Wednesday 22 June 2022

UK-based investment company Kazera Global plc (LSE: KZG) has signed a Binding Heads of Terms for the proposed acquisition of a 71% interest in Great Lakes Graphite Ltd, which owns 100% of 3 exploration licenses covering the Homa Bay and Buru Hill Rare Earth Elements projects in Kenya, the company said.

Great Lakes Graphite own 3 licences in near proximity to each other in Kenya, covering a total area of 346 square kilometres.

The majority of historical work has only been done in one licence area, Buru Hills, which has a JORC compliant exploration target of 27Mt at a grade of 1.89% Total Rare Earth Elements. The licence areas are all near established rail and road transport links and proximate to large towns.

Establishing a JORC compliant Resource and Scoping Study will only take approximately six months and will require a detailed survey as well as resampling of the core samples and revised modelling to calculate revised tonnages and grades.

As per the terms of the acquisition, Kazera will acquire a 71% interest in Great Lakes Graphite.

The acquisition is for in aggregate GBP 750,000 (USD 919, 523) to be paid for in three stages with all consideration to be satisfied by the issuance of shares in Kazera to the vendors.