Business
Annual Report and Financial Statements
Annual Report and Financial Statements.
About this update from Critical Mineral Resources Plc
[{"type":"text","content":"\n\n12 July 2023\n \nCaerus Mineral Resources PLC\n('Caerus' or the 'Company')\nAnnual Report and Financial Statements for the Year Ended 31 December 2022\nCaerus Mineral Resources plc (LON:CMRS), the exploration and resource development company focused on developing mineral resources to support the global drive for 'Clean Energy' is pleased to announce its audited Report and Accounts for the year ended 31 December 2022. The Company intends to hold a General Meeting in the near future to approve the Report and Accounts.\nThe Report and Accounts are now available on the website at http://www.caerusmineralresources.com/ and a copy will also shortly be made available on the FCA's National Storage Mechanism ('NSM') in electronic format, as required under DTR obligations. The Chairman's report is provided below.\nThe Company has applied to the FCA for restoration of its listing and will issue another RNS once restoration has been approved.\nChairman's Report\n2022 was a tumultuous year for Caerus Mineral Resources ('CMR'). The composition of the Board changed significantly, the Company agreed to divest its portfolio of assets, new corporate governance structures and protocols were implemented, and, critically, the Company's strategy was refined. \nFollowing my appointment in May, my primary objective was to ensure that shareholder value was being created. It quickly became apparent that the Company's portfolio of assets faced significant challenges. Accordingly, we initiated an operational and strategic review of the business.\nThe Company had previously reported positive operational developments regarding the Troulli and Kalavasos assets. However, it was soon clear that these projects faced fundamental and likely unresolvable challenges. The Troulli project, whilst offering good long-term potential, was destined to require extensive capital expenditure and significant management time, which outweighed the potential upside the asset provided. Following a thorough review, it was decided that Troulli was unlikely to be large enough to be sufficiently economically attractive.\nThe Company's previous management believed there was significant scope to build a copper resource in the Kalavasos Project, where the Company held four licences. These licenses required approvals from the Cyprus Ministry of Defence ...