Block Sales and Factory Update Agreement

AIM:  FOX
15th March 2016

 Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to provide the following update to the market.

The Italian supplier of the equipment needed to complete the slab processing and resining production lines at the Company’s factory has confirmed delivery of the lines within the next two months.  The purchase agreement has been amended to reflect the delays in 2015. The total discounted cost of this equipment is €900,000.  Of this, €400,000 will be a cash payment of which €112,500 has already been paid.  The balance of €500,000  will be satisfied by the sale of a range of marble blocks from the Company’s quarries to the supplier, upon completion of delivery and installation of the equipment.

The Company is further pleased to confirm broader work at the factory site in Lipjan, Kosovo, is progressing well and as previously announced, commissioning and opening of the factory is anticipated by the middle of the year.  Both internal and external gantry cranes have been delivered to the site, with the five tonne internal gantry crane now fully installed and tested.  The thirty-five tonne external gantry crane is expected to be installed shortly. 

Chris Gilbert, CEO, commented:

“This confirmation is a key milestone on the path towards the factory becoming fully operational.  We expect to be able to produce cut and polished marble slabs in Kosovo by the middle of the year and in so doing reduce our cost of production. Furthermore, with facilities in country, Fox Marble expects to open upadditional sales channels to local Balkan markets for finished stone, as well as allowing the Company to make more efficient use of all of its production and improve yields within the quarries.  The progress on installation of equipment and the advance payment from Eboracum show the Company making progress towards a new phase in marble processing and revenue generation.” 

For more information on Fox Marble please visit www.foxmarble.net  or contact:

Fox Marble Holdings plc  

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Cairn Financial Advisers LLP (Nomad)

Avi Robinson / Liam Murray 

Tel: +44 (0) 20 7148 7900

Brandon Hill Capital (Broker)

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

Yellow Jersey PR  

Dominic Barretto

Aidan Stanley

Tel: +44 (0) 77 6853 7739

Notes to Editors 

Fox Marble Holdings Plc is an AIM quoted natural stone extraction Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom.

The Company has been granted mining licences in relation to six separate marble quarries and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble.  

Fox Marble also has rights to extract marble from the Drini and Malesheva quarries, both in Kosovo and from the Prilep Quarry in Macedonia.

Advance Payment Received

AIM:  FOX
7th March 2016

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to confirm that of the €2,000,000 order placed through Fox Marble’s new long-term distribution agreement entered into with Eboracum Limited (“Eboracum”), as reported in the Company’s announcement dated 21 January 2016, the Company has received confirmation from Eboracum’s accountants of receipt of an advance payment of £300,000 (€390,000) into their client account, which will shortly be transferred to the Company.  This advance reflects the material on hand that is ready for shipment, for which delivery is now expected to commence.  The balance is payable prior to further shipments.

Malesheva quarry

The first blocks extracted from the Malesheva quarry in Kosovo have been processed and samples have been distributed to potential buyers.  In addition to the milk-white marble known as Illirico Bianco, the quarry has been found to contain a light, silver grey marble, known as Illirico Selene.  Slabs of both types have been cut and polished in Carrara and are attracting a positive response already.  The Company has opened the quarry in such a way that both stone types can be extracted to fufill demand.  

Chris Gilbert, CEO, commented:

“We are pleased to announce the  confirmation of payment of this advance and that we are now beginning to deliver this order.  We look forward to a successful relationship with this newly appointed distributor, Eboracum Limited, in addition to our already existing sales channels around the world.  

“Further, the interest we are already receiving in our Illirico Bianco and Illirico Selene marble is very encouraging and we expect to see this reflected in our order book as the year progresses."

For more information on Fox Marble please visit www.foxmarble.net  or contact:

Fox Marble Holdings plc

Chris Gilbert, Chief Executive Officer

Tel: +44 (0) 20 7380 0999

Cairn Financial Advisers LLP (Nomad)

Avi Robinson / Liam Murray

Tel: +44 (0) 20 7148 7900

Brandon Hill Capital (Broker) 

Oliver Stansfield

Tel: +44 (0) 20 3463 5000

Yellow Jersey PR

Dominic Barretto

Aiden Stanley

Tel: +44 (0) 77 6853 7739

Notes to Editors

Fox Marble Holdings Plc is an AIM quoted natural stone extraction Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom. 

The Company has been granted mining licences in relation to six separate marble quarries and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble.

Fox Marble also has rights to extract marble from the Drini and Malesheva quarries, both in Kosovo and from the Prilep Quarry in Macedonia.