"Chris Fraser, Managing Director and Chief Executive Officer, said:
"It has been a long-stated intention of the Company to move to the Main Market and we are delighted to be continuing to deliver on our goals as we move forward with the timely delivery of our Woodsmith Mine."
Admission will be through an introduction of the existing Ordinary Shares. The Company will not be issuing new shares in conjunction with the proposed Admission or the publication of the related prospectus, and has no current intention to raise capital through the issue of new shares in the UK or elsewhere.
It is expected that the Company will publish its prospectus in connection with Admission on or around 25 April 2017 and that the Ordinary Shares will be admitted to the Official List, commence trading on the Main Market and simultaneously trading will be cancelled on AIM at 8:00am on 28 April 2017 (being at least 20 business days after this announcement), subject to the receipt of the necessary approvals from the UK Listing Authority and the London Stock Exchange. The Company's shares will continue to be registered with their existing ISIN number GB00BD8GDH86 and SEDOL number B0DG3H2. The Company's ticker symbol will continue to be SXX. The prospectus will, when issued, be made available on the Company's website at www.siriusminerals.com."
Chris Fraser, Managing Director and CEO of Sirius, comments:
"We are making good progress with the development of the Woodsmith Mine and associated infrastructure, having successfully secured around £1 billion in November 2016 in our Stage 1 Financing, and we are pleased to be progressing in line with schedule and budget."
No recordable incidents were incurred during the period and the Project continues with its delivery with a total recordable incident frequency rate of zero.
Cost and schedule
The Project remains on schedule.
The budget for 2017 is broadly consistent with the projection outlined as part of the Stage 1 Financing plan. The Company is actively evaluating opportunities to accelerate components of the shaft and tunnel spend to further de-risk the implementation of the construction project and also to potentially create opportunities for shortening the Project schedule. Further updates will be provided as appropriate.
Land and access
Options have been exercised for the purchase of all land required at the Woodsmith Mine and for some of the parcels associated with the intermediate shaft locations. An option to acquire a portion of the land required for the materials handling facility ("MHF") has also been exercised. The remaining MHF land requirements remain under option and will be exercised on an as required basis. The process for acquiring the Company's strategic harbour site has commenced and will be completed over the next 12 months.
The process of converting the mineral transport system option agreements into leases has commenced and will continue through the first half of 2017. The majority of mineral rights are now secured under long term agreement having been converted from options in 2016.
Contracts for the highways works, geotechnical drilling at the mine site and shaft engineering have been signed and are within budget. Negotiations are ongoing with AMC for the broader shaft sinking contract.
The Company is making good progress in clearing the conditions outlined in the Project's planning agreements. It is anticipated that the Company will be able to commence site preparation activities in the second quarter of 2017 as scheduled.
Highways works have commenced around the Woodsmith Mine and in other locations as required. The first set of these works is on schedule to be completed in the coming weeks. Modifications required for access to Lockwood Beck will commence in the second quarter of 2017.
Site preparation earthworks at the Woodsmith Mine site are scheduled to commence in the second quarter of 2017.
AMC has continued with detail design of the shafts including associated surface facilities such as the production and service shaft winder buildings. Design and preparation work is already underway with AMC and Bauer, AMC's preferred diaphragm walling ("D-Walling") sub-contractor. The D-Walling activity is the process used to sink the first 120m of the production, services and TBM shafts. D-Walling preparation activities include the mobilisation of the rigs and planning for the support infrastructure such as the concrete batch plant, welfare, workshops and offices.
The design of the winders has progressed and manufacturing slots have been secured to enable two of the winders to be available in time for the commencement of the main shaft sinking. Electrical design for the winders has proceeded in parallel.
Sales and marketing
The sales and marketing team has expanded with Heads of Latin America, South East Asia and Europe now established in their respective markets. These executives join the Company from Koch Fertilizers, Belaruskali and GrowHow respectively. Resourcing for market analysis and agronomy is also growing to support the marketing efforts.
Commercial discussions are ongoing in the key growth markets of Europe, Brazil and Africa. Each of these opportunities represents a material volume opportunity in a new market for Sirius. In addition to this, the Company is working to expand its footprint in the Chinese and Central American markets via commercial opportunities that are complementary to the existing arrangements in place. A number of smaller opportunities are also being pursued on a country by country basis.
New crop trials have commenced in North America, Brazil, China, Africa and South East Asia covering a range of attractive opportunities in each region. Numerous studies have also been completed in the period, providing greater support for the value-in-use proposition of the Company's POLY4 product and also identifying opportunities for new crops and markets.
The agronomy programme continues to validate the four cornerstones of the POLY4 value proposition; efficiency, effectiveness, flexibility and sustainability. "