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African Battery Metals advanced new strategy in very busy period

Exploration has already commenced in the field, with the Kisinka cobalt project in the DRC

"Battery metals' are the focus for the rebooted company

African Battery Metals Plc (LON:ABM) has reported on six months which it described as “a very busy period” as it advanced plans to become a significant explorer, developer and ultimately producer of battery metals.

The junior mining company, formerly known as Sula Iron & Gold, was relaunched in January alongside the acquisition of a cobalt asset in the Democratic Republic of Congo (DRC) and the appointment of a team.

READ: African Battery Metals completes sampling at Kisinka

“The board, which has proven expertise in African exploration, mining and project generation, recognised the potential for a dedicated London listed vehicle, which could utilise its listing to become a significant participant in the battery metal arena through targeted project generation,” chief executive Roger Murphy said in a statement.

He added: “Since then, we have been identifying and assessing prospective opportunities in proven jurisdictions to acquire or farm into projects that, with investment and development, have the potential to re-rate quickly and increase shareholder value.”

Presently, the company’s main focus is on its Kisinka project, in the DRC, where exploration has commenced – some augur drilling has taken place and samples have been sent to lab for analysis.

A more targeted drill programme is anticipated, subject to the initial results, along with a licence wide soil sampling programme.

In terms of financial results, the newly rebooted company reported a £0.79mln loss for the period.

At the end of March, it had £6.09mln of net assets including £601,000 of cash and equivalents.

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