TIDMPOW
RNS Number : 5060H
Power Metal Resources PLC
06 April 2022
6 April 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 March 2022 quarterly
business operational update for shareholders.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"We built our portfolio for a time when metal prices would rise,
when metal supply shortages would become exposed, and when
participants in the metals space would see the strategic value of a
well-constructed portfolio of active mineral projects.
Power Metal has benefited from a 3-year long opportunity to
build this portfolio, through challenging market conditions. With
entrepreneurial hard work, our team has positioned the business
with the right combination of commodity, geographical and
geological diversification.
Although we face many global challenges, we find ourselves today
in an environment where governments, financial institutions, large
corporations and major metal producers openly recognise the
importance of secure strategic metal supply. These various
organisations know that the large-scale discoveries of tomorrow
rely upon the gregarious and bold explorers of today.
Below you will see our highlights for the quarter to March 2022.
Here we present details of Power Metal's four operational drill
programmes, four spin-out/disposal activities, an advancement of
strategic uranium interests and our other various district scale
mineral opportunities.
We did not build our portfolio to stay wedded to underperforming
or sub-optimal projects and in the last three years the Company has
taken action to cease expenditure in the Ivory Coast, Cameroon and
DRC, in the latter case, on hold pending ongoing operational
conditions being met. If we don't see real value or an adequate
commercial pathway for any project we will act as we always have;
decisively.
I trust this quarterly report, and future reports that follow,
will help investors track our operational progress and
expectations. We have slimmed down the content in this report to
focus on the latest project status and planned next steps for
each."
QUARTER HIGHLIGHTS:
African Exploration
- Launch and completion of deep diamond drill programme at the
Haneti Nickel Project located in Tanzania, targeting nickel,
copper, cobalt and platinum group element ("PGM")
mineralisation.
- Launch of diamond drill programme at the Ditau Camp Project
located in Botswana, targeting multiple prospective carbonatite
structures with potential for rare-earth element ("REE") and
base-metal mineralisation.
- Results from Reverse Circulation ("RC") drilling programme at
the Tati Project, Botswana, confirming prospective geological
formations and near surface gold mineralisation, with additional
licence application lodged to cover newly identified gold-in-soil
anomalies.
Australian Exploration
- First Development Resources team conducted ground exploration
and field reconnaissance completed at the Selta Project located in
the Northern Territory, Australia, which highlighted multiple
target areas with polymetallic potential including uranium, REE's
and lithium.
- Field reconnaissance completed at the Wallal Project located
in the Paterson Province of Western Australia, Australia,
confirming ideal operational conditions and access for planned deep
diamond drilling programme.
- At our Victoria Goldfields joint venture continuation of
diamond drilling, originally commenced in late 2021, at the
O'Loughlins and Mt. Bute targets located in the State of Victoria,
Australia.
Canadian Exploration
- Canada: Technical review of data in respect of the Company's
Athabasca Basin uranium interests confirms extensive uranium
prospectivity across 5 of the 7 uranium properties so far, with
additional ground staked to cover newly identified prospective
areas.
Corporate
- Spin-out vehicles continue to make progress with First Class
Metals plc and Golden Metal Resources plc targeting listings on the
London capital markets in the current quarter, and First
Development Resources Ltd and New Ballarat Gold Corporation plc
targeting listings in the London and/or Australian markets in early
Q3 2022.
- Operational working capital comprising cash and listed
investments at 28/02/2022 amounted to GBP2.48M and unaudited total
assets at 28/02/2022 of GBP10.93M.
- New environmental, social and governance initiative launched
(the "ESG Initiative") which will include an appointed ESG Officer
for Power Metal and select associated companies. The Initiative
will also involve the embedding of wide ranging ESG policies across
the Company and training of all staff members.
- Capital Reduction exercise progressed with shareholder
approval secured at General Meeting in March 2022. Subject to High
Court approval enables the Company to consider shareholder
distributions with effect from mid-2022.
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:
https://www.powermetalresources.com/presentation/
PROJECT OPERATIONS UPDATE
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;
- Additional management, compliance and financial information for shareholders.
African Exploration Projects
Project Latest Position
Molopo Farms Complex The proposal from Kavango Resources to acquire
Project Kalahari Key did not lead to a successful
Botswana outcome, further details of which were announced
(Nickel - Copper on 22/03/2022 and may be viewed here:
- Platinum Group https://www.londonstockexchange.com/news-article/POW/kalahari-key-update-ditau-drilling-co
Element) mmences/15379084
POW: Effective Economic This was disappointing; however, we are
Interest circa 53% working with Kalahari Key and its shareholders
held as a 40% direct to find a suitable way forward.
project interest The first drill programme announced in 2021
and c 21.5% interest confirmed nickel results up to 1.7%. The
in Kalahari Key next step is a follow-up round of drilling,
Mineral Exploration which we are seeking to undertake urgently.
Pty Ltd (60% project The Molopo Farms Complex Project has attracted
owner) considerable interest and we intend to capitalise
on that interest and the positive technical
findings to date.
-------------------------------------------------------------------------------------------
Kalahari Copper
Belt Project (KCB We continue to work on drill target refinement
Project) at the KCB Project. Whilst this has taken
Botswana longer than previously anticipated, drill
(Copper - Silver) planning is now advancing rapidly.
POW: 50% (50% JV
Partner Kavango The ground under prospecting licences ("PLs")
Resources plc LON:KAV) totals some 4,257km(2) over 10 PLs and is
considered highly prospective for Cu-Ag
mineralisation. Precise drill targeting
is key to maximising the return on investment
from exploration dollars expended over a
very large licence footprint area.
-------------------------------------------------------------------------------------------
Ditau Camp Project The launch of drilling at the Ditau Camp
Botswana Project was announced on 22/03/2022 and
(Rare Earths - Base a detailed follow up announcement linked
Metals) below outlined the drill targets:
POW: 50% (50% JV https://www.londonstockexchange.com/news-article/POW/ditau-project-rare-earth-element-dril
Partner Kavango l-targets/15388479
Resources plc LON:KAV) With the programme underway, there will
be various updates provided to the market
outlining progress in respect of this important
rare-earth element focused drilling programme.
-------------------------------------------------------------------------------------------
Tati Project
Botswana The Company announced the results from a
(Gold - Nickel) maiden drill programme at the Tati Project
POW: 100% on 04/04/2022 and this may be viewed through
the following link:
https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-drill-programm
e-results/15396365
From a limited dataset received in early
2021, effort applied to Tati has been focused
on building technical understanding. The
work undertaken by the Company in 2021,
which included soil sampling, ground-based
magnetics & radiometric surveys, as well
as prospecting and rock sampling led to
the delineation of multiple prospective
kilometre scale soil anomalies.
Drill testing confirmed various target geological
formations below Kalahari sand cover and
confirmed near surface gold mineralisation.
Our work also identified more intensive
geochemical anomalies within adjacent land,
representing an extension of an identified
major regional structure - a new prospecting
licence application has been submitted covering
this new area.
We expect to announce next steps on this
highly prospective Project in the near future.
-------------------------------------------------------------------------------------------
Haneti Project
Tanzania We announced the commencement of deep diamond
(Polymetallic) drilling on 26/01/2022 which may be viewed
POW: 35% (65% JV here:
Partner Katoro Gold
plc LON:KAT) https://www.londonstockexchange.com/news-article/POW/haneti-project-diamond-drilling-comm
ences/15302016
The drill programme completed as announced
on 14/02/2022 and further details of the
completed programme may be viewed in the
link below:
https://www.londonstockexchange.com/news-article/POW/haneti-project-diamond-drilling-comp
lete/15326468
Samples from the drill programme were prepared
and sent to SGS Tanzania for laboratory
assay testing. First assay results are expected
in the near term.
-------------------------------------------------------------------------------------------
North American Exploration Projects
Project Latest Position
Silver Peak Project The diamond drill programme conducted in
British Columbia, 2021 delivered bonanza grade silver results,
Canada further bolstered by overlimit assays for
(Silver) copper, antimony, zinc & lead, as may be
POW: 30% viewed here:
https://www.londonstockexchange.com/news-article/POW/silver-peak-canada-overlimit-assay-resul
ts/15233399
We are currently working with our Canadian
partner to finalise commercial plans for
the Project against a backdrop of considerable
interest in this Project. This has taken
more time than planned, however we expect
to make a further announcement of progress
in the near future.
----------------------------------------------------------------------------------------------
Alamo Gold Project
Arizona, United Following a lengthy permitting delay, a
States of America planned exploration programme finally launched
(Gold) in late 2021. Further information in respect
POW: Earn-in to of that programme may be viewed here:
75%
https://www.londonstockexchange.com/news-article/POW/alamo-gold-project-usa-exploration-upda
te/15221692
Under the original 2020 Alamo agreement,
a US$50,000 pre-production royalty payment
("PPR Payment") was due by 31/12/2021 and
given the late start of the exploration
work programme, an amended PPR Payment deadline
date was previously agreed being 14 days
after the receipt of all analytical results
from the 2021 test pitting programme, or
31/03/2022, whichever was the earlier.
Power Metal awaits receipt of a technical
report highlighting the results from the
exploration programme and has therefore
agreed a further extension of the PPR Payment
deadline date to 14 days after the receipt
of that report or 15/06/2022, whichever
is earlier.
The amendment will allow Power Metal to
review all 2021 exploration data before
making a decision on next steps with the
Project.
----------------------------------------------------------------------------------------------
Athabasca Uranium
Saskatchewan, Canada Uranium projects in the Athabasca Basin
(Uranium) region in the Province of Saskatchewan,
POW 100% Canada are attracting considerable interest,
with a rising uranium price stimulating
a rush to secure prospective exploration
properties.
Power Metal are positioned well here and
now has exposure to 7 projects which cover
some 450km(2) of highly prospective land.
Internal development and commercialisation
of our uranium interests are both valid
pathways and we expect both will play a
part in the development of our Canadian
uranium portfolio going forward. With that
in mind, we undertook an extensive data
compilation exercise in respect of all 7
properties building a database of historic
exploration findings.
Technical review across all the property
data has been underway for some time, and
we have brought a uranium specialist into
the Power Metal team to accelerate this
technical work and assist with commercialisation
activities thereafter.
In the quarter we have released the findings
of the technical review across 5 of our
7 properties so far. An overview of the
data compilation exercise, together with
results from the first property reviewed,
Tait Hill, can be viewed in our 14/01/2022
announcement found below:
https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-update-athabasca-basi
n/15287392
The Reitenbach Property findings can be
viewed below in our 08/02/2022 announcement
found below:
https://www.londonstockexchange.com/news-article/POW/reitenbach-uranium-property-athabasca-b
asin/15319141
Reitenbach is considered likely to be the
first to enter a commercialisation process
and we are advancing this at present. As
a result, the Company commissioned a National
Instrument 43-101 ("NI 43-101") technical
report on the Property, as announced on
24/03/2022. The commissioning of the NI
43-101 report along with technical findings
from the Cook Lake and E-12 properties can
be viewed at the link below:
https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-update-athabasca-basi
n-canada/15381520
Also, on 31/03/2022 Power Metal released
the findings from a technical review of
the Soaring Bay property, with uranium prospectivity
confirmed and new ground staked increasing
the property size by 71% to cover the additional
prospective areas identified.
We expect that the Canadian uranium opportunities
will be a highly active area of our business
over the coming weeks and months.
----------------------------------------------------------------------------------------------
Authier North
Quebec, Canada The Company continues to monitor progress
(Lithium) being made by Sayona Mining (ASX: SYA) who
POW earn-in to 100% control the neighbouring Authier Lithium
Project.
Sayona Mining on 01/03/2022 announced a
significant increase in their Authier lithium
resource, which now includes a stated total
JORC compliant Mineral Resource of 17,136,000
tonnes at an average grade of 1.01% Li(2)
O. A link to this announcement is below:
https://sayonamining.com.au/wp/wp-content/uploads/2022/03/SYA_Doubling-resource-base_1-Mar-2
2.pdf
Sayona Mining's upcoming major milestones
include the delivery of a feasibility study,
with updates expected on this front within
the next few weeks.
Power Metal is further reviewing the results
achieved from their 2021 geochemical sampling
and prospecting programme and will update
the market in due course with the next planned
steps as southern Quebec moves into the
spring/summer exploration season.
----------------------------------------------------------------------------------------------
Australian Exploration Projects
Project Latest Position
Gawler Project
South Australia Work continues on the review of publicly
(Gold, Copper) available historic data in order to further
POW: 100% refine geological understanding and prepare
detailed exploration plans in readiness
for ground operations when licences are
granted.
The Gawler Project comprises two licence
applications (submitted October 2021) targeting
Olympic Dam style mineralisation. Power
Metal's announcement confirming the lodgement
of applications may be viewed through the
following link:
https://www.londonstockexchange.com/news-article/POW/new-australia-copper-gold-opportunity/151894
56
---------------------------------------------------------------------------------------------------
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 Through its Australian operating subsidiary,
Corporation (NBCG) Red Rock Australasia Pty Ltd, NBGC has a
Victoria, Australia substantial licence footprint within the
(Gold) Victoria Goldfields, Australia. This comprises
POW: 49.9% 50.1% over 1,500km(2) of granted exploration licences
JV Partner Red Rock and circa 800km(2) of licence applications.
Resources plc LON:RRR) In December 2021, a diamond drill programme
commenced targeting two prospects, further
details of which can be viewed in the following
link:
https://www.londonstockexchange.com/news-article/POW/business-update-red-rock-resources-aus
tralasia/15240196
A further detailed announcement is expected
shortly covering latest developments from
exploration work in Victoria.
NBGC is seeking a listing in early Q3 2022
and is working with advisors in this regard.
--------------------------------------------------------------------------------------------
Golden Metal Resources Power Metal provided an update covering
plc (GMR) Golden Metal Resources ("Golden Metal")
Nevada, USA on 16 February 2022 which may be viewed
Gold - Base Metals below:
POW 83.13% https://www.londonstockexchange.com/news-article/POW/golden-metal-resources-company-update/
15331658
Golden Metal continues to progress towards
its IPO listing on the London markets targeting
planned for this quarter. This includes
working with various advisors across legal,
accounting, technical, and finance in order
to finalise its listing admission documentation
in advance of launching into GMR's planned
IPO listing and equity raise.
Golden Metal is in the final stages of collapsing
its various Australian subsidiaries which
hold the Pilot Mountain Project, this will
drastically simplify GMR's corporate structure
once completed.
Additionally, preparatory work has continued
across Golden Metal's portfolio of Nevada
based assets in order to ensure work programmes
can commence rapidly post-listing.
Golden Metal has officially engaged and
scheduled a Vancouver-based geophysical
contractor to undertake a high-resolution
3D-Induced Polarisation ("IP") survey across
the entire Pilot Mountain Project.
This preparatory work will feed into the
drill programme which will be testing multiple
high priority exploration targets across
the Pilot Mountain Project. Golden Metal
is currently finalising contract details
with its preferred drilling contractor.
The strategic importance of the Pilot Mountain
Project was emphasised recently with the
continuing inclusion of tungsten within
the United States Geological Survey's 2022
list of critical metals. Further information
in respect of this was provided in the Company's
non-regulatory announcement on 25/02/2022
which may be viewed in the following link:
https://www.londonstockexchange.com/news-article/POW/usgs-releases-2022-list-of-critical-mi
nerals/15342867
--------------------------------------------------------------------------------------------
First Development FDR has a 100% interest in three exploration
Resources Ltd (FDR) projects targeting gold and copper mineralisation
Western Australia within the Paterson Province of Western
(Gold - Copper - Australia (Wallal, Braeside West & Ripon
Rare Earth Elements Hills). This package includes five granted
- Uranium - Lithium) exploration licences in total covering a
POW: 83.33% total footprint of 751km(2) . FDR also has
100% ownership of the Selta Project which
includes three granted exploration licences
targeting uranium, rare-earth element, and
lithium mineralisation located within Australia's
Northern Territory (1,575km(2) ).
The latest licences to be granted were at
the Selta Project and the announcement on
23/02/2022 can be viewed in the link below:
https://www.londonstockexchange.com/news-article/POW/selta-uranium-ree-project-all-licences
-granted/15340329
During the quarter, initial ground reconnaissance
work was undertaken at the Wallal Project,
reviewing planned drill locations, primarily
from an infrastructure and access perspective.
This work was successful and an announcement
on 11/01/2022 covering this may be viewed
below:
https://www.londonstockexchange.com/news-article/POW/wallal-project-exploration-update/1528
1969
The latest findings from FDR's Western Australia
exploration data technical review were published
by the Company on 21/02/2022 and may be
viewed through the link below:
https://www.londonstockexchange.com/news-article/POW/replacement-paterson-project-explorati
on-update/15337136
An in-depth project review was undertaken
for the Selta Project which confirmed multiple
target areas for uranium, rare-earth element,
and lithium mineralisation, the detailed
findings of this review may be viewed in
the 16/03/2022 announcement linked below:
https://www.londonstockexchange.com/news-article/POW/selta-project-multiple-target-areas-id
entified/15371081
A further detailed site visit covering all
FDR properties was conducted In March 2022
by the FDR CEO and various members of the
ground operational team. An update to market
covering the work undertaken during that
site visit, and the latest outcomes from
ongoing exploration work, is expected shortly.
FDR is seeking a listing on the London capital
markets and is working with advisors in
this regard and targeting early Q3 2022.
--------------------------------------------------------------------------------------------
First Class Metals Power Metal currently has an interest of
plc (FCM) 36.3% in FCM which is seeking a listing
Schreiber-Hemlo, on the London capital markets this quarter.
Ontario, Canada The Company is working with FCM to support
(Gold - Base Metals) their listing plans and looks forward to
POW c.36% reporting further progress in this regard.
On listing Power Metal will be a significant
shareholder in FCM and expects to be an
enthusiastic and longstanding shareholder.
--------------------------------------------------------------------------------------------
New Opportunities
Project Latest Position
Power Metal Resources The near-term focus will remain on the exploration
plc of existing interests and the crystallisation
of value through the potential listing of
spin-out vehicles and project value generative
disposals.
We remain alert to new opportunities and
will undertake review of exceptional opportunities
if they are presented to us.
----------------------------------------------------
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) This is occurring against a backdrop of
POW: 100% intense activity across the Power Metal
business and rightly is not a main priority
as we seek to advance our major business
interests.
----------------------------------------------------
Management and Financial
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
Power Metal has been engaging with a number
of potential board candidates for Power
Metal and associated companies. The Company
expects to announce new appointments to
its Board in the coming weeks.
------------------------------------------------------------------------
Management and Team Power Metal is actively seeking to bring
new team members in to support the growth
in business activities and recently launched
a "Join-Us" page on the Company's website
with further details. This may be viewed
through the following link:
https://www.powermetalresources.com/join-us/
We have received a considerable response
to this campaign and will be speaking to
all those who got in touch.
In the quarter we have brought a uranium
specialist onto the team with a specific
focus of developing our uranium interests
located in the Athabasca Basin region of
Saskatchewan, Canada.
------------------------------------------------------------------------
Financial Position Power Metal Working Capital
As at 28/02/2022 Power Metal held cash and
listed investments of GBP2,482,960 ("Working
Capital").
Working Capital is money available to deploy
on payment of corporate costs and operational,
notably exploration, expenditure.
Power Metal Assets
As at 28/02/2022 Power Metal's unaudited
Balance Sheet showed total assets of GBP10,929,668
("Total Assets").
Total Assets includes the following categories:
* Project investments and Power Metal group
intercompany loans
* Pre-IPO vehicle valuations (always
acquisition/investment cost until pre-IPO financing
is undertaken)
* Working Capital (see above)
* Other sundry assets.
Future Financing Sources
The Company has multiple sources of additional
financing, not all of which may be necessary
or occur in the foreseeable future:
* As an AIM listed vehicle traditional equity financing
can be undertaken to raise additional sums where
considered necessary.
* Through the exercise of financing and transactional
warrants or the exercise of director, team member or
adviser options (see Table 1 below for a full
breakdown of all warrants and options outstanding as
at 31/03/2022). If exercised in full, this will bring
in GBP8,232,573 additional cash into the Company
(GBP9,232,573 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.
* 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.
------------------------------------------------------------------------
Audit and Compliance Power Metal with the support of One Advisory,
completed the audit work with auditors PKF,
and the financial results for the year ended
30 September 2021 were published on 3 March
2022.
The Company will now work with One Advisory
to finalise its financial results for the
half year to 31 March 2022, an announcement
of which must be made to the market by 30
June 2022 but is expected sometime before.
Power Metal has launched a new environmental,
social and governance ("ESG") initiative
which will include:
* Appointment of an ESG Officer for Power Metal and all
associated companies.
* Design, implementation of new and wide ranging ESG
policies across the Company and embedded at local
project or investment level for all Company
activities.
Training of all staff members to develop
Company-wide core ESG understanding, with
in-depth training where required to maintain
optimal ESG capability at all levels
------------------------------------------------------------------------
Table 1: Power Metal Resources plc - Share Warrants and Options
Outstanding at 31/03/2022
Instrument Type Note Number Exercise Expiry Amount Raised Instrument
Price Month for POW Total
on Exercise
Financing Warrants
----- ------------ --------- ------- -------------- -------------
Dec 19 Financing Warrants
- POW Director Held 11,250,000 0.7p Jun-22 GBP78,750
----- ------------ --------- ------- -------------- -------------
July 20 Financing Warrants
- POW Director Held 27,500,000 0.75p Jul-22 GBP206,250
----- ------------ --------- ------- -------------- -------------
July 20 Financing Warrants
- General Holders 65,706,079 0.75p Jul-22 GBP492,796
----- ------------ --------- ------- -------------- -------------
Nov 21 Financing Warrants
- General Holders 66,000,000 3.5p Dec-23 GBP2,310,000 GBP3,087,796
----- ------------ --------- ------- -------------- -------------
Transaction Warrants
----- ------------ --------- ------- -------------- -------------
Alamo Gold Project Aquisition 15,500,000 1p Jul-23 GBP155,000
----- ------------ --------- ------- -------------- -------------
Silver Peak Acquisition
(Signing) 9,000,000 1.75p Sep-23 GBP157,500
----- ------------ --------- ------- -------------- -------------
Silver Peak Acquisition
(Earn-In Complete) 2,568,641 2.89p Mar-24 GBP74,263
----- ------------ --------- ------- -------------- -------------
Garfield & Stonewall Acquisitions 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 (1) 12,500,000 4p Oct-24 GBP500,000
----- ------------ --------- ------- -------------- -------------
Kanye Resources Earn-in 5,000,000 5p Jul-23 GBP250,000 GBP2,321,138
----- ------------ --------- ------- -------------- -------------
Management, Staff, Consultant
& Advisor Options
----- ------------ --------- ------- -------------- -------------
Advisor/Consultant Options 15,000,000 2p Jul-23 GBP300,000
----- ------------ --------- ------- -------------- -------------
POW Team Options 25,000,000 3.25p Jul-24 GBP812,500
----- ------------ --------- ------- -------------- -------------
Director Options: 1,000,000 5.0p Jul-23 GBP50,000
----- ------------ --------- ------- -------------- -------------
13,613,929 1p May-22 GBP136,139
----- ------------ --------- ------- -------------- -------------
15,000,000 1p Feb-23 GBP150,000
----- ------------ --------- ------- -------------- -------------
20,000,000 2p Jul-23 GBP400,000
----- ------------ --------- ------- -------------- -------------
10,000,000 3.25p Jul-24 GBP325,000
----- ------------ --------- ------- -------------- -------------
20,000,000 3.25p Aug-24 GBP650,000 GBP2,823,639
----- ------------ --------- ------- -------------- -------------
Totals 360,221,982 GBP8,232,573
----- ------------ --------- ------- -------------- -------------
Notes:
----- ------------ --------- ------- -------------- -------------
(1) - If exercised within 1 year replacement warrants issued
at 8p exercise price
COMPETENT PERSON STATEMENT
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.
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.
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.
---------- --------- ------------------------ ----------------------------
Athabasca Canada 100% Data compilation Interpretation
Uranium across uranium results from 2
properties of 7 properties.
---------- --------- ------------------------ ----------------------------
Authier North Canada Earn-in Soil & rock sampling Technical Review
Lithium to 100% completed of exploration
results & define
next exploration
steps.
---------- --------- ------------------------ ----------------------------
Ditau Project Botswana 50% Drill programme Field updates and
focused on key receipt & review
targets notably of laboratory assay
drilling of potential results.
carbonatites and
targeting rare-earth
elements.
---------- --------- ------------------------ ----------------------------
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
areas
---------- --------- ------------------------ ----------------------------
Molopo Farms Botswana 53% Review of recent Determine next
exploration findings. exploration steps
and action plan.
---------- --------- ------------------------ ----------------------------
Haneti Project Tanzania 35% Diamond drill programme Receipt & review
completed of laboratory assay
results.
---------- --------- ------------------------ ----------------------------
Victoria Goldfields Australia 49.9% Diamond drill programme Field updates and
underway receipt & review
of laboratory assay
results.
---------- --------- ------------------------ ----------------------------
Paterson Projects Australia 83.33% Wallal passive Findings from multiple
seismic and 2D work programmes
seismic processing including final
work programme approvals and preparations
completed. for planned deep
Review of historical diamond drilling.
data and target
generation for
Ripon Hills & Braeside
West projects.
---------- --------- ------------------------ ----------------------------
Selta Project Australia 83.33% Field reconnaissance Field updates.
work now underway,
including mapping
and sampling.
---------- --------- ------------------------ ----------------------------
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END
UPDUPUGUCUPPGPQ
(END) Dow Jones Newswires
April 06, 2022 08:07 ET (12:07 GMT)
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