Business
Business Development Update
Business Development Update.
About this update from Focus Xplore Plc
[{"type":"text","content":"\n\n18 March 2025\n \nKatoro Gold PLC\n('Katoro' or the 'Company')\n \nBusiness Development Update\n \nStrategic focus on high impact exploration for critical minerals in Ontario, Canada and conclusion of the Haneti Project review\n \nKatoro Gold PLC (AIM: KAT), the strategic energy and precious minerals exploration and development company, is pleased to announce completion of the acquisition of 100% of the share capital of 31 Explore Ltd (\"31 Explore\") in a premium-priced warrant-only transaction, as previously announced on 10 February 2025.3\n31 Explore controls a portfolio of mining claims in Ontario, Canada which are prospective for a range of critical minerals1. Following the expansion of the Pearl Lithium Project, announced 18 February 20252, the portfolio includes 641 operational cell claims. Katoro has assigned priority to a subset of properties within the total claims package, which comprise of six lithium projects and one rare earth element project. These priority projects have a combined total area of 8,548 hectares (85.48 km2) made up of 410 claim blocks across 11 properties. The priority projects are located in the same region of Northwest Ontario as the Company's 100%-owned White Pine Uranium Project.\nFurther to the announcement dated 10 February 20253 relating to the acquisition of 31 Explore, the Company has issued 375,000,000 warrants priced at 0.10p and 375,000,000 priced at 0.15p. The warrants have a life of 4 years subject to an initial 12-month lock in.\nHIGHLIGHTS\n· Acquisition of 31 Explore completed for premium-priced warrants;\n· Portfolio includes claims prospective for lithium-bearing pegmatites, as well as rare-earth elements (REE);\n· Excellent operational synergy with the Company's 100%-owned White Pine Uranium Project;\n· Appointment of James Tosh to Board of Directors (subject to stock market due diligence underway); and\n· Strategic focus on critical minerals exploration in Ontario, Canada following conclusion of Haneti Project review.\nPatrick Cullen, Chief Executive Officer of Katoro, commented:\n\"Today's confirmation that Katoro has now completed the transaction and increased the Company's critical minerals footprint in Ontario is significant, my thanks to 31 Expl...