Monte Muambe Interest Increase to 70%

In brief · summary, not quotable

NeoTerra increases stake in Monte Muambe project to 70% after completing Phase 3 expenditure requirements.

Interest in Monte Muambe Mining Limitada 70% (prior 51%)
Rare earth oxide resource (TREO) 13.6Mt at 2.42% TREO
Fluorspar resource (CaF2) 3.48Mt at 20.6% CaF2
Gallium resource (Ga2O3) 11.73Mt at 54.7g/t Ga2O3
US Government grant received US$1.875 million

Full announcement

Select text to share a quote on X · sign in to keep highlights & notes in your TERA notes

NeoTerra Group Plc (LSE: TERA) (OTCQB: ANRCF), the African critical minerals exploration and development company, is pleased to announce the completion of Phase 3 of the Farm-Out Agreement dated 23 June 2021, NeoTerra having met the minimum expenditure requirement for this phase. This triggers the increase of the Company's interest in Monte Muambe Mining Limitada ("MMM"), the holder of the Monte Muambe mining licence, from 51% to 70%.

The contractual and administrative formalities required to transfer the corresponding shares have been initiated and the Company will make a further announcement when they are complete.

CédricSimonet, CEO of NeoTerra, commented:

"The completion of Phase 3, which triggers the increase of our interest in MMM to 70% represent an important milestone in advancing Monte Muambe towards development and strengthening the Company's ownership of this increasingly strategic asset.

"We are very pleased with the progress achieved during Phase 3. Key milestones include the award of a 25-year mining licence for rare earths and fluorspar, securing a US$1.875 million grant from the US Government and rapidly advancing the fluorspar mining opportunity towards development through exploration, resource drilling and technical studies.

"The discovery of gallium and the identification of heavy rare earth element enrichment associated with fluorspar represent further significant achievements, introducing potentially substantial new value drivers for the project."

To subscribe for RNS alerts, please visit: https://neoterra-group.com/announcements

NeoTerra Group Plc

Cédric Simonet, CEO +44 (0) 7769 555 757 (Cedric.Simonet@neoterra-group.com)

Louise Adrian, CFO +44 (0) 7721 492 922 (Louise.Adrian@neoterra-group.com)

Strand Hanson (Financial Adviser) +44 (0) 20 7409 3494

Christopher Raggett

Imogen Ellis

Zeus Capital (Corporate Broker) +44 (0) 20 3829 5000

Simon Johnson

James Hornigold

13.6Mt at 2.42% TREO
3.48Mt at 20.6% CaF2
11.73Mt at 54.7g/t Ga2O3

The project is held under a 25-year mining licence and has received US Government support in the form of a US$1.875 million grant from USTDA to advance the rare earths component through the prefeasibility stage.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.