29 October 2024
ALT Resources PLC
("ALTR" or the "Company")
Company Strategy Update
ALTR (LSE: ALTR), a company formed to capture opportunities in the natural resources industry, is pleased to announce that, following a period of discussions with key stakeholders, the Board of Directors has decided to expand the acquisition strategy of the Company beyond its current sectoral focus.
In its prospectus for the admission of its ordinary shares to the Official List and to trading on the London Stock Exchange's main market for listed securities, published on 28 January 2022, the Company set out certain criteria for the purpose of reviewing and evaluating potential acquisition opportunities, which together comprised its acquisition strategy ("Acquisition Strategy"). One of the criteria was a sectoral focus, which stated that the Company intended to focus on opportunities in the upstream oil and natural gas sector, with a particular emphasis on producing assets that require additional investment to increase the production and reserves base. This focus partly relied on the then-constituted Board of Directors, who collectively had significant experience in this sector.
Pursuant to the Acquisition Strategy, the Company stated that it would also focus on opportunities that would provide the Company with an economic interest (by equity, royalty, or debt participation) and a control interest (through board, technical committee, and/or management positions) whose potential value, over the long term, is greater than the acquisition costs incurred by the Company.
Further to the announcements made by the Company on 13 September 2024 and 17 September 2024, the Company now enjoys the benefit of the additional natural resources experience of Prad Mazumder. Given the additional experience and sector focus that Prad has brought to the Company, specifically in the precious metals and critical minerals mining sector, the Company is pleased to announce that it has decided to broaden its sectoral focus to include opportunities within these sectors. Save for broadening the sectoral focus, the Company will continue to seek opportunities that meet the criteria of its Acquisition Strategy, as set out in its prospectus.
Paul Welch, ALTR's Chairman, said:
"Given the recent name change and our partnership with Tristream Resources, as a provider of alternative financing to mid-market natural resources companies, we are pleased to announce the expansion of our sectoral focus. Since Prad joined the board, we have received an increasing number of precious metals opportunities. Many of these opportunities meet our criteria for investment, particularly those that offer long-term accretive value for our shareholders. Given the addition of Prad's sector-specific experience to the board, we decided that it was the appropriate time to broaden our sectoral focus. We are currently reviewing several opportunities that offer value accretive propositions, and I look forward to updating shareholders once we have identified an opportunity that we wish to execute."
For further information:
ALT Resources plc:
Paul Welch, Chairman
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