Strategic Update

About this update from Atlas Metals Group Plc

[{"type":"text","content":"\n \n8 May 2019\n\nMetalNRG plc\n\n(the \"Company\" or “MetalNRG”)\n\nSTRATEGIC UPDATE    \n\nMetalNRG plc (NEX:MNRG), the natural resources investing company quoted on the NEX Exchange Growth Market in London, provides a strategic update to its investors following the announcement on 3 May 2019 (the “May Announcement”). This announcement covers a progress update on: (1) the Company’s gold mining asset in Arizona, U.S.A (the “Gold Ridge Project”); (2) the Farm-in Agreement with IMC; (3) the earn-in agreement with Mkango Resources Limited (“Mkango”) for the Company to earn up to 75% of the economic interest in the Thambani Licence controlled by Mkango in Southern Malawi over a 3 year period (the “Transaction Agreement”) and (4) the status of the Company’s application for its ordinary shares of nominal value 0.01 pence each to be admitted on the standard listing segment of the official list of the Financial Conduct Authority and the admission to trading on the main market for listed securities of London Stock Exchange plc (together, \"Admission\").\n\nGold Ridge Project:\n\nIn the last few months, the Company has continued working towards finalising its plans to explore the Gold Ridge Project. MetalNRG can confirm that it has now completed the planning process and will move the Gold Ridge Project forward once it has secured funding. The funding will enable MetalNRG to secure the appropriate permits and to begin the necessary works on the available data and the mines at the Gold Ridge Project.\n\nFarm-in Agreement with IMC:\n\nAs per the May Announcement, MetalNRG and IMC, via a Side Letter, have suspended the Farm-In Agreement and all their contractual and financial obligations thereunder for the duration of the Uranium Ban, whilst MetalNRG still maintains its current financial interest. IMC has continually held that its planned activities at the Kamushanovskoye uranium deposit in Kyrgyzstan of 'cleaning' the peat and contained groundwater, which carries high levels of uranium (such uranium often contaminating the local water supplies), would amount to those of processing waste. The Company will continue to monitor the proposed Uranium Ban closely and maintain communication with IMC on the possibility of any exemption to the Uranium Ban which has been suggested. If the Uranium Ban is rev...

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