Katoro Gold PLC shares fell on Wednesday, after it updated shareholders on projects, contracts, and new executives.

Katoro Gold is a London-based gold and nickel exploration and development company. Its shares were down 11% to 0.080 pence each in London on Wednesday afternoon.

Katoro Gold said that a series of technical meetings and reviews have been undertaken for the Haneti project in Tanzania and it is now preparing to move to the next stage of exploration work.

It explained that a further technical review of the Haneti project is now underway and will include a detailed review of historical exploration, including a possible new approach targeting the potential for nickel and copper mineralisation within the gabbroic lithologies within the project licence boundaries.

Katoro Gold also updated on the Lake Victoria gold-imweru project.

Under contract, the company is due €792,000 from Australian private company Lake Victoria Gold, following the transaction involving a joint venture agreement covering the company’s Lake Victoria gold interests to LVG in March 2022.

‘This liability was disputed by LVG and the company has further reviewed with legal advisers the matters raised by LVG and the company has decided it will be pursuing the matter further by taking appropriate further action,’ Katoro explained.

Looking ahead, the company said: ‘Potential additional opportunities have been identified by the company and its advisers, with review work of these prospects currently underway in respect of project suitability in respect of various project options. ’

Finally, Katoro Gold updated markets on the appointment of its new chief executive officer.

It said that the process is ‘well advanced’.

However, the company noted that ‘given the forward direction of the business under certain options may lead to a more extensive board restructuring, the appointment of the CEO has not been finalised to date.’

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