Power Metal Resources PLC - London-based metals exploration company focused in North America, Africa and Australia - Notifies the owner of the Authier North and Duval East lithium properties that it will continue into year two of the earn-in agreement. Power Metal explains the decision was based on the continued success of neighbouring Sayona Mining Ltd at the Authier project and strong lithium price fundamentals. By continuing into the year year, the company will make a cash payment of CAD25,000 - around GBP16,169 - and a share-based payment of CAD50,000.
The earn-in agreement was originally signed in July 2021, giving Power Metal Canada Inc, a subsidiary of Power Metal, the chance to earn a 100% interest in the two properties located in Quebec. To gain 100% of the projects, Power Metal will have to pay a total of CAD65,000 in cash and CAD175,000 in share-based payments over three years.
Current stock price: 0.86 pence, down 1.9% in London on Tuesday afternoon
12-month change: down 61%
By Heather Rydings; heatherrydings@alliancenews.com
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Power Metal (POW)
