29 October 2024
ALT
Resources PLC
("ALTR"
or the "Company")
Company
Strategy Update
ALTR (LSE: ALTR), a company formed
to capture opportunities in the natural resources industry, is
pleased to announce that, following a period of discussions with key stakeholders, the Board of Directors has
decided to expand the acquisition strategy of the Company beyond
its current sectoral focus.
In its prospectus for the admission
of its ordinary shares to the Official List and to trading on the
London Stock Exchange's main market for listed securities,
published on 28 January 2022, the Company set out certain criteria
for the purpose of reviewing and evaluating potential acquisition
opportunities, which together comprised its acquisition strategy
("Acquisition Strategy"). One of the criteria was a sectoral focus,
which stated that the Company intended to focus on opportunities in
the upstream oil and natural gas sector, with a particular emphasis
on producing assets that require additional investment to increase
the production and reserves base. This focus partly relied on the
then-constituted Board of Directors, who collectively had
significant experience in this sector.
Pursuant to the Acquisition
Strategy, the Company stated that it would also focus on
opportunities that would provide the Company with an economic
interest (by equity, royalty, or debt participation) and a control
interest (through board, technical committee, and/or management
positions) whose potential value, over the long term, is greater
than the acquisition costs incurred by the Company.
Further to the announcements made by
the Company on 13 September 2024 and 17 September 2024, the Company
now enjoys the benefit of the additional natural resources
experience of Prad Mazumder. Given the additional experience and
sector focus that Prad has brought to the Company, specifically in
the precious metals and critical minerals mining sector, the
Company is pleased to announce that it has decided to broaden its
sectoral focus to include opportunities within these sectors. Save
for broadening the sectoral focus, the Company will continue to
seek opportunities that meet the criteria of its Acquisition
Strategy, as set out in its prospectus.
Paul Welch, ALTR's Chairman,
said:
"Given the recent name change and our
partnership with Tristream Resources, as a provider of alternative
financing to mid-market natural resources companies, we are pleased
to announce the expansion of our sectoral focus. Since Prad joined
the board, we have received an increasing number of precious metals
opportunities. Many of these opportunities meet our criteria for
investment, particularly those that offer long-term accretive value
for our shareholders. Given the addition of Prad's sector-specific
experience to the board, we decided that it was the appropriate
time to broaden our sectoral focus. We are currently reviewing
several opportunities that offer value accretive propositions, and
I look forward to updating shareholders once we have identified an
opportunity that we wish to execute."
For further information:
www.altresources.co.uk
ALT Resources plc:
Paul Welch, Chairman
stacey@altresources.co.uk