Business
Interim Results to 31 August 2017
Interim Results to 31 August 2017.
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n \n15 November 2017\n\nMetalNRG PLC(the \"Company\" or “MetalNRGâ€)\n\nUnaudited Interim Results to 31st August 2017\n\nMetalNRG plc (NEX:MNRG), the natural resource investing company quoted on the NEX Exchange Growth Market in London, announces its unaudited interim results for the 6 months period ended 31st August 2017.\n\nCHAIRMAN'S STATEMENT:\n\nDuring the period to 31st August 2017, and post the half-year end to 31st October 2017, MetalNRG has been highly active and whilst much of the work undertaken has necessarily been in the background, we have been able to articulate to the market a number of major steps forward.\n\nWe have invested in the Pilbara region of Western Australia with two licence applications over areas that we considered were prospective for cobalt, a highly attractive and increasingly valuable energy metal used primarily in battery technologies. Fortune favours the brave and we have benefitted from good fortune in that the licence application areas are also in a region where many companies are now actively prospecting for conglomerate hosted gold. As a result, our investment in the Pilbara region is attracting the interest of numerous third parties and we, as a company, are looking at the potential for joint ventures or disposals, whilst also looking at the prospect of self-funding our licence areas and building the value of our interests through work on the ground.\n\nRegarding the Pilbara region, as announced on 27th October and 12th October 2017, currently Palomino comprise one project area under application (Palomino Project) and one further project area under application (Palomino North) which is the subject of a forthcoming ballot (i.e. another company has also submitted an application in respect of the same ground applied for by MetalNRG’s Australian working partner and thus a ballot is held to determine the successful applicant, unless the parties reach suitable agreement as to how the joint application is to be handled prior to the ballot). The Company will update shareholders as and when it is known that the application, for Palomino North has been successful or not. In addition to the Pilbara opportunities, during the period to 31st August 2017, and post the half-year end to 31st October 2017, the Company has also invested in US Cobalt Pty Limited, taking an immediate stake of 18.18%, thr...