For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221018:nRSR3025Da&default-theme=true
RNS Number : 3025D Power Metal Resources PLC 18 October 2022
18 October 2022
Power Metal Resources plc
("Power Metal" or the "Company")
Quarterly Business Update
Power Metal Resources PLC (LON:POW) the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
announces the quarterly business update for shareholders.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
"The Power Metal business is positioned exactly where we want it to be, which
is in readiness for a resurgent commodity and junior exploration climate.
However, we are not merely waiting for more upbeat conditions to return.
Instead, we are building towards the goal of making major mineral discoveries
alongside corporate value generation which includes spin-outs and other
crystallisation events, that of themselves may build the value of the Company
substantially.
We are actively drilling high priority exploration targets at Molopo Farms in
Botswana where we are targeting a major mineral discovery or discoveries, with
the first hole well underway and progressing well. We also await impending
drill programme assay results from our Tati gold project in Botswana and
sampling assay results from our uranium work programmes at certain of our
Athabasca Basin focussed projects in Canada.
I appreciate investors are keen for further exploration updates and we look
forward to releasing additional information, which we will do at the earliest
opportunity.
Our work continues and as I have said before and will say again, my thanks to
our amazing team within the business and externally to our corporate advisers
and in-country operational teams for their unstinting support."
HIGHLIGHTS SINCE OUR LAST QUARTERLY REPORT OF 27 JULY 2022:
§ Diamond drill programme commenced at the Molopo Farms Complex project
("Molopo Farms") located in Botswana. The 2,600m programme is underway with
the latest update from site prior to preparation of this report confirming
progress of the first hole, DDH1-6B, to a depth of ~450m and drilling is
continuing.
§ Geophysical work completed led to the identification of three Power Metal
designated high-priority (A+) geophysical conductors at Molopo Farms, all of
which will be drilled during the ongoing campaign.
§ Ground exploration including field mapping and sampling successfully
completed across three of our Athabasca Basin focused uranium properties
located in Saskatchewan, Canada. Assay results are awaited. Additionally, we
announced the considerable expansion of our uranium portfolio to a total of 12
properties, as well as the conditional disposal of the Reitenbach property.
§ Reverse circulation (RC) drilling completed successfully at our Tati Gold
project located in Botswana, where we are targeting high-grade near surface
gold, with 490m drilled in 9 holes, all of which intersected targeted quartz
reef structures.
§ Listing of First Class Metals PLC, in which Power Metal has a 27.91%
interest and that holding is currently valued at c.£2.6m.
§ Golden Metal Resources PLC ("GMT") advanced to readiness for listing in
London, ground exploration successfully completed at two of GMT's 4 Nevada
projects and multiple initiatives underway with various third parties.
§ First Development Resources PLC ("FDR") has completed a large proportion of
pre-IPO listing workstreams, advanced technical work across its portfolio and
completed a detailed field trip including field-based Heritage Survey work at
the Wallal Project in Western Australia.
§ New Ballarat Gold Corporation PLC ("NBGC") has advanced its Victoria
Goldfields interests with two former high-grade producing gold mines now
included in the portfolio and where drilling is planned for later in the year.
§ Various exploration and corporate initiatives underway to seek advancement
of wider portfolio interests including Silver Peak, Authier North, Haneti and
Wilan projects.
§ New non-executive director, Owain Morton, appointed 10 October 2022,
bringing geological and mine engineering expertise to the Power Metal board.
§ £1.08m financing undertaken in early September with current cash and
listed investments of £4.4m as at the date of this report.
GUIDANCE FOR READERS
The tables below include the latest position of each project and our near-term
plans, with projects grouped in the categories of Priority Exploration,
Project Disposal or IPO Process Underway, and Projects with Next Steps Under
Consideration. Below the project tables additional information is provided
covering New Opportunities and updates regarding
Management/Financial/Compliance.
For additional information please review Power Metal's corporate website and
presentation which are regularly updated and are available through the
following links:
Website: www.powermetalresources.com (http://www.powermetalresources.com)
Corporate Presentation: https://www.powermetalresources.com/presentation/
(https://www.powermetalresources.com/presentation/)
PRIORITY EXPLORATION PROJECTS
Project Latest Position & Forward Plans
Athabasca Uranium
Saskatchewan, Canada Power Metal currently holds 12 properties covering 829.58km(2) within and
surrounding the prolific Athabasca Basin, including a number of new property
(Uranium) acquisitions and additional staked ground, secured in the last quarter.
POW 100%
Detailed data compilation has been completed and external datarooms opened for
third parties in respect of the Athabasca properties.
The conditional disposal of one property, Reitenbach, was announced in August
2022, and work is in process to complete that transaction through a listing on
the London capital markets for the proposed holding vehicle, Teathers
Financial PLC, to be renamed Uranium Energy Exploration PLC.
A detailed update was announced in September 2022 covering a recently
completed exploration programme covering Tait Hill, Thibault Lake and
Clearwater and the launch of hyperspectral remote sensing review work at Cook
Lake and E-12 properties. The update also included the expansion of the Tait
Hill property and the staking of a new property Badger Lake, which followed on
from the newly staked strategic Durrant Lake property, announced earlier in
September.
Assay results from samples collected during recent ground exploration are
awaited and extensive exploration work will continue across the Company's
Athabasca portfolio, where we believe we will see a direct line between
investment and a material increase in the valuation of properties.
Molopo Farms Complex Project Power Metal secured a conditional agreement to acquire an additional 58.7% of
shares in project partner Kalahari Key Mineral Exploration Pty Limited
Botswana ("KKME") as announced on 18 May 2022:
(Nickel - Copper - Platinum Group Element) https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
(https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701)
POW: Effective Economic Interest is currently 52.6% increasing to 87.71%
subject to completion of the KKME shares acquisition & restructuring This acquisition, conditional on receipt of in country regulatory approval,
announced 18.5.22. will see Power Metal holding 87.71% of KKME which will hold 100% of the Molopo
Farms Complex Project ("Molopo Farms"). At Molopo Farms, Power Metal is
targeting large-scale nickel-copper-PGE mineralisation.
KKME and Power Metal, working with advisers in Botswana, have prepared and
submitted relevant documentation to the local authorities with regard to the
approvals required to complete the aforementioned transaction.
In early August 2022, Power Metal announced the commencement of two moving
loop electromagnetic ("MLEM") surveys over two target areas related to the
previous 2020/2021 drill programme drillholes K1-6 and K1-14.
Later in August, the Company announced that the geophysical survey work had
identified a large shallow dipping geophysical conductor, which drillhole K1-6
had intersected at its edge at a similar stratigraphic level to
nickel-sulphide mineralisation identified from core review and assays from
drillhole K1-6.
Following receipt of the survey results, accelerated plans were announced for
follow up diamond drilling, the first drill programme operated and managed by
Power Metal. The drill rig was mobilised 8 September 2022, with drilling
commencing on 21 September at the first drillhole DDH1-6B targeting the core
of the T1-6 conductor.
The latest update from site prior to preparation of this report saw the
DDH1-6B drill progress at a depth of ~450m. Drilling is continuing and
this hole currently has an expected total depth of 600m.
The Company's Exploration Manager, Oliver Friesen, together with Roger Key
(original founder of KKME), have attended site to meet with the local
operational team and review operations, and further members of the Power Metal
team are expected to attend site during the coming weeks.
Overall, the drill programme will include 5 or 6 holes for a total of 2,600m
of diamond drilling, and will include two drillholes into target T1-6, located
approximately 530m and 830m south of original hole K1-6, both designed to
intersect the core of the geophysical conductor target.
Follow up geophysical work, including further analysis of historical airborne
electromagnetic survey data enabled the estimation of the T1-6 conductor
dimensions to have a strike length of 2,600m and a down dip extent of 1,000m.
Further MLEM surveys were completed over targets T1-14, T2-3 and T1-3.
Target T2-3 was shown to host a large geophysical conductor open in all
directions which was coincident with a magnetic body identified by a
historical airborne magnetic survey. These historical results showed that the
magnetic body coincident with the newly identified geophysical conductor was
shown to extend for approximately 12km in an east-west direction.
Targets T1-6 and T2-3 have been designated high-priority A+ status, along with
T1-3 where a further large geophysical conductor has been identified. All
three high-priority Company designated A+ targets are expected to be drilled
as part of the ongoing drill programme.
A further Company designated priority B target has been established at T1-14
and five further airborne EM targets (T1-2, 1-4, 1-5, 1-10 & 1-11) have
been upgraded and are now designated as priority airborne conductors where
follow up work is being considered.
Power Metal raised £1.08m in September 2022 to provide additional capital in
support of the Molopo Farms Complex drill programme and a potential expansion
of operations, as required.
Tati Project
Botswana In August 2022 Power Metal announced the commencement of RC drilling at the
Tati Gold Project, designed to test the along strike and down dip extension
(Gold - Nickel) of quartz reefs associated with the historical Cherished Hope gold mine.
POW: 100%
In early September the Company announced the completion of 490m of RC drilling
over 9 holes and the successful intersection of quartz reef in all holes
drilled, with multiple holes intersecting multiple sub-parallel quartz reef
structures.
Samples from the drilling have been sent for assay testing and the results are
awaited.
Assay results from sampling of the fines dumps (waste material from the
Cherished Hope mine) were also announced in early September confirming levels
of residual gold at a grade that supports potential processing.
Work is being undertaken to secure local approvals for processing and with
potential processing partners, enabling potential revenue generation which can
be reinvested into more extensive exploration at the Tati Project.
A project site visit has taken place at the Tati Project, led by the Company's
Exploration Manager Oliver Friesen. A further update from this site visit
and the findings is expected.
PROJECT DISPOSALS OR IPO PROCESSES UNDERWAY
Note: other project packages within the Power Metal portfolio are also in
earlier stages of disposal and/or spin-out preparations in addition to those
listed below.
Project Latest Position
Kanye Resources On 8 July 2022 Power Metal announced the conditional disposal of its Kanye
Resources interest to its joint-venture partner Kavango Resources plc
Conditional Disposal to Kavango Resources (LON:KAV)("Kavango").
The disposal is subject to the publication of a prospectus by Kavango
including provision for the transaction.
Full terms and disposal consideration payable to Power Metal may be viewed in
the announcement linked below:
https://www.londonstockexchange.com/news-article/POW/conditional-disposal-of-kanye-resources-interests/15532470
(https://www.londonstockexchange.com/news-article/POW/conditional-disposal-of-kanye-resources-interests/15532470)
On completion of the transaction Power Metal will receive consideration
including shares & warrants in Kavango and a net smelter royalty. The
shares element comprises 60m Kavango shares valued at £1.14m as at the date
of this report.
Kavango has announced multiple operational updates recently including the
commencement of drilling at Prospecting Licence PL 082 in the Kalahari Copper
Belt in Botswana (not part of the Kanye Resources joint venture), targeting a
large-scale copper-silver discovery or discoveries. Drilling under the joint
venture completed earlier in the year has identified the potential for an iron
oxide copper gold ore ("IOCG") system at the Ditau project, also in Botswana.
First Class Metals PLC (FCM) FCM secured a listing on the London Stock Exchange in late July 2022 with
Power Metal holding a current interest of 27.91%, worth circa £2.6m as at the
Schreiber-Hemlo, Ontario, Canada date of this report.
(Gold - Base Metals) Since listing FCM have announced a massive sulphide discovery, high-grade
nickel assays and a new acquisition with an associated £1.08m financing.
POW 27.91%
Going forward FCM will now be recognised in the listed investments held by
Power Metal and covered within the Management - Financial - Compliance section
below.
Golden Metal Resources PLC (GMT) GMT produced an operational update in August 2022, confirming the completion
of an Induced Polarisation ("IP") survey at the Pilot Mountain Project and
Nevada, USA completion of a high-resolution soil geochemical survey at the Garfield
Project.
Gold - Base Metals
Both surveys are expected to deliver an enhanced understanding of the
POW 83.13% additional prospectivity across the two projects and notably, to highlight new
target areas for future exploration.
Pre-IPO work for GMT is essentially complete, with some ongoing work to keep
the listing documentation up to date and in a state of preparedness for
listing. GMT is seeking to list at the earliest opportunity.
GMT continues to work on the development of relationships in the USA, and
elsewhere, which may potentially lead to grants, direct project investment,
corporate investment and liaison from potential downstream users of tungsten,
being the primary commodity from the flagship Pilot Mountain Project.
Since commencement of listing preparations, in our view, the inherent value of
GMT's interests led by the flagship Pilot Mountain Project, has increased.
Tungsten is a critical mineral per the United States Geological Survey, and
currently there is increasing interest in homeland security in the USA for
critical minerals. Global tensions have further increased the urgency for
that critical mineral security and Pilot Mountain, which hosts one of the
largest known undeveloped tungsten deposits located within the USA, could play
an important part.
The IPO listing, which could be triggered at any time going forward, will
enable GMT to move forward at pace with advanced exploration including planned
drilling at Pilot Mountain.
First Development Resources Ltd (FDR) FDR published a full company update in late July 2022 providing the latest
corporate and geological developments across its Western Australia and
Western Australia /Northern Territory Northern Territory interests. The highlights of which included:
(Gold - Copper - Rare Earth Elements - Uranium - Lithium) · The appointment of DDH1 Drilling Limited to undertake the Phase I
diamond core drilling programme at the Wallal Project in the Paterson to
POW: 62.12% target the eastern magnetic bullseye anomaly identified during the in-depth
desktop review. The Heritage Clearance Survey required to facilitate the
drilling works was undertaken in September 2022.
· The finalisation of the desktop review of Braeside West and Ripon
Hills projects in the Eastern Pilbara. The review identified multiple mineral
targets in both the project areas which are similar to the gold and base-metal
mineral deposits and occurrences located within the Rumble Resources Ltd,
Braeside Project situated to the east.
· Reconnaissance at the Selta Project in the Northern Territory
confirmed the presence of pegmatites. Litho-geochemical analysis of samples
recovered suggests the area is dominated by a zoned pegmatite system
originating from nearby granites and supports the lithium and rare-earth
element prospectivity of the region.
A follow up field visit was conducted in August/September 2022, which included
all projects held by FDR.
Extensive exploration targets have been identified across all FDR properties
with further work ongoing to refine post listing exploration plans across the
entire portfolio.
Pre-IPO work streams continue, with a significant proportion of work now
undertaken.
New Ballarat Gold Corporation PLC (NBCG) Through its Australian operating subsidiary, Red Rock Australasia Pty Ltd,
NBGC has a substantial licence footprint within the Victoria Goldfields,
Victoria, Australia Australia, which is comprised of 15 granted exploration licences covering
1,835km(2) and 5 licence applications covering 493km(2).
(Gold)
The portfolio of interests includes the substantial licence footprint above,
POW: 49.9% 50.1% JV Partner Red Rock Resources PLC LON:RRR) and within it, two former high-grade working mines (Ajax and Berringa) where
our technical team believe a considerable, and potentially high-grade, gold
endowment remains.
In August we published the exploration target for Berringa, with a median
target range of 246,812 ounces of gold and an upper target of 853,037 ounces.
This followed on from the announcement of the conditional acquisition of
Berringa in July 2022, when we published a risk weighted exploration target of
697,000 ounces of gold.
The completion of the Berringa acquisition was announced in September 2022,
and we are now working with the local team to finalise drill plans across both
properties with a view to drilling commencing in 2022. It is noted the
licence containing Berringa is subject to renewal in November 2022.
In parallel, steps are being taken to move the IPO preparatory process
forward. With the newly generated dual model of near-term production
potential from former high-grade producing gold mines and a large blue-sky
exploration footprint, together with appropriate ownership structures and
management team, we believe NBGC will represent a compelling investment
opportunity.
PROJECTS WITH NEXT STEPS UNDER CONSIDERATION
Project Latest Position & Key Forward Events
Alamo Gold Project
Arizona, USA Following the receipt and review of various technical reports for the Alamo
Gold Project in Arizona the Company has decided not to continue with the
(Gold) project in its current form.
POW: Earn-in to 75%
Recent significant positive developments across the Power Metal business
compel us to focus our time and resources on only the most prospective and
potentially value generative opportunities.
There are alternative options at the project and we have confirmed to our
partners in-country that we would be willing to look at alternative
approaches.
Authier North
Quebec, Canada In July 2022 Power Metal decided to proceed into year 2 of the earn-in to a
100% interest in Authier North following completion and review of a Property
(Lithium) Evaluation Report by Canada-based lithium geologist.
POW earn-in to 100%
Ground exploration plans have been finalised however the Company has
concentrated recently on the advancement of the Molopo Farms Complex project
in Botswana, the Tati Gold project in Botswana and the commercial &
exploration based advancement of the Company's Athabasca uranium interests.
It is expected that the ground exploration programme will be undertaken in
Spring 2023 and in the interim, the Company is considering the commercial
options for the project.
Wilan Project The Wilan Project (previous name Gawler Project) is held within Power Metal
Resources Australia Pty Limited ("Power Australia"), Power Metal's wholly
South Australia owned operating subsidiary company. The Wilan Project was originally comprised
of two licence applications (submitted October 2021 and covering 1,994km(2)).
(Gold, Copper)
One licence application (ELA2021/00163), covering 999km(2), was formally
POW: 100% granted in August 2022 under the new licence reference EL6819. Internal
technical work by Power Metal confirmed a potential Iron-Oxide-Copper-Gold
("IOCG") target within the EL6819 licence footprint which is under further
investigation.
In addition, Power Australia has been advised that the Department of Energy
and Mining ("DEM") proposed granting of licence application ELA2021/00162
(995km(2)) for a period of 6 years. The initial expenditure commitment for
the licence is AUD$100,000 in total over 2 years, and Power Metal has paid
AUD$23,465 in respect of first year rent and administration fees to the DEM.
The Company now awaits final regulatory sign-off and release of granted
licence documentation.
Internal technical review by Power Metal has established potential diamond and
uranium exploration targets within the licence footprint for ELA2021/00162.
These targets are the subject of ongoing review.
Haneti Project
Tanzania Power Metal is currently in discussions with joint venture partner Katoro Gold
(LON:KAT) to determine the future of the Haneti Project.
(Polymetallic)
POW: 35% (65% JV Partner Katoro Gold plc LON:KAT)
The Company remains of the view that Haneti offers considerable potential,
with a commitment to proactive and methodical exploration.
The exploration programme to be undertaken needs to recognise the scale of the
geological footprint and associated challenges of identifying economic
deposits under cover, something Power Metal is increasingly focused on.
Silver Peak Project
British Columbia, Canada A planned site visit and evaluation was undertaken in August 2022. Follow
on work is appropriate though as of yet unplanned; the findings from the visit
(Silver) have confirmed the significant high grade silver potential of the project.
POW: 30%
Following the Silver Peak site visit the Company is now in active discussions
with our project partners to create a valuable commercial outcome, with the
goal to finalise this outcome at the earliest opportunity.
NEW OPPORTUNITIES
Project Latest Position
Power Metal Resources plc The primary acquisition focus for the foreseeable future is on further uranium
projects as has been demonstrated with the recent expansion of the Company's
existing Athabasca Basin focused uranium portfolio.
Outside uranium, Power Metal will only engage with exceptional acquisitions
which complement the existing portfolio.
Should the Company's drill programme at Molopo Farms in Botswana prove
successful and recognising the significance of that project, there will be an
immediate cessation in the review of any new opportunities. This would allow
the Company to devote more managerial & technical time as well as
financial resources to that project.
Power Capital Investments Limited Power Capital Investments ("Power Capital") has to date reviewed a number of
opportunities for the investment in and advancement of new project
Global Resource Project Incubator opportunities.
(Multi-Commodity) The aim is for Power Capital to be a leading new project finder, attracting
external capital for its own operations and run by its own dedicated team
POW: 100% under the umbrella of Power Metal.
MANAGEMENT - FINANCIAL - COMPLIANCE
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
Owain Morton - Non-executive Director
Owain Morton joined the board of Power Metal on 10 October 2022, bringing
geological and mine engineering expertise onto the Board.
Power Metal is seeking to add further board members and has been liaising with
various candidates in this regard. The Company also remains active reviewing
new board members for spin-out and associated vehicles.
Management and Team Power Metal has built a strong operational team which along with the board now
comprises eleven team members based out of our UK office.
We work extensively overseas and have developed equally strong operational
partnerships in countries around the world, forming an efficient and cost
effective hub-and-spoke operational model.
Power Metal is actively seeking to bring new team members in to support the
growth in business and we continue to invite talented individuals from all
backgrounds who feel they can contribute to our work to reach out and contact
us through the following link:
https://www.powermetalresources.com/join-us/
(https://www.powermetalresources.com/join-us/)
The Company has received many emails from potential new team members and
retains details of all to enable a rapid acceleration of operations where and
when required.
Where possible the Company has sought to incentivise all team members and
external advisers & consultants with exposure to equity upside. This was
further advanced earlier this month with the creation of a pool of 25m
warrants for external advisers and consultants ("Adviser Warrants"). The
Adviser Warrants carry an exercise price of 3.25p, a life to expiry of 3 years
and a condition that the volume weighted average share price ("VWAP") of the
Company must exceed 5.0p for ten consecutive days prior to exercise. Adviser
Warrants may be accelerated or cancelled by the Company should the VWAP exceed
10.0p for five consecutive days.
Financial Position Cash and Listed Investments
Current cash and listed investments as at the date of this report amount to
£4.4m.
Pre-IPO Vehicles
Power Metal has holdings in three current vehicles undertaking a planned IPO
including:
- Golden Metal Resources (Nevada, USA)
- First Development Resources (WA and NT, Australia)
- Uranium Energy Corporation (Saskatchewan, Canada)
Based on the most recent financings undertaken for each of the above vehicles
the total value Power Metal's holdings in the above vehicles amounts to
£6.25m.
In addition, Power Metal is seeking with JV partners (Red Rock Resources PLC)
to undertake a listing of NBGC, the valuation of which is not confirmed at the
current time.
The listing of further project packages may be undertaken which will be
incorporated into the above list as appropriate.
Project Investments & Intercompany Loans
As at 30 September 2022 Power Metal's remaining assets comprising project
investments and intercompany loans, amounted to £4.5m.
Future Financing Sources
The Company has multiple sources of potential additional financing:
- As an AIM listed vehicle traditional equity financing can be
undertaken to raise additional sums where considered necessary as demonstrated
in September 2022 with the £1.08m financing undertaken.
- Through the exercise of financing and transactional warrants or
the exercise of director, team member or adviser options. A full breakdown of
all warrants and options outstanding is available on the Company's website
through the following link:
https://www.powermetalresources.com/warrants-options-outstanding/
(https://www.powermetalresources.com/warrants-options-outstanding/)
- In addition to the above, the Company will benefit from the
planned listings of the 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. This was recently demonstrated with the
IPO of FCM which now carries a value of £2.6m for Power Metal's holding.
- 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. One item currently in process is the disposal
of the Kanye Resources interest highlighted above, from which consideration
payable to Power Metal includes 60m Kavango shares currently valued at
£1.14m.
Audit and Compliance The Company's year end is 30 September 2022 and it is expected that the
audited financial accounts for the full year will be published in February
2023.
Power Metal is now well advanced with preparation of a new environmental,
social and governance ("ESG") initiative which will be launched by the end of
December 2022.
The Company is also updating its Financial Position and Prospects Procedures
("FPPP") which is an underlying governance document. This work will be
completed by the end of December 2022 and this will be included in the updated
year end Corporate Governance Statement, covered in the audited financial
accounts and on the Company's website in Q1 2023.
The above ESG and FPPP initiatives are being managed by Jamie Tosh, Power
Metal's Commercial Operations Manager, and who holds a Diploma in Corporate
Governance from the UK Corporate Governance Institute.
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 multiple internal exploration programmes completed or
underway, with results awaited. The status for each of the Company's
priority exploration projects is outlined in the table below.
Project Location Current Work Completed or Underway Results Awaited
POW %
Athabasca Uranium Canada 100% Ground exploration programme complete at 3 properties. Preliminary planning Assay results from samples collected during fieldwork.
for work in Spring/Summer 2023 is ongoing.
Molopo Farms Botswana c.53%(#) T1-6 conductor target drilling underway and MLEM surveys over T1-6, T1-14, Drill programme updates and findings from further MLEM survey work.
T1-3 and T2-3 completed. Further MLEM surveys planned over additional AEM
targets identified.
Tati Project Botswana 100% RC drilling and sampling of mine dumps complete. Review of mine dumps sampling and assay results from RC drill programme.
(#) subject to completion of acquisition announced 18.5.22 interest will
increase to 87.71%
Exploration work programmes may also be underway within Power Metal investee
companies and 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. These interests are summarised in the table below:
Company Status/Operations Link
First Class Metals PLC Investment - POW 27.91% www.firstclassmetalsplc.com (http://www.firstclassmetalsplc.com)
Exploration in the Schreiber-Hemlo region of Ontario, Canada
First Development Resources PLC Planned IPO - POW 62.12% www.firstdevelopmentresources.com (http://www.firstdevelopmentresources.com)
Exploration in Western Australia and the Northern Territory of Australia
Golden Metal Resources PLC Planned IPO - POW 83.13% www.goldenmetalresources.com (http://www.goldenmetalresources.com)
Exploration and development in Nevada, USA
Kavango Resources PLC Investment - POW 14.03% (subject to completion of Kanye Resources disposal www.kavangoresources.com (http://www.kavangoresources.com)
announced 8.7.22)
Exploration in Botswana
New Ballarat Gold PLC Planned IPO - POW 49.9% A new website is currently in development which will be found at
www.newballaratgoldcorp.com (http://www.newballaratgoldcorp.com) .
Exploration in the Victoria Goldfields of Australia
In the interim further information in respect of NBGC can be found at:
https://www.powermetalresources.com/project/victoria-goldfields/
(https://www.powermetalresources.com/project/victoria-goldfields/) .
Uranium Energy Exploration PLC Planned IPO - POW on listing estimated 40-55% www.uraniumenergyexploration.com (http://www.uraniumenergyexploration.com)
Uranium exploration in the Athabasca region of Canada
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 UPDDZMMGFRRGZZM