Altus Strategies: Quarterly Update
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF) announces that it has published its unaudited financial results and its Management’s Discussion & Analysis for the three-month period ending 31 March 2021. These documents have been posted on the Company’s website at www.altus-strategies.com/investors/financials/ and are also available on SEDAR at www.sedar.com.
Highlights for the three months ended 31 March 2021 are as follows:
- Expansion of activities into Egypt through award of four gold exploration licences totalling 1,565km2 located in the Eastern Desert through a competitive international bidding process
- Grant of three new copper and silver exploration projects totalling 252km2 within the prospective western Anti-Atlas belt of Morocco
- Completion of strategic review of Bikoula iron project in southern Cameroon by Mining Plus UK Ltd to determine next steps for development
- Drilling at Tabakorole JV gold project in southern Mali, extending the strike length by 150m to over 3km
- Completion of over-subscribed private placement raising £7.70m / C$13.35m at an issue price of £0.75 / C$1.30 per Ordinary Share, with net proceeds to be primarily used to accelerate gold exploration programmes in Egypt and Mali as well as potential acquisition opportunities
- Receipt of second tranche of 10 million shares in Canyon Resources Ltd with a value of £0.6m / C$1.1m
- Cash balance of £7.4m / C$10.3m as at 31 March 2021
- Cash outflow for operating activities of £1.0m / C$1.7m for three months ending 31 March 2021
- Balance of listed equity holdings of £2.0m / C$3.4m as at 31 March 2021
- Grant of three new exploration projects as well as licences adjacent to existing projects totalling 221km2 in central Morocco
- Commencement of 17,500m Reverse Circulation (“RC”) and Air Core (“AC”) drilling programme at Diba gold project in western Mali
Steven Poulton, Chief Executive of Altus, commented:
“This was another exciting quarter for Altus, in which the Company significantly expanded its exploration project portfolio, including its first projects awarded in Egypt. Altus also ended the period in a strong financial position following the completion of an over-subscribed placement raising £7.5m / C$13.0m after expenses. The Company currently has cash in hand equating to £11.1m / C$18.9m and listed equity holdings with a market value of £2.4m / C$4.1m.
“Following a competitive international bidding process, Altus was awarded four gold exploration projects in Egypt, comprising nine licence blocks totalling 1,565km2 in the Eastern Desert. All four projects are considered highly prospective, with over 100 interpreted historical hard rock gold workings identified by our remote sensing programme.
“In addition, as part of a competitive tender process, the Company was awarded three new copper and silver projects in Morocco. The projects total 252km2 and target sedimentary copper-silver mineralisation within the prospective western Anti-Atlas mountains. With this award, the Company has doubled its land holding and increased its portfolio of base and precious metals projects in Morocco to seven.
“Drilling continued at three of the Company’s gold projects in Mali. Encouraging results were reported from the Company’s 100% owned Diba project in western Mali, with the discovery of a new coherent series of shallow-dipping, near-surface lenses of gold mineralisation at the Diba NW prospect. Positive results were also received from a 6,300m RC drilling programme at the Tabakorole project in southern Mali, undertaken by the Company’s JV partner, Marvel Gold. That programme extended the potential strike of the Tabakorole deposit to the southeast and defined a potentially parallel minealised zone. A 3,800m RC drilling programme and passive seismic survey at the Lakanfla project in western Mali, also under JV with Marvel, successfully proved the presence of a karst system and defined a number of encouraging targets.
“We look forward to another exciting quarter ahead, including the commencement of fieldwork in Egypt and the further drilling programmes in Mali.”
In the TV clip, CEO Steve Poulton provides an overview Altus and its unique strategy