TIDMPOW
RNS Number : 6901U
Power Metal Resources PLC
30 March 2023
30 March 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Annual General Meeting - Statement
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio is holding its Annual General Meeting
("AGM") today at 11am.
At the AGM Sean Wade, Chief Executive Officer of Power Metal,
will provide the following statement:
"I have been in the role of Power Metal CEO for three weeks, and
during that time, I have been working hard with the team to further
accelerate our operational and corporate activities. We recognise
the eagerness of shareholders to see the results of our strategy,
and we are focused on delivering those as soon as possible.
Our aim is to unlock the inherent value existing in the
portfolio and I am pleased to update shareholders on the progress
we are making in that regard.
Diamond drilling at the Molopo Farms Complex Project in Botswana
and the Berringa Project in the Victoria Goldfields was completed
earlier this quarter, as was the first stage of the Tati Gold
Project 2023 exploration programme including geophysics and
trenching.
Complete accredited laboratory assay tests for all the above
projects are expected to be received imminently and we look forward
to releasing a series of exploration updates containing these
results when they are received.
The focus of corporate activity has been the progression of the
Golden Metal Resources PLC, First Development Resources PLC and
Uranium Energy Exploration PLC planned IPOs.
For Golden Metal, in addition to the existing IPO financing
interest, we are liaising with new institutional investors who
recognise the strategic significance of Pilot Mountain Project, in
an era of tungsten criticality for the United States. We aim to
complete the Golden Metal IPO listing shortly.
Thereafter we will be focused on First Development Resources and
its IPO financing and listing with the aim to also complete this
process in the near term.
For Uranium Energy Exploration, and our wider uranium portfolio,
we have experienced considerable interest and are working, not only
on exploration preparations for 2023, but also reviewing various
corporate initiatives to accelerate progress and value generation
in the portfolio.
The Company therefore expects to release a series of
announcements in respect of its corporate activities in the near
term.
Each successful disposal or spin-out IPO will, in our view, add
material value to our asset base and notably listed investments and
will build on the Company's total assets of circa GBP14.6 million
(as at 30 September 2022 year end).
We are focused on completing as many disposals in 2023 as
possible, both to unlock value and to focus the Company on uranium
exploration and the development of its key interests in
Botswana.
I would like to thank the Power Metal team for their energy and
enthusiasm in my first few weeks in office. Also my thanks go to
shareholders for their engagement, support and patience as I have
taken up this important role. I believe Power Metal has a great
future ahead with a world class portfolio providing multiple
opportunities for creating shareholder value."
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
Sean Wade (Chief Executive Officer) +44 (0) 20 3778 1396
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.
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END
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