Update on Proposed Acquisition
Atlas Metals Group PLC has provided an update on its proposed acquisition of Universal Pozzolanic Silica Alumina Ltd, now targeting completion by the end of Q3 or early Q4 2026, pending FCA prospectus approval and shareholder consent. The company expects to publish an updated Competent Person's Report in the coming weeks, aiming to upgrade resource classifications from inferred to measured and indicated. Upon completion, Robert Ober will join the Board as a strategic advisor, bringing extensive expertise in the US concrete and construction materials industry.
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Atlas Metals (LSE: AMG), the natural resources and energy company, is pleased to provide an update in relation to the Company's proposed acquisition of Universal Pozzolanic Silica Alumina Ltd ("UPSA") (the "Proposed Acquisition").
The process to complete the Proposed Acquisition continues to progress and the directors of Atlas Metals and UPSA are now targeting completion by the end of Q3/beginning of Q4 2026, subject to, inter alia, the approval of the prospectus by the FCA and approval by Atlas Metals shareholders.
SLR Consulting Australia Pty Ltd ("SLR"), which is engaged by the Company, is continuing to work on an updated Competent Person's Report ("CPR") using data and results of testing of samples obtained from the drilling campaign undertaken earlier this year, with the target of upgrading the resources from the inferred to measured and indicated. The Company expects to publish an updated CPR in the coming weeks and ahead of completion of the Proposed Acquisition.
Atlas Metals is pleased to announce that it intends to appoint Robert Ober as a strategic advisor to the Board on completion of the Proposed Acquisition. Robert Ober is a highly respected figure in the United States concrete and construction materials industry and currently serves as Chairman of the UPSA Advisory Board. Over a career spanning several decades, Mr. Ober has founded and developed multiple high-performance concrete and construction materials businesses, building extensive expertise in concrete production, aggregates supply chains, batching technologies, and large-scale infrastructure supply. Robert is widely recognised for his deep industry relationships across the United States construction sector and is regarded as a leading authority on the operational and commercial dynamics of high-performance concrete markets.
In addition to the Proposed Acquisition, Atlas Metals and UPSA continue to engage with potential customers and off-takers of the UPSA resource as well as advancing regulatory approvals in Australia.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.