london stock exchange welcomes MOD resources to the main market
London Stock Exchange today welcomes MOD Resources ('MOD' or 'the Company'), (ASX:MOD / LSE:MOD), a copper exploration and development company focused on the central and western Kalahari Copper Belt in Botswana, to trading on the Main Market. The Company shares will be admitted to the Standard Segment of the Official List of the Financial Conduct Authority, at 8am on Monday 26 November 2018. The Company will also keep its primary listing on the Australian Securities Exchange (ASX).
MOD's primary focus is the development of its wholly owned T3 Copper Project in Botswana for which a Feasibility Study (FS) is due for completion in Q1 2019, having only discovered copper in its first drill hole back in March 2016.
The T3 Copper Project has a Mineral Resource estimate comprises 60 million tonnes (Mt) at 0.98% copper (Cu) and 13.9 grams per tonne (g/t) silver (Ag), containing 590Kt of copper and 27 million ounces (Moz) of silver at 0.4% Cu cut-off grade. A Pre-feasibility study (PFS) for the T3 Copper Project completed in January 2018 confirmed a robust, long-life open-pit copper mine based on a base case process plant throughput of 2.5 million tonnes per annum (Mtpa). The FS will be based on an expanded process plant throughput of 3 Mtpa, with an allowance for a possible future staged expansion.
In parallel with the development of the T3 Copper Project, a major exploration program is underway across a combination of 100% owned and JV licenses covering approximately 11,500km2 in this under-explored region. The T20 Exploration Project and the T3 Expansion Project both have numerous drill-ready targets with immediate success, and significant copper intersected already, at A1 dome, A4 dome, and T23 in the past few months. The Company's strategy is to explore for additional resources that could be processed through the planned T3 plant, to potentially add significant value to the expanded project.
MOD Managing Director, Julian Hanna, commented:
"We are extremely excited to be celebrating MOD’s admission to the Main Market of the London Stock Exchange this morning. It represents an important and timely strategic milestone for the Company as it looks to develop into a substantial mid-tier copper producer. London Stock Exchange has a strong track record as a leading destination for companies with African mining assets, which compliments MOD’s extensive copper portfolio in Botswana.
"Furthermore, the London Stock Exchange listing increases MOD’s global profile providing excellent exposure for this new copper province. Lastly, it significantly improves the Company’s access to UK and European institutional investors ahead of publication of the T3 Copper Project’s Feasibility Study in Q1 2019."
Tamesis Partners are the Company’s financial adviser; The Company’s UK legal advisers is Memery Crystal LLP; their Australian legal adviser is DLA Piper; the Company’s reporting accountant is Grant Thornton and the technical consultants are SRK Consulting; Tavistock is MOD’s IR/PR adviser.