TIDMPOW
RNS Number : 3025D
Power Metal Resources PLC
18 October 2022
18 October 2022
Power Metal Resources plc
("Power Metal" or the "Company")
Quarterly Business Update
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces the quarterly business
update for shareholders.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"The Power Metal business is positioned exactly where we want it
to be, which is in readiness for a resurgent commodity and junior
exploration climate. However, we are not merely waiting for more
upbeat conditions to return.
Instead, we are building towards the goal of making major
mineral discoveries alongside corporate value generation which
includes spin-outs and other crystallisation events, that of
themselves may build the value of the Company substantially.
We are actively drilling high priority exploration targets at
Molopo Farms in Botswana where we are targeting a major mineral
discovery or discoveries, with the first hole well underway and
progressing well. We also await impending drill programme assay
results from our Tati gold project in Botswana and sampling assay
results from our uranium work programmes at certain of our
Athabasca Basin focussed projects in Canada.
I appreciate investors are keen for further exploration updates
and we look forward to releasing additional information, which we
will do at the earliest opportunity.
Our work continues and as I have said before and will say again,
my thanks to our amazing team within the business and externally to
our corporate advisers and in-country operational teams for their
unstinting support."
HIGHLIGHTS SINCE OUR LAST QUARTERLY REPORT OF 27 JULY 2022:
-- Diamond drill programme commenced at the Molopo Farms Complex
project ("Molopo Farms") located in Botswana. The 2,600m programme
is underway with the latest update from site prior to preparation
of this report confirming progress of the first hole, DDH1-6B, to a
depth of 450m and drilling is continuing.
-- Geophysical work completed led to the identification of three
Power Metal designated high-priority (A+) geophysical conductors at
Molopo Farms, all of which will be drilled during the ongoing
campaign.
-- Ground exploration including field mapping and sampling
successfully completed across three of our Athabasca Basin focused
uranium properties located in Saskatchewan, Canada. Assay results
are awaited. Additionally, we announced the considerable expansion
of our uranium portfolio to a total of 12 properties, as well as
the conditional disposal of the Reitenbach property.
-- Reverse circulation (RC) drilling completed successfully at
our Tati Gold project located in Botswana, where we are targeting
high-grade near surface gold, with 490m drilled in 9 holes, all of
which intersected targeted quartz reef structures.
-- Listing of First Class Metals PLC, in which Power Metal has a
27.91% interest and that holding is currently valued at
c.GBP2.6m.
-- Golden Metal Resources PLC ("GMT") advanced to readiness for
listing in London, ground exploration successfully completed at two
of GMT's 4 Nevada projects and multiple initiatives underway with
various third parties.
-- First Development Resources PLC ("FDR") has completed a large
proportion of pre-IPO listing workstreams, advanced technical work
across its portfolio and completed a detailed field trip including
field-based Heritage Survey work at the Wallal Project in Western
Australia.
-- New Ballarat Gold Corporation PLC ("NBGC") has advanced its
Victoria Goldfields interests with two former high-grade producing
gold mines now included in the portfolio and where drilling is
planned for later in the year.
-- Various exploration and corporate initiatives underway to
seek advancement of wider portfolio interests including Silver
Peak, Authier North, Haneti and Wilan projects.
-- New non-executive director, Owain Morton, appointed 10
October 2022, bringing geological and mine engineering expertise to
the Power Metal board.
-- GBP1.08m financing undertaken in early September with current
cash and listed investments of GBP4.4m as at the date of this
report.
GUIDANCE FOR READERS
The tables below include the latest position of each project and
our near-term plans, with projects grouped in the categories of
Priority Exploration, Project Disposal or IPO Process Underway, and
Projects with Next Steps Under Consideration. Below the project
tables additional information is provided covering New
Opportunities and updates regarding
Management/Financial/Compliance.
For additional information please review Power Metal's corporate
website and presentation which are regularly updated and are
available through the following links:
Website: www.powermetalresources.com
Corporate Presentation:
https://www.powermetalresources.com/presentation/
PRIORITY EXPLORATION PROJECTS
Project Latest Position & Forward Plans
Athabasca Uranium
Saskatchewan, Canada Power Metal currently holds 12 properties
(Uranium) covering 829.58km(2) within and surrounding
POW 100% the prolific Athabasca Basin, including
a number of new property acquisitions and
additional staked ground, secured in the
last quarter.
Detailed data compilation has been completed
and external datarooms opened for third
parties in respect of the Athabasca properties.
The conditional disposal of one property,
Reitenbach, was announced in August 2022,
and work is in process to complete that
transaction through a listing on the London
capital markets for the proposed holding
vehicle, Teathers Financial PLC, to be renamed
Uranium Energy Exploration PLC.
A detailed update was announced in September
2022 covering a recently completed exploration
programme covering Tait Hill, Thibault Lake
and Clearwater and the launch of hyperspectral
remote sensing review work at Cook Lake
and E-12 properties. The update also included
the expansion of the Tait Hill property
and the staking of a new property Badger
Lake, which followed on from the newly staked
strategic Durrant Lake property, announced
earlier in September.
Assay results from samples collected during
recent ground exploration are awaited and
extensive exploration work will continue
across the Company's Athabasca portfolio,
where we believe we will see a direct line
between investment and a material increase
in the valuation of properties.
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Molopo Farms Complex Power Metal secured a conditional agreement
Project to acquire an additional 58.7% of shares
Botswana in project partner Kalahari Key Mineral
(Nickel - Copper Exploration Pty Limited ("KKME") as announced
- Platinum Group on 18 May 2022:
Element) https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition
POW: Effective Economic /15458701
Interest is currently This acquisition, conditional on receipt
52.6% increasing of in country regulatory approval, will
to 87.71% subject see Power Metal holding 87.71% of KKME which
to completion of will hold 100% of the Molopo Farms Complex
the KKME shares Project ("Molopo Farms"). At Molopo Farms,
acquisition & restructuring Power Metal is targeting large-scale nickel-copper-PGE
announced 18.5.22. mineralisation.
KKME and Power Metal, working with advisers
in Botswana, have prepared and submitted
relevant documentation to the local authorities
with regard to the approvals required to
complete the aforementioned transaction.
In early August 2022, Power Metal announced
the commencement of two moving loop electromagnetic
("MLEM") surveys over two target areas related
to the previous 2020/2021 drill programme
drillholes K1-6 and K1-14.
Later in August, the Company announced that
the geophysical survey work had identified
a large shallow dipping geophysical conductor,
which drillhole K1-6 had intersected at
its edge at a similar stratigraphic level
to nickel-sulphide mineralisation identified
from core review and assays from drillhole
K1-6.
Following receipt of the survey results,
accelerated plans were announced for follow
up diamond drilling, the first drill programme
operated and managed by Power Metal. The
drill rig was mobilised 8 September 2022,
with drilling commencing on 21 September
at the first drillhole DDH1-6B targeting
the core of the T1-6 conductor.
The latest update from site prior to preparation
of this report saw the DDH1-6B drill progress
at a depth of 450m. Drilling is continuing
and this hole currently has an expected
total depth of 600m.
The Company's Exploration Manager, Oliver
Friesen, together with Roger Key (original
founder of KKME), have attended site to
meet with the local operational team and
review operations, and further members of
the Power Metal team are expected to attend
site during the coming weeks.
Overall, the drill programme will include
5 or 6 holes for a total of 2,600m of diamond
drilling, and will include two drillholes
into target T1-6, located approximately
530m and 830m south of original hole K1-6,
both designed to intersect the core of the
geophysical conductor target.
Follow up geophysical work, including further
analysis of historical airborne electromagnetic
survey data enabled the estimation of the
T1-6 conductor dimensions to have a strike
length of 2,600m and a down dip extent of
1,000m.
Further MLEM surveys were completed over
targets T1-14, T2-3 and T1-3.
Target T2-3 was shown to host a large geophysical
conductor open in all directions which was
coincident with a magnetic body identified
by a historical airborne magnetic survey.
These historical results showed that the
magnetic body coincident with the newly
identified geophysical conductor was shown
to extend for approximately 12km in an east-west
direction.
Targets T1-6 and T2-3 have been designated
high-priority A+ status, along with T1-3
where a further large geophysical conductor
has been identified. All three high-priority
Company designated A+ targets are expected
to be drilled as part of the ongoing drill
programme.
A further Company designated priority B
target has been established at T1-14 and
five further airborne EM targets (T1-2,
1-4, 1-5, 1-10 & 1-11) have been upgraded
and are now designated as priority airborne
conductors where follow up work is being
considered.
Power Metal raised GBP1.08m in September
2022 to provide additional capital in support
of the Molopo Farms Complex drill programme
and a potential expansion of operations,
as required.
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Tati Project
Botswana In August 2022 Power Metal announced the
(Gold - Nickel) commencement of RC drilling at the Tati
POW: 100% Gold Project, designed to test the along
strike and down dip extension of quartz
reefs associated with the historical Cherished
Hope gold mine.
In early September the Company announced
the completion of 490m of RC drilling over
9 holes and the successful intersection
of quartz reef in all holes drilled, with
multiple holes intersecting multiple sub-parallel
quartz reef structures.
Samples from the drilling have been sent
for assay testing and the results are awaited.
Assay results from sampling of the fines
dumps (waste material from the Cherished
Hope mine) were also announced in early
September confirming levels of residual
gold at a grade that supports potential
processing.
Work is being undertaken to secure local
approvals for processing and with potential
processing partners, enabling potential
revenue generation which can be reinvested
into more extensive exploration at the Tati
Project.
A project site visit has taken place at
the Tati Project, led by the Company's Exploration
Manager Oliver Friesen. A further update
from this site visit and the findings is
expected.
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PROJECT DISPOSALS OR IPO PROCESSES UNDERWAY
Note: other project packages within the Power Metal portfolio
are also in earlier stages of disposal and/or spin-out preparations
in addition to those listed below.
Project Latest Position
Kanye Resources On 8 July 2022 Power Metal announced the
Conditional Disposal conditional disposal of its Kanye Resources
to Kavango Resources interest to its joint-venture partner Kavango
Resources plc (LON:KAV)("Kavango").
The disposal is subject to the publication
of a prospectus by Kavango including provision
for the transaction.
Full terms and disposal consideration payable
to Power Metal may be viewed in the announcement
linked below:
https://www.londonstockexchange.com/news-article/POW/conditional-disposal-of-kanye-resource
s-interests/15532470
On completion of the transaction Power Metal
will receive consideration including shares
& warrants in Kavango and a net smelter
royalty. The shares element comprises 60m
Kavango shares valued at GBP1.14m as at
the date of this report.
Kavango has announced multiple operational
updates recently including the commencement
of drilling at Prospecting Licence PL 082
in the Kalahari Copper Belt in Botswana
(not part of the Kanye Resources joint venture),
targeting a large-scale copper-silver discovery
or discoveries. Drilling under the joint
venture completed earlier in the year has
identified the potential for an iron oxide
copper gold ore ("IOCG") system at the Ditau
project, also in Botswana.
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First Class Metals FCM secured a listing on the London Stock
PLC (FCM) Exchange in late July 2022 with Power Metal
Schreiber-Hemlo, holding a current interest of 27.91%, worth
Ontario, Canada circa GBP2.6m as at the date of this report.
(Gold - Base Metals) Since listing FCM have announced a massive
POW 27.91% sulphide discovery, high-grade nickel assays
and a new acquisition with an associated
GBP1.08m financing.
Going forward FCM will now be recognised
in the listed investments held by Power
Metal and covered within the Management
- Financial - Compliance section below.
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Golden Metal Resources GMT produced an operational update in August
PLC (GMT) 2022, confirming the completion of an Induced
Nevada, USA Polarisation ("IP") survey at the Pilot
Gold - Base Metals Mountain Project and completion of a high-resolution
POW 83.13% soil geochemical survey at the Garfield
Project .
Both surveys are expected to deliver an
enhanced understanding of the additional
prospectivity across the two projects and
notably, to highlight new target areas for
future exploration.
Pre-IPO work for GMT is essentially complete,
with some ongoing work to keep the listing
documentation up to date and in a state
of preparedness for listing. GMT is seeking
to list at the earliest opportunity.
GMT continues to work on the development
of relationships in the USA, and elsewhere,
which may potentially lead to grants, direct
project investment, corporate investment
and liaison from potential downstream users
of tungsten, being the primary commodity
from the flagship Pilot Mountain Project.
Since commencement of listing preparations,
in our view, the inherent value of GMT's
interests led by the flagship Pilot Mountain
Project, has increased. Tungsten is a critical
mineral per the United States Geological
Survey, and currently there is increasing
interest in homeland security in the USA
for critical minerals. Global tensions have
further increased the urgency for that critical
mineral security and Pilot Mountain, which
hosts one of the largest known undeveloped
tungsten deposits located within the USA,
could play an important part.
The IPO listing, which could be triggered
at any time going forward, will enable GMT
to move forward at pace with advanced exploration
including planned drilling at Pilot Mountain.
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First Development FDR published a full company update in late
Resources Ltd (FDR) July 2022 providing the latest corporate
Western Australia and geological developments across its Western
/Northern Territory Australia and Northern Territory interests.
(Gold - Copper - The highlights of which included:
Rare Earth Elements * The appointment of DDH1 Drilling Limited to undertake
- Uranium - Lithium) the Phase I diamond core drilling programme at the
POW: 62.12% Wallal Project in the Paterson to target the eastern
magnetic bullseye anomaly identified during the
in-depth desktop review. The Heritage Clearance
Survey required to facilitate the drilling works was
undertaken in September 2022.
* The finalisation of the desktop review of Braeside
West and Ripon Hills projects in the Eastern Pilbara.
The review identified multiple mineral targets in
both the project areas which are similar to the gold
and base-metal mineral deposits and occurrences
located within the Rumble Resources Ltd, Braeside
Project situated to the east.
* Reconnaissance at the Selta Project in the Northern
Territory confirmed the presence of pegmatites.
Litho-geochemical analysis of samples recovered
suggests the area is dominated by a zoned pegmatite
system originating from nearby granites and supports
the lithium and rare-earth element prospectivity of
the region.
A follow up field visit was conducted in
August/September 2022, which included all
projects held by FDR.
Extensive exploration targets have been
identified across all FDR properties with
further work ongoing to refine post listing
exploration plans across the entire portfolio.
Pre-IPO work streams continue, with a significant
proportion of work now undertaken.
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New Ballarat Gold Through its Australian operating subsidiary,
Corporation PLC Red Rock Australasia Pty Ltd, NBGC has a
(NBCG) substantial licence footprint within the
Victoria, Australia Victoria Goldfields, Australia, which is
(Gold) comprised of 15 granted exploration licences
POW: 49.9% 50.1% covering 1,835km(2) and 5 licence applications
JV Partner Red Rock covering 493km(2) .
Resources PLC LON:RRR) The portfolio of interests includes the
substantial licence footprint above, and
within it, two former high-grade working
mines (Ajax and Berringa) where our technical
team believe a considerable, and potentially
high-grade, gold endowment remains.
In August we published the exploration target
for Berringa, with a median target range
of 246,812 ounces of gold and an upper target
of 853,037 ounces. This followed on from
the announcement of the conditional acquisition
of Berringa in July 2022, when we published
a risk weighted exploration target of 697,000
ounces of gold.
The completion of the Berringa acquisition
was announced in September 2022, and we
are now working with the local team to finalise
drill plans across both properties with
a view to drilling commencing in 2022. It
is noted the licence containing Berringa
is subject to renewal in November 2022.
In parallel, steps are being taken to move
the IPO preparatory process forward. With
the newly generated dual model of near-term
production potential from former high-grade
producing gold mines and a large blue-sky
exploration footprint, together with appropriate
ownership structures and management team,
we believe NBGC will represent a compelling
investment opportunity.
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PROJECTS WITH NEXT STEPS UNDER CONSIDERATION
Project Latest Position & Key Forward Events
Alamo Gold Project
Arizona, USA Following the receipt and review of various
(Gold) technical reports for the Alamo Gold Project
POW: Earn-in to in Arizona the Company has decided not to
75% continue with the project in its current
form.
Recent significant positive developments
across the Power Metal business compel us
to focus our time and resources on only
the most prospective and potentially value
generative opportunities.
There are alternative options at the project
and we have confirmed to our partners in-country
that we would be willing to look at alternative
approaches.
-----------------------------------------------------
Authier North
Quebec, Canada In July 2022 Power Metal decided to proceed
(Lithium) into year 2 of the earn-in to a 100% interest
POW earn-in to 100% in Authier North following completion and
review of a Property Evaluation Report by
Canada-based lithium geologist.
Ground exploration plans have been finalised
however the Company has concentrated recently
on the advancement of the Molopo Farms Complex
project in Botswana, the Tati Gold project
in Botswana and the commercial & exploration
based advancement of the Company's Athabasca
uranium interests.
It is expected that the ground exploration
programme will be undertaken in Spring 2023
and in the interim, the Company is considering
the commercial options for the project.
-----------------------------------------------------
Wilan Project The Wilan Project (previous name Gawler
South Australia Project) is held within Power Metal Resources
(Gold, Copper) Australia Pty Limited ("Power Australia"),
POW: 100% Power Metal's wholly owned operating subsidiary
company. The Wilan Project was originally
comprised of two licence applications (submitted
October 2021 and covering 1,994km(2) ).
One licence application (ELA2021/00163),
covering 999km(2) , was formally granted
in August 2022 under the new licence reference
EL6819. Internal technical work by Power
Metal confirmed a potential Iron-Oxide-Copper-Gold
("IOCG") target within the EL6819 licence
footprint which is under further investigation.
In addition, Power Australia has been advised
that the Department of Energy and Mining
("DEM") proposed granting of licence application
ELA2021/00162 (995km(2) ) for a period of
6 years. The initial expenditure commitment
for the licence is AUD$100,000 in total
over 2 years, and Power Metal has paid AUD$23,465
in respect of first year rent and administration
fees to the DEM. The Company now awaits
final regulatory sign-off and release of
granted licence documentation.
Internal technical review by Power Metal
has established potential diamond and uranium
exploration targets within the licence footprint
for ELA2021/00162. These targets are the
subject of ongoing review.
-----------------------------------------------------
Haneti Project
Tanzania Power Metal is currently in discussions
(Polymetallic) with joint venture partner Katoro Gold (LON:KAT)
POW: 35% (65% JV to determine the future of the Haneti Project.
Partner Katoro Gold
plc LON:KAT) The Company remains of the view that Haneti
offers considerable potential, with a commitment
to proactive and methodical exploration.
The exploration programme to be undertaken
needs to recognise the scale of the geological
footprint and associated challenges of identifying
economic deposits under cover, something
Power Metal is increasingly focused on.
-----------------------------------------------------
Silver Peak Project
British Columbia, A planned site visit and evaluation was
Canada undertaken in August 2022. Follow on work
(Silver) is appropriate though as of yet unplanned;
POW: 30% the findings from the visit have confirmed
the significant high grade silver potential
of the project.
Following the Silver Peak site visit the
Company is now in active discussions with
our project partners to create a valuable
commercial outcome, with the goal to finalise
this outcome at the earliest opportunity.
-----------------------------------------------------
NEW OPPORTUNITIES
Project Latest Position
Power Metal Resources The primary acquisition focus for the foreseeable
plc future is on further uranium projects as
has been demonstrated with the recent expansion
of the Company's existing Athabasca Basin
focused uranium portfolio.
Outside uranium, Power Metal will only engage
with exceptional acquisitions which complement
the existing portfolio.
Should the Company's drill programme at
Molopo Farms in Botswana prove successful
and recognising the significance of that
project, there will be an immediate cessation
in the review of any new opportunities.
This would allow the Company to devote more
managerial & technical time as well as financial
resources to that project.
--------------------------------------------------
Power Capital Investments Power Capital Investments ("Power Capital")
Limited has to date reviewed a number of opportunities
Global Resource for the investment in and advancement of
Project Incubator new project opportunities.
(Multi-Commodity) The aim is for Power Capital to be a leading
POW: 100% new project finder, attracting external
capital for its own operations and run by
its own dedicated team under the umbrella
of Power Metal.
--------------------------------------------------
MANAGEMENT - FINANCIAL - COMPLIANCE
Project Latest Position
Board The Board currently comprises:
Scott Richardson Brown - Interim Non-executive
Chairman
Paul Johnson - Chief Executive Officer
Ed Shaw - Non-executive Director
Owain Morton - Non-executive Director
Owain Morton joined the board of Power Metal
on 10 October 2022, bringing geological
and mine engineering expertise onto the
Board.
Power Metal is seeking to add further board
members and has been liaising with various
candidates in this regard. The Company also
remains active reviewing new board members
for spin-out and associated vehicles.
------------------------------------------------------------------------
Management and Power Metal has built a strong operational
Team team which along with the board now comprises
eleven team members based out of our UK
office.
We work extensively overseas and have developed
equally strong operational partnerships
in countries around the world, forming an
efficient and cost effective hub-and-spoke
operational model.
Power Metal is actively seeking to bring
new team members in to support the growth
in business and we continue to invite talented
individuals from all backgrounds who feel
they can contribute to our work to reach
out and contact us through the following
link:
https://www.powermetalresources.com/join-us/
T he Company has received many emails from
potential new team members and retains details
of all to enable a rapid acceleration of
operations where and when required.
Where possible the Company has sought to
incentivise all team members and external
advisers & consultants with exposure to
equity upside. This was further advanced
earlier this month with the creation of
a pool of 25m warrants for external advisers
and consultants ("Adviser Warrants"). The
Adviser Warrants carry an exercise price
of 3.25p, a life to expiry of 3 years and
a condition that the volume weighted average
share price ("VWAP") of the Company must
exceed 5.0p for ten consecutive days prior
to exercise. Adviser Warrants may be accelerated
or cancelled by the Company should the VWAP
exceed 10.0p for five consecutive days.
------------------------------------------------------------------------
Financial Position Cash and Listed Investments
Current cash and listed investments as at
the date of this report amount to GBP4.4m.
Pre-IPO Vehicles
Power Metal has holdings in three current
vehicles undertaking a planned IPO including:
* Golden Metal Resources (Nevada, USA)
* First Development Resources (WA and NT, Australia)
* Uranium Energy Corporation (Saskatchewan, Canada)
Based on the most recent financings undertaken
for each of the above vehicles the total
value Power Metal's holdings in the above
vehicles amounts to GBP6.25m.
In addition, Power Metal is seeking with
JV partners (Red Rock Resources PLC) to
undertake a listing of NBGC, the valuation
of which is not confirmed at the current
time.
The listing of further project packages
may be undertaken which will be incorporated
into the above list as appropriate.
Project Investments & Intercompany Loans
As at 30 September 2022 Power Metal's remaining
assets comprising project investments and
intercompany loans, amounted to GBP4.5m.
Future Financing Sources
The Company has multiple sources of potential
additional financing:
* As an AIM listed vehicle traditional equity financing
can be undertaken to raise additional sums where
considered necessary as demonstrated in September
2022 with the GBP1.08m financing undertaken.
* Through the exercise of financing and transactional
warrants or the exercise of director, team member or
adviser options. A full breakdown of all warrants and
options outstanding is available on the Company's
website through the following link:
https://www.powermetalresources.com/warrants-options-outstanding/
* In addition to the above, the Company will benefit
from the planned listings of the pre-IPO vehicles as
outlined above which will if successful and in line
with expected valuations on listing, add considerably
to overall Power Metal asset value. This was recently
demonstrated with the IPO of FCM which now carries a
value of GBP2.6m for Power Metal's holding.
* It is anticipated that further value generative
events may occur including additional spin-outs into
new listed vehicles and outright disposal of certain
business interests. One item currently in process is
the disposal of the Kanye Resources interest
highlighted above, from which consideration payable
to Power Metal includes 60m Kavango shares currently
valued at GBP1.14m.
------------------------------------------------------------------------
Audit and Compliance The Company's year end is 30 September 2022
and it is expected that the audited financial
accounts for the full year will be published
in February 2023.
Power Metal is now well advanced with preparation
of a new environmental, social and governance
("ESG") initiative which will be launched
by the end of December 2022.
The Company is also updating its Financial
Position and Prospects Procedures ("FPPP")
which is an underlying governance document.
This work will be completed by the end of
December 2022 and this will be included
in the updated year end Corporate Governance
Statement, covered in the audited financial
accounts and on the Company's website in
Q1 2023.
The above ESG and FPPP initiatives are being
managed by Jamie Tosh, Power Metal's Commercial
Operations Manager, and who holds a Diploma
in Corporate Governance from the UK Corporate
Governance Institute.
------------------------------------------------------------------------
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 multiple internal exploration programmes
completed or underway, with results awaited. The status for each of
the Company's priority exploration projects is outlined in the
table below.
Project Location Current Work Completed or Results Awaited
POW Underway
%
Athabasca Canada 100% Ground exploration Assay results from
Uranium programme complete samples collected
at 3 properties. Preliminary during fieldwork.
planning for work
in Spring/Summer 2023
is ongoing.
--------- --------- ------------------------------ ----------------------
Molopo Botswana c.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 assay
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 27.91%
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%
Uranium exploration
in the Athabasca
region of Canada
------------------------ ------------------------------------------------------------------
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END
UPDDZMMGFRRGZZM
(END) Dow Jones Newswires
October 18, 2022 09:50 ET (13:50 GMT)
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