REG - Power Metal Res. - Letter of Intent with Al Masane Al Kobra Mining

Power Metal ResourcesAnnouncement

10/03/2025 07:00

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RNS Number : 9393Z  Power Metal Resources PLC  10 March 2025

10 March 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

Letter of Intent 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 9 December 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") (together, "the Parties"), 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").

After a detailed discussion regarding the outstanding legal processes still
awaiting completion, the Parties have agreed to extend the deadline for the
formal agreement signature date by a further three months. It is currently
expected that formal agreement will be reached well within that timeframe.

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

 

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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