Zambia Licence Update and Investor Call

Details of Investor Call

Arc Minerals (LSE: ARCM), an exploration company forging partnerships to discover and develop Tier 1 copper deposits, is pleased to confirm that, further to the announcement of 19 June 2024, it has had confirmation from the Zambian Ministry of Mines that the large scale mining license application submitted by Handa Resources Limited has been reinstated.

Arc has also had confirmation from the Ministry of Mines that the large scale mining application that was submitted by Zaco Investment Limited is being rectified.

Nick von Schirnding, Executive Chairman of Arc Minerals, commented:

"I am very pleased to report that these matters are being satisfactorily resolved."

Investor Call

Arc announces that an investor call will be held via Zoom at 12:00 UTC on Thursday, 7 November 2024 which will be presented by Nick von Schirnding (Executive Chairman) and Vassilios Carellas (Chief Operating Officer). Investors can join the investor call by using the following link:

Background on the Anglo American Joint Venture

Arc Minerals has entered into a Joint Venture Agreement with Anglo American on its Zambian Copper Project (ZPC) comprising a number of licenses covering circa 870km2 ha in the North Western Province, in the Domes region of the Zambian Copperbelt near world-class mines such as First Quantum Minerals' Sentinel and Kansanshi copper mines and Barrick's Lumwana mine.

• Phase 1 - Anglo will pay $14.5M in staged cash payments to Unico Minerals Ltd (67% owned by Arc) and invest up to $24m in exploration expenditures (total $38.5M) within three years and 180 days of the signing of the Agreement (RNS 20.04.23) to secure a 51% interest in ZCP.
• Phase 2 - Anglo may elect to increase its interest in the ZCP to 60% by investing a further $20M (total $58.5M) within two years of the completion of Phase 1.
• Phase 3 - Anglo may elect to increase its interest in the ZCP to 70% by investing a further $30M (total $88.5M) within two years of the completion of Phase 2.