Metals Tech (ASX:MTC) Clarifies Substantial Shareholder Transaction

MetalsTech Limited (ASX:MTC) has issued a clarification and further information regarding the substantial shareholder transaction announced on 2 September 2024. The company has addressed concerns raised by the ASX by entering into Deeds of Variation with the Purchaser to modify the transfer of Performance Rights. The Purchaser, Minerva Investment Company Limited and Xiaowu Li, a significant private mining investor based in China, is set to acquire an initial -17.9% stake in the Company, becoming the single largest voting interest.

Executive Commentary on Transaction and Future Prospects

The Company has been advised that the Purchaser, Minerva Investment Company Limited and Xiaowu Li, has a track record of taking mining projects into production, owning two producing lithium mines in China and one in Africa. The Transaction is expected to provide technical support, including mining methodology, scheduling, engineering, processing, metallurgy, permitting, and environmental expertise. The completion of a Pre-Feasibility Study (PFS) is considered crucial to the Company's business plan and is ultimately in the best interests of all shareholders. The Purchaser may also nominate a director to the Board of the Company to provide funding support and bolster its breadth of skills.

Summary of Metals Tech's Transaction and Future Outlook

MetalsTech Limited (ASX:MTC) has provided further details on the substantial shareholder transaction, including the introduction of the Purchaser, Minerva Investment Company Limited and Xiaowu Li. The Transaction is expected to bring technical expertise and funding support to facilitate the delivery of a Pre-Feasibility Study (PFS) and the future development of the Sturec Gold Mine. The completion of the PFS is considered a significant de-risking milestone for the Company and is crucial to its business plan. The Company believes that the Transaction and the continued development of the Sturec Gold Mine are ultimately in the best interests of all shareholders. MetalsTech Limited will keep its shareholders updated as the transaction progresses.