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(Alliance News) - Power Metal Resources PLC on Wednesday, noted the completion of the company's Botswana drill programme, and the successes of its Canadian silver and rock projects in the fourth quarter of 2021.
The London listed company's share price was up 5.8% to 1.69 pence each on Wednesday afternoon in London.
In addition, the metal explorer's current project partner Kalahari Key Mineral Exploration Pty Ltd has an option agreement to be acquired by Kavango Resources PLC, which should "streamline the ongoing project" to discover nickel sulphides.
Power Metal's spin-out vehicles also performed well in the final quarter of 2021. New Ballarat Gold Corp PLC was granted more license applications for drilling gold in Victoria, Australia. Golden Metal Resources Ltd acquired Pilot Mountain Project, and is moving through the IPO process, with a full management board, suite of listing adviser, and GBP750,000 in pre-financing.
Power Metal's Australian subsidiary First Development Resources Ltd has further developments in bullseye gold/copper targets, and has acquired the Selta Project targeting uranium and rare-earth elements in the Northern Territory.
The metals company raised GBP1.1 million in financing in November, reported unaudited total assets of GBP10.1 million and working capital reserves of GBP2.9 million in December 2021.
Looking ahead, Power Metal's Chief Executive Officer Paul Johnson said: "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."
By Elizabeth Winter; elizabethwinter@alliancenews.com
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