Power Metal Res. - Results for the Period Ended 31 December 2024
30/06/2025 07:00
RNS Number : 8571O
Power Metal Resources PLC
30 June 2025
30 June 2025
Power Metal Resources plc
("Power Metal" or the "Company")
Audited Financial Results for the Period Ended 31 December 2024
Power Metal Resources plc (AIM:POW) the London listed exploration company with a global project portfolio announces its consolidated audited results for the 15-month period ended 31 December 2024, for the Company and its subsidiaries (together the "Group").
Introduction
Despite the numerous headwinds facing the mineral resource sector in the period under review, ended 31 December 2024 (the "Period"), our corporate and operational achievements have continued to demonstrate the strengths and versatility of our project incubator model, with exposure to multiple commodities and jurisdictions enabling crystallisation events and value realisation opportunities across the breadth of our portfolio.
With a more positive sentiment around the industry beginning to emerge, we remain confident that the underlying project value we've generated during this period will further yield positive outcomes for the Company.
Operational Activity
North America
Power Metal Resources Plc ("Power Metal" or the "Company"), before and after the successful completion of its Joint Venture with UCAM Ltd for the Company's entire uranium portfolio, undertook an extensive exploration programme across its licences.
These workstreams included helium, hydrogen, radon and soil geochemistry sampling, as well as magnetic and radiometric airborne surveys. At Perch River, this work culminated in the definition of a new target area, named the 'Rapids Target', which consists of multiple overlapping geochemical and radon anomalies located within a geological and geophysical setting that is highly prospective for unconformity-hosted uranium mineralisation. Similarly prospective targets have been identified at other licences from systematic fieldwork during the Period, with work ongoing to further establish the targets for drilling programmes across the portfolio. Post Period end, a drilling permit was received for a seven to eight-hole diamond drill programme at Perch River, due to commence in Q3 2025.
Arabian Shield
The 15 months under review saw the commencement and advancement of Power Metal's activities in the Arabian Shield. Through its majority-owned subsidiary, Power Arabia Limited ("Power Arabia"), the Company has brought its proven and successful project incubator model to major exploration opportunities in the Kingdom of Saudi Arabia ("Saudi Arabia" or the "Kingdom") and Oman.
Following the signing of a mutually binding earn-in agreement with RIWAQ Al-Mawarid for Mining ("RIWAQ"), an initial field exploration programme on the Balthaga Lithium Project, Saudi Arabia, was successfully completed. The team on the ground covered the 13 licences that comprise the Balthaga Project area, and visited nearly every defined target, providing us with a much better understanding of the geology. The majority of the identified targets proved fruitful, with some new targets also discovered.
On Block 8 in Oman, the exploration work undertaken by the Power Arabia technical team to date was conducted during October, November and December 2024, including two phases of stream sediment sampling; geological outcrop mapping and rock sampling; an ionic leach soil geochemical sampling orientation study; trenching on the Al Mansur target; and the planning of a proposed gravimetric geophysics survey and sourcing of a geophysical contractor. Positive assay and gravimetry results were received and reported post Period end.
GSA (Environmental) Limited ("GSAe"), in which Power Metal acquired a 75% stake in the first half of 2024, advanced a number of projects during the Period. Working with a state-owned company in Saudi Arabia, GSAe progressed an initial study to process fly ash, primarily for the extraction of vanadium and nickel. This work involved detailed bench scale analysis, combined with initial process flow and plant design drawings, and preliminary financial calculations for plant construction and operations. As part of this commission, GSAe also tested samples from historic fly ash landfill sites to provide initial solutions for the processing and extraction of critical metals, and resultant cleaning of such sites. GSAe has successfully carried out numerous other studies and analyses in collaboration with respected firms in the UK, Europe and Saudi Arabia.
Africa
Power Metal has a 100% interest in three prospecting licences which form the 91.14km2 Tati Project, where the Company is targeting gold and nickel discoveries. During the Period, Power Metal announced geochemical soil sampling assay results, which confirmed the presence of three significant gold-in-soil geochemical anomalies, proving further continuity within the 8km-long gold trend at Tati. Each stage of work at Tati has delivered extremely positive findings, and we are confident that the project holds significant value for the Company.
In October 2023, Power Metal announced the identification of the highest priority drill target to date at its 87.70% held Molopo Farms Complex Project in Botswana. Accordingly, the Company confirmed that it had advanced plans to drill test this significant target, which was achieved in the first half of 2024. The drill hole, which was completed to a final depth of 832.6 metres, successfully intersected the steeply dipping geophysical superconductor - the primary objective of the programme.
The definition and proof of this difficult target, alongside the significant exploration data gathered to date, offers an indication of Molopo Farms' potential to host a district-scale deposit. The Company is continuing its efforts to seek a joint venture partner for the project.
Australia
During the Period, First Development Resources Plc ("FDR"), in which Power Metal holds a 58.60% interest, received the findings of a high-level geophysical and geographical information system-based desktop study on the Selta Project's mineral exploration potential and prospectivity.
The findings enabled a significant expansion of the existing rare-earth element and lithium exploration target area, and generation of new target areas building on previous ground-based exploration and desk-based data reviews carried out by FDR. Following the detailed compilation of historical drilling and surface geochemical data into comprehensive datasets, specific mineral exploration target areas were established for orogenic gold and base metals, including inferences on the potential for iron-oxide copper-gold and iron-sulphide copper-gold mineralisation within the project area.
Corporate Activity
North America
Given the resurgence in the uranium sector, Power Metal saw considerable interest in its strategic uranium holdings throughout the Period. This culminated in the successful completion of a joint venture with UCAM Ltd for Power Metal's entire portfolio of uranium licences. Pursuant to this agreement, the joint venture elected to rename the Company's wholly owned Canadian subsidiary company, 1501158 BC Ltd (formerly Power Metal Resources Canada Inc), to Fermi Exploration Limited ("Fermi Exploration").
The joint venture provides Power Metal shareholders with exposure to value realisation potential from high impact exploration and drilling programmes across the entire uranium portfolio, which includes the largest ground footprint in the Athabasca region held by a UK listed company.
The Company took a number of measures to increase its uranium footprint in and around the Athabasca Basin. The Richards Lake Uranium Property was acquired by direct mineral claim staking, and toward the end of the Period, the Fermi Exploration technical team acquired the Pardoe Uranium Project, also by direct mineral claim staking.
The Company was delighted to commence trading on the OTCQB Venture Market in the United States on 10 April 2024. The admission to trading on OTCQB has enabled better access to Power Metal stock for our valued North American investors, who can now more easily share in the Company's success.
Guardian Metal Resources Plc
After a successful listing of Guardian Metal Resources Plc ("GMET") on the AIM segment of the London Stock Exchange in May 2023, the Company maintained a holding of 44.11%. After the reporting period, on 20 February 2025 the Company reached an agreement with UCAM Ltd wherein UCAM Ltd purchased from Power Metal 29,758,334 shares in GMET, and warrants granted over 986,352 ordinary shares in GMET of £0.01 each, for a total cash consideration of £9,225,083.91 before costs. The proceeds were used to redeem the £2 million loan note issued to ACAM LP on 10 June 2024, with accrued interest, and for general corporate purposes.
Arabian Shield
The Company's activities in the Arabian Shield were initiated following the signing of a non-binding Memorandum of Understanding ("MoU") with the Ministry of Investment of the Kingdom of Saudi Arabia, the purpose of which is to explore the possibility of joint collaboration efforts on the identification and realisation of high value-added investment opportunities that can maximise the Kingdom's natural resources.
Power Arabia was subsequently established to encompass all of the Company's activities across the region, including projects outside the Gulf in joint venture with entities domiciled within the region. It is envisaged that Power Arabia will list on the London capital markets in due course.
Balthaga
During the Period, the Company signed a mutually binding earn-in agreement with RIWAQ, a special purpose subsidiary of EV Metals Group plc focused on the development of the Saudi Arabian supply chain for critical raw materials. RIWAQ is the sole beneficial owner and the sole registered holder of 15 tenements in the Balthaga Suite; 11 of the tenements currently have exploration licences granted, and the remaining four are pending grant.
As part of the agreement, RIWAQ granted Power Metal the right to earn a 20% ownership interest in the tenements ("First Interest") by sole funding US$350,000 in expenditure on the tenements, with the right to earn a further 10% ownership interest by sole funding an additional US$150,000 on the tenements ("Second Interest") within six months following earning of the First Interest.
Following earning of the First Interest or Second Interest, whichever occurs later, the Parties have entered into a non-binding agreement to form a contributing joint venture in proportion to their tenement interests.
Qatan
The Company also announced the signature of a Letter of Intent to enter into a binding agreement with Al Masane Al Kobra Mining Company ("AMAK"), a Saudi Arabian listed exploration and mining company, for Power Metal to spend US$3,000,000 to earn a 49% stake in the Qatan exploration licence in southern Saudi Arabia. Subsequent to the year end, the Company announced the decision by both parties to not enter into a binding agreement due to the parties not able to reach mutually acceptable terms. The Company affirms its continued readiness to explore future partnership opportunities that contribute to supporting its growth and strategic plans with AMAK in the near future.
Block 8
Power Metal and Power Arabia also extended its collective interests to Oman, announcing the signature of a legally binding agreement with Alara Resources Limited and Awtad Copper LLC for the opportunity to earn a 12.5% stake in the Block 8 concession in return for exploration expenditure of up to US$740,000.
GSAe
GSAe has developed proprietary technology that can extract strategic metals from 'secondary sources', including power station ash, refinery waste, titanium dioxide waste and spent catalysts, while also producing much more environmentally friendly residue. Although it is a privately owned, UK-headquartered company, GSAe is viewed by Power Metal as having significant application opportunities in Saudi Arabia and thus represents a significant step forward in our efforts to become a major operator in the region. Power Metal acquired 75% of GSAe in return for structured payments, subject to certain conditions, that amount to a total of £1 million. Based on forecasts and historic performance, management expect to pay consideration of £727,000, as at acquisition date.
Africa
Towards the end of 2023, Power Metal announced the disposal of its entire holding of 69,500,000 shares of Kavango Resources plc at a price of 0.8p per share, raising cash of £556,000 whilst streamlining the Company's focus and crystallising value from its interests. This cash could then be reallocated to high impact programmes at the Company's remaining assets, including at the Tati Gold Project, where, during the Period, the Company announced that a share option agreement (the "Option") had been entered between Power Metal, Tati Greenstone Resources PTY LTD ("TGR") - a company incorporated in Botswana held as a 100% owned subsidiary of Power Metal, and Tuscan Holding PTY Ltd ("Tuscan") - a company incorporated in Botswana.
Subject to an exercise of the Option, Power Metal, through TGR, will retain a 25% interest, free carried to production, in Prospecting Licence 049/2022 (which covers the Cherished Hope Mine) and from which it is intended that TGR will become a material dividend paying entity from net cash flow generated from gold production. Power Metal retains the right to a 100% interest in other prospecting licences held by TGR other than PL049/2022.
On behalf of the Company, Kalahari Key Mineral Exploration Pty Ltd received extension license documents from the Botswana Department of Mines, for Prospecting Licence 310/2016 and PL311/2026 at Molopo Farms, granting the Company the right to prospect for metals for a two-year period. The Company is looking to progress potential commercial pathways with a view to moving the project to the next stage in its exploration programme.
Australia
Power Metal's corporate activities in Australia during the reporting period can be defined by key value crystallisation events.
In June 2024, the Company confirmed the disposal of its 49.9% interest in New Ballarat Gold Corporation plc ("NBGC"), which wholly owns Red Rock Australasia Pty Limited ("RRAL"), the local operating company holding exploration interests in the Victoria Goldfields, Australia and in South Australia. Power Metal's shareholding was sold to joint venture partner Red Rock Resources Plc ("RRR"), and, accordingly, the Company was issued 166,666,667 new ordinary shares in RRR, now owning 3.87%. The Company was also issued with a £250,000 convertible loan note and 100,000,000 warrants exercisable into RRR ordinary shares, for three years at a price of 0.15 pence per share.
The transaction not only enables the ownership of NBGC to be focused in one entity, which is the optimal holding structure for its continuing development, but it also represents a streamlining process of the Power Metal portfolio, allowing the Company to concentrate its managerial, operational and financial resources on retained high value business interests and new opportunities.
During the Period, Power Metal benefitted from a significant value crystallisation event relating to its interest in the Wilan Project and additional licences in the Mt Isa region of Queensland. Following the successful completion of due diligence, ASX listed Aruma Resources Plc announced a conditional agreement for the acquisition of 100% of NHM Holdings (Australia) Pty Ltd (NMHA), of which Power Metal owns 20% of issued share capital.
This acquisition provides Power Metal with exposure to uranium and copper exploration potential on the ASX, further demonstrating the value of our incubator model.
First Development Resources
First Development Resources PLC ("FDR") holds strategic exploration projects in Western Australia and the Northern Territory. In Western Australia, FDR holds the Wallal Project which includes the company's primary target - the Eastern Anomaly, a magnetic bullseye target with a geophysical signature similar to Greatland Gold's Havieron discovery in the Paterson Region.
The Company is continuing with its efforts to list FDR on the AIM segment of the London Stock Exchange and remains confident of a successful outcome.
Financial Review
· Total comprehensive profit for the 15-month period to 31 December 2024 of £3.9 million (2023: loss of £1.3 million).
· Pre-non-controlling interest total equity of £22.0 million at the period-end (2023: £13.6 million).
· Raised £1.3 million (before issue costs) in new equity financing during the financial period, from a combination of new and existing shareholders, including the Directors.
· £0.6 million of shares were issued in relation to acquisitions in various investments and projects.
· The Company ended the financial period with a cash balance of £0.45 million (2023: £1.10 million).
· Cash balances held at the period-end are supplemented by listed company shares and warrants (cash equivalents), which represent a further pool of accessible cash available on the sale of shares in listed companies.
Corporate Social Responsibility ("CSR")
The Company maintains a focus on CSR through internal policies and our approach to external operational activities.
The internal policies provide insights to employees, associates and shareholders of how the Company embeds CSR into its daily practices and indicates the Company's responsibility for ethical practices across all areas of its operations.
During the period and after the period end, the Company has established detailed policies and procedures to govern and ensure that the core CSR values are followed internally as well as off-site in its field operations. Through these efforts, the Company has developed new initiatives and general practices to be maintained as the Company grows.
A key focus for the Company is to build awareness and interaction amongst its communities. Due to the nature of the Company's operations and the jurisdictions it operates within, it is imperative to acknowledge the significance of these diverse communities to the territory. As the Company develops, it recognises the importance of ensuring that all efforts are considered to enable the communities to develop in parallel. A few of the many ways the Company will facilitate this mutual growth is to build strong relationships within the community, develop an understanding of how they operate and determine how the Company can contribute to their continued development.
The Company is dedicated to ensuring it maintains the safety and wellbeing of its employees and the local community during field operations. This is not exclusive to active operations but extends beyond, by maintaining a safe conclusion of all on-site activity and ensuring that the land and materials are left in a safe and respectful manner.
As the projects mature and develop, the Company will ensure that community engagement is maintained. The continual focus on ensuring employees are engaged in and committed to implementing its CSR policies, ethics and commitments, will enable CSR to become integral and remain at the forefront of all operations.
Outlook
Power Metal continues to execute on its robust business model of exploration/development project generation and advancement and value crystallisation.
In addition to the multiple potential district scale exploration and development projects currently within the portfolio, the Company continues to seek new opportunities for shareholder value creation.
A number of such opportunities are currently in the pipeline and the Board remains confident that with ongoing operations and forecast improvements in the junior resource and commodity market conditions, the Company is in an excellent position to deliver value to shareholders.
Thank you for your continued support.
Notice of Annual General Meeting and Distribution of Accounts to Shareholders
The Company's Annual General Meeting ("AGM") will take place at 11.00am on 25 July 2025 at Temple Chambers, 3-7 Temple Avenue, London, EC4Y ODT. The Company's Annual Report and Accounts for the 15-month period ended 31 December 2024 will be posted to shareholders today. Copies of the Notice of AGM and the Annual Report and Accounts will also be available on the Company's website at www.powermetalresources.com in due course.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
| Note | Period ended 31 December 2024 £'000 | Year ended 30 September 2023 £'000 | |||
| Revenue | 200 | 78 | |||
| Cost of sales | (7) | - | |||
| Gross profit | 193 | 78 | |||
| Operating expenses | 5 | (7,964) | (2,777) | ||
| Fair value gains through profit or loss | 8,876 | 1,604 | |||
| Profit/(loss) from operating activities | 1,105 | (1,095) | |||
| Other income | 4 | 3,101 | - | ||
| Finance costs | (221) | - | |||
| Share of post-tax losses of equity accounted joint ventures | (123) | (219) | |||
| Profit/(loss) before tax | 3,862 | (1,314) | |||
| Taxation | 10 | - | |||
| Profit/(loss) for the period from continuing operations | 3,872 | (1,314) | |||
| Other comprehensive (expense)/income | |||||
| Items that will or may be reclassified to profit or loss: | |||||
| Exchange translation | (25) | 6 | |||
| Total other comprehensive (expense)/income | (25) | 6 | |||
| Total comprehensive profit/(loss) for the period | 3,847 | (1,308) | |||
| Profit/(loss) for the period attributable to: | |||||
| Owners of the parent | 4,104 | (1,096) | |||
| Non-controlling interests | (232) | (218) | |||
| 3,872 | (1,314) | ||||
| Total comprehensive income/(loss) attributable to: | |||||
| Owners of the parent | 4,078 | (1,083) | |||
| Non-controlling interests | (231) | (225) | |||
| 3,847 | (1,308) | ||||
| Earnings per share from continuing operations attributable to the ordinary equity holders of the parent: | |||||
| Basic earnings/(loss) per share (pence) | 10 | 3.74 | (1.19) | ||
| Diluted earnings/(loss) per share (pence) | 10 | 3.69 | (1.19) | ||
| 31 December 2024 | 30 September 2023 | ||||
| Note | £'000 | £'000 | |||
| Assets | |||||
| Exploration assets | 7 | 4,916 | 4,947 | ||
| Intangible assets | 6 | 1,189 | - | ||
| Investments in associates and joint ventures | 4,242 | 290 | |||
| Financial assets at fair value through profit or loss | 884 | 1,161 | |||
| Right-of-use assets | 82 | - | |||
| Property, plant and equipment | 197 | 8 | |||
| Non-current assets | 11,510 | 6,406 | |||
| Financial assets at fair value through profit or loss | 15,859 | 7,188 | |||
| Trade and other receivables | 8 | 873 | 481 | ||
| Inventories | 22 | - | |||
| Cash and cash equivalents | 446 | 1,098 | |||
| Assets classified as held for sale | - | 191 | |||
| Current assets | 17,200 | 8,958 | |||
| Total assets | 28,710 | 15,364 | |||
| Equity | |||||
| Share capital | 9 | 8,671 | 8,531 | ||
| Share premium | 9 | 29,258 | 27,497 | ||
| Shares to be issued | 187 | - | |||
| Capital redemption reserve | 5 | 5 | |||
| Share based payment reserve | 3,934 | 1,712 | |||
| Convertible loan reserve | 71 | - | |||
| Exchange reserve | 77 | 103 | |||
| Accumulated losses | (20,172) | (24,276) | |||
| Total | 22,031 | 13,572 | |||
| Non-controlling interests | 896 | 907 | |||
| Total equity | 22,927 | 14,479 | |||
| Liabilities | |||||
| Trade and other payables | 11 | 2,013 | 885 | ||
| Current lease liabilities | 37 | - | |||
| Current borrowings | 498 | - | |||
| Current contingent consideration | 89 | - | |||
| Current liabilities | 2,637 | 885 | |||
| Non-current lease liabilities | 41 | - | |||
| Non-current borrowings | 2,414 | - | |||
| Non-current contingent consideration | 505 | - | |||
| Provisions | 6 | - | |||
| Deferred tax | 180 | - | |||
| Non-current liabilities | 3,146 | - | |||
| Total liabilities | 5,783 | 885 | |||
| Total equity and liabilities | 28,710 | 15,364 |
| Share capital | Share premium | Capital redemption reserve | Capital contribution reserve | Share based payment reserve | Exchange reserve | Accumulated losses | Total | Non-controlling interests | Total equity | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Balance at 1 October 2022 | 8,065 | 23,312 | 5 | 2,322 | 1,638 | 90 | (23,740) | 11,692 | 2,065 | 13,757 |
| Loss for the period | - | - | - | - | - | - | (1,096) | (1,096) | (218) | (1,314) |
| Other comprehensive income | - | - | - | - | - | 13 | - | 13 | (7) | 6 |
| Total comprehensive income / (expense) for the period | - | - | - | - | - | 13 | (1,096) | (1,083) | (225) | (1,308) |
| Issue of ordinary shares | 466 | 4,405 | - | - | - | - | - | 4,871 | - | 4,871 |
| Costs of share issues | - | (220) | - | - | - | - | - | (220) | - | (220) |
| Share-based payments | - | - | - | - | 74 | - | - | 74 | - | 74 |
| Non-controlling interest adjustment on step acquisition of subsidiaries | - | - | - | - | - | - | - | - | 99 | 99 |
| Non-controlling interest adjustment on step disposal of subsidiaries | - | - | - | - | - | - | 22 | 22 | (22) | - |
| Non-controlling interest adjustment on disposal of subsidiaries | - | - | - | (2,322) | - | - | 538 | (1,784) | (1,010) | (2,794) |
| Total transactions with owners | 466 | 4,185 | - | (2,322) | 74 | - | 560 | 2,963 | (933) | 2,030 |
| Balance at 30 September 2023 | 8,531 | 27,497 | 5 | - | 1,712 | 103 | (24,276) | 13,572 | 907 | 14,479 |
| Share capital | Share premium | Shares to be issued | Capital redemption reserve | Share based payment reserve | Convertible loan reserve | Exchange reserve | Accumulated losses | Total | Non-controlling interests | Total equity | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Balance at 1 October 2023 | 8,531 | 27,497 | - | 5 | 1,712 | - | 103 | (24,276) | 13,572 | 907 | 14,479 |
| Profit for the period | - | - | - | - | - | - | - | 4,104 | 4,104 | (232) | 3,872 |
| Other comprehensive expense | - | - | - | - | - | - | (26) | - | (26) | 1 | (25) |
| Total comprehensive (expense) / income for the period | - | - | - | - | - | - | (26) | 4,104 | 4,078 | (231) | 3,847 |
| Issue of ordinary shares | 140 | 1,761 | - | - | - | - | - | - | 1,901 | - | 1,901 |
| Shares to be issued | - | - | 187 | - | - | - | - | - | 187 | - | 187 |
| Share-based payments | - | - | - | - | 2,222 | - | - | - | 2,222 | - | 2,222 |
| Issue of convertible loan note | - | - | - | - | - | 71 | - | - | 71 | - | 71 |
| Non-controlling interest adjustment on acquisition of subsidiaries | - | - | - | - | - | - | - | - | - | 100 | 100 |
| Non-controlling interest adjustment on disposal of subsidiaries | - | - | - | - | - | - | - | - | - | 120 | 120 |
| Total transactions with owners | 140 | 1,761 | 187 | - | 2,222 | 71 | - | - | 4,381 | 220 | 4,601 |
| Balance at 31 December 2024 | 8,671 | 29,258 | 187 | 5 | 3,934 | 71 | 77 | (20,172) | 22,031 | 896 | 22,927 |
| Period ended 31 December 2024 £'000 | Year ended 30 September 2023 £'000 | |||
| Cash flows used in operating activities | ||||
| Profit/(loss) for the period from continuing activities | 3,872 | (1,314) | ||
| Adjustments for: | ||||
| Fair value gain on financial assets | (8,876) | (1,604) | ||
| Fair value gain on convertible loan notes | (13) | - | ||
| Finance costs | 221 | - | ||
| Share of post-tax losses of equity accounted joint ventures | 122 | 219 | ||
| Expenses settled in shares | 36 | 129 | ||
| Expenses settled with convertible loan notes | 400 | - | ||
| Gain on disposals | (2,804) | (175) | ||
| Depreciation | 10 | 5 | ||
| Amortisation | 22 | - | ||
| Tax expense | (10) | |||
| Expected credit losses | 57 | - | ||
| Foreign exchange losses/(gains) | 11 | (33) | ||
| Share-based payment expense | 2,222 | 30 | ||
| (4,730) | (2,743) | |||
| Changes in working capital: | ||||
| Decrease/(increase) in trade and other receivables | 309 | (169) | ||
| Increase in trade and other payables | 351 | 797 | ||
| Increase in inventories | (6) | - | ||
| Net cash used in operating activities | (4,076) | (2,115) | ||
| Cash flows from investing activities | ||||
| Cash acquired on acquisition of subsidiary | 1 | - | ||
| Investments in financial assets through profit & loss | (3) | (291) | ||
| Disposal of financial assets | 553 | - | ||
| Investment in joint ventures and associates | (95) | (316) | ||
| Disposal of joint venture and associates | 200 | - | ||
| Investments in exploration assets | (840) | (797) | ||
| Cash relating to deconsolidated subsidiary | - | (410) | ||
| Purchase of property, plant, and equipment | (180) | (8) | ||
| Proceeds from disposal of property, plant and equipment | 4 | - | ||
| Net cash outflows from investing activities | (360) | (1,822) | ||
| Cash flows from financing activities | ||||
| Proceeds from issue of share capital | 1,299 | 3,616 | ||
| Proceeds from borrowings | 3,000 | - | ||
| Repayment of borrowings | (490) | - | ||
| Principal paid on lease liabilities | (25) | - | ||
| Shares issued to non-controlling interests by subsidiaries | - | 79 | ||
| Issue costs | - | (220) | ||
| Net cash inflows from financing activities | 3,784 | 3,475 | ||
| Decrease in cash and cash equivalents | (652) | (462) | ||
| Cash and cash equivalents at beginning of period | 1,098 | 1,560 | ||
| Cash and cash equivalents at the end of the period | 446 | 1,098 |
| Other income includes: | Period ended 2024 | Year ended 2023 | |
| £'000 | £'000 | ||
| Gain on disposal of property, plant and equipment | 3 | - | |
| Gain on disposal of financial assets | 49 | - | |
| Gain on disposal of subsidiaries | 2,690 | - | |
| Gain on disposal of associates and joint ventures - net | 206 | - | |
| Gain on settlement of loan interest in shares | 13 | ||
| Grant income | 140 | - | |
| 3,101 | - |
| Operating expenses include: | Period ended 2024 | Year ended 2023 | |
| £'000 | £'000 | ||
| Staff costs | 1,876 | 957 | |
| Foreign exchange loss | 52 | 62 | |
| Share based payment expense | 2,222 | 31 | |
| Auditor's remuneration for audit of the Group and Company financial statements | 50 | 36 |
| Group | Prospecting and exploration rights £'000 |
| Cost | |
| As at 1 October 2022 | 8,264 |
| Reclassification from financial assets | 878 |
| Reclassification to assets held for sale | (60) |
| Reclassification from associate | 209 |
| Additions | 2,067 |
| Disposal | (5,035) |
| Subsidiary sale of shares | (79) |
| Effect of foreign exchange | (171) |
| Balance at 30 September 2023 | 6,073 |
| As at 1 October 2023 | 6,073 |
| Additions | 1,340 |
| Disposal | (1,335) |
| Effect of foreign exchange | (36) |
| Balance at 31 December 2024 | 6,042 |
| Impairment | |
| As at 1 October 2022 | 1,126 |
| Balance at 30 September 2023 | 1,126 |
| As at 1 October 2023 | 1,126 |
| Balance at 31 December 2024 | 1,126 |
| Net book value | |
| At 30 September 2023 | 4,947 |
| At 31 December 2024 | 4,916 |
| Period ended 2024 £'000 | Year ended 2023 £'000 | ||
| Exploration assets | |||
| Athabasca Uranium Project | - | 349 | |
| Canadian Graphite Project | - | 137 | |
| North Wind Project | - | 35 | |
| Authier North Project | 107 | 74 | |
| Tati Gold-Nickel Project | 365 | 384 | |
| Wallal, Braeside West, Selta & Ripon Hill Projects | 1,714 | 1,692 | |
| Molopo Farm Project | 2,417 | 2,276 | |
| Alara Project | 186 | - | |
| AMAK Project | 7 | - | |
| Riwaq/EVM Project | 120 | - | |
| Total | 4,916 | 4,947 |
| Group | Technology | Goodwill | Total | ||
| £'000 | £'000 | £'000 | |||
| Cost | |||||
| As at 1 October 2023 | - | - | - | ||
| Additions on acquisition | 761 | 429 | 1,190 | ||
| Balance at 31 December 2024 | 761 | 429 | 1,190 | ||
| Amortisation | |||||
| As at 1 October 2023 | - | - | - | ||
| Charge for the period | (1) | - | (1) | ||
| Balance at 31 December 2024 | (1) | - | (1) | ||
| Net book value | |||||
| At 30 September 2023 | - | - | - | ||
| At 31 December 2024 | 760 | 429 | 1,189 | ||
| Group | Period ended 2024 £'000 | Year ended 2023 £'000 | |
| Accounts receivable | 24 | 31 | |
| Other receivables | 766 | 366 | |
| Prepayments | 83 | 84 | |
| 873 | 481 |
| Number of ordinary shares | ||||||||||||
| Period ended 2024 | Year ended 2023 | |||||||||||
| Ordinary shares in issue at 1 October | 2,080,106,256 | 1,614,654,921 | ||||||||||
| Issued for cash | 130,000,000 | 383,673,949 | ||||||||||
| Issued in settlement for acquisitions | - | 60,093,043 | ||||||||||
| Issued in lieu of expenses | 3,362,068 | 21,684,343 | ||||||||||
| Total prior to share consolidation | 2,213,468,324 | 2,080,106,256 | ||||||||||
| 1 to 20 share consolidation | 110,673,416 | - | ||||||||||
| Issued for settlement for acquisition | 4,148,514 | - | ||||||||||
| Issued in lieu of expenses | 788,507 | - | ||||||||||
| In issue at the end of the period- fully paid (par value 0.1p) | 115,610,437 | 2,080,106,256 | ||||||||||
| Number of deferred shares | ||||||||||||
| Period ended 2024 | Year ended 2023 | |||||||||||
| Deferred shares in issue at 1 October | 3,628,594,957 | 3,628,594,957 | ||||||||||
| In issue at the end of the period | 3,628,594,957 | 3,628,594,957 | ||||||||||
| Ordinary share capital | ||||||||||||
| Period ended 2024 £'000 | Year ended 2023 £'000 | |||||||||||
| Balance at beginning of period | 8,531 | 8,065 | ||||||||||
| Share issues | 140 | 466 | ||||||||||
| Balance at the end of the period | 8,671 | 8,531 | ||||||||||
| Share Premium | ||||||||||||
| Period ended 2024 £'000 | Year ended 2023 £'000 | |||||||||||
| Balance at beginning of period | 27,497 | 23,312 | ||||||||||
| Share issues | 1,761 | 4,405 | ||||||||||
| Expenses relating to share issues | - | (220) | ||||||||||
| Balance at the end of the period | 29,258 | 27,497 | ||||||||||
| Basic | Period ended 2024 | Year ended 2023 | |
| Profit/(loss) attributable to equity holders of the parent (£) | 4,104,000 | (1,096,000) | |
| Weighted average number of ordinary shares in issue | 109,721,458 | 92,105,594 | |
| Basic and diluted loss per ordinary share (pence) | 3.74 | (1.19) |
| Diluted | Period ended 2024 | Year ended 2023 | |
| Profit/(loss) attributable to equity holders of the parent | 4,104,000 | (1,096,000) | |
| Weighted average number of ordinary shares in issue | 111,217,558 | 92,105,594 | |
| Basic and diluted loss per ordinary share (pence) | 3.69 | (1.19) |
| Group | Period ended 2024 £'000 | Year ended 2023 £'000 | |
| Trade payables | 603 | 343 | |
| Other payables | 43 | 35 | |
| Other taxation and social security | 35 | 54 | |
| Accrued expenses | 1,332 | 453 | |
| 2,013 | 885 |
| Power Metal Resources plc | |
| Sean Wade (Chief Executive Officer) | +44 (0) 20 3778 1396 |
| SP Angel Corporate Finance LLP (Nomad and Joint Broker) | |
| Ewan Leggat/Jen Clarke | +44 (0) 20 3470 0470 |
| Tamesis Partners LLP (Joint Broker) | |
| Richard Greenfield/Charlie Bendon | +44 (0) 20 3882 2868 |
| BlytheRay (PR Advisors) | |
| Tim Blythe/Alastair Roberts | +44 (0) 20 7138 3204powermetalresources@blytheray.com |