Future Metals
NL
("Future
Metals" or the "Company")
ASX Price Query
Response
Future Metals NL ("Future Metals" or
the "Company", ASX | AIM:
FME) advises that the Company received a
Price Query from the
Australian Securities Exchange ("ASX") on 14 February 2025 following the
recent rise in the Company's share price on the ASX.
Following the Price Query from the ASX, Future Metals NL released the
following response which is copied in full below.
Future Metals NL ('FME'): Price - Query
Future Metals NL ("FME" or the "Company") refers to your price query
letter dated 14 February 2025 and provides the following
responses:
1. Is FME aware
of any information concerning it that has not been announced to the
market which, if known by some in the market, could explain the
recent trading in its securities?
Yes. FME confirms that at the time
of receipt of the Price Query from ASX, FME was aware of
information relating to drilling results at the Company's Eileen
Bore Prospect. The Company was in the process of finalising an
announcement to the market in relation to these drilling results.
The Company has today released a market announcement (Announcement)
setting out the results at the Eileen Bore Prospect.
2. If the answer
to question 1 is "yes".
(a) Is FME relying on
Listing Rule 3.1A not to announce that information under Listing
Rule 3.1? Please note that the recent trading in FME's securities
would suggest to ASX that such information may have ceased to be
confidential and therefore FME may no longer be able to rely on
Listing Rule 3.1A. Accordingly, if the answer to this question is
"yes", you need to contact us immediately to discuss the
situation.
The Company was relying on Listing
Rule 3.1A not to disclose the drilling results in the
Announcement.
The Company has no reason to believe
that confidentiality of the drilling results had been lost at any
time between receiving the results and when the Company entered
trading halt on Friday, 14 February 2025. The Company does not
consider that any loss of confidentiality was the reason for the
increase in the price and volume of the Company's securities traded
on 13 February 2025. Rather, the Company considers that the matters
summarised in paragraph 3 below may explain the recent
trading.
Considering the Price Query, the
Company requested a trading halt for it to be in a position to
respond to the Price Query, and finalise the information set out in
the Announcement in a form suitable for release to the market.
Following Board approval, the Announcement of the Eileen Bore
Prospect drilling results was lodged on the ASX market announcement
platform on 17 February 2025.
(b) Can an announcement
be made immediately? Please note, if the answer to this question is
"no", you need to contact us immediately to discuss requesting a
trading halt (see below).
As outlined in the response to
question 2(a), in light of the Price Query, the Company requested a
trading halt in order to finalise the Announcement of the Eileen
Bore Prospect drilling results and released the Announcement whilst
the Company's securities were in a trading halt.
(c) If an announcement
cannot be made immediately, why not and when is it expected that an
announcement will be made?
N/A
3. If the answer to
question 1 is "no", is there any other explanation that FME may
have for the recent trading in its securities?
Whilst the answer to question 1 was
"Yes", the following point may provide a further explanation for
the trading in FME securities on 13 February 2025:
·
On 30 January 2025, the Company released its
Quarterly Activities/Appendix 5B Cashflow Report (Report) for the
December 2024 quarter. In the Highlights section of the Report, the
Company noted that assay results for drilling (in reference to the
Eileen Bore Prospect) were expected to be released shortly. In the
Company's view, it is reasonable to believe that increased investor
interest on the back of this anticipation of drilling results may
have led to the increase in the price and volume of the Company's
securities on 13 February 2025.
4. Please confirm that
FME is complying with the Listing Rules and, in particular, Listing
Rule 3.1.
The Company confirms that it is in
compliance with the Listing Rules and, in particular, Listing Rule
3.1
5. Please confirm that
FME's responses to the questions above have been authorised and
approved under its published continuous disclosure policy or
otherwise by its board or an officer of FME with delegated
authority from the board to respond to ASX on disclosure
matters.
The Company confirms that the
responses to the above questions have been authorised and approved
by the Board.
This announcement has been approved for release by the Board
of Future Metals NL.
For
further information, please contact:
|
Future Metals NL
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+61 8 9480 0414
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Patrick Walta
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info@future-metals.com.au
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|
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|
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Strand Hanson Limited (Nominated Adviser & UK Broker)
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+44 (0) 207 409 3494
|
|
James Bellman / Rob
Patrick
|
|
