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W Resources Plc

W Resources €5.3 million Grant update

W Resources PLC (LON:WRES), the tungsten, tin and gold mining company, today announced that it will release its results for the six months to 30 June 2019 on Monday 30 September 2019.

With completion of the plant construction, W Resources has now satisfied the two major conditions required to apply for the €5.3m Grant from the Junta de Extremadura. The two conditions are minimum investment in plant and equipment of € 16.6m and the creation of at least 20 full time positions, and we are thus progressing documentation to formally apply to receive this Grant.

During the half year and subsequently, as previously disclosed:

·    Caja Rural de Extremadura provided a loan of €3m at 3% interest rate against the previously awarded €5.3m Grant, from the Junta de Extremadura Government

·    BlackRock Financial Management Inc. agreed to capitalise the last two interest payments of the BlackRock term loan, which equated to US$1.29m, and was added to the final loan balance (RNS 7 August 2019)

At 30 June 2019, cash at bank was €801,148, and the Spanish VAT receivable was €1,002,996.