REG - Power Metal Res. - Update on Proposed Formation of Uranium-Focused JV

Power Metal ResourcesAnnouncement

27/08/2024 07:00

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RNS Number : 6905B  Power Metal Resources PLC  27 August 2024

27 August 2024

Power Metal Resources plc

("Power Metal" or the "Company")

Update on Proposed Formation of Uranium-Focused Joint Venture

Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed
exploration company with a global project portfolio, announces an update on
the intended formation of a uranium-focused joint venture (the "Joint
Venture") involving Power Metal's entire portfolio of uranium licences, with
ACAM LP ("ACAM" or the "Investor", together the "Parties").

Further to the Company's announcements dated 3 June 2024 and 26 July 2024,
advisors to ACAM have confirmed that they have substantially completed their
due diligence in relation to the proposed transaction, and the definitive
legal documentation to the Joint Venture is in advanced form, with all
commercial terms as previously announced. The Parties are, however, still
working together to complete the Joint Venture and the closing of the
transaction. Accordingly, the Parties have agreed to extend the period of
exclusivity for the transaction to 13 September 2024.

Whilst no guarantee of completion can be provided, the Parties fully expect
completion within that period and the Company will update shareholders in due
course.

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)                                                         +44 (0) 20 7138 3204

Tim Blythe/Megan Ray

 

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (AIM:POW, OTCQB:POWMF) is an AIM-traded 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.

 

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.

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