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(Alliance News) - Power Metal Resources PLC has appointed a new chief executive, it said Tuesday, following the completion of a strategic review.
Shares were 20% higher on morning trade at a price of 0.48 pence each.
Power Metal was known as African Battery Metals PLC until June. It had begun a strategic and operational review in February.
Following the review, Power Metal said it will continue to focus on large metal discoveries, primarily in nickel, copper, and cobalt, and there are ongoing exploration activities for this in Botswana, Cameroon, Tanzania, and the Democratic Republic of the Congo.
Current projects include the Molopo polymetallic site in Botswana and the Haneti nickel-lithium project in Tanzania, as well as Cobalt Blue in Cameroon, Lizetta II in Ivory Coast, and Kisinka in the DRC.
Further, the company has now made Executive Director Paul Johnson its new chief executive.
Johnson said: "The key strategic objective of Power Metal Resources is to make large-scale metal discoveries in the power metal commodities, principally nickel, copper and cobalt.
"I am pleased to be given the opportunity to take the role of chief executive and with the support of the team, and shareholders, I intend to make a long-term commitment to building Power Metal Resources into one of the strongest exploration and development companies in London.
"In line with this objective we have made a great start in recent months with exploration success in Cameroon (cobalt) and the DRC (copper), where both projects have to date exceeded our expectations," he continued.
"The company has also added new operational activities in Botswana and Tanzania, predominantly nickel focused, and where all results achieved to date have been highly encouraging."