7th Jul 2025 10:30
7 July 2025
Mila Resources Plc
("Mila" or the Company")
Result of General Meeting,
Issue of Equity,
Yarrol Work Programme
& Total Voting Rights
Mila Resources Plc (LSE:MILA), the post-discovery gold exploration accelerator, is pleased to announce the following updates:
General Meeting Results
The Company confirms that both resolutions put to shareholders at this morning's General Meeting (the "GM") were duly passed.
Issue of Equity
Accordingly, the Company announces that application has been made for 110,870,533 New Ordinary Shares of 0.1p ("New Ordinary Shares") in relation to the placing of 108,013,391 and subscription of 2,857,142 by Mark Stephenson, a director or the Company. The Company raised gross proceeds of £776,000 from the placing and subscription to fully fund the next phase of exploration.
The Company has applied for the New Ordinary Shares to be admitted to trading on the Equity Shares (Transition) category of the Official List and the main market of the London Stock Exchange ("Admission"). It is expected that Admission will come effective and that dealings in the New Ordinary Shares will commence from 8.00 a.m. on 8 July 2025.
Yarrol Work Programme H2 2025 & Launch of work at Monal and Mt Steadman
The Company is now fully funded to undertake a comprehensive exploration programme that will be underpinned by both infill and step out drilling along the Yarrol fault to drive the Company towards building its maiden JORC Compliant Mineral Resource Estimate. Also, the Company is delighted to commence work on the Monal and Mt Steadman licences.
Specialist Mineral Resource Review - Q3 | Consultants engaged to review to complete a gap analysis and helping to target further drilling campaigns
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Structural Review - Q3 | from the exploration work completed the team has confirmed that the mineralisation has a strong structural control, and the structural review is intended to define the high-grade shoots within the larger moderate grade orebody mass
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Infill Diamond Drilling - Q3 | Following the recent RC drilling, the Company will use Diamond Drilling to commence by the end of Q3 2025 to support the structural review and will be shaped by the resource review.
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Extensions to geophysical surveys - Q3 | To support the next phase of priority targets for the step out drilling
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Step out RC Drilling - Q4 | RC drilling campaign in Q4 2025 to step out along 8km of the Yarrol fault, a ~20km geological feature.
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Monal & Mt Steadman Q3 & Q4
| Prioritise drill targets to test historic the non-compliant resources, in addition to geophysical and geological targets.
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Further updates regarding the Company's upcoming work programmes across Yarrol, Monal and Mt Steadman will be issued in due course, in addition to further reviews of the Kathleen Valley Project, as Mila looks to maximise its value for shareholders.
Total Voting Rights
Following Admission, the total issued share capital of the Company will consist of 652,835,116 Ordinary Shares each with one voting right. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company will be 652,835,116 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
**ENDS**
For more information visit www.milaresources.com or contact:
Mark Stephenson Mila Resources Plc
| |
Jonathan Evans Tavira Financial Limited
| +44 (0) 20 7100 5100 |
Nick Emerson SI Capital
| +44 (0) 20 3143 0600 |
Damon Heath Shard Capital Partners LLP
| +44 (0) 20 3971 7000 |
Susie Geliher / Will Turner St Brides Partners Limited | +44 (0) 20 7236 1177 |
Related Shares:
Mila Resources