NEWS

• Royalty investment of US$4 million strengthens Black Iron’s balance sheet

• Anglo American secures offtake rights to at least 2.4 million tonnes per year for life of mine

• Anglo American has first offer and refusal rights to secure further offtake rights in exchange for funding at least 15% of the cost to construct each phase of the Shymanivske Iron Ore Project, which will produce an ultra-highgrade ~68% iron, uniquely positioned to meet the increasing global demand for green steel

Ironbark Zinc Limited (Ironbark, the Company, or IBG) is pleased to announce a significant step in its strategic business evolution with the appointment of Mr. Nikolai Zelenski, a highly experienced and accomplished gold industry leader, as the Company’s new Executive Chair-Elect. In conjunction with his appointment, Ironbark has secured firm commitments from institutional and sophisticated investors to raise A$10 million in new equity funding subject to shareholder approval, recapitalising the business and laying the foundation for the next stage of portfolio advancement and growth.

Unity Energy & Resources (Unity or the Company) would like to advise shareholders that it has completed its Pre-IPO capital raising. With strong demand, the minimum raise amount of A$1.2m that had been sought was quickly exceeded and the Company has elected to take A$0.6m in oversubscriptions for a total raise amount of A$1.8m. Unity will issue approximately 18,000,000 million new fully paid ordinary shares in the Company (“New Shares”).

The fund raise was priced at A$0.10 per New Share and Canaccord Genuity (Australia) Limited (Canaccord) and Bacchus Capital Advisers Limited (Bacchus) of London acted as Joint Lead Managers and Bookrunners.

Published in the Northern Miner

By Blair McBride

February 2, 2024

BG Gold, flush with C$8.2 million in a new private capital raising from major industry investors, is preparing to drill this spring at its Whale Cove project in Nunavut.  

The private company, owned by London, U.K.-based finance firms Bacchus Capital and AG Gold Investment, plans 8,000 to 10,000 metres of drilling at the project’s Vickers deposit, where historic exploration dates back to the 1960s.

“We pulled together this collection of highly credentialed (and) experienced people in the industry to help us (with) their investment and expertise,” Bacchus Capital and BG Gold chair Peter Bacchus told The Northern Miner in an interview on Friday. “It’s a very big holding. It’s under-explored. It has some pretty racy historic intercepts in a highly prospective region.”

Backers include Glencore (LSE: GLEN) founder Pinkie Green, Harmony Gold (NYSE: HMY) founder Ted Grobicki, former Gold Fields (NYSE: GFI) executives Brett Mattison and Tommy McKeith, and Andre Liebenberg, the CEO of physical uranium holder Yellow Cake (LSE: YCA). The US$1.5-billion-market-cap uranium company was founded in 2017 by Bacchus.

Bacchus Capital Advisers ("Bacchus Capital") is pleased to see that the ‘UAE Consensus’ was unanimously agreed at COP28 in Dubai. The UAE Consensus is a landmark agreement between ministers representing nearly 200 countries which calls on all parties to contribute and to take actions including “transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science”.

In order to achieve this transition, the UAE Consensus calls for the acceleration of development of low-emissions power, including nuclear and hydrogen, additional focus on carbon capture and storage, and the tripling of global renewable energy capacity by 2030.

The landmark agreement at COP28 further endorses the underlying investment thesis of Yellow Cake plc (AIM: YCA) ("Yellow Cake"), that nuclear power will be an essential segment of the low-carbon baseload required to power the transition economy.  Yellow Cake – founded and established by Bacchus Capital to be a specialist company operating in the uranium sector with a view to holding physical uranium for the long-term – has recently traded above £6.00 /sh, 300% its initial IPO price of £2.00 /sh in July 2018. Additionally, following two successful equity raises in 2023, for gross proceeds of US$201 million, Yellow Cake is trading at a market capitalisation of c. US$1.6 billion. Performance since IPO positions Yellow Cake as one of the best performing metals and mining stocks on the LSE over the last five years.

In 2017, Bacchus Capital identified the systemic misalignment of uranium’s near to mid-term supply and demand, where flat or declining production contrasted sharply against growing demand underpinned by an expanding global fleet of nuclear reactors.

Peter Bacchus, Chairman and Chief Executive of Bacchus Capital said:

“Yellow Cake brought a new asset class to the UK investment market which enabled investors to access direct exposure to the uranium price. We remain highly constructive on the long-term uranium price and the landmark agreement at COP28 once again brings focus onto the role nuclear power will play in our low-carbon future.”

Not for distribution to U.S. newswire services or dissemination in the United States 

Toronto, November 21, 2023 – Adventus Mining Corporation (“Adventus”) (TSXV: ADZN) (OTCQX: ADVZF) and Luminex Resources Corp. (“Luminex”) (TSXV: LR) (OTCQX: LUMIF) are pleased to announce that they have entered into an arrangement agreement (the “Arrangement Agreement”), pursuant to which Adventus will acquire all of the issued and outstanding common shares of Luminex (the “Luminex Shares”), in exchange for common shares of Adventus (the “Adventus Shares”), by way of a plan of arrangement (the “Transaction”, with the resulting entity referred to as the “Resulting Issuer”). The Transaction will create a combined company that intends to lead the advancement of the El Domo-Curipamba copper-gold project (the “El Domo Project”) towards production and consolidates a large and prospective gold-copper development and exploration portfolio in Ecuador totalling over 135,000 hectares which includes the preliminary economic assessment (“PEA”) stage Condor gold project (the “Condor Project”). Further details of the Transaction are outlined below.

Transaction Highlights

• Exceptional Shareholder Base & Renewed Support – Brings together the support of members of Mr. Ross Beaty’s Lumina Group, local Ecuadorian investors and strategic and equity investors that include Altius Minerals Corporation (“Altius”) and Wheaton Precious Metals Corp. (“Wheaton”). A concurrent financing for approximately US$17.1 million, with participation by Mr. Ross Beaty and Wheaton is expected to be completed as part of the Transaction (described below).

• Well-Capitalized Copper-Gold Company – Transaction establishes a well-capitalized copper-gold company focused on the advancement of the El Domo Project and consolidation of one of the largest exploration portfolios in Ecuador for future growth potential. The El Domo Project, with a completed feasibility study centred on a shallow and high-grade copper-gold dominant deposit , is supported by an investment contract with the Government of Ecuador and is on track for a construction decision in the first half of 2024.

• Large Pipeline Gold Project – 98.7% ownership of the gold-copper Condor Project, adjacent to Lundin Gold’s Fruta del Norte project and Tongling / China Rail’s Mirador project. A PEA was completed in 2021 highlighting a 12-year operation producing 187k ounces of gold per year and a US$562 million after-tax NPV5% and a 20.3% after-tax IRR at US$1,760/oz gold.

• Industry Leading Exploration Portfolio – Combined exploration portfolio totalling over 135,000 hectares across 13 projects will be one of the largest land packages in Ecuador with approximately US$50 million in joint venture partner spending to date, and which continues to see funding interest from third parties.  

• Synergy & Cost Savings – Post Transaction, the Resulting Issuer will be led by a strengthened board, and a management team with a proven history and in-country track record of discovery, exploration success, mine building, operations, community engagement and monetization. The Resulting Issuer is expected to save approximately US$2 million per annum through synergies.

• Value Creation & Potential for Shareholders – Expected to directly add liquidity and a greater following, while establishing a path to production at the El Domo Project: one of the highest grade and lowest capital intensity copper-gold projects globally.

Christian Kargl-Simard, President and CEO of Adventus, commented: “This Transaction is an exciting opportunity to unite complementary assets, teams, and investors to create value for all Adventus and Luminex shareholders. Adventus is pleased to welcome Mr. Ross Beaty, members of the Lumina Group, and new investors as we continue the advancement of the El Domo Project towards future cash flowing operations. For Adventus shareholders, the new capital and acquisition of Luminex’s Condor Project and other properties allows the creation of a stronger and more diversified company with one of the largest copper-gold exploration portfolios in Ecuador.”

Marshall Koval, CEO of Luminex, commented: “We are very pleased to be entering into this combination with Adventus. The Adventus team has done a tremendous job advancing the El Domo Project from an exploration and PEA stage project to the expected start of construction in the first half of 2024. This combination gives Luminex shareholders a more immediate re-rating and return potential from the advancement of the El Domo Project, while reinforcing the growth and new discovery potential of the combined exploration portfolio.”

Concurrent with the Transaction, Adventus and Luminex plan to raise approximately US$17.1 million in equity, as a combination of US$13.5 million in a fully committed non-brokered private placement (the “Non-Brokered Private Placement”) of subscription receipts of Adventus (the “Subscription Receipts”), and approximately C$5 million (approximately US$3.64 million based on the US$/C$ exchange rate on November 21, 2023) in a brokered “bought deal” private placement (the “Bought Deal Private Placement”, and together with the Non-Brokered Private Placement, the “Concurrent Financing”) of units (the “Units”) of Adventus, co-led by Raymond James Ltd. and National Bank Financial Inc., on their own behalf and on behalf of a syndicate of investment dealers (collectively, the “Underwriters”). In respect of the Non-Brokered Private Placement, Adventus and Luminex have received firm commitments for US$13.5 million in total, comprised of lead orders from Mr. Ross Beaty, Wheaton, and certain of Luminex’s existing Ecuadorian investors. Further details of the Concurrent Financing are outlined below.    

Altius, Adventus’ largest shareholder, has agreed to extend its outstanding US$4 million unsecured convertible debenture until December 31, 2024, subject to completion of the Non-Brokered Private Placement (the “Loan Amendment”). As Altius is an insider of Adventus, the Loan Amendment constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Loan Amendment is exempt from the formal valuation and minority approval requirements of MI 61-101 as, at the time it was agreed to, neither the fair market value thereof, nor the fair market value of the consideration therefor, exceeds 25% of Adventus’ market capitalization.

Yellow Cake plc ("Yellow Cake" or the "Company")

Results of Placing

Yellow Cake plc (AIM: YCA) ("Yellow Cake" or the "Company"), founded and established by Bacchus Capital Advisers ("Bacchus") to be a specialist company operating in the uranium sector with a view to holding physical uranium for the long-term, is pleased to announce that 18,700,000 new Ordinary Shares (the "Placing Shares") have been placed with existing and new institutional investors at a fixed price of £5.50 per share (the "Placing Price") via an accelerated bookbuild (the "Placing").

The Placing was conducted using the Company's existing share authorities. The Placing comprises 18,700,000 new Ordinary Shares, which will raise gross proceeds of approximately £103 million (approximately US$125 million). The Placing Shares being issued represent approximately 9.4% of the existing issued ordinary share capital (excluding treasury shares) of the Company prior to the Placing.

Yellow Cake plc (AIM: YCA) ("Yellow Cake" or the "Company"), founded and established by Bacchus Capital Advisers to be a specialist company operating in the uranium sector with a view to holding physical uranium for the long-term, today announces its intention to conduct a non-pre-emptive placing of new ordinary shares in the Company ("Ordinary Shares") to raise gross proceeds of approximately US$125 million (equivalent to £103 million) at the Placing Price (as defined below) (the "Placing").

The Placing will be conducted through an accelerated bookbuild which will be launched immediately following this announcement (the "Announcement") and will be made available to new and existing eligible institutional investors (the "Bookbuild"). The Placing is subject to the Terms and Conditions set out in the Appendix to this Announcement.

Cantor Fitzgerald Canada Corporation ("Cantor"), Canaccord Genuity Limited ("Canaccord") and Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg"), are acting as joint bookrunners (together being the "Joint Bookrunners"). Bacchus Capital Advisers is acting as Financial Adviser in connection with the Placing.

The Ordinary Shares will be placed at the fixed price of £5.50 per Placing Share (as defined below) (the "Placing Price"). The final number of Ordinary Shares placed (the "Placing Shares") will be determined following the close of the Bookbuild. The Company and the Joint Bookrunners reserve the right to adjust the gross proceeds to be raised under the Placing. The Placing is being conducted utilising the authorities granted at the annual general meeting of the Company held on 6 September 2023 to allot Ordinary Shares in the Company on a non-pre-emptive basis.

Highlights of the Placing

• Intention to conduct a non-pre-emptive placing to raise gross proceeds of up to approximately US$125 million (equivalent to approximately £103 million) at a price of £5.50 per Placing Share.

• The proceeds of the Placing will be used to:

• fund the purchase of approximately 1.5 million pounds ("lbs") of physical uranium ("U3O8"), fully utilising the Company's purchase option for the calendar year 2023 under the Company's agreement with JSC National Atomic Company Kazatomprom ("Kazatomprom") (the "Kazatomprom Framework Agreement") at a price of US$65.50/lb; and

• pay certain costs associated with the Placing and for working capital and general corporate purposes and to potentially fund opportunistic purchases of additional uranium for value at the Company's discretion.

• Implied Proforma Net Asset Value at the proposed U3O8 purchase price is £1,089.0 million, equivalent to £5.50 per Ordinary Share.

• Implied Net Asset Value at the spot U3O8 price as of 26 September 2023 of US$70.50/lb is £1,171.1 million, equivalent to £5.91 per Ordinary Share.

• The U3O8 being purchased in this transaction represents material allocated under Yellow Cake's 2023 purchase option with Kazatomprom. Delivery of the material purchased pursuant to the 2023 Kazatomprom option is anticipated to be received in H1 2024.

• The Kazatomprom offer price of US$65.50/lb represents a 7.1% discount to the current spot price of US$70.50/lb (as at 26 September 2023).

• The Company believes that the current level of the uranium price offers a compelling buying opportunity:

• The uranium spot price has strengthened significantly in 2023, rising to US$70.50/lb. The spot price trend through to the end of the year is expected to continue to be influenced by global economic conditions, as well as increasing investor confidence in the emerging role of nuclear power as a clean energy source, including new construction, reactor lifetime extensions and expectations on small modular reactors.

• Term contracting volumes in 2023 are expected to exceed those seen in 2022, as nuclear utilities strive to secure future fuel needs. The market is also seeing a diversification of sources to reduce future dependence on nuclear fuel supplies from Russia as energy security becomes a global theme. Three- and five-year contracts for uranium currently stand at US$65.00/lb and US$70.25/lb respectively. There are currently 436 operable reactors globally, and 170 new reactors either under construction or planned. In addition, multiple nations are extending the lives of their nuclear reactor fleet, including the U.S., in a bid to ensure energy security. In both instances, these strategies are increasing the projected demand for U3O8. Increased uranium term prices can be anticipated as term contract demand rises.

Published by PR Newswire

Sep. 20, 2023

LONDON, Sept. 20, 2023 /PRNewswire/ -- Bacchus Capital is pleased to note that in recent trading on the LSE, Yellow Cake plc (AIM: YCA) — founded and established by Bacchus Capital to be a specialist company operating in the uranium sector, with a view to holding physical uranium for the long term — has surpassed a market capitalisation of £1 billion. Yellow Cake was listed by Bacchus Capital via an IPO in July 2018, with a valuation and raising of £170 million. Performance since the IPO positions Yellow Cake as one of the best performing metals and mining stocks on the LSE over the last five years.

Published in Global Risk Insights

By Ben Abbs

Feb. 16, 2023 

Opinion article on uranium published by Ben Abbs, Analyst at Bacchus Capital Advisers.

Commentators fundamentally underappreciate the vulnerability of the West’s nuclear industry to Russia, and the sector may be about to become embroiled in the Russia-West economic conflict. The EU is debating sanctioning Russia’s nuclear sector, with the EU parliament passing a resolution by 489 votes to 36 urging European Union leaders to include sanctions on Russia’s nuclear industry in the 10th sanctions package, which is expected before the 24th of February. Tensions will escalate as President Putin uses all means at his disposal to secure a victory in Ukraine, including action to discourage Western support for Ukraine.

Yellow Cake plc ("Yellow Cake" or the "Company")

Results of Placing

Yellow Cake plc (AIM: YCA), founded and established by Bacchus Capital to be a specialist company operating in the uranium sector with a view to holding physical uranium for the long-term, is pleased to announce that 15,000,000 new Ordinary Shares (the "Placing Shares") have been placed with existing and new institutional investors at a price of £4.12 per share (the "Placing Price") via an accelerated bookbuild (the "Placing").

Due to strong investor demand, the Company agreed with the Joint Bookrunners to increase the size of the Placing to approximately US$75 million from the approximately US$50 million originally proposed.

The Fundraise was conducted utilising the Company's existing share authorities.

The Placing comprises 15,000,000 new Ordinary Shares, which will raise gross proceeds of approximately £61.8 million (approximately US$75 million). The Placing Shares being issued represents approximately 8.19% of the existing issued ordinary share capital (excluding treasury shares) of the Company prior to the Placing.

Yellow Cake plc (AIM: YCA) ("Yellow Cake" or the "Company"), founded and established by Bacchus Capital Advisers to be a specialist company operating in the uranium sector with a view to holding physical uranium for the long-term, today announces its intention to conduct a non-pre-emptive placing of new ordinary shares in the Company ("Ordinary Shares") to raise gross proceeds of approximately US$50 million (equivalent to £40.4 million) at the Placing Price (as defined below) (the "Placing").

The Placing will be conducted through an accelerated bookbuild which will be launched immediately following this announcement (the "Announcement") and will be made available to new and existing eligible institutional investors (the "Bookbuild"). The Placing is subject to the Terms and Conditions set out in the Appendix to this Announcement.

Cantor Fitzgerald Canada Corporation ("Cantor"), Canaccord Genuity Limited ("Canaccord") and Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg"), are acting as joint bookrunners (together being the "Joint Bookrunners"). Bacchus Capital Advisers is acting as Financial Adviser in connection with the Placing.

The Ordinary Shares will be placed at the fixed price of £4.12 per Placing Share (as defined below) (the "Placing Price"). The final number of Ordinary Shares placed (the "Placing Shares") will be determined following the close of the Bookbuild. The Placing is being conducted utilising the authorities to allot Ordinary Shares in the Company on a non-pre-emptive basis granted at the annual general meeting of the Company held on 7 September 2022.

Highlights of the Placing

• Intention to conduct a non-pre-emptive placing to raise gross proceeds of approximately US$50 million (equivalent to £40.4 million) at a price of £4.12 per Placing Share.

• The proceeds of the Placing will be used:

• to fund the purchase of  physical uranium ("U3O8"), partially utilising the Company's purchase option for calendar year 2022 under the Company's agreement with JSC National Atomic Company Kazatomprom ("Kazatomprom") (the "Kazatomprom Framework Agreement") at a price of US$48.90/lb (which is the average of the weekly UxC and TradeTech spot prices as reported on 23 January 2023 and 20 January 2023 respectively)); and

• to pay certain costs associated with the Placing and for working capital and general corporate purposes alongside the potential opportunistic purchase of additional uranium for value.

• Implied Net Asset Value at the proposed U3O8 purchase price is £931.7 million, equivalent to £4.12 per share.

• The U3O8 being purchased in this transaction represents the final opportunity to acquire material allocated under Yellow Cake's 2022 option with Kazatomprom, while fully preserving the Company's 2023 option.

• The Company believes that the current level of the uranium price offers a compelling buying opportunity:

• The uranium spot price has begun to strengthen in January, breaking through US$50.00/lb. The spot price trend through the next quarter is expected to continue to be influenced by global economic conditions as well as increasing investor confidence in the emerging role of nuclear power as a clean energy source, including new construction, reactor lifetime extensions and expectations on small modular reactors.

• Term contracting is expected to continue at levels above those experienced in the post-Fukishima era, as nuclear utilities strive to secure future fuel needs. The market is also seeing a diversification of sources in order to reduce future dependence on nuclear fuel supplies from Russia as energy security becomes a global theme. Three- and five-year contracts for uranium currently stand at US$57.00/lb and US$61.00/lb respectively, ahead of the spot rate. There are currently 438 operable reactors globally, and 163 new reactors either under construction or planned. In addition, multiple nations are extending the lives of their nuclear reactor fleet, including the U.S., in a bid to ensure energy security. In both instances, these strategies are increasing the projected demand for U3O8. Increased uranium term prices can be anticipated as term contract demand rises.

Vancouver, British Columbia – September 30, 2022 ─ NorZinc Ltd. (TSX: NZC; OTCQB: NORZF) (the “Company” or “NorZinc”) announced today that, based on the unanimous recommendation of an independent special committee (the “Special Committee”) of its board of directors (the “Board”) as well as unanimous approval by the Board, it has entered into an arrangement agreement (the “Arrangement Agreement”) with RCF VI CAD LLC (“RCF”), in respect of a transaction whereby RCF will acquire all of the issued and outstanding common shares of the Company that RCF and its affiliates do not currently own pursuant to a court-approved plan of arrangement for $0.0325 in cash per NorZinc share, which represents a 3.5% premium to the 45-day VWAP of $0.0314 per share, (the “Transaction”). RCF and its affiliates currently hold approximately 48.31% of the outstanding common shares of the Company. 

Concurrently with signing of the Arrangement Agreement, NorZinc and RCF have amended and restated the credit facility dated May 19, 2022, to provide for an increase in the commitment thereunder by US$11 million (the “Amended and Restated Credit Agreement”).

Vancouver, British Columbia, September 22, 2022. Candente Copper Corp. (TSX:DNT, BVL:DNT) (“Candente Copper” or the “Company”) is pleased to announce that it has appointed Steven Latimer and Jeremy Meynert as directors of the Company, and that it has entered into a loan  agreement with Nascent Exploration Pty Ltd (“Nascent”), a wholly-owned subsidiary of Fortescue Metals Group Limited (“Fortescue”) for a loan (the “Loan”) in the aggregate principal amount of  $1,000,000 for a 12 month term at 10 per cent interest to be repaid on maturity.

TORONTO, Feb. 14, 2022 (GLOBE NEWSWIRE) -- (TSXV: TVC) (OTCQB: TVCCF) Three Valley Copper Corp. (“Three Valley Copper” or the “Company”) is pleased to announce the appointment of Bacchus Capital Advisers Limited (“Bacchus Capital”) as strategic and financial adviser. The Bacchus Capital team bring an unparalleled depth of global experience in the mining sector and has initiated a detailed evaluation and strategic process to define the most optimal and efficient financial outcome for Three Valley Copper, its many key stakeholders and its financial and operating partners.

Published in the Australian Financial Review

By Hans van Leeuwen

Dec. 8, 2021 

Perth-based miner Ironbark Zinc looks set to surf a wave of geopolitical project funding aimed at curbing China’s global influence, as it looks to get a project in remote northern Greenland over the line.

The junior miner, whose Citronen zinc-lead project was formerly backed by a Chinese state-owned enterprise, on Wednesday unveiled a $US657 million ($934 million) funding deal with EXIM Bank, under the US government lender’s special “402A program” that aims to help companies compete with China.

If the EXIM deal comes off, Ironbark will look to raise the required equity capital in the first half of next year. It has contracted London-based Bacchus Capital to trawl “a range of interested parties drawn from the fields of base metals mining, refining and trading, and financial investment”.

Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”) is pleased to announce the appointment of Bacchus Capital Advisers (“Bacchus Capital”) to conduct a strategic review of the Company’s 100% owned Norasa Uranium Project (“Norasa”), located in Namibia, Africa.

The decision to undertake a strategic review of Norasa has been prompted by the ongoing developments in the uranium market and the structural misalignment of flat or declining supply versus growing demand. The strategic review will consider, evaluate and compare a broad selection of potential options for the purpose of identifying opportunities to maximise the value of Norasa for the Company’s shareholders. As part of the strategic review, Bacchus Capital will undertake a detailed evaluation of the Norasa project within the context of the wider market and regional opportunities.

Published in The Independent

Nov. 5, 2021 

The Green 14 project is a joint venture of investment banking group Bacchus Capital and conservation organisation Space for Giants.

A major new initiative to fund nature preservation in Africa led by a leading natural resources sector investment banker and the international conservation organisation Space for Giants has been launched at COP26, during an event hosted by Kenya’s President Kenyatta.

The Green 14 initiative - named after the carbon family group on the Periodic Table - will coordinate a major conservation initiative across Africa to underwrite the restoration and protection of key heritage landscapes to the highest environmental standards, by creating high integrity carbon credits.

Launched by Bacchus Capital and Space for Giants, it will bring together high quality global capital providers with leading conservation expertise to support visionary African governments as they put in place the policies and frameworks to benefit fully from the developing market in carbon credits.

Experts suggest that the voluntary market in carbon offsets might be on track for a 1,000 percent rise in less than a decade. Carbon offsets, or carbon credits, are bought by companies, organisations, individuals, or even countries to balance the greenhouse gases they emit. They are a key mechanism used to achieve carbon neutrality, as part of global efforts to decarbonise economies.

Yellow Cake plc ("Yellow Cake" or the "Company")

Results of Placing

Yellow Cake plc (AIM: YCA), founded and established by Bacchus Capital to be a specialist company operating in the uranium sector with a view to holding physical uranium for the long-term, is pleased to announce that 30,000,000 new Ordinary Shares (the "Placing Shares") have been placed with existing and new institutional investors at a price of £3.64 per share (the "Placing Price") via an accelerated bookbuild (the "Placing").

The Fundraise was conducted utilising the Company's existing share authorities.

The Placing comprises 30,000,000 new Ordinary Shares, which will raise gross proceeds of approximately £109 million (approximately US$150 million). The Placing Shares being issued represents approximately 19.5% of the existing issued ordinary share capital (excluding treasury shares) of the Company prior to the Placing.

Yellow Cake plc (AIM: YCA) ("Yellow Cake" or the "Company"), founded and established by Bacchus Capital to be a specialist company operating in the uranium sector with a view to holding physical uranium for the long-term, today announces its intention to conduct a non-pre-emptive placing of new ordinary shares in the Company ("Ordinary Shares") to raise gross proceeds of approximately US$150 million (equivalent to £109 million) at the Placing Price (as defined below) (the "Placing").

Highlights of the Placing

• Intention to conduct a non-pre-emptive placing to raise gross proceeds of approximately US$150 million (equivalent to £109 million)

• The Company intends to use the proceeds of the Placing to fund purchases of physical uranium ("U3O8") of approximately 3 million lb of U3O8 expected to comprise:

• Approximately 1 million lb of U3O8 from JSC National Atomic Company Kazatomprom ("Kazatomprom"), at a price of US$47.58/lb, representing the average of the weekly UxC and TradeTech spot prices as reported on 25 October 2021 and 22 October 2021 respectively with delivery of all of the U3O8 purchased from Kazatomprom to take place by June 2022. This purchase will be above and beyond the Company's 2021 option under its agreement with Kazatomprom (the "Framework Agreement"), which has already been fully exercised earlier this year;

• Approximately 2 million lb of U3O8 from Curzon Uranium Limited ("Curzon"), who has committed to providing the Company with up to 2 million lb of U3O8, if the Company elects on or prior to 1 November 2021, at a price of US$46.32 /lb (being the Tradetech weekly price as at 22 October 2021 less a discount of 3%). Curzon is sourcing the U3O8 from CGN Global Uranium Limited ("CGN"), who has agreed to deliver the U3O8 directly to the Company's account at Cameco's Port Hope / Blind River facility, with delivery of all the U3O8 purchased from Curzon to take place before the end of November 2021

• Strategic review process completed targeting the funding and development of anode production from a dedicated Active Anode Materials Plant in Norway. 

• The review process concluded that creating a pure-play, integrated, battery anode material company concentrated on European "Sustainable Anode" development made strategic, value accretive, operational sense. 

• The Company plans to demerge its Norwegian Graphite Assets into a separate entity to be newly incorporated in Norway, branded as Ascent Graphite. 

• The recent results from the purification program with CSIRO provides a strong foundation to advance and de-risk the development of the AAMP in Norway, supporting the key findings from the Review. 

The Board of Mineral Commodities Ltd ("MRC" or "the Company") has completed a strategic review process ("Review") to optimise the Company's corporate and capital structure to fund future growth and accelerate shareholder value, targeting the development of anode production from a dedicated Active Anode Materials Plant ("AAMP") in Norway.