Corcel (CRCL)

Sector:

Mining

Index:

FTSE AIM All-Share

1.40p
   
  • Change Today:
      0.18p
  • 52 Week High: 2.05
  • 52 Week Low: 1.10
  • Currency: UK Pounds
  • Shares Issued: 440.88m
  • Volume: 1,347,209
  • Market Cap: £6.17m
  • RiskGrade: 424

Corcel acquires PNG project through Niugini Nickel acquisition

By Josh White

Date: Monday 18 Oct 2021

LONDON (ShareCast) - (Sharecast News) - Battery metals and energy storage-focussed exploration and development company Corcel has completed a share purchase agreement with Australian-registered Resource Mining Corporation (RMI), it said on Monday, to acquire 100% of Niugini Nickel.
The AIM-traded firm said Niugini Nickel owns 100% of the Wo Wo Gap nickel-cobalt project in Papua New Guinea.

It said the project is located 200 kilometres from the country's capital of Port Moresby, and around 150 kilometres south east of its Mambare nickel-cobalt asset.

The company said it saw "significant synergies" between the two projects, adding that the acquisition was a "significant step" in its evolution towards building a leading regional battery metal and nickel-cobalt business with material scale.

Exploration at the project dated back to the 1950s, and had consisted of multiple drilling programmes, including diamond drilling, wacker holes, and ground-penetrating radar.

Recent project activity had focussed on maintaining commitments for the exploration licence, including site-based activities such as maintenance of the existing infrastructure and equipment, so as to facilitate a ready state for future exploration and development which was likely to be focussed on a potential direct shipping ore operation.

The project was held through one tenement in Papua New Guinea, EL 1165, which expired on 28 February 2020 and was currently under reapplication for a further two-year period.

"I am delighted we have secured the Wo Wo Gap project, which effectively doubles the scale of our nickel and cobalt business," said executive chairman James Parsons.

"Securing nickel supply remains a critical enabler for the major players in global electrification and our nickel business is perfectly positioned for the inevitable supercycle.

"Near term priorities at Wo Wo Gap will include resource updates, exploring synergies with our Mambare project, and the early securing of long term shipping and offtake arrangements."

At 1005 BST, shares in Corcel were up 5.33% at 1.58p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Corcel Market Data

Currency UK Pounds
Share Price 1.40p
Change Today 0.18p
% Change 14.29 %
52 Week High 2.05
52 Week Low 1.10
Volume 1,347,209
Shares Issued 440.88m
Market Cap £6.17m
RiskGrade 424

Corcel Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
22.81% below the market average22.81% below the market average22.81% below the market average22.81% below the market average22.81% below the market average
50.44% below the sector average50.44% below the sector average50.44% below the sector average50.44% below the sector average50.44% below the sector average
Price Trend
47.63% above the market average47.63% above the market average47.63% above the market average47.63% above the market average47.63% above the market average
41.67% above the sector average41.67% above the sector average41.67% above the sector average41.67% above the sector average41.67% above the sector average
Income Not Available
Growth Not Available

Corcel Dividends

No dividends found

Trades for 17-May-2022

Time Volume / Share Price
16:00 179,207 @ 1.31p
14:50 17,350 @ 1.40p
14:48 67,218 @ 1.40p
14:34 35,740 @ 1.40p
12:48 11,773 @ 1.40p

Corcel Key Personnel

CEO Scott Christopher Kaintz

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