RNS Number : 4344X

Power Metal Resources PLC

05 January 2022

05 January 2022

Power Metal Resources plc

("Power Metal" or the "Company")

Quarterly Business Operational Update

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the December 2021 quarterly business operational update for shareholders.



- Completion of a 1,092 metre reverse circulation drill programme at the Tati Project, Botswana, designed to follow up on Phase I and II results which highlighted kilometre-scale gold, arsenic and nickel geochemical anomalies coincident with various geological structures highlighted by ground geophysical surveys.

- Bonanza grade silver achieved in 10 out of 19 drillholes completed during the Phase I Silver Peak Project, Canada, drill programme, follow up overlimit assays confirmed high-grade copper, antimony and lead results increasing the average silver equivalent grade by 18.8%.

- Rock sampling and prospecting programmes conducted at the company's Tait Hill, Thibaut Lake and Clearwater uranium properties surrounding the Athabasca Basin, Saskatchewan, Canada, returned high-grade assay results up to 38,600ppm (3.86%) uranium.

- Securing the option agreement for Kavango Resources plc ("Kavango") to acquire current project partner Kalahari Key Mineral Exploration Pty Ltd ("Kalahari Key"), through which exploration for nickel, copper and platinum group elements ("PGE") at the Molopo Farms Complex Project would see a significant step forward. Having Kavango as the operational partner should streamline the ongoing project progression which is key following the discovery of nickel sulphides during the inaugural 2021 drill programme.

Spin-Out Vehicles

- New Ballarat Gold Corporation ("NBGC"): grant of licence applications in Victoria, Australia, further increase the licence footprint to over 1,500km(2) ; NBGC's inaugural diamond drilling programme has commenced targeting gold mineralisation across a number of exploration targets.

- Golden Metal Resources Limited ("Golden Metal"): Acquisition of Pilot Mountain Project which hosts a substantial JORC compliant Mineral Resource (tungsten with significant silver, copper & zinc credits) in Nevada, USA, into Golden Metal which is seeking a listing in London. Golden Metal is now moving through the listing process with a full management board, suite of listing advisers and has recently completed a GBP750,000 pre-IPO financing.

- First Development Resources Limited ("FDR Australia"): Further commercial and technical developments within Power Metal's FDR Australia subsidiary company with preliminary exploration work delineating a number of exciting magnetic bullseye gold/copper targets at the Wallal Project located within the prolific Paterson Province. Further acquisition into FDR Australia of the Selta Project targeting uranium and rare-earth elements in the Northern Territory, Australia.

Corporate PLC

- Financing conducted in November raising GBP1,050,000 in a placing conducted at the then mid-market price of 1.75p.

- Operational working capital comprising cash and listed investments at 31/12/2021 amounted to GBP2.91M and unaudited total assets at 30/11/2021 of GBP10.1M (before valuation uplift in spin-out vehicles to pre-IPO valuation).

- New team members recruited in the quarter include a Chief Executive Officer for First Development Resources Limited (planned UK listing company) and Power Metal commercial management, accounting and business administration staff. Additional recruitment underway to support the growth of the Company and its various spinouts.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:

"We have chosen a non-conformist path for Power Metal in order to build a company, and investment proposition, quite unlike any other within the London junior resource space.

We have opted for scale and diversity, assembling a large portfolio, widely spread across multiple jurisdictions and commodities, with a main focus on district scale opportunities.

Our mission, after the first phase of portfolio building, was to create value through proactive exploration and corporate activity. We are doing just that as you will see from the project level detail provided for the most recent quarter below.

We currently sit at an important point in the Power Metal life-cycle, coincidentally, at a time when the world is demanding unprecedented quantities of metals for investment security, new infrastructure builds and to power the ongoing green technological revolution.

Despite the world's aspirations, the practical reality is that in recent years we have seen metal supply attrition with a lack of large-scale metal discoveries combined with subdued investment in the exploration and project development space.

With such skewed supply/demand fundamentals, sectors can come alive, and we believe 2022 will be an exciting year for the junior mining resource space.

The final quarter of 2021 is captured below with a brief assessment by the Company of each project and company within our portfolio. The work completed during the final quarter of 2021 has set up Power Metal well for the coming year."

Note: in addition to the material presented below, investors are encouraged to review Power Metal's corporate presentation which is available on the Company's website through the following link:



The tables below provide the latest status of each project within the Company's portfolio and include:

   -     Exploration project updates from African, North American and Australian interests; 

- Corporate development updates for project packages advancing towards spin-out into their own listed vehicles;

- Further updates in respect of the Company's new project pipeline including Power Capital Investments Ltd, the Company's wholly-owned project incubator;

   -     Additional management, compliance and financial information for shareholders. 

African Exploration Projects

         Project                                                 Latest Position 
   Molopo Farms Complex     The Molopo Farms Complex Project ("MFC Project") 
          Project           is owned by Kalahari Key Mineral Exploration 
         Botswana           Pty Ltd ("Kalahari Key") with a 60% interest 
     (Nickel - Copper       and Power Metal with a 40% interest. Power 
     - Platinum Group       Metal earned-in to its 40% interest by spending 
         Element)           US$500,000 on exploration work, including 
  POW: Effective Economic   the maiden drill programme completed earlier 
    Interest circa 53%      this year. 
    (which will reduce      The maiden drill programme provided proof 
     to 40% if Kavango      of concept of the geological model and also 
  Resources plc exercise    identified significant nickel sulphides 
       their option)        in the drill core with assays up to 1.7% 
                            nickel and 0.55g/t platinum (1) . This was 
                            a very positive outcome for the first drill 
                            programme on this district scale exploration 
                            In order to simplify the project ownership 
                            structure and streamline ground operations 
                            in Botswana, an option agreement was signed 
                            with Kavango Resources plc to acquire Kalahari 
                            Key and its 60% interest in the MFC Project. 
                            In lieu of an option fee and as part of 
                            its due diligence, Kavango is undertaking 
                            an agreed exploration work programme on 
                            the MFC project, the results of which will 
                            be made available to Power Metal in due 
                            If Kavango exercises its option Power Metal 
                            will sell its circa 21% interest in Kalahari 
                            Key in exchange for Kavango shares and warrants. 
                            Power Metal will retain and intends to maintain 
                            its 40% interest in the MFC project for 
                            the foreseeable future. 
                            Further details in respect of the Kavango 
                            option are in the Company's announcement 
                            on 26/11/2021 as linked below: 
                            Company View: 
                            Proof of the geological model and the identification 
                            of nickel sulphides in the inaugural three 
                            drill hole programme was an extremely positive 
                            initial outcome for the MFC Project. 
                            It became evident however, that progress 
                            was slower than ideal particularly given 
                            the positive results of maiden drilling 
                            programme. As a result, action was needed 
                            to simplify the project ownership structure 
                            in order to accelerate work progression 
                            and streamline ongoing operations. 
                            The Kavango option agreement was an important 
                            step in this regard. We look forward to 
                            the results of the option work programme 
                            which should provide valuable additional 
                            data to help plan the next phase of drilling 
                            to follow up on the encouraging results 
                            achieved thus far. 
   South Ghanzi Project 
         Botswana             The South Ghanzi Project is held within 
     (Copper - Silver)        Kanye Resources Pty Limited, a joint venture 
         POW: 50%             vehicle 50% held by Power Metal and 50% 
                              by partners Kavango Resources plc (LON:KAV) 
                              who are the operators of the project. 
                              Drill target refinement continues at the 
                              South Ghanzi Project, together with initial 
                              exploration at the South Ghanzi Extension 
                              licences and the Mamuno licences acquired 
                              more recently in August 2021 (2) . Together, 
                              the ground footprint in the Kalahari Copper 
                              Belt ("KCB Project") totals 4,257km(2) . 
                              Approval of the Environmental Management 
                              Plan ("EMP") for South Ghanzi was secured 
                              in October 2021 clearing the last key administrative 
                              hurdle and enabling drilling to be undertaken 
                              subject to the ongoing target refinement. 
                              The joint venture partners continue to consider 
                              the planned IPO of Kanye Resources (through 
                              a UK listing company, Kanye Resources plc) 
                              and an update in this regard will be provided 
                              as soon as practicable. 
                              Company View: 
                              Approval of the EMP was a major step forward 
                              for the KCB Project. The KCB holds district 
                              scale potential and Power Metal is working 
                              with Kavango to ensure the initial drill 
                              holes are optimally cited to gather the 
                              best geological data and maximise the chance 
                              of discovery. 
                              The joint venture partners anticipate a 
                              material budget will be applied to drilling 
                              at the KCB Project and therefore appropriate 
                              investment is being made in preparatory 
                              measures to optimise the vectoring of drill 
    Ditau Camp Project      The Ditau Camp Project ("Ditau") is also 
         Botswana           held within the Kanye Resources joint venture 
    (Rare Earths - Base     as outlined above. 
          Metals)           Exploration work targeting Rare Earth Elements 
         POW: 50%           ("REE") and base metals has identified a 
                            2.5km by 2.8km target area at prospect I10 
                            where an Audio-frequency Magnetotellurics 
                            ("AMT") geophysical resistivity anomaly, 
                            coincides with a gravity high anomaly. The 
                            latest Ditau exploration findings were announced 
                            to the market in October 2021 and may be 
                            viewed in the link below: 
                            Further exploration work is continuing on 
                            the ground and the next material step, exploration 
                            drilling, is expected to commence in the 
                            first quarter of 2022. 
                            Company View: 
                            The Ditau Camp Project, soon to be the target 
                            of exploration drilling, has delivered some 
                            extremely positive findings to date, particularly 
                            with the large anomaly now identified at 
                            prospect I10. 
                            The expansion of target commodities from 
                            REEs to now include base metals demonstrates 
                            the prospectivity Ditau holds and we are 
                            very eager for drilling to commence as soon 
                            as possible. 
       Tati Project 
         Botswana            The Company recently completed a maiden 
      (Gold - Nickel)        drill programme following up positive initial 
         POW: 100%           exploration results including geochemical 
                             soil sampling, mapping & prospecting, and 
                             ground-based geophysics including high-resolution 
                             magnetic and radiometric surveys. 
                             The initial exploration highlighted five 
                             target areas across the two licences, which 
                             are defined by kilometre-scale geochemical 
                             anomalies that are coincident with various 
                             geological structures that were highlighted 
                             by the ground geophysical surveys. 
                             The Company announced a maiden drill programme 
                             at the Tati Project in October 2021 and 
                             details may be viewed through the link below: 
                             The maiden drill programme comprised 23 
                             reverse circulation ("RC") drillholes for 
                             a total 1,092m drilled. The RC holes targeted 
                             multiple nickel and gold anomalies identified 
                             by the Company's Phase I and Phase II geochemical 
                             and geophysical programmes completed earlier 
                             in the summer. RC samples were shipped to 
                             Johannesburg for sample preparation at Intertek 
                             Genalysis ("Intertek") preparatory facility, 
                             and have since been shipped and received 
                             in Perth, Australia, at Intertek's laboratory 
                             where they are undergoing analysis. Results 
                             from all RC samples are still pending and 
                             are expected to be received in early 2022. 
                             Power Metal has incorporated a new Botswana 
                             company, Tati Greenstone Resources Pty Ltd 
                             ("TGR"), to hold the Tati Project. Documentation 
                             for the transfer of the two exploration 
                             licences comprising the Tati Project into 
                             TGR has been submitted to the Ministry of 
                             Mineral Resources, Green Technology and 
                             Energy Security ("MMGE"). 
                             Company View: 
                             From the original announcement confirming 
                             an option for the Tati Project in May 2021(3) 
                             , Power Metal have moved through a number 
                             of initial exploration steps very rapidly. 
                             We await the results from the recent RC 
                             drilling campaign which will provide key 
                             information with regard to sub surface geology 
                             to complement the information collected 
                             at surface from geochemical and geophysical 
                             exploration work. 
                             The identification of multiple kilometre-scale 
                             gold, arsenic and nickel anomalies so early 
                             in the work programme, provides multiple 
                             opportunities for a gold or nickel discovery. 
                             We are therefore pushing as hard as possible 
                             to accelerate project exploration. 
     Kisinka Project        Next stage exploration is drill testing 
  The Democratic Republic    of the 6.8km copper-cobalt geochemical anomaly 
       of the Congo          identified by previous exploration programmes 
     (Copper - Cobalt)       at the Kisinka Project which holds a 25 
         POW: 70%            year production licence. 
                             We are continuing to push for an acceptable 
                             drill programme including target finalisation 
                             and sourcing of appropriate contractors. 
                             Company View: 
                             The 6.8km copper-cobalt anomaly is an interesting 
                             exploration target which we would like to 
                             see drill tested. 
                             The Kisinka Project has discovery potential, 
                             but the pace of commercial and exploration 
                             progress in-country has been slower than 
                             ideal and this is something we are working 
                             to resolve. 
      Haneti Project 
         Tanzania             The Haneti Project is held 35% Power Metal 
      (Polymetallic)          and 65% Katoro Gold plc (LON:KAT). 
         POW: 35% 
                              The next stage of exploration at the Haneti 
                              Project is deep diamond core ("DC") drill 
                              testing of targets prospective for nickel 
                              sulphide / PGE mineralisation. 
                              The DC drill programme is scheduled to commence 
                              in January 2022 and further information 
                              will follow in due course. 
                              Company View: 
                              Based on the results achieved to date at 
                              the Haneti Project, we are of the belief 
                              that the next stage of exploration needs 
                              to be deep diamond drilling, and we are 
                              very pleased that this work is about to 
                              If the DC drilling is successful in the 
                              delineation of the mineralising system we 
                              are ultimately seeking the discovery of 
                              a nickel sulphide and PGE deposit and the 
                              impact on both Katoro and Power Metal could 
                              be significant. 
                              Power Metal are therefore eager to see diamond 
                              drilling commence in January 2022 and the 
                              findings therefrom. 

North American Exploration Projects

        Project                                                 Latest Position 
  Silver Peak Project    A Phase I diamond drill programme was launched 
   British Columbia,     at the Silver Peak Project in August 2021. 
         Canada          In total 19 short cored drill holes were 
        (Silver)         completed and assay results from this programme 
        POW: 30%         were completed with 10 out of the 19 holes 
                         drilled returning bonanza grade silver (>1,000g/t 
                         Ag) with significant copper, zinc, lead 
                         and antimony credits, and 14 of the 19 holes 
                         returning elevated silver mineralisation. 
                         This i ncluded a highlight Intercept of 
                         0.76m of 8,692.2g/t Ag (279.5 oz/t) from 
                         hole DDH21-2. 
                         The initial drill assay results from the 
                         Phase I programme were announced by the 
                         Company in November 2021 and may be viewed 
                         through the following link: 
                         In addition, overlimit assays were conducted 
                         highlighting high grade copper, antimony 
                         and lead results. The overlimit assays received 
                         led to an average increase in grade of 18.8% 
                         from silver to silver equivalent for the 
                         calculated intervals. The overlimit assay 
                         results were announced by the Company in 
                         December 2021 and may be viewed through 
                         the following link: 
                         Following the completion of the 2021 Phase 
                         I drilling programme, and the receipt and 
                         release of all associated assay results, 
                         the project partners commissioned a NI43-101 
                         compliant technical report (4) to be completed 
                         on the Silver Peak Project. 
                         The report was commissioned to prepare the 
                         Silver Peak Project to potentially act as 
                         a qualified project for a possible public 
                         Company View: 
                         The results from all stages of exploration 
                         at Silver Peak have been increasingly exciting 
                         for Power Metal and our partners. Repeated 
                         bonanza grade silver results are particularly 
                         attractive and, in our opinion, have led 
                         to a significant increase in the overall 
                         project valuation. 
                         There are a number of potential options 
                         for project commercialisation and we continue 
                         to work with our partners to review possible 
                         next steps. 
  Alamo Gold Project 
    Arizona, United       Permitting delays were encountered slowing 
   States of America      progress at the Alamo Gold Project. Following 
         (Gold)           granting of permits the work programme recommenced 
    POW: Earn-in to       and is outlined in the Company's November 
          75%             announcement found in the link below: 
                          The test pitting programme was completed 
                          successfully in early December 2021. 
                          As part of the programme, multiple test 
                          pits were excavated to bedrock at Big Boulder 
                          Wash (3 pits) and Breccia Hill (3 pits). 
                          A total of 13 rock samples were taken from 
                          various trenches at Breccia Hill, as well 
                          as three additional rock samples from various 
                          localities located near to the trenches. 
                          Rocks sampled were described predominantly 
                          as volcanic and/or gneissic in nature, with 
                          varying degrees of brecciation and hematisation 
                          noted in several samples. Two of the prospecting 
                          samples were described as strongly oxidised 
                          quartz vein samples with carbonate-sulphide 
                          veining throughout. 
                          All samples were sent for assay at an accredited 
                          ALS laboratory where they will undergo multi-element 
                          analysis including gold, utilising a large 
                          50-gram aliquot size intended to reduce 
                          any nugget effect present in any of the 
                          samples. Significant results will be announced 
                          to shareholders as and when received. 
                          Due to the permitting delays experienced 
                          on our Alamo Gold Project, Power Metal and 
                          the vendor, Frisco Gold Corporation, have 
                          agreed to an amendment to the original Mineral 
                          Lease and Option Agreement signed between 
                          the two companies. 
                          Under the original terms, a US$50,000 pre-production 
                          royalty payment ("PPR Payment") was due 
                          by 31 December 2021. Under the amended agreement, 
                          the PPR Payment has been deferred until 
                          14 days after the receipt of all analytical 
                          results from the 2021 test pitting programme, 
                          or 31 March 2022, whichever is earlier. 
                          The amendment will allow Power Metal to 
                          review all 2021 exploration data before 
                          making a decision on next steps with the 
                          Company View: 
                          Progress has been slow with the Alamo Gold 
                          Project largely due to the permitting delays 
                          locally onset by the COVID-19 pandemic. 
                          With permits now issued, and work completed 
                          and underway, we await the findings with 
                          interest to determine the next steps for 
                          the project. 
   Athabasca Uranium 
  Saskatchewan, Canada    The Company began staking in the Athabasca 
       (Uranium)          Basin in Saskatchewan, Canada in September 
        POW 100%          2021 and in November 2021 announced a further 
                          batch of staking increasing the footprint 
                          of staked ground to 411.96km(2) over 7 property 
                          packages as outlined in the following announcement: 
                          Work was undertaken to assemble detailed 
                          project information and to determine next 
                          steps for the newly acquired properties. 
                          Step one was the launch of Phase I surface 
                          rock sampling programmes at three properties, 
                          Tait Hill, Thibault Lake and Clearwater. 
                          The programme was successfully completed 
                          in November 2021 and 20 rock samples were 
                          collected for assay testing, with the results 
                          sent for rush assay testing. 
                          Assay results were received in December 
                          2021 demonstrating high grade uranium with 
                          the highest grade of 38,600ppm or 3.86% 
                          uranium oxide ("U(3) 0(8) ")(.) 
                          The full exploration update released by 
                          the Company may be viewed in the link below: 
                          Company View: 
                          The Company's move into the uranium exploration 
                          space has generated a lot of interest amongst 
                          shareholders. This is justifiable, as the 
                          staking undertaken in September through 
                          to November has created 7 exciting project 
                          packages surrounding the Athabasca basin. 
                          Those packages have attracted interest from 
                          multiple parties and we continue to review 
                          the forward pathway for our uranium business 
                          in which Power Metal has significant optionality. 
                          We continue to look for additional uranium 
                          opportunities in the Athabasca region and 
                          more generally in North America and Africa. 
     Authier North 
     Quebec, Canada        Inaugural exploration was launched at Authier 
       (Lithium)           North in September 2021 with a Phase I programme 
  POW earn-in to 100%      comprising prospecting, mapping and sampling. 
                           The programme was designed to test for the 
                           extensions of a lithium-bearing pegmatite 
                           dyke down dip to the north, and along strike 
                           to the east from the adjacent Authier Lithium 
                           The Authier Lithium Property is owned by 
                           Sayona Mining Limited and is scheduled to 
                           go into production in 2023. 
                           A total of 12 rock samples and 193 B-horizon 
                           soil samples were collected from three grid 
                           areas across the Authier North Project (West, 
                           Northeast, and Southeast). 
                           Soil and rock samples were collected and 
                           sent for assay at Activation Laboratories 
                           Ltd., Ancaster, Ontario. Soil samples were 
                           assayed utilising a 35-element analytical 
                           package including lithium, and select samples 
                           were further tested for rare-earth element 
                           enrichment utilising a REE analytical package. 
                           The mean result for lithium-in-soil was 
                           9.8ppm Li, with a standard deviation of 
                           4.0ppm Li. The three highest results returned 
                           were 27ppm Li, 29ppm Li, and 36ppm Li representing 
                           a 4, 4.5 and 6 standard deviation increase 
                           over the mean. 
                           The highest results were all located in 
                           the eastern part of the Authier North Project 
                           within the Northeast and Southeastern grids. 
                           The Company is considering additional infill 
                           soil sampling between the two grids, as 
                           well as possible ground-based geophysical 
                           surveys over the entire project. 
                           Company View: 
                           The Authier North project is an exciting 
                           lithium and REE focused opportunity for 
                           Power Metal. 
                           We are pleased to have successfully completed 
                           Phase I exploration and are looking forward 
                           to receipt of full assay data so we can 
                           determine next steps for the project. 

Australian Exploration Projects

     Project                                                 Latest Position 
  Gawler Project 
  South Australia    In October 2021 the Company announced it 
  (Gold, Copper)     had established a new wholly owned Australian 
     POW: 100%       subsidiary Power Metal Resources Australia 
                     Pty Ltd ("POW Australia"). Following that, 
                     POW Australia submitted licence applications 
                     covering an area of 1,994km(2) in the Gawler 
                     Craton of South Australia. 
                     The applications are targeting Olympic Dam 
                     style mineralisation and POW Australia is 
                     currently undertaking a review of publicly 
                     available historic data in order to further 
                     refine geological understanding and prepare 
                     detailed exploration plans in readiness 
                     for ground operations when licences are 
                     The Company's announcement in respect of 
                     the above may be viewed through the following 
                     Company View: 
                     The Gawler Project, although early stage 
                     and still in the application phase, demonstrates 
                     the Company's ability, with the skills and 
                     knowledge of its technical team members, 
                     to identify new opportunities and move quickly 
                     to secure new ground and begin to build 
                     a new project opportunity from the ground-up. 

Disposal/Spin-Out Vehicle Packages (*)

* Please note other project packages within the Power Metal portfolio are also in earlier stages of spin-out preparations in addition to those listed below.

        Project                                                 Latest Position 
   New Ballarat Gold      Power Metal has a 49.9% interest in New 
       Corporation        Ballarat Gold Corporation plc ("NBGC") which 
   Victoria, Australia    is held in a joint venture with 50.1% owner 
         (Gold)           Red Rock Resources plc (LON:RRR). 
       POW: 49.9%         Through its Australian operating subsidiary, 
                          Red Rock Australasia Pty Ltd, NBGC has a 
                          substantial claim holding within the Victoria 
                          Goldfields, Australia. 
                          The latest update in respect of NBGC was 
                          released by the Company in December 2021 
                          and may be viewed through the following 
                          Note: subsequent to the above update a further 
                          single licence has been granted, EL007505 
                          covering 9km(2) , further details about 
                          which will be provided in future NBGC updates. 
                          The update confirms the commencement of 
                          an inaugural DC drilling programme at the 
                          O'Loughlin's gold prospect located south 
                          of Buninyong. Further details of the planned 
                          drill programme were provided in the Company's 
                          update also released in December 2021 which 
                          may be viewed through the following link: 
                          Drilling is progressing well with a market 
                          update expected in January 2022. 
                          NBGC is seeking a listing on the London 
                          capital markets and is working with advisors 
                          in this regard. 
                          Company view: 
                          A significant claim footprint secured by 
                          joint venture partners has created a valuable 
                          land holding within the Victoria Goldfields, 
                          one of the most sought after gold exploration 
                          regions in the world. 
                          To date over 10 exploration licences (of 
                          the 16 applications) have now been granted, 
                          taking the granted footprint to over 1,500km(2) 
                          , representing a major achievement which 
                          has materially increased the value of the 
                          joint venture. 
                          Whilst the preparations for listing the 
                          vehicle in London are in process, the proactive 
                          approach to exploration continues, with 
                          multiple gold exploration targets now subject 
                          to diamond drilling that is progressing 
 Golden Metal Resources   During 2021 Power Metal assembled a strategic 
       Nevada, USA        package of exploration and development interests 
   Gold - Base Metals     in Nevada, USA, under the corporate vehicle 
  POW 83.13% (following   Golden Metal Resources Ltd ("Golden Metal"). 
     issue of shares      Golden Metal's project portfolio includes: 
     relating to the       *    Golconda Summit - An earn-in over an exploration 
   GBP750,000 pre-IPO           property targeting a major gold discovery, where 
       financing)               Golden Metal has a right to earn-in to a 100% 
                           *    Garfield/Stonewall - Two 100% owned exploration 
                                properties targeting gold-silver-copper 
                           *    Pilot Mountain - 100% interest in an advanced 
                                exploration and development property with a 
                                substantial JORC compliant Mineral Resource for 
                                tungsten (with significant copper, silver and zinc 
                          The latest Golden Metal project exploration 
                          update was released in November 2021 and 
                          may be viewed through the link below: 
                          Golden Metal is seeking a listing on the 
                          London capital markets (targeting April 
                          2022) and has recruited its listing board, 
                          appointed all advisors and recently raised 
                          GBP750,000 in pre-IPO funding further details 
                          of which may be seen in the Company's December 
                          announcement linked below: 
                          The Golden Metal website is now live and 
                          can be viewed through the following link: 
                          The Golden Metal corporate presentation 
                          may be accessed directly through the following 
                          Company View: 
                          The pre-IPO financing for Golden Metal 
                          was conducted at a pre-money valuation of 
                          GBP3.25million. The intention is to secure 
                          an IPO listing at a premium to the pre-IPO 
                          valuation and launch Golden Metal with immediate 
                          high-impact exploration programmes planned 
                          across the portfolio. 
                          Power Metal considers the Golden Metal package 
                          to be a highly attractive listing vehicle, 
                          offering UK-based investors access to North 
                          American exploration focused on the world's 
                          top mining jurisdiction (5) of Nevada, USA. 
                          The Golden Metal package includes the Pilot 
                          Mountain Project, which hosts a significant 
                          JORC compliant Mineral Resource which we 
                          believe will underpin a strong valuation 
                          for Golden Metal going forward. 
                          Golden Metal is a unique opportunity and 
                          the Company is looking forward to the planned 
                          listing and proactive exploration updates 
   First Development      Power Metal acquired a 100% interest in 
        Resources         First Development Resources Pty Ltd ("FDR 
    Western Australia     Australia") via its wholly owned subsidiary 
    (Gold - Copper -      First Development Resources Limited ("FDR 
   Rare Earth Elements    UK"). The announcement in respect of this 
       - Uranium)         acquisition was released in October 2021 
  POW: 96.15% (diluting   and may be viewed through the following 
  down to 83.33% should   link: 
   all 3 Selta Project    https://www.londonstockexchange.com/news-article/POW/power-metal-acquires-100-of-fdr-austral 
  licences be granted).   ia/15193248 
                          FDR Australia has a 100% interest in three 
                          exploration projects in the Paterson Province 
                          of Western Australia (comprising five granted 
                          exploration licences in total and covering 
                          a ground footprint of 751km(2) ). 
                          The three projects include the Wallal Project, 
                          Braeside West Project and Ripon Hills Project. 
                          At the flagship Wallal Project, ongoing 
                          exploration work includes 2D seismic geophysics 
                          reprocessing and a passive seismic survey 
                          which is intended to help refine drill targeting 
                          within the Wallal Main licence area. 
                          Drill targets comprise magnetic bullseye 
                          targets of similar geological nature to 
                          that drill tested by Greatland Gold plc 
                          leading to the discovery of the Havieron 
                          deposit also within the Paterson Province. 
                          In November 2021 Power Metal announced that 
                          FDR UK had acquired URE Metals Pty Ltd ("URE") 
                          an Australian private company and holder 
                          of the Selta Project, comprising 3 exploration 
                          licences in the Northern Territory, Australia. 
                          The announcement may be viewed through the 
                          following link: 
                          The acquisition of URE was almost entirely 
                          payable in FDR UK shares diluting Power 
                          Metal's holding in FDR UK to 96.15% initially, 
                          and ultimately to 83.33% should all 3 Selta 
                          Project licences be granted. 
                          The pre-transaction value of Power Metal's 
                          interest in FDR UK was GBP2,500,000 and 
                          FDR UK is seeking a listing on the London 
                          capital markets. Preparatory steps are being 
                          taken for the listing, which is targeting 
                          Q2 2022, including the recruitment of a 
                          suitable board, senior management team and 
                          suite of advisors to assist with the listing 
                          Specifically in respect of the board Tristan 
                          Pottas has been appointed as Chief Executive 
                          Officer of FDR UK and Craig Moulton as Non-executive 
                          Company view: 
                          It is apparent from shareholder communications 
                          with Power Metal that FDR UK will be of 
                          great interest going forward. The combination 
                          of the Wallal Project's exciting magnetic 
                          bullseye targets together with the uranium/REEs 
                          exploration opportunity at the Selta Project 
                          in the Northern Territory, is drawing significant 
                          shareholder attention. 
                          The Power Metal team are working hard to 
                          implement the preparatory measures needed 
                          to secure the listing of FDR UK and are 
                          looking forward to providing further updates 
                          in due course. 
   First Class Metals     Power Metal announced the 100% disposal 
    Schreiber-Hemlo,       of its Schreiber-Hemlo interests to First 
     Ontario, Canada       Class Metals ("First Class") on 7 September 
  (Gold - Base Metals)     2021 for a consideration of GBP1million. 
        POW c.36%          With the shares received on the disposal, 
                           and following a subscription by Power Metal 
                           of GBP28,764 at GBP3/share in the pre-IPO 
                           raise, Power Metal currently has an interest 
                           of 36.3% in First Class (after reflecting 
                           the circa GBP400,000 pre-IPO raise undertaken 
                           by First Class). 
                           First Class is seeking a listing on the 
                           London capital markets and is working on 
                           this currently targeting a listing for Q1 
                           Power Metal is working with First Class 
                           to support their listing plans and looks 
                           forward to reporting further progress in 
                           this regard. On listing Power Metal will 
                           be a significant shareholder in First Class. 
                           Company View: 
                           The First Class Metals business offers investors 
                           through London, access to a Ontario, Canada, 
                           focused exploration vehicle with extensive 
                           exposure to highly prospective and strategically 
                           positioned projects. 
                           With the integration of the Power Metal 
                           Schreiber-Hemlo projects, the First Class 
                           Metals portfolio is potentially market leading 
                           and we believe will draw considerable interest 
                           on listing. 
                           The team at First Class Metals are doing 
                           a very effective job and we continue to 
                           work with them where required. 

New Opportunities

          Project                            Latest Position 
   Power Metal Resources     Power Metal as a business has an acquisitive 
            plc               mindset. However, the near-term focus will 
                              remain on the exploration of existing interests 
                              and the crystallisation of value through 
                              the potential listing of spin-out vehicles 
                              as previously announced. 
                              New acquisitions are likely to be restricted 
                              to additional projects to add into the FDR 
                              UK business in preparation for its planned 
                              IPO, new uranium opportunities and potentially 
                              additional gold/copper opportunities in 
                              North America or Australia. 
                              Should Power Metal encounter exceptional 
                              new opportunities outside the above areas 
                              it will consider further acquisitions but 
                              only on the right commercial terms. It should 
                              be noted that many of the Company's previous 
                              acquisitions have used Power Metal equity 
                              as a large portion of consideration. With 
                              the share price trading at a circa 55% discount 
                              to the high in January 2021, the Company 
                              is reluctant to utilise equity for acquisitions 
                              at this time and it makes commercial sense 
                              to limit any equity based acquisition approach 
                              at current share price levels. 
 Power Capital Investments   Power Capital Investments ("Power Capital") 
          Limited             continues to work on a number of initiatives 
      Global Resource         targeting individual or smaller corporate 
     Project Incubator        owned opportunities. 
     (Multi-Commodity)        Limited information will be provided in 
         POW: 100%            respect of the above Power Capital projects 
                              to preserve commercial sensitivity, notably 
                              where work is needed to secure exploration 
                              licences or to protect commercial partners. 
                              At present none of the Power Capital projects 
                              are considered material in the context of 
                              the Power Metal business overall. Should 
                              they become so, further disclosures may 
                              be necessary. 
                              NOTE: A maximum investment level of GBP100,000 
                              per opportunity has been established and 
                              a minimum 50% Power Capital holding interest 
                              in any opportunity following Power Capital's 

Management and Financial

       Project                                  Latest Position 
        Board           The Board currently comprises: 
                         Scott Richardson Brown - Interim Non-executive 
                         Paul Johnson - Chief Executive Officer 
                         Ed Shaw - Non-executive Director 
                         Power Metal is seeking to appoint new board 
                         members and expects to make additional announcements 
                         in this regard in the current quarter. 
 Management and Team         The Company operates a hub and spoke operational 
                              management style coordinating and controlling 
                              global business operations from its UK operational 
                              head office based in Farnborough, UK. 
                              In 2021 with the growth of our business 
                              portfolio, and the success of exploration 
                              and commercial ventures, we have built the 
                              Head Office team with additional team members 
                               *    exploration management, 
                               *    commercial management, 
                               *    financial and administrative support, and: 
                               *    marketing & communications 
                              We are seeking to optimise resources, and 
                              our Head Office team will be deployed to 
                              support Power Metal central activities and 
                              also to support spin-out vehicles, managerially 
                              and administratively, sharing the Power 
                              Metal team operational costs with spin-out 
                              Power Metal is actively seeking to bring 
                              new team members in to support the growth 
                              in business activities and has launched 
                              a "Join-Us" page on the Company's website 
                              with further details. This may be viewed 
                              through the following link: 
  Financial Position         Power Metal Financial Assets 
                              The core of the Company's assets, as with 
                              many other exploration companies, is a portfolio 
                              of capitalised project acquisition and exploration 
                              costs for ongoing projects or loans to subsidiary 
                              companies in respect of project expenditure 
                              ("Project Assets"). 
                              As at 30/11/2021 the Project Asset value 
                              was GBP3,354,847 in the Company's internal 
                              unaudited management accounts. 
                              The Company's assets also include the planned 
                              spin out/disposal project vehicles ("Pre-IPO 
                              Assets") which includes: 
                               *    First Class Metals (Hemlo-Schreiber projects sold to 
                                    FCM Sept 21) 
                               *    Golden Metal Resources (Nevada 
                               *    First Development Resources (Australia exploration) 
                               *    New Ballarat Gold Corporation (Australia 
                              Each spin-out/disposal, on successful listing 
                              is expected to add material value to the 
                              Company's balance sheet. 
                              As at 30/11/2021 the Pre-IPO Asset value 
                              was GBP3,709,777 in the Company's internal 
                              unaudited management accounts. This value 
                              does not include the valuation uplift from 
                              acquisition cost to pre-IPO value. 
                              Power Metal also holds listed investments 
                              including shares and warrants of currently 
                              listed junior resource companies ("Listed 
                              Assets"). The Listed Assets are readily 
                              tradable and provide the Company with a 
                              source of cash if needed. 
                              As at 30/11/2021 the Listed Asset value 
                              was GBP1,079,128 in the Company's internal 
                              unaudited management accounts. 
                              In addition to the above the Company maintains 
                              material cash balances which includes GBP, 
                              USD, CAD, AUD and Pula currencies ("Cash 
                              As at 30/11/2021 the Cash Asset value was 
                              GBP1,962,561 in the Company's internal unaudited 
                              management accounts (including the November 
                              2021 financing, which was received in full 
                              in December 2021). 
                              Overall, as at 30/11/2021 including all 
                              categories listed above the total unaudited 
                              assets of the Company amounted to GBP10,106,313. 
                              Note: this asset figure does not include 
                              the uplift in value of Golden Metal Resources 
                              or First Development Resources to reflect 
                              the current pre-IPO valuations of both vehicles, 
                              with both vehicles included at acquisition 
                              cost only. 
                              Working Capital 
                              The Company considers Working Capital to 
                              be the money available to deploy on payment 
                              of corporate operational, notably exploration 
                              expenditure. It comprises cash held and 
                              listed investments only and at 30/11/2021 
                              as outlined above amounted to GBP3,041,689. 
                              As Working Capital management is vital, 
                              we monitor this on a weekly basis and as 
                              at 31/12/2021 this amounted to GBP2,907,686. 
                              This is a robust amount of cash and listed 
                              investments as the Company enters 2022. 
                              Future Financing Sources 
                              The Company has multiple sources of additional 
                              As demonstrated in November 2021, traditional 
                              equity financing can be undertaken to raise 
                              additional sums where considered necessary. 
                              Furthermore, the Company has issued warrant 
                              instruments during financings and project 
                              acquisition transactions, some of which 
                              are currently in-the-money, but most are 
                              at higher prices to the current mid market 
                              share price. 
                              In addition, the Company has issued options 
                              to management, staff, advisors and consultants, 
                              as part of team incentivisation. 
                              Table 1 below provides a full breakdown 
                              of all warrants and options outstanding 
                              as at 31/12/2021. 
                              The warrants and options above, if exercised 
                              in full, will bring GBP8,406,213 additional 
                              cash into the Company, largely at exercise 
                              prices considerably higher than the current 
                              market share price (or GBP9,406,213 if Thor 
                              Mining plc exercise their 4p warrants within 
                              12 months and exercise replacement warrants 
                              at an exercise price of 8p). 
                              In addition to the above, the Company will 
                              benefit from the planned listing of four 
                              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. Subject 
                              to any applied lock-in on listing, the shares 
                              held on IPO will form part of listed asset 
                              investments and provide an additional pool 
                              of working capital to the Company. 
                              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. The level 
                              of such corporate activity is dependent 
                              on demand for new vehicles, predominantly 
                              in the London capital markets, and also 
                              the level of M&A activity in the junior 
                              resource sector. In the latter regard the 
                              Power Metal board, from acquisitive interest 
                              already demonstrated across the Company's 
                              portfolio, expect a heightened level of 
                              corporate activity in 2022. 
 Audit and Compliance   Power Metal continues to work with One Advisory, 
                         its financial and compliance service partner, 
                         to liaise with auditors PKF, and the financial 
                         results for the year ended 30 September 
                         2021 are expected to be published in February 
                         Power Metal continues to bolster its Environmental, 
                         Social and Governance initiatives and expects 
                         to publish further information in this regard 
                         in the coming quarter covering the various 
                         measures implemented. 
                         In 2020 the Company undertook a Finance, 
                         Administration and Compliance Protocols 
                         and Procedures Review to further improve 
                         its underlying Governance. This review is 
                         being updated currently to ensure all areas 
                         are fully updated with business developments. 
                         As part of this the Company has now completed 
                         detailed business process mapping across 
                         all key corporate activities. In addition, 
                         Power Metal has recruited a new Commercial 
                         Manager onto the team to prepare business 
                         organisational structure charts, detailed 
                         business process flows, a live corporate 
                         and licence database and a full business 
                         information managed database. 
                         These measures are considered necessary 
                         as the Company expands in size, scale and 
                         breadth of corporate and exploration activities. 

Table 1: Power Metal Resources plc - Share Warrants and Options Outstanding at 31/12/2021

 Financial Instrument Type         Note           Number      Exercise   Expiry   POW Receives 
                                                                Price     Month    on Exercise 
 Dec-19 Financing Warrants 
  - POW Director Held                            11,250,000     0.7p     Mar-22      GBP78,750 
                                               ------------  ---------  -------  ------------- 
 Jul-20 Financing Warrants 
  - POW Director Held                            27,500,000    0.75p     Jul-22     GBP206,250 
                                               ------------  ---------  -------  ------------- 
 Jul-20 Financing Warrants 
  - General Holders                              70,706,079    0.75p     Jul-22     GBP530,296 
                                               ------------  ---------  -------  ------------- 
 Nov-21 Financing Warrants 
  - General Holders                              66,000,000     3.5p     Dec-23   GBP2,310,000 
                                               ------------  ---------  -------  ------------- 
 TOTAL FINANCING WARRANTS                       175,456,079                       GBP3,125,296 
                                  -----------  ------------  ---------  -------  ------------- 
 Alamo Gold Project Acquisition                  15,500,000      1p      Jul-23     GBP155,000 
                                               ------------  ---------  -------  ------------- 
 Kavango - Strategic JV Earn-in 
  Super Warrants                                  5,000,000      5p      Jul-23     GBP250,000 
                                               ------------  ---------  -------  ------------- 
 Silver Peak Acquisition 
  (Signing)                                       9,000,000    1.75p     Sep-23     GBP157,500 
                                               ------------  ---------  -------  ------------- 
 Silver Peak Acquisition 
  (Earn-in Complete)                              2,569,641    2.89p     Mar-24      GBP74,263 
                                               ------------  ---------  -------  ------------- 
 Garfield/Stonewall Acquisition                   2,250,000    3.75p     Jun-23      GBP84,375 
                                               ------------  ---------  -------  ------------- 
 First Development Resources 
  Acquisition                                    13,333,333     4.5p     Oct-24     GBP600,000 
                                               ------------  ---------  -------  ------------- 
 First Development Resources 
  Acquisition                                    10,000,000      5p      Oct-24     GBP500,000 
                                               ------------  ---------  -------  ------------- 
 Pilot Mountain Acquisition           (i)        12,500,000      4p      Oct-24     GBP500,000 
                                  -----------  ------------  ---------  -------  ------------- 
 TOTAL TRANSACTION WARRANTS                      70,152,974                       GBP2,321,138 
                                  -----------  ------------  ---------  -------  ------------- 
 Advisor/Consultant Options                      15,000,000      2p      Jul-23     GBP300,000 
                                               ------------  ---------  -------  ------------- 
 POW Team (Non-Board Options)         (iv)       25,000,000    3.25p     Jul-24     GBP812,500 
                                  -----------  ------------  ---------  -------  ------------- 
 POW Director Options                             1,000,000      5p      Jul-23      GBP50,000 
                                               ------------  ---------  -------  ------------- 
                                                 27,227,858      1p      Feb-22     GBP272,279 
 --------------------------------------------  ------------  ---------  -------  ------------- 
                                                 15,000,000      1p      Feb-23     GBP150,000 
 --------------------------------------------  ------------  ---------  -------  ------------- 
                                                 20,000,000      2p      Jul-23     GBP400,000 
 --------------------------------------------  ------------  ---------  -------  ------------- 
                   (ii)(iv)                      10,000,000    3.25p     Jun-24     GBP325,000 
 --------------------------------------------  ------------  ---------  -------  ------------- 
                   (iii)(iv)                     20,000,000    3.25p     Aug-24     GBP650,000 
 --------------------------------------------  ------------  ---------  -------  ------------- 
 TOTAL BOARD, STAFF, CONSULTANT       (v)       133,227,858                       GBP2,959,779 
                                  -----------  ------------  ---------  -------  ------------- 
 TOTAL ALL WARRANTS AND OPTIONS                 378,836,911                       GBP8,406,213 
                                               ------------  ---------  -------  ------------- 
       (i) If exercised within 12 months replacement warrants issued 
       at an 8p exercise price 
       (ii) Subject to Shareholder Approval at General Meeting 
       (iii) Subject to completion of six month's service 
       (iv) Exercise subject to POW trading at a volume weighted 
       average price of 5p for ten trading days 
       (v) A further 97,500 options remain outstanding from October 
       2012, at an exercise price of GBP6.00 each, expiring in October 


The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

Reference Notes:

   1                  Power Metals company announcement , 24 September 2021: ( source: https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/x4919kw ) 
    2                   Power Metals company announcement , 2 August 2021: ( source: https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rg745jr ) 
   3                     Power Metals company announcement , 6 May 2021: ( source: https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rnp73px ) 

4 NI43-101: Canadian National Instrument 43-101: Standards of Disclosure for Mineral Projects ( for background reference see: https://www.osc.ca/en/securities-law/instruments-rules-policies/4/43-101/mining-disclosure-essentials-ni-43-101-reporting-fundamentals-industry-best-practices-and-useful )

5 The top jurisdiction in the world for investment based on the Investment Attractiveness Index is Nevada based on the Fraser Institute Annual Survey of Mining Companies, 2020 (see: https://www.fraserinstitute.org/studies/annual-survey-of-mining-companies-2020 )

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 


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           Results Awaited 
                                                     or Underway 
 Alamo Gold               USA       Earn-in    Excavation of multiple    Field and assay 
  Project                            to 75%     test pits and mapping     results from on-site 
                                                & sampling.               work programme. 
                      ----------  ----------  ------------------------  ---------------------- 
 Authier North          Canada      Earn-in    Soil & rock sampling      Laboratory assay 
  Lithium                           to 100%     completed                 results of samples 
                      ----------  ----------  ------------------------  ---------------------- 
 Ditau Project         Botswana       50%      Preparatory exploration   Field programme 
                                                work underway on          findings and defined 
                                                target I10 leading        drill targets for 
                                                to planned accelerated    near term drilling. 
                                                drilling targeting 
                                                rare-earth elements 
                                                and base metals 
                      ----------  ----------  ------------------------  ---------------------- 
 Kalahari Copper       Botswana       50%      Exploration programme     Field programme 
  Belt                                          underway across           findings and defined 
                                                the South Ghanzi          drill targets for 
                                                Project and further       near term drilling 
                                                exploration at 
                                                the more recently 
                                                acquired South 
                                                Ghanzi Extension 
                                                and Mamuno licence 
                      ----------  ----------  ------------------------  ---------------------- 
 Molopo Farms          Botswana     53%(1)     Kavango Option            Results from various 
                                                to acquire an interest    work activities 
                                                in local project          underway as part 
                                                holding company.          of the Kavango 
                                                Option fee payable        Option 
                                                through defined 
                                                work programme 
                      ----------  ----------  ------------------------  ---------------------- 
 Tati Gold/Nickel      Botswana      100%      Reverse circulation       Laboratory assay 
                                                drill programme           results awaited 
                      ----------  ----------  ------------------------  ---------------------- 
 Victoria Goldfields   Australia     49.9%     Ongoing exploration       Results from field 
                                                across 848km(2)           programme including 
                                                of granted exploration    drill programme 
                                                licences                  underway 
                      ----------  ----------  ------------------------  ---------------------- 
 Wallal Gold/Copper    Australia   83.33%(2)   Passive seismic           Results awaited 
  Project                                       and 2D seismic 
                                                processing work 
                                                programme completed 
                      ----------  ----------  ------------------------  ---------------------- 

(1) should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project

(2) assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company's announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors

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