Update on Proposed Acquisition
Atlas Metals Group PLC has provided an update on its proposed acquisition of Universal Pozzolanic Silica Alumina Ltd (UPSA), with a confirmatory drilling campaign commencing at the Yammacoona Sand Quarry in New South Wales, Australia, to upgrade resources from inferred to measured categories. UPSA is also actively engaging with UK construction customers for its pozzolanic silica alumina sand resource, securing letters of interest for off-take volumes and pricing, while discussions with potential off-takers continue in the USA, Africa, and Australia. Furthermore, UPSA is pursuing the formal registration and certification of carbon credits generated by replacing cement with its PSA product in concrete production, with product testing underway in key international markets.
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Atlas Metals (LON: AMG), the natural resources and energy company is pleased to provide an update on the Company's proposed acquisition of Universal Pozzolanic Silica Alumina Ltd ("UPSA") (the "Proposed Acquisition").
Further to the Company's announcement on 28 November 2025, the Company has recently engaged SLR Consulting Australia Pty Ltd ("SLR"), to conduct a confirmatory drilling campaign, commencing on Lots 7 and 8 at the Yammacoona Sand Quarry in New South Wales, Australia, with the intention of proving a measured resource. Further drilling on Lot 5 may be initiated based on the initial results of Lots 7 and 8. Atlas Metals is expecting SLR to complete the drilling activity in early 2026 in order to provide an updated Competent Person's Report ("CPR"), which is expected to include certain JORC resources being upgraded from the inferred to measured category, prior to the completion of the Proposed Acquisition.
Whilst the Proposed Acquisition continues to progress in line with the Board's expectations, UPSA is actively engaging with potential UK off-takers for its substantial pozzolanic silica alumina ("PSA") sand resource and has signed a number of letters of interest with scaled construction customers in the UK which provide indicative off-take volumes and pricing.
The Company will make further updates on the UPSA off-take arrangements when they are sufficiently advanced. In addition, UPSA continues to engage with other potential off-takers, with discussions ongoing in the USA, Africa and Australia.
UPSA is also seeking to formally register and certify the carbon credits inherent in the carbon emission savings generated by replacing cement with UPSA's PSA in concrete production. Product testing programmes are being initiated in key international markets to facilitate the registration process for carbon credits. UPSA intends to pass on such credit accruals to its customers.
Further announcements on the progress of the Proposed Acquisition will be made when appropriate.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.