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Pin to quick picksPower Metal Share News (POW)

Share Price Information for Power Metal (POW)

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Share Price: 14.50
Bid: 14.00
Ask: 15.00
Change: 1.00 (7.41%)
Spread: 1.00 (7.143%)
Open: 13.50
High: 14.50
Low: 13.50
Prev. Close: 13.50
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IN BRIEF: Power Metal-Red Rock joint venture secures Australia licence

Tue, 24th May 2022 20:18

Power Metal Resources PLC - metals exploration company focused in North America, Africa and Australia - Says joint-venture subsidiary New Ballarat Gold Corp, which is focused in the Victorian Goldfields of Australia, have been awarded three further exploration licences. These are EL007330, EL007294 and EL007507, bringing NBGC's combined footprint in the Victoria Goldfields to 1,832 kilometres. Licence also covers Ajax mine which historically produced 312,789 ounces of gold at an average grade of 14.8 grams per tonne in the 1920s. NBGC is a joint-venture held between Power Metal - at 49.9% - and its partner, London-listed Red Rock Resources PLC.

Chief Executive Officer Paul Johnson says: "The grant of EL007330 is a considerable step forward bringing the historical Ajax gold mine into the RRAL portfolio. This mine produced 312,789 ounces of gold at an average grade of nearly half an ounce per tonne. Whilst the RRAL land footprint is considerable, with over 1,800km squared of now granted exploration licences, without question the grant of EL007330 including Ajax is highly significant.

"In our view the RRAL business holds great potential, however, what is important is what we do to maximise that value through further exploration and corporate activities. I expect it will be an interesting few months ahead for this project package within the Power Metal business."

Power Metal also exercises warrants over 2.5 million new shares at an exercise price of 0.75p per warrant share and raising an additional GBP18,750.

Current stock price: 1.33 pence

12-month change: down 44%

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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UK shareholder meetings calendar - next 7 days

Wednesday 20 March 
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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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IN BRIEF: Katoro Gold names Power Metal CEO as new chair

Katoro Gold PLC - London-based gold and nickel exploration and development company - Proposes hiring Sean Wade, chief executive officer of Power Metal Resources PLC, as non-executive chair. Katoro and Power Metal are joint venture partners on the Haneti Project in central Tanzania. Wade previously served in various senior mining roles including at Berkeley Energia PLC, Pensana PLC and Asia Resource Minerals PLC, and "has worked on numerous transactions in the capital markets". Former Chair Louis Coetzee will remain as executive director after Wade's appointment until a new director is appointed. He will then leave the board and company, but serve as a consultant to Katoro until July 31.

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IN BRIEF: Power Metal celebrates start of drilling at Molopo Farms

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TRADING UPDATES: Power Metal firms Tati gold; Union Jack inks deal

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