REG - Power Metal Res. - Letter of Intent signed with AMAK Update

Power Metal ResourcesAnnouncement

09/12/2024 14:00

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RNS Number : 3774P  Power Metal Resources PLC  09 December 2024

9 December 2024

Power Metal Resources PLC

("Power Metal" or the "Company")

Letter of Intent signed with Al Masane Al Kobra Mining Company ("AMAK")

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed
exploration company with a global project portfolio, notes an update to its
announcement of 10 September 2024. As previously notified,  a Letter of
Intent ("LOI") was signed 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 (the "Proposed Agreement").
The formal agreement signature date deadline has been extended a further three
months to enable finalisation of the formal binding agreement which the
Company hopes to be in the coming weeks rather than months.

Although there can be no certainty at this stage given the non-binding nature
of the LOI, the Directors remain confident that the Proposed Agreement will
become binding. Further announcements relating to the Proposed Agreement will
be made as appropriate.

The Power Metal technical team is ready to start work as soon as the formal
binding agreement is signed and are keen to get started on this exciting
project.

 

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.

 

 

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