RCS - Power Metal - Investee Update – First Class Metals PLC

Power Metal ResourcesAnnouncement

05/10/2022 10:25

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RNS Number : 8827B  Power Metal Resources PLC  05 October 2022

5 October 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Investee Update - First Class Metals PLC

Power Metal Resources PLC (LON:POW), the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
notes announcements from First Class Metals PLC (LON:FCM) ("First Class").

 

Announcements Released by First Class

First Class released an announcement yesterday relating to a new acquisition
(Sunbeam), a financing and a subscription.

 

In addition, First Class have today released an announcement to report the
high grade assay results from the West Pickle zone hosting a recently
announced massive sulphide discovery and held in project joint venture with
Palladium One Mining Inc. (TSX-V:PDM).

 

Both the announcements above may be viewed on the First Class website through
the following link:

https://www.firstclassmetalsplc.com/rns-announcements
(https://www.firstclassmetalsplc.com/rns-announcements)

 

Power Metal's Interest in First Class

Power Metal and its wholly owned subsidiary Power Metal Resources Canada Ltd
hold 18,516,097 First Class shares currently representing 28.19% of issued
share capital (the "FCM Holding").

The FCM Holding is subject to a lock-in agreement preventing the sale of the
FCM Holding until 29 July 2023 and an orderly market arrangement for 12-months
thereafter until 29 July 2024.

In addition, Power Metal holds 517,705 warrants to subscribe for a further
517,705 First Class shares at an exercise price of 10p per FCM share and with
an expiry date of 29 July 2023.

Based on a mid-market share price of 14.5p at the time of writing the Power
Metal FCM Holding is valued at ~£2.7million.

 

 

For further information please visit https://www.powermetalresources.com/
(https://www.powermetalresources.com/) or contact:

 Power Metal Resources PLC
 Paul Johnson (Chief Executive Officer)                                          +44 (0) 7766 465 617

 SP Angel Corporate Finance (Nomad and Joint Broker)
 Ewan Leggat/Charlie Bouverat                                                    +44 (0) 20 3470 0470

 SI Capital Limited (Joint Broker)
 Nick Emerson                                                                    +44 (0) 1483 413 500

 First Equity Limited (Joint Broker)
 David Cockbill/Jason Robertson                                                  +44 (0) 20 7330 1883

 

NOTES TO EDITORS

Power Metal Resources PLC - Background

Power Metal Resources PLC (LON:POW) is an AIM listed metals exploration
company which finances and manages global resource projects and is seeking
large scale metal discoveries.

 

The Company has a principal focus on opportunities offering district scale
potential across a global portfolio including precious, base and strategic
metal exploration in North America, Africa and Australia.

 

Project interests range from early-stage greenfield exploration to later-stage
prospects currently subject to drill programmes.

 

Power Metal will develop projects internally or through strategic joint
ventures until a project becomes ready for disposal through outright sale or
separate listing on a recognised stock exchange thereby crystallising the
value generated from our internal exploration and development work.

 

Value generated through disposals will be deployed internally to drive the
Company's growth or may be returned to shareholders through share buy backs,
dividends or in-specie distributions of assets.

 

Exploration Work Overview

 

Power Metal has internal exploration programmes completed or underway, with
results awaited, as outlined in the table below.

 

 Project                Location  Current          Work Completed or Underway                                                     Results Awaited

                                  POW %

 Athabasca Uranium      Canada    100%             Ground exploration programme complete at 3 properties.  Preliminary planning   Assay result from samples collected during fieldwork.
                                                   for work in Spring/Summer 2023 is ongoing.
 Authier North Lithium  Canada    Earn-in to 100%  Property Evaluation Report completed.                                          Update covering exploration plans for target areas identified during the
                                                                                                                                  Evaluation.
 Molopo Farms           Botswana  53%(#)           T1-6 conductor target drilling underway and MLEM surveys over T1-6, T1-14,     Drill programme updates and findings from further MLEM survey work.
                                                   T1-3 and T2-3 completed. Further MLEM surveys planned over additional AEM
                                                   targets identified.
 Tati Project           Botswana  100%             RC drilling and sampling of mine dumps complete.                               Review of mine dumps sampling and results from RC drill programme.

(#) subject to completion of acquisition announced 18.5.22 interest will
increase to 87.71%

 

Exploration work programmes may also be underway within Power Metal investee
companies and planned IPO vehicles where Power Metal has a material interest,
the findings from which will be released on their respective websites, with
simultaneous updates through Power Metal regulatory announcements where
required.

 

These interests are summarised in the table below:

 

 Company                          Status/Operations                                                           Link
 First Class Metals PLC           Investment - POW 28.19%                                                     www.firstclassmetalsplc.com (http://www.firstclassmetalsplc.com)

                                  Exploration in the Schreiber-Hemlo region of Ontario, Canada
 First Development Resources PLC  Planned IPO - POW 62.12%                                                    www.firstdevelopmentresources.com (http://www.firstdevelopmentresources.com)

                                  Exploration in Western Australia and the Northern Territory of Australia
 Golden Metal Resources PLC       Planned IPO - POW 83.13%                                                    www.goldenmetalresources.com (http://www.goldenmetalresources.com)

                                  Exploration and development in Nevada, USA
 Kavango Resources PLC            Investment - POW 14.03% (subject to completion of Kanye Resources disposal  www.kavangoresources.com (http://www.kavangoresources.com)
                                  announced 8.7.22)

                                  Exploration in Botswana
 New Ballarat Gold PLC            Planned IPO - POW 49.9%                                                     A new website is currently in development which will be found at

                                                                           www.newballaratgoldcorp.com (http://www.newballaratgoldcorp.com) .
                                  Exploration in the Victoria Goldfields of Australia

                                                                                                              In the interim further information in respect of NBGC can be found at:

                                                                                                              https://www.powermetalresources.com/project/victoria-goldfields/
                                                                                                              (https://www.powermetalresources.com/project/victoria-goldfields/) .

 Uranium Energy Exploration PLC   Planned IPO - POW on listing estimated 40-55%                               www.uraniumenergyexploration.com (http://www.uraniumenergyexploration.com)

 

 

 

 

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