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RNS Number : 2284U Power Metal Resources PLC 29 July 2022
29 July 2022
Power Metal Resources plc ("Power Metal" or the "Company")
Listing of 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 the announcement today by First Class Metals PLC (LON:FCM)("First
Class") confirming their First Day of Dealings with an admission to the
Official List (by way of Standard Listing under Chapter 14 of the Listing
Rules). This announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/FCM/first-class-metals-plc-initial-admission/15561714?showDisclaimer=true
(https://www.londonstockexchange.com/news-article/FCM/first-class-metals-plc-initial-admission/15561714?showDisclaimer=true)
Power Metal and 100% owned subsidiary Power Metal Resources Canada Ltd hold a
combined 28.19% interest in First Class which at the IPO price of 10p per
First Class ordinary share of 0.1p each ("First Class Share") is valued at
£1,851,610 and which is held as follows:
POW Company Shares % First Class
Power Metal Resources Canada Ltd 17,998,392 27.40
Power Metal Resources PLC 517,705 0.79
Total 18,516,097 28.19
The total shareholding above is subject to a 12-month lock in agreement
prohibiting the sale of First Class Shares, with a follow on further 12-month
orderly market arrangement.
In addition to the shareholdings above, Power Metal holds 517,705 warrants to
subscribe for a further 517,705 shares at an exercise price of 10p per First
Class Share and with a life to expiry of 12 months from today's date.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
"Our congratulations to the First Class Metals team for their work and
commitment to secure this listing. In our view, First Class has a highly
prospective project portfolio centred within the prolific Schreiber-Hemlo belt
of Ontario, Canada, and offers investors an exciting new investment
proposition.
Moreover, with active exploration on the ground underway, including First
Class Metal's joint-venture (JV) partner Palladium One (TSX-V:PDM) drilling at
the Pickle Lake JV property, we anticipate active news flow from ground
operations.
Today's listing is a notable event for Power Metal, where a previous project
investment has now become a significant balance sheet asset. We will be
watching the progress of First Class with a keen interest.
Moreover, final preparations continue for the planned listing of Golden Metal
Resources plc, another North American investment opportunity centred on
Nevada, USA, and where Power Metal currently holds an 83.13% interest. I
look forward to providing further updates in respect of Golden Metal in the
near term."
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
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 %
Athabasca Uranium Canada 100% Hyperspectral data analysis conducted across 7 properties. Updating to 7 data Finalise review of data from 3 properties. Prepare for summer exploration
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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