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Associated Press
20-05-2025
- Business
- Associated Press
Aton Reports Further Diamond Drilling Results From Abu Marawat, Including 8.52 g/t Gold and 88.7 g/t Silver Over 15.4 Metres, and 6.06 g/t Gold and 59.6 g/t Silver Over 17.3 Metres
VANCOUVER, BC / ACCESS Newswire / May 20, 2025 / Aton Resources Inc. (TSXV:AAN) ('Aton' or the 'Company') updates investors on the results of its ongoing diamond drilling programme at the Abu Marawat deposit ('Abu Marawat'), located within the retained exploration areas of the Company's Abu Marawat Concession (the 'Concession') in the Eastern Desert of Egypt. Highlights: 'This latest tranche of results from the horizontal diamond drilling programme at Abu Marawat is very pleasing, and is indicating the presence of a significant near-surface core of high grade mineralisation on the CVZ' said Tonno Vahk, CEO. 'We are also seeing some nice looking mineralisation in the ongoing RC programme at Semna, and we expect to be able to release the first results from this programme in the coming weeks. The programme at Abu Marawat is approaching the finish line, and we are also now doing some additional drilling there for a metallurgical testwork programme. The identification and delineation of high grade mineralisation near to surface at both Abu Marawat and Semna is very positive as Aton looks to the long term development of multiple mining operations at the Abu Marawat Concession. Work on the Hamama West PFS and ESIA is continuing steadily, with the ongoing establishment of the environmental baseline, and we are planning to start the next phase of hydro drilling at Hamama in the coming weeks, as we seek to establish a viable groundwater supply for the mining projects.' Abu Marawat gold-silver-copper-zinc deposit The Abu Marawat gold-silver-copper-zinc deposit is located approximately 35km northeast of the Hamama West deposit and 10km north-northeast of the Semna gold mine project, and is accessed via a well maintained desert track from the Qena-Safaga highway, approximately 25km to the north (Figure 1). On March 1, 2012 Aton Resources, when formerly named Alexander Nubia International Inc, announced a maiden Inferred Mineral Resource at Abu Marawat, prepared by Roscoe Postle Associates Inc., in compliance with the requirements set out in Canada's National Instrument 43‐101. The resource was subsequently restated in an updated Technical Report without amendment (see news release dated January 24, 2017), and which is available online at Aton's website at This Inferred Mineral Resource was based on 98 diamond drill holes totalling 19,573 metres. 19 of these holes were drilled by a former property owner, Minex Minerals Egypt, a wholly owned subsidiary of Greenwich Resources Plc during the late 1980's, and the remainder were drilled by Aton in 2011. The Inferred Mineral Resource comprises 2.9 million tonnes at an average grade of 1.75 g/t Au, 29.3 g/t Ag, 0.77% Cu and 1.15% Zn, containing 162 thousand ounces of gold, 2.7 million ounces of silver, 49 million lbs of copper, and 73 million lbs of zinc, and was based on net smelter return ('NSR') cut‐off grades. Figure 1: Geology plan of the Abu Marawat Concession, showing the location of the Abu Marawat deposit The polymetallic mineralisation at Abu Marawat is interpreted as being mesothermal in origin, and occurs in a series of discrete and roughly parallel N-S to NNW-SSE trending veins and structures, of which the Fin Vein and the CVZ are the most significant, hosted within a sequence of intensely hydrothermally altered, felsic metavolcanic rocks (Figure 2). The Fin Vein and the CVZ are about 50-100m apart and have been traced for at least 800m in surface outcrop and drill holes. Aton's previous drilling has demonstrated that these structures extend to at least 200m in depth. The bulk of the Inferred Mineral Resource at the Abu Marawat deposit encompasses parts of the CVZ and the Fin Vein, but there are also other subparallel mineralised veins to the east and to the west of these structures, such as the J Vein, the JVZ structure, and the Valley Vein zone (Figure 2). The mineralisation at Abu Marawat comprises a series of steep to near vertical finely brecciated quartz-carbonate-sulphide 'veins'. At surface the Fin Vein and CVZ are expressed by quartz-rich gossans, and all the larger structures display development of intense wallrock alteration in outcrop. Several of the veins, notably the CVZ, were mined at surface in ancient times, apparently primarily for copper. The mineralised system at Abu Marawat currently remains open both laterally and at depth. Further to the north, the Abu Marawat deposit appears to be truncated by a large WNW-ESE trending fault postulated to run beneath wadi sediments. To the east a prominent ridge composed of altered ultramafic rocks is thought to represent a significant geological terrane boundary (Figure 2). Figure 2: Geology plan of the Abu Marawat area, showing the location of pre-2024 Aton drill holes Figure 3: Geology and drill hole collar plan of holes targeting the CVZ and Fin Vein structures, AMD-146 to AMD-164 Abu Marawat diamond drilling programme The current diamond drill programme started in June 2024, and to date 95 diamond drill holes (holes AMD-101 to AMD-195) have been completed, for a total of 7,917.2 metres. All the holes have been drilled horizontally or at shallow angles to test previously undrilled near-surface mineralisation. Assay results are now available for a further 21 holes, AMD-146 to AMD-166, and the collar details of these holes are provided in Appendix A. The holes were predominantly designed to test the CVZ, near to the surface, with the drilling on west-southwesterly azimuths. Some holes were extended to intersect the Fin Vein further to the west. The drilling was focussed on the central area of the Abu Marawat deposit (Figure 2). Holes AMD-165 and AMD-166 were also drilled on west-south westerly azimuths towards the southern end of the CVZ. Discussion of results All intersection details from the currently reporting holes AMD-146 to AMD-166 are provided in Appendix B, with selected intersections shown below in Table 1. Table 1: Selected intersections from the Abu Marawat diamond drilling programme, AMD-146 to AMD-166 This latest tranche of drill holes again returned significant polymetallic mineralised intersections from the CVZ, in some cases carrying notably high grades of gold, silver and also copper over consistent widths. These intersections including 8.52 g/t Au, 88.7 g/t Ag, 9.50 g/t gold equivalent ('AuEq', calculated using Au and Ag only, with a Au:Ag ratio of 90), 2.15% Cu and 0.59% Zn over a 15.40m interval, from 23.50m downhole depth (hole AMD-151); 6.06 g/t Au, 59.6 g/t Ag, 6.72 g/t AuEq, 1.02% Cu and 1.24% Zn over a 17.30m interval, from 32.80m downhole depth (hole AMD-146); and 4.14 g/t Au, 40.7 g/t Ag, 4.59 g/t AuEq, 0.85% Cu and 0.17% Zn over a 13.90m interval, from 13.30m downhole depth (hole AMD-149). These intersection widths effectively reflect the true width of the mineralised CVZ structure. Please refer to the news release dated March 11, 2025 for further details about the CVZ mineralisation. Hole AMD-165, drilled at the southern outcropping extent of the CVZ also intersected a wide zone of mineralisation on the CVZ (0.69 g/t Au, 19.4 g/t Ag, 0.90 g/t AuEq and 0.21% Cu, over a 23.90m interval from 33.10m downhole depth), albeit at a lower grade. This phase of the drilling has indicated a continuous body of near-surface mineralisation in excess of 250m strike length in the central part of the CVZ, with notably high grades of gold, silver, copper and also zinc, particularly in its central core, although the grades diminish towards the southern and northern ends of the structure. A further phase of reverse circulation percussion ('RC') drilling is planned to test the deeper parts of the CVZ and to infill and confirm the previous diamond drilling carried out by Aton during 2011 and Minex during the 1980's. Activity Update Sampling and analytical procedures The Abu Marawat diamond drill holes were drilled at a combination of either HQ3 size (61.1mm diameter) and/or PQ3 size (83mm diameter). Core was loaded into metal core boxes by the drill crew under supervision of Aton geologists. The core was metre marked onsite at the Abu Marawat camp, with basic geotechnical measurements (total core recovery, solid core recovery, and rock quality designation) undertaken by Aton geologists, as well as specific gravity measurements. It was also photographed in both wet and dry states at Abu Marawat. The core was then carefully packed and transported to the Rodruin exploration camp, where it was geologically logged by senior Aton geologists, and marked up for cutting and sampling at the Rodruin core farm. Samples were typically selected over nominal 1m intervals, but as determined by the logged lithologies. The core was half-cut by Aton staff at the onsite Rodruin sample preparation facility. After the core had been cut, the relevant cut intervals were then photographed again. The split half-core samples were collected and bagged up in cloth bags, weighed and crushed to -4mm onsite, and split to a nominal c. 500-1,000g sample size. The coarse crushed reject samples are retained onsite at the Rodruin sample preparation facility. QAQC samples were inserted into the sample runs at a rate of approximately 1 certified reference material (or 'standard' sample) every 30 samples, 1 blank sample every 15 samples, and 1 duplicate split sample every 15 samples. The dried, crushed and split samples were shipped to ALS Minerals sample preparation laboratory at Marsa Alam, Egypt, where they were pulverised to a size fraction of better than 85% passing 75 microns. From this pulverised material a further sub-sample was split off with a nominal c. 100g size, which was shipped on to ALS Minerals at Rosia Montana, Romania for geochemical analysis. The reject pulp material was returned to the sample preparation facility at Rodruin, where it is also retained onsite The samples were analysed for gold by fire assay (30g charge) with an atomic absorption spectroscopy ('AAS') finish (analytical code Au-AA23). Any high grade gold samples (>10 g/t Au) were re-analysed using analytical code Au-GRA21 (also fire assay, with a gravimetric finish). Samples were also analysed for silver, copper, lead and zinc using an aqua regia digest followed by an AAS finish (analytical code AA45). Any high grade silver and base metal samples (Ag >100 g/t, and Cu, Pb or Zn >10,000ppm or >1%) were re-analysed using the ore grade technique AA46 (also an aqua regia digest followed by an AAS finish). About Aton Resources Inc. Aton Resources Inc. (TSXV:AAN) is focused on its 100% owned Abu Marawat Concession ('the Concession'), located in Egypt's Arabian-Nubian Shield, approximately 200 km north of AngloGold Ashanti's world-class Sukari gold mine. Aton has identified numerous gold and base metal exploration targets at the Concession, including the Hamama deposit in the west, the Abu Marawat deposit in the northeast, and the Rodruin deposit in the south of the Concession. Two historic British gold mines are also located on the Concession at Semna and Sir Bakis. Aton has identified several distinct geological trends within the Concession, which display potential for the development of a variety of styles of precious and base metal mineralisation. The Abu Marawat exploitation lease is 57.66 km2 in size, covering the Hamama West and Rodruin mineral deposits, and was established In January 2024 and is valid for an initial period of 20 years. The Concession also includes an additional 255.0 km2 of exploration areas, retained for a further period of 4 years from January 2024. The Concession is located in an area of excellent infrastructure; a four-lane highway, a 220kV power line, and a water pipeline are in close proximity, as are the international airports at Hurghada and Luxor. Qualified person The technical information contained in this News Release was prepared by Javier Orduña BSc (hons), MSc, MCSM, DIC, MAIG, SEG(M), Chief Geologist of Aton Resources Inc. Mr. Orduña is a qualified person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects. For further information regarding Aton Resources Inc., please visit us at or contact: TONNO VAHK Chief Executive Officer Tel: +1 604 318 0390 Email: [email protected] Note Regarding Forward-Looking Statements Some of the statements contained in this release are forward-looking statements. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Appendix A -Abu Marawat diamond drill hole collar details, holes AMD-146 to AMD-166 Appendix B - Abu Marawat significant intersections, holes AMD-146 to AMD-166 SOURCE: Aton Resources, Inc. press release
Yahoo
20-05-2025
- Business
- Yahoo
Aton Reports Further Diamond Drilling Results From Abu Marawat, Including 8.52 g/t Gold and 88.7 g/t Silver Over 15.4 Metres, and 6.06 g/t Gold and 59.6 g/t Silver Over 17.3 Metres
VANCOUVER, BC / / May 20, 2025 / Aton Resources Inc. (TSXV:AAN) ("Aton" or the "Company") updates investors on the results of its ongoing diamond drilling programme at the Abu Marawat deposit ("Abu Marawat"), located within the retained exploration areas of the Company's Abu Marawat Concession (the "Concession") in the Eastern Desert of Egypt. Highlights: To date 95 diamond drill holes have been drilled at Abu Marawat, for a total of 7,917m. All holes have been drilled horizontally or at shallow angles to test near-surface mineralisation in an area of steep and mountainous terrain that is hard to access for conventional drilling rigs, and is largely undrilled; Results for a further 21 holes, AMD-146 to AMD-166, are now available, with significant high grade polymetallic mineralised intersections including: 8.52 g/t Au, 88.7 g/t Ag, 9.50 g/t AuEq, 2.15% Cu and 0.59% Zn over a 15.40m interval on the Central Vein zone ("CVZ"), from 23.50m downhole depth (hole AMD-151); 6.06 g/t Au, 59.6 g/t Ag, 6.72 g/t AuEq, 1.02% Cu and 1.24% Zn over a 17.30m interval on the CVZ, from 32.80m downhole depth (hole AMD-146); 4.14 g/t Au, 40.7 g/t Ag, 4.59 g/t AuEq, 0.85% Cu and 0.17% Zn over a 13.90m interval on the CVZ, from 13.30m downhole depth (hole AMD-149); 3.07 g/t Au, 33.7 g/t Ag, 3.44 g/t AuEq, 0.45% Cu and 0.43% Zn over a 16.50m interval on the CVZ, from 8.00m downhole depth (hole AMD-148). "This latest tranche of results from the horizontal diamond drilling programme at Abu Marawat is very pleasing, and is indicating the presence of a significant near-surface core of high grade mineralisation on the CVZ" said Tonno Vahk, CEO. "We are also seeing some nice looking mineralisation in the ongoing RC programme at Semna, and we expect to be able to release the first results from this programme in the coming weeks. The programme at Abu Marawat is approaching the finish line, and we are also now doing some additional drilling there for a metallurgical testwork programme. The identification and delineation of high grade mineralisation near to surface at both Abu Marawat and Semna is very positive as Aton looks to the long term development of multiple mining operations at the Abu Marawat Concession. Work on the Hamama West PFS and ESIA is continuing steadily, with the ongoing establishment of the environmental baseline, and we are planning to start the next phase of hydro drilling at Hamama in the coming weeks, as we seek to establish a viable groundwater supply for the mining projects." Abu Marawat gold-silver-copper-zinc deposit The Abu Marawat gold-silver-copper-zinc deposit is located approximately 35km northeast of the Hamama West deposit and 10km north-northeast of the Semna gold mine project, and is accessed via a well maintained desert track from the Qena-Safaga highway, approximately 25km to the north (Figure 1). On March 1, 2012 Aton Resources, when formerly named Alexander Nubia International Inc, announced a maiden Inferred Mineral Resource at Abu Marawat, prepared by Roscoe Postle Associates Inc., in compliance with the requirements set out in Canada's National Instrument 43‐101. The resource was subsequently restated in an updated Technical Report without amendment (see news release dated January 24, 2017), and which is available online at Aton's website at This Inferred Mineral Resource was based on 98 diamond drill holes totalling 19,573 metres. 19 of these holes were drilled by a former property owner, Minex Minerals Egypt, a wholly owned subsidiary of Greenwich Resources Plc during the late 1980's, and the remainder were drilled by Aton in 2011. The Inferred Mineral Resource comprises 2.9 million tonnes at an average grade of 1.75 g/t Au, 29.3 g/t Ag, 0.77% Cu and 1.15% Zn, containing 162 thousand ounces of gold, 2.7 million ounces of silver, 49 million lbs of copper, and 73 million lbs of zinc, and was based on net smelter return ("NSR") cut‐off grades. Figure 1: Geology plan of the Abu Marawat Concession, showing the location of the Abu Marawat deposit The polymetallic mineralisation at Abu Marawat is interpreted as being mesothermal in origin, and occurs in a series of discrete and roughly parallel N-S to NNW-SSE trending veins and structures, of which the Fin Vein and the CVZ are the most significant, hosted within a sequence of intensely hydrothermally altered, felsic metavolcanic rocks (Figure 2). The Fin Vein and the CVZ are about 50-100m apart and have been traced for at least 800m in surface outcrop and drill holes. Aton's previous drilling has demonstrated that these structures extend to at least 200m in depth. The bulk of the Inferred Mineral Resource at the Abu Marawat deposit encompasses parts of the CVZ and the Fin Vein, but there are also other subparallel mineralised veins to the east and to the west of these structures, such as the J Vein, the JVZ structure, and the Valley Vein zone (Figure 2). The mineralisation at Abu Marawat comprises a series of steep to near vertical finely brecciated quartz-carbonate-sulphide "veins". At surface the Fin Vein and CVZ are expressed by quartz-rich gossans, and all the larger structures display development of intense wallrock alteration in outcrop. Several of the veins, notably the CVZ, were mined at surface in ancient times, apparently primarily for copper. The mineralised system at Abu Marawat currently remains open both laterally and at depth. Further to the north, the Abu Marawat deposit appears to be truncated by a large WNW-ESE trending fault postulated to run beneath wadi sediments. To the east a prominent ridge composed of altered ultramafic rocks is thought to represent a significant geological terrane boundary (Figure 2). Figure 2: Geology plan of the Abu Marawat area, showing the location of pre-2024 Aton drill holes Figure 3: Geology and drill hole collar plan of holes targeting the CVZ and Fin Vein structures, AMD-146 to AMD-164 Abu Marawat diamond drilling programme The current diamond drill programme started in June 2024, and to date 95 diamond drill holes (holes AMD-101 to AMD-195) have been completed, for a total of 7,917.2 metres. All the holes have been drilled horizontally or at shallow angles to test previously undrilled near-surface mineralisation. Assay results are now available for a further 21 holes, AMD-146 to AMD-166, and the collar details of these holes are provided in Appendix A. The holes were predominantly designed to test the CVZ, near to the surface, with the drilling on west-southwesterly azimuths. Some holes were extended to intersect the Fin Vein further to the west. The drilling was focussed on the central area of the Abu Marawat deposit (Figure 2). Holes AMD-165 and AMD-166 were also drilled on west-south westerly azimuths towards the southern end of the CVZ. Discussion of results All intersection details from the currently reporting holes AMD-146 to AMD-166 are provided in Appendix B, with selected intersections shown below in Table 1. Hole ID Intersection (m) Au (g/t) Ag (g/t) AuEq (g/t) 1 Cu (%) Pb (%) Zn (%) Comments From To Interval AMD-146 32.80 50.10 17.30 6.06 59.6 6.72 1.02 0.01 1.24 CVZ incl. 35.70 47.20 11.50 8.99 79.7 9.88 1.48 0.01 1.25 AMD-147 29.50 53.00 23.50 1.65 23.5 1.91 0.34 0.01 1.44 CVZ incl. 44.90 53.00 8.10 3.43 43.1 3.91 0.75 0.02 1.28 AMD-148 8.00 24.50 16.50 3.07 33.7 3.44 0.45 0.00 0.43 CVZ AMD-149 13.30 27.20 13.90 4.14 40.7 4.59 0.85 0.01 0.17 CVZ incl. 13.30 19.30 6.00 8.94 55.8 9.56 0.79 0.02 0.20 AMD-150 18.60 36.30 17.70 1.84 26.2 2.14 1.37 0.01 0.58 CVZ AMD-151 23.50 38.90 15.40 8.52 88.7 9.50 2.15 0.02 0.59 CVZ incl. 23.50 32.60 9.10 11.68 102 12.81 1.79 0.03 0.59 AMD-154 13.70 30.40 16.70 2.49 36.0 2.89 1.02 0.01 0.49 CVZ incl. 24.10 30.40 6.30 5.68 42.8 6.16 1.84 0.02 0.75 AMD-156 82.90 94.20 11.30 1.37 15.5 1.54 0.11 0.04 0.87 Fin Vein zone Notes: Gold equivalent calculated using Au and Ag only, with a Au:Ag ratio of 90 Table 1: Selected intersections from the Abu Marawat diamond drilling programme, AMD-146 to AMD-166 This latest tranche of drill holes again returned significant polymetallic mineralised intersections from the CVZ, in some cases carrying notably high grades of gold, silver and also copper over consistent widths. These intersections including 8.52 g/t Au, 88.7 g/t Ag, 9.50 g/t gold equivalent ("AuEq", calculated using Au and Ag only, with a Au:Ag ratio of 90), 2.15% Cu and 0.59% Zn over a 15.40m interval, from 23.50m downhole depth (hole AMD-151); 6.06 g/t Au, 59.6 g/t Ag, 6.72 g/t AuEq, 1.02% Cu and 1.24% Zn over a 17.30m interval, from 32.80m downhole depth (hole AMD-146); and 4.14 g/t Au, 40.7 g/t Ag, 4.59 g/t AuEq, 0.85% Cu and 0.17% Zn over a 13.90m interval, from 13.30m downhole depth (hole AMD-149). These intersection widths effectively reflect the true width of the mineralised CVZ structure. Please refer to the news release dated March 11, 2025 for further details about the CVZ mineralisation. Hole AMD-165, drilled at the southern outcropping extent of the CVZ also intersected a wide zone of mineralisation on the CVZ (0.69 g/t Au, 19.4 g/t Ag, 0.90 g/t AuEq and 0.21% Cu, over a 23.90m interval from 33.10m downhole depth), albeit at a lower grade. This phase of the drilling has indicated a continuous body of near-surface mineralisation in excess of 250m strike length in the central part of the CVZ, with notably high grades of gold, silver, copper and also zinc, particularly in its central core, although the grades diminish towards the southern and northern ends of the structure. A further phase of reverse circulation percussion ("RC") drilling is planned to test the deeper parts of the CVZ and to infill and confirm the previous diamond drilling carried out by Aton during 2011 and Minex during the 1980's. Activity Update The Company is continuing its discussions with its JV partners at the Egyptian Mineral Resources Authority, and the Ministry of Petroleum and Mineral Resources, with regards to the proposed changes to the Hamama West Pre-Feasibility Study (see news release dated November 8, 2024). The Company intends to change the focus from the originally envisaged heap leach processing route, to a modular CIL processing route to allow for the processing of mineralisation from Semna and Abu Marawat. The Company has engaged Wardell Armstrong International ("WAI"), part of the SLR Consulting Group, to undertake a programme of metallurgical testwork on the different Abu Marawat mineralisation types. Drilling is currently ongoing to collect whole PQ3 sized core samples at Abu Marawat for comminution testing, as well as leach testing. Additionally further testwork will be undertaken to assess the viability of SART (sulphidisation, acidification, recycling and thickening) processing to recover copper from the Abu Marawat mineralisation. The initially planned c. 5,000 metre phase 3 RC drilling programme at the Semna deposit to follow up on the 2023 phase 1 RC and 2024 phase 2 diamond drilling programmes, is ongoing, with 39 holes completed for a total of 4,639 metres drilled to date. The Company expects to be able to release the first results of this programme in the coming weeks. The Company plans to suspend the RC programme at Semna at the end of May 2025 and mobilise the drill rig and crews to Hamama to carry out the next phase of hydro drilling as part of the plan to develop a viable groundwater source for the Hamama project. RC drilling in January 2025, has confirmed that the Nubian Sandstone aquifer has sufficient properties to yield adequate water for the Hamama West mine project (WAI internal technical note, 17/2/2025). The next step will be the drilling, using mud rotary drilling methods, and construction of a c. 300-350m deep monitoring well in June 2025. After this has been completed a 300mm diameter pump test well will be drilled, and it is planned to construct this for future use as a production well. Environmental monitoring programmes for the Hamama West Environmental and Social Impact Assessment, also being undertaken by WAI, are ongoing at Hamama West. A weather station was installed at Hamama in November 2024, and air quality and dust monitoring equipment have since been installed. Sampling and analytical procedures The Abu Marawat diamond drill holes were drilled at a combination of either HQ3 size (61.1mm diameter) and/or PQ3 size (83mm diameter). Core was loaded into metal core boxes by the drill crew under supervision of Aton geologists. The core was metre marked onsite at the Abu Marawat camp, with basic geotechnical measurements (total core recovery, solid core recovery, and rock quality designation) undertaken by Aton geologists, as well as specific gravity measurements. It was also photographed in both wet and dry states at Abu Marawat. The core was then carefully packed and transported to the Rodruin exploration camp, where it was geologically logged by senior Aton geologists, and marked up for cutting and sampling at the Rodruin core farm. Samples were typically selected over nominal 1m intervals, but as determined by the logged lithologies. The core was half-cut by Aton staff at the onsite Rodruin sample preparation facility. After the core had been cut, the relevant cut intervals were then photographed again. The split half-core samples were collected and bagged up in cloth bags, weighed and crushed to -4mm onsite, and split to a nominal c. 500-1,000g sample size. The coarse crushed reject samples are retained onsite at the Rodruin sample preparation facility. QAQC samples were inserted into the sample runs at a rate of approximately 1 certified reference material (or "standard" sample) every 30 samples, 1 blank sample every 15 samples, and 1 duplicate split sample every 15 samples. The dried, crushed and split samples were shipped to ALS Minerals sample preparation laboratory at Marsa Alam, Egypt, where they were pulverised to a size fraction of better than 85% passing 75 microns. From this pulverised material a further sub-sample was split off with a nominal c. 100g size, which was shipped on to ALS Minerals at Rosia Montana, Romania for geochemical analysis. The reject pulp material was returned to the sample preparation facility at Rodruin, where it is also retained onsite The samples were analysed for gold by fire assay (30g charge) with an atomic absorption spectroscopy ("AAS") finish (analytical code Au-AA23). Any high grade gold samples (>10 g/t Au) were re-analysed using analytical code Au-GRA21 (also fire assay, with a gravimetric finish). Samples were also analysed for silver, copper, lead and zinc using an aqua regia digest followed by an AAS finish (analytical code AA45). Any high grade silver and base metal samples (Ag >100 g/t, and Cu, Pb or Zn >10,000ppm or >1%) were re-analysed using the ore grade technique AA46 (also an aqua regia digest followed by an AAS finish). About Aton Resources Inc. Aton Resources Inc. (TSXV:AAN) is focused on its 100% owned Abu Marawat Concession ("the Concession"), located in Egypt's Arabian-Nubian Shield, approximately 200 km north of AngloGold Ashanti's world-class Sukari gold mine. Aton has identified numerous gold and base metal exploration targets at the Concession, including the Hamama deposit in the west, the Abu Marawat deposit in the northeast, and the Rodruin deposit in the south of the Concession. Two historic British gold mines are also located on the Concession at Semna and Sir Bakis. Aton has identified several distinct geological trends within the Concession, which display potential for the development of a variety of styles of precious and base metal mineralisation. The Abu Marawat exploitation lease is 57.66 km2 in size, covering the Hamama West and Rodruin mineral deposits, and was established In January 2024 and is valid for an initial period of 20 years. The Concession also includes an additional 255.0 km2 of exploration areas, retained for a further period of 4 years from January 2024. The Concession is located in an area of excellent infrastructure; a four-lane highway, a 220kV power line, and a water pipeline are in close proximity, as are the international airports at Hurghada and Luxor. Qualified person The technical information contained in this News Release was prepared by Javier Orduña BSc (hons), MSc, MCSM, DIC, MAIG, SEG(M), Chief Geologist of Aton Resources Inc. Mr. Orduña is a qualified person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects. For further information regarding Aton Resources Inc., please visit us at or contact: TONNO VAHKChief Executive Officer Tel: +1 604 318 0390 Email: info@ Note Regarding Forward-Looking Statements Some of the statements contained in this release are forward-looking statements. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Appendix A -Abu Marawat diamond drill hole collar details, holes AMD-146 to AMD-166 Hole ID Collar co-ordinates 1,2 EOH depth (m) Dip Grid azimuth Target X Y Z AMD-146 563912.1 2933060.3 651.4 69.4 -0.8 240.0 CVZ AMD-147 563912.3 2933060.4 650.6 62.5 -19.6 240.0 CVZ AMD-148 563874.9 2933088.9 648.3 38.9 0.1 230.3 CVZ AMD-149 563874.9 2933089.7 646.9 173.8 -35.2 239.5 CVZ, Fin Vein AMD-150 563889.6 2933076.0 649.6 48.1 0.8 231.5 CVZ AMD-151 563889.8 2933076.2 648.7 49.5 -30.6 231.2 CVZ AMD-152 563899.4 2933104.4 639.0 73.6 -31.6 241.4 CVZ AMD-153 563863.3 2933110.5 643.4 66.5 0.7 229.3 CVZ AMD-154 563863.4 2933110.7 642.0 63.2 -35.3 228.5 CVZ AMD-155 563848.0 2933140.7 645.9 52.5 -9.4 239.9 CVZ AMD-156 563829.2 2933182.6 637.4 101.0 0.3 239.9 CVZ, Fin Vein AMD-157 563794.7 2933219.1 632.7 104.9 -0.5 239.8 CVZ, Fin Vein AMD-158 563795.6 2933219.5 631.7 30.1 -30.5 239.6 CVZ AMD-159 563795.7 2933219.5 631.7 52.0 -34.5 239.8 CVZ AMD-160 563763.0 2933237.1 635.0 81.0 -0.5 231.8 CVZ, Fin Vein AMD-161 563763.3 2933237.4 634.1 40.2 -30.1 230.7 CVZ AMD-162 563739.3 2933258.5 629.7 61.1 0.0 239.2 Fin Vein AMD-163 563738.7 2933260.0 629.8 68.8 -0.7 260.8 Fin Vein AMD-164 563739.4 2933259.5 628.6 62.8 -30.2 249.3 Fin Vein AMD-165 563965.0 2932973.6 663.0 83.8 -0.6 234.6 Southern end of the CVZ AMD-166 563965.3 2932973.8 662.1 76.6 -31.1 235.6 Southern end of the CVZ Notes: All co-ordinates are UTM (WGS84) Zone 36R Collars have all been RTK surveyed using an eSurvey E800 integrated GNSS base and receiver All drill holes were downhole surveyed using a magnetic survey tool Appendix B - Abu Marawat significant intersections, holes AMD-146 to AMD-166 Hole ID Intersection (m) Au (g/t) Ag (g/t) AuEq (g/t) 2 Cu (ppm) Pb (ppm) Zn (ppm) Comments From To Interval AMD-146 32.80 50.10 17.30 6.06 59.6 6.72 1.02 0.01 1.24 CVZ incl. 35.70 47.20 11.50 8.99 79.7 9.88 1.48 0.01 1.25 AMD-147 29.50 53.00 23.50 1.65 23.5 1.91 0.34 0.01 1.44 CVZ incl. 29.50 30.30 0.80 4.91 67.2 5.66 0.12 0.04 1.32 and incl. 36.50 41.10 4.60 1.45 16.6 1.63 0.30 0.00 2.88 and incl. 44.90 53.00 8.10 3.43 43.1 3.91 0.75 0.02 1.28 AMD-148 8.00 24.50 16.50 3.07 33.7 3.44 0.45 0.00 0.43 CVZ AMD-149 13.30 27.20 13.90 4.14 40.7 4.59 0.85 0.01 0.17 CVZ incl. 13.30 19.30 6.00 8.94 55.8 9.56 0.79 0.02 0.20 and 154.80 155.30 0.50 0.82 15.5 1.00 0.22 0.02 1.59 Fin Vein? AMD-150 18.60 36.30 17.70 1.84 26.2 2.14 1.37 0.01 0.58 CVZ AMD-151 23.50 38.90 15.40 8.52 88.7 9.50 2.15 0.02 0.59 CVZ incl. 23.50 32.60 9.10 11.68 101.9 12.81 1.79 0.03 0.59 and incl. 37.00 38.90 1.90 12.15 178.9 14.14 4.02 0.02 1.08 AMD-152 54.50 60.30 5.80 2.39 40.6 2.84 0.47 0.00 0.44 CVZ AMD-153 9.40 13.00 3.60 3.50 21.8 3.75 0.51 0.00 0.25 CVZ and 21.40 22.20 0.80 1.92 21.2 2.15 0.09 0.01 0.16 AMD-154 13.70 30.40 16.70 2.49 36.0 2.89 1.02 0.01 0.49 CVZ incl. 16.20 19.50 3.30 1.03 9.9 1.14 0.23 0.00 0.12 and incl. 24.10 30.40 6.30 5.68 42.8 6.16 1.84 0.02 0.75 AMD-155 11.70 16.60 4.90 2.09 12.4 2.22 1.13 0.00 0.36 CVZ and 23.60 24.60 1.00 3.94 33.1 4.31 0.45 0.01 0.43 AMD-156 82.90 94.20 11.30 1.37 15.5 1.54 0.11 0.04 0.87 Fin Vein zone AMD-157 64.00 65.00 1.00 1.16 8.0 1.24 0.14 0.00 1.80 and 87.00 88.35 1.35 2.06 25.1 2.33 0.42 0.01 2.31 Possible Fin Vein (eastern structure?) and 94.10 95.10 1.00 1.41 19.1 1.62 0.98 0.06 2.38 Fin Vein AMD-158 - - - - - - - - - NSA AMD-159 - - - - - - - - - NSA AMD-160 13.60 14.60 1.00 1.50 5.9 1.56 0.07 0.00 0.46 Possible CVZ? and 60.00 62.40 2.40 2.74 38.7 3.17 0.30 0.05 1.66 Possible Fin Vein (eastern structure?) AMD-161 - - - - - - - - - NSA > 0.47 g/t Au AMD-162 29.00 31.40 2.40 1.01 28.8 1.33 0.25 0.00 0.73 Possible Fin Vein (eastern structure?) AMD-163 - - - - - - - - - NSA > 0.21 g/t Au AMD-164 - - - - - - - - - NSA > 0.44 g/t Au AMD-165 33.10 57.00 23.90 0.69 19.4 0.90 0.21 0.01 0.61 Southern end of the CVZ and 64.50 66.00 1.50 1.44 18.1 1.64 0.05 0.00 0.12 Hole ID Intersection (m) Au (g/t) Ag (g/t) AuEq (g/t) 2 Cu (ppm) Pb (ppm) Zn (ppm) Comments From From From AMD-166 37.80 40.70 2.90 1.84 20.3 2.07 0.04 0.06 0.75 Southern end of the CVZ and 60.70 62.50 1.80 0.75 14.4 0.91 0.06 0.03 0.47 Notes: Mineralised intervals were typically calculated using a nominal cut-off of 0.5 g/t gold equivalent (AuEq), other lower grade intervals were defined subjectively Gold equivalent calculated using Au and Ag only, with an Au:Ag ratio of 90 SOURCE: Aton Resources, Inc. 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Nikkei Asia
16-05-2025
- Business
- Nikkei Asia
US assesses financial support for construction of Cambodia airport
PHNOM PENH -- The U.S. government has announced it is assessing whether to help finance a nearly-completed airport near the Cambodian capital, a move that comes amid growing tariff tensions between the two countries, the halting of virtually all Washington's aid to Phnom Penh and only weeks after Chinese President Xi Jinping visited the Southeast Asian nation. The U.S. State Department's International Development Finance Corporation (DFC), started by President Donald Trump in his first term to finance private sector projects, this week released an environmental and social impact assessment (ESIA) for the Techo Takhmao International Airport in Kandal province, 20 kilometers south of the Cambodian capital.
Yahoo
15-05-2025
- Business
- Yahoo
Africa Energy Announces First Quarter 2025 Results and Corporate Update
VANCOUVER, BC, May 15, 2025 /CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company"), an oil and gas exploration company, announces corporate update and financial and operating results for the three months ended March 31, 2025. View PDF Version On March 31, 2025, the Company closed a non-brokered private placement of common shares and a shares-for-debt transaction, which significantly improved the Company's financial position. These transactions allowed the Company fully repay its debt, which consisted exclusively of obligations under the existing promissory note, and to provide it with an additional $2.9 million after debt repayment for general working capital purposes and to advance the development of the Company's interest in Block 11B/12B offshore South Africa. HIGHLIGHTS At March 31, 2025, the Company had US$4.7 million in cash, US$4.2 million of working capital and no debt compared to US$2.3 million in cash, US$8.2 million of working capital deficiency and US$10.4 million promissory note debt obligations at the end of 2024. On April 28, 2025, the Company hired Dr. Phindile Masangane as Head of Strategy and Business Development and appointed Dr. Masangane to the Company's Board of Directors. Dr. Masangane's experience in the energy sector, which includes serving as the Chief Executive Officer of The Petroleum Agency of South Africa, will be instrumental in assisting Africa Energy as we work to move Block 11B/12B to the development phase and bring our world class gas and condensate discoveries to market. Her vast experience in energy infrastructure development, policy and regulation, along with project finance expertise, will play a pivotal role in shaping the strategic direction of the Company. Main Street 1549 Pty. Ltd. ("Main Street 1549"), appointed operator of Block 11B/12B in November of 2024, submitted a new Environmental Authorization ("EA") application with a revised project scope on February 28, 2025 and expects to submit a new Environmental and Social Impact Assessment ("ESIA") in advance of the revised deadline in September of 2025. The approval of the Production Right application will not occur until after the Block 11B/12B joint venture receives EA approval in respect of the revised ESIA. The Company has also committed to completing a consolidation of the Company's shares on a 5:1 basis by June 29, 2025, which was approved by shareholders at a special meeting on March 27, 2025, but is still subject to TSX Venture Exchange approval. OUTLOOK Subject to all relevant regulatory approvals by South African authorities in respect to the withdrawal of the joint venture partners in Block 11B/12B1 and completion of the restructuring of Main Street 1549, the Company expects to hold 75% direct interest in Block 11B/12B. Despite the challenges and delays encountered so far, the Company remains confident that the Block 11B/12B resources are capable of being commercially developed. The Brulpadda and Luiperd discoveries are the largest discoveries of natural gas resources in South Africa and if developed could supply a significant portion of the country's energy needs as it seeks to transition to lower carbon energy sources. The Company will be focused on obtaining the 11B/12B Production Right approval and securing offtake customers, and the Company anticipates that its current financial position should be sufficient to achieve these objectives. __________________________ 1 Main Street 1549 currently holds a 10% participating interest in Block 11B/12B, offshore South Africa. FINANCIAL INFORMATION(Unaudited; thousands of US dollars, except per share amounts)Three Months Three MonthsEnded EndedMarch 31, March 31,2025 2024 Operating expenses 675 23,832 Net loss (958) (24,087) Net loss per share (basic and diluted) (0.00) (0.02) Weighted average number of shares outstanding (basic and diluted) 1,418,790 1,407,812 Number of shares outstanding 1,418,790 1,407,812Cash flows provided by (used in) operations (199) (216) Cash flows provided by (used in) investing (359) (173) Cash flows provided by (used in) financing 2,858 315 Total change in cash and cash equivalents 2,382 (86)Change in share capital 17,671 - Change in contributed surplus (3,956) 375 Change in deficit 958 24,087 Total change in equity 12,757 (23,712) March 31, December 31,2025 2024 Cash and cash equivalents 4,687 2,305 Total assets 45,250 42,577 Total liabilities 571 10,655 Total equity attributable to common shareholders 44,679 31,922 Net working capital 4,207 (8,229) The financial information in this table was selected from the Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 (the "Financial Statements"), which are available on SEDAR at and the Company's website at EARNINGS TREND AND FINANCIAL POSITION(Unaudited; US dollars) Operating expenses decreased by $23.2 million for the three months ended March 31, 2025, compared to the same period in 2024. The Company recorded a $23.1 million non-cash loss on revaluation of the financial asset during the first quarter of 2024. The non-cash loss on revaluation of the financial asset related to the Company's investment in Block 11B/12B and was due mainly to changes in base assumptions for discount rate, development costs and operating expenditures. At March 31, 2025, the Company had cash of $4.7 million and working capital of $4.2 million compared to cash of $2.3 million and working capital deficiency of $8.2 million at December 31, 2024. The increase in cash and working capital since December 31, 2024, can be mainly attributed to the completion of the non-brokered private placement of common shares and a shares-for-debt transaction on March 31, 2025. CORPORATE UPDATE The Company announces the resignation of Pascal Nicodeme from his role as a member of the Board of Directors and Chairman of the Audit Committee. Mr. Nicodeme has served in this capacity with dedication and expertise, contributing significantly to the company's financial oversight and governance. The Board expresses its sincere gratitude for his invaluable contributions and wishes him success in his future endeavors. In his place, the Board has appointed Larry Taddei, a seasoned financial expert with extensive experience in corporate governance and financial management. Mr. Taddei will assume the role of Chairman of the Audit Committee, bringing a wealth of knowledge and strategic insight to further strengthen the Company's financial reporting and compliance practices. The Board of Directors has approved the grant of 3,500,000 incentive stock options. The options will be granted on May 16, 2025, at an exercise price per share that will be equal to the higher of the closing trading price of the Company's shares on the TSX Venture Exchange on that day and $0.05 Canadian dollars. The options will be exercisable, subject to vesting provisions, over a period of four and a half years. NEXT EARNINGS REPORT RELEASE The Company plans to report its results for the six months ended June 30, 2025 on August 14, 2025. About Africa Energy Corp. Africa Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC"). Important information This is information that Africa Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on May 15, 2025, at 5:30 p.m. ET. The Company's certified advisor on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 49 62 50, Forward looking statements Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management. The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations and, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the exploration activities, or of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Africa Energy Corp. 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Cision Canada
15-05-2025
- Business
- Cision Canada
Africa Energy Announces First Quarter 2025 Results and Corporate Update
VANCOUVER, BC, May 15, 2025 /CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company"), an oil and gas exploration company, announces corporate update and financial and operating results for the three months ended March 31, 2025. View PDF Version View PDF On March 31, 2025, the Company closed a non-brokered private placement of common shares and a shares-for-debt transaction, which significantly improved the Company's financial position. These transactions allowed the Company fully repay its debt, which consisted exclusively of obligations under the existing promissory note, and to provide it with an additional $2.9 million after debt repayment for general working capital purposes and to advance the development of the Company's interest in Block 11B/12B offshore South Africa. HIGHLIGHTS At March 31, 2025, the Company had US$4.7 million in cash, US$4.2 million of working capital and no debt compared to US$2.3 million in cash, US$8.2 million of working capital deficiency and US$10.4 million promissory note debt obligations at the end of 2024. On April 28, 2025, the Company hired Dr. Phindile Masangane as Head of Strategy and Business Development and appointed Dr. Masangane to the Company's Board of Directors. Dr. Masangane's experience in the energy sector, which includes serving as the Chief Executive Officer of The Petroleum Agency of South Africa, will be instrumental in assisting Africa Energy as we work to move Block 11B/12B to the development phase and bring our world class gas and condensate discoveries to market. Her vast experience in energy infrastructure development, policy and regulation, along with project finance expertise, will play a pivotal role in shaping the strategic direction of the Company. Main Street 1549 Pty. Ltd. ("Main Street 1549"), appointed operator of Block 11B/12B in November of 2024, submitted a new Environmental Authorization ("EA") application with a revised project scope on February 28, 2025 and expects to submit a new Environmental and Social Impact Assessment ("ESIA") in advance of the revised deadline in September of 2025. The approval of the Production Right application will not occur until after the Block 11B/12B joint venture receives EA approval in respect of the revised ESIA. The Company has also committed to completing a consolidation of the Company's shares on a 5:1 basis by June 29, 2025, which was approved by shareholders at a special meeting on March 27, 2025, but is still subject to TSX Venture Exchange approval. OUTLOOK Subject to all relevant regulatory approvals by South African authorities in respect to the withdrawal of the joint venture partners in Block 11B/12B 1 and completion of the restructuring of Main Street 1549, the Company expects to hold 75% direct interest in Block 11B/12B. Despite the challenges and delays encountered so far, the Company remains confident that the Block 11B/12B resources are capable of being commercially developed. The Brulpadda and Luiperd discoveries are the largest discoveries of natural gas resources in South Africa and if developed could supply a significant portion of the country's energy needs as it seeks to transition to lower carbon energy sources. The Company will be focused on obtaining the 11B/12B Production Right approval and securing offtake customers, and the Company anticipates that its current financial position should be sufficient to achieve these objectives. FINANCIAL INFORMATION (Unaudited; thousands of US dollars, except per share amounts) Three Months Three Months Ended Ended March 31, March 31, 2025 2024 Operating expenses 675 23,832 Net loss (958) (24,087) Net loss per share (basic and diluted) (0.00) (0.02) Weighted average number of shares outstanding (basic and diluted) 1,418,790 1,407,812 Number of shares outstanding 1,418,790 1,407,812 Cash flows provided by (used in) operations (199) (216) Cash flows provided by (used in) investing (359) (173) Cash flows provided by (used in) financing 2,858 315 Total change in cash and cash equivalents 2,382 (86) Change in share capital 17,671 - Change in contributed surplus (3,956) 375 Change in deficit 958 24,087 Total change in equity 12,757 (23,712) March 31, December 31, 2025 2024 Cash and cash equivalents 4,687 2,305 Total assets 45,250 42,577 Total liabilities 571 10,655 Total equity attributable to common shareholders 44,679 31,922 Net working capital 4,207 (8,229) The financial information in this table was selected from the Company's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 (the "Financial Statements"), which are available on SEDAR at and the Company's website at (Unaudited; US dollars) Operating expenses decreased by $23.2 million for the three months ended March 31, 2025, compared to the same period in 2024. The Company recorded a $23.1 million non-cash loss on revaluation of the financial asset during the first quarter of 2024. The non-cash loss on revaluation of the financial asset related to the Company's investment in Block 11B/12B and was due mainly to changes in base assumptions for discount rate, development costs and operating expenditures. At March 31, 2025, the Company had cash of $4.7 million and working capital of $4.2 million compared to cash of $2.3 million and working capital deficiency of $8.2 million at December 31, 2024. The increase in cash and working capital since December 31, 2024, can be mainly attributed to the completion of the non-brokered private placement of common shares and a shares-for-debt transaction on March 31, 2025. CORPORATE UPDATE The Company announces the resignation of Pascal Nicodeme from his role as a member of the Board of Directors and Chairman of the Audit Committee. Mr. Nicodeme has served in this capacity with dedication and expertise, contributing significantly to the company's financial oversight and governance. The Board expresses its sincere gratitude for his invaluable contributions and wishes him success in his future endeavors. In his place, the Board has appointed Larry Taddei, a seasoned financial expert with extensive experience in corporate governance and financial management. Mr. Taddei will assume the role of Chairman of the Audit Committee, bringing a wealth of knowledge and strategic insight to further strengthen the Company's financial reporting and compliance practices. The Board of Directors has approved the grant of 3,500,000 incentive stock options. The options will be granted on May 16, 2025, at an exercise price per share that will be equal to the higher of the closing trading price of the Company's shares on the TSX Venture Exchange on that day and $0.05 Canadian dollars. The options will be exercisable, subject to vesting provisions, over a period of four and a half years. NEXT EARNINGS REPORT RELEASE The Company plans to report its results for the six months ended June 30, 2025 on August 14, 2025. About Africa Energy Corp. Africa Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC"). Important information This is information that Africa Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on May 15, 2025, at 5:30 p.m. ET. The Company's certified advisor on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 49 62 50, [email protected]. Forward looking statements Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management. The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations and, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the exploration activities, or of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information. SOURCE Africa Energy Corp.
