RE: Nothing RNS25 Oct 2023 07:37
It is pretty obvious that the smaller assets/prospects that PJ rather naively accumulated are never going to be 'company makers' and are more likely to become a constant drain on cash even just to keep them idle. What POW need are the big assets like Molopo Farms, which had the potential to create huge value if the drilling was successful. Unfortunately that one hasn't come good (so far at least).
The other potentially huge prospects within the POW portfolio are the First Development Resources assets in Australia:
"First Development Resources PLC ("FDR")(58.59% POW) holds strategic exploration projects in Western Australia and the Northern Territory and has been fully prepared for an IPO listing which subject to a return to normalised market conditions and final regulatory approvals can be undertaken at short notice. In Western Australia FDR holds the Wallal Project which includes the company's primary target - the Eastern Anomaly, a magnetic bullseye target with a geophysical signature similar to Greatland Gold's Havieron discovery in the Paterson Region.
FDR has secured a c. £110,000 Co-funding grant from the Western Australian government as part of the Exploration Incentive Scheme to be set against the costs of Wallal drilling and has received all the necessary local approvals for the drill to be undertaken. FDR has also agreed a contract with DDH1 Drilling Ltd to undertake the Phase I diamond drilling drill programme and has prepared the access and the drill pad location in readiness for drilling. Recognising this progress the early commencement of drilling is being considered alongside the work being undertaken to finalise the IPO listing."
Looking at what is going on with POW (or rather what is not going on) it might be a much better decision to scrap the IPO and keep these prospects wholly in POW. Let POW pay for the drill costs using the Government grant and then 100% of any drill success can stay in the POW valuation/portfolio.
This is just what is needed here to get some interest back and raise the share price: "In Western Australia FDR holds the Wallal Project which includes the company's primary target - the Eastern Anomaly, a magnetic bullseye target with a geophysical signature similar to Greatland Gold's Havieron discovery in the Paterson Region."
AJMHO
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