REG - Power Metal - Investee Update - Golden Metal Resources PLC

Power Metal ResourcesAnnouncement

22/05/2023 09:15

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RNS Number : 1797A  Power Metal Resources PLC  22 May 2023

22 May 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Investee Update - Golden Metal Resources PLC

 

Power Metal Resources PLC (LON:POW), the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
notes the announcement today by Golden Metal Resources PLC (LON:GMET)("Golden
Metal") confirming  significant copper systems identified at Golden Metal's
Garfield Project in Nevada USA.

An extract of Highlights from the announcement is provided in italics below:

Highlights:

 

-      Discovery of two significant copper (Cu) zones which are now named
the "Power Line Zone" (or "Power Line") and "High-Grade Zone" (or
"High-Grade"; collectively the "Zones") which returned individual Cu-in-soil
results of up to 851ppm and 950ppm Cu.

 

-      Importantly, the newly discovered Zones are coincident with
historical rock sampling results which returned up to 2.6% Cu at Power Line
and 5.53% Cu at High-Grade, highlighting the significance of these newly
defined copper mineralised systems at Garfield.

This announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/GMET/garfield-project-significant-copper-systems/15965480
(https://www.londonstockexchange.com/news-article/GMET/garfield-project-significant-copper-systems/15965480)

Power Metal Holding in Golden Metal

Golden Metal completed a listing on the AIM market of the London Stock
Exchange on 10 May 2023.

Power Metal holds 52,248,756 ordinary shares in Golden Metal ("Golden Metal
Shares")representing a 62.06% interest in the ordinary share capital of Golden
Metal which, based on the closing market mid-price of Golden Metal on 19 May
2023, was valued at £4,049,279.

The total shareholding above is subject to a 12-month lock-in agreement
prohibiting the sale of  Golden Metal Shares until 10 May 2024, with a follow
on further 12-month orderly market arrangement thereafter until 10 May 2025.

In addition to the shareholdings above, Power Metal holds 1,749,378 warrants
to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price
of 10.75p per share and an expiry date of  10 May 2024.  Power Metal also
holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal
Shares at an exercise price of 17.5p per share and an expiry date of 10 May
2025.

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.

 

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