REG - Power Metal Res. - Interim Results
29/09/2025 09:00
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RNS Number : 1920B Power Metal Resources PLC 29 September 2025
29 September 2025
Power Metal Resources plc
("POW", "Power Metal" or the "Company")
Interim Results
Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed natural
resources exploration company and project incubator with a global project
portfolio, announces its unaudited interim results for the six-month period
ended 30 June 2025 (the "period"), for the Company and its subsidiaries
(together the "Group").
KEY DEVELOPMENTS IN THE HALF YEAR TO 30 JUNE 2025
- Block 8 Oman: Exploration work was conducted by Power Arabia Limited
("Power Arabia") across the Block 8 exploration concession in Oman ("Block
8"), focusing on the Al Maider and Al Mansur prospects, which both have the
potential to host significant mineralisation.
o At the Al Maider Prospect, assay results from an initial 13 rock and float
samples returned significant results of 4.46% and 1.75% copper and further
rock chip sampling returned results of up to 7.84% copper, supporting the
prospectivity of the target.
o At the Al Mansur Prospect, gravimetric geophysics ("Gravity") survey work
defined five anomalies, with in-fill Gravity work further defining two targets
for additional workstreams, subsequently named AM1 and AM2.
- Uranium Joint Venture: During the period, significant progress was
made at a number of properties that constitute Power Metal's uranium-focused
joint venture (the "Joint Venture" or "JV") with UCAM Ltd ("UCAM"), known as
Fermi Exploration ("Fermi"), which comprises POW's entire portfolio of uranium
licences:
o Tait Hill: Significant intrusion-related uranium target - the Antler Zone
- identified at the property. Rock samples taken from the Antler Zone returned
Tait Hill's highest uranium values to dates, including 1.68% uranium in
pegmatite.
o Fortin River: Project acquired in February by mineral staking. Preliminary
geophysical results indicate the presence of a significant uranium target.
o Reitenbach: Property expanded by 27.5% by direct mineral claim staking.
Geophysical surveys and fieldwork reveal promising targets. Small field
programme commissioned to refine and narrow the prospective area for future
work.
o Drake Lake-Silas: Drill targets established targeting Iron Oxide Copper
Gold ("IOCG") mineralisation. Diamond drilling programme initiated and
completed post-period. Further magnetic and electromagnetic geophysical
surveys and geochemical sampling commissioned to support drill targeting.
o Perch River: Permits received and rig mobilised for seven to eight-hole
diamond drilling programme to test a coincident electromagnetic conductor and
previously identified radon/soil geochemical anomaly. Programme was initiated
and completed post-period.
o Badger Lake: Diamond drilling programme was designed following
comprehensive exploration studies, including geophysical, geochemical, and
surficial studies. A 2,400 metre ("m") diamond core drilling programme was
planned following the receipt of permitting.
- Guardian Metal Resources: In February, an agreement was reached
in principle between the Company and UCAM wherein UCAM would purchase
29,758,334 shares in Guardian Metal Resources ("GMET"), and warrants granted
over 986,352 ordinary shares in GMET of £0.01 each, for a total cash
consideration of £9,225,083.91. The sale was completed realising over £9.2
million in cash proceeds.
KEY DEVELOPMENTS POST-PERIOD
- Block 8 Oman: Post-period, a Gravity survey was completed over
the Al Mansur Prospect, further defining two strong anomalies - AM1 and AM2 -
peaking at 0.56 milligal ("mGal") of contrast and providing close to 700 m
of highly anomalous target strike length combined. Maiden reconnaissance
diamond core drilling programme has now commenced with an initial nine drill
holes planned to test targets identified by earlier exploration work.
- Uranium Joint Venture: Over the summer of 2025, Fermi advanced
several projects across its portfolio through extensive diamond drilling
programmes, delivering strong technical progress:
o Drake Lake-Silas: Seven-hole, 2,660 m diamond drilling programme was
completed. Two zones of mineralisation confirmed.
o Perch River: Six-hole, 1,563 m diamond drilling programme was completed,
successfully testing a target, an inferred shear structure, at depth.
o Badger Lake: Permit application is in progress to conduct mineral
exploration on the property. Testing planned on electromagnetic geophysical
and geochemical anomalies in the S-Zone.
o Fortin River: Radon and swamp bed sampling programme has been completed to
inform future exploration on the property.
o East Hawkrock: Drill programme is planned and due to commence in Q1 2026.
- Guardian Metal Resources: Following the partial disposal in
February 2025, Power Metal sold its remaining holding of 24,699,825 ordinary
shares in Guardian Metal Resources PLC post period-end, for a total cash
consideration of £13,584,904 before costs. This took the total funds received
to £22,809,988 before costs over the course of two disposals, a return of
11.8 times on an original investment of £1,935,275, validating the Company's
project incubator approach.
- First Development Resources: First Development Resources PLC
("FDR") commenced trading on AIM in July 2025, raising gross proceeds of £2.3
million as part of the admission. Power Metal holds 43.44% of FDR's issued
share capital, with the IPO serving as another post-period crystallisation
success.
- Minestarters: In early September 2025, Power Metal announced a
proposed investment of up to £3 million in Minestarters, an
institutional-grade, blockchain-enabled Decentralised Finance ("DeFi")
platform bringing real-world asset ("RWA") tokenisation to mining exploration,
for up to a 49 per cent stake. Minestarters plans to be the first DeFi
platform to offer investors regulated, compliant and transparent access to
mineral exploration and development, transforming mining finance.
FINANCIAL HIGHLIGHTS FOR THE HALF YEAR ENDED 30 JUNE 2025
- Profit for the period, attributable to owners of the parent of
£5.4 million (30 June 2024: £1.3 million loss), resulting in profit per
share of 4.71 pence (30 June 2024: 1.22 pence loss);
- Total assets of £31.07 million at the period end (31 December
2024: £28.71 million); and
- Net assets of £28.3 million at the period end (31 December
2024: £22.9 million).
Sean Wade, Chief Executive Officer of Power Metal commented: "It has been a
momentous year for Power Metal Resources thus far. During the period,
significant advancements were achieved by the Fermi Exploration team across
its suite of highly prospective uranium licences, delivering strong technical
progress and exceedingly encouraging results which have continued to highlight
the scale and diversity of the opportunity. We look forward to the advancement
of this exploration pipeline throughout the rest of the year, with further
drilling planned.
"Our Power Arabia subsidiary also enjoyed exploration success at its flagship
Block 8 project in Oman, returning positive results that further demonstrate
the potential for the project to host significant copper mineralisation. Power
Arabia is set to continue its drive to be one of the dominant exploration
leaders in the region, advancing a pipeline of exciting prospects with key
partners.
"Post period-end, we disposed of our remaining holding in GMET, realising
£22.81 million on our initial £1.94 million investment, an 11.8 times
return. This disposal, partnered with the IPO of First Development Resources,
in which we retain a significant stake, validates our project incubation model
in the strongest terms. These key crystallisation events will allow us to
pursue other business development opportunities.
"One such opportunity is the investment of up to £3 million in Minestarters,
an innovative decentralised finance platform bringing real-world asset
tokenisation to mining exploration. This transformative investment gives us
first-mover advantage in a US$200+ billion annual market, with a platform that
has the potential to scale rapidly and reshape mining finance.
"I would like to thank the teams from across the Group for their dedication
and hard work, and I look forward to updating shareholders on the development
of our investment opportunities and progress across our diversified portfolio
in the coming months."
POWER METAL INTERESTS AT TODAY'S DATE
The latest updated review of Power Metal's business interests is provided in
the Company's investor presentation which can be accessed here:
https://www.powermetalresources.com/investors/presentation/
(https://www.powermetalresources.com/investors/presentation/)
In addition, a single page Business Overview is provided for investors through
the following link:
https://www.powermetalresources.com/company/
(https://www.powermetalresources.com/company/)
LATEST POSITION OF POWER METAL INTERESTS AND TARGETED OBJECTIVES FOR 2025
Priority Exploration and Potential Exploration Project Joint Ventures
Exploration Interest Latest Position & Forward Plans
Fermi Exploration Power Metal, and its JV partner UCAM, currently hold 18 uranium properties
covering a total area of 111,125.74 hectares within and surrounding the
Northern Saskatchewan and Labrador, Canada prolific Athabasca Basin and Central Mineral Belt in Canada.
(Uranium) High impact exploration work was carried out at various properties across the
portfolio during H1 FY2025, showcasing its diversity, scale and prospectivity.
POW: 30% Future work programmes will continue across the portfolio with exploration
work looking to identify targets and design future drill programmes.
Molopo Farms Complex Project The cumulative exploration and diamond drilling programmes undertaken at
Molopo Farms have demonstrated significant potential for a major nickel -
Botswana platinum group element discovery or discoveries.
(Nickel - Copper - Platinum Group Element) The successful intersection at the high priority Target Area T1-14 confirms
the presence of the superconductor that was identified by multiple geophysical
POW: 87.70% surveys.
Significant sulphur assays of up to 3.46% were identified alongside a sample
which returned anomalous nickel of 0.128%.
The Company is looking to progress potential commercial pathways with a view
to moving the project to the next stage in its exploration programme.
Tati Project 2024 geochemical soil sampling assay results confirmed the presence of three
significant gold-in-soil geochemical anomalies of greater than 500ppb gold. Of
Botswana the 446 samples collected, 29 samples returned assay results of 100ppb gold or
above.
(Gold - Nickel)
The Cherished Hope anomaly identified in the geochemical soil sampling results
POW: 100% represents a significant extension zone trending southwest from the original
Cherished Hope historical mine workings. The two further anomalies show the
potential for a significantly larger anomalous gold-in-soil footprint.
Commercial discussions regarding the potential for small-scale mining at the
Cherished Hope Gold Mine are ongoing, in parallel with continuing exploration
work.
The Company entered into a Share Option Agreement between Power Metal, Tati
Greenstone Resources PTY LTD, held as a 100% owned subsidiary of Power Metal,
and Tuscan Holding PTY Ltd. Subject to exercise of the Option, Power Metal,
through TGR, will retain a 25% interest free carried to production in
Prospecting Licence 049/2022 (which covers the Cherished Hope Mine) and from
which it is intended that TGR will become a material dividend paying entity
from net cash flow generated from gold production. Power Metal will retain the
right to a 100% interest in other prospecting licences held by TGR.
Investment Holdings and Disposals Planned/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.
Business Interest Latest Position
First Development Resources plc ("FDR") FDR was admitted to trading on AIM in July 2025, with an initial market
capitalisation of £7.06 million. Power Metal retains a 43.44% interest in
Western Australia /Northern Territory FDR.
(Gold - Copper - Rare Earth Elements - Uranium - Lithium) FDR is seeking major mineral discoveries in Australia. The current portfolio
includes three copper-gold projects in the highly prospective Paterson
POW: 43.44% Province of Western Australia and a uranium and rare-earth element ("REE")
project in the mining friendly Northern Territory. FDR is actively looking to
expand its portfolio through the acquisition of early-stage exploration
projects in Australia.
A high-level geophysical and geographical information system-based desktop
study has been completed at the Selta Project. The study significantly
expanded the existing rare-earth element and lithium exploration target area
and generated new target areas. An exploration strategy for Selta is being
developed to systematically test the identified targets.
ION Battery Resources Ltd ("ION") ION is focused on early-stage exploration, seeking transformational metal
discoveries to supply the battery industry. ION has identified two possible
Canada target areas for lithium at Aurier North.
(Lithium)
POW: 100%
GSA Environmental "GSAe" GSAe is an engineering technology provider and process licensor which
specialises in the extraction of strategic metals from 'secondary sources',
UK including power station ash, refinery waste, titanium dioxide waste and spent
catalysts. In 2024, Power Metal completed the acquisition of 75% of the issued
POW: 75% share capital of GSAe.
Working with a state-owned company in Saudi Arabia, GSAe has progressed an
initial study to process fly ash, primarily for the extraction of vanadium and
nickel. It has successfully carried out numerous other studies and analyses in
collaboration with respected firms in the UK, Europe and Saudi Arabia.
Power Arabia Ltd Power Arabia Limited was established to encompass all of Power Metal's
activities across the Arabian Gulf.
Kingdom of Saudi Arabia
Conversations are progressing with investors, both from the Gulf and
POW: 82.3% internationally, who have indicated significant interest in a
regionally-focused investment vehicle.
A binding earn-in agreement has been signed with RIWAQ Al-Mawarid for Mining
("RIWAQ"), a special purpose subsidiary of EV Metals Group plc, focused on the
development of the Saudi supply chain for critical raw materials from the
exploration, mining and processing of minerals and metals.
RIWAQ is the sole beneficial owner and sole registered holder of 15 tenements
in the Balthaga Suite in the south of the Arabian Shield; 13 are considered
prospective for hard rock lithium, one for nickel sulphides, and one for a
copper/molybdenum porphyry system.
The Block 8 exploration concession in Oman is the subject of an agreement for
Power Metal to earn a 12.5% stake in the Project held by ASX listed Alara
Resources Limited ("Alara") and Awtad Copper LLC ("Awtad Copper"). The
exploration work, led and undertaken by the Power Arabia technical team,
commenced in October 2024 following the signing of a formal and legally
binding agreement.
Exploration work, including rock chip sampling, mapping and in-fill Gravity
surveying, has focused on two high priority prospects, the Al Maider Prospect
and the Al Mansur Prospect, which both have the potential to host significant
mineralisation.
The Company announced the signature of a Letter of Intent to enter into a
binding agreement with Al Masane Al Kobra Mining Company ("AMAK"), a Saudi
Arabian listed exploration and mining company, for Power Metal to spend
US$3,000,000 to earn a 49% stake in the Qatan exploration licence in southern
Saudi Arabia. However, the joint decision was made to not enter into a binding
agreement due to the parties not being able to reach mutually acceptable
terms. Power Metal affirms its continued readiness to explore future
partnership opportunities that contribute to supporting its growth and
strategic plans with AMAK in the near future.
Minestarters Minestarters proposes to establish an institutional-grade, blockchain-enabled
Decentralised Finance Tokenisation Platform which will offer compliant,
POW: 35% with option to increase to 49% liquid, and diversified investment into, and bridge the investment gap in,
early-stage mining ventures.
Minestarters tokens will give investors access to a curated portfolio of
global exploration and development projects. As these projects advance, the
Minestarters platform aims to capture and distribute their real-world value
growth, simultaneously benefitting investors whilst directing essential
funding to a pipeline of highly prospective mining assets.
Power Metal has acquired an initial 35 per cent in Minestarters for a £1
million share subscription in cash, with an option to increase its holding to
up to 49 per cent for a further £2 million share subscription in cash,
subject to milestone delivery. These milestones will include, but are not
limited to, the on-boarding of suitable mining partners and a listing of the
Minestarters tokens on a suitable token exchange. Minestarters will issue
tokens as soon as practicable.
Projects Disposed of / Activities Ceased
Project Latest Position & Key Forward Events
Guardian Metal Resources plc (LON:GMET) In February 2025, Power Metal disposed of 29,758,334 shares in GMET for a
total cash consideration of £9,225,083.91 before costs. In August 2025, POW
Nevada, USA disposed of its remaining holding in GMET of 24,699,825 shares, for a total
cash consideration of £13,584,904 before costs.
Gold - Base Metals
In total, £22,809,988 was received from the sale of shares in GMET, before
costs, representing an 11.8 times return on an original investment of
£1,935,275.
Haneti Project Power Metal, and its JV partner Katoro Gold PLC, ceased further investment in
the Haneti Project following a review which deemed that the Haneti Project
Tanzania demonstrated insufficient prospectivity.
(Polymetallic)
Silver Peak Project During the period, as part of a streamlining of its portfolio, Power Metal
disposed of its net 30% interest in the Silver Peak Project to its JV partner,
British Columbia, Canada Michael B Nugent, for a cash consideration.
(Silver)
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
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/Alastair Roberts +44 (0) 20 7138 3204
powermetalresources@blytheray.com
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, Oman 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 RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Note 6 months 6 months Period
ended ended ended
30-Jun-25 30-Jun-24 31-Dec-24
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue 45 32 200
Cost of sales (91) (1) (7)
Gross (loss)/profit (46) 31 193
Operating expenses (2,098) (2,778) (7,964)
Fair value gains through profit or loss 8,221 1,031 8,876
Profit/(loss) from operating activities 6,077 (1,716) 1,105
Other (expenses)/income (744) 385 3,101
Finance costs (112) (20) (221)
Share of post-tax losses of equity accounted joint ventures (33) (79) (123)
Profit/(loss) before taxation 5,188 (1,430) 3,862
Taxation 46 1 10
Profit/(loss) for the period from continuing operations 5,234 (1,429) 3,872
Items that will or may be reclassified to profit or loss:
Exchange translation (21) 7 (25)
Total other comprehensive (expense)/ income (21) 7 (25)
Total comprehensive expense for the period 5,213 (1,422) 3,847
Profit/(loss) for the period attributable to:
Owners of the parent 5,440 (1,333) 4,104
Non-controlling interests (206) (96) (232)
5,234 (1,429) 3,872
Total comprehensive loss attributable to:
Owners of the parent 5,416 (1,329) 4,078
Non-controlling interests (203) (93) (231)
5,213 (1,422) 3,847
Profit/(loss) per share from continuing operations attributable to the
ordinary equity holder of the parent:
Basic earnings per share (pence) 4 4.71 (1.22) 3.74
Diluted earnings per share (pence) 4 4.71 (1.22) 3.69
POWER METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
Note 30-Jun-25 31-Dec-24
(unaudited) (unaudited)
£'000 £'000
Assets
Exploration assets 5,251 4,916
Intangible assets 1,119 1,189
Investments in associates and joint ventures 4,209 4,242
Financial assets at fair value through profit or loss 832 884
Right of use asset 60 82
Property, plant & equipment 192 197
Non-current assets 11,663 11,510
Financial assets at fair value through profit or loss 14,099 15,859
Trade and other receivables 884 873
Inventories - 22
Cash and cash equivalents 4,421 446
Current assets 19,404 17,200
Total assets 31,067 28,710
Equity
Share capital 5 8,674 8,671
Share premium 29,442 29,258
Shares to be issued - 187
Capital redemption reserve 5 5
Share based payments reserve 4,089 3,934
Convertible loan reserve 96 71
Exchange reserve 53 77
Accumulated losses (14,732) (20,172)
Total 27,627 22,031
Non-controlling interests 693 896
Total equity 28,320 22,927
Liabilities
Trade and other payables 1,381 2,013
Current lease liabilities 35 37
Current borrowings 518 498
Current contingent consideration 325 89
Current liabilities 2,259 2,637
Non-current lease liabilities 24 41
Non-current borrowings - 2,414
Non-current contingent consideration 287 505
Provisions 6 6
Deferred tax 171 180
Non-current liabilities 488 3,146
Total liabilities 2,747 5,783
Total equity and liabilities 31,067 28,710
POWER METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Share capital Share premium Shares to be issued Capital redemption reserve £'000 Share based payment reserve Convertible loan reserve Exchange reserve Accumulated losses Total Non-controlling interests Total equity £'000
£'000
£'000
£'000
£'000
£'000 £'000 £'000 £'000 £'000
Balance as at 31 December 2024 (audited) 8,671 29,258 187 5 3,934 71 77 (20,172) 22,031 896 22,927
Profit/(loss) for the period - - - - - - - 5,440 5,440 (206) 5,234
Total other comprehensive (expense)/income - - - - - - (24) - (24) 3 (21)
Total comprehensive (loss)/profit for the period - - - - - - (24) 5,440 5,416 (203) 5,213
Issue of ordinary shares 3 184 (187) - - - - - - - -
Share based payments - - - - 155 - - - 155 - 155
Fair value gain on convertible loan note - - - - - 25 - - 25 - 25
3 184 (187) - 155 25 - - 180 - 180
Balance at 30 June 2025 (unaudited) 8,674 29,442 - 5 4,089 96 53 (14,732) 27,627 693 28,320
POWER METAL RESOURCES PLC
AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024
Share capital Share premium Shares to be issued Capital redemption reserve Share based payment reserve Convertible loan reserve Exchange reserve Accumulated losses Total Non-controlling interests Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 October 2023 8,531 27,497 - 5 1,712 - 103 (24,276) 13,572 907 14,479
Profit/(loss) for the period - - - - - - - 4,104 4,104 (232) 3,872
Other comprehensive expense/(income) - - - - - - (26) - (26) 1 (25)
Total comprehensive (expense) / income for the period - - - - - - (26) 4,104 4,078 (231) 3,847
Issue of ordinary shares 140 1,761 - - - - - - 1,901 - 1,901
Shares to be issued - - 187 - - - - - 187 - 187
Share-based payments - - - - 2,222 - - - 2,222 - 2,222
Issue of convertible loan note - - - - - 71 - - 71 - 71
Non-controlling interest adjustment on acquisition of subsidiaries - - - - - - - - - 100 100
Non-controlling interest adjustment on disposal of subsidiaries - - - - - - - - - 120 120
Total transactions with owners 140 1,761 187 - 2,222 71 - - 4,381 220 4,601
Balance at 31 December 2024 8,671 29,258 187 5 3,934 71 77 (20,172) 22,031 896 22,927
POWER METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
6 months 6 months 15 months ended
ended ended 31-Dec-24 (audited)
30-Jun-25 30-Jun-24 £'000
(unaudited) (unaudited)
£'000 £'000
Cash flows from operating activities
Profit/(loss) for the period 5,234 (1,429) 3,872
Adjustments for:
Fair value gain on financial assets (8,221) (1,032) (8,876)
Fair value gain on convertible loan notes - - (13)
Finance costs 112 21 221
Share of post-tax losses of equity accounted joint ventures 33 79 122
Expenses settled in shares - - 36
Expenses settled with convertible loan notes - - 400
Loss/gain on disposals 848 233 (2,804)
Depreciation 26 3 10
Amortisation 90 10 22
Deferred tax credit (10) (1) (10)
Expected credit losses 42 10 57
Foreign exchange losses/(gains) 66 10 11
Share-based payment expense 155 1,188 2,222
(1,625) (908) (4,730)
Changes in working capital:
(Increase)/ Decrease in trade and other receivables (122) (1,148) 309
(Decrease)/ Increase in trade and other payables (601) (562) 351
Decrease/(Increase) in inventories 22 (11) (6)
Net cash used in operating activities (2,326) (2,629) (4,076)
Cash flows from investing activities
Cash acquired on acquisition of subsidiary - 1 1
Investments in financial assets through profit & loss - (188) (3)
Disposal of financial assets 7,231 - 553
Investment in joint ventures and associates - (37) (95)
Disposal of joint venture and associates - - 200
Investments in exploration assets (429) (278) (840)
Purchase of property, plant, and equipment (22) (6) (180)
Proceeds from disposal of property, plant and equipment - 4 4
Net cash generated from/(used in) investing activities 6,780 (504) (360)
Cash flows from financing activities
Proceeds from issue of share capital - 1,299 1,299
Proceeds from borrowings 250 2,000 3,000
Repayment of borrowings (708) - (490)
Principal paid on lease liabilities (22) (7) (25)
Net cash flows from financing activities (480) 3,292 3,784
Net (decrease) in cash and cash equivalents 3,975 159 (652)
Cash and cash equivalents at beginning of period 446 514 1,098
Cash and cash equivalents at end of period 4,421 673 446
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT
1. Reporting entity
Power Metal Resources plc is a company domiciled in the United Kingdom. The
unaudited consolidated interim financial report for the period ended 30 June
2025 comprises the results of the Company and its subsidiaries (the
"Group"). The Group primarily is involved in the exploration and
exploitation of mineral resources in Africa, Australia, Canada and Saudi
Arabia.
2. Basis of preparation
(a) Statement of compliance
As permitted, IAS 34, 'Interim Financial Reporting' has not been applied in
this interim report.
The financial information presented in this interim report has been prepared
using accounting policies that are expected to be applied in the preparation
of the financial statements for the year ending 31 December 2025.
These policies are in accordance with the recognition and measurement
principles of International Financial Reporting Standards, International
Accounting Standards, and Interpretations (collectively "IFRS") issued by the
International Accounting Standards Board as endorsed for use in the United
Kingdom, and these principles are disclosed in the Financial Statements for
the 15-month period ending 31 December 2024.
The interim results have been prepared on a going concern basis. The financial
information in this interim report does not constitute statutory accounts
within the meaning of Section 435 of the Companies Act 2006. The 2025 interim
financial report has not been audited.
The Annual Report and Financial Statements for 2024 have been filed with the
Registrar of Companies. The Independent Auditors' Report on the Annual Report
and Financial Statement for 2023 was unqualified and did not contain a
statement under 498(2) or 498(3) of the Companies Act 2006.
The interim results were approved by the Board of Directors on 26 September
2025.
(b) Judgements and estimates
Preparing the interim financial report requires management to make judgements,
estimates and assumptions that affect the application of accounting policies
and the reported amounts of assets and liabilities, income, and expense.
Actual results may differ from these estimates.
In preparing this consolidated interim financial report, significant
judgements made by management in applying the Group's accounting policies and
key sources of estimation uncertainty were the same as those that applied to
the consolidated financial statements as at and for the 15-month period ending
31 December 2024.
(c) Going concern
The interim financial report has been prepared on a going concern basis.
During the period, the Group completed asset disposals generating cash
consideration of £9.2m, with a further £13.6m realised post period end. The
Directors, having considered all available information, including the Group's
proven ability to raise additional equity funding from its supportive
shareholder base, believe the Group has sufficient resources to meet its
expected committed and contractual expenditure for the foreseeable future.
Accordingly, the Directors continue to adopt the going concern basis of
accounting in preparing the interim financial report for the six months ended
30 June 2025.
3. Significant accounting policies
The accounting policies applied by the Group in this consolidated interim
financial report are the same as those applied by the Group in its
consolidated financial statements as at and for the 15-month period ending 31
December 2024.
4. Earnings per share
Basic earnings per share
The calculation of basic earnings per share is based on the profit
attributable to ordinary shareholders of the parent of £5.44 million (30 June
2024: £1.3 million), and a weighted average number of ordinary shares in
issue of 115,610,437 (30 June 2024: 111,187,774).
5. Issues of Equity
At the period end, the Company had 115,610,437 Ordinary Shares in issue (31
December 2024: 114,287,742).
At the date of this interim report, the Company had 115,610,437 Ordinary
Shares in issue.
**Ends**
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