REG - Power Metal Res. - Silver Peak Project Interest Disposal

Power Metal ResourcesAnnouncement

27/03/2025 07:15

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RNS Number : 3989C  Power Metal Resources PLC  27 March 2025

27 March 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

Silver Peak Project Interest Disposal

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed
exploration company with a global project portfolio, announces the signing of
an Option Agreement to dispose of its 30% interest in Silver Peak Resources
Limited ("Silver Peak") to its Joint Venture partner Michael B Nugent ("MBN").

In April 2021, Power Metal and MBN transferred and combined their ownership
interests in the Silver Peak Mineral Property (the "Property") into Silver
Peak Resources Ltd. ("SPRL"), a private company incorporated in British
Columbia. SPRL currently holds an 89.5% interest in the Property.

Power Metal has agreed to grant to MBN an exclusive option to acquire its
entire 33.52% ownership interest in SPRL (representing a net 30% interest in
the Property) under the following terms:

·    MBN will pay Power Metal C$10,000 (the "Option Payment")

·    During the Option Period, Power Metal grants MBN the sole and
exclusive right to acquire all, in whole or part, Power Metal's ownership
interest in SPRL

·    Where the Option is exercised during the period April 1, 2025, to
March 31, 2026: C$9,547.00 per one percent of SPRL acquired, totaling
C$320,000 for the entire 33.52% interest held by Power Metal in SPRL.

·    Where the Option is exercised during the period April 1, 2026, to
March 31, 2027: C$10,740.00 per one percent of SPRL, totaling C$360,000 for
the entire 33.52% interest held by Power Metal in SPRL.

·    Where the Option is exercised during the period April 1, 2027, to
March 31, 2028: C$11,933.00 per one percent of SPRL, totaling C$400,000 for
the entire 33.52% interest held by Power Metal in SPRL.

 

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

"Following on from the announcement of our exit from the Haneti investment and
consistent with the ongoing review of our activities, I am pleased to announce
the signing of this option agreement.

We will continue to streamline our portfolio in order to make the most
efficient use of our strong capital position, as we seek to optimise returns
for our shareholders."

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/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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