Caerus Mineral Resources plc said it would renew and expand its strategic alliance with global battery chemicals and technology business EV Metals Group (EVM).
AUTOMOTIVE PRODUCTS
EVM has been the company’s cornerstone investor since Caerus’s admission to AIM in March 2021.
Caerus said that EVM had approached the company to renew and expand the original strategic alliance to comply with the rules of origin for electric automotive products under the EU – UK Trade and Co-operation Agreement (TCA).
This allows the products to be tariff and quota-free providing a proportion of an automotive product in value terms must be created from a UK – EU source.
Automotive products covered by the TCA include lithium, copper, cobalt, nickel, other metals and industrial minerals.
Caerus has a copper-gold portfolio of mineral exploration licences in Cyprus.
PREFERRED VEHICLE
Additionally, EVM has agreed that Caerus will be the “preferred vehicle” by which it will acquire advanced mining and production projects in Europe.
This also further complies with the TCA, that is to achieve a permanent state by 2027 after a phase-in period which is currently in force.
INVESTMENT
Caerus added that EVM had agreed to make “a substantial investment” in the company by way of increasing its present shareholding.
This will be on terms yet to be agreed and by providing expertise and guidance through new appointments to the board of directors.
Subject to shareholder approval these appointments will be renewed at the general meeting on 1 June.
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