Delivering Discovery Upside
Embracing the cyclical nature of the mining sector



Altus Strategies Plc / Index: AIM / EPIC: ALS / Sector: Mining


   Altus Strategies Plc
(“Altus” or the “Company”)

Altus Strategies Plc (AIM: ALS), the Africa focused exploration project generator, announces a board appointment and management changes subsequent to the successful completion of the plan of arrangement with Legend Gold Corp.


  • Michael Winn appointed as a Director and member of audit and remuneration committees
  • The appointment of David Miles as Chief Financial Officer (non-board)
  • The resignation of Jeffrey Karoly as Chief Financial Officer (non-board)
  • The appointment of Demetrius Pohl as Strategic Adviser
  • The appointment of Ambogo Guindo as Business Development Adviser (Mali)

David Netherway, Chairman of Altus, commented:
“We are delighted to announce the appointment of Michael, David, Demetrius and Ambogo to the team at Altus. Between them they have extensive expertise across the Canadian resource and capital markets, as well as formidable track records in successful African exploration. We now look forward to working with them as we continue to grow Altus and our project generator business model. With our TSX-V listing process underway and the potential for a number of new and exciting discoveries and Joint Venture partnerships, 2018 should be an exciting year for Altus. Separately, and on behalf of the Board, I would like to express my thanks to Jeffrey Karoly for all his work over what has been a transformational twelve months for Altus.”

Michael Winn - appointed as Non-Executive Director
Michael was the Chairman and CEO at Legend Gold Corp. a TSX-V listed company which was acquired by Altus in January 2018. Michael is President of Seabord Capital Corp. which provides investment analysis and financial services to companies operating in the energy and mining sectors. Michael is also President of Seabord Services Corp., a Canadian company providing management and regulatory services to private & public mining companies. He worked as an analyst for Global Resource Investments Ltd. from 1993 to 1997 where he specialized in the evaluation of emerging oil and gas and mining companies, and has worked in the oil and gas industry since 1983 and the mining industry since 1992. Michael is currently a director and officer of several TSX-V and NYSE listed companies operating in Canada, Latin America, Europe and Africa. He holds a B.S. in Geology from the University of Southern California.

David Miles - appointed as Chief Financial Officer (non-board)
David is a Chartered Professional Accountant with a BSc in Geology who has over 20 years’ experience in a large multinational corporate environment, primarily with Cominco Ltd. While with Cominco, he held various positions in corporate finance including Exploration Controller, responsible for the financial reporting of the corporation's eight international exploration subsidiaries as well as reporting for Canadian based exploration. From 2002 to 2004, David was the corporate controller for Quest Capital Corp. (formerly Viceroy Resource Corporation). David is currently the CFO of TSX-V listed Lara Exploration Ltd. and was formerly the CFO of Legend Gold Corp. a TSX-V listed company which was acquired by Altus in January 2018. David was also formerly the CFO at the following TSX-V listed companies: Reservoir Minerals Inc. Revelo Resources Corp., Colombian Mines Corporation, Esperanza Resources Corp., Nevgold Resource Corp., Inca Pacific Resources Corp, Eurasian Minerals Inc., Sanu Resources Ltd., Prospector Consolidated Resources Inc., Standard Uranium Inc. and Alexco Resource Corp.

Demetrius Pohl - appointed as Strategic Adviser
Demetrius is a consulting economic geologist who began his career in the West Australian nickel fields where he is credited with discovering the Dordie North nickel deposit for Anaconda Mining Inc. Since then Demetrius has worked for several major mining companies, including Esso Minerals, Chevron and BHP Billiton Ltd. in Australia, South America, and Africa where he was responsible for project generation, primarily for gold but also for base-metals. Demetrius was involved in the early identification and development of the Syama, Sadiola and Morila gold mines in Mali, Golden Pride in Tanzania, Essakan in Burkina Faso and Tongon in Cote d'Ivoire. He started a private exploration company, Sanu Resources Inc., in 1997, which went public in 2003 and in 2006 discovered the 30Mt Hambok massive sulphide copper zinc deposit in Eritrea. In 2008 Sanu was merged into NGEx Resources Inc., a Lundin Mining Corporation group company. Demetrius became VP Exploration of Corado Capital Corp, an exploration company spun out of NGEx in 2012. Corado was subsequently merged with Legend Gold Corp. in 2013 where he became VP Exploration. Legend was then acquired by Altus in January 2018. Demetrius is currently a director of Rhyolite Resources Inc., acts as a Qualified Professional for Revelo Resources Corp. and Atico Mining Corporation and is on the Advisory Board of Indigo Exploration Inc. Demetrius holds a Ph.D. in Geochemistry from Stanford University, has published research on epithermal 'bonanza' silver deposits in Peru at the American Museum of Natural History in New York, where he held and position of Assistant Curator and teaching at Columbia University as an adjunct professor in Economic Geology.

Ambogo Guindo - appointed as Business Development Adviser (Mali)
Ambogo has over 25 years' experience in gold exploration in Mali, where he was former government and United Nations Development Programme geologist. He was involved in the discovery and drillout of the Syama deposit for BHP Minerals International in 1987, and served with BHP for 12 years including two years in their San Francisco Head Office. Ambogo was VP Business Development at Legend Gold Corp. a TSX-V listed company which was acquired by Altus in January 2018. Previously Ambogo served as VP Exploration for North Atlantic Resources Ltd in 2002 prior to the company being acquired by Legend Gold. He has been instrumental in acquiring and maintaining the properties held by Altus in Mali.

Information required under Schedule 2g of the AIM Rules for Companies
Michael Dempsey Winn, aged 55, is or has been a director of the following companies in the past five years:

Current directorships / partnerships Past directorships / partnerships
AES (BVI) Ventures Ltd. African Holdings (BVI) Ltd.
Alexco Resource Corp. Equatorial Resources (BVI) Inc.
Altinova (BVI) Ltd. Global Reservoir Minerals (BVI) Inc.
Atico Mining Corporation. Lara Exploration Ltd.
Atico Mining (BVI) Ltd. Legend Resources BC Corp.
Atico Mining International (BVI) Corp. Perseus (BVI) Corp.
Atico Mining Peru (BVI) Inc. Reservoir Exploration (BVI) Ltd.
Bosnia (BVI) Ltd. Reservoir Minerals Corp.
EMX Royalty Corp. RM Dvorishte (BVI) Ltd.
EMX Haiti (BVI) Inc. RMC Cameroon (BVI) Corp.
EMX Sweden (BVI) Inc. Sprott Resource Corp.
Eurasian Holdings (BVI) Inc. Tilva (BVI) Inc.
Haiti Energy (BVI) Inc. Transatlantic Petroleum Ltd.
Hispaniola Mining (BVI) Ltd. Legend Gold Corp.
IG Copper LLC.  
Iron Creek Chile (BVI) Ltd.  
Iron Creek Holdings (BVI) Ltd.  
Iron Creek Mena (BVI) Ltd.  
Legend Mali (BVI) II Inc.  
Legend Mali (BVI) III Inc.  
Legend Mali (BVI) IV Inc.  
Legend Mali (BVI) V Ltd  
Legend Mali (BVI) VI Inc.  
Legend Mali Holdings (BVI) Inc.  
LGN Holdings (BVI) Inc.  
MDW & Associates LLC.  
Nebo Capital Corp.  
PSM Exploration Inc.  
Reservoir Capital Corp.  
Revelo Resources Corp.  
Seabord Capital Corp.  
Seabord Services Corp.  
Southern European Exploration (BVI) Ltd  
Woodsfield Exploration Inc.  

Michael is the holder of 17,969,898 Ordinary Shares in Altus representing 12.08% of the Company’s issued share capital. He holds 750,000 share purchase warrants over 750,000 Ordinary Shares in Altus exercisable at a price of 4.8 pence per Ordinary Share. He holds an additional 38,694 share purchase warrants over 38,694 Ordinary Shares in Altus exercisable at a price of £1.048 per Ordinary Share.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Qualified Person
The scientific and technical disclosure contained in this regulatory announcement has been read and approved by Steven Poulton, the Chief Executive and a director of Altus. A graduate of the University of Southampton in Geology (Hons), he also holds a Master's degree from the Camborne School of Mines (Exeter University) in Mining Geology. He is a Fellow of the Institute of Materials, Minerals and Mining and a Fellow of the Geological Society of London. He has over 18 years of experience in mineral exploration and is a Qualified Person under the AIM rules and as defined under National Instrument 43-101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators.

For further information you are invited to visit the Company’s website or contact:

Altus Strategies Plc

Steven Poulton, Chief Executive

Matthew Grainger, Executive Director

Greg Owen, VP Corporate Development

Tel: +44 (0) 1235 511 767


SP Angel (Nominated Adviser)

Ewan Leggat / Richard Morrison / Soltan Tagiev

Tel: +44 (0) 20 3470 0470

SP Angel (Joint Broker)

Elizabeth Johnson / Richard Parlons

Tel: +44 (0) 20 3470 0471

Beaufort Securities (Joint Broker)

Jon Bellis

Tel: +44 (0) 20 7382 8300

Blytheweigh (Financial PR)

Tim Blythe / Camilla Horsfall / Nick Elwes

Tel: +44 (0) 20 7138 3204

About Altus Strategies Plc

Altus is a diversified and Africa focused project generator in the natural resource sector. Through our subsidiaries we discover new projects and attract third party capital to fund their growth, development and ultimately exit optionality. This strategy enables Altus to remain focused on the acquisition of new opportunities to be fed into the project generation cycle and aims to minimise shareholder dilution. Our business model is designed to create a growing portfolio of well managed and high growth potential projects which is diversified by commodity and by country. We aim to position our shareholders at the vanguard of value creation, but with significantly reduced risks traditionally associated with investments in the mineral exploration sector.

The following is a summary of the Company’s key projects:

Morocco - Copper Project
The Company holds the 60km2 Agdz copper-silver exploration licence in central Morocco through its 100% owned subsidiary Aterian Resources Ltd. Five prospects have been defined to date, the best of which retuned grades up to 8% Cu, 448 g/t Ag and 3.74 g/t Au. The project is located close to a number of operating mines, notably the recently commissioned Bouskour Cu-Ag mine located 14km NE of Agdz.

Mali - Gold Projects
The Company holds six exploration licences totalling 396.6km2 in western and southern Mali. The licences are at varying stages of exploration. The Korali Sud (83.1km2) licence and Tabakorole (100.0km2) licence both host mineral resources. The Pitiangoma Est licence (106km2) is situated 35km south of the 7.5 Moz Syama gold mine and is under JV with Resolute Mining Limited (ASX: RSG).The Diba project is located within the Korali Sud licence and is strategically located 13km south of the 13 Moz Sadiola gold mine. Drilling at Diba includes reported intersections of 5.36 g/t Au over 13m and 13.88 g/t Au over 8m. The Lakanfla licence (24.0km2) hosts a potential karst style deposit and is located 6km southeast of the FE3 and FE4 open pits of Sadiola and 35km southeast of the former 4.5 Moz Yatela gold mine. Drilling at Lakanfla reportedly includes intersections of 9.78 g/t Au over 12m and 5.2 g/t over 16m. Two further licences, namely Sebessounkoto Sud (28.5km2) and Djelimangara (55.0km2), host a number of artisanal gold workings and provide significant discovery potential. The Company considers that the Diba, Lakanfla, Sebessounkoto Sud and Djelimangara licences have, in aggregate, the potential to host a significant gold oxide resource. This target would all exist within 10km of a centrally located processing plant. The data on the Company’s licences in Mali is historic exploration data that has not been verified by a qualified person. Altus does not have complete information on the quality assurance or quality control measures taken in connection with the historical exploration results in Mali, or other exploration or testing details regarding these results. The historic data should therefore not be relied upon until the Company can confirm them.

Cameroon - Gold Project
The Company holds the 189km2 Laboum gold exploration licence in northern Cameroon through its 99% owned subsidiary Auramin Ltd. At Laboum an approximately 18km and 5km wide long gold-bearing shear zone has been discovered. In addition close to 1km of quartz veins have been discovered. High resolution ground geophysics and a concurrent gold in soil survey are defining priority targets for a systematic trenching programme. The Laboum licence hosts a number of artisanal gold mining sites and grab samples have returned grades up to 24.50 g/t Au from quartz veins and 6.86 g/t Au from the sheared metasedimentary rocks respectively.

Ethiopia - Copper and Gold Projects
The Company holds the 322km2 Tigray-Afar and contiguous 134km2 Negash copper-silver-gold exploration licences in northern Ethiopia through its 100% owned subsidiary Altau Resources Ltd and 97.3% owned subsidiary Aluvance Ltd respectively. Four distinct prospects have been identified to date, returning grades of up to 22% Cu and 102 g/t Ag from surface sampling. Channel results have include 28m at 0.75% Cu, 31m at 0.50% Cu, 4m at 3.22% Cu & 6m at 1.46% Cu and drilling has returned grades of up to 1.14% Cu and 10.2 g/t Ag over widths up to 15.5m. The Company also holds the 412km2 Daro exploration licence, located in northern Ethiopia, which targets VMS style copper-gold deposits. Daro hosts a significant number of alluvial and hard rock artisanal gold mines while a 2kg float sample of gossanous rock has returned 34.3% Cu.

Cameroon - Bauxite Project
The Company holds the 601km2 Birsok & Mandoum bauxite exploration licences in central Cameroon through its 97.3% owned subsidiary Aluvance Ltd. The Birsok & Mandoum licences are subject to a joint venture agreement with ASX-listed Canyon Resources Ltd. The project is within 10km of an operating rail line to the port of Douala on the Atlantic Ocean.

Liberia - Gold Projects
The Company holds the 639.6km2 Bella Yella and 466km2 Zolowo gold exploration licences in north-western Liberia through its 99% owned subsidiary Auramin Ltd. The licences target Archaean greenstone-hosted gold deposits. At Bella Yella a 7.5km NE-SW striking gold in soil anomaly has been defined. A number of artisanal gold workings have been discovered, from which rock chip assay results have returned grades up to 233 g/t Au. Zolowo hosts a 33km long greenstone belt from which numerous drainages are being worked by artisanal gold miners.

Cameroon - Iron Ore Project
The Company holds the 400km2 Bikoula & Ndjele iron ore exploration licences in southern Cameroon through its 97.3% owned subsidiary Aluvance Ltd. The project hosts an independent (JORC 2012 compliant), Inferred mineral resource estimate comprising 46Mt @ 44% Fe completed by Coffey Mining South Africa (Pty) Ltd in a report entitled “Mineral Resource Estimation and Classification of the Bikoula Iron Ore Project in Cameroon”. The resource estimate is from less than 25% of the 17km long target as identified from airborne geophysics.

Morocco - Other Projects
The Company holds a further 226km2 across five exploration licence across Morocco, through its 100% owned subsidiary Aterian Resources Ltd. The licences areas are prospective for zinc, lead, copper, tin, tungsten and gold. Grades from these licences include 8.15% Pb, 4.48% Zn, 9.18% Cu and 9.61 g/t Au.

© 2022 Altus Strategies Plc.
All rights reserved.

Subscribe to our Email List

Marketing permission: I give my consent to be in touch with me via email using the information I have provided in this form for the purpose of news, updates and marketing.