18 March 2025
Power Metal Resources
PLC
("Power Metal" or the
"Company")
Haneti Project Review
Power Metal Resources PLC
(AIM:POW, OTCQB:POWMF),
the London listed exploration company with a global project
portfolio, notes the announcement by Katoro
Gold PLC ("Katoro") of their decision to cease further investment
in the Haneti Project ("Haneti").
Currently, Katoro owns 65% of the Haneti
Project, with Power Metal owning the remaining 35%.
The Board of Power Metal concurs with Katoro
that the extensive technical review undertaken by Katoro does not
indicate sufficient prospectivity at Haneti and therefore does not
support further capital expenditure.
Sean Wade, Chief Executive Officer of
Power Metal Resources said:
"As a Board,
we are sharply focused on shareholder value and maximising the
return on our investments.
"We do not
feel that a sufficiently compelling opportunity exists at Haneti
and have therefore decided to exit from the
investment.
"We continue
to examine to portfolio closely and will not be afraid to take
similar decisions elsewhere at the appropriate time."
For
further information please visit https://www.powermetalresources.com/
or
contact:
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Power Metal Resources plc
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Sean Wade (Chief Executive
Officer)
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+44 (0) 20 3778 1396
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SP Angel Corporate Finance LLP
(Nomad and Joint Broker)
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Ewan Leggat/Jen Clarke
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+44 (0) 20 3470 0470
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Tamesis Partners LLP (Joint
Broker)
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Richard Greenfield/Charlie Bendon
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+44 (0) 20 3882 2868
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BlytheRay (PR Advisors)
Tim Blythe/Megan Ray/Alastair
Roberts
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+44 (0) 20 7138 3204
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NOTES TO EDITORS
Power Metal Resources
plc (AIM:POW,OTCQB:POWMF) is a London-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, Saudi Arabia 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.
