Atlantic Lithium Limited — Board/Management Information 2021

Jul 23, 2021

National Storage Mechanism | Additional information

RNS Number : 2608G

IronRidge Resources Limited

23 July 2021

23 July 2021

Executive Management Update

Issue of Options and Performance Shares

The Board of IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company'), an Africa focused minerals exploration company with a significant lithium pegmatite discovery in Ghana, extensive gold portfolios in Côte d'Ivoire and a potential new gold province discovery in Chad, is pleased to announce the commitment of its senior management team for the next phase of the Company's project and corporate developments.

HIGHLIGHTS:

Ø Chief Executive Officer - Vincent Mascolo commits to a further two years with an option for a further two years.

Ø Chief Operating Officer - Len Kolff commits to a further two years with an option for a further two years.

Commenting on the Company's latest progress, Neil Herbert, Chairman of IronRidge, said:

"Underpinning the Company's transition from explorer to developer and producer, we are delighted to have secured the continued services of Vincent and Len who have both been instrumental in the development of the Company to date. Of note, both executives were paramount in securing the recent landmark developments which will now see the Company's Ewoyaa Lithium Project fully funded through to production and a strategic portfolio review designed to unlock value for shareholders.

"We believe they will continue to make a significant contribution to the Company's efforts to both strengthen and rapidly develop its project inventory and shareholder value".

Issue of Share Options and Performance Rights

Accordingly, and as part of contract extensions and other personnel initiatives, the Company will issue the following unlisted options and performance rights to employees:

The proposed issue of unlisted Options and Performance Rights to Mr Len Kolff replaces a long-term incentive award agreed between Mr Kolff and the Company on 3 September 2018. It is intended that the new unlisted options and performance rights be issued to him immediately after the forthcoming EGM.

Unlisted Options

Number of Options         Strike Price         Term to Expiry

3,000,000                             30 pence              2 years from issue

4,000,000                             40 pence              2 years from issue

5,000,000                             50 pence              2 years from issue

Unlisted Performance Rights

Number of Performance Rights                 Maturity Price                   Term to Expiry

225,000                                                              30 pence                              2 years from issue

225,000                                                              35 pence                              2 years from issue

225,000                                                              40 pence                              2 years from issue

225,000                                                              45 pence                              2 years from issue

225,000                                                              50 pence                              2 years from issue

225,000                                                              55 pence                              2 years from issue

225,000                                                              60 pence                              2 years from issue

225,000                                                              65 pence                              2 years from issue

500,000                                                              70 pence                              2 years from issue

750,000                                                              75 pence                              2 years from issue

1,000,000                                                             GBP1.00                               2 years from issue

Achievement of the Maturity Price milestone triggers the vesting of the Performance Rights to fully paid ordinary shares. The Maturity Price is based on a 15 Trading Day VWAP metric for each tranche of Rights.

As a result of the renewed contractual arrangements for the CEO, Mr Vincent Mascolo, the Company intends to issue the following unlisted Options and Performance Rights as detailed below, subject to the approval of shareholders at the Company's upcoming 2021 EGM.  Mr Mascolo's renewed contract is on similar terms to that of his expiring arrangements. The proposed issue of unlisted Options and Performance Rights to Mr Mascolo replaces the long-term incentive award agreed between Mr Mascolo and the Company on 3 September 2018 and approved by shareholders on 29 November 2018.

Unlisted Options

Number of Options         Strike Price         Term to Expiry

4,000,000                             30 pence              2 years from issue

5,000,000                             40 pence              2 years from issue

6,000,000                             50 pence              2 years from issue

Unlisted Performance Rights

Number of Performance Rights                 Maturity Price                   Term to Expiry

450,000                                                              30 pence                              2 years from issue

450,000                                                              35 pence                               2 years from issue

450,000                                                              40 pence                              2 years from issue

450,000                                                              45 pence                              2 years from issue

450,000                                                              50 pence                              2 years from issue

450,000                                                              55 pence                              2 years from issue

450,000                                                              60 pence                              2 years from issue

450,000                                                              65 pence                              2 years from issue

1,000,000                                                             70 pence                              2 years from issue

1,500,000                                                             75 pence                              2 years from issue

2,000,000                                                             GBP1.00                               2 years from issue

The Maturity Price milestone triggers the vesting of the Performance Rights to fully paid ordinary shares and is based on a 15 Trading Day VWAP metric for each tranche of Rights.

For any further information please contact:

IronRidge Resources Limited

Vincent Mascolo (Chief Executive Officer)

Amanda Harsas (Company Secretary)

www.ironridgeresources.com.au

Tel: +61 2 8072 0640

SP Angel Corporate Finance LLP

Nominated Adviser

Jeff Keating

Charlie Bouverat

Tel: +44 (0)20 3470 0470

Liberum Capital Limited

Joint Company Broker

Scott Matheson

Edward Thomas

Kane Collings

Tel: +44 (0) 20 3100 2000 

SI Capital Limited

Joint Company Broker

Nick Emerson

Jon Levinson

Tel: +44 (0) 1483 413 500

Tel: +44 (0) 207 871 4038

Yellow Jersey PR Limited

Henry Wilkinson

Dominic Barretto

Matthew McHale

Tel: +44 (0)20 3004 9512

Notes to Editors:

About IronRidge

www.ironridgeresources.com.au

IronRidge Resources is an AIM-listed, Africa focused minerals exploration company with a significant lithium pegmatite discovery in Ghana, extensive gold portfolios in Côte d'Ivoire and a potential new gold province discovery in Chad.  As announced on 1 June 2021, IronRidge intends to demerge its suite of gold assets into a separate listed entity.

Ghana

The Cape Coast Lithium portfolio covers some 684km2 and includes the newly discovered Ewoyaa Lithium Project with a maiden Mineral Resource estimate of 14.5Mt at 1.31% Li2O in the inferred and indicated category including 4.5Mt at 1.39% Li2O in the indicated category (reported in accordance with the JORC Code). The Company entered into earn-in arrangements with Obotan Minerals Limited, Merlink Resources Limited, Barari Developments Limited and Joy Transporters Limited of Ghana, West Africa, securing the first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium deposit, estimated to be in the order of 1.48Mt at 1.67% Li2O and surrounding tenements. The tenure package is also prospective for tin, tantalum, niobium, caesium and gold, which occur as accessory minerals within the pegmatites and host formations.

Côte d'Ivoire

The Company entered into conditional earn-in arrangements in Côte d'Ivoire, West Africa; securing access rights to highly prospective gold mineralised structures and pegmatite occurrences covering a combined 3,584km2 and 1,172km2 area respectively. The projects are well located within access of an extensive bitumen road network and along strike from multi-million-ounce gold projects and mines. The Company's most advanced project is the Zaranou gold project which includes high-grade gold drilling intersections along 8km strike including 6m at 6.44g/t gold from 132m, 6m at 15.11g/t gold from 26m, 4m at 5.16g/t gold from 110m and 22m at 3.39g/t gold from 8m within a broader 47km long gold anomalous structure.

Chad

The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 746km2 of highly prospective gold and other mineral projects in Chad, Central Africa. IronRidge acquired 100% of Tekton including its projects and team to advance the Dorothe, Echbara, Am Ouchar, Nabagay and Kalaka licenses, which host multiple, large scale gold projects. Trenching results at Dorothe, including 84m at 1.66g/t Au (including 6m at 5.49g/t & 8m at 6.23g/t), 4m at 18.77g/t Au (including 2m at 36.2g/t), 32m at 2.02g/t Au (including 18m at 3.22g/t), 24m at 2.53g/t Au (including 6m at 4.1g/t (including 2m at 6.2g/t) and 2m at 6.14g/t), 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m, have defined significant gold mineralised quartz veining zones over a 3km by 1km area including the steep dipping 'Main Vein' and shallow dipping 'Sheeted Vein' zones.

Corporate

IronRidge made its AIM debut in February 2015, successfully securing strategic alliances with three international companies; Assore Limited of South Africa, Sumitomo Corporation of Japan and DGR Global Limited of Australia. Assore is a high-grade iron, chrome and manganese mining specialist. Sumitomo Corporation is a global resources, mining marketing and trading conglomerate. DGR Global is a project generation and exploration specialist.

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