the analysis undertaken.

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.