https://www.bacchuscapital.co.uk/team-bios daily 0.75 2025-10-27 https://www.bacchuscapital.co.uk/team-bios/richard-allan monthly 0.5 2025-05-19 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/5f950041-2f27-40b4-a4fc-35b6e316d3dd/HS_Richard-A.jpg Team Bios - Richard Allan - Richard Allan Managing Director & Chief Operating Officer Richard has a 20 year investment banking career spanning three continents. In recent years he has been based in London as European Head of Mining and Metals at global investment bank, Jefferies, and was previously Managing Director within Morgan Stanley’s global Mining and Metals Investment Banking team. Prior to this, Richard was based in Sydney with Citigroup Investment Banking covering Australia and Asia. Richard has worked closely with Peter on a number of the sector’s major defining transactions, and has considerable experience in advisory and capital markets globally. His senior coverage role in recent years has led to excellent current knowledge of strategic players and finance providers within the industry. Richard has a Bachelor of Commerce from the University of New South Wales and is a Member of the Institute of Chartered Accountants in Australia. https://www.bacchuscapital.co.uk/team-bios/peter-bacchus monthly 0.5 2025-09-02 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/12bd9af8-3735-4141-993b-a048c7882dda/HS_Peter-B.jpg Team Bios - Peter Bacchus - Peter Bacchus Chairman & Chief Executive Peter has 25 years' experience as a leading global M&A adviser, with particularly deep experience in the natural resources sector. Over his career, Peter has led a large number of the industry's transformative strategic M&A transactions and financed substantial investments and development projects worldwide. Peter previously acted as Global Head of Mining and Metals at Morgan Stanley and European Head of Investment Banking at Jefferies. Prior to relocating to London in 2006, he was based in Australia and Indonesia, where he was Asia-Pacific Head of Industrials and Natural Resources investment banking at Citigroup Over this time, Peter has been integral to many of the sector's transformative events, including: Strategic and financial adviser to First Quantum Minerals on its C$5.1Bn hostile public takeover of Inmet in 2013 Defence adviser to Rio Tinto in relation to the unsolicited pre-conditional offer received from BHP (the mining sector’s largest ever takeover offer), and defence adviser to Western Mining in relation to the unsolicited offer from Xstrata and ultimate sale to BHP (Australia’s largest ever cash takeover) Strategic adviser to Chinese state-owned MinMetals in relation to its takeover offer for Canada’s Noranda; at the time the largest ever Chinese cross-border takeover offer Adviser and financier to Fortescue Metals in relation to its $2.5Bn financing to build its highly strategic port, rail and mine infrastructure in Western Australia Peter has direct transaction experience across a diverse range of jurisdictions, including emerging markets such as South Africa, Tanzania, Mozambique, Zambia, the DRC, Cameroon, Namibia, Burkina Faso, Sierra Leone, Guinea, Indonesia, PNG, the Philippines, India, Myanmar, China, Mongolia and Laos. In addition to his advisory track record, Peter has raised in excess of $15Bn in public and private capital for participants in the global natural resources industry. Peter was formerly Non-Executive Director of Gold Fields, publicly listed on the New York and Johannesburg stock exchanges, London-listed Trident Royalties, London-listed Kenmare Resources, and Australian-listed Galaxy Resources until its merger with Orocobre in 2021 to form Allkem. He is also Chairman of Space for Giants, an Africa-focused conservation charity, and BG Gold, a Canadian exploration company. Peter holds an MA from St John’s College, Cambridge and is a Member of the Institute of Chartered Accountants in England and Wales. https://www.bacchuscapital.co.uk/team-bios/dustin-j-garrow monthly 0.5 2025-05-19 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/f80384ce-f461-4bda-8fe5-5f0a7ddd0be1/HS_Dustin-G.jpg Team Bios - Dustin J. Garrow - Dustin J. Garrow Senior Consultant Mr. Garrow has spent his entire professional career (more than 40 years) in the nuclear fuel cycle. During that time, he has held senior executive positions with a broad range of companies involved in uranium development and production, conversion services, nuclear fuel trading, and nuclear fuel market research and forecasting. Currently Managing Principal of Nuclear Fuel Associates LLC (Steamboat Springs, Colorado) providing comprehensive nuclear fuel marketing, trading and strategic business planning consulting services to the international nuclear fuel industry. B.A. - Economics; University of California, Los Angeles / Master of Business Administration (management); San Francisco State University Served on active duty (1970-1973) in the U.S. Naval Reserve as Anti-Submarine Warfare / Nuclear Weapons Officer on board the U.S.S. Shelton (DD-790) https://www.bacchuscapital.co.uk/team-bios/james-proud monthly 0.5 2025-10-27 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/35cbc519-13e9-4ac8-851c-38b4afdba282/HS_James-P.jpg Team Bios - James Proud - James Proud Associate James has four years' experience in investment banking, working on M&A and equity financing transactions with two leading London boutiques prior to joining Bacchus Capital in 2021. James holds a MSc in Sustainable Resources: Economics, Policy, and Transitions from University College London, and a BSc (Hons) in Business and Management from the University of York. https://www.bacchuscapital.co.uk/team-bios/chris-van-wyk monthly 0.5 2025-05-19 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/46fdf97c-7eff-45cd-848a-5602b4f824fe/HS_Chris-vW.jpg Team Bios - Chris van Wyk - Chris van Wyk Managing Director and Head of Technology Investment Banking Advisory Chris has 25 years’ experience with growth-stage transformational technology companies across cleantech, energy, mining, fintech, infotech, digital healthcare and medtech. His previous roles in technology related executive positions include CEO at Weteq, Commercial Director at Metalysis, and Development Director at GreenGas International. Additionally, Chris has held private equity roles as VC Investment Director at two VC / PE funds established by Mitsubishi Corporation and VP Private Equity at Anglo American, which encompassed three VC / PE funds. Further, Chris has served as director of LifeQ, a leading provider of biometrics and health information derived from wearable devices, and Apateq, an innovative designer of modular and mobile hardware-centric wastewater treatment solutions. He holds a B.Engineering and an MBA from the University of Pretoria. https://www.bacchuscapital.co.uk/team-bios/andrew-krelle monthly 0.5 2025-05-19 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/516db0b4-8bcc-4cd7-aa6d-a8c2177ababc/HS_Andrew-K.jpg Team Bios - Andrew Krelle - Andrew Krelle Vice President Andrew has eight years’ experience in mining and finance, and during that time has developed an extensive network of corporates and investors in the metals & mining sector. Prior to moving to London, Andrew spent two years working with the 121 Group in in Hong Kong, connecting investors with meaningful opportunities in the metals & mining space. Additionally, Andrew trained as a geologist and spent six years working with BHP, U&D Mining and Moreton Resources. In addition to his role with Bacchus, Andrew is serving as the Vice-President of Investor Relations for Yellow Cake plc and holds a Bachelor of Science degree in Geology from the University of Queensland (Honours), and a Graduate Certificate in Applied Finance from Queensland University of Technology. https://www.bacchuscapital.co.uk/team-bios/ben-abbs monthly 0.5 2025-05-19 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/0d21b9fe-9ac3-4793-884f-1b878e52718c/HS_Ben-A.jpg Team Bios - Ben Abbs - Ben Abbs Associate Prior to joining Bacchus Capital in 2021, Ben worked for three years in the UK Government in a range of management roles, including: UK crisis management in the Cabinet Office, foreign investment and trade policy in the Department for International Trade, and commercial financial intervention in UK Government Investments. Ben holds a MSt in Global and Imperial History from Oxford University and a BA (Hons) in History from King’s College London. https://www.bacchuscapital.co.uk/team-bios/steven-latimer monthly 0.5 2025-10-27 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/b689a34d-7eee-494a-9538-d90906590bea/HS_Steven-L.jpg Team Bios - Steven Latimer - Steven Latimer Managing Director & Head of North America Steven has 30 years investment banking experience and is Head of Bacchus Capital's presence in the Americas. Most recently, Steven was President of Jefferies Securities, Inc. (Canada), Managing Director and Head of the firm's Canadian Investment Banking business and prior to that, was Head of Credit Suisse's Canadian Investment Banking Metals and Mining Group. Steven is based in Toronto and focuses on providing Bacchus Capital’s clients with on-the-ground strategic, financial and tactical investment banking support, and executing Bacchus Capital’s Venture business in the region. Steven has extensive experience in leading complex advisory and financing transactions, and has many longstanding, trusted client relationships in the mining sector. Steve is the Non-Executive Chair and a Director of Alta Copper, publicly listed on the Toronto Stock Exchange. Steve serves as a member on the Board of Governors for Appleby College and is a Director at Food For Life, a Canadian-based, not-for-profit organisation. Steve received his Honours Business Administration Degree from The University of Western Ontario, completed his MBA at the Kellogg Graduate School of Management at Northwestern University, is a CFA Charterholder and is a holder of the Institute of Corporate Directors Director designation. https://www.bacchuscapital.co.uk/team-bios/chris-johannsen monthly 0.5 2025-05-19 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/931767a3-394f-4223-8e21-b02200f6b7d1/HS_Chris-J.jpg Team Bios - Chris Johannsen - Chris Johannsen Managing Director & Head of Australia Chris has around 30 years’ experience in investment banking, including 13 years with Standard Chartered Bank and Gryphon Partners Advisory in the UK and Australia. Prior to that, Chris held various senior management corporate and finance roles within Normandy Mining Limited, at the time Australia’s largest gold mining group. At Standard Chartered Bank, Chris was a Managing Director in its global Mining and Metals team and Head of Mining and Metals Advisory for Europe, Middle East and Africa. Prior to this, Chris was a founding member of the Gryphon Partners Advisory team established in 2003, a boutique corporate adviser which established a preeminent position in the Australian Mining and Metals sector, completing over US$20Bn of M&A and capital markets transactions, and strategic advisory mandates. Gryphon was acquired by Standard Chartered Bank in 2011. Over the course of his career, Chris has acquired extensive finance advisory, structuring and transactional experience to give independent and tailored strategic advice to assist clients with their identification and selection of transaction and funding solutions. Chris holds a Bachelor of Economics & Commerce degree from Flinders University of South Australia and is a Member of CPA Australia. https://www.bacchuscapital.co.uk/team-bios/paul-cahill monthly 0.5 2025-05-19 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/31184f7b-b652-44a3-a25d-4f008c9b2246/HS_Paul-C.jpg Team Bios - Paul Cahill - Paul Cahill Chairman of the Board Paul has over 30 years' of experience leading the origination, evaluation, negotiation and execution of major complex transactions as both senior adviser and principal, particularly in the natural resources sector. From 1986-1992, he was an investment banker at Morgan Grenfell & Co where he advised Minorco (Anglo American) on its hostile £3.5Bn bid for Consolidated Gold Fields, at the time the largest ever transaction on the LSE. In 1992, he joined Minorco and was involved in a wide range of transactions, including the acquisition of the Lisheen base metals project in Ireland and the bid for BP's share in Olympic Dam. In 1996 he became Minorco's Managing Director for Asia Pacific & Australia, based in Singapore, where he led the establishment of the Group's presence in the region through a number of copper and gold joint ventures in Australia, Indonesia, PNG and the Philippines. Paul left Anglo American in 2001 to co-lead the establishment, strategic direction and management of Gazelle Corporate Finance, a boutique investment banking business providing corporate finance, M&A and debt restructuring advice to the Boards of FTSE 100 and Fortune 500 companies, including Anglo American, British Aerospace, Babcock and United Technologies, and to the Trustees of major UK defined benefit pension schemes, including Thames Water and Cable & Wireless. Paul returned to Anglo American in 2008 where he became Group Head of Business Development and Head of Strategic Relationships Management. He was a key member of Anglo American's senior leadership team, accountable for the Group's growth agenda and the development and management of the Group's business and relationships in China, India, Japan, Mozambique, Mongolia, Russia and the DRC. His key achievements included leading the origination and execution of Anglo American's defensive $5.4Bn sale of a 24.5% interest in certain Chilean copper assets, including Los Bronces, to Mitsubishi Corporation and negotiating the settlement of Anglo American's subsequent dispute with Codelco and Mitsui through transactions valued in excess of $2.1Bn, and preserving $2Bn of shareholder value. Paul also initiated and led a successful re-evaluation of Anglo American's strategic approach to partnering and is management of key business relationships and led the management of the Group's relationships with Mitsubishi and Mitsui. Paul is a Senior Adviser, Mineral Resources Investment for Mitsubishi Corporation. Paul is also a Non-Executive Director of Sydney-listed Ironbark Zinc and London-listed CQS Natural Resources Growth and Income. Paul holds an MA in Modern History from New College, Oxford and is a Fellow of the Chartered Association of Certified Accountants. https://www.bacchuscapital.co.uk/team-bios/david-putnam monthly 0.5 2025-05-19 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/f13d5fc9-662a-4c65-a727-e5648aa7c5e0/HS_David-P.jpg Team Bios - David Putnam - David Putnam Senior Consultant David has over 20 years' experience of cross-border transactions involving Asia, advising both Asian companies and those from outside the region. His experience has included transformational M&A transactions for international companies, and some of the region's most complex restructurings including a going private transaction involving three different stock exchanges, the first ever Section 363 asset acquisition by a Chinese State Owned Enterprise and the largest ever bankruptcy by an overseas listed Chinese company. David has worked with the principals of Bacchus Capital on transactions in Indonesia, China, Botswana, Australia, Canada, Mongolia and Myanmar. David has also served as the CEO of an Indonesian mining company listed on the Australian Stock Exchange. David started his investment banking career in Asia with Schroders and Salomon Smith Barney/Citigroup in Hong Kong, after which he was recruited to establish and build Houlihan Lokey's Asian presence, which he built in Hong Kong, Beijing, Tokyo and Singapore. David studied Chinese and Economics at London University and speaks, reads and writes Mandarin Chinese fluently, as well as having a working knowledge of Bahasa Indonesia and Cantonese. https://www.bacchuscapital.co.uk/team-bios/jake-greenberg monthly 0.5 2025-05-19 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/3c77f68a-f561-4fbd-acb9-dd788222239d/HS_Jake-G.jpg Team Bios - Jake Greenberg - Jake Greenberg Senior Consultant Jake brings more than a decade of capital markets experience and an extensive network of natural resources investors to the team. Jake is Chief Commercial Officer at Enerjen Capital. Prior to his buy-side role, he was the Global Head of Natural Resources Specialist Sales at Bank of America Merrill Lynch, and was the number two ranked sector specialist in the Institutional Investor and Extel surveys. Jake helped to build the mining franchise at Jefferies with Peter and Richard, and he graduated Magna Cum Laude with a BA from Princeton. https://www.bacchuscapital.co.uk/team-bios/karr-mccurdy monthly 0.5 2025-05-19 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/54579c7b-10ae-4c84-a255-49f89fd1f505/HS_Karr-M.jpg Team Bios - Karr McCurdy - Karr McCurdy Senior Adviser Karr has over 35 years' of geologic and project development experience, combined with a background in executive management, finance and technical advisory. He has completed more than 200 transactions valued in excess of $100bn, and personally visited hundreds of mines and down-stream operations. As a geologist, he discovered and developed the Pueblo Viejo gold mine in the Dominican Republic. Previously Karr served as the Chief Executive Officer of Behre Dolbear, the world’s leading independent global mineral advisory and technical consultancy, and in this capacity led assignments across 50 countries annually, specialising in providing technical and strategic analysis for natural resource companies, financial institutions, governments and international agencies. Prior to this, he held senior managerial roles at Standard Chartered Bank and Citigroup, where he built international, sector focused banking and advisory practices. Based in Denver, Colorado, Karr holds an MBA from the Thunderbird School of Global Management, and a BSc Geological Studies from the University of Michigan. He is a partner with Rock Elm Capital Management, a private investment firm supporting the global natural resource industry, and is a search and rescue officer for the Central Arizona Mountain Rescue Association. https://www.bacchuscapital.co.uk/team-bios/shea-ocallaghan monthly 0.5 2025-05-19 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/d3043ba6-6cf7-43f4-92cc-ae03b4556b9f/HS_Shea-OC.jpg Team Bios - Shea O'Callaghan - Shea O'Callaghan Director Shea has ten years' of investment banking and capital markets experience, including cross border transactions and financing advisory in EMEA and South East Asia. Specifically, Shea has worked on advisory transactions worth over $10Bn, as well as equity and debt financings worth over $8Bn, including acquisition financing for private equity vehicles, and equity offerings across multiple stock exchanges. Prior to joining Bacchus Capital, Shea was with Bank of America Merrill Lynch and RBC Capital Markets in London. Additionally, he earned an MBA from Queen’s University and is a CFA Charterholder. https://www.bacchuscapital.co.uk/team-bios/john-munro monthly 0.5 2025-05-19 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/6e6e4e27-aa2a-4ef2-93b1-a24251fa9520/HS_John-M.jpg Team Bios - John Munro - John Munro Senior Adviser John is an international resources industry executive with over 25 years’ experience. He operates as an independent corporate finance and corporate development adviser to the mining industry, with a focus on African mining projects. John is currently CEO of Cupric Canyon Capital, a Botswana focused copper development company. John has been an independent Non-Executive Director of Nord Gold SE since October 2015. Prior to this, he was a Director at First Reserve’s Buyout Group in London. Between 2008-2012, he was Chief Executive Officer at Rand Uranium, where he was responsible for the establishment of a new gold and uranium company in South Africa, and between 2002-2008, was an executive at Gold Fields Limited, variously responsible for corporate development, strategy and international operations and projects. Prior to that, he held various positions in Gold Fields Limited, Gold Fields of South Africa Limited and Northam Platinum Limited. John holds a BSc in Chemical Engineering from the University of Cape Town. https://www.bacchuscapital.co.uk/team-bios/category/Management+Team monthly 0.5 https://www.bacchuscapital.co.uk/news daily 0.75 2026-02-12 https://www.bacchuscapital.co.uk/news/yellow-cake-plc-results-of-placing-f2jce-np8xb monthly 0.5 2026-02-12 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/457ac2d1-a019-401d-aeb4-8b7a6c31b88b/Yellow-Cake-Logo-Square.jpg News - YELLOW CAKE PLC: Results of Placing - Yellow Cake plc (AIM: YCA) ("Yellow Cake" or the "Company"), a specialist company operating in the uranium sector founded by Bacchus Capital Advisers ("Bacchus Capital"), holding physical uranium ("U3O8") for the long term and engaged in uranium-related commercial activities, is pleased to announce that 12,818,760 new Ordinary Shares (the "Placing Shares") have been placed with existing and new institutional investors at a fixed price of £6.29 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 gross proceeds from the Placing to approximately US$110 million from the minimum of US$75 million originally proposed. Additional proceeds are intended to be used to fund opportunistic and strategic purchases of further U3O8. The Placing of 12,818,760 new Ordinary Shares raised gross proceeds of approximately US$110 million (equivalent to approximately £80.6 million). The Placing Shares being issued represent approximately 5.3% of the existing issued ordinary share capital (excluding treasury shares) of the Company prior to the Placing. The Placing was conducted using the Company's existing share authorities. Andre Liebenberg, Chief Executive Office of Yellow Cake, commented: "We are pleased by the strong support shown by both new and existing institutional investors in this placing. This raise enables us to fully exercise our 2026 uranium purchase option under the Framework Agreement with Kazatomprom, while retaining flexibility to pursue further strategic and opportunistic purchases of physical uranium. The backdrop for uranium continues to strengthen in our view. Supply remains tight, and structural demand is accelerating through electrification and the substantial baseload requirements of AI and hyperscale data centres. Increasing our physical holdings at this point in the market strengthens our strategic position and supports the continued delivery of long-term value for shareholders through direct exposure to physical uranium" Placing: Application has been made for the Placing Shares to be admitted to trading on the AIM market of London Stock Exchange plc ("AIM") ("Admission"). It is expected that Admission will become effective at commencement of trading on 17 February 2026 and settlement is expected to take place on the same date on a T+3 basis. The Placing is conditional upon, inter alia, Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms. Following Admission: (a) the total number of shares of the Company in issue will be 257,243,467 of which 4,584,283 are held in treasury; and (b) the total number of voting shares in the Company will be 252,659,184. Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Announcement released by the Company at 17:29 p.m. (London time) on 11 February 2026. Canaccord Genuity Limited ("Canaccord") acted as sole bookrunner, Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg") and Panmure Liberum Limited ("Panmure Liberum") acted as joint co-managers (together with the Bookrunner, the "Managers"). Bacchus Capital acted as Financial Adviser in connection with the Placing. https://www.bacchuscapital.co.uk/news/yellow-cake-plc-results-of-placing-f2jce monthly 0.5 2025-09-24 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/457ac2d1-a019-401d-aeb4-8b7a6c31b88b/Yellow-Cake-Logo-Square.jpg News - YELLOW CAKE PLC: Results of Placing - Yellow Cake plc (AIM: YCA) ("Yellow Cake" or the "Company"), a specialist company operating in the uranium sector founded by Bacchus Capital Advisers ("Bacchus Capital"), holding physical uranium ("U3O8") for the long term and engaged in uranium-related commercial activities, is pleased to announce that 22,983,977 new Ordinary Shares (the "Placing Shares") have been placed with existing and new institutional investors at a fixed price of £5.64 per share (the "Placing Price") via an accelerated bookbuild (the "Placing"). Due to strong investor demand, the Company agreed with the Bookrunner to increase the size of the Placing to approximately US$175 million from the approximately US$125 million originally proposed (the "Upsize"). Additional proceeds from the Upsize are intended to be used to fund opportunistic and strategic purchases of further U3O8. The Placing was conducted using the Company's existing share authorities. The Placing comprises 22,983,977 new Ordinary Shares, which will raise gross proceeds of approximately US$175 million (equivalent to approximately £129.6 million). The Placing Shares being issued represent approximately 10.6% of the existing issued ordinary share capital (excluding treasury shares) of the Company prior to the Placing. Andre Liebenberg, Chief Executive Office of Yellow Cake, commented: "We are delighted with the strong support from both existing and new institutional investors in this significantly upsized placing. This capital raise enables us to fully exercise our 2025 uranium purchase option under the Framework Agreement with Kazatomprom, whilst retaining optionality for further uranium purchases on an opportunistic and strategic basis. With uranium market fundamentals continuing to strengthen amid global nuclear expansion, persistent supply constraints, and rising demand from utilities, this transaction will materially enhance our physical holdings, which will exceed 23 million pounds once complete, and deliver compelling value to our shareholders as we capitalise on the sector's bright long-term outlook." Placing: Application has been made for the Placing Shares to be admitted to trading on the AIM market of London Stock Exchange plc ("AIM") ("Admission"). It is expected that Admission will become effective at commencement of trading on 29 September 2025 and settlement is expected to take place on the same date on a T+3 basis. The Placing is conditional upon, inter alia, Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms. Following Admission of all of the Placing Shares: (a) the total number of shares of the Company in issue will be 244,424,707 of which 4,584,283 are held in treasury; and (b) the total number of voting shares in the Company will be 239,840,424. Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Announcement released by the Company at 7:00 a.m. (London time) earlier today, 24 September 2025. Canaccord Genuity Limited ("Canaccord") acted as sole bookrunner, Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg") and Panmure Liberum Limited ("Panmure Liberum") acted as joint co-managers (together with the Bookrunner, the "Managers"). Bacchus Capital acted as Financial Adviser in connection with the Placing. https://www.bacchuscapital.co.uk/news/bacchus-capitals-venture-bg-gold-announces-significantly-improved-mineral-resource monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/56b1a233-f67a-4655-bb44-b7293000567e/BG-Gold-Logo-Square.jpg News - Bacchus Capital's Venture, BG Gold, Announces Significantly Improved Mineral Resource - February 17, 2025 Toronto, Canada - BG Gold Capital II Corp. (“BG Gold” or the “Company”) is pleased to announce its Mineral Resource (“MR”) for the Vickers deposit on its Whale Cove Project (“Project”) located in Nunavut Territory, Canada. This follows a highly successful exploration season in 2023 and 2024. The MR includes 1.5 million ounces of gold (“Moz”) in the Measured and Indicated Resource categories and 0.9 Moz in the Inferred Resource category, a significant increase compared to the Historic 2020 Resource (as defined below) and moves the majority of the ounces into Measured and Indicated Resource categories. Peter Bacchus, Chairman of BG Gold, stated “This is a phenomenal outcome to our ambitious and highly successful 2024 exploration and drilling program, adding significant additional ounces and dramatically improving our confidence of the resource model. This highlights that there is still very substantial value to be added to the Whale Cove Project from additional drilling and that we are really just at the tip of the iceberg with respect to the Project’s potential”. Mineral Resource The MR was prepared in accordance with the National Instrument 43-101 (“NI 43-101”) with an effective date of February 14, 2025. The Whale Cove Project is situated on the western shore of Hudson Bay, approximately 74 kilometers (“km”) southwest of Rankin Inlet and within 5 km of the coast. The MR has been prepared and includes information from drilling recently completed by BG Gold (18 holes for 8,320 meters (“m”)) plus a new and revised geological interpretation and the incorporation of all previous information from historical drilling completed by various other exploration companies (140 boreholes for 38,298 m). The following highlights are from the new MR and, where applicable, include a comparison with the Historic 2020 Resource, which is available on BG Gold’s website. The MR includes 1.53 million in-situ ounces in the Measured and Indicated categories grading 2.01 grams of gold per tonne (“g/t”) and the balance of 0.91 million in-situ ounces grading 1.77 g/t in the Inferred category. The previous Vickers MR contained in the Historic 2020 Resource was classified as Inferred and such historic MR was stated as 1.58 million ounces grading 2.20 g/t. The MR for the Vickers deposit is therefore a significant improvement on the Historic 2020 Resource both in terms of quantity and confidence as reflected in the classification categories. A considerable amount of work has been undertaken in understanding the mineralized systems at the Vickers deposit which includes a structural study and relogging of relevant drill core. Gold mineralization at Vickers is located within a major, east-south-east trending shear 1 zone, hosted in both intrusive and volcano-sedimentary rocks and is associated with disseminated sulfides, sheared rocks and silica-sericite alteration. The mineralization model developed by the Qualified Person (“QP”) for this work was consistent with the structural model which was developed independently by a structural geological consultant. These two models were used to design the hole locations for the 2024, BG Gold drilling program which was aimed at testing for extensions to known mineralization. The assay results from this program located mineralization and grades as predicted from the mineralization model and confirmed the efficacy of this model in providing an accurate framework for the current resource evaluation. The MR is declared at a cut-off grade of 0.90 g/t, the same cut-off grade as the Historic 2020 Resource. The MR is reported inside an open pit shell to test for a reasonable prospect of eventual economic extraction using a US$2,300/ounce gold price. However, below the cut-off grade, there is a significant amount of material within this open pit that exceeds the economic cut-off grade of 0.58 g/t. The QP recommends that mining studies be undertaken to develop a stockpile strategy to process this additional material. There are opportunities to define additional mineral resources within the resource pit shell as certain areas are covered by shallow surface lakes which can only be drill tested with a winter drilling campaign. Historical metallurgical testing at Vickers returned gold recoveries ranging from 87.1% to 99.6%, averaging 95.0%. The 2015 and 2016 metallurgical testwork suggested that gold is likely recoverable by standard gravity and cyanidation leach methods. The Whale Cove Project is a 842 km2 contiguous tenement with at least 15 prospective targets identified in addition to Vickers. Work in 2025 will focus on advancing Vickers alongside reappraising and investigating the other targets on the tenement. A pit evaluation was completed to define the limits of the open pit mineral resource (“REEE”) using parameters defined from relevant operations and a gold price of US$2,300/ounce. Other parameters included a mining cost at US$4.50/tonne, G&A at US$13.00/tonne, processing at US$14.00/tonne, metallurgical recovery of 95%, mining recovery of 95% and overall slope angles of 45 degrees. The economic cut-off defined from this work was 0.58 g/t and the broad strip ratio for the pit outline was 5:1. BG Gold requested that the QP report the Mineral Resource at a threshold of 0.90 g/t leaving a significant amount of material within the REEE pit shell that exceeds the economic cut-off grade but is lower than the 0.90 g/t threshold used for the Mineral Resource. The QP recommends that BG Gold undertake mining studies to consider a strategy for processing this additional material. Resource Estimation Details This Mineral Resource for the Vickers Gold Deposit was prepared by Mr Ivor Jones of Aurum Consulting, a geologist who is a QP by way of his experience, qualifications and APEG membership and license through NAPEG. Mr. Ivor Jones, BSc. (Hons), MSc, FAusIMM, P.Geo. is an independent Qualified Person as defined under NI 43-101, and completed or directly supervised the preparation of the February 2025 Mineral Resource for the Vickers Deposit. Mr. Jones has reviewed and approved the contents of this press release. The technical report, as required by NI 43-101, will be filed with SEDAR within 45 days of this press release. Historic 2020 Resource SRK Consulting (Canada) Inc. (“SRK Canada”) prepared a technical report for Nordgold which had an effective date of February 5, 2020 (the “Historic 2020 Resource”). However, the Historic 2020 Resource was not filed on SEDAR and therefore is not available on SEDAR+, but it is available on BG Gold’s website. BG Gold is not treating the Historic 2020 Resource as a current mineral resource estimate. With the publication of the February 14, 2025 MR, BG Gold places no further reliance upon the SRK Historic 2020 Resource and no longer considers the Historic 2020 Resource to be relevant or material, save for purposes of historical comparison. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The Mineral Resources in this Technical Report were estimated using CIM (2014) Standards on Mineral Resources and Reserves, Definitions and Guidelines. The quantity and grade of the reported Inferred Resources in this estimation are uncertain in nature and there has been insufficient exploration to define this Inferred Resource as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in upgrading the Inferred Resource to an Indicated or Measured Mineral Resource category. About BG Gold BG Gold owns the Whale Cove Project (formerly the Pistol Bay Project), a 842 km2 contiguous claim area near the hamlet of Whale Cove in Nunavut, Canada. Vickers, the principal target on the Project, has a Mineral Resource with 1.5 million ounces of gold (“Moz”) grading 2.0 g/t in Measured and Indicated category and 0.9 Moz at 1.8 g/t in Inferred category. This Resource includes high-grade intersections including 101m at 12.3 g/t and 163m at 5.6 g/t. Vickers is roughly 80 km away from Agnico Eagle’s Meliadine mine, which has a 3.5 Moz mineral Reserve and produced 364 thousand ounces of gold in 2023. A further 15 prospective targets have been identified on the Whale Cove Project. For further information, please visit: https://bggold.ca/ https://www.linkedin.com/company/102049875 Qualified Person and Technical Information The technical information contained in this press release has been reviewed and approved by Brian May, P.Geo., Vice President of Exploration for Whale Cove Gold Corp. (a subsidiary of BG Gold Capital II Corp.) and a “Qualified Person” (“QP”) within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The Vickers Mineral Resource referred to in this press release was prepared by Mr Ivor Jones of Aurum Consulting, a geologist who is a QP by way of his experience, qualifications, and APEG membership and license through NAPEG. Mr. Ivor Jones, BSc. (Hons), MSc, FAusIMM, P.Geo. is an independent QP as defined under NI 43-101 and has reviewed and approved the contents of this press release. Caution Regarding Forward-Looking Statements Certain statements in this press release constitute “forward-looking statements”. Such forward-looking statements involve risks and other factors which may cause the actual results, achievements or performance to be materially different from those expressed or implied by such forward-looking statements. Such risks and other factors include, but are not limited to, access to capital, regulatory approvals, commodity prices, new geological information or interpretations, and other risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable laws. This news release has been edited from the original to accommodate website formatting. The original can be found here: https://www.bggold.ca/pdf/2025-02-17_NR.pdf https://www.bacchuscapital.co.uk/news/bacchus-capitals-venture-bg-gold-announces-completion-of-successful-exploration-programme monthly 0.5 2025-03-10 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/56b1a233-f67a-4655-bb44-b7293000567e/BG-Gold-Logo-Square.jpg News - Bacchus Capital's Venture, BG Gold, Announces Completion of Successful Exploration Programme - December 17, 2024 Toronto, Canada - BG Gold Capital II Corp. (“BG Gold” or the “Company”) is pleased to announce the results of its successful exploration programme at the Whale Cove Project (formerly the Pistol Bay Project, the “Project”) in Nunavut, Canada. We are pleased to have completed the largest ever drilling programme at the Vickers deposit, totalling 8,230m, which was delivered on time and within budget. The programme aimed to extend the deposit, particularly by testing if mineralisation extended down-plunge, and gather additional structural information on the mineralisation. We are delighted that the results confirmed our structural and mineralisation thesis, intersecting gold mineralisation and critical geological units within all new targeted zones. This demonstrated an extension of the mineralisation zone down-plunge by up to approximately 200m and down to a vertical depth of 600m. Drilling in proximity to the main deposit also discovered additional high-grade zones, including the following mineralised intersections: 24PB109 71m @ 3.5 g/t Including 26m @ 7.0 g/t 24PB107 30m @ 8.2 g/t Including 3m @ 69.4 g/t 24PB110 14m @ 4.3 g/t This has added a high-grade down-plunge extension of potentially approximately 90m and is expected to drive improved mineral resource parameters. We deployed orientated drilling in 2024 which has provided us with critical structural data from the target zones. The geological indicators associated with high-grade mineralisation up-plunge were observed in the deep, down-plunge drill results, including the continuation of the primary mafic intrusion (Gereghty Plug) and the Quartz Feldspar Porphyry (interpreted as related to a source of goldbearing fluids). The Company will combine the drilling data from 2024 with the results of our 2023 Vickers structural report to assess the potential of generating a current mineral resource estimate. This will inform the Company’s ongoing consideration of plans for 2025. About BG Gold BG Gold owns the Whale Cove Gold Project (formerly the Pistol Bay Project), a 781 km2 contiguous claim area near the hamlet of Whale Cove in Nunavut, Canada. Vickers, the principal target on the Project, has a historical inferred mineral resource estimate of 1.58 Moz of gold contained within 22,370,000 tonnes at 2.20 g/t Au, which includes high-grade intersections (e.g. 101m @ 12.3 g/t Au and 163m @ 5.6 g/t Au) that warrant follow-up drilling. Vickers is roughly 80 km away from Agnico Eagle’s Meliadine mine, which has a 3.77 Moz mineral reserve and produced 364 Koz in 2023. A further 13 prospective targets have been identified on the Whale Cove Gold Project. For further information, please visit: https://bggold.ca/ https://www.linkedin.com/company/102049875 Qualified Person and Technical Information The technical information contained in this press release has been reviewed and approved by David Reading, the Chair of BG Gold’s Technical Committee and a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG). The mineral resource estimate referred to in this press release is considered a “historical estimate” as defined under NI 43-101 and has been derived from a technical report entitled “Technical Report for the Pistol Bay Gold Project, Nunavut, Canada” prepared for Nord Gold SE by Aleksandr Mitrofanov, PhD, PGeo and Joycelyn Smith, PGeo of SRK Consulting (Canada) Inc. (“SRK Canada”) dated February 27, 2020 with an effective date of February 5, 2020. The historical estimate is reported using the categories of mineral resources as defined by the CIM Definition Standards for Mineral Reserves, but the Company has not had a “qualified person” complete sufficient work to classify the historical estimate as a current mineral resource, and the Company is not treating such estimate as a current mineral resource estimate. However, the Company considers the estimate to be relevant and reliable as it was prepared by SRK Canada. Intersections in this press release were determined using a cut-off grade of 0.5 g/t. Mineralised intersections include several zones of better grade mineralisation. For multiple meter samples, up to roughly seven metres of waste dilution is included and the weighted averages of sample length is applied for calculations. No top-caps have been applied prior to the calculation of multi-sample intercepts. Caution Regarding Forward-Looking Statements Certain statements in this press release constitute “forward-looking statements”. Such forward-looking statements involve risks and other factors which may cause the actual results, achievements or performance to be materially different from those expressed or implied by such forward-looking statements. Such risks and other factors include, but are not limited to, access to capital, regulatory approvals, commodity prices, new geological information or interpretations, and other risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable laws. https://www.bacchuscapital.co.uk/news/mrc-enters-into-agreement-for-sale-of-skaland-graphite-mine monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/d8fae282-93fd-48ed-b75a-d4e8b822521c/MRC+Logo.png News - MRC enters into agreement for sale of Skaland Graphite Mine - Key points MRC has entered into a binding, conditional agreement to sell 100% of MRC’s interest in the Skaland Project in Norway to Norge Mineraler. Total consideration for sale is USD$11.75 million. Sale proceeds to be applied towards clearing MRC’s financial liabilities. Mineral Commodities Ltd (“MRC” or “the Company”) (ASX: MRC) is pleased to advise that its wholly owned subsidiary MRC Graphite Norway Pty Ltd (“MRCGN”) has entered into a binding, conditional share purchase agreement (“SPA”) with Norge Mineraler Holding AS (“Norge Mineraler”), for the sale of 100% of the shares in Skaland Graphite AS (“Skaland”) to Norge (“Transaction”). Norge Mineraler is a Norwegian mineral exploration company headquartered in Norway and a 100% subsidiary of the UK based Norge Mining Ltd. and has no relation to the Company. Skaland is the owner and operator of the Skaland Graphite Project (“Skaland Project”). As noted in the Company’s recent announcements, most recently on 26 November 2024, the Company has been progressing exclusive discussions about the sale of 100% of Skaland. These discussions have culminated into the entry into the Transaction. Consistent with the Company’s business objectives and strategy, if completed, the Transaction will allow the Company to focus its efforts and its capital on its high-quality Munglinup Graphite Project and downstream active anode plans in Australia (“Munglinup Project”). Bacchus Capital Advisers Limited advised MRC on the Transaction with legal counsel provided by Gilbert + Tobin in Australia and Magnus Legal in Norway. Key terms The key terms of the SPA are as follows: Total purchase price of USD$11.75 million comprising: USD$250k non-refundable exclusivity fee, already received; USD$1 million refundable deposit; and USD$10.5 million to be paid at completion. Norge Mineraler takes on all liability exposure in relation to Skaland, except intercompany loans. Standard conditions precedent for a transaction of this nature, including that: Skaland has repaid or converted all intercompany loans to equity prior to completion; all third party consents have been received (including Company shareholder approval); and no material adverse change in Skaland. The Company is restricted from competing with the business of Skaland in Norway for 3 years. The SPA otherwise contains terms including representations and warranties that are usual for an agreement of this nature. Use of proceeds The proceeds of the Transaction will be (among other things) applied to: payment of creditors of the Company; and general working capital. Next steps and timing A condition precedent to completion of the SPA is that the Company obtains shareholder approval to the Transaction. Therefore, for the purposes of satisfying the condition precedent to the SPA, and as a matter of good governance, the Company intends to convene a general meeting to seek shareholder approval for the Transaction, expected to be held in the first week of February 2025. The Company intends to dispatch a notice of meeting for that purpose to shareholders on or about the week commencing 30 December 2024. The Company is yet to receive a determination from ASX whether Chapter 11 of the ASX Listing Rules applies to the Transaction and will provide a further update once the position has been determined. If all conditions precedent to the SPA are satisfied, the Company expects that the Transaction will be completed early to mid-February 2025. The Company’s Chief Executive Officer, Mr Scott Lowe commented: “This is a critical Transaction representing a major turning point for MRC. The aim of this deal is to transform MRC into a much simpler, more focused company with a clearer path to value growth. Selling Skaland will allow MRC to strengthen its balance sheet and concentrate entirely on the Munglinup graphite project in Western Australia and the downstream active anode project. The Company’s streamlined business strategy will be to advance and develop these two (2) excellent projects and take advantage of the global focus on critical and battery minerals that includes graphite. MRC will also continue good faith negotiations with its JV partner with the objective of increasing its interest in Munglinup from 51% to 100%. We are very pleased for the employees and other stakeholders at Skaland that upon completion of the Transaction, the new owner will be Norge Mineraler. Norge Mineraler is an excellent company with extensive experience in Norway and has the technical and financial capability to make Skaland a success. MRC wishes Norge Mineraler and everyone at Skaland all the best for a strong and prosperous future.” Issued by Mineral Commodities Ltd ACN 008 478 653 www.mineralcommodities.com Authorised by the CEO and Company Secretary, Mineral Commodities Ltd. For further information, please contact: INVESTORS & MEDIA Scott Lowe CEO T +61 8 6373 8900 info@mncom.com.au CORPORATE Sarah Gaffney-Smith Joint Company Secretary T +61 8 6373 8900 info@mncom.com.au About Mineral Commodities Ltd Mineral Commodities Ltd is a global mining and development company. The Company’s aspiration is to become a leading vertically integrated diversified producer of graphitic anode materials and value-added mineral products with a commitment to operate with a focus on the Environment, Sustainability and Governance. Forward Looking Statements This announcement may contain forward-looking information and forward-looking statements (collectively, forwardlooking statements). These forward-looking statements are made as of the date of this announcement and the Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to the Company’s strategy and objectives. In certain cases, forward-looking statements can be identified by the use of words such as, “aim”, “anticipated”, “believe”, “considered”, “continue”, “could”, “estimate”, “expected”, “for”, “forecast”, “future”, “interpreted”, “likely”, “looking”, “may”, “open”, “optionality”, “plan” or “planned”, “potential”, “provides”, “robust”, “targets”, “will” or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forwardlooking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. https://www.bacchuscapital.co.uk/news/black-iron-signs-binding-documentation-with-anglo-american-for-a-royalty-investment-with-associated-offtake-and-right-to-participate-in-construction-financing monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/d3ce646b-c58d-42ee-8319-291e262249cc/black-iron_edited.png News - Black Iron signs binding documentation with Anglo American for a royalty investment with associated offtake and right to participate in construction financing - TORONTO, CANADA, November 7, 2024 – Black Iron Inc. (“Black Iron” or the “Company”) (TSX: BKI; OTC: BKIRF; FWB: BIN) is pleased to announce the signing of a legally binding royalty agreement and offtake agreement (together, the “Transaction Documents”) with Anglo American for a US$4 million royalty investment, offtake rights and future potential construction prepayments (the “Transaction”). Background Black Iron’s Shymanivske Iron Ore Project (the “Project”) located in Kryvyi Rih, central Ukraine, will be developed in two phases – with Phase 1 producing approximately 4 million tonnes per annum and Phase 2 production increasing to approximately 8 million tonnes per annum Use of proceeds The proceeds of the Transaction will be (among other things) applied to: payment of creditors of the Company; and general working capital. Terms of the Transaction Certain key terms of the Transaction that have been agreed upon include: Anglo American will invest US$4 million in two tranches in exchange for a gross revenue royalty of 1.0% should the prevailing 65% iron CFR China iron ore price be less than US$120 per tonne and 1.5% should the price be equal to or higher than US$120 per tonne for Black Iron’s first 60 million tonnes of production at the Project (the “Royalty”). The first tranche consisting of US$2.6 million will be invested now and the balance upon Black Iron renewing its permits Black Iron reserves the right to buy back this Royalty at any time at a buyback price that provides a pre-agreed internal rate of return to Anglo American Anglo American’s investment in the Royalty secures it offtake rights to the higher of (a) 60% or (b) 2.4 million tonnes per year of the Phase 1 production for life of mine (the “Offtake”) The agreement also provides for a right of first offer for Anglo American to further invest at least 15% of the Phase 1 construction cost as part of a consortium after the conflict in Ukraine ends. Such additional investment by Anglo American would result in the increase of its offtake to 100% of the Phase 1 production for an expected 4 million tonnes per annum Additionally, Anglo American also has first refusal rights to fund a further 15% of expansion construction cost for Phase 2 of the Project. Provision of such funding would secure Anglo American 100% of the life of mine offtake rights for Phase 2 of the Project, for an expected 8 million tonnes per annum The Offtake includes a profit-sharing component which aligns the interests of both parties and thereby generates a strong interdependent relationship of mutual benefit. Black Iron and Anglo American will also mutually benefit from any realized shipping cost savings by selling the product to steel mills located closer to Ukraine than China, such as those in the Middle East where there is strong demand for such high purity direct reduction iron ore Black Iron’s CEO Matt Simpson stated: “Black Iron is excited to welcome Anglo American as an investor and offtake partner given their extensive global experience in the mining sector. Raising US$4 million through a royalty structure relative to Black Iron’s current market capitalization without issuing additional shares to strengthen our finances during the ongoing war in Ukraine is a great outcome for shareholders. The majority of the initial US$2.6 million of funds from the Transaction will be used to renew the permit for our Project which will expire six months after the end of martial law in Ukraine. Further, the future potential funding for project construction from such a highly credible mining company as Anglo American is important to demonstrate a clear path forward to build the Shymanivske Iron Ore project into an operating mine after the war in Ukraine comes to an end.” Anglo American is a leading global mining company focused on the responsible production of copper, premium iron ore and crop nutrients – future-enabling products that are essential for decarbonising the global economy, improving living standards, and food security. Its portfolio of world-class operations and outstanding resource endowments offers value-accretive growth potential across all three businesses, positioning the company to deliver into structurally attractive major demand growth trends. Black Iron had previously selected Cargill as the offtake purchaser in May 2021. However, a definitive agreement was fully negotiated but not executed, and Cargill’s May 2021 nonbinding memorandum of understanding has since expired, leading to a competitive investment and offtake process being re-tendered. In selecting Anglo American, Black Iron engaged Bacchus Capital Advisers to run a global competitive process resulting in several interested leading mining and trading companies signing confidentiality agreements. This confirms the strong interest in the Project given its compelling projected economics and high purity product despite the uncertainly associated with the war in Ukraine About Black Iron Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske Iron Ore Project located in Kryviy Rih, Ukraine. Full mineral resource details and projected project economics can be found in the NI 43-101 technical report entitled “(Amended) Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit” published in March 2020 with an effective date of November 21, 2017 under the Company’s profile on SEDAR at www.sedar.com. The Project is surrounded by five other operating mines, including Metinvest’s YuGOK and ArcelorMittal's iron ore complex. Please visit the Company's website at ww.blackiron.com for more information. For more information, please contact: Matt Simpson Chief Executive Officer Black Iron Inc. info@blackiron.com https://www.bacchuscapital.co.uk/news/ironbark-zinc-transformational-executive-director-appointment-and-a10-million-equity-placement monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/394faa95-0613-4d46-b457-f722314a2470/Ironbark.png News - IRONBARK ZINC: Transformational executive director appointment and A$10 million equity placement - 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. HIGHLIGHTS Appointment of leading international gold-industry executive, Mr. Zelenski, who oversaw NordGold plc’s (Nordgold) rise from a start-up to a high margin, top fifteen global gold producer Mr. Zelenski brings over 15 years of experience in mine acquisition, development, and operational growth, with a proven track record in transforming projects into profitable, high-performance assets Mr. Zelenski will commence immediately, initially in a consulting role with his proposed formal appointment as Executive Chair to take effect immediately following the Extraordinary General Meeting of Shareholders to be held on or around mid-December 2024 (EGM) Existing Chairman Dr. Fred Hess will transition to Non-Executive Director, with Mr. Michael Jardine continuing in his role as Managing Director Ironbark’s gold sector growth ambitions will be further supported by additional Executive appointments including Mr. Evgeny Tulubenskiy (former Nordgold Director of ESG and Chief Legal Officer) and Mr. Igor Klimanov (former Nordgold Director of Development) A$10 million in new equity funding has been secured through firm Placement commitments from sophisticated and institutional investors, subject to shareholder approval at the EGM, strengthening the Company’s balance sheet and enabling the rapid pursuit of aggressive growth initiatives Argonaut Securities Pty Limited (Argonaut) and Taylor Collison Limited (Taylor Collison) acted as Joint Lead Managers to the Placement, and Bacchus Capital Advisers were the Corporate Advisor Strategic business evolution further underpinned by a proposed share consolidation on a 1-for-125 basis, subject to shareholder approval at the EGM Key strategic priorities include cost-effective copper and critical mineral exploration from within the existing portfolio, unlocking the development potential of the Citronen Base Metals Project (Citronen Project) and development of a robust gold-focused acquisition pipeline Ironbark Managing Director, Mr. Michael Jardine, commented: “Nikolai’s appointment is a transformative moment for Ironbark, bringing insightful leadership and a well-developed business framework and execution plan to accelerate our next phase of growth. His impressive track record speaks for itself, he is an elite operator with a proven ability to drive value creation which aligns neatly with our vision. His leadership, combined with the skills of his experienced team, is a strong asset for Ironbark and its shareholders.With Nikolai joining the team, IBG’s ongoing evolution away from a single asset company to one with a portfolio of growth projects will be greatly accelerated. We are now particularly well placed to consider adding further gold exposure to our existing copper, gold, base and battery metals focused asset suite. It was pleasing to see this strategic evolution so well supported by our existing shareholders, many of whom took the opportunity to increase their holding in the Company, as well as welcoming some significant new shareholders including some very well-known junior resource funds. I would also like to take this early opportunity to wholeheartedly thank our current Chairman Dr. Fred Hess who has served the Board and Company admirably over the last five years. Dr. Hess will transition to a Non-Executive role at the EGM and I am confident the business will continue to benefit from his wisdom during the exciting days ahead.” Ironbark Executive Chair-elect Mr. Nikolai Zelenski, commented: “I am delighted to join Ironbark at this pivotal time and very much look forward to meaningfully contributing to its continued evolution. With our team’s deep operational and strategic experience in the gold sector, we are distinctively positioned to execute on our vision for acquisition-led growth. The Ironbark portfolio has already undergone an incredible transformation, providing a diversified exposureacross various stages of project development, multiple jurisdictions, and a mix of commodities. We are focused on building upon this foundation to unlock substantial value for shareholders in the near and long term.” BOARD AND EXECUTIVE CHANGES With Mr. Zelenski’s appointment, current Chairman, Dr. Hess, will transition to a Non-Executive Director role. Additionally, it is intended that Mr. Danny Segman, Ironbark’s largest individual shareholder, will be appointed as a Non-Executive Director of the Company at the Company’s 2024 Annual General Meeting to be held on Thursday, 28 November 2024. Ironbark will also commission a new Advisory Board from the time of the EGM onwards, with Mr. Peter Bacchus, former Global Head of Metals and Mining at Morgan Stanley and founder of Bacchus Capital, as the inaugural Adviser to the Board. https://www.bacchuscapital.co.uk/news/unity-successfully-raises-a18m-for-cambodian-exploration-planned-ipo monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/89b132d2-6352-4281-8af9-eac7c0a802f2/Unity_Logo.jpg News - Unity Successfully Raises A$1.8m for Cambodian Exploration & Planned IPO - 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. The proceeds of the fund raise will allow Unity to continue exploration on its Ngot and O’Phlay exploration licences in Cambodia, to finalise the grant of the Ta Vaeng exploration licence in Cambodia, review other project opportunities, fund IPO preparations and provide general working capital. The offer was only for existing shareholders and institutional, professional, and experienced investors in Australia, to certain institutional and professional investors in in New Zealand, Hong Kong, Singapore, Cambodia, Thailand and the United Kingdom. It was not for distribution in the United States. https://www.bacchuscapital.co.uk/news/bg-gold-big-backers-see-promise-in-nunavut-gold monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/56b1a233-f67a-4655-bb44-b7293000567e/BG-Gold-Logo-Square.jpg News - BG Gold: Big Backers See Promise in Nunavut Gold - 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. The Whale Cove financing, which took place over December and into early January, makes BG one of the few private explorers to hunt for gold in Nunavut, a remote and infrastructure-poor region that makes it a challenging region for resource development. Vickers is the main target in the 781-sq.-km project previously known as Pistol Bay. In the mid-1980s, exploration picked up at the site when Inco drilled an intercept that returned 149.8 metres grading 2.55 grams gold per tonne. Northquest bought the project in 2010. According to a 2016 initial resource, Vickers hosts 7.7 million inferred tonnes grading 2.95 grams gold per tonne for 739,000 ounces. Almost a decade ago, Russian miner Nordgold acquired a stake in Northquest and did further drilling that more than doubled the resource. In 2020, it reported 22.3 million inferred tonnes at 2.2 grams gold for 1.5 million ounces. Nordgold had raised its stake in the project to 100% when BG bought it in 2022. BG hasn’t disclosed the purchase price, but Bacchus said its capital raising would value Whale Cove at more than C$40 million. Down-plunge target About 46,000 metres in total have been drilled at Whale Cove and 30,000 metres at Vickers, where BG seeks to explore more at depth. “Our analysis is, we think there’s the potential to explore or to centre the program around high-grade material down plunge and down dip,” Bacchus said. “The previous owner was focused on establishing large open-pittable resources. The geological work we’ve undertaken… suggests an alternative approach to test that high-grade material in some of those racy intercepts will be an interesting thing to do.” The company has brought on David Reading, former chief geologist at Randgold Resources as chair of BG’s technical committee. It has designed the exploration program to test and confirm the down-plunge extensions of high-grade mineralization. This year’s program will also focus on reassessing existing and potential exploration targets in the region. Bacchus says the program could help upgrade Vickers’ resource but isn’t likely to happen this year. Depending on the progress of exploration, he said it might make sense in the future to return the project to the public market. “We want to see how we track with the results this year and see what markets are like and how the costs stack up,” he said. “I think we’re benefiting in that there’s limited competition. Juniors are quite cash-poor at the moment. Public markets are quite tough. It gives us a great opportunity to make a good run of it this year.” Whale Cove is located near the namesake hamlet in the Kivalliq region on the west coast of Hudson Bay. The project is about 80 km south of Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) Meliadine gold mine. https://www.bacchuscapital.co.uk/news/cop28-landmark-agreement-to-transition-away-from-fossil-fuels-highlights-importance-of-nuclear-and-uranium monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/457ac2d1-a019-401d-aeb4-8b7a6c31b88b/Yellow-Cake-Logo-Square.jpg News - COP28 Landmark Agreement to Transition Away From Fossil Fuels Highlights Importance of Nuclear and Uranium - 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.” https://www.bacchuscapital.co.uk/news/adventus-luminex-announce-merger-to-create-a-growth-focused-copper-gold-company-in-ecuador-concurrent-equity-financing-with-participation-by-ross-beaty-and-wheaton-precious-metals-corp monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/7fef4808-07bc-43a2-a86b-9e8aa6dd834d/Adventus+Logo+1.png News - Adventus and Luminex Announce Merger to Create a Growth-Focused Copper-Gold Company in Ecuador - 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. Not for distribution to U.S. newswire services or dissemination in the United States 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. Transaction Terms Pursuant to the terms and conditions of the Arrangement Agreement, the holders of the issued and outstanding Luminex Shares will receive 0.67 Adventus Shares for each one (1) Luminex Share held (the “Exchange Ratio”). Luminex options that are outstanding at the time of completion of the Transaction shall be exchanged in accordance with the Exchange Ratio for similar securities to purchase Adventus Shares on substantially the same terms and conditions, and outstanding warrants of Luminex will become exercisable, based on the Exchange Ratio, to purchase Adventus Shares on substantially the same terms and conditions. The Transaction will be carried out by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). Upon completion of the Transaction, the Resulting Issuer will continue to be listed as a Tier 1 mining issuer on the TSX Venture Exchange (“TSXV”) under the same Adventus name and ticker symbol, as well as on the OTCQX. Prior to completion of the Concurrent Financing, existing shareholders of Adventus will own approximately 61% of the Resulting Issuer and existing shareholders of Luminex will own approximately 39% of the Resulting Issuer on an undiluted basis. Mr. Ross Beaty is expected to be the only shareholder post completion of the Transaction and the Concurrent Financing to own greater than 10% of the issued and outstanding shares of the Resulting Issuer, owning approximately 13% on an undiluted basis. The Arrangement Agreement contains customary reciprocal deal-protection provisions including non-solicitation covenants and a right to match any superior proposal as defined in the Arrangement Agreement. Under certain circumstances, Adventus or Luminex would be entitled to a termination fee of US$1,200,000. In connection with the Transaction, certain officers of Luminex shall agree to receive part of any change of control amounts owed in the form of Luminex Shares, which shall have a deemed value per Luminex Share equal to C$0.194 per share (the “Change of Control Share Settlement”). Any Change of Control Share Settlement is subject to the approval of the TSXV. Complete details of the Transaction will be included in a management information circular to be delivered to Luminex securityholders in the coming weeks. Conditions to Completion The completion of the Transaction is subject to a number of terms and conditions, including without limitation the following: (a) approval of the Luminex securityholders, as described below; (b) approval of the TSXV; (c) approval of the British Columbia Supreme Court; (d) there being no material adverse changes in respect of either Adventus or Luminex; (e) a minimum of US$13.5 million in gross proceeds from the Concurrent Financing (which is fully committed, see Concurrent Financing below), and other standard conditions of closing for a transaction of this nature. There can be no assurance that all of the necessary approvals will be obtained or that all conditions of closing will be satisfied. The Transaction is subject to the approval at a special meeting of Luminex securityholders by (i) 66 2/3 % of the votes cast by Luminex shareholders, (ii) 66 2/3 % of the votes cast by Luminex shareholders and optionholders, voting together as a single class, and (iii) if required, a simple majority of the votes cast by the Luminex shareholders, excluding the votes cast by certain persons as required by MI 61-101. Adventus and Luminex are arm's length parties and, accordingly, the Transaction is not a related party transaction. Board of Directors and Management Upon closing of the Transaction, the board of directors of the Resulting Issuer (the “Resulting Issuer Board”) will be comprised of eight (8) members, including three (3) nominees from Luminex. Mr. Christian Kargl-Simard will remain serving as President, CEO and Director of the Resulting Issuer and lead the combined management and project team. The head office will continue to be in Toronto, Canada. The Resulting Issuer Board is expected to be led by Mr. Mark Wellings and is anticipated to include Ms. Karina Rogers, Mr. Leif Nilsson, Mr. David Darquea Schettini, Mr. David Farrell and Mr. Ron Halas as independent directors, and Mr. Christian Kargl-Simard and Mr. Marshall Koval as non-independent directors. Advisors to the Resulting Issuer Board will continue to be Mr. Christian Aramayo and Mr. Gerardo Fernandez; Adventus also anticipates the addition of Mr. Leo Hathaway in an advisory role. Concurrent Financing The Concurrent Financing will consist of two tranches, for total gross proceeds of approximately US$17.1 million, of which US$13.5 million is fully committed and the balance of approximately C$5M (approximately US$3.64 million) has agreed to be purchased on a "bought deal" private placement basis. The first tranche is the Non-Brokered Private Placement, a US$13.5 million fully committed offering of Subscription Receipts of Adventus at a price of C$0.29 per Subscription Receipt. Each Subscription Receipt shall entitle the holder thereof to receive, without payment of any additional consideration or further action on the part of the holder, one Common Share in the capital of Adventus upon the satisfaction or waiver of all conditions to the completion of the Transaction in accordance with the terms of the Arrangement Agreement (collectively, the “Escrow Release Conditions”). Mr. Ross Beaty, Wheaton and certain of Luminex’s existing Ecuadorian shareholders have committed to participating in this tranche. No commission is being paid on the Non-Brokered Private Placement. In connection with the second tranche, the Bought Deal Private Placement, Adventus and Luminex have entered into an engagement letter with Raymond James Ltd. and National Bank Financial Inc., on their own behalf and on behalf of the Underwriters, pursuant to which the Underwriters have agreed to purchase, on a “bought deal” private placement basis 1,725,000 Units of Adventus at a price of C$2.90 per Unit (the “Unit Offering Price”) for gross proceeds of approximately C$5 million, which the parties may agree to increase in the context of the market by an amount of up to an additional C$5 million. Each Unit shall consist of four (4) Adventus Shares and six (6) Subscription Receipts, with 40% of the price per Unit allocated to the Adventus Shares underlying each Unit and 60% of the price per Unit allocated to the Subscription Receipts underlying each Unit. Adventus has granted the Underwriters an over-allotment option to purchase at the Unit Offering Price up to such number of an additional Units as is equal to 15% of the number of Units sold pursuant to the Bought Deal Private Placement (the “Over-Allotment Option”). The Over-Allotment Option is exercisable by the Underwriters in whole or in part at any time until 48 hours prior to the closing date of the Bought Deal Private Placement. Adventus shall pay to the Underwriters a commission equal to 6.0% of the gross proceeds from the Bought Deal Private Placement, 50% of which will be paid to the Underwriters at closing of the Bought Deal Private Placement and 50% of which will be placed in escrow (the “Escrowed Commission”) as described below. The gross proceeds of the Non-Brokered Private Placement, the gross proceeds from the sale of the Subscription Receipts underlying the Bought Deal Private Placement and the Escrowed Commission (collectively, the “Escrowed Proceeds”), will be placed into escrow. Provided that the Escrow Release Conditions are satisfied or waived (where permitted) prior to 5:00 p.m. (Toronto time) on March 31, 2024 (the “Escrow Release Deadline”), the Escrowed Commission will be released to the Underwriters from the Escrowed Proceeds, and the balance of the Escrowed Proceeds (less certain expenses of an escrow agent to be appointed) will be released to or as directed by Adventus and the Subscription Receipts shall be automatically converted into Adventus Shares, without payment of any additional consideration or further action on the part of the subscribers. In the event that the Escrow Release Conditions are not satisfied by the Escrow Release Deadline, the Escrowed Proceeds, together with interest earned thereon, will be returned to the holders of Subscription Receipts and such Subscription Receipts will be cancelled. The net proceeds of the Concurrent Financing will be used to advance the El Domo Project, select exploration programs across the combined exploration portfolio of Adventus and Luminex, costs related to the proposed Transaction and for working capital and general corporate purposes. The Concurrent Financing is being conducted in all of the provinces and territories of Canada pursuant to private placement exemptions, in the United States pursuant to available exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and applicable state securities laws, and in such other jurisdictions outside of Canada and the United States, in each case, in accordance with all applicable laws, provided that no prospectus, registration statement or similar document is required to be filed in such foreign jurisdiction. Completion of the Concurrent Financing is subject to obtaining the required TSXV approvals and satisfaction of customary closing conditions. The Subscription Receipts and the Adventus Shares to be issued in connection with the Concurrent Financing, and the Adventus Shares underlying the Subscription Receipts, will be subject to a statutory four-month and one day hold period from the closing date. The closing date of both the Non-Brokered Private Placement and the Bought Deal Private Placement is expected to be on or around December 8, 2023. Luminex and Adventus intend to rely on the “part and parcel exception” under the policies of the TSXV with respect to the Concurrent Financing and the Change of Control Share Settlement, as each is integral to the Transaction by ensuring the Resulting Issuer is sufficiently capitalized to complete mine construction at the El Domo Project. The securities to be offered in the Concurrent Financing and the Change of Control Share Settlement have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Transaction Timeline Pursuant to the Arrangement Agreement and subject to satisfying all necessary conditions and receipt of all required approvals, the parties anticipate completion of the Transaction in January 2024. Following completion of the Transaction, Luminex Shares will be de-listed from the TSXV and Luminex will cease to be a reporting issuer under Canadian securities laws. Recommendations by the Boards of Directors and Fairness Opinion After consultation with its financial and legal advisors, the board of directors of Adventus unanimously approved the entering into of the Arrangement Agreement. Raymond James Ltd. provided a fairness opinion to the board of directors of Adventus, stating that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the consideration to be paid by Adventus is fair, from a financial point of view, to Adventus. After consultation with its financial and legal advisors, the board of directors of Luminex (the “Luminex Board”) unanimously approved the entering into of the Arrangement Agreement, following the unanimous recommendation of a special committee of the Luminex Board (the “Luminex Special Committee”). The Luminex Board recommends that Luminex securityholders vote in favour of the Transaction. Haywood Securities Inc. provided a fairness opinion to the Luminex Special Committee, stating that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the consideration to be received by Luminex shareholders under the Transaction is fair, from a financial point of view, to such Luminex shareholders. Advisors and Counsel Bacchus Capital Advisers is acting as financial advisor to Adventus. DLA Piper (Canada) LLP, DLA Piper LLP (US) and AVL Abogados are acting as legal counsel to Adventus in Canada, the U.S. and Ecuador, respectively. Haywood Securities Inc. is acting as financial advisor to Luminex. Borden Ladner Gervais LLP, Troutman Pepper Hamilton Sanders LLP, and Tobar ZVS are acting as legal counsel to Luminex in Canada, the U.S. and Ecuador, respectively. Analyst and Investor Webcast and Conference Call Adventus and Luminex will host a joint conference call on Tuesday, November 22, 2023, at 12:00 pm (noon) ET to discuss the Transaction. Conference call and webcast details: Date: Wednesday, November 22, 2023 Time: 12:00 pm noon ET Webcast link: https://events.6ix.com/preview/adventus-mining-corporation Qualified Person and Technical Reports The technical information of this news release has been reviewed and approved by Mr. Dustin Small, P.Eng., Vice President Projects of Adventus, a non-Independent Qualified Person, as defined by National Instrument 43-101 (“NI 43-101”). Technical information for the El Domo Project is derived from the Technical Report for the El Domo Project titled: “NI 43101 Technical Report - Feasibility Study - Curipamba El Domo Project - Central Ecuador”, filed on SEDAR+ on December 10, 2021. Technical information for the Condor Project is derived from the Technical Report for the Condor Project titled: “Condor Project NI 43-101 Technical Report on Preliminary Economic Assessment”, filed on SEDAR+ on September 13, 2021. About Adventus Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and significant Ecuadorian shareholders. Adventus is based in Toronto, Canada, and is listed on the TSXV under the symbol ADZN and trades on the OTCQX under the symbol ADVZF. About Luminex Luminex Resources Corp. is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. Luminex's inferred and indicated mineral resources are located at the Condor Gold-Copper project in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador. For further information from Adventus, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com. Please also visit the Adventus website at www.adventusmining.com For further information from Luminex, please contact Scott Hicks, VP Corporate Development and Communications, at +1-604-646-1890 or info@luminexresources.com. Please also visit the Luminex website at https://luminexresources.com Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Cautionary Note Regarding Forward-Looking Statements This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, respectively (collectively referred to herein as “forward-looking information”). Forwardlooking information may be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “is expected”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or terminology which states that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. Forward-looking information in this news release includes: expected timing and completion of the Transaction; the strengths, characteristics and expected benefits and synergies of the Transaction; receipt of court approval; approval of the Transaction by Luminex shareholders and optionholders at the special meeting of Luminex securityholders; obtaining TSXV acceptance to complete the Transaction; certain officers of Luminex agreeing to receive the Change of Control Share Settlement, and obtaining TSXV acceptance to complete the Change of Control Share Settlement; the completion of the Concurrent Financing; the participation of the identified persons in the Concurrent Financing; the expected use of proceeds from the Concurrent Financing; the satisfaction of the Escrow Release Conditions; the conversion of the Subscription Receipts into shares of the Resulting Issuer; the exercise of the Over-Allotment Option; obtaining TSXV acceptance to complete the Concurrent Financing; the payment of commissions by Adventus with respect to the Concurrent Financing; the anticipated holdings of Ross Beaty and Altius after the completion of the Transaction; the completion of the Loan Amendment; obtaining TSXV acceptance to complete the Loan Amendment; the anticipated timing of the special meeting of Luminex securityholders to vote on the Transaction and the related management information circular; the expected delisting of the Luminex Shares from the TSXV; the composition of the Resulting Issuer board and management team; and the companies’ assessments of, and expectations for, future periods. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances, including information in this news release regarding the Transaction and the Concurrent Financing, contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent the companies’ expectations, estimates and projections regarding possible future events or circumstances. The forward-looking information included in this news release is based on the companies’ opinions, estimates and assumptions in light of their experience and perception of historical trends, current conditions and expected future developments, their assumptions regarding the Transaction and the Concurrent Financing (including, but not limited to, their ability to close the Transaction and the Concurrent Financing on the terms contemplated, and to derive the anticipated benefits therefrom), as well as other factors that they currently believe are appropriate and reasonable in the circumstances. The forward-looking information contained in this news release is also based upon a number of assumptions, including the companies’ ability to obtain the required securityholder, court and regulatory approvals in a timely matter, if at all; their ability to satisfy the terms and conditions precedent of the Arrangement Agreement in order to consummate the Transaction; their ability to satisfy the Escrow Release Conditions; assumptions in respect of current and future market conditions and the execution of the companies’ business strategies, that operations in Adventus’ and Luminex’s properties will continue without interruption, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated, intended or implied. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Forward-looking information is also subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but are not limited to, failure to receive the required shareholder, court, regulatory and other approvals necessary to effect the Transaction; the potential for a third party to make a superior proposal to the Transaction; that the Resulting Issuer and its shareholders will not realize the anticipated benefits following the completion of the Transaction; that all tranches of the Concurrent Financing will not be completed; that the proceeds of the Concurrent Financing will not be used as announced; that the Loan Amendment will not be completed; that the special meeting of Luminex securityholders to vote on the Transaction will not occur at the anticipated timeframe; and those set forth under the caption “Risk Factors” in Adventus’ annual information form, the companies’ most recent respective management’s discussion and analysis, and other documents filed with or submitted to the Canadian securities regulatory authorities on the SEDAR+ website at www.sedarplus.ca. Although the companies have attempted to identify important risk factors that could cause actual results or future events to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to them or that they presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the companies’ expectations as of the date of this news release and is subject to change after such date. Adventus and Luminex each disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements. https://www.bacchuscapital.co.uk/news/yellow-cake-plc-results-of-placing monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/457ac2d1-a019-401d-aeb4-8b7a6c31b88b/Yellow-Cake-Logo-Square.jpg News - YELLOW CAKE PLC: 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. Andre Liebenberg, Chief Executive Office of Yellow Cake, commented: "We are delighted with the strong response from both existing and new investors, highlighting the growing interest in, and understanding of, both uranium and the Yellow Cake investment case. This has once again resulted in an oversubscribed book. The recent positive momentum in the uranium price is indicative of the themes we have consistently set out, with supply demand fundamentals and a wider acceptance of the critical role nuclear energy will play in supporting our net zero ambitions both acting as long-term drivers. Looking ahead, we remain confident that spot and term prices will need to increase further to reach an incentive price which supports the construction of the new greenfield mines that are needed to meet mid and long-term uranium demand expectations." Placing: Application has been made for the Placing Shares to be admitted to trading on the AIM market of London Stock Exchange plc ("AIM") ("Admission"). It is expected that Admission will become effective at commencement of trading on 2 October 2023 and settlement is expected to take place on the same date on a T+2 basis. The Placing is conditional upon, inter alia, Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms. Following Admission of all of the Placing Shares: (a) the total number of shares of the Company in issue will be 221,440,730 of which 4,584,283 are held in treasury; and (b) the total number of voting shares in the Company will be 216,856,447. Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Announcement released by the Company at 18.17 (London time) on 27 September 2023. Cantor Fitzgerald Canada Corporation ("Cantor"), Canaccord Genuity Limited ("Canaccord") and Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg"), acted as Joint Bookrunners (Cantor, Canaccord and Berenberg, together being the "Joint Bookrunners"). Bacchus acted as Financial Adviser. https://www.bacchuscapital.co.uk/news/yellow-cake-plc-proposed-purchase-of-uranium-and-placing monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/457ac2d1-a019-401d-aeb4-8b7a6c31b88b/Yellow-Cake-Logo-Square.jpg News - YELLOW CAKE PLC: Proposed Purchase of Uranium and 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. Andre Liebenberg, Chief Executive Office of Yellow Cake, commented: "We continue to have confidence in the long-term outlook for uranium and believe now is the right time to take up our 2023 option with Kazatomprom in full. This option, which we negotiated ahead of our IPO in 2018, allows us to purchase up to US$100 million of uranium every year until 2027. By raising capital now, we will materially increase our current uranium holdings in line with our strategy. The supply demand fundamentals influencing the uranium price have strengthened even further, with rising production costs and utilities re-stocking representing additional drivers to the investment case." Background to the Placing Corporate Background: Yellow Cake is a specialist company operating in the uranium sector with a view to holding physical uranium for the long-term. Yellow Cake was founded on the fundamental premise that uranium, as a commodity, is structurally mispriced and that the incentive price required for new mines to be developed and constructed is higher than the current spot price. This misalignment in pricing has resulted, and is continuing to result, in a lack of investment in new uranium supply, which may potentially result in a looming supply gap, as demand for nuclear power as a low-carbon baseload source continues to increase against a flat or declining uranium supply. 2023 saw increasing focus on nuclear as a low-carbon baseload power source, with governments seeking to reduce their reliance on both coal and Russian fuels. Yellow Cake is differentiated from its peers by the ten-year Kazatomprom Framework Agreement for the supply of U3O8 with Kazatomprom, the world's largest uranium producer. Under the Kazatomprom Framework Agreement, Yellow Cake has the option to purchase up to US$100 million of U3O8 each year for a period of nine years, starting from the Company's IPO in 2018. In 2021, Yellow Cake raised a total of US$375.1 million and inclusive of fully exercising its option under the Kazatomprom Framework Agreement, acquired a total of 8.35 million lb of U3O8. In February 2023, Yellow Cake raised approximately US$75 million and via partially exercising its 2022 option under the Kazatomprom Framework Agreement, acquired a total of 1.35 million lb of U3O8. The U3O8 being purchased in this proposed transaction represents material allocated under Yellow Cake's 2023 option with Kazatomprom. The Company continues to believe that the structural misalignment of supply and demand in the uranium market points to uranium prices increasing from present levels. Yellow Cake currently holds 18.81 million lb of U3O8, with a further 1.35 million lb of U3O8 expected to be delivered in relation to the 2022 Kazatomprom option by 30 September 2023. All of this material will be held in storage in Canada and France. Delivery of the 2023 Kazatomprom option purchased material is anticipated in 2024. At the annual general meeting held on 6 September 2023, the Company received shareholder approval to issue an aggregate of up to 57,813,606 shares to raise proceeds to fund the exercise of its option under the Kazatomprom Framework Agreement to purchase up to US$100 million of U3O8 in the relevant calendar year, to make purchases of uranium should it be able to identify value accretive purchase opportunities and for general corporate purposes. On 20 September 2023, a purchase price for U3O8 of US$65.50/lb was proposed to the Company by Kazatomprom (using market indicators) for the 2023 option to purchase U3O8 under the terms and conditions of the Kazatomprom Framework Agreement (the "Kazatomprom Purchase"). The Company has until 4 October 2023 to fund the purchase, which enables the Company to transact on U3O8 at an undisturbed price. The 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). Use of Proceeds The Company primarily intends to use the proceeds of the Placing to fund the Kazatomprom Purchase. In addition, the Company will retain sufficient proceeds of the Placing to pay certain costs associated with the Placing, for working capital and general corporate purposes and to fund opportunistic purchases of U3O8 for value in the spot market. URC Option In connection with the Subscription Agreement entered into at the time of the Company's IPO, the Company has granted Uranium Royalty Corporation ("URC") an option to acquire between US$2.5 million and US$10 million worth of U3O8 per year in each of the nine calendar years commencing on 1 January 2019, up to a maximum aggregate amount over such nine year period of US$31.25 million worth of U3O8. The price to be paid by URC in the event it exercises its option would be the same price as that which would be payable if the Company were to exercise its rights under the Kazatomprom Framework Agreement to acquire the relevant quantity of U3O8 from Kazatomprom at the relevant time. If URC exercises its option during 2023, the Company will purchase the U3O8 to be delivered to URC pursuant to the option or may deliver it from its own holdings. The price at which URC is entitled to purchase the relevant U3O8 under the option may differ from the price paid by the Company. Details of the Placing Cantor, Canaccord and Berenberg will commence the Bookbuild in respect of the Placing with immediate effect. The Placing is subject to the terms and conditions set out in the appendix to this Announcement (the "Appendix"). The final number of Placing Shares to be issued will be determined following the close of the Bookbuild. The Placing Shares will, when issued, be credited as fully paid and rank pari passu in all respects with the existing issued ordinary shares of the Company. The timing of the close of the Bookbuild, as well as allocation of the Placing Shares, are at the discretion of the Joint Bookrunners and the Company. The results of the Placing will be announced as soon as practicable following the close of the Bookbuild. The Company has shareholder authority to issue up to 57,813,606 Placing Shares in aggregate under the Placing. Net Asset Value Update Yellow Cake's estimated proforma net asset value on 26 September 2023 was £5.91 per share or US$1,436.0 million, consisting of 20.16 million lb of U3O8, valued at a spot price of US$70.50/lb and cash and other current assets and liabilities of US$15.0 million. At a price of US$65.50/lb, the price at which Kazatomprom proposed to sell up to US$100 million of uranium to the Company under the terms of the Kazatomprom Framework Agreement, Yellow Cake's estimated proforma net asset value on 26 September 2023 was £5.50 per share or US$1,335.2 million, based on 20.16 million lb of U3O8 and cash and other current assets and liabilities of US$15.0 million. https://www.bacchuscapital.co.uk/news/yellow-cake-plc-surpasses-1-billion-market-capitalisation monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/457ac2d1-a019-401d-aeb4-8b7a6c31b88b/Yellow-Cake-Logo-Square.jpg News - Yellow Cake Plc Surpasses £1 Billion Market Capitalisation - 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 by PR Newswire Sep. 20, 2023 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. Following the IPO, Yellow Cake acquired 8.4 million lbs. of U3O8 at an average price of US$21.10 /lb. In the ensuing time period, where the uranium spot price increased to US$65.50 /lb., Yellow Cake purchased an additional 11.8 million lbs to take its total uranium holdings to 20.2 million lbs. The underlying investment thesis for Yellow Cake was, and remains, that with low-carbon baseload nuclear power essential to meet net zero and an expected shortfall of mine supply, the uranium price will need to meet or exceed the incentive price of sufficient new production to match demand. Many near-term project developers are anticipating a required incentive price well in excess of the current uranium spot price. We would like to thank our supportive partners working with Yellow Cake to achieve this milestone as we look forward to achieving the next significant marker. Peter Bacchus, Chairman and Chief Executive of Bacchus Capital said: "Reaching the significant milestone of a one billion sterling valuation is a credit to all involved, and I extend my congratulations to Andre and the full board and management team, as well as our partners and investors at the IPO and subsequently. The success of this venture was never in doubt, but its performance has truly excelled. Yellow Cake brought a new asset class to the UK investment market and highlighted the critical role that nuclear must play in addressing climate change and meeting net zero commitments." https://www.bacchuscapital.co.uk/news/ben-abbs-analyst-at-bacchus-capital-publishes-opinion-article-nuclear-energy-security-sleep-walking-into-the-next-energy-crisis monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/1045bf23-8fb6-4fa8-9330-1a923ee0a5c8/Uranium+Photo.jpg News - Ben Abbs, Analyst at Bacchus Capital Publishes Opinion Article: Nuclear Energy Security: Sleep Walking into the Next Energy Crisis? - 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. Nuclear energy produces roughly one fifth of electricity in the EU and USA. Commentators focus on Russia’s dominance over European and American nuclear power in three areas. Firstly, Russia is a major uranium supplier, the material mined for nuclear fuel. Secondly, Russia is even more dominant in developing uranium into nuclear fuel via conversion and enrichment processes, representing 46% of the world’s enrichment capacity. On average, the EU and USA depend on Russia for over 20% of their supplies and services in these areas. Thirdly, commentators note that many nuclear plants in Eastern Europe are Russian made and rely on Russia for maintenance and fuel supply. While Europe and the USA have some counter measures—principally restarting or building processing capacity—these will take time, money, and a thus far absent urgency. Focusing on these areas, particularly Russia’s dominance in processing, is an insufficient analysis of the risks to the West’s nuclear energy security. A broader, more holistic view reveals that uranium is potentially the most vulnerable facet of the nuclear sector. Russia can target the uranium supply beyond its services and trade, and a tight uranium market will amplify the impact of disruptive action. Russia’s Influence Over the West’s Uranium The uranium market and trade routes are concentrated, making them susceptible to disruption. Kazakhstan and Uzbekistan, producing over half of the world’s uranium supply, are geopolitically vulnerable to Russia. Together with Russia, these countries account for 44% and 49% of the uranium supply to the EU and USA respectively. Kazakh and Uzbek uranium exports often transit through Russia, via St Petersburg or Russian airspace. The main alternative route, touted as a Russia-free substitute, is also vulnerable, including land, maritime, and air routes across the Black Sea, Caspian Sea, Georgia, Azerbaijan, and Armenia. Russia could block transit through its territory, and a particularly desperate Russia could even use its regionally active military forces to interfere with nearby air or maritime trade. New routes for the West are unlikely as they would cross Iran, Afghanistan, or China—which often stockpiles imported uranium rather than exporting it. Russia could also exert pressure or take action to disrupt uranium production and trade in Kazakhstan, Uzbekistan, and ‘alternative route’ countries. It has substantial influence over these countries, which were all in the Soviet Union. In Kazakhstan, Russian soldiers propped up President Tokayev in January 2022 and Russian companies are also heavily integrated in Kazakh uranium production. Russia could exert influence on Armenia and Azerbaijan as a militarily-involved broker in the Nagorno-Karabakh conflict, and on Georgia through its puppet breakaway republic of South Ossetia and Abkhazia. Russia also has military bases in and around these states. Given Russia’s military focus in Ukraine, action is likely to be covert or represent ‘grey zone’ warfare. Threats, pressure, and the modicum of deniability afforded by fake explanations, could drive these pivotal countries in the uranium market to be politically pragmatic, acquiescing or turning a blind eye to Russia disrupting their uranium trade or production. Disruptive action could come in the guise of corporate sabotage, damage by ‘democratic agitators’, or technical, environmental, and operational issues, which disrupt uranium supply, just as ‘technical issues’ initially stopped Russian gas supply to Europe via Nord Stream 1. A Global Uranium Deficit Will Amplify Any Disruption An emerging structural uranium demand-supply imbalance would amplify the impact of Russian disruption. Demand for nuclear energy is surging as countries begin to recognise it is fundamental to the energy transition; providing reliable energy capacity to complement intermittent power from renewable sources. Supply cannot meet rising demand. Uranium prices have been low for a decade, disincentivising mine development, following the unpopularity of nuclear energy after the Fukushima disaster. Since 2019, uranium prices have doubled, as stockpiles have plummeted, and mine supply has fallen to 77% of global demand. New uranium production to combat the supply deficit will emerge slowly, it takes 10-15 years to build a mine and roughly two years to restart a suspended one. The Cost of Action and Inaction Whether Russia, or less likely the West, will pursue this new front in the economic conflict—especially as tensions rise—is unknown. Russia currently holds most the cards in the nuclear sector, particularly uranium supply; patchy Western stockpiles will not provide comprehensive resilience. Indeed, Russia could probably tolerate the economic consequences of weaponizing the sector considering its readiness to risk gas revenue from EU customers. Gas earned it c.US$55Bn since February 2022 from the EU alone, while its nuclear exports to Europe and the USA earn it a mere US$1Bn a year. A uranium supply shock could spark sky-high prices. While the nuclear industry can absorb a higher uranium price, as the material is a small component of operating costs, being able to pay elevated prices does not guarantee supply. As the global scramble for PPE during the COVID-19 pandemic shows, financial firepower has limits and possession can become king, with the ‘have’ and ‘have nots’ quickly becoming apparent. In 2023, being a ‘have’ could simply mean keeping the lights on. https://www.bacchuscapital.co.uk/news/yellow-cake-plc-results-of-placing-2023-02-03 monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/457ac2d1-a019-401d-aeb4-8b7a6c31b88b/Yellow-Cake-Logo-Square.jpg News - YELLOW CAKE PLC: 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. Andre Liebenberg, Chief Executive Office of Yellow Cake, commented: "We have been delighted with the response to our placing and would like to thank shareholders for their continued support. Demand was again considerable, supporting our view that this remains a compelling time to invest in uranium. Supply demand fundamentals, the increasing global acceptance of nuclear to support future energy security and the new theme of term market strength, all give us confidence in the long term momentum in the uranium price." Placing: Application has been made for the Placing Shares to be admitted to trading on the AIM market of the London Stock Exchange plc ("AIM") ("Admission"). It is expected that Admission will become effective at commencement of trading on 7 February 2023 and settlement is expected to take place on the same date on a T+2 basis. The Placing is conditional upon, inter alia, Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms. Following Admission of all of the Placing Shares: (a) the total number of shares of the Company in issue will be 202,740,730 of which 4,636,331 are held in treasury; and (b) the total number of voting shares in the Company will be 198,104,399. Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Announcement released by the Company at 16:52 (London time) on 2 February 2023. Cantor Fitzgerald Canada Corporation ("Cantor"), Canaccord Genuity Limited ("Canaccord") and Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg"), acted as Joint Bookrunners (Cantor, Canaccord and Berenberg, together being the "Joint Bookrunners"). Bacchus Capital Advisers acted as Financial Adviser. https://www.bacchuscapital.co.uk/news/yellow-cake-plc-proposed-purchase-of-uranium-and-placing-2023-02-02 monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/457ac2d1-a019-401d-aeb4-8b7a6c31b88b/Yellow-Cake-Logo-Square.jpg News - YELLOW CAKE PLC: Proposed Purchase of Uranium and 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. Andre Liebenberg, Chief Executive Office of Yellow Cake, commented: "Now is the right time to raise new capital after what has been, we believe, one of the most consequential years in the history of nuclear power, with the combination of geopolitics, on-going supply demand characteristics, the ever-increasing importance of nuclear power, as well as our confidence in term market strength, all creating a unique moment for uranium investing. By taking this action now we are able to deliver on our stated strategy and capitalise on our option with Kazatomprom under the agreement we announced at the time of our IPO and give shareholders the opportunity to benefit from what we believe will be the continued upwards pressure on the uranium price." Background to the Placing Corporate Background: Yellow Cake is a specialist company operating in the uranium sector with a view to holding physical uranium for the long-term. Yellow Cake was founded on the fundamental premise that uranium, as a commodity, is structurally mispriced and that the incentive price required for new mines to be developed and constructed is higher than the current spot price. This misalignment in pricing has resulted, and is continuing to result, in a lack of investment in new uranium supply which may potentially result in a looming supply gap, as demand for nuclear power as a low-carbon baseload source continues to increase against a flat or declining uranium supply. 2022 saw increasing focus on nuclear as a low-carbon baseload power source, with governments seeking to reduce their reliance on both coal and Russian fuels. Yellow Cake is differentiated from its peers by the ten-year Kazatomprom Framework Agreement for the supply of U3O8 with Kazatomprom, the world's largest uranium producer. Under the Kazatomprom Framework Agreement, Yellow Cake has the option to purchase up to US$100 million of U3O8 each year for a period of nine years, starting from the Company's IPO in 2018. In 2021, Yellow Cake raised a total of US$375.1 million and inclusive of fully exercising its option under the Kazatomprom Framework Agreement, acquired a total of 8.35 million lb of U3O8. The U3O8 being purchased in this proposed transaction represents material allocated under Yellow Cake's 2022 option with Kazatomprom and fully preserves the Company's 2023 option. Yellow Cake continues to seek additional physical uranium purchases on a value accretive basis and the Company believes that the structural misalignment of supply and demand in the uranium market requires the price of uranium to increase from present levels. Yellow Cake currently holds 18.81 million lb of U3O8, all of which is held in storage in Canada and France. Delivery of the purchased material is anticipated in 2023. At the annual general meeting held on 7 September 2022, the Company received shareholder approval to issue an aggregate of up to 49,155,220 shares to raise proceeds to exercise its option under the Kazatomprom Framework Agreement to purchase up to US$100 million of U3O8 in the relevant calendar year, to make purchases of uranium should it be able to identify value accretive purchase opportunities and for general corporate purposes. On 25 January 2023, a purchase price for U3O8 of US$48.90/lb was proposed to the Company by Kazatomprom (using market indicators) for the 2022 option to purchase U3O8 under the terms and conditions of the Kazatomprom Framework Agreement (the "Kazatomprom Purchase"). The Company has until 8 February 2023 to fund the purchase, which enables the Company to transact on U3O8 at an undisturbed price. The price of US$48.90/lb represents a 3.6% discount to current spot prices as at 1 February 2023. Use of Proceeds The Company primarily intends to use the proceeds of the Placing for the Kazatomprom Purchase. In addition, the Company will retain sufficient proceeds of the Placing to pay certain costs associated with the Placing and for working capital and general corporate purposes. Details of the Placing Cantor, Canaccord and Berenberg will commence the Bookbuild in respect of the Placing with immediate effect. The Placing is subject to the terms and conditions set out in the appendix to this Announcement (the "Appendix"). The final number of Placing Shares to be issued will be determined following the close of the Bookbuild. The Placing Shares will, when issued, be credited as fully paid and rank pari passu in all respects with the existing issued ordinary shares of the Company. The timing of the close of the Bookbuild as well as allocation of the Placing Shares are at the discretion of the Joint Bookrunners and the Company. The results of the Placing will be announced as soon as practicable following the close of the Bookbuild. The Appendix to this announcement (which forms part of this announcement) sets out further information relating to the Bookbuild and the terms and conditions of the Placing. The Company has shareholder authority to issue up to 49,155,220 Placing Shares in aggregate under the Placing. Market Update The Company has today announced its quarterly operating update for the quarter ended 31 December 2022. Net Asset Value Update Yellow Cake's estimated net asset value on 1 February 2023 was £4.27 per share or US$966.5 million, consisting of 18.81 million lb of U3O8, valued at a spot price of US$50.75/lb1 and cash and other current assets and liabilities of US$12.2 million.2 https://www.bacchuscapital.co.uk/news/norzinc-enters-into-arrangement-agreement-in-connection-with-proposed-acquisition-by-rcf monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/2d8351ca-74e1-44a5-92b7-501c0c4016d7/RCF+Logo+4.png News - NorZinc Enters into Arrangement Agreement in Connection with Proposed Acquisition by RCF - 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”). Rohan Hazelton, President & CEO, NorZinc stated, “The Company has been working to address challenges with respect to its debt situation and capital funding needs given the current market conditions. Considering the interests of all stakeholders in the Company and its Prairie Creek Project, and in order to maintain the current development work at and accessing the site, The Board has explored all viable strategic alternatives. Ultimately, it has concluded that the unsolicited all-cash offer to the minority shareholders contained within the Arrangement Agreement is in the best interests of the Company and its stakeholders. While we believe this asset has an exciting future, given the current capital markets, debt and equity position of the Company, we believe this is the best alternative for the Company and its shareholders at the present time. We are proud of the recent milestones achieved in permitting and indigenous community agreements that have advanced Prairie Creek development and remain bullish on the long-term viability of the Project and the positive impact it will have on the local region.” Highlights of the Transaction The Special Committee and the Board considered the Transaction with reference to the best interests of the Company, its stakeholders, ongoing project development, as well as its prospects, strategic alternatives and competitive position, including the risks involved in achieving those prospects and pursuing those alternatives in light of current market conditions and the Company's financial position. The Special Committee and Board recommend the Transaction to securityholders based on a number of reasons, including, among others: Certain and immediate value for shareholders. The consideration payable to shareholders pursuant to the Transaction is all cash which provides shareholders with the opportunity to immediately realize cash for their investment. Significant growth and debt repayment funding required. The Company requires significant funding to advance its Prairie Creek Project particularly at this crucial point as major work on site and access development is in progress. The Company currently has limited cash, and negative working capital, to fund the necessary capital projects, significant debt that is subject to covenants, including the need to enter into a large near-term financing. The Company has been seeking funding to support its long-term business plan since early 2021 and has been unsuccessful to date. Equity financing sufficient to satisfy covenants on the debt, repay debt and fund the progress of the Company's business plan, if available, may be significantly dilutive to shareholders. Status of debt obligations. The Company currently has $6.14 million including capitalized interest in debt which is outstanding. As is typical for companies at the stage of the Company, the debt is subject to a number of conditions and covenants. The Company has been trying to satisfy certain of these covenants without success and believes there is a material risk of failure. Failure to satisfy such covenants would give rise to an event of default and trigger an obligation to repay the facility. The Company expects that it would be unable to satisfy such an obligation and that it could be exposed to creditor enforcement proceedings that may significantly prejudice, or deprive, shareholders of any value of their investment. Arm's length negotiations and attractive value relative to alternatives. The consideration offered to shareholders pursuant to the Transaction is more favourable (and can be achieved with less risk) than the value that might have been realized through pursuing other alternatives available to the Company and is a result of a rigorous strategic process that was undertaken at arm's length with the oversight and participation of the Board, the Special Committee and the Company's external financial and legal advisors. As part of this process, the Company sought alternative transactions and negotiated with RCF to determine the best possible conditions for the Transaction and the position of RCF in relation to alternative transactions. Project execution and development risk. The consideration pursuant to the Transaction provides shareholders with certainty of value without the near and long-term risk associated with the development and execution of the Company's project. To that end, it will be several years before the Prairie Creek Project reaches commercial production, if at all. Valuation. National Bank Financial (“National Bank”) provided a valuation to the Special Committee which concludes that, subject to the analyses, assumptions, qualifications and limitations discussed therein, as of September 29, 2022, the fair market value of the Company is in the range of $0.03 to $0.07 per share. The consideration payable pursuant to the Transaction is within the fair market value set out in the valuation. The full text of this opinion will be set out in the information circular in connection with the meeting to consider the Transaction. Fairness opinion. Each of National Bank and Scotia Capital (“Scotiabank”), have provided the Special Committee and Board, respectively, with a fairness opinion from their financial advisors to the effect that, as of the date hereof, subject to the assumptions, limitations and qualifications set out therein, the consideration payable pursuant to the Transaction is fair from a financial point of view to shareholders, other than RCF and its affiliates. The full text of these opinions will be set out in the information circular in connection with the meeting to consider the Transaction. Dissent Rights. The terms of the Transaction provide that registered shareholders who oppose the arrangement may, upon compliance with certain conditions, have the ability to exercise dissent rights and, if ultimately successful, to receive fair value for their common shares (as described in the plan of arrangement). Voting Support Agreements. RCF has entered into voting and support agreements (each, a "Voting Support Agreement") with each director and senior officer of the Company that owns securities (collectively, the "Supporting Securityholders"), pursuant to which the Supporting Securityholders have agreed, subject to the terms and conditions of the relevant Voting Support Agreement, to, among other things, vote their common shares or other securities they hold in the Company in favour of the Transaction. The Supporting Securityholders represent in aggregate approximately 0.8% of the outstanding common shares and 5.74% of the securities entitled to vote on the resolution approving the Transaction. Ability to Respond to Superior Proposals. Subject to the terms of the Arrangement Agreement, the Board is able to respond to any bona fide written proposal from a third party that, if consummated, may lead to a transaction more favourable to shareholders, from a financial point of view, than the Transaction. The termination payment payable by the Company in certain circumstances, would not, in the view of the Board and the Special Committee, after consultation with their legal and financial advisors, preclude a third party from potentially making a superior proposal. The full background to the transaction and reasons for the recommendations of the Special Committee and Board will be set out in the information circular in connection with the meeting to consider the Transaction. The Special Committee and Board strongly recommend that securityholders read and consider the full text of the circular when it is provided to them. Transaction Details The Transaction is to be affected by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The consummation of the Transaction is subject to a number of conditions customary to transactions of this nature, including, among others, the adoption of a resolution approving the Transaction at a special meeting of securityholders of the Company (the “Meeting”) by: (i) at least 66⅔% of votes cast by the Company’s shareholders present in person or represented by proxy at the Meeting; (ii)at least 66⅔% of votes cast by the Company’s shareholders and holders of options, warrants, deferred share units and restricted share units (collectively, the “Securityholders”), voting together as a single class, present in person or represented by proxy at the Meeting; and (iii) a majority of the votes cast by the Company’s shareholders present in person or represented by proxy at the Meeting, excluding votes attached to NorZinc common shares held by RCF and its affiliates and any other person as required under Multilateral Instrument 61-101 - Protection of Minority security Holders in Special Transactions (“MI 61-101”). The Company expects to hold the Meeting as early as possible in the fourth quarter of 2022 and the Transaction is expected to close shortly thereafter, subject to court approvals and other customary closing conditions. In addition to Securityholder and court approvals, the Transaction is subject to applicable regulatory approvals including, but not limited to, Toronto Stock Exchange approval. The Arrangement Agreement contains customary provisions including non-solicitation, "fiduciary out" and "right to match" provisions, as well as a US$250,000 termination fee payable to RCF under certain circumstances. Further details regarding the terms and conditions of the Transaction are set out in the Arrangement Agreement, which will be publicly filed by the Company under its SEDAR profile at www.sedar.com. Additional information regarding the terms of the Arrangement Agreement, the background of the Transaction and the independent valuation and fairness opinions will be provided in the information circular for the Meeting, which will also be filed on the Company’s SEDAR profile at www.sedar.com. Special Committee and Board Approval The Special Committee was established by the Board to consider the Transaction, as well as other alternatives available to the Company and, if it deemed advisable, negotiate with RCF. Following a comprehensive evaluation of the Transaction and extensive negotiations between the Special Committee and RCF on price and other terms of the Transaction, including amendments to the credit facility dated May 19, 2022, between the Company and RCF to address the Company’s near-term liquidity while the Transaction is pending, the Special Committee unanimously recommended that the Board approve the Transaction. The Board (excluding conflicted directors), having received the unanimous recommendation of the Special Committee, unanimously determined that the Transaction is in the best interests of NorZinc and is fair to the shareholders of NorZinc other than RCF and its affiliates (the “Minority Shareholders”) and recommends that Securityholders vote in favour of the Transaction at the Meeting. Formal Valuation and Fairness Opinions In connection with its review of the Transaction, the Special Committee retained National Bank to prepare a formal valuation in accordance with MI 61-101. National Bank delivered an oral opinion to the Special Committee that, as of September 29, 2022, and based on National Bank’s analysis and subject to the assumptions, limitations and qualifications to be set forth in National Bank’s written valuation, the fair market value of the common shares of the Company is in the range of $0.03 to $0.07 per common share. National Bank also delivered an oral opinion to the Special Committee that, as of September 29, 2022, and subject to the assumptions, limitations and qualifications to be set forth in National Bank’s written fairness opinion, the consideration to be received by the Minority Shareholders is fair, from a financial point of view, to such Minority Shareholders. The Board retained Scotiabank as its financial advisor in connection with its review of the Transaction. Scotiabank delivered an oral opinion to the Board that, as at September 29, 2022 and subject to the assumptions, limitations and qualifications to be set forth in Scotiabank’s written fairness opinion, the consideration to be received by the Minority Shareholders pursuant to the Transaction is fair, from a financial point of view, to such Minority Shareholders. Amended and Restated Credit Agreement Concurrently with entering into the Arrangement Agreement, RCF and the Company entered into the Amended and Restated Credit Agreement to provide for an increase in the commitment thereunder by US$11 million in order to address the Company’s near-term liquidity needs while the Transaction is pending. The primary amendments include: a new US$11 million commitment from RCF to fund the Company’s 2022 work program as described in the Budget attached to the Amended and Restated Credit Agreement and to finance costs associated with the Transaction and the Amended and Restated Credit Agreement; changing the date on which the loan is payable from 18 months after May 25, 2022 to March 31, 2023; all management plans and permits for the development of the Pioneer Winter Road (“PWR”) to be completed by October 31, 2022; the new US$11 million loan shall become immediately due and payable in full, within seven (7) business days, if the Arrangement Agreement is terminated, annulled or cancelled or if the Company is in breach of any of its material obligations, covenants or conditions thereunder and such breach is not remedied within five (5) days; and the Company has agreed to complete a rights offering in an amount of at least US$17 million, unless otherwise mutually agreed between the Company and RCF (the “Rights Offering"), within 75 days following receipt by the Company of a request from RCF, which request may be delivered by RCF at any time in the case that the Transaction is cancelled or the Arrangement Agreement is terminated, annulled or cancelled or if the Company breaches any of its material obligations, covenants or conditions thereunder and such breach is not remedied within five (5) days. The Amended and Restated contains customary negative pledges, and certain conditions including the completed Rights Offering, if requested by RCF, and certain other conditions. The first drawdown with respect to the additional loan amount of US$11 million is planned to occur upon receipt of approval of the loan from the TSX. Voting and Support Agreements All directors and senior officers of the Company have entered into voting and support agreements to vote their securities in favour of the Transaction, subject to certain customary exceptions. Advisors National Bank is acting as financial advisor to the Special Committee of NorZinc and Bennett Jones LLP is acting as legal counsel to the Special Committee. Scotiabank is acting as financial advisor to NorZinc and DuMoulin Black LLP is acting as Canadian legal counsel to NorZinc. Bacchus Capital Advisers is acting as financial advisor to RCF and Blake, Cassels & Graydon LLP is acting as legal counsel to RCF. About NorZinc NorZinc is a TSX-listed mine development Company trading under the symbol “NZC” and on the OTCQB under the symbol “NORZF”. NorZinc is focused on developing its 100%-owned high-grade zinc-silver-lead Prairie Creek Project, located in the Northwest Territories. For further information: Rohan Hazelton, President & CEO, Tel: (604) 688-2001 or Toll-free:1- 866-688-2001, E-mail: ir@norzinc.com, www.norzinc.com Shareholder Questions NorZinc shareholders who have questions about the Transaction can contact NorZinc’s strategic advisor and proxy solicitation agent: Laurel Hill Advisory Group North American Toll Free: 1-877-452-7184 (or 416-304-0211 for shareholders outside North America) Email: assistance@laurelhill.com Forward-looking statements and forward-looking information This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the Transaction, expected timing and closing and various steps to be completed in connection with the Transaction, including the Meeting, closing and timing of the Amended and Restated Credit Agreement and completion, timing, and size of the Rights Offering, the use of proceeds thereof and the 2022 work program. These forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all due to a failure to obtain or satisfy, in a timely manner or otherwise, required Securityholder and regulatory approvals and other conditions of closing necessary to complete the Transaction or for other reasons, the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of the Transaction, risks relating to the retention of key personnel during the interim period, the possibility of litigation relating to the Transaction, risks related to the diversion of management’s attention from the Company’s ongoing business operations, that results and impacts arising from the binding agreement between the Company and RCF will differ from the Company's expectations, changes to regional and global market trends, the ability of the Company to complete the Rights Offering if requested, ability to obtain management plan approvals and permits required to star construction of the Pioneer Winter Road, and other risks inherent to the Company’s business and/or factors beyond its control which could have a material adverse effect on the Company or the ability to consummate the Transaction or any of the matters contemplated in the Amended and Restated Credit Agreement, as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, assumptions regarding the ability to complete the Transaction on the contemplated terms, the conditions precedent to closing of the Transaction can be satisfied, the benefits and impacts arising from the binding agreement between the Company and RCF will be consistent with the Company's expectations. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor. https://www.bacchuscapital.co.uk/news/candente-copper-appoints-steven-latimer-and-jeremy-meynert-as-directors-and-arranges-1-million-loan monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/be328c3f-c3b9-49e1-9b1e-39f9a8c9d91e/candente-copper-corp+LARGE+6.png News - Candente Copper Appoints Steven Latimer and Jeremy Meynert as Directors and Arranges $1 Million Loan - 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. Giulio T. Bonifacio, the Executive Chair of Candente Copper, commented “I am very pleased to announce the appointment of Steven Latimer and Jeremy Meynert to the Board of Directors of Candente Copper. Their collective capital markets experience in the mining sector, and track record of value creation will contribute significantly to Candente Copper’s future success. Additionally, the loan from Fortescue, Candente Copper’s largest shareholder, demonstrates their ongoing support while providing the Company with working capital as we evaluate various opportunities to advance the Cañariaco Copper Project by advancing engineering and environmental studies and further drilling, all of which will lead to a publication of a feasibility study." Steven Latimer Mr. Latimer is Managing Director and Head of the Americas for London-based Bacchus Capital Advisers, an independent investment banking boutique with a particular expertise in the natural resources sector. Mr. Latimer has over 30 years of experience as a leading global M&A adviser and has led numerous financings for mining companies, with a focus on both operating and development copper companies operating in the Americas. Mr. Latimer has previously acted as Managing Director and Head of Canadian Investment Banking for Jefferies and served as Director and President of Jefferies Securities, Inc. Prior to Jefferies, Mr. Latimer was Head of Credit Suisse's Canadian Metals and Mining Investment Banking practice. Mr. Latimer is a holder of the Institute of Corporate Directors Director Designation (ICD.D), received his MBA from The Kellogg Graduate School of Management at Northwestern University and his HBA from The University of Western Ontario. In addition, Mr. Latimer is a CFA Charterholder. Jeremy Meynert Mr. Meynert is Head of Corporate Development for Fortescue. In this role, he is responsible for Fortescue’s transactional corporate development activities including managing Fortescue’s investment portfolio of publicly listed mineral companies and structuring investment transactions. Mr. Meynert was previously Head of Business Development and Investor Relations with Resolute Mining Limited, where he was responsible for corporate strategy, transactional business development, funding, external relations, and communications. Prior to this, Mr. Meynert was Vice President of Metals and Mining Investment Banking at Citigroup, based in London and Australia. Mr. Meynert has a Master of Mining Engineering (Excellence), a Bachelor of Laws (Distinction), a Bachelor of Commerce (First Class Honours) and has been admitted to practice as a lawyer. The Loan The Loan constitutes a “related party transaction” for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”), as Fortescue (through Nascent) holds over 10% of the outstanding common shares of the Company. The Company is relying upon exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101 in respect of the Loan, in reliance on Sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the Loan does not exceed 25% of the Company’s market capitalization as determined in accordance with MI 61-101. The board of directors of the Company approved the Loan, and no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto. The Loan remains subject to the approval of the Toronto Stock Exchange. About Candente Copper The Company’s flagship project is the Cañariaco Copper Project, within which is Cañariaco Norte, the 10th largest late-stage copper resource in the world and 5th highest in grade (RFC Ambrian, December 2021 and Haywood, December 2021). In addition to Cañariaco Norte, the Cañariaco Copper Project includes the Cañariaco Sur deposit and Quebrada Verde prospect, all within a 4km NE-SW trend in northern Peru’s prolific mining district. The Company is very pleased to have Cañariaco Norte included in four research reports that compare various global copper projects. RFC Ambrian: Cañariaco Norte in top 10 of 23 projects with potential to involve third party M&A (December 2021); Haywood: Cañariaco Norte is one of 18 assets selected as likely to be considered by majors looking to acquire (December 2021); Deutsche Bank: Cañariaco Norte identified as one of three projects required to meet the upcoming copper supply-demand gap (February 2021); Goldman Sachs: Cañariaco Norte identified with incentive copper price in the lowest quartile of the top 84 copper projects worldwide (October 2018). Cautionary Note Regarding Forward Looking Statements This press release contains forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, statements with respect to the advancement of the Loan, and TSX acceptance thereof. These forward-looking statements are made as of the date of this press release. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, receipt of regulatory approvals, variations in market conditions; metals prices; other prices and costs; currency exchange rates; the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities; the Company’s ability to access further funding and produce minerals from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with exploration and project development; the need for additional financing; the calculation of mineral resources; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; government regulation; obtaining and renewing necessary licenses and permits; environmental liability and insurance; reliance on key personnel; local community opposition; currency fluctuations; labour disputes; competition; dilution; the volatility of our common share price and volume; future sales of shares by existing shareholders; and other risk factors described in the Company’s annual information form and other filings with Canadian securities regulators, which may be viewed at www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. On behalf of the Board of Candente Copper Corp. “Giulio T. Bonifacio”, Executive Chairman For further information please contact: Giulio T. Bonifacio gtbonifacio@candente.com +1 604 318-6760 https://www.bacchuscapital.co.uk/news/three-valley-copper-appoints-bacchus-capital-as-strategic-and-financial-adviser monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/502efced-afce-4e7d-828e-39c8501107c0/TVC+Logo.png News - Three Valley Copper Appoints Bacchus Capital as Strategic and Financial Adviser - 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. Bacchus Capital is a London-based independent investment and merchant banking boutique, specializing in complex tactical situations, situations encompassing strategic or financial stress, mergers and acquisitions, takeover defence, strategic and other financial advice. The Bacchus Capital team members have extensive experience, from working with junior mining companies to having played a key role in many of the metals and mining industry’s most significant and transformational transactions in recent decades. Any parties interested in more information regarding the strategic review process should contact Bacchus Capital directly. Bacchus Capital Advisers Peter Bacchus Chairman and Chief Executive +44 (0) 7516 420 579 peter.bacchus@bacchuscapital.co.uk Chris Johannsen Managing Director +44 (0) 7775 031 033 chris.johannsen@bacchuscapital.co.uk Steven Latimer Managing Director, Head of Americas +1 416 318 6310 steven.latimer@bacchuscapital.co.uk Shea O’Callaghan Director +44 (0) 7715 548 610 shea.ocallaghan@bacchuscapital.co.uk About Three Valley Copper Three Valley Copper, headquartered in Toronto, Ontario, Canada is focused on growing copper production from, and further exploration of, its primary asset, Minera Tres Valles. Located in Salamanca, Chile, MTV is 95.1% owned by the Company and MTV's main assets are the Minera Tres Valles mining complex and its 46,000 hectares of exploratory lands. For more information about the Company, please visit www.threevalleycopper.com. For further information: Michael Staresinic Chief Executive Officer T: (416) 943-7107 E: mstaresinic@threevalleycopper.com Renmark Financial Communications Inc. Joshua Lavers: jlavers@renmarkfinancial.com T: (416) 644-2020 or (212) 812-7680 www.renmarkfinancial.com United States RB Milestone Group LLC (RBMG) Trevor Brucato, Managing Director threevalley@rbmilestone.com www.rbmilestone.com Source: Three Valley Copper. https://www.bacchuscapital.co.uk/news/ironbark-zinc-how-an-aussie-zinc-miner-switched-horses-from-china-to-the-us monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/394faa95-0613-4d46-b457-f722314a2470/Ironbark.png News - IRONBARK ZINC: How an Aussie Zinc Miner Switched Horses From China to the US - 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”. “The 402 program was set up, in a sense, as a way of competing with China’s Belt and Road Initiative,” said former foreign minister Alexander Downer, one of Ironbark Zinc’s directors, referring to Beijing’s multibillion-dollar global program to bankroll infrastructure. “It has strategic intention, and it has been legislated by Congress and then implemented by regulation by the EXIM Bank. And we’re the first standalone project to get approval as a 402A project.” Ironbark Zinc has spent 18 months working with EXIM Bank, including 12 months of preparation and six months in the bank’s “phase one” due diligence, leading up to the issue of a preliminary project letter that confirms the lender’s commitment. The company was formerly planning to get its debt funding for Citronen from Chinese state firm China Nonferrous. But Ironbark Zinc’s Perth-based managing director, Michael Jardine, said shifting geopolitical tectonics were making it harder to straddle China and the West as a paired source of funds. “Pulling off deals that rely on [a combination of] Chinese debt and Western equity, effectively, are relatively difficult now - there are not a lot of examples,” he said. “It’s not that it was necessarily the wrong strategy at the time, but potentially not the easiest one to execute now.” https://www.bacchuscapital.co.uk/news/forsys-metals-announces-strategic-review monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/b714b902-78aa-4ad1-be52-196790bea264/Forsys+Metals+logo+large+V_edited.jpg News - Forsys Metals Announces Strategic Review - 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. All parties interested in more information regarding the strategic review process should contact Bacchus Capital directly. The Board reserves the right to amend any aspect of the process as outlined above or to terminate the process at any time and, in such cases, will make further announcements as necessary. Mark Frewin, Forsys CEO and Director, said: “The Norasa Uranium Project is one of the few post-DFS, construction ready, uranium projects with a mining license, which positions this asset as one of the only projects in the world able to potentially benefit from the near to mid-term expected supply shortages. Additionally, Norasa is located in Namibia, a strong mining jurisdiction with a history of support for the development and operation of uranium projects. We are undertaking this review in order to maximise the value of this unique asset for shareholders and will consider all potential options that result from this strategic review.” Norasa Project Overview The Company’s flagship Norasa Uranium Project is one of the only construction ready uranium projects in the world with a mining licence. Located in the Republic of Namibia, Norasa is situated 25 km from Rio Tinto’s historically significant Rössing uranium mine. The completed DFS confirmed Norasa’s robust economics, with a 32% IRR, a pre-tax NPV(8%) of US$663m, and US$1,175m operating cash flow. Mineral reserves total 90.7 Mlbs U3O8. The Norasa plant annual throughput is expected to be 11.2Mtpa, producing an average of 5.2m/lbs U3O8 per year. The project has an open pit mine design with a low strip ratio and lower quartile mining costs. Namibia, the fifth largest uranium producing country globally, is a mining-friendly jurisdiction with strong government support for the Norasa project. Uranium macro fundamentals are positive given: the doubling in demand for electricity; global G20 ambitions to become carbon neutral using clean renewable energies; demand for uranium is expected to exceed primary production considering the increase in nuclear reactors already under construction, proposed or planned to be built. About Forsys Metals Corp. Forsys Metals Corp. is an emerging uranium developer with 100% ownership of the Norasa project that comprises the fully permitted Valencia uranium project and the Namibplaas uranium project in Namibia, Africa, a politically stable and mining friendly jurisdiction. Information regarding current National Instrument 43-101 compliant Resource and Reserves at Valencia and Namibplaas are available on the Company’s website and under the Company’s filings on SEDAR. On behalf of the Board of Directors of Forsys Metals Corp. Mark Frewin, Chief Executive Officer. For additional information please contact: Forsys Metals Corp. Jorge Estepa Corporate Secretary (416) 818-4035 je@forsysmetals.com Richard Parkhouse Director, Investor Relations +44 (0) 7730 493432 rparkhouse@forsysmetals.com Bacchus Capital Advisers Peter Bacchus Chairman and Chief Executive +44 (0) 7516 420 579 peter.bacchus@bacchuscapital.co.uk Shea O’Callaghan Director +44 (0) 7715 548 610 shea.ocallaghan@bacchuscapital.co.uk Forward-Looking Information This news release contains projections and forward‐looking information that involve various risks and uncertainties regarding future events. Such forward‐looking information includes statements about the completion of the Offering and the use of proceeds therefrom and can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause Forsys actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology; continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full description of these risks can be found in Forsys Annual Information Form available on the Company’s profile on the SEDAR website at www.sedar.com. These risks and uncertainties could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward‐looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward‐looking information should circumstance or management’s estimates or opinions change. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. https://www.bacchuscapital.co.uk/news/green-14-plc-cop26-pioneering-carbon-credit-initiative-announced-to-restore-and-protect-african-ecosystems monthly 0.5 2025-03-31 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/28e7c91f-31b9-43c2-b8b7-3decd5901a20/Green-14-Logo-Square.jpg News - GREEN 14 PLC: COP26: Pioneering carbon credit initiative announced to restore and protect African ecosystems - 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. Peter Bacchus, chairman of Bacchus Capital, said “Where we are today is at the start of a journey to recognise nature and natural landscapes not just for the benefit they bring to the environment, but also for the economic activity they support through removing carbon from the global atmosphere and storing it. The carbon credit market provides, for the first time, a framework enabling global conservation to move on from being a short term focused hand-to-mouth cottage industry to an endeavour that can be systematically planned strategically over the long term.” Green 14 has four overarching objectives. First, to combat climate change by reversing deforestation and degradation and restoring ecosystems and their sequestration capacity resulting in an authentic, verified, reduction in carbon in the atmosphere. Second, to prevent future pandemics by tackling the illegal wildlife trade. Third, to protect critical habitats which hold the balance of life in which we all depend, including many endangered species. And fourth, to address rural poverty by generating meaningful employment and creating community enterprises. It comes amid significant progress towards financing climate positive actions at the Glasgow summit. Banks and pension funds with assets worth £97tn have pledged that all assets they manage will be aligned with net zero emissions by 2050. More than 20 countries and financial institutions promised to stop funding fossil fuel development overseas, and put the £6bn a year that saves into green energy. South Africa, the planet’s 15th largest greenhouse gas emitter, will be given £6.3 billion to help it move away from coal and go green. Space for Giants’ founder and CEO Dr Max Graham said “If we rewire the madness of the current global economy by connecting the transformative power of the financial markets to restore and protect Africa’s carbon sinks then we have a real opportunity to pay for something that we all need; our children’s future.” Bacchus Capital has deep expertise across highly strategic global natural resources, in particular those supporting the green energy and battery technology sectors. Most recently, Bacchus Capital founded and established Yellow Cake plc, a company created in anticipation of the key strategic need to reduce energy reliance on fossil fuels, and listed this company on the London Stock Exchange. Within three years, Yellow Cake has grown to a market capitalisation of close to a billion dollars. Peter Bacchus, Bacchus Capital’s chairman, was formerly Global Head of Natural Resources at Morgan Stanley, where he was responsible for some of the most transformational transactions in the sector. Space for Giants operates in 10 African countries, and is dedicated to protecting the natural landscapes in which both large wild animals and people can thrive. The Giants Club is an initiative of Space for Giants which helps achieve that mission: it unites visionary leaders of African elephant-range states, enlightened heads of major businesses operating in Africa, global philanthropists, key influencers and leading wildlife protection experts. Together, these individuals provide the very highest levels of political action, financial investment, global influence and technical capacity that are needed to protect Africa’s most important natural ecosystems and the large wild animals they hold. https://www.bacchuscapital.co.uk/home daily 1.0 2025-04-17 https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/1737484140645-1MZSHE9MD8G05QQYD85T/Whale-Cove_1620x1080.jpg Home https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/1737484140746-VRM52KLWVT4T0SYW55PU/Uranium_1620x1080.jpg Home https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/1737484138478-W29J3MMNHEL5VYO0XCQN/Fullerton_1620x1080.jpg Home https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/1737484141955-PK8XWRGFEMQLX33FCPUS/Yellow-Cake_1620x1080.jpg Home https://images.squarespace-cdn.com/content/v1/678d41193fdf687234ba11fe/1737484138478-W29J3MMNHEL5VYO0XCQN/Fullerton_1620x1080.jpg Home 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