REG - Power Metal Res. - MoU Signed at Future Minerals Forum

Power Metal ResourcesAnnouncement

12/01/2024 10:15

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RNS Number : 5439Z  Power Metal Resources PLC  12 January 2024

12 January 2024

 

Power Metal Resources PLC

("Power Metal" or the "Company")

 

Memorandum of Understanding Signed at Future Minerals Forum

 

Power Metal Resources PLC (AIM:POW), the leading metals exploration and
development company, is pleased to announce the signing of a non-binding
Memorandum of Understanding (MoU) with the Ministry of Industry and Mineral
Resources of the Kingdom of Saudi Arabia ("MISA"). The signing ceremony took
place at the recent Future Minerals Forum in Riyadh, Saudi Arabia, in the
presence of His Excellency Bandar Alkhorayef, Minister of Industry and Mineral
Resources, and other dignitaries.

The purpose of the MoU is to explore the possibility of joint collaboration
efforts toward the identification and realisation of high value-added
investment opportunities that will contribute towards maximising the benefits
from the Kingdom's natural resources.

MISA's objective is to support investment in exploration activities, develop
upstream and downstream projects targeting multiple strategic minerals, and
attract reputed national and international mining and mineral development
companies to drive the commercialisation of Saudi Arabia's mineral resources.

MISA and POW are looking to complement the activities of each other through
establishing a mutually beneficial relationship in order to pursue suitable
exploration opportunities in Saudi Arabia. POW will offer highly experienced
technical support to potential exploration projects, and MISA will provide
project opportunities and potential support for such projects as applicable.

 

Sean Wade, CEO of Power Metal Resources, commented:

"We are honoured to partner with the Ministry of Industry and Mineral
Resources of Saudi Arabia. This MoU is indicative of our commitment to
exploration in the Kingdom, and it paves the way for us to explore exciting
opportunities in one of the world's most resource-rich countries. We look
forward to working closely with the Ministry and contributing to the Kingdom's
Vision 2030 and the diversification of its economy through the development of
a sustainable mining sector."

 

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 (Nomad and Joint Broker)
 Ewan Leggat/Charlie Bouverat                                                    +44 (0) 20 3470 0470

 SI Capital Limited (Joint Broker)
 Nick Emerson                                                                    +44 (0) 1483 413 500

 First Equity Limited (Joint Broker)
 David Cockbill/Jason Robertson                                                  +44 (0) 20 7330 1883

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson
 
 

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

 

 BlytheRay (PR Advisors)                            +44 (0) 20 7138 3204
 Tim Blythe
 Megan Ray

 

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (AIM:POW) is an AIM listed metals exploration
company which finances and manages global resource projects.

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 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 grow the
Company or may be returned to shareholders through share buy backs, dividends
or in-specie distributions of assets.

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