Member Info for Tray556

575,000 share print @ 14p today .... £80,500

Another very well written piece on POW by OakBloke.

https://substack.com/home/post/p-200718231

Https://www.investorschronicle.co.uk/content/5a587de8-ebd6-43ae-b34a-024e065b2d97

POW's quarterly newsletter for Q1 2026 is available on their website:

https://www.powermetalresources.com/powermetalresources-com/_img/doc/newsletters/31-03-26-ShareholderQuarterlyUpdate.pdf

Next SP catalysts in my view are as follows:

1) Apex Royalties - POW with a circa 10% stake over there and Apex have exposure to GMET too. Expecting Apex to maybe acquire a few more royalties and then maybe IPO? Apex is ran by the same guess who successfully IPO'd and sold Trident a few years back.

2) Share Buyback - Continuation of the buyback would tighten up the float and bring the shares in issue down closer to the 100mil mark. Just too many poor quality investors involved in POW at present. Tightening up the float is absolutely key to any future SP movement.

3) Tati Gold - Look like Tuscan are moving forward with their exploration plans at Tati from an announcement a couple of months ago. POW hold a 25% free carry there. Tuscan will take 75% of the project but to do that, they effectively need to put in the exploration and infrastructure for a small scale gold mining operation. I ran the numbers a few months ago, and if 3g per tonne gold can be recovered from the 50 tonnes a day gold programme. I estimate that would be about £750,000 per annum of free cashflow for POW each year based on current gold prices. 3g per tonne seems a possibility based on exploration results to date.

4) Uranium - 30% holding the Uranium JV with ACAM should start seeing the first Uranium results from the first drilling programme of 2026 shortly. JV is cashed up for more Uranium drill programmes throughout the year too. Should be multiple drill results RNS in 2026.

5) Minestarters - POW own 35% of Minestarters who should be brining on their first projects soon. Very quiet to date though and moving at snail pace. The targets Minestarters have set on their own website for Q1 2026 look as though they are going to be missed. POW have the opportunity to spend £2mil to up their stake from 35% to 49% once there is a viable product in Minestarters.

6) Greyridge & Chilean Copper investments - Small stakes recently acquired in these two entities. Greyridge have 25 exploration licences in Saudi, the Chilean copper project looks to be "mine ready" in terms of the resource yet big questions marks on Capex costs and how these will be funded .... Should be several updates regarding these two investments throughout 2026.

7) Cash Balance - I still think POW have circa £8mil cash on hand. Could well be more news throughout 2026 on the acquisition front.

8) GSAe - POW hold 75% in GSAe which has gone very quiet too of late. GSAe seem to be rubbing noses with the right people from social media i.e. government officials etc. but they are creating zero tangible value at the moment, but seem to be getting funded via grants so costing POW £0 as they pretty much break even each year. Any tangible contracts GSAe sign could be very valuable but yet to see anything of note.

Buyback update as at 25th March 2026:

Shares bought back in treasury = 2,444,161

Cost to buyback to date = £358,149

Average buyback price = 14.65p

No of shares in issue (excluding treasury) = 113,166,276

No of shares still available to buyback = 14,805,839

Great to see the buyback firing up again at these completely no brainer levels after a 2 month pause. I can only assume the pause was due to MAR rules regarding the Greyridge & Chilean Copper deals.

Shares bought back in treasury = 2,344,161

Cost to buyback to date = £344,799

Average buyback price = 14.71p

No of shares in issue (excluding treasury) = 113,266,276

No of shares still available to buyback = 14,905,839

Let's hope POW push on aggressively now over the coming weeks with this buyback at such a wild discount to NAV! £40-50k a day would be good to see.

Agree Gully01. At the 13p zone it seems a no brainer to buyback stock but it is highly likely that MAR rules are in effect here with the Greyridge and Next deals announced over the past few weeks.

Sean is certainly not daft, and with so much cash in the POW bank, I'm pretty sure if he was happy to buy back stock at 15p a month or so ago, then he would buyback stock at 13p right now if it was a viable option.

POW now at a market cap where just their cash balance, listed investments in a few failed AIM minnows and their strategic stake in Apex Royalties is priced in.

All their new acquisitions in Greyridge, Next & Minestarters as well as their cashed up Uranium JV, Tati gold project, Molopo farms, Saudi/Oman assets, £500k due from RRR by end of March 26 etc. are all priced in for free.

A solid business is being put together here with a clear path to financial self sustainability. Unfortunately a big chunk of the POW float still sits in the hands of the clueless and until that changes, the SP will simply go nowhere.

As we have discussed on this board many times, the POW SP will simply go nowhere until the float moves into better hands. GMET's SP moves as 60-70% of the float is in the hands of the board and billionaires.

I thought POW would have rapidly executed the share buyback at this prices in order to move stock out of the hands of the clueless AIM retail. For some reason they have paused the buyback which is extremely annoying.

The only other option now is to get a few with deep long term pockets to buy into POW to flush out the clueless. Sean hasn't managed to make that a reality for several years though.

A very frustrating hold at the moment as the company has the buyback authority and cash in the bank to move the float into better hands i.e. locking it away in the treasury instead of AIM retail investing accounts .... yet they are choosing not to do it and it would only cost the business a few million £!

GMET are not millions in debt.

I personally think GMET are overvalued here and plenty of future progress is well and truly priced into their market cap but they are not in any debt per their 30/06/2025 accounts. Just a few trade payables on their balance sheet.

Even if they were in debt (which they are not), they have a £350mil market cap and their is clear appetite for their stock. If I was the GMET CEO here I'd be gearing up another placing. Try and get £50mil away at £2 a shares. A small amount of dilution and another £50mil should take GMET all the way to Tungsten production.

Sol001 - The Uranium assets were spun out as a JV instead of an IPO because UCAM came along and offered us £10mil in a bank account. The initial IPO plans were only going to raise £2mil!

JV or IPO .... who cares? It's someone else's dime that is predominately paying for these projects whilst POW effectively get a low risk free ride. You just take the best offer that's on the table at any one time. The IPO for the Uranium assets was the only deal on the table for many months until UCAM turned up at the door. Then it was obvious to go down the JV route when they were putting in £10mil!

I don't agree with any of your comments because you appear to still have almost no knowledge of the model POW are operating even though they have been operating it for multiple years now.

Good summary marc001!

Sol001 ... .stop taking about this "under our own RNS". It's nonsensical.

The POW model is to make everyone else pay for all the high risk moves whilst POW retain a % of any upside whilst it costs POW holders absolutely nothing. It's prudent financial management.

How turning a £2mil initial GMET investment into circa £23mil in cash is a "bad move" is beyond all realms of logical thinking.

If you want everything to stay under POW where POW take on all the risk and all the cash burden .... you might as well sell up right now. Plenty of AIM companies doing discounted placings every 3-6 months who operate on a total non prudent basis with the finances. You might as well go and invest in one of those with your current mindset as you won't see POW blowing the bank balance on high risk moves.

So the 63,211 shares that were bought at 15.82p yesterday just before close have now been sold 15 minutes after the opening bell today at 15.625p?!?!

The investing IQ when it comes to POW seems to be on a different planet!

Yes Doc83, that's 3 consecutive days now with no buyback. You could argue one day was really low volume so they couldn't buy any stock back.

Yesterday there was more than enough volume to at least pick up a bit of stock if POW wanted to. Surely POW are happy to buyback anything under their 25p NAV (although they will want the lowest price possible).

Just seems to me that they could be restricted from buying stock back due to pending news at present.

Agree doc, volumes up slightly today (albeit still pretty poor). No obvious buyback trade posted today, but it maybe delayed but we should know in the morning.

If nothing on the buyback front in the morning, that would be three consecutive days without a buyback. Could indicate it's been put on hold as further news is due?

Doc83, last Fermi RNS dated 20/11/2025 stated "Fermi will assess additional drilling at Perch River in early 2026."

Assuming some sort of 2026 work programme will be announced in the coming weeks/months. The Fermi JV would have spent a bit of the £10mil pot last year, but I'm assuming the JV is fully cashed up for the remainder of 2026.

When the £10mil was put into the Fermi JV, the phrase "5 high impact drill campaigns" was used to describe where the cash was going. We haven't seen that yet so there should be plenty of cash left.

Uranium spot price back on the move and Sprott's Physical Uranium Trust (SPUT) yesterday raised some serious money for stacking Uranium. Can only see the Uranium spot price moving up this year.

A good time to update the market about Fermi's Uranium plans for 2026 in my opinion.

Things potentially missed by the market re the Tati/Tuscan RNS yesterday.

1) Tuscan will pay for everything up to potential gold production. They then earn in 75%, POW retain 25%.

2) POW's retained 25% interest is intended to provide ongoing exposure to potential future cash flow and dividend distributions from any future gold production.

3) The RNS states "small scale mining operations of approximately 50 tonnes per day". So lets run a few numbers based on a 1g per tonne gold recovery rate:

Gold price today per troy ounce (31 grams) = $5,250

50g of gold recovered per day from 50 tonnes = 1.61 troy ounces per day

1.61 x $5,250 = $8,453 per day

$8,453 x 365 days = $3,085,345 revenue per annum.

25% POW holding = $771,336 annual revenue attributable to POW's 25% holding. Call it £550,000 at today's USD/GBP rates.

Of course the above only assumes a 1g/t gold recovery rate but gives an idea. We also have no idea of the costs involved here but Tuscan only earn in 75% per the option agreement if they complete the feasibility study at which point we will know a lot more about the costs. A feasibility study will follow I would imagine once the 600m of RAB drilling which is schedules for March/April has finished.

Even if POW only earn a few £100k a year out of this, it's costing them nothing in terms of legwork to get into a potentially revenue earning position. It's a no brainer of a deal with Tuscan. You can also see why Tuscan now seem a bit more keen to push this forward after sitting on the option agreement for 18 months.

If gold recovery rates per tonne start moving into 2g/t, 3g/t etc. the numbers clearly start to ramp up especially with gold prices where they currently are.

All eyes on the RAB drilling in a few months and the feasibility study before we can get a better grasp on what the financials would look like.

Worth following the Apex Royalties LinkedIn account.

https://www.linkedin.com/company/apex-royalties-limited/

They are not a public company, but they do communicate via LinkedIn quite often in regards to the royalties they hold over certain projects. The projects they hold royalties over are outlined on their website:

https://www.apexroyalties.com/our-royalties/

Includes a 2% gross revenue royalty over Pilot Mountain.

I think POW have around a 10% stake in Apex Royalties after putting in £4mil cash a few months ago. That £4mil has almost certainly gone up in value already after the latest move in commodity prices since POW invested.

Apex with plenty of cash from the latest fundraise which POW participated in. Expect them to pick up a few more royalties this year. Could they then IPO in the same way Trident Royalties did? I think Trident eventually got sold for the best part of £150mil.

It's the same guys running the show at Apex who had the success from Trident.

Just checked the June 2024 Tati RNS and Tuscan need to do the following in order to get 75% of the Tati Cherished Hope Mine:

o Fly drone lidar/photogrammetry.

o Handheld lidar of the excavations in order to create a 3D model of the current underground working if access and safety permit.

o Sink a shaft to an approximate depth of 60m.

o Drilling with the goal of establishing a mineral resource suitable for a Feasibility Study.

In addition to the above:

""Following the completion of the Study, and subject to Tuscan being fully responsible to finance the construction and completion of a processing plant and associated mine infrastructure required to produce gold within the Licence, Tuscan may exercise the Option to subscribe for 75%"

I read that as "Tuscan finance all the initial exploration work and only get 75% when the infrastructure has all been paid for and the project is about to take gold out of the ground"

POW look like they get a free 25% carry here to possible gold production whilst Tuscan do all the leg work and pay for absolutely everything.