REG - Power Metal Res. - Haneti Project Review

Power Metal ResourcesAnnouncement

18/03/2025 07:15

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RNS Number : 0944B  Power Metal Resources PLC  18 March 2025

18 March 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

Haneti Project Review

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed
exploration company with a global project portfolio, notes the announcement by
Katoro Gold PLC ("Katoro") of their decision to cease further investment in
the Haneti Project ("Haneti").

Currently, Katoro owns 65% of the Haneti Project, with Power Metal owning the
remaining 35%.

The Board of Power Metal concurs with Katoro that the extensive technical
review undertaken by Katoro does not indicate sufficient prospectivity at
Haneti and therefore does not support further capital expenditure.

Sean Wade, Chief Executive Officer of Power Metal Resources said:

"As a Board, we are sharply focused on shareholder value and maximising the
return on our investments.

"We do not feel that a sufficiently compelling opportunity exists at Haneti
and have therefore decided to exit from the investment.

"We continue to examine to portfolio closely and will not be afraid to take
similar decisions elsewhere at the appropriate time."

 

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/Jen Clarke                                                          +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.

 

 

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