Announcement • Sep 09
Armadale Provides Update on Work at the Canyon Silver Project and on the Mahenge Graphite Project Armadale provided an update on work at the Canyon Silver project and on the Mahenge Graphite Project. Canyon Silver Project - The Company has made significant progress in opening up the historic workings at Canyon Silver project for further evaluation and sampling. However, overall progress has been slower than planned as the ground conditions have been more difficult than expected. Further sampling will be carried out after the reopening is complete, allowing the Company to access the potential of the project. As announced on 18 June 2024, initial assay results at the project produced high grade mineralization of up to 1010 g/t silver and 18% lead. The work carried out at the project since re-commencing work includes: Widening of the first 100 feet of the Canyon Silver No 2 Tunnel from 4 x 5 feet to 8 x 8 feet to allow passage of essential equipment. This tunnel was driven by hand in 1892 to intersect the Formosa Vein that outcropped c. 100 feet above it. This widening included some timbering and a large amount of barring down and rock-bolting to make it safe and usable for all activities. A Slusher station, Geophysical station, Diamond Drilling pad and small trackless operation can now be safely and effectively performed here. Recommissioning of the 1905 winze in the number 2 tunnel. All new timbering and steel ladders have been installed. This winze bottom was cleaned by hand of 35 feet of accumulated rock and debris that had built up since 1930. The winze is now completely equipped, safe and fully useable. allowing safe passage down into the No 3 Level 'parallel portal tunnel'. As the winze was sunk on the Formosa vein, that vein is in full accessible view all the way down the 100 ft between No 2 and 3 Levels. Outside the No 3 Portal, the original Change Room building and Compressor and Generator Room have been completely rebuilt. However, electrical and plumbing will only be installed when continuous year-round operations are in progress. The Original CSM 'outside' main haulage and entry road has now been re-established, being fully rebuilt and graded from No 3 Portal down to the base of the property, when the required permit is approved a 30 ton bridge will be placed to allow for a complete circular '1 way always' route to and from the mine. The new 'No 1 Portal and above' "road" is proceeding rapidly. This had to be cut into virgin, difficult, steep mountainside. Mahenge Graphite Project - The Company is closely monitoring the progress of graphite companies in Tanzania and is encouraged by the increased recent progress towards achieving project development funding in the country. Funding for mine development has been difficult over the last several years across the junior mining sector and the company is actively looking for ways to maximize the value of the project. New Risk • Jul 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£477k free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 50% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£1.96m market cap, or US$2.52m). Minor Risk Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Announcement • Jul 02
Armadale Capital Plc, Annual General Meeting, Jul 30, 2024 Armadale Capital Plc, Annual General Meeting, Jul 30, 2024. Location: level 2, 23 railway road, subiaco, western australia 6008, Australia 
