Corcel (CRCL)

Sector:

Mining

Index:

FTSE AIM All-Share

0.46p
   
  • Change Today:
    -0.043p
  • 52 Week High: 1.36
  • 52 Week Low: 0.23
  • Currency: UK Pounds
  • Shares Issued: 1,874.79m
  • Volume: 77,459,766
  • Market Cap: £8.57m
  • RiskGrade: 424

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Corcel agrees farm-out of Australia's Mt Weld project

By Josh White

Date: Wednesday 04 Jan 2023

LONDON (ShareCast) - (Sharecast News) - Natural resources explorer and developer Corcel has entered into a farm-out and joint venture agreement with ASX-listed Riversgold, it announced on Wednesday, covering its recently-acquired rare earth elements project at Mt Weld in Laverton, Australia.

The AIM-traded firm said AUD 30,000 (£17,000) in cash was immediately payable to Corcel.

Riversgold would earn a 50% interest in the project through paying 100% of the work programme, spending AUD 0.5m over a 12-month period.

Corcel said it had the right, but not the obligation, to allow the farm-in of a further 20% for an additional AUD 1m to carry on the work programme, bringing total carried expenditure to AUD 1.5m.

The company said Riversgold would operate the tenements and direct the exploration programme on its behalf.

"We are delighted to directly follow our acquisition of Mt Weld with a farm out of half of the position to fund 100% of the near-term development and exploration costs," said chief executive officer Scott Kaintz.

"This is highly accretive against our acquisition cost and further reinforces the board's view of the project's immediate potential upside and overall attractiveness.

"Our partner, Riversgold, brings with them an experienced exploration team well positioned to lead the work on the ground in Australia."

At 1553 GMT, shares in Corcel were up 10.64% at 0.26p.

Reporting by Josh White for Sharecast.com.

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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 0.46p
Change Today -0.043p
% Change -8.57 %
52 Week High 1.36
52 Week Low 0.23
Volume 77,459,766
Shares Issued 1,874.79m
Market Cap £8.57m
RiskGrade 424

Corcel Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
46.42% below the market average46.42% below the market average46.42% below the market average46.42% below the market average46.42% below the market average
54.2% below the sector average54.2% below the sector average54.2% below the sector average54.2% below the sector average54.2% below the sector average
Price Trend
31.43% above the market average31.43% above the market average31.43% above the market average31.43% above the market average31.43% above the market average
53.85% above the sector average53.85% above the sector average53.85% above the sector average53.85% above the sector average53.85% above the sector average
Income Not Available
Growth Not Available

Corcel Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
12:09 156,424 @ 0.47p
11:54 50,000 @ 0.47p
11:50 10,000 @ 0.50p
11:43 600,000 @ 0.42p
11:05 868,717 @ 0.42p

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