Arc Minerals Ltd. has highlighted an exciting time for exploration and growth, as its joint venture with Anglo American advances and it gets in the field at the newly acquired Chingola project.
The small-cap explorer this morning released its annual report for 2024, a period in which it got going in its tie-up with Anglo American in Zambia. By August 2024, the joint venture got rigs turning.
It provided valuable data over the 5 holes drilled, especially with regard to the Cheyeza target, which will be prioritised for further drilling, executive chair Nicholas von Schirnding noted.
“As we forge ahead, our shareholders can expect regular updates on the progress of our exploration activities, including the results of the geological studies, geophysical surveys, and, most importantly, the drilling campaigns,” the Arc chair said in Friday’s statement.
Adding: “The period ahead promises to be an exciting time for exploration and growth for Arc Minerals, including the planned work at the new Chingola acquisition, assuming the conditions precedent are fulfilled.”
In terms of financials, the pre-revenue exploration company reported an operating loss of £1.05 million for the year ended 31 December.
Cash and cash equivalents stood at £1.64 million at year-end.
Operational highlights in the year included the Anglo American joint venture drilling campaign, which completed eight holes totalling 3,023 metres on budget and on time.
Arc entered into a binding agreement to acquire the Chingola project in the Zambian Copperbelt.
And, Prospecting licences PL135/2017 and PL162/2017 in Botswana were extended until 30 September 2026.
