REG - Power Metal Res. - Agreement with Alara Resources & Awtad Copper

Power Metal ResourcesAnnouncement

08/10/2024 15:00

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RNS Number : 4061H  Power Metal Resources PLC  08 October 2024

8 October 2024

Power Metal Resources PLC

("Power Metal" or the "Company")

Agreement with Alara Resources & Awtad Copper

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed
exploration company with a global project portfolio, and its majority held
subsidiary Power Arabia Ltd ("Power Arabia"), announced on 11 September 2024
the signature of a non-binding Heads of Terms ("HoT") with Alara Resources
Limited ("Alara") and Awtad Copper LLC ("Awtad Copper") for Power Metal to
spend up to US$740,000 from the date of execution of a legally binding
agreement to earn a 12.5% stake in the Block 8 concession in Oman ("Block 8"),
(the "Proposed Agreement").

The finalisation and signature of a formal and legally binding agreement
containing the full terms and conditions of the Proposed Agreement is in final
review by both parties and is expected to be signed in the coming days.
However, there can be no certainty that a legally binding agreement will be
completed.

 

 

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 LLP (Nomad and Joint Broker)
 Ewan Leggat/Caroline Rowe                                                       +44 (0) 20 3470 0470

 Tamesis Partners LLP (Joint Broker)
 Richard Greenfield/Charlie Bendon                                               +44 (0) 20 3882 2868

 BlytheRay (PR Advisors)

 Tim Blythe/Megan Ray/Alastair Roberts                                           +44 (0) 20 7138 3204

 

NOTES TO EDITORS

Power Metal Resources plc (AIM:POW,OTCQB:POWMF) is a London-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, Saudi Arabia 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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