RCS - Power Metal - UK Government Critical Minerals Strategy Paper

Power Metal ResourcesAnnouncement

22/07/2022 10:45

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RNS Number : 4576T  Power Metal Resources PLC  22 July 2022

 

22 July 2022

Power Metal Resources plc ("Power Metal" or the "Company")

United Kingdom Government Releases the 'UK's Critical Minerals Strategy'
Policy Paper

 

Power Metal Resources plc (LON:POW) the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
notes the publication today by the United Kingdom's Department for Business,
Energy & Industrial Strategy (the "Government") released a policy paper
entitled "Resilience for the future: The UK's critical minerals strategy"
("Policy Paper") which may be viewed below through the following link:

https://www.gov.uk/government/publications/uk-critical-mineral-strategy/resilience-for-the-future-the-uks-critical-minerals-strategy
(https://www.gov.uk/government/publications/uk-critical-mineral-strategy/resilience-for-the-future-the-uks-critical-minerals-strategy)

The Policy Paper sets out the Government's strategy and outlines a number of
objectives (pages 4-5) as well as a new approach towards critical minerals
supply chains of which the following are particularly notable from the
Company's perspective:

-     Champion London as the world's capital of responsible finance for
critical minerals (further information page 30 of the Policy Paper).

 

-     Support UK companies to participate overseas in diversified
responsible and transparent supply chains (page 22).

 

-     Boost global environmental, social and governance performance
("ESG"), reducing vulnerability to disruption and levelling the playing field
for responsible businesses (page 26).

 

-     A cohort of minerals with high criticality for the UK is outlined
which includes cobalt, lithium, rare-earth elements and tungsten as well as
the Critical Minerals Expert Committee's first watchlist which includes
Nickel. Power Metal is currently exploring for all of these critical metals
within safe, mining-friendly jurisdictions (page 8).

 

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

"We are encouraged by the Government's public recognition of the need for a
more thought- provoking strategy towards the development of secure critical
minerals supply chains.

As a UK listed resource exploration and development company, Power Metal is
working across multiple exploration and development projects in North America,
Africa and Australia seeking large scale metal discoveries, with a particular
focus on district scale opportunities.

We note the inclusion of tungsten within the cohort of minerals with high
criticality for the UK (page 8). This aligns with the United States Geological
Survey's inclusion of tungsten on their critical minerals list published in
February 2022(1) and further demonstrates the importance of our 83.13% owned
subsidiary Golden Metal Resources plc, with its flagship Pilot Mountain
Project - focused on the tungsten commodity in mining friendly Nevada, USA.

Golden Metal is in the final preparatory stage of a planned listing on the
London capital markets, and we agree that London has the potential to be a
major global centre for international resource exploration and development
finance. For this reason, Power Metal is planning to list its various resource
project packages in London.

The resilience of critical mineral supply chains is becoming an important
consideration for many governments around the world. However, as acknowledged
in the Policy Paper, there is a need to act responsibly and strongly embedded
ESG policies need to be at the forefront of this fundamental shift. Power
Metal recognises this and will soon be publishing its ESG Policy which will be
applied to all our operations.  The ESG Policy will codify what we are
commonly doing in practice today as a responsible organisation and will make
further enhancements to our internal ESG mindset, with real qualitative and
quantitative ESG targets."

Note

(1)
https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals

 

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.

 

Exploration work programmes may also be underway within 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:

 

www.firstclassmetalsplc.com (http://www.firstclassmetalsplc.com)

www.goldenmetalresources.com (http://www.goldenmetalresources.com)

www.firstdevelopmentresources.com (http://www.firstdevelopmentresources.com)

 

Power Metal also holds a material investment in Kavango Resources plc with
exploration updates available through their regulatory announcements and on
their website:

 

www.kavangoresources.com (http://www.kavangoresources.com)

 

 Project                Location   Current          Work Completed or Underway                                                    Results Awaited

                                   POW %

 Alamo Gold Project     USA        Earn-in to 75%   Technical reports received following excavation of multiple test pits and     Analysis of technical reports and potential follow-on work programme under
                                                    mapping & sampling completed.                                                 review.
 Athabasca Uranium      Canada     100%             Hyperspectral data analysis conducted across all 7 properties. Updating to 7  Finalise review of data from 3 properties.  Prepare for summer exploration
                                                    data rooms for third party review.                                            programme across 4 properties.
 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%(#)           Comprehensive data review complete and establishment of data room for third   Finalise next exploration steps and action plan.
                                                    party review.
 Tati Project           Botswana   100%             Site visit with mapping of gold workings and mine dumps.                      Exploration planning underway including further mapping, sampling and launch
                                                                                                                                  of an RC drill programme.
 Victoria Goldfields    Australia  49.9%            Diamond drill programme completed. Review of Ajax & Berringa mine             Final drill programme results analysis and resource potential analysis from
                                                    remaining resource potential.                                                 former high-grade producing mines in granted licences.

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

 

 

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