Oscillate Plc - Signing of JV Partnership with La Miniere de L'Elephant
PR Newswire
LONDON, United Kingdom, September 04
Oscillate PLC
("Oscillate" or the "Company")
4 September 2025
Signing of JV Partnership with La Miniere de L'Elephant
The Company is pleased to announce that following a six month exclusivity period, it has signed a Joint Venture Partnership and earn-in agreement with La Miniere de L'Elephant SARL ("Laminele", together the "JV Partnership"), to develop the Duékoué Prospect ("Duékoué"), a copper-gold-molybdenum ("Cu-Au-Mo) prospect located in the District des Montagnes in western Côte d'Ivoire.
Through the terms of an earn-in agreement, and following completion of its due diligence, Oscillate will commit funding to advance exploration and development at the PR 911 licence area. The Duékoué Prospect was identified in the 1970s by the Société pour le Développement Minier de la Côte d'Ivoire ("SODEMI") which noted a high molybdenum-in-soil value (300 ppm), with further soil sampling confirming the potential of the area to host molybdenum mineralisation. Further to this, SODEMI carried out limited geophysics.
There are multiple mineralisation models theorised utilising the SODEMI data, including Iron Oxide Copper Gold ("IOCG"), and a porphyry copper-molybdenum model. The initial exploration that we have completed will help us to better understand the geological model at the Duékoué Prospect. We are integrating the results of the soil sampling and geophysics programmes at the moment and will update the market when we have completed this work.
Terms
On April 11, 2025, Oscillate PLC and Laminele ("the Parties") signed a term sheet setting out the terms and conditions of their Joint Venture partnership to develop the Duékoué Prospect. As part of this agreement, Oscillate paid Laminele a USD $100,000, carried out its due diligence on Laminele and Permit PR 911, and confirmed its intention to move forward with the partnership. Since then, while negotiations on their potential partnership were still ongoing, Oscillate began funding early exploration work on the site.
Both parties have now agreed to sign an additional agreement to set out the terms and conditions for the advancement of the Duékoué Prospect and to grant the Oscillate an option to acquire PR 911.
Financial Provisions
Under the terms of this agreement, Oscillate shall finance all exploration expenditure during the Earn-in Period, with a commitment to spend USD $650,000 over 2 years. This funding will be provided as loans granted to Laminele for drilling, further exploration works, and other related project expenses, which must be approved by Oscillate at its sole discretion. Laminele will provide Oscillate with all reasonable assistance as it may request to register any such loans.
If Oscillate decides to proceed with the Assignment of PR 911, and subject to the approval of the Minister of Mines, it will pay Laminele USD$1,000,000 as a settlement price when the permit is officially transferred, in accordance with the provisions of Article 51 of the Implementing Decree.
As additional payment, Oscillate will pay to Laminele, in cash, the sum of USD 0.025 per lb. of contained copper equivalent discovered within the PR 911 area prior to commercial production and reported by an independent expert as a JORC Compliant Measured and Indicated Resource Estimate, payable within 90 days of such report being published.
In addition to this, Oscillate will pay Laminele a net smelter royalty (NSR) of 0.5% on the production and sales of copper from the development of PR 911 on terms to be further specified in a Net Smelter Royalty Agreement to be entered into on or after the transfer. Both parties agree that Oscillate will have an option to buy back the NSR, which it may exercise at any time for USD$5,000,000 or [if higher] the value determined by an independent expert jointly appointed by both parties.
Subject to the payment of the exploration costs, Oscillate may, at any time during the Earn-in Period, request Laminele to transfer PR 911 permit in whole to its name through a registered letter.
In this case, Laminele agrees to apply for ministerial authorisation without delay in accordance with Article 41 of the Mining Code and Article 51 of the Implementation Decree and to finance all necessary steps to ensure that this authorisation is granted.
Termination
Both Oscillate and Laminele may notify the other party of its decision to terminate this JV Partnership in writing in the event of a breach by the other party of any part of the agreement that has an adverse effect on the project. The breaching party has thirty days to remedy such breach before the agreement can be terminated.
This agreement shall be governed by, construed and enforced in accordance with, Ivorian law.
The Parties agree to seek an amicable settlement of any dispute, claim or litigation of any kind whatsoever in connection this agreement, including any question relating to its existence, validity or termination. If either party wishes to raise a dispute, claim or litigation of any kind they must notify the other party in writing or by email.
Oscillate Strategy:
With the support of the board and key shareholders in the Company, Oscillate continues to advance the next phase of its development. We are focussed on creating a portfolio of exceptional base metals exploration and development projects with particular emphasis on copper and key metals for the energy transition, in order to build significant shareholder value. In addition to this, it is the Company's intention to use these assets to graduate to a more senior Stock Exchange to allow the Company better access to capital going forward and to give shareholders access to better liquidity.
Related Party Transaction
Max Denning, Non-Executive Director of the Company, owns 15% Laminele and therefore the JV Partnership constitutes a related party transaction pursuant to the Aquis Growth Market Access Rulebook. Having considered the terms of the JV Partnership, and having exercised reasonable care, skill and diligence, John Treacy, the independent Non-Executive Director for the purpose of the terms of the JV Partnership, considers that Max's participation is fair and reasonable insofar as the shareholders of the Company are concerned.
Oscillate CEO, Robin Birchall, commented:
"We are extremely pleased to have now formally entered into the partnership with Laminele to develop the Duékoué Prospect in Côte d'Ivoire. While Duékoué is a very early stage exploration play, mineralisation indicates elevated copper and molybdenum. We are interpreting the initial results from the initial exploration programme that we announced previously. We will announce the results of this programme in the very near future. The interpretation of the data we have available leads us to believe that this is an incredibly exciting opportunity for Oscillate as we continue to advance our copper and base metals strategy.
I look forward to keeping our shareholders and the market appraised of the progress we make on all of our strategic goals."
The Directors of the Company accept responsibility for the contents of this announcement.
Enquiries:
Company
Oscillate PLC
John Treacy
https://oscillateplc.com
Robin Birchall, CEO
robinbirchall@oscillateplc.com
Telephone: + 44 (0) 7711 313 019
Corporate Adviser
Peterhouse Capital Limited
Telephone: 020 7220 9795
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.
Oscillate plc is an investment issuer listed on the Aquis Growth Market Stock Exchange with the ticker AQSE: MUSH.
Oscillate is focussed on advancing exploration and development-stage strategic metals opportunities to deliver compelling and long-term value for shareholders
