London 23 February 2021 - Sumo Resources Plc Business Update

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It is with pleasure that we provide an update of the business activities of Sumo Resources over the past months and the continued impact of Covid-19 on activities.

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The ongoing pandemic due to the spread of Covid-19 continues to affect the operations of Sumo Resources. Travel restrictions imposed by various countries are the biggest disruptor for the business. This is due to the fact that most key personnel are foreigners in the project areas. In order to travel negative Covid-19 PCR tests are required within a few days of travel. These tests are not available in our project areas and thus it is not possible to transport key members in and out of these areas. We do not foresee the situation changing until either the testing facilities are provided in our remote project areas or some system exists whereby proof of vaccination is accepted instead of negative PCR tests. We are continuing to do what can be done remotely in terms of identifying target areas inside our research concessions. Operational costs have been reduced to the absolute minimum to ensure the survival of the business through these uncertain times.

 

In light of the current situation the directors of the company are considering options to diversify the activities of the group. We are considering opportunities in other vertical markets that are not as reliant on travel. Also under consideration are partnerships and/or mergers with other businesses that might want to leverage the listing to the advantage of all shareholders. We will provide updates on these activities in due course.

 

As always we thank our loyal shareholders for their continued support and patience.