17th Jun 2025 15:47
(Alliance News) - Atlas Metals Group PLC on Tuesday said it has signed a non-binding letter of intent for the reverse takeover of Universal Pozzolanic Silica Alumina Ltd.
Atlas Metals is a natural resources and energy investor formerly known as MetalNRG.
UPSA has the commercialisation rights to a "substantial" pozzolanic silica alumina reserve in Australia, with 99 years of extraction rights for 250 million tonnes. This is held by UPSA'a extraction partner, William Clift and his company, Claystone International Pty Ltd.
Claystone holds a further 1.35 billion tonnes of PSA reserve over which UPSA has the rights to extract, which have been valued at GBP10 per tonne.
If completed, Atlas shareholders would have a minority interest in the enlarged group, constituting a reverse takeover, and the acquisition would result in a change of the Atlas board and voting control of Atlas.
Atlas Metals noted that there is no certainty that the proposed acquisition will proceed. The company continues to investigate other potential acquisition opportunities.
Shares in Atlas Metals more than doubled to 18.10 pence in London on Tuesday afternoon.
Atlas Metals also on Tuesday said it has agreed to sell its Gold Ridge asset in Arizona for USD550,000 as part of its plan to "radically" grow Atlas into "a valuable mid-tier mining company".
Gold Ridge was identified as a part of its portfolio that was no longer core to the company's strategy, going forward.
By Emily Parsons, Alliance News reporter
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