TIDMPOW
RNS Number : 3620C
Power Metal Resources PLC
10 October 2022
10 October 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Appointment of Non-executive Director
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces the appointment of Owain
Morton as a Non-executive Director of the Company with immediate
effect.
Mr Morton, based in the UK, is an Associate Partner - Mining
& Metals SME with IBM providing multi-sector business services
and technology consulting.
His previous roles have included: Technology & Innovation
Manager for Glencore Global; Technical Strategy and Risk Management
& Operations Excellence Manager for ArcelorMittal Mining and
Principal Engineer for Barrick Gold Saudi Arabia.
Mr Morton holds a Bachelor of Engineering Honours degree in
Mineral Surveying & Resource Management and a Master of Science
degree in Mining Engineering, both from the University of
Exeter/Cambourne School of Mines.
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented:
"I would like to welcome Owain to the Power Metal team and very
much look forward to working with him as we seek to continue the
advancement of our business.
We have been focused on strengthening the Power Metal Board with
enhanced geological and technical skillsets able to guide future
development of the Company from the acquisitive recent years into
more advanced exploration and corporate value crystallisation.
Owain's extensive experience and input will be of great benefit
to the Company at what is a key and critical point in our
development.
Power Metal is the embodiment of its people, their ideas and
their work. We have a unique and talented team and I am
particularly pleased with what we have achieved to date and very
much focused on the delivery of distinct, material and realisable
value for shareholders."
Regulatory Disclosures:
The following information is disclosed pursuant to Rule 17 and
Schedule Two paragraph (g) of the AIM Rules for Companies in
relation to Owain David Morton, aged 41:
Current directorships and/or Former directorships and/or partnerships
partnerships: (within the last five years):
IOLA & EFFI LTD NONE
IOLA & EFFI GMBH
-----------------------------------------
Mr Morton does not hold any shares in Power Metal.
Mr Morton has confirmed there is no further information to be
disclosed pursuant to paragraph (g) of Schedule 2 of the AIM
rules.
As part of Mr Morton's employment contract Mr Morton has been
issued with Power Metal share options, namely, 5 million options to
subscribe for new Power Metal ordinary shares of 0.1p each at an
exercise price of 3.25 pence with a life to expiry of 3 years from
today (the "Director Options"). The Director Options are subject to
a minimum service period of 6 months and may not be exercised until
the volume weighted average price of Power Metal shares trades at
5.0 pence for ten consecutive trading days.
PDMR Disclosure
The notifications below, made in accordance with the
requirements of the EU Market Abuse Regulation, provide further
detail on the director's share dealing.
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name
Owain Morton
--------------------------------------- --------------------------------------
Reason for the notification
2
-------------------------------------------------------------------------------
a) Position/status
Non-executive Director
--------------------------------------- --------------------------------------
b) Initial notification
/Amendment Initial Notification
--------------------------------------- --------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------
a) Name
Power Metal Resources Plc
--------------------------------------- --------------------------------------
b) LEI
213800VNXOUPHTX53686
--------------------------------------- --------------------------------------
Details of the transaction(s): section to be repeated for
4 (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
-------------------------------------------------------------------------------
a) Description of the financial ordinary shares of 0.1p each
instrument, type of
instrument
Identification code ISIN: GB00BYWJZ743
b) Nature of the transaction
Issue of Options
--------------------------------------- --------------------------------------
c) Price(s) and volume(s)
----------------- ----------------
Price(s) Volume(s)
----------------- ----------------
3.25p 5,000,000
----------------- ----------------
d) Aggregated information
- Aggregated volume 5,000,000
- Price 3.25p
e) Date of the transaction 10 October 2022
--------------------------------------- --------------------------------------
f) Place of the transaction Off Market
--------------------------------------- --------------------------------------
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/ 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.
Exploration Work Overview
Power Metal has internal exploration programmes completed or
underway, with results awaited, as outlined in the table below.
Project Location Current Work Completed or Results Awaited
POW Underway
%
Athabasca Canada 100% Ground exploration Assay result from
Uranium programme complete samples collected
at 3 properties. Preliminary during fieldwork.
planning for work
in Spring/Summer 2023
is ongoing.
--------- --------- ------------------------------ --------------------------
Authier Canada Earn-in Property Evaluation Update covering
North to 100% Report completed. exploration plans
Lithium for target areas
identified during
the Evaluation.
--------- --------- ------------------------------ --------------------------
Molopo Botswana 53%(#) T1-6 conductor target Drill programme
Farms drilling underway updates and findings
and MLEM surveys over from further MLEM
T1-6, T1-14, T1-3 survey work.
and T2-3 completed.
Further MLEM surveys
planned over additional
AEM targets identified.
--------- --------- ------------------------------ --------------------------
Tati Botswana 100% RC drilling and sampling Review of mine dumps
Project of mine dumps complete. sampling and results
from RC drill programme.
--------- --------- ------------------------------ --------------------------
(#) subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
Exploration work programmes may also be underway within Power
Metal investee companies and planned IPO vehicles where Power Metal
has a material interest, the findings from which will be released
on their respective websites, with simultaneous updates through
Power Metal regulatory announcements where required.
These interests are summarised in the table below:
Company Status/Operations Link
First Class Investment - www.firstclassmetalsplc.com
Metals PLC POW 28.19%
Exploration
in the Schreiber-Hemlo
region of Ontario,
Canada
------------------------ ------------------------------------------------------------------
First Development Planned IPO www.firstdevelopmentresources.com
Resources - POW 62.12%
PLC Exploration
in Western Australia
and the Northern
Territory of
Australia
------------------------ ------------------------------------------------------------------
Golden Planned IPO www.goldenmetalresources.com
Metal Resources - POW 83.13%
PLC Exploration
and development
in Nevada, USA
------------------------ ------------------------------------------------------------------
Kavango Investment - www.kavangoresources.com
Resources POW 14.03% (subject
PLC to completion
of Kanye Resources
disposal announced
8.7.22)
Exploration
in Botswana
------------------------ ------------------------------------------------------------------
New Ballarat Planned IPO A new website is currently in development
Gold PLC - POW 49.9% which will be found at www.newballaratgoldcorp.com
Exploration .
in the Victoria In the interim further information
Goldfields of in respect of NBGC can be found at:
Australia https://www.powermetalresources.com/project/victoria-goldfields/
.
------------------------ ------------------------------------------------------------------
Uranium Planned IPO www.uraniumenergyexploration.com
Energy Exploration - POW on listing
PLC estimated 40-55%
------------------------ ------------------------------------------------------------------
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END
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