Tri-Star Resources plc announced an update on its investment in Strategic & Precious Metals Processing LLC (“SPMP”), in which the Company is a joint venture partner with the Oman Investment Authority LLC (“IAC”) and DNR Industries Limited (“DNR”), part of Dutco Group in Dubai. Over the last few months, Tri-Star and its joint venture partners have been in discussions to find a resolution to the dispute. These concluded on 1 November 2020 with a settlement agreement between the parties embracing a number of constitutional and financial changes. In broad terms, IAC and DNR have agreed to provide sufficient further funding in order for the plant to reach completion, without further equity dilution to TSTR and that all sums invested to date are converted into equity and equity loans (“Equity Loans”) proportionately. The Equity Loans are zero coupon, undated and repayable at the option of SPMP, subordinated but ranking above equity. As a result of the Settlement Agreement, TSTR will become a passive investor in SPMP. Accordingly, the Board is of the view that the costs involved in keeping TSTR admitted to AIM are not warranted. Accordingly, a shareholder circular will be sent shortly to all shareholders recommending that TSTR’s admission to AIM is cancelled. It is intended that arrangements will be made for matched market transactions to take place. As a result of the Settlement Agreement, TSTR will receive cash of USD 600,000. Subject to the cancellation being approved by TSTR shareholders at a general meeting, the current board will resign. A single director will be appointed and running costs will be reduced to a minimum which are expected to be less than £50,000 per annum.