REG - Power Metal - Quarterly Business Operational Update
06/04/2022 13:15
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RNS Number : 5060H Power Metal Resources PLC 06 April 2022
6 April 2022
Power Metal Resources plc
("Power Metal" or the "Company")
Quarterly Business Operational Update
Power Metal Resources PLC (LON:POW), the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio,
announces the March 2022 quarterly business operational update for
shareholders.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
"We built our portfolio for a time when metal prices would rise, when metal
supply shortages would become exposed, and when participants in the metals
space would see the strategic value of a well-constructed portfolio of active
mineral projects.
Power Metal has benefited from a 3-year long opportunity to build this
portfolio, through challenging market conditions. With entrepreneurial hard
work, our team has positioned the business with the right combination of
commodity, geographical and geological diversification.
Although we face many global challenges, we find ourselves today in an
environment where governments, financial institutions, large corporations and
major metal producers openly recognise the importance of secure strategic
metal supply. These various organisations know that the large-scale
discoveries of tomorrow rely upon the gregarious and bold explorers of today.
Below you will see our highlights for the quarter to March 2022. Here we
present details of Power Metal's four operational drill programmes, four
spin-out/disposal activities, an advancement of strategic uranium interests
and our other various district scale mineral opportunities.
We did not build our portfolio to stay wedded to underperforming or
sub-optimal projects and in the last three years the Company has taken action
to cease expenditure in the Ivory Coast, Cameroon and DRC, in the latter case,
on hold pending ongoing operational conditions being met. If we don't see
real value or an adequate commercial pathway for any project we will act as we
always have; decisively.
I trust this quarterly report, and future reports that follow, will help
investors track our operational progress and expectations. We have slimmed
down the content in this report to focus on the latest project status and
planned next steps for each."
QUARTER HIGHLIGHTS:
African Exploration
- Launch and completion of deep diamond drill programme at the
Haneti Nickel Project located in Tanzania, targeting nickel, copper, cobalt
and platinum group element ("PGM") mineralisation.
- Launch of diamond drill programme at the Ditau Camp Project
located in Botswana, targeting multiple prospective carbonatite structures
with potential for rare-earth element ("REE") and base-metal mineralisation.
- Results from Reverse Circulation ("RC") drilling programme at the
Tati Project, Botswana, confirming prospective geological formations and near
surface gold mineralisation, with additional licence application lodged to
cover newly identified gold-in-soil anomalies.
Australian Exploration
- First Development Resources team conducted ground exploration and
field reconnaissance completed at the Selta Project located in the Northern
Territory, Australia, which highlighted multiple target areas with
polymetallic potential including uranium, REE's and lithium.
- Field reconnaissance completed at the Wallal Project located in
the Paterson Province of Western Australia, Australia, confirming ideal
operational conditions and access for planned deep diamond drilling programme.
- At our Victoria Goldfields joint venture continuation of diamond
drilling, originally commenced in late 2021, at the O'Loughlins and Mt. Bute
targets located in the State of Victoria, Australia.
Canadian Exploration
- Canada: Technical review of data in respect of the Company's
Athabasca Basin uranium interests confirms extensive uranium prospectivity
across 5 of the 7 uranium properties so far, with additional ground staked to
cover newly identified prospective areas.
Corporate
- Spin-out vehicles continue to make progress with First Class
Metals plc and Golden Metal Resources plc targeting listings on the London
capital markets in the current quarter, and First Development Resources Ltd
and New Ballarat Gold Corporation plc targeting listings in the London and/or
Australian markets in early Q3 2022.
- Operational working capital comprising cash and listed investments
at 28/02/2022 amounted to £2.48M and unaudited total assets at 28/02/2022 of
£10.93M.
- New environmental, social and governance initiative launched (the
"ESG Initiative") which will include an appointed ESG Officer for Power Metal
and select associated companies. The Initiative will also involve the
embedding of wide ranging ESG policies across the Company and training of all
staff members.
- Capital Reduction exercise progressed with shareholder approval
secured at General Meeting in March 2022. Subject to High Court approval
enables the Company to consider shareholder distributions with effect from
mid-2022.
Note: in addition to the material presented below, investors are encouraged to
review Power Metal's corporate presentation which is available on the
Company's website through the following link:
https://www.powermetalresources.com/presentation/
(https://www.powermetalresources.com/presentation/)
PROJECT OPERATIONS UPDATE
The tables below provide the latest status of each project within the
Company's portfolio and include:
- Exploration project updates from African, North American and
Australian interests;
- Corporate development updates for project packages advancing
towards spin-out into their own listed vehicles;
- Further updates in respect of the Company's new project pipeline;
- Additional management, compliance and financial information for
shareholders.
African Exploration Projects
Project Latest Position
Molopo Farms Complex Project The proposal from Kavango Resources to acquire Kalahari Key did not lead to a
successful outcome, further details of which were announced on 22/03/2022 and
Botswana may be viewed here:
(Nickel - Copper - Platinum Group Element) https://www.londonstockexchange.com/news-article/POW/kalahari-key-update-ditau-drilling-commences/15379084
(https://www.londonstockexchange.com/news-article/POW/kalahari-key-update-ditau-drilling-commences/15379084)
POW: Effective Economic Interest circa 53% held as a 40% direct project
interest and c 21.5% interest in Kalahari Key Mineral Exploration Pty Ltd (60% This was disappointing; however, we are working with Kalahari Key and its
project owner) shareholders to find a suitable way forward.
The first drill programme announced in 2021 confirmed nickel results up to
1.7%. The next step is a follow-up round of drilling, which we are seeking
to undertake urgently.
The Molopo Farms Complex Project has attracted considerable interest and we
intend to capitalise on that interest and the positive technical findings to
date.
Kalahari Copper Belt Project (KCB Project)
Botswana We continue to work on drill target refinement at the KCB Project. Whilst this
has taken longer than previously anticipated, drill planning is now advancing
(Copper - Silver) rapidly.
POW: 50% (50% JV Partner Kavango Resources plc LON:KAV)
The ground under prospecting licences ("PLs") totals some 4,257km(2) over 10
PLs and is considered highly prospective for Cu-Ag mineralisation. Precise
drill targeting is key to maximising the return on investment from exploration
dollars expended over a very large licence footprint area.
Ditau Camp Project The launch of drilling at the Ditau Camp Project was announced on 22/03/2022
and a detailed follow up announcement linked below outlined the drill targets:
Botswana
https://www.londonstockexchange.com/news-article/POW/ditau-project-rare-earth-element-drill-targets/15388479
(Rare Earths - Base Metals) (https://www.londonstockexchange.com/news-article/POW/ditau-project-rare-earth-element-drill-targets/15388479)
POW: 50% (50% JV Partner Kavango Resources plc LON:KAV) With the programme underway, there will be various updates provided to the
market outlining progress in respect of this important rare-earth element
focused drilling programme.
Tati Project
Botswana The Company announced the results from a maiden drill programme at the Tati
Project on 04/04/2022 and this may be viewed through the following link:
(Gold - Nickel)
POW: 100%
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-drill-programme-results/15396365
(https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-drill-programme-results/15396365)
From a limited dataset received in early 2021, effort applied to Tati has been
focused on building technical understanding. The work undertaken by the
Company in 2021, which included soil sampling, ground-based magnetics &
radiometric surveys, as well as prospecting and rock sampling led to the
delineation of multiple prospective kilometre scale soil anomalies.
Drill testing confirmed various target geological formations below Kalahari
sand cover and confirmed near surface gold mineralisation. Our work also
identified more intensive geochemical anomalies within adjacent land,
representing an extension of an identified major regional structure - a new
prospecting licence application has been submitted covering this new area.
We expect to announce next steps on this highly prospective Project in the
near future.
Haneti Project
Tanzania We announced the commencement of deep diamond drilling on 26/01/2022 which may
be viewed here:
(Polymetallic)
POW: 35% (65% JV Partner Katoro Gold plc LON:KAT)
https://www.londonstockexchange.com/news-article/POW/haneti-project-diamond-drilling-commences/15302016
(https://www.londonstockexchange.com/news-article/POW/haneti-project-diamond-drilling-commences/15302016)
The drill programme completed as announced on 14/02/2022 and further details
of the completed programme may be viewed in the link below:
https://www.londonstockexchange.com/news-article/POW/haneti-project-diamond-drilling-complete/15326468
(https://www.londonstockexchange.com/news-article/POW/haneti-project-diamond-drilling-complete/15326468)
Samples from the drill programme were prepared and sent to SGS Tanzania for
laboratory assay testing. First assay results are expected in the near term.
North American Exploration Projects
Project Latest Position
Silver Peak Project The diamond drill programme conducted in 2021 delivered bonanza grade silver
results, further bolstered by overlimit assays for copper, antimony, zinc
British Columbia, Canada & lead, as may be viewed here:
(Silver) https://www.londonstockexchange.com/news-article/POW/silver-peak-canada-overlimit-assay-results/15233399
(https://www.londonstockexchange.com/news-article/POW/silver-peak-canada-overlimit-assay-results/15233399)
POW: 30%
We are currently working with our Canadian partner to finalise commercial
plans for the Project against a backdrop of considerable interest in this
Project. This has taken more time than planned, however we expect to make a
further announcement of progress in the near future.
Alamo Gold Project
Arizona, United States of America Following a lengthy permitting delay, a planned exploration programme finally
launched in late 2021. Further information in respect of that programme may be
(Gold) viewed here:
POW: Earn-in to 75%
https://www.londonstockexchange.com/news-article/POW/alamo-gold-project-usa-exploration-update/15221692
(https://www.londonstockexchange.com/news-article/POW/alamo-gold-project-usa-exploration-update/15221692)
Under the original 2020 Alamo agreement, a US$50,000 pre-production royalty
payment ("PPR Payment") was due by 31/12/2021 and given the late start of the
exploration work programme, an amended PPR Payment deadline date was
previously agreed being 14 days after the receipt of all analytical results
from the 2021 test pitting programme, or 31/03/2022, whichever was the
earlier.
Power Metal awaits receipt of a technical report highlighting the results from
the exploration programme and has therefore agreed a further extension of the
PPR Payment deadline date to 14 days after the receipt of that report or
15/06/2022, whichever is earlier.
The amendment will allow Power Metal to review all 2021 exploration data
before making a decision on next steps with the Project.
Athabasca Uranium
Saskatchewan, Canada Uranium projects in the Athabasca Basin region in the Province of
Saskatchewan, Canada are attracting considerable interest, with a rising
(Uranium) uranium price stimulating a rush to secure prospective exploration properties.
POW 100%
Power Metal are positioned well here and now has exposure to 7 projects which
cover some 450km(2) of highly prospective land.
Internal development and commercialisation of our uranium interests are both
valid pathways and we expect both will play a part in the development of our
Canadian uranium portfolio going forward. With that in mind, we undertook an
extensive data compilation exercise in respect of all 7 properties building a
database of historic exploration findings.
Technical review across all the property data has been underway for some time,
and we have brought a uranium specialist into the Power Metal team to
accelerate this technical work and assist with commercialisation activities
thereafter.
In the quarter we have released the findings of the technical review across 5
of our 7 properties so far. An overview of the data compilation exercise,
together with results from the first property reviewed, Tait Hill, can be
viewed in our 14/01/2022 announcement found below:
https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-update-athabasca-basin/15287392
The Reitenbach Property findings can be viewed below in our 08/02/2022
announcement found below:
https://www.londonstockexchange.com/news-article/POW/reitenbach-uranium-property-athabasca-basin/15319141
(https://www.londonstockexchange.com/news-article/POW/reitenbach-uranium-property-athabasca-basin/15319141)
Reitenbach is considered likely to be the first to enter a commercialisation
process and we are advancing this at present. As a result, the Company
commissioned a National Instrument 43-101 ("NI 43-101") technical report on
the Property, as announced on 24/03/2022. The commissioning of the NI 43-101
report along with technical findings from the Cook Lake and E-12 properties
can be viewed at the link below:
https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-update-athabasca-basin-canada/15381520
(https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-update-athabasca-basin-canada/15381520)
Also, on 31/03/2022 Power Metal released the findings from a technical review
of the Soaring Bay property, with uranium prospectivity confirmed and new
ground staked increasing the property size by 71% to cover the additional
prospective areas identified.
We expect that the Canadian uranium opportunities will be a highly active area
of our business over the coming weeks and months.
Authier North
Quebec, Canada The Company continues to monitor progress being made by Sayona Mining (ASX:
SYA) who control the neighbouring Authier Lithium Project.
(Lithium)
POW earn-in to 100%
Sayona Mining on 01/03/2022 announced a significant increase in their Authier
lithium resource, which now includes a stated total JORC compliant Mineral
Resource of 17,136,000 tonnes at an average grade of 1.01% Li(2)O. A link to
this announcement is below:
https://sayonamining.com.au/wp/wp-content/uploads/2022/03/SYA_Doubling-resource-base_1-Mar-22.pdf
(https://sayonamining.com.au/wp/wp-content/uploads/2022/03/SYA_Doubling-resource-base_1-Mar-22.pdf)
Sayona Mining's upcoming major milestones include the delivery of a
feasibility study, with updates expected on this front within the next few
weeks.
Power Metal is further reviewing the results achieved from their 2021
geochemical sampling and prospecting programme and will update the market in
due course with the next planned steps as southern Quebec moves into the
spring/summer exploration season.
Australian Exploration Projects
Project Latest Position
Gawler Project
South Australia Work continues on the review of publicly available historic data in order to
further refine geological understanding and prepare detailed exploration plans
(Gold, Copper) in readiness for ground operations when licences are granted.
POW: 100% The Gawler Project comprises two licence applications (submitted October 2021)
targeting Olympic Dam style mineralisation. Power Metal's announcement
confirming the lodgement of applications may be viewed through the following
link:
https://www.londonstockexchange.com/news-article/POW/new-australia-copper-gold-opportunity/15189456
(https://www.londonstockexchange.com/news-article/POW/new-australia-copper-gold-opportunity/15189456)
Disposal/Spin-Out Vehicle Packages(*)
* Please note other project packages within the Power Metal portfolio are also
in earlier stages of spin-out preparations in addition to those listed below.
Project Latest Position
New Ballarat Gold Corporation (NBCG) Through its Australian operating subsidiary, Red Rock Australasia Pty Ltd,
NBGC has a substantial licence footprint within the Victoria Goldfields,
Victoria, Australia Australia. This comprises over 1,500km(2) of granted exploration licences
and circa 800km(2) of licence applications.
(Gold)
In December 2021, a diamond drill programme commenced targeting two prospects,
POW: 49.9% 50.1% JV Partner Red Rock Resources plc LON:RRR) further details of which can be viewed in the following link:
https://www.londonstockexchange.com/news-article/POW/business-update-red-rock-resources-australasia/15240196
(https://www.londonstockexchange.com/news-article/POW/business-update-red-rock-resources-australasia/15240196)
A further detailed announcement is expected shortly covering latest
developments from exploration work in Victoria.
NBGC is seeking a listing in early Q3 2022 and is working with advisors in
this regard.
Golden Metal Resources plc (GMR) Power Metal provided an update covering Golden Metal Resources ("Golden
Metal") on 16 February 2022 which may be viewed below:
Nevada, USA
https://www.londonstockexchange.com/news-article/POW/golden-metal-resources-company-update/15331658
Gold - Base Metals (https://www.londonstockexchange.com/news-article/POW/golden-metal-resources-company-update/15331658)
POW 83.13% Golden Metal continues to progress towards its IPO listing on the London
markets targeting planned for this quarter. This includes working with various
advisors across legal, accounting, technical, and finance in order to finalise
its listing admission documentation in advance of launching into GMR's planned
IPO listing and equity raise.
Golden Metal is in the final stages of collapsing its various Australian
subsidiaries which hold the Pilot Mountain Project, this will drastically
simplify GMR's corporate structure once completed.
Additionally, preparatory work has continued across Golden Metal's portfolio
of Nevada based assets in order to ensure work programmes can commence rapidly
post-listing.
Golden Metal has officially engaged and scheduled a Vancouver-based
geophysical contractor to undertake a high-resolution 3D-Induced Polarisation
("IP") survey across the entire Pilot Mountain Project.
This preparatory work will feed into the drill programme which will be testing
multiple high priority exploration targets across the Pilot Mountain Project.
Golden Metal is currently finalising contract details with its preferred
drilling contractor.
The strategic importance of the Pilot Mountain Project was emphasised recently
with the continuing inclusion of tungsten within the United States Geological
Survey's 2022 list of critical metals. Further information in respect of
this was provided in the Company's non-regulatory announcement on 25/02/2022
which may be viewed in the following link:
https://www.londonstockexchange.com/news-article/POW/usgs-releases-2022-list-of-critical-minerals/15342867
(https://www.londonstockexchange.com/news-article/POW/usgs-releases-2022-list-of-critical-minerals/15342867)
First Development Resources Ltd (FDR) FDR has a 100% interest in three exploration projects targeting gold and
copper mineralisation within the Paterson Province of Western Australia
Western Australia (Wallal, Braeside West & Ripon Hills). This package includes five granted
exploration licences in total covering a total footprint of 751km(2). FDR also
(Gold - Copper - Rare Earth Elements - Uranium - Lithium) has 100% ownership of the Selta Project which includes three granted
exploration licences targeting uranium, rare-earth element, and lithium
POW: 83.33% mineralisation located within Australia's Northern Territory (1,575km(2)).
The latest licences to be granted were at the Selta Project and the
announcement on 23/02/2022 can be viewed in the link below:
https://www.londonstockexchange.com/news-article/POW/selta-uranium-ree-project-all-licences-granted/15340329
(https://www.londonstockexchange.com/news-article/POW/selta-uranium-ree-project-all-licences-granted/15340329)
During the quarter, initial ground reconnaissance work was undertaken at the
Wallal Project, reviewing planned drill locations, primarily from an
infrastructure and access perspective. This work was successful and an
announcement on 11/01/2022 covering this may be viewed below:
https://www.londonstockexchange.com/news-article/POW/wallal-project-exploration-update/15281969
(https://www.londonstockexchange.com/news-article/POW/wallal-project-exploration-update/15281969)
The latest findings from FDR's Western Australia exploration data technical
review were published by the Company on 21/02/2022 and may be viewed through
the link below:
https://www.londonstockexchange.com/news-article/POW/replacement-paterson-project-exploration-update/15337136
(https://www.londonstockexchange.com/news-article/POW/replacement-paterson-project-exploration-update/15337136)
An in-depth project review was undertaken for the Selta Project which
confirmed multiple target areas for uranium, rare-earth element, and lithium
mineralisation, the detailed findings of this review may be viewed in the
16/03/2022 announcement linked below:
https://www.londonstockexchange.com/news-article/POW/selta-project-multiple-target-areas-identified/15371081
(https://www.londonstockexchange.com/news-article/POW/selta-project-multiple-target-areas-identified/15371081)
A further detailed site visit covering all FDR properties was conducted In
March 2022 by the FDR CEO and various members of the ground operational
team. An update to market covering the work undertaken during that site
visit, and the latest outcomes from ongoing exploration work, is expected
shortly.
FDR is seeking a listing on the London capital markets and is working with
advisors in this regard and targeting early Q3 2022.
First Class Metals plc (FCM) Power Metal currently has an interest of 36.3% in FCM which is seeking a
listing on the London capital markets this quarter.
Schreiber-Hemlo, Ontario, Canada
The Company is working with FCM to support their listing plans and looks
(Gold - Base Metals) forward to reporting further progress in this regard.
POW c.36% On listing Power Metal will be a significant shareholder in FCM and expects to
be an enthusiastic and longstanding shareholder.
New Opportunities
Project Latest Position
Power Metal Resources plc The near-term focus will remain on the exploration of existing interests and
the crystallisation of value through the potential listing of spin-out
vehicles and project value generative disposals.
We remain alert to new opportunities and will undertake review of exceptional
opportunities if they are presented to us.
Power Capital Investments Limited Power Capital Investments ("Power Capital") continues to work on a number of
initiatives targeting individual or smaller corporate owned opportunities.
Global Resource Project Incubator
This is occurring against a backdrop of intense activity across the Power
(Multi-Commodity) Metal business and rightly is not a main priority as we seek to advance our
major business interests.
POW: 100%
Management and Financial
Project Latest Position
Board The Board currently comprises:
Scott Richardson Brown - Interim Non-executive Chairman
Paul Johnson - Chief Executive Officer
Ed Shaw - Non-executive Director
Power Metal has been engaging with a number of potential board candidates for
Power Metal and associated companies. The Company expects to announce new
appointments to its Board in the coming weeks.
Management and Team Power Metal is actively seeking to bring new team members in to support the
growth in business activities and recently launched a "Join-Us" page on the
Company's website with further details. This may be viewed through the
following link:
https://www.powermetalresources.com/join-us/
(https://www.powermetalresources.com/join-us/)
We have received a considerable response to this campaign and will be speaking
to all those who got in touch.
In the quarter we have brought a uranium specialist onto the team with a
specific focus of developing our uranium interests located in the Athabasca
Basin region of Saskatchewan, Canada.
Financial Position Power Metal Working Capital
As at 28/02/2022 Power Metal held cash and listed investments of £2,482,960
("Working Capital").
Working Capital is money available to deploy on payment of corporate costs and
operational, notably exploration, expenditure.
Power Metal Assets
As at 28/02/2022 Power Metal's unaudited Balance Sheet showed total assets of
£10,929,668 ("Total Assets").
Total Assets includes the following categories:
- Project investments and Power Metal group intercompany loans
- Pre-IPO vehicle valuations (always acquisition/investment cost
until pre-IPO financing is undertaken)
- Working Capital (see above)
- Other sundry assets.
Future Financing Sources
The Company has multiple sources of additional financing, not all of which may
be necessary or occur in the foreseeable future:
- As an AIM listed vehicle traditional equity financing can be
undertaken to raise additional sums where considered necessary.
- Through the exercise of financing and transactional warrants or
the exercise of director, team member or adviser options (see Table 1 below
for a full breakdown of all warrants and options outstanding as at
31/03/2022). If exercised in full, this will bring in £8,232,573 additional
cash into the Company (£9,232,573 if Thor Mining plc exercise their 4p
warrants within 12 months and exercise replacement warrants at an exercise
price of 8p).
- In addition to the above, the Company will benefit from the
planned listing of four pre-IPO vehicles as outlined above which will, if
successful and in line with expected valuations on listing, add considerably
to overall Power Metal asset value.
- It is anticipated that further value generative events may occur
including additional spin-outs into new listed vehicles and outright disposal
of certain business interests.
Audit and Compliance Power Metal with the support of One Advisory, completed the audit work with
auditors PKF, and the financial results for the year ended 30 September 2021
were published on 3 March 2022.
The Company will now work with One Advisory to finalise its financial results
for the half year to 31 March 2022, an announcement of which must be made to
the market by 30 June 2022 but is expected sometime before.
Power Metal has launched a new environmental, social and governance ("ESG")
initiative which will include:
- Appointment of an ESG Officer for Power Metal and all associated
companies.
- Design, implementation of new and wide ranging ESG policies
across the Company and embedded at local project or investment level for all
Company activities.
Training of all staff members to develop Company-wide core ESG understanding,
with in-depth training where required to maintain optimal ESG capability at
all levels
Table 1: Power Metal Resources plc - Share Warrants and Options Outstanding at
31/03/2022
Instrument Type Note Number Exercise Price Expiry Month Amount Raised for POW on Exercise Instrument
Total
Financing Warrants
Dec 19 Financing Warrants - POW Director Held 11,250,000 0.7p Jun-22 £78,750
July 20 Financing Warrants - POW Director Held 27,500,000 0.75p Jul-22 £206,250
July 20 Financing Warrants - General Holders 65,706,079 0.75p Jul-22 £492,796
Nov 21 Financing Warrants - General Holders 66,000,000 3.5p Dec-23 £2,310,000 £3,087,796
Transaction Warrants
Alamo Gold Project Aquisition 15,500,000 1p Jul-23 £155,000
Silver Peak Acquisition (Signing) 9,000,000 1.75p Sep-23 £157,500
Silver Peak Acquisition (Earn-In Complete) 2,568,641 2.89p Mar-24 £74,263
Garfield & Stonewall Acquisitions 2,250,000 3.75p Jun-23 £84,375
First Development Resources Acquisition 13,333,333 4.5p Oct-24 £600,000
First Development Resources Acquisition 10,000,000 5p Oct-24 £500,000
Pilot Mountain Acquisition (1) 12,500,000 4p Oct-24 £500,000
Kanye Resources Earn-in 5,000,000 5p Jul-23 £250,000 £2,321,138
Management, Staff, Consultant & Advisor Options
Advisor/Consultant Options 15,000,000 2p Jul-23 £300,000
POW Team Options 25,000,000 3.25p Jul-24 £812,500
Director Options: 1,000,000 5.0p Jul-23 £50,000
13,613,929 1p May-22 £136,139
15,000,000 1p Feb-23 £150,000
20,000,000 2p Jul-23 £400,000
10,000,000 3.25p Jul-24 £325,000
20,000,000 3.25p Aug-24 £650,000 £2,823,639
Totals 360,221,982 £8,232,573
Notes:
(1) - If exercised within 1 year replacement warrants issued at 8p exercise
price
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and
approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a
qualified geologist and acts as the Competent Person under the AIM Rules -
Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal
consultant working for Mining Analyst Consulting Ltd which has been retained
by Power Metal Resources PLC to provide technical support.
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.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway, with results
awaited, as outlined below:
Project Location POW % Work Completed or Underway Results Awaited
Alamo Gold Project USA Earn-in to 75% Excavation of multiple test pits and mapping & sampling. Field and assay results from on-site work programme.
Athabasca Uranium Canada 100% Data compilation across uranium properties Interpretation results from 2 of 7 properties.
Authier North Lithium Canada Earn-in to 100% Soil & rock sampling completed Technical Review of exploration results & define next exploration steps.
Ditau Project Botswana 50% Drill programme focused on key targets notably drilling of potential Field updates and receipt & review of laboratory assay results.
carbonatites and targeting rare-earth elements.
Kalahari Copper Belt Botswana 50% Exploration programme underway across the South Ghanzi Project and further Field programme findings and defined drill targets for near term drilling.
exploration at the more recently acquired South Ghanzi Extension and Mamuno
licence areas
Molopo Farms Botswana 53% Review of recent exploration findings. Determine next exploration steps and action plan.
Haneti Project Tanzania 35% Diamond drill programme completed Receipt & review of laboratory assay results.
Victoria Goldfields Australia 49.9% Diamond drill programme underway Field updates and receipt & review of laboratory assay results.
Paterson Projects Australia 83.33% Wallal passive seismic and 2D seismic processing work programme completed. Findings from multiple work programmes including final approvals and
preparations for planned deep diamond drilling.
Review of historical data and target generation for Ripon Hills & Braeside
West projects.
Selta Project Australia 83.33% Field reconnaissance work now underway, including mapping and sampling. Field updates.
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. END UPDUPUGUCUPPGPQRecent news on Power Metal Resources
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Announcement