July 2018 - Shard Capital Stockbrokers

Path Investments plc – Proposed Placing

Posted on 31st July 2018 by shardadmin

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, SINGAPORE OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.THIS ANNOUNCEMENT HAS NOT BEEN APPROVED BY THE LONDON STOCK EXCHANGE, NOR IS IT INTENDED THAT IT WILL BE SO APPROVED.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW ORDINARY SHARES OF PATH INVESTMENTS PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU No. 596/2014). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Path Investments plc

(‘Path’ or ‘the Company’)

Proposed Placing to raise £10 million to complete the Farm-In Agreement

EIS Advanced Assurance Received

Path Investments plc (TIDM: PATH) is pleased to announce that it proposes to raise £10 million by way of a placing (the “Placing”) of new ordinary shares in the Company (the “Placing Shares”).

The net Placing proceeds will give the Company sufficient funds to complete the farm-in agreement (the “FIA”) with 5P Energy GmbH (“5P Energy”) in relation to the proposed acquisition of a 50 per cent. Participating Interest in a producing gas field, the Alfeld-Elze II Licence and Gas Field in Germany. The effect of the FIA is that Path will be cash generative from completion.

The Company intends to join the dividend list in the first half of 2019.

The terms of the Placing including the number of Placing Shares, the Placing price and allocations are at the discretion of Cantor Fitzgerald Europe (“Cantor Fitzgerald”) which is acting as joint financial adviser, broker and bookrunner and a further announcement confirming these details will be made following the conclusion of the Placing. Shard Capital (“Shard”) is acting as joint financial adviser and broker in the transaction.

EIS and VCT status

Path has received advanced assurance from HMRC that the Placing Shares are capable of being a “qualifying holding” for the purpose of investment by an investor seeking EIS relief. The Company also anticipates subscription by VCTs in the Placing Shares should be regarded as a subscription in eligible shares and form a qualifying holding under the relevant legislation, however HMRC has informed the Company that it no longer considers speculative advance assurance applications pending confirmation of the names of the VCTs who are considering an investment.

Placing Shares that are allocated to EIS and VCT investors will be limited to funds not exceeding £5 million in order to not exceed the maximum amount that can be raised annually through risk capital schemes.

Overview of the FIA and Use of Funds

· The Company announced on 15 December 2017 that Path had entered into a conditional farm-in agreement with 5P Energy in relation to the acquisition by the Company of a 50 per cent. Participating Interest in the producing Alfeld-Elze II Licence and gas field in Germany.

· Completion of the FIA will occur as soon as practicable following Admission, however the economic benefits and obligations of the FIA transfer to Path on the effective date of 1 January 2018.

· Following completion, Path will acquire a 50 per cent. non-operated Participating Interest in the producing onshore Alfeld-Elze II gas field located approximately 22 kilometres south of Hanover in Niedersachsen, Germany and covering a total of 64.6 square kilometres.

· Existing current gross production from the first vertical well, H-WD Z2, is approximately 84.0 Mm3/d (c. 3.0 MMscf/d), amounting to approximately €4 million of gross annual revenue.

· Between 1 January 2015 and 31 March 2018 the H-WD Z2 well has produced a cumulative 85.5 MMm3 (3.0 bcf) of gas.

· The re-drilling of a second well at Alfeld-Elze II, the A-EZ Z4(2) well was completed in February 2018 and subject to testing, final approvals and commissioning, production from A-EZ Z4(2) is anticipated to commence in H2 2018 and will be funded to production by the net proceeds of the Placing (“Phase 1”).

· Path’s competent person’s report estimates gross 2P reserves of 560 MMm3 (19.8 bcf) and gross 2C (mid) contingent resources of 1,802 MMm3 (63.6 bcf).

· The Second phase of the Alfeld-Elze II field development plan includes preparatory work such as the reinterpretation of seismic data and the development of a full field simulation model in order to optimise the locations of further wells. This is expected to be followed by the drilling of up to three additional new horizontal or slanted wells, with the objective of maximising reservoir contact and delivering enhanced production levels (“Phase 2”). The net proceeds of the Placing will be sufficient to fund the completion of Phase 1, which is expected to double current production, and the preparatory work associated with Phase 2.

Pursuant to the FIA, the Company will acquire a 50 per cent. Participating Interest in the Alfeld-Elze II Licence on the following terms:

· Initial Consideration of €5 million payable in cash by the Company to 5P Energy on completion of the FIA as partial reimbursement of the H-WD Z2 costs;

· Subject to the A-EZ Z4(2) well achieving commercial production, a cash consideration payment of €2 million as partial reimbursement of the A-EZ Z4(2) costs incurred by 5P Energy prior to 1 January 2018;

· A 100 per cent. carry, up to a maximum of €10 million, towards the costs of the drilling, logging, testing and completion of one or more new wells and, if agreed by both Path and 5P Energy, including the acquisition of 3D seismic over the Licence area.

Additional cash payments may become payable if certain milestones are successfully met over a 5-year period following Completion of up to €7.25 million payable as follows:

– €2.25 million on achievement of cumulative gross gas production of 10bcf;

– €3 million on achievement of €100 million of cumulative total gross project gas revenues; and

– €2 million on achievement of cumulative gross gas production of 40bcf.

Dividend Policy

The Directors intend to commence payment of dividends when it becomes commercially viable to do so, subject to the working capital requirements of the Company and the availability of distributable funds and will adopt a progressive but prudent dividend policy thereafter.

In order to increase the flexibility of paying dividends in future, as soon as practicable following Admission, the Board intends to seek approval for an increase in the distributable reserves of the Company. This increase will be achieved by the cancellation of the Company’s share premium account, subject to Shareholder approval and confirmation by the High Court of Justice in England and Wales.

Noting that the effect of the FIA is that Path will be cash generative from completion, it is the Directors’ intention that Path should join the dividend list in the first half of 2019.

The Placing

The Placing Shares will, when issued, be credited as fully paid and will rank pari passu with the existing ordinary shares including the right to receive all future dividends and distributions declared, made or paid by reference to a record date falling after the date of their issue. The Company will apply for (i) the Placing Shares and(ii) its existing issued ordinary share capital, to be admitted to trading on AIM (“Admission”). An admission document will be published by Path in due course. The Placing Shares are not being offered or sold in any jurisdiction where it would be unlawful to do so. The allotment of the Placing Shares is not subject to shareholder approval.

Cancellation of Standard Listing

The Company’s ordinary shares remain suspended from trading on the Main Market. Cancellation of the listing of the Company’s ordinary shares on the Official List is expected to take effect on Admission.

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

***ENDS***

For further information:

Path Investments plc

Christopher Theis, Andy Yeo +44 (0) 20 3934 6632

Cantor Fitzgerald (Joint Financial Adviser, Broker and Bookrunner)

Nick Tulloch, Pete Malovany +44 (0) 131 257 4634

Shard Capital (Joint Financial Adviser and Broker)

Simon Leathers, Damon Heath +44 (0) 20 7186 9900

IFC Advisory (Financial PR & IR)

Tim Metcalfe, Heather Armstrong, Miles Nolan +44 (0) 20 3934 6630

Cautionary statement regarding forward-looking statements

Certain statements in this Announcement are forward-looking statements, which are based on the Company’s current expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements and words of similar meaning or the negative thereof, include all matters that are not historical facts and reflect the directors’ beliefs and expectations and involve a number of risks, assumptions and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Statements contained in this Announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.

Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable law, neither the Company nor its advisers assumes any responsibility or obligation to update or revise publicly or review any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise. You should not place undue reliance on any forward-looking statements, which speak only as of the date of this Announcement.

European Metals Holdings Limited

Posted on 31st July 2018 by shardadmin

EUROPEAN METALS HOLDINGS LIMITED

QUARTERLY ACTIVITIES REPORT – JUNE 2018

HIGHLIGHTS

· Appointment of Chief Operating Officer

· Pilot Scale Cinovec Ore Beneficiation Commenced

· Cinovec Production Modelled to Increase to 22,500 TPA of Lithium Carbonate

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 in Czech Republic during the three month period ending June 2018.

APPOINTMENT OF CHIEF OPERATING OFFICER

The Company announced the appointment of Mr Neil Meadows to the position of Chief Operating Officer on 11 April 2018. Neil has previously held the position of Chief Operating Officer at Karara Mining Ltd, Managing Director of IMX Resources Limited and worked with the Australian Premium Iron Ore Joint Venture on mine infrastructure. Prior to that, he was the Chief Operating Officer of Queensland Nickel Pty Ltd, subsequent to the sale of the business by BHP and was previously the General Manager of the Yabulu Refinery site for BHP. Prior to that he was the General Manager at the Murrin Operation for Minara Resources Ltd, a position he held for almost five years.

Neil holds a Masters of Applied Science in Metallurgy from the South Australian Institute of Technology, and was the recipient of the Mine Manager of the Year Award through the Sydney Mining Club in 2007. He was the Australasian Institute of Mining and Metallurgy North Queensland Resources Industry Professional of the Year in 2009. His technical qualifications are supported by a Graduate Diploma in Business Administration from Charles Sturt University, along with a Diploma of the Australian Institute of Company Directors. Neil is an accomplished and highly regarded senior executive with a successful background in leadership in the Australian resources sector. His strategic focus, outstanding communication skills and excellent work ethic have provided him with the leadership strengths to manage multi-disciplined teams in the achievement of corporate objectives. He is result-orientated, disciplined and has gained considerable recognition for his work in improving operational and business outcomes for major enterprises.

PILOT SCALE CINOVEC ORE BENEFICIATION COMMENCED

On 6 June 2018, European Metals announced the commencement of the beneficiation process and magnetic separation of a 15 tonne bulk sample which represents the ore that will be mined in the first stages of project development.

The beneficiation and magnetic separation of a lithium rich concentrate will provide pilot plant feed for planned downstream processing through the roast, leach, purification and final product precipitation flowsheet that has been developed. It is intended to ultimately produce up to 200 kg of battery grade lithium carbonate from this material for marketing and user acceptance purposes.

The processing of the ore sample will also provide approximately 12 tonnes of non-magnetic material that will be used to confirm the flowsheet for the recovery of tin and tungsten values which are unique and important by-products from the Cinovec ore body.

The program of work is being carried out by UVR-FIA GmbH in Freiberg who are specialists in beneficiation and magnetic separation.

DEVELOPMENTS POST REPORTING PERIOD

CINOVEC PRODUCTION MODELLED TO INCREASE TO 22,500 TPA OF LITHIUM CARBONATE

On 11 July 2018 the Company reported that it had completed roast optimization testwork and that improved recoveries have resulted in increased lithium carbonate production from the Cinovec Project to 22,500 tpa.

All recent roast/leach tests have reliably achieved lithium extractions in the region of 94% recovery. The significance of these results is that a 7% increase in lithium recovery is predicted over that used in the Preliminary Feasibility Study (“PFS”) completed last year which in turn leads to an increase to 22,500tpa of lithium carbonate production from the project.

This increased production results in approximately a 10% increase in EBITDA margins for the project which will have obvious positive effects to the project returns which the definitive feasibility will re-model.

CORPORATE

As at 30 June 2019 the issued performance shares including the terms and conditions were as follows:

Number	Description	Summary Terms & Conversion Hurdles
1,000,000	Class B 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 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	Class B 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 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

Class B 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 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 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 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

Tenement	Interest at beginning of Quarter	Acquired/Disposed	Interest at end of Quarter
Cinovec	100%	N/A	100%
Cinovec 2	100%	N/A	100%
Cinovec 3	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 348Mt @ 0.45% Li₂O and 0.04% Sn and an Inferred Mineral Resource of 309Mt @ 0.39% Li₂O and 0.04% Sn containing a combined 7.0 million tonnes Lithium Carbonate Equivalent and 263kt of tin. An initial Probable Ore Reserve of 34.5Mt @ 0.65% Li2O and 0.09% Sn has been declared to cover the first 20 years mining at an output of 20,800tpa 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%. 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.

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.

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.

Horizonte Minerals PLC

Posted on 31st July 2018 by shardadmin

INTERIM RESULTS

31 July 2018 – Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) (‘Horizonte’ or ‘the Company’) the nickel development company focused in Brazil, announces its unaudited financial results for the six months ended 30 June 2018 and the Management Discussion and Analysis for the same period.

Both of the above have been posted on the Company’s website at www.horizonteminerals.com and are also available on SEDAR at www.sedar.com.

Chairman’s Statement
The first half of 2018 has been an exciting period for the Company, with the feasibility study on our flagship Araguaia ferronickel project now nearing completion. In parallel, we have made strong progress on several infrastructure related workstreams at the project, including energy and water.

At the start of the year, we announced completion of the trial excavation programme at Araguaia, marking another key development milestone for the project. The programme involved the removal of approximately 20,000 tonnes of ore, generating real in-situ data allowing us to confirm the mining technique, slope stability, grade profiles, dewatering requirement with additional work on ore handling which has allowed the primary crushing design to be finalised.

Based on the positive results from the trial excavation programme, the 43-101 Mineral Reserve Estimate is being updated with the objective of converting a portion of the current reserve from the Probable Category to Proven.

In April we were granted the definitive water permit for industrial water consumption by the Brazilian Pará State Environmental Agency (‘SEMAS’). The water permit, granted to Horizonte’s wholly owned subsidiary, Araguaia Níquel Metais Ltda., is yet another key permit and brings the Company closer to its objective of being ‘construction-ready’, by the end of 2018.

More recently we completed the detailed aero survey covering the route of the power line into the project, providing high resolution digital topography and mapping of the power line route and detailed positioning for the transmission line pylons.

This information will be used by SM&A Servicos Eletricos to undertake design engineering for the 230kV transmission line, as well as for supporting structures including transformer capacity and any engineered structures associated with the supply.

We have also awarded contracts to cover the engineering design and environmental permitting for the powerline and substation infrastructure for the Araguaia project.

I am pleased to report that as we continue to achieve these significant milestones, nickel has continued its strong performance this year rising to US$14,823 per tonne by the end of June, up 18% since the start of the year¹. Global demand for nickel has been reported to be increasing by 7.3% this year, while supply rises 6.8 % to 2.210 million tonnes². Analysts in the sector have also stated this year that they expect the global nickel market deficit to widen to 88,000 tonnes, from 72,000 tonnes in 2017.

What is also key for the Company is that long term analyst forecasts are pricing nickel above the current levels. These forecasts are being driven by both traditional uses for nickel in stainless steel, as well as the new drivers; super-alloys and the battery sectors. This bodes well for Horizonte as we look to benefit from the growth in both end markets, through the development of the advanced stage Araguaia ferronickel project and the Vermelho nickel-cobalt project, which we acquired in December.

Since acquiring Vermelho we have been able to announce an initial NI 43-101 Mineral Resource Estimate for the project, located approximately 80 kilometres north west of Araguaia North.

The Vermelho Nickel-Cobalt Mineral Resources, in the Measured and Indicated category, are 167.8 million tonnes grading 1.01% nickel and 0.06% cobalt (at 0.9% nickel equivalent cut off for 1.678Mt contained nickel and 1.0Mt contained cobalt).

Having cobalt exposure also adds an additional commodity stream in light of the growing interest in both cobalt and nickel for use in the Electric Vehicle (EV) battery market.

The next phase of work at Vermelho will focus on advancing the work that Vale completed as part of their Feasibility Study, taking the mixed hydroxide product (MHP) and upgrading to nickel and cobalt sulphate suitable for use in the evolving EV battery market.

To conclude, this positive progress on our projects has set a strong base for an important second half year for Horizonte, where we will outline our plans to bring into production one of the next major nickel mines at a time when there are a number of factors driving global demand for nickel and cobalt.

David Hall

Chairman

31 July 2018

Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2018

Condensed consolidated statement of comprehensive income

		6 months ended 30 June		3 months ended 30 June
		2018	2017	2018	2017
		Unaudited	Unaudited	Unaudited	Unaudited
	Notes	£	£	£	£
Continuing operations
Revenue		–	–	–	–
Cost of sales		–	–	–	–

Gross profit		–	–	–	–

Administrative expenses		(785,348)	(654,548)	(494,155)	(376,487)
Charge for share options granted		(294,706)	(78,810)	(181,031)	(28,424)
Change in value of contingent consideration		(194,474)	153,095	(294,549)	120,885
Gain/(Loss) on foreign exchange		92,798	(245,553)	137,972	(141,613)


Loss from operations		(1,181,730)	(825,816)	(831,763)	(425,639)

Finance income		21,875	7,448	16,249	6,825
Finance costs		(140,322)	(116,944)	(68,703)	(58,758)

Loss before taxation		(1,300,177)	(935,312)	(884,217)	(477,572)

Taxation		–	–	–	–

Loss for the year from continuing operations		(1,300,177)	(935,312)	(884,217)	(477,572)

Other comprehensive income
Items that may be reclassified subsequently to profit or loss Change in value of available for sale financial assets
Currency translation differences on translating foreign operations		(4,055,213)	(2,196,597)	(2,948,200)	(2,499,362)
Other comprehensive income for the period, net of tax		(4,055,213)	(2,196,597)	(2,948,200)	(2,499,362)
Total comprehensive income for the period
attributable to equity holders of the Company		(5,355,390)	(3,131,909)	(3,832,417)	(2,976,934)

Earnings per share from continuing operations attributable to the equity holders of the Company

Basic and diluted (pence per share)	9	(0.091)	(0.080)	(0.062)	(0.041)

Condensed consolidated statement of financial position

		30 June 2018	31 December 2017
		Unaudited	Audited
	Notes	£	£
Assets
Non-current assets
Intangible assets	6	32,647,918	34,308,278
Property, plant & equipment		1,471	2,051
		32,649,390	34,310,329
Current assets
Trade and other receivables		181,805	153,105
Cash and cash equivalents		8,969,672	9,403,825
		9,151,477	9,556,930
Total assets		41,800,867	43,867,259
Equity and liabilities
Equity attributable to owners of the parent
Issued capital	7	14,325,218	13,719,343
Share premium	7	41,664,018	40,422,258
Other reserves		(3,067,198)	988,015
Accumulated losses		(16,893,272)	(15,887,801)
Total equity		36,028,766	39,241,815
Liabilities
Non-current liabilities
Contingent consideration		5,115,371	3,635,955
Deferred tax liabilities		221,435	253,205
		5,336,806	3,889,160
Current liabilities
Trade and other payables		435,295	736,284

Total liabilities		5,772,101	4,625,444
Total equity and liabilities		41,800,867	43,867,259

Condensed statement of changes in shareholders’ equity

	Attributable to the owners of the parent
	Share capital £	Share premium £	Accumulated losses £	Other reserves £	Total £

As at 1 January 2017	11,719,343	35,767,344	(14,899,297)	4,467,064	37,054,454
Comprehensive income
Loss for the period	–	–	(935,312)	–	(935,312)
Other comprehensive income
Currency translation differences	–	–	–	(2,196,597)	(2,196,597)
Total comprehensive income	–	–	(935,312)	(2,196,597)	(3,131,909)
Transactions with owners
Share based payments	–	–	78,810	–	78,810
Share issues costs	–	(19,432)	–	–	(19,432)
Total transactions with owners	–	(19,432)	78,810	–	59,378
As at 30 June 2017 (unaudited)	11,719,343	35,747,912	(15,755,799)	2,270,467	33,981,923

	Attributable to the owners of the parent
	Share capital £	Share premium £	Accumulated losses £	Other reserves £	Total £

As at 1 January 2018	13,719,343	40,422,258	(15,887,801)	988,015	39,241,815
Comprehensive income
Loss for the period	–	–	(1,300,177)	–	(1,300,177)
Other comprehensive income
Currency translation differences	–	–	–	(4,055,213)	(4,055,213)
Total comprehensive income	–	–	(1,300,177)	(4,055,213)	(5,355,390)
Transactions with owners
Share based payments	–	–	294,706	–	294,706
Issue of Shares	605,875	1,451,724	–	–	2,057,599
Share issue costs		(209,964)	–	–	(209,964)
Total transactions with owners	605,875	1,241,760	294,706	–	2,142,341
As at 30 June 2018 (unaudited)	14,325,218	41,664,018	(16,893,272)	(3,067,198)	36,028,766

Condensed Consolidated Statement of Cash Flows

	6 months ended 30 June		3 months ended 30 June
	2018	2017	2018	2017
	Unaudited	Unaudited	Unaudited	Unaudited
	£	£	£	£
Cash flows from operating activities
Loss before taxation	(1,300,177)	(935,312)	(884,217)	(477,572)
Interest income	(21,875)	(7,448)	(16,249)	(6,825)
Finance costs	140,322	116,944	68,703	58,758
Exchange differences	(92,798)	245,553	(137,972)	141,613
Employee share options charge	294,706	78,810	181,031	28,424
Change in fair value of contingent consideration	194,474	(153,095)	294,549	(120,885)
Depreciation	–	234	–	75
Operating loss before changes in working capital	(785,348)	(654,314)	(494,155)	(376,412)
Decrease/(increase) in trade and other receivables	(42,799)	(793)	8,706	12,800
(Decrease)/increase in trade and other payables	(297,071)	(252,149)	(19,078)	24,812
Net cash outflow from operating activities	(1,125,218)	(907,256)	(504,527)	(338,800)
Cash flows from investing activities
Purchase of intangible assets	(1,285,340)	(2,497,924)	(661,440)	(1,664,272)
Proceeds from sale of property, plant and equipment	–	–	–	–
Interest received	21,875	7,448	16,249	6,825
Net cash used in investing activities	(1,263,465)	(2,490,476)	(645,191)	(1,657,447)
Cash flows from financing activities
Issue of shares	2,057,599	–	–	–
Share issue costs	(209,965)	(19,432)	–	–
Net cash used in financing activities	1,847,634	(19,432)	–	–
Net decrease in cash and cash equivalents	(541,049)	(3,417,164)	(1,149,719)	(1,996,247)
Cash and cash equivalents at beginning of period	9,403,825	9,317,781	9,971,253	7,792,924
Exchange gain/(loss) on cash and cash equivalents	106,896	(245,553)	148,138	(141,613)
Cash and cash equivalents at end of the period	8,969,672	5,655,064	8,969,672	5,655,064

Notes to the Financial Statements

1. General information

The principal activity of the Company and its subsidiaries (together ‘the Group’) is the exploration and development of precious and base metals. There is no seasonality or cyclicality of the Group’s operations.

The Company’s shares are listed on the Alternative Investment Market of the London Stock Exchange (AIM) and on the Toronto Stock Exchange (TSX). The Company is incorporated and domiciled in the United Kingdom. The address of its registered office is Rex House, 4-12 Regent Street, London SW1Y 4RG.

2. Basis of preparation

The condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard 34 Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2017, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The condensed consolidated interim financial statements set out above do not constitute statutory accounts within the meaning of the Companies Act 2006. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 31 December 2017 were approved by the Board of Directors on 26 March 2018 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.

The condensed consolidated interim financial statements of the Company have not been audited or reviewed by the Company’s auditor, BDO LLP.

Going concern

The Directors, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed consolidated interim financial statements for the period ended 30 June 2018.

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group’s medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group’s 2016 Annual Report and Financial Statements, a copy of which is available on the Group’s website: www.horizonteminerals.com and on Sedar: www.sedar.com The key financial risks are liquidity risk, foreign exchange risk, credit risk, price risk and interest rate risk.

Critical accounting estimates

The preparation of condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group’s 2017 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.

3. Significant accounting policies

The condensed consolidated interim financial statements have been prepared under the historical cost convention as modified by the revaluation of certain of the subsidiaries’ assets and liabilities to fair value for consolidation purposes.

The same accounting policies, presentation and methods of computation have been followed in these condensed consolidated interim financial statements as were applied in the preparation of the Group’s Financial Statements for the year ended 31 December 2017.

4. Segmental reporting

The Group operates principally in the UK and Brazil, with operations managed on a project by project basis within each geographical area. Activities in the UK are mainly administrative in nature whilst the activities in Brazil relate to exploration and evaluation work. The reports used by the chief operating decision maker are based on these geographical segments.

2018	UK	Brazil	Total
	6 months ended 30 June 2018 £	6 months ended 30 June 2018 £	6 months ended 30 June 2018 £
Revenue	–	–	–
Administrative expenses	(585,100)	(190,248)	(785,348)
Profit on foreign exchange	134,070	(41,272)	92,798
(Loss) from operations per reportable segment	(461,030)	(231,520)	(692,550)
Inter segment revenues	–	–	–
Depreciation charges	–	–	–
Additions and foreign exchange movements to non-current assets	–	(1,319,706)	(1,319,706)
Reportable segment assets	8,933,086	32,867,781	41,800,867
Reportable segment liabilities	5,209,572	562,529	5,772,101

2017	UK	Brazil	Total
	6 months ended 30 June 2017 £ (Restated)	6 months ended 30 June 2017 £ (Restated)	6 months ended 30 June 2017 £ (Restated)
Revenue	–	–	–
Administrative expenses	(424,914)	(229,634)	(654,548)
(Loss) on foreign exchange	(224,641)	(20,912)	(245,553)
(Loss) from operations per reportable segment	(649,555)	(250,546)	(906,101)
Inter segment revenues	–	–	–
Depreciation charges	(234)	–	(234)
Additions and foreign exchange movements to non-current assets	–	519,276	519,276
Reportable segment assets	5,631,052	32,578,490	38,209,543)
Reportable segment liabilities	3,623,391	604,229	4,227,620


2018	UK	Brazil	Total
	3 months ended 30 June 2018	3 months ended 30 June 2018	3 months ended 30 June 2018
	£	£	£
Revenue	–	–	–
Administrative expenses	(419,003)	(75,152)	(494,155)
Profit on foreign exchange	170,232	(32,260)	137,972
(Loss) from operations per	(248,771)	(107,412)	(356,183)
reportable segment
Inter segment revenues	–	–	–
Depreciation charges	–	–	–
Additions and foreign exchange movements to non-current assets	–	(1,712,480)	(1,712,480)


2017	UK	Brazil	Total
	3 months ended 30 June 2017	3 months ended 30 June 2017	3 months ended 30 June 2017
	£ (Restated)	£ (Restated)	£ (Restated)
Revenue	–	–	–
Administrative expenses	(272,223)	(104,264)	(376,487)
(Loss) on foreign exchange	(121,113)	(20,501)	(141,613)
(Loss) from operations per	(393,336)	(124,765)	(518,100)
reportable segment
Inter segment revenues	–	–
Depreciation charges	(75)	–	(75)
Additions and foreign exchange movements to non-current assets	–	(648,305)	(648,305)

A reconciliation of adjusted loss from operations per reportable segment to loss before tax is provided as follows:

	6 months ended 30 June 2018	6 months ended 30 June 2017	3 months ended 30 June 2018	3 months ended 30 June 2017
	£	£	£	£
Loss from operations per reportable segment	(692,550)	(900,101)	(356,183)	(518,100)
– Change in fair value of contingent consideration	(194,474)	153,095	(294,549)	120,885
– Charge for share options granted	(294,706)	(78,810)	(181,031)	(28,424)
– Finance income	21,875	7,448	16,249	6,825
– Finance costs	(140,322)	(116,944)	(68,703)	(58,758)
Loss for the period from continuing operations	(1,300,177)	(955,312)	(884,217)	(477,572)

5. Change in Fair Value of Contingent Consideration

Contingent Consideration payable to Xstrata Brasil Mineração Ltda.

The contingent consideration payable to Xstrata Brasil Mineração Ltda has a carrying value of £3,844,193 at 30 June 2018 (30 June 2017: £3,246,242). It comprises two elements: US$1,000,000 due after the date of issuance of a joint feasibility study for the combined Enlarged Project areas and to be satisfied by shares or cash, together with US$5,000,000 consideration in cash as at the date of first commercial production from any of the resource areas within the Enlarged Project area. The key assumptions underlying the treatment of the contingent consideration the US$5,000,000 are as per those applied to the contingent consideration payable to the former owners of Teck Cominco Brasil S.A.

As at 30 June 2018, there was a finance expense of £97,826 (2017: £112,464) recognised in finance costs within the Statement of Comprehensive Income in respect of this contingent consideration arrangement, as the discount applied to the contingent consideration at the date of acquisition was unwound.

The change in the fair value of contingent consideration payable to Xstrata Brasil Mineração Ltda generated a credit to profit or loss of £112,928 for the six months ended 30 June 2018 (30 June 2017: £174,259) due to changes in the functional currency in which the liability is payable.

6. Intangible assets

Intangible assets comprise exploration and evaluation costs and goodwill. Exploration and evaluation costs comprise internally generated and acquired assets.

Group			Exploration and
	Goodwill	Exploration licences	evaluation costs	Total
	£	£	£	£
Cost
At 1 January 2018	251,063	5,165,529	28,891,686	34,308,278
Additions	–	1,441,621,	1,281,761	2,426,382
Exchange rate movements	(31,501)	(442,142)	(3,613,099)	(4,086,742)
Net book amount at 30 June 2018	219,562	5,868,008	26,560,348	32,647,918

7. Share Capital and Share Premium

Issued and fully paid

Number of shares

Ordinary shares

Share premium

Total

At 1 January 2018

1,371,934,300

13,719,343

40,422,258

54,141,601

At 30 June 2018

1,432,521,800

14,325,218

41,664,018

55,989,236

8. Dividends

No dividend has been declared or paid by the Company during the six months ended 30 June 2018 (2017: nil).

9. Earnings per share

The calculation of the basic loss per share of 0.091 pence for the 6 months ended 30 June 2018 (30 June 2017 loss per share: 0.080 pence) is based on the loss attributable to the equity holders of the Company of £ (1,300,177) for the six month period ended 30 June 2018 (30 June 2017: £(935,312)) divided by the weighted average number of shares in issue during the period of 1,429,509,162 (weighted average number of shares for the 6 months ended 30 June 2017: 1,171,934,300).

The calculation of the basic loss per share of 0.062 pence for the 3 months ended 30 June 2018 (30 June 2017 loss per share: 0.041 pence) is based on the loss attributable to the equity holders of the Company of £ (884,217) for the three month period ended 30 June 2018 (3 months ended 30 June 2017: (477,572) divided by the weighted average number of shares in issue during the period of 1,432,521,800 (weighted average number of shares for the 3 months ended 30 June 2017: 1,171,934,300).

The basic and diluted loss per share is the same, as the effect of the exercise of share options would be to decrease the loss per share.

Details of share options that could potentially dilute earnings per share in future periods are disclosed in the notes to the Group’s Annual Report and Financial Statements for the year ended 31 December 2017 and in note 10 below.

10. Issue of Share Options

On 30 May 2018, the Company awarded 38,150,000 share options to Directors and senior management. All of these share options have an exercise price of 4.80 pence. One third of the options are exercisable from 30 November 2018, one third from 31 May 2018 and one third from 30 November 2019.

On 30 May 2018, the Company awarded 1,500,000 share options to a consultant to the Company under the terms of the prior year’s scheme. These options are exercisable immediately.

On 31 March 2017, the Company awarded 41,000,000 share options to Directors and senior management. All of the share options have an exercise price of 3.20 pence. One third of the options are exercisable from 30 September 2017, one third from 31 March 2018 and one third from 30 September 2018.

11. Ultimate controlling party

The Directors believe there to be no ultimate controlling party.

12. Related party transactions

The nature of related party transactions of the Group has not changed from those described in the Group’s Annual Report and Financial Statements for the year ended 31 December 2017.

13. Events after the reporting period

There are no events which have occurred after the reporting period which would be material to the financial statements.

Approval of interim financial statements

These Condensed Consolidated Interim Financial Statements were approved by the Board of Directors on 27 July 2018.

Sure Ventures plc Final Results

Posted on 31st July 2018 by shardadmin

Click here to view the full RNS

One week on – Investors motion towards Immotion

Posted on 27th July 2018 by shardadmin

There was much hype in the lead up to the much-anticipated IPO of Immotion Group, and now post their July 12 listing, there is still a buzz with their positive performance one week on. An oversubscribed placing prior to IPO gave promise to the company and reiterated the demand from the retail investor market for access to early stage companies in the flourishing tech sector.

The VR and AR market in recent years has seen exponential growth in gaming and retail space, and in more recent times, with training and education. However, it’s Immotion’s cutting edge fully immersive experiences that are redefining the classic gaming arcades and bringing people back out of their home, driving footfall to shopping centres and giving life back to family entertainment centres.

Whilst content is powering the global VR market, Immotion’s unique offering will be an integral part to the company’s success. With an experienced management team in place, it is evident that Immotion’s offering of a full-service business model ticks every box with manufacturing, content development and performance analysis all managed from one central source.

In addition, the four key channels to market allow multiple avenues for opportunity with sales, partnership, turnkey and commercial entertainment solutions available.

At the time of their IPO, Immotion announced a market cap of £23mil, however since their 12 July listing, the share price has skyrocketed by ~40% and now sits at 14p (as of 27 July 2018).

Within the UK, the virtual reality market is expected to grow at a faster rate than any other entertainment and media industry in EMEA, with PWC forecasting a value of £801mil by 2021. Ownership of dedicated VR headsets alone are set to hit 3 million at the same time, with an additional 12 million smartphone devices being utilised for VR experiences.

The future is bright for the Manchester based company, this week announcing a second instalment of their state of the art experience pods at Merlin Entertainments’ owned Legoland Discovery Centre in Manchester. The second such instalment after their initial debut at Legoland in Boston in early June.

Immotion have created The Great Lego Race, an experience that engages all the senses; combining sight, sound and motion. The virtual escape takes racers on an adventure across the Rocky Mountains, rolling rivers and hot lava, leading them to new discoveries.

From diving underwater, taking a mission in to space, riding a ghost train or exploring a dragon filled fantasy island, the immersive experiences offered by Immotion provide an experience for anyone at any age. With over 40 years’ experience in the team behind Immotion, the content is being continuously developed and utilising home-grown talent, driving innovation and technology within the UK.

Post IPO, Rob Wiegold from Shard Capital Stockbrokers commented, “The demand we saw in the IPO was significant and this to us highlights the appetite from both institutional and retail investors to get exposure to this fast moving sector. We are starting see the relationship between Immotion and Merlin develop and we would hope there are more deals like this on the horizon.”

For more information on Immotion Group, please contact Shard Capital Stockbrokers on 0207 186 9950 / scsb@shardcapital.com

Sources:

https://www.pwc.co.uk/entertainment-media/assets/assets-2018/PwC-Outlook-Perspectives.pdf

Important Investment Information: The views above are published solely for information purposes and are not to be construed as a solicitation or an offer to buy or sell any securities, or related financial instruments. It does not constitute advice or a personal recommendation as defined by the Financial Conduct Authority (“FCA”) or take into account the particular investment objectives, financial situations or needs of individual investors. These views are based on public information and sources considered reliable. Past performance is not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments can fall as well as rise, therefore you could get back less than you invest. If you are unsure about the appropriateness of an investment for your circumstances please seek independent financial advice. Investors should form their own view on any proposed investment. This publication has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Figures correct as at 27 July 2018 unless otherwise stated. This publication is issued by Shard Capital Partners LLP, 20 Fenchurch Street, London, EC3M 3BY United Kingdom who are authorised and regulated by the Financial Conduct Authority.

Chesterfield Resources plc – Appointment of Executive Chairman

Posted on 27th July 2018 by shardadmin

Chesterfield Resources plc is pleased to announce the appointment of Martin French as Executive Chairman with effect from 26 July 2018. He succeeds Non-Executive Chairman Christopher Hall, who stepped-off the Board on the same date.

Martin French said “Chesterfield is a new and exciting project, with an unusually talented team. I am looking forward to representing our shareholders to run an efficient, expeditious and goal-oriented company. I would like to thank Christopher Hall warmly on behalf of everyone at Chesterfield for his contribution. We wish him well for the future.”

Martin French has over 30 years of experience in capital markets, investment banking and mining. He began his career at Merrill Lynch, and was country manager for Credit Lyonnais Securities Asia (CLSA) in various locations in Asia, before setting up its business in Latin America. He was also Managing Director of North River Resources plc from December 2012 until January 2015, and took its Namibia-based brownfield lead-zinc project through to bankable feasibility study and sourced a strategic funding partner. The project is now under construction.

Martin French is interested in 3,000,000 Ordinary Shares, representing 4.84% of the issued ordinary share capital of the Company, and 164,000 Series B Warrants and 1,000,000 Series C Warrants. In addition, upon his appointment as Executive Chairman, the Company has granted Martin 1,400,000 share options, exercisable for five years at an exercise price of 11.25p per share.

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

Chesterfield Resources plc:
Martin French, Executive Chairman	Tel: +44(0)7901 552277
Peter Damouni, Non-Executive Director	Tel: +44(0)7771 787788
Shard Capital (Broker):
Damon Heath	Tel: +44(0)20 7186 9952
Erik Woolgar	Tel: +44(0)20 7186 9964

END

Harvest Minerals Limited – Strategic Alliance with Major Brazilian Fertiliser Producer & Distributor to Sell KPfértil

Posted on 26th July 2018 by shardadmin

Harvest Minerals Limited, the AIM quoted natural fertiliser producer, is pleased to announce that it has signed a strategic alliance agreement (“the Agreement”) with Geociclo Biotecnologia S/A (“Geociclo”), one of the largest developers, producers and distributors of organic fertilisers in Brazil to market and sell Harvest’s KPfértil product.

Highlights:

· Strategic alliance with internationally recognised Geociclo will enable:

– KPfértil, Harvest’s Ministry of Agriculture (‘MAPA’) certified remineraliser, to be marketed and sold by Geociclo’s established sales force

– Access to new agricultural regions in Brazil dominated by Geociclo and the expansion of Harvest’s existing market penetration for the product

– Unrestricted access to Geociclo’s MAPA accredited research and trial production facility, expected to expediate the development of any future products

– Storage of significant quantities of KPfértil in Geociclo’s storage facilities

· Geociclo is established in the Brazilian fertiliser sector having worked with international organisations including the Federal University of Uberlândia, the Agricultural Research Company of Minas Gerais and the Massachusetts Institute of Technology

· Geociclo’s facilities are located in Uberlândia in Minas Gerais, Brazil, the country’s largest agricultural region, approximately 450km from Harvest’s Arapua project and outside of the geographic location originally targeted by Harvest’s sales and marketing functions

Brian McMaster, Executive Chairman of Harvest, said, “Geociclo is an internationally recognised agricultural company and we believe that this alliance will significantly enhance our sales channels and complement our existing arrangements with other parties. As market leaders in the Minas Gerais region, Brazil’s largest agricultural region, Geociclo have an established sales team that will now work to promote KPFértil. Additionally, the Agreement provides further benefits, namely Geociclo’s extensive research and development facilities which our team will utilise to broaden our range of products. Geociclo’s existing MAPA accredited manufacturing facilities, capable of blending and producing these new products, allows us a fast-track to market.

“With the recent receipt of MAPA approval for KPfértil, we will continue to focus on sales and our objective of expanding production capacity at Arapua to build revenue and shareholder value.”

Further Information

The Agreement provides Harvest with an immediately expanded sales and marketing team in a geographic location not currently covered by Harvest’s sales activities. At present the Geociclo sales team, including 11 full-time sales professionals and associated administrative assistants, sell the Geociclo product, Geofert, exclusively. Pursuant to the terms of the Agreement, the sales staff will now market and sell KPfértil alongside Geofert. These products are not direct competitors and it is expected that by marketing the products together, it will increase overall market penetration for both.

Under the terms of the Agreement, Harvest has direct access to Geociclo’s research staff and facilities to develop, produce and market new fertiliser products. Geociclo has a dedicated in–house research facility supported by a team of 10 specialists. Access to these facilities provides Harvest with the opportunity to work directly with farmers, distributors, blenders and other prospective clients to develop products specific to crop requirements of individual customers. Additionally, Harvest will be able to conduct test work in order to tailor and enhance KPfértil, enabling the Company to target new markets. The Board of Harvest believes that access to Geociclo’s resources will positively impact the efficiency of future test work and product development.

Additionally, Geociclo also holds a 150ktpa MAPA registered processing plant and an associated storage facilities warehouse, which Harvest will be permitted to store substantial quantities of its product at this facility, in effect creating a sub-depot.

Geociclo Biotechnologia S/A:

Geociclo was established 11 years ago to develop, produce and distribute a range of organic mineral fertilisers. Over this period it has gained national and international recognition for its innovative work in organic fertilisers working alongside renowned institutions such as UFU (Federal University of Uberlândia), ESALQ / USP (Escola Superior de Agricultura Luiz de Queiroz – USP) (Agricultural Research Company of Minas Gerais), EMATER / MG (Technical Assistance and Rural Extension Company of Minas Gerais), IFTM (Federal Institute of Education, Science and Technology of Triângulo Mineiro and MIT (Massachusetts Institute of Technology).

The company has a main office, sales and marketing team as well as a research and development department in the city of Uberlândia in Minas Gerais, Brazil. The research facilities include a physicochemical and a microbiology laboratory, both accredited by the Ministry of Agriculture (MAPA) as well as a trial production facility. Its sales and marketing division is also based here and comprises an eleven strong sales team plus support staff.

The company’s main production facility is 35km from the city centre. It comprises two production lines which were recently expanded to produce 150Ktpa of its main product, Geofert. Geofert comprises organic waste matter, micronutrients and an organic biodegradable polymer which is pelletised to produce a slow release organic NPK fertiliser.

Further information about Geociclo can be found on its website: http://www.geociclo.com.br

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

For further information please visit www.harvestminerals.net or contact:

Harvest Minerals Limited

Brian McMaster (Chairman)

Tel: +44 (0) 20 7317 6629

Strand Hanson Limited

Nominated & Financial Adviser

James Spinney

Ritchie Balmer

Tel: +44 (0)20 7409 3494

Arden Partners plc

Joint Broker

Tim Dainton

Paul Brotherhood

Paul Shackleton

Tel: +44 (0) 20 7614 5900

Shard Capital Partners

Joint Broker

Damon Heath

Tel: +44 (0) 20 7186 9900

St Brides Partners Ltd

Financial PR

Isabel de Salis

Gaby Jenner

Tel: +44 (0)20 7236 1177

Notes

Harvest Minerals (HMI.L) is a Brazilian focused fertiliser producer advancing the 100% owned Arapua Fertiliser Project, which produces KPfértil, a proven, multi-nutrient, slow release, organic, MAPA-certified remineraliser. KPfértil offers many economic and agronomic benefits and addresses the significant demand for locally produced fertiliser in Brazil, with its abundant agricultural land; currently, the country imports 90% of the potash it uses but has a target to be self-sufficient in fertilisers by 2020. Covering 14,946 hectares and located in the heart of the Brazilian agriculture belt in Minas Gerais, Arapua is a shallow, low cost mine with an indicated and inferred resource of 13.07Mt at 3.1% K2O and 2.49% P2O5.

This is based on drilling just 6.7% of the known mineralisation, leaving significant upside potential. This resource is equivalent over 29 years’ production and the known mineralisation expected to support 100+ years’ production at 450,000 tonnes per annum.

END

Immotion Group PLC – Partnership with LEGOLAND Discovery Centre Manchester

Posted on 24th July 2018 by shardadmin

Immotion Group Plc (“Immotion Group” or the “Group”), the UK-based immersive virtual reality (“VR”) ‘Out of Home’ entertainment business, is pleased to announce that it has partnered with Merlin Entertainments’ owned LEGOLAND® Discovery Centre Manchester.

Immotion has provided the multi-sensory VR experience pod and the content for The Great Lego Race®. The attraction is the second of its kind in the world, with Immotion first installing the experience at LEGOLAND® Discovery Centre Boston, USA.

The exclusive 360-degree attraction, designed for guests six-years-old and above, engages all the senses, combining sight, sound and motion for the ultimate escape. Racers will enter the virtual world for two and half minutes, venturing across Rocky Mountains, rolling rivers and hot lava, with each experience leading to exciting new discoveries.

Martin Higginson, Executive Chairman of Immotion, said: “LEGOLAND® Discovery Centre in Manchester is part of a massively popular worldwide brand, and we are excited about delivering this specially created VR experience in the UK, after successfully launching it with them in the US.

“It demonstrates the kind of high-quality bespoke VR experiences we can develop on behalf of our partners.

“We are proud of the immersive technology behind the pod and we believe it will boost the great family fun already on offer. This is one of Immotion’s highest-profile VR experiences so far and shows that out-of-home VR is increasingly becoming a major part of the worldwide attractions and experiences industry.”

Jenn McDonough, General Manager, Manchester Cluster, Merlin Entertainments, said: “We’re thrilled to be the first location in the UK to offer this amazing experience. We were the first LEGOLAND® Discovery Centre in the UK, and remain the largest, so it is fitting that we are spearheading this entirely new concept. It’s incredibly exciting to be a part of, and I’m certain our Lego fans are going to love it!”

Enquiries:

Immotion Group	Martin Higginson	Tel: +44 (0) 161 235 8505

WH Ireland Limited (Nomad and Joint Broker)	Adrian Hadden Jessica Cave	Tel: +44 (0) 207 220 1666

Shard Capital Partners LLP (Joint Broker)	Damon Heath Erik Woolgar	Tel: +44 (0) 20 7186 9900

Redleaf Communications (Financial PR)	Elisabeth Cowell Robin Tozer Ian Silvera	Tel: +44 (0) 20 3757 6880 Immotion@redleafpr.com

Media Contacts for LEGOLAND® Discovery Centre Manchester:

Rule 5	Sophie Charlesworth	firstnname@rule-5.co.uk
	Lizzie Parr	0161 660 3701

About Immotion Group

Immotion Group, co-founded by Martin Higginson and David Marks in 2017, generates revenues through the delivery of high quality “state of the art” VR experiences, combined with cutting edge motion platforms to consumers at an affordable price point through a range of routes:

· Sales – sale of VR Motion Platforms to Leisure and Entertainment operators provide the opportunity for the operator to drive substantial ancillary revenues

· Concession partners – currently installed at Merlin Entertainments’ LEGOLAND® Discovery Centre in Boston, USA and Genting Resorts World in Birmingham, with further sites under agreement – this channel provides an opportunity for its partners to earn ancillary revenues, as well as providing an exciting additional attraction to their facilities

· Owned and franchised outlets, trading as Immotion VR, located in high footfall shopping centres – first retail store in Bristol (opened in December) has seen growing revenues, and has enjoyed 100% 5* reviews on TripAdvisor

About MERLIN ENTERTAINMENTS plc

MERLIN ENTERTAINMENTS plc is the leading name in location-based, family entertainment. Europe’s Number 1 and the world’s second-largest visitor attraction operator, Merlin now operates 109 attractions, 12 hotels/4 holiday villages in 23 countries and across 4 continents. The company aims to deliver memorable and rewarding experiences to its almost 63 million visitors worldwide, through its iconic global and local brands, and the commitment and passion of its managers and c26,000 employees (peak season).

Among Merlin’s attractions are – SEA LIFE, Madame Tussauds, LEGOLAND, The London Eye, Dungeons, Gardaland, LEGOLAND Discovery Centres, Alton Towers Resort, Warwick Castle, THORPE PARK Resort, Blackpool Tower, Heide Park Resort, Sydney Tower Eye and SKYWALK. All brands which are distinctive, challenging and innovative – and which have great potential for growth in the future. Visit www.merlinentertainments.biz for more information.

END

Harvest Minerals Ltd – Issue of Performance Shares

Posted on 23rd July 2018 by shardadmin

As announced on 5 February 2018, the Company has put in place an incentive scheme for Executive Directors and Senior Management (together, “Management”). The Tranche 2 performance condition has now been achieved, being receipt of MAPA certification. As such, the Company has issued, in aggregate, 1.5 million new Ordinary Shares to Management (the “Tranche 2 Performance Shares”) as follows:

Name	Number of Tranche 3 Performance Shares issued	Resultant Ordinary Share holding in the Company
Brian McMaster	500,000	7,242,996
Luiz Azevedo	500,000	1,645,135
Mark Heyhoe	250,000	750,000
Luis Clerot	250,000	750,000

Admission to Trading and Total Voting Rights

The above shares rank pari passu with the Company’s existing Ordinary Shares. Application has been made for these new Ordinary Shares to be admitted to trading on AIM (‘Admission’). It is expected that Admission will become effective and dealings in these new Ordinary Shares will commence on or around 25 July 2018.

Following the issue of the Tranche 2 Performance Shares, the total issued share capital of the Company consists of 185,835,884 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 185,835,884 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.

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

For further information please visit www.harvestminerals.net or contact:

Harvest Minerals Limited	Brian McMaster (Chairman)	Tel: +44 (0) 20 7317 6629

Strand Hanson Limited (Nominated & Financial Adviser)	James Spinney Ritchie Balmer	Tel: +44 (0)20 7409 3494

Arden Partners plc (Joint Broker)	Tim Dainton Paul Brotherhood Paul Shackleton	Tel: +44 (0) 20 7614 5900

Shard Capital Partners (Joint Broker)	Damon Heath	Tel: +44 (0) 20 7186 9900

St Brides Partners Ltd (Financial PR)	Isabel de Salis Gaby Jenner	Tel: +44 (0)20 7236 1177

Notes:

Harvest Minerals (HMI.L) is a Brazilian focused fertiliser producer advancing the 100% owned Arapua Fertiliser Project, which produces KPfértil, a proven, multi-nutrient, slow release, organic fertiliser and remineraliser. KPfértil offers many economic and agronomic benefits and addresses the significant demand for locally produced fertiliser in Brazil, with its abundant agricultural land; currently, the country imports 90% of the potash it uses but has a target to be self-sufficient in fertilisers by 2020. Covering 14,946 hectares and located in the heart of the Brazilian agriculture belt in Minas Gerais, Arapua is a shallow, low cost mine with an indicated and inferred resource of 13.07Mt at 3.1% K₂O and 2.49% P₂O₅. This is based on drilling just 6.7% of the known mineralisation, leaving significant upside potential. This resource is equivalent to over 29 years’ production and the known mineralisation expected to support 100+ years’ production at 450,000 tonnes per annum.

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.

Galileo Resources Plc – Star Zinc Project Update – Geophysics Review

Posted on 23rd July 2018 by shardadmin

The Company is pleased to announce results of an independent review and interpretation (“Review”) by Earthmaps Consulting CC Namibia (“Earthmaps”) of historical gravity geophysics exploration data (“Geophysics Data”) against the Company’s recent drilling programme results (announced 14 May, 2018) on its Star Zinc Project in Zambia (“Star Zinc). The Company, in joint venture with BMR Group plc (“BMR”), has an 85% interest in Star Zinc.

A copy of the Earthmaps report, including relevant diagrams, is available on the Company’s website, www.galileoresouces.com.

Highlights

Interpretation of historical gravity geophysics data indicates good correlation of the geophysics gravity anomalies with drill-intersected zinc mineralisation (“DZM”) on Star Zinc
This correlation provides a promising tool not only for drill targets in geophysic-tested areas as-yet-undrilled, in the immediate and outlying vicitnity of DZM but also for further potential exploration in other areas

Borehole positions are presented to test gravity highs to the west, north-east and southeast of the DZM for additional zinc mineralization

Drilling to commence shortly

Closer spaced ground gravity geophysics being considered to target resource extension drilling

Directors believe good potential for discovering further zinc mineralisation and extending the mineral resource on Star Zinc

Colin Bird, Chief Executive Officer, said: The re-modelling and interpretation of the drillhole data from our recent drilling progreamme against historical ground geophyics data demonstrates very good correlation with known zinc mineralisationon at Star Zinc: the high gravity signatures relate to the high-grade zinc (high-density) willemite mineralisation and the gravity lows to the zinc-bearing (low density) karsts. We will use this modelling data to target new borehioles in our forthcoming second drilling programme.

Earthmaps Review

The Company commissioned Earthmaps to review Star Zinc’s historical geophysics gravity data (“Review”) over selected profiles across the Star Zinc deposit with the following aims:

to test whether the willemite-franklinite zinc mineralization recently intersected in the drilling programme has a response in the gravity data; and

to identify any additional zinc exploration targets either beneath the mineralization already known to date or in the immediate vicinity of the Star Zinc deposit.

Using gravity forward techniques, Earthmaps examined Star Zinc’s historical gravity data, covering both the mineralised domain and the areas, as yet undrilled, in the immediate and outlying vicinity of the known mineralised domain, in relation to the recent drilling results (announced 14 May, 2018), in order to assess both its correlation with known mineralisation and its suitability as a tool for drillhole-targeting potential new mineralisation.

The examination demonstrated good correlation of the gravity geophysic responses – “gravity highs”- with the drill-intersected zinc mineralisation. This is “an encouragement to use gravity geophysics as one of the tools to target additional zinc mineralization” with a view to extending potentially the current conceptual grade (15% Zinc) and tonnage (485 000 tonnes) estimate (announced 4 June 2018). The Review recommended new drillhole positions to test gravity highs to the west, northeast and southeast to Star Zinc mineralized domain for zinc mineralization

Seven section lines across the gravity survey were modelled: three lines were along drill sections where zinc ore has been intersected and four lines where there was no drill control i.e. no drilling.

Where drill information existed three models were developed:

Drill Controlmodel showing the gravity response of the drill intersections as reported with the sections between boreholes interpolated so as to achieve the best match between the observed and the modeled gravity curves.

Gravity Fitmodel including minor modifications to the Drill Control model, in order to make the calculated gravity response match the observed gravity response.

Barren model showing the gravity response of the host rocks only, i.e. the density contributions of the target bodies are turned off.

Where there was no drill control information three models (plus a Barren model as aforementioned) were generated in order to determine the full range of possible gravity source depths:

Shallowest Depthmodel – the shallowest gravity model possible before the match

Between the observed data and the model response begins to deteriorate and a satisfactory fit

is no longer possible, or when the gravity target body outcrops.

Intermediate Depthmodel – a likely (realistic) model of intermediate depth, which provides the best fit of the observed gravity data and also tends to be the geologically most reasonable or feasible.

Deepest model – the deepest gravity model possible before the fit between observed

data and model response begins to deteriorate and/or before density contrasts between the

target bodies and background become geologically unreasonable. A maximum density of 4.62

g/cc was chosen for the deepest models as this represents a rock composed of 50% willemite

(4.05 g/cc) and 50% hematite (5.18 g/cc) from density measurements carried out by the Company’s consultant geologists.

A gravity profile from west to east across the MD, with the historic open pit (“Pit”) in the middle mirroring a long section drill interpretation to assess any responses under the Pit and / or possible feeder zones was adjusted to account for ore outcrops at the western as well as the eastern ends of the Pit. The match of the observed gravity again is good, but even allowing for some uncertainty in the gravity data in the pit, due to topographic effects that the strong gravity low in the pit can be modeled by a low density fault in part caused by topographic effects due to the pit shape itself, the view was there is little if any room in the gravity response for additional deep zinc targets such as a feeder zone (however see conclusion below).

Earthmaps Conclusions

Gravity surveying along seven lines at the Star Zinc Prospect has shown:

Along three drill sections where zinc ore has been intersected, the gravity anomalies reflect the ore distribution quite well. This gives encouragement to use gravity as one of the tools to target additional zinc mineralization in the area.

Along these three drill sections that were modelled, the gravity data does not indicate any significant drill targets below the depths drilled to date. It appears therefore that the footwall

shale is barren. That said, the gravity data inside the historic open pit is not very reliable due to topographic noise (pit shape and so on), and drilling in the pit itself may well be warranted on grounds other than the gravity signature.

Five borehole positions are presented to test gravity highs to the west, northeast and southeast of mineralized domain for zinc mineralization, with the recommendation to drill these boreholes first and re-assess the results, before embarking on further exploration based on gravity.

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

Technical Sign-Off

Andrew Sarosi, director of Galileo, who holds a B.Sc. Metallurgy and M.Sc. Engineering, University of Witwatersrand and is a member of the Institute of Materials, Minerals and Mining, is a “qualified person” as defined under the AIM Rules for Companies and a competent person under the reporting standards. The technical parts of this announcement have been prepared under Andrew’s supervision and he has approved the release of this announcement.

You can also follow Galileo on Twitter: @GalileoResource

Forward-looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ”believe”, ”could”, “should” ”envisage”, ”estimate”, ”intend”, ”may”, ”plan”, ”will” or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward looking statements contained in this announcement

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 & Joint Broker

Roland Cornish/James Biddle

Tel +44 (0) 20 7628 3396

Novum Securities Limited – Joint Broker

Colin Rowbury /Jon Belliss

+44 (0) 20 7399 9400

Star Zinc Project (“Star Zinc” or “Project”)

Star Zinc is a historical small-scale open pit mine from where, reportedly, low tonnage, high-grade willemite (zinc silicate ore mineral) was extracted intermittently in the 1950s to 1990s.

The Project is located approximately 18km NNW of Lusaka (see Figure 3.1 below), and is accessible via the tarred “Great North Road” and a good all weather graded road, with the journey time from central Lusaka of approximately 30 minutes (traffic allowing).

There is adequate power, water, rail & telecommunications, with the International Airport at Lusaka, less than 45 minutes away.

The Mines and Minerals Development Act No. 11 of 2015 , which grants a Large Scale Prospecting Licence provides for an initial 4 years with a further two 3-year extensions totalling 10 years, with a mandatory 50% reduction of licence area at the completion of the 1st grant and 2nd grant periods respectively. The first renewal period initially expired 13 August 2016 but was extended to 13 August 2018. The Company has submitted an application for the next renewal period.

Several geologists of the Northern Rhodesia (now Zambia) Geological Survey mapped Star Zinc in the 1960s.

At Star Zinc, two main fracture trends are present, one E – W, and another N – S. Both sets of fractures are nearly vertical and are irregularly mineralised. Willemite generally replaces the host rock marbles in the form of massive ore bodies, but it occurs also in veins

In addition, karstic (mineralisation and red soils (terra rossa) are locally heavily mineralised with detrital willemite and supergene zinc minerals. Zinc values measured in soils at Star Zinc reach up to 15,600 ppm and are accompanied by the pathfinder elements Ag (silver), Pb (lead), Ba (barium), Sb (antimony) and Cd (cadmium). The karst infill has a zinc content up to 45wt.% Zn, up to 35wt.% Fe and up to 5g/t Ag.

The mineralogical assemblage non-sulphide zinc minerals includes a whole number of minerals, but the main economic phases present are Zn-silicates (willemite, hemimorphite, Zn-bearing clays), Zn- Pb carbonates (smithsonite, cerussite), hydrated Zn- Pb carbonates (hydrozincite, hydrocerussite) and Zn- Mn- Fe- oxides (zincite, franklinite, gahnite).

Limited independent metallurgical testwork by others has clearly shown that the willemite present at Star Zinc is amenable to acid leaching with positive results for two samples tested. Zinc leaching efficiencies obtained ranged from 89% and 92%. The testwork indicated polymerisation of dissolved silica in the leachate.

An independent competent person’s report commissioned by BMR concluded. In summary, the Star Zinc project has good potential to become a viable project.

Note: the information about Star Zinc is sourced primarily from Competent Person’s Report for the Star Zinc Project, Zambia; Wardell Armstrong, January 2016

Glossary

Argillaceous pertaining to argillite

Argillite rocks or sediment consisting of or containing clay

Detrital loose fragments or grains that have been worn away from rock

Calcite mineral of calcium carbonate

Dolomite mineral composed of calcium magnesium carbonate

Dolomitic pertaining to dolomite

Floats pieces of rock that have been removed and transported from their original outcrop

Franklinite a zinc-ferric oxide mineral

Hematite reddish-black mineral consisting of ferric (iron) oxide.

ICP-OES/MS inductively coupled plasma – optical emission spectrometry /mass spectrometry

Karst landscape underlain by limestone (calcium carbonate), which has been eroded by dissolution, producing ridges, fissures and so on

Karstic pertaining to karst

Laterite a soil and rock type rich in iron and aluminium

Leaching chemical process of solubilising metals in rock into solution

Pisolite a rock comprising pea-sized concentric formations within a fine matrix

Pisolitic pertaining to pisolite

ppm parts per million

XRF Spectrometer analytical instrument for determining chemical composition using x-ray fluorescence

Supergene pertaining to processes or enrichment that occurs relatively near surface

Willemite zinc silicate ore mineral