This
announcement contains inside information for the purposes of
Article 7 of the UK version of Regulation (EU) No 596/2014 which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
16 December 2024
Nativo Resources
Plc
("Nativo"
or the "Company")
Update on Morrocota
Acquisition and Cancellation of Application for
Admission
Further to the RNS
announcement dated 6 December 2024, Nativo Resources plc
(LON:NTVO), which has interests in gold mines in Peru, announces
that further discussions with the Morrocota Vendors have been
taking place and it is now anticipated that the overall
consideration for the acquisition will be slightly lower than
originally agreed.
Accordingly, the Company also notes
a delay to the investment in Nativo by the Morrocota Vendors by way
of a share subscription ("Subscription") as announced on 6 December
2024. Application for admission of these shares has therefore been
cancelled, with a new application for admission expected to be made
shortly. The previously agreed Issue Price is expected to remain
unchanged.
A further update on the revised
consideration for the acquisition, as well as confirmation of the
Subscription, is expected to be made shortly.
Unless otherwise defined,
capitalised terms in this announcement shall have the same meaning
as in the 6 December 2024 announcement.
For
further information please contact:
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Nativo
Resources
Stephen Birrell, Chief Executive
Officer
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Via Vigo Consulting
nativo@vigoconsulting.com
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Zeus
(Nominated Adviser and Joint Broker)
James Joyce
James Bavister
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Tel: +44 (0)20 3829 5000
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Peterhouse
Capital limited (Joint Broker)
Duncan Vasey
Lucy Williams
Rose Greensmith
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Tel: +44 (0)20 7469 0930
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Vigo
Consulting (Investor Relations)
Ben Simons
Peter Jacob
Anna Sutton
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Tel: +44 (0)20 7390 0234
nativo@vigoconsulting.com
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About Nativo
Resources plc
Nativo has interests in gold mining and
exploration projects in Peru. Through a 50:50 joint venture
established in July 2024 with an experienced local partner, Nativo
secured an opportunity to scale operations at the Tesoro Gold
Concession, owning 50% of the production and resources, targeting
early cash flow generation in Q4 2024. In December 2024, Nativo
agreed to acquire directly a 100% interest in the Morrocota Gold
Mine, proximal to the Tesoro Gold Concession. Production from
Morrocota is anticipated to commence by the end of Q1 2025.
Longer-term, the Company plans to establish its own gold ore
processing plant to retain a higher margin from production at its
mines.
In addition to primary gold mining projects,
the Company also holds the Ana Lucia Polymetallic concession and is
investigating low capex strategies to appraise and exploit tailings
deposits to recover gold.
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