REG - Power Metal - Result of AGM

Power Metal ResourcesAnnouncement

30/03/2022 15:00

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RNS Number : 6403G  Power Metal Resources PLC  30 March 2022

30 March 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Results of Annual General Meeting

 

Power Metal Resources PLC (LON:POW) the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
announces the results of its Annual General Meeting held today at 10am.

All 6 resolutions put to members were passed on a poll. Resolutions 1 to 5
were passed as ordinary resolutions and resolution 6 was passed as a special
resolution.

The results of the poll (including proxy votes) are outlined in Table 1 below.

 

Paul Johnson, Chief Executive of Power Metal Resources commented:

I would like to thank shareholders for their support today.  Three years ago
we started on a road to build a unique resource exploration powerhouse. From a
small team with a west- and central-African focus, we have built a global
Company focused on what we consider to be the great resource jurisdictions and
the key commodities the future growth of our world will require.

I have been asked recently, "what we aspire to be?", and to cite comparators
in the market. This is difficult to answer, as we simply seek to do things
differently and not be like others, small or large.  Our early years saw
Power Metal advance its business interests and build a portfolio positioned
for a commodities cyclical bull market.  Many of our acquired business
interests offer district scale exploration potential.

Our more recent activities have seen relentless exploration across our
portfolio, exemplified currently by four drill programmes at various stages
from launch to pending results.  Our exploration ranges from low-cost
surface-based work through to the application of the latest technologies
enabling deep target drilling.  Power Metal is seeking large scale metal
discoveries through this exploration work.

We plan to release our quarterly report for January to March 2022 on 5 April
2022 and there, investors will see the latest position of each project.

We have a fine team of people providing an in-house broad-spectrum capability
covering geology, finance, business management and communications. It is a
privilege to work with such a talented group. Our team is supported daily by
an exceptionally strong adviser base of consultants and professional service
providers.

The junior resource market can deliver exceptional returns; however, it
carries with it a great degree of risk no matter where you choose to invest.
Therefore, to those that do choose to invest in the sector, I salute you for
your courage and trust that the sector, and Power Metal within it, can deliver
on your expectations.

Recently we have addressed many queries from investors, large and small.  If
you would like any questions answered, in line with market rules, my mobile
phone number is on market announcements or please email
info@powermetalresources.com."

 

 

Table 1 - AGM Resolution Results of Poll

 Resolution                                                                       Votes for    % Votes Cast  Votes against  % Votes Cast  Votes withheld
 Resolution 1 (Ordinary)                                                          217,459,832  97.66         0              0             344,390

 To receive the report and accounts for the year ended 30 September, 2021
 Resolution 2 (Ordinary)                                                          217,412,628  97.63         77,204         0.03          314,390

 To re-appoint the auditors and authorise the directors to determine their fees
 Resolution 3 (Ordinary)                                                          208,441,147  95.54         4,528,583      2.08          4,834,492

 To authorise the issue of 5,000,000 options to acquire ordinary shares in the
 Company to Edmund Shaw.
 Resolution 4 (Ordinary)                                                          212,941,147  95.63         4,528,583      2.03          334,492

 To authorise the issue of 5,000,000 options to acquire ordinary shares in the
 Company to Scott Richardson Brown.
 Resolution 5 (Ordinary)                                                          216,663,667  97.39         590,560        0.27          549,995

 To authorise the directors to allot relevant securities
 Resolution 6 (Special)                                                           215,818,394  97.00         1,470,935      0.66          514,893

 To dis-apply pre-emption rights

 

As at 30 March 2022, there were 1,466,953,915 ordinary shares in issue.
Shareholders are entitled to one vote per share. Votes withheld are not votes
in law and so have not been included in the calculation of the proportion of
votes for and against a resolution.

 

For further information please visit https://www.powermetalresources.com/
(https://www.powermetalresources.com/) or contact:

 Power Metal Resources plc
 Paul Johnson (Chief Executive Officer)                                          +44 (0) 7766 465 617

 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

 

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (LON:POW) is an AIM 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 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.

 

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results
awaited, as outlined below:

 Project                Location   POW %            Work Completed or Underway                                                       Results Awaited

 Alamo Gold Project     USA        Earn-in to 75%   Excavation of multiple test pits and mapping & sampling.                         Field and assay results from on-site work programme.
 Athabasca Uranium      Canada     100%             Data compilation across uranium properties                                       Interpretation results from 3 of 7 properties.
 Authier North Lithium  Canada     Earn-in to 100%  Soil & rock sampling completed                                                   Technical Review of exploration results & define next exploration steps.
 Ditau Project          Botswana   50%              Drill programme focused on key targets notably drilling of potential             Field updates and receipt & review of laboratory assay results.
                                                    carbonatites and targeting rare-earth elements.
 Kalahari Copper Belt   Botswana   50%              Exploration programme underway across the South Ghanzi Project and further       Field programme findings and defined drill targets for near term drilling.
                                                    exploration at the more recently acquired South Ghanzi Extension and Mamuno
                                                    licence areas
 Molopo Farms           Botswana   53%              Review of recent exploration findings.                                           Determine next exploration steps and action plan.
 Tati Gold/Nickel       Botswana   100%             Reverse circulation drill programme completed                                    Receipt & review of laboratory assay results.
 Haneti Project         Tanzania   35%              Diamond drill programme completed                                                Receipt & review of laboratory assay results.
 Victoria Goldfields    Australia  49.9%            Diamond drill programme underway                                                 Field updates and receipt & review of laboratory assay results.

 Paterson Projects      Australia  83.33%           Wallal passive seismic and 2D seismic processing work programme completed.       Findings from multiple work programmes including final approvals and

                                                                                preparations for planned deep diamond drilling.
                                                    Review of historical data and target generation for Ripon Hills & Braeside
                                                    West projects.

 Selta Project          Australia  83.33%           Field reconnaissance work now underway, including mapping and sampling.          Field updates.

 

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