REG - Power Metal - AGM Statement

Power Metal ResourcesAnnouncement

30/03/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230330:nRSd6901Ua&default-theme=true

RNS Number : 6901U  Power Metal Resources PLC  30 March 2023

30 March 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Annual General Meeting - Statement

 

Power Metal Resources PLC (LON:POW) the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio is
holding its Annual General Meeting ("AGM") today at 11am.

At the AGM Sean Wade, Chief Executive Officer of Power Metal, will provide the
following statement:

"I have been in the role of Power Metal CEO for three weeks, and during that
time, I have been working hard with the team to further accelerate our
operational and corporate activities.  We recognise the eagerness of
shareholders to see the results of our strategy, and we are focused on
delivering those as soon as possible.

Our aim is to unlock the inherent value existing in the portfolio and I am
pleased to update shareholders on the progress we are making in that regard.

Diamond drilling at the Molopo Farms Complex Project in Botswana and the
Berringa Project in the Victoria Goldfields was completed earlier this
quarter, as was the first stage of the Tati Gold Project 2023 exploration
programme including geophysics and trenching.

Complete accredited laboratory assay tests for all the above projects are
expected to be received imminently and we look forward to releasing a series
of exploration updates containing these results when they are received.

The focus of corporate activity has been the progression of the Golden Metal
Resources PLC, First Development Resources PLC and Uranium Energy Exploration
PLC planned IPOs.

For Golden Metal, in addition to the existing IPO financing interest, we are
liaising with new institutional investors who recognise the strategic
significance of Pilot Mountain Project, in an era of tungsten criticality for
the United States.  We aim to complete the Golden Metal IPO listing shortly.

Thereafter we will be focused on First Development Resources and its IPO
financing and listing with the aim to also complete this process in the near
term.

For Uranium Energy Exploration, and our wider uranium portfolio, we have
experienced considerable interest and are working, not only on exploration
preparations for 2023, but also reviewing various corporate initiatives to
accelerate progress and value generation in the portfolio.

The Company therefore expects to release a series of announcements in respect
of its corporate activities in the near term.

Each successful disposal or spin-out IPO will, in our view, add material value
to our asset base and notably listed investments and will build on the
Company's total assets of circa £14.6 million (as at 30 September 2022 year
end).

We are focused on completing as many disposals in 2023 as possible, both to
unlock value and to focus the Company on uranium exploration and the
development of its key interests in Botswana.

I would like to thank the Power Metal team for their energy and enthusiasm in
my first few weeks in office.  Also my  thanks go to shareholders for their
engagement, support and patience as I have taken up this important role. I
believe Power Metal has a great future ahead with a world class portfolio
providing multiple opportunities for creating shareholder value."

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

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

 Power Metal Resources plc
 Sean Wade (Chief Executive Officer)                                             +44 (0) 20 3778 1396

 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGMFLFFTVRIAFIV