Member Info for Wigster77

Power Metals AGM, London, 25th July 2025 PART FIVE

Sum up from Sean -

Thanked us for coming and said that it’s good to see shareholders involved and interested. Said he prefers to deal with people directly rather than be on bulletin boards and groups as these tend to take up a lot of time, so it’s quicker dealing with queries from shareholders directly. Also, shareholders need to remember that some of the JV partners are quite strict with how communication in general is handled and carefully managing expectations (as well as obviously regulatory considerations). Highlighted the fine line between being someone who’s over-flamboyant, making promises it’s difficult to keep, and someone who can still sell the company to investors whilst just dealing with the facts in a more reserved manner.

Investor mentioned that Jack (technical director) was a good asset to the company and his contributions to the Telegram Group etc are much appreciated. Sean acknowledged this and said we'd hopefully see more of him.

Q: Do you look to save up news into one very “impactful” RNS or prefer to put news out as it comes.

A: We’re bound by regulations – market news has to go out as soon as we have it. But there’s options we have to help supplement how impactful the RNS/news is (doing follow up interviews, webinars etc).

Final “thank-you’s” and goodbyes.

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All in all, was a very interesting meeting and I'd encourage any investors to avail themselves of the opportunity to attend future meetings if they can. I certainly left the meeting feeling very positive.

GLA & ATB.

Power Metals AGM, London, 25th July 2025 PART FOUR

A: Ed Shaw commented about a lot of the previous news being sold into and in this sort of market people only like to buy shares in stocks which are going up. Said that a buy-back could help with that.

Q: Sean, do you have any other roles?

A: On board of Focus Explore.

Also has other roles within the group companies. Mentioned the UEE shell company which had shareholders but no IPO, so that was then used for another company (can’t remember the name – sorry), and Sean is on the board of that. Main focus is most definitely POW; other bits are essentially just “helping out”

Q: Do Red Rock owe us money?

A: Basically yes (£650K I think it was). RRR agree they need to pay us, but POW pushing them to set a feasible deadline/method to pay. (Was a lengthier answer, but I can’t remember the exact details unfortunately, but there’s “definitely a chance” we’ll get the money back).

Q: Conscious of time, so can you give us a quick “one line” status on the current projects?

A: Sean did this. Won’t go into the details as a lot of it is in previous RNSs but seemed especially excited about Tati and Power Arabia.

Molopo – Done a lot of work on this, spent around £1.5M but needs more, so need to find a JV partner. Currently re-examining cores etc in a cost-efficient way, no drilling planned at the moment

Tati – Opportunity at Cherished Hope (JV with TGR). Working on due diligence and surface land rights etc. Botswana is a good jurisdiction to work on. Could be producing gold quite quickly as it is an existing mine.

Power Arabia – 2 projects ongoing: Lithium project in Saudi Arabia – lots of explorations and field work happening, showing interesting potential and opportunity. Secondly, the exploration of Block 8 in Oman, which is also promising and could generate a lot of news. Also have a good relationship with them and it’s an easier jurisdiction to work with (than SA) so there’s potential to expand into more blocks around block 8 potentially. Very exciting.

Siver Peak, Haneti, Kisinka – were queried by the investor - all confirmed as gone/no further interest.

Q: Are you happy with the c18% stake you now have in GMET?

A: Difficult call to make, we could obviously sell all of it, some of it, none of it etc. Would be good to sell it to get cash, but clearly it could keep going up and up. Strictly speaking you could say we’ve fulfilled our remit of the incubator model - remember we’re more of an explorer than producer - but we need to take a strategic decision.

Power Metals AGM, London, 25th July 2025 PART THREE

However, did say that they would be looking at Marketing and Promotion more closely as they know shareholders are frustrated with the SP and perceived lack of interest in the stock, but will be looking at methods which are free or very cheap to get to a wide audience.

Mentioned FDR (First Development Resources) – should generate a lot of news and interest and they’re very excited about that.

There was a general discussion about the success of GMET and the “imbalance” of how much the SP has risen vs POW’s. Sean said that the incubator model is difficult to pull off in the UK as it’s difficult to fully explain to people how it works. Also said that in mining jurisdictions like Australia and Canada investors seem more comfortable with the principle.

Said with POW it is even more difficult when there’s a lot of different projects ongoing at once, all at various stages (I think this was in terms of (potential) investors being able to accurately value the complete portfolio). Therefore they need to maybe concentrate on the ones with the most potential to generate cash quickest (Fermi and Power Arabia at the minute). This will then help to corroborate the incubator model that GMET has initially demonstrated, and then they can maybe progress onto being able to have projects running at different stages as investors will be comfortable with ones at the early stage as much as they are with ones which are clearly generating (or about to generate) pure shareholder value.

** I might not have explained this very well, but hope you get the gist!!

Sean did also mention a few projects in the background (GSA I think was one), saying that although things have been quiet on these, there’s still things going on that will be of good value to POW – acknowledging again that the SP isn’t where shareholders want it to be, but hopefully these projects will go some way to helping rectify this.

Q: Investor mentioned he first bought into POW speculatively himself a couple of years ago as he saw the potential. Talked about how fund and investment managers are constrained a lot by the FCA in terms of what they can invest in for clients, but now that POW part-own a listed company (GMET), this has reduced the risk level of POW, and this coupled with the fact that the board have been doing a good job in increasing value, means they might perhaps justify further investment into POW for their portfolios and clients. Sees POW as a microcap mining trust, in essence.

A: Sean reiterated that as per previous RNSs there’s a lot going on and in a few weeks’ time we should see drilling assays and developments, which could further strengthen the investment case. Fermi was highlighted as one which could be quite quick to crystallise value. Lots going on in Saudi Arabia as well, so appreciates investors sticking with POW and being patient.

Power Metals AGM, London, 25th July 2025 PART TWO

Q: Investor – so that leaves share buy-back?

A: Yes, clearly couldn’t say if they would or wouldn’t do it, but this would suit them better as they want to minimise share dilution for investors. Funds per share is the metric they look at as well as increasing the value of each asset. Basically – they concentrate on the things they can control rather than the things they can’t (day to day share price).

Mentioned that we’re currently on 45% discount to NAV.

Share buy-back would hopefully increase the SP, but also the funds per share. It’s feasible this could be done at a premium looking at the projects we currently have.

Q: Investor - Have you had any conversations with Rick Rule about this?

A: Had a chat a couple of weeks ago. He says you need to focus on the number of shares you’ve got and don’t keep re-issuing shares. I think the phrase Sean said he also uses was “you’ve got to turn Quarters into Dollars and this won’t happen if you keep issuing more shares”.

Said RR basically leaves them to it as long as the funds per share number keeps increasing. Highlighted that it was 13.6p when he (Sean) took over – now 26p.

All investors present acknowledged that this was a good performance by Sean and the team

Q: Investor – Is there a danger that you do a share buy-back and then this makes you short of cash if something unforeseen crops up (even something positive that needs more cash)?

A: Yes – therefore we’d be careful how we managed any share buy-back, should it happen.

Q: Investor – Share buy-back would obviously generate a lot of selling due to elevated SP etc. On this, and in general, how do you stimulate interest in the stock to increase buying and keep it at higher levels?

A: Spoke about how tight the sector is at the minute and how in the general market things work quite cyclically – so if the markets are depressed and people are underwater on their other investments then its clearly going to be harder to persuade them to invest in new stocks. Said they fundamentally need to keep doing what they’re doing in order to keep generating the value in POW. Marketing was also mentioned, but this is expensive – going to investor shows etc (Rick Rule event I think was £35K). Also, you start as pretty much unknown to people so it takes a few of these events (i.e. going to them year after year), in order for people to start to remember who you are and start getting interested. Stated that the OTC listing has been slow, but will try to market that a bit more, but again very expensive (transatlantic flights, organising roadshows, literature etc).

All of the interviews you see (Stockbox etc) cost money – and a lot of the viewers are us (already shareholders who know the ”POW story” anyway), so basically it’s a balancing act over cost vs reward.

Power Metals AGM, London, 25th July 2025 PART ONE

Attendees:

Scott Richardson Brown – Non Exec Chairman

Sean Wade – Chief Executive Officer

Bill Brodie Good – Non Exec Director

Edmund Shaw – Non Exec Director

Jen Clarke - SP Angel Corporate Finance LLP (Nomad and Joint Broker)

Chris? - Company Secretary?

There was another chap there, but sorry didn’t catch his name or role.

3x Investors

Introductions and friendly chat prior to the 11:00am start. During this it was asked about having an on-line facility for these AGMs – maybe one to consider for next year if more people want to participate.

Next 10 minutes was the formal part of the meeting, voting on the resolutions in turn. Obviously by now you know that all resolutions were passed.

End of the formal section and over to Sean who invited questions from us investors.

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Caveat – The following is derived/paraphrased from memory and notes quickly made during and directly after the meeting. Please don’t take any part of this as 100% accurate information on which to base your investment strategy & please do your own research. Sean indicated that he is always welcoming of direct communication from investors, should you need clarification on any points. Don’t take this as invite to bombard him though!! (my words not his)

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Q: First question was with regards to Resolution 7 – was this a slight rewording and if so why?

A: Yes it was, pretty standard - just a tightening up of the wording used. Gives authority to buy back upto 15% of shares.

Q: What would prompt you to do a buy-back?

A: Now have a lot of cash following the GMET disposal (and GMET’s also still performing well). Are clearly spending some of the cash on projects (I think Power Arabia was the one which takes most), but could be quite a bit left over at the end of the year which might not be best left on the balance sheet, so there could be a few options for what to do

Q: Investor pointed out that there’s been a lot of talk on the LSE board about Share Buyback vs a Special Dividend, tax implications etc

A: Quoted what’s on the RNS’s: “Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.”

Paying shareholders in shares for companies (GMET etc) not ideal as you then need to convert these into cash.

Special dividends aren’t very attractive as although it generates an initial burst of enthusiasm and SP increase, it then quickly dies off (similar to any stock that goes ex dividend) as it’s a one-off dividend.

Abzzba - fair enough and most sincere apologies for highlighting things that thwart your agitating agenda.

Adw198: "A producing well costs $4m. We were told last years Gobi work cost ¥1.5m. So taking that Gobi as an example it’ll need $2.5m more spent and that’s underbaked by the massive IF of whether it’s commercial, noting the very low change of success."

abzzba: "Adw, we are still waiting for your itemized well by well breakdown of costs to bring H2, Gazelle & Gobi into production"

Abzzba - you seem to be questioning the $2.5m figure. Possibly rightly so, but I did remember this figure being bandied around at the time the H2 was suspended, with people saying it was a positive that we'd saved this amount of money by not putting H2 into production, so had a quick look back to make sure I wasn't mis-remembering:

TenBagTag:

RE: Moving forward 16 Nov 2024 10:26

If heron 2 doesn’t come online that’s a $2.5 million saving

Heron 1 was already funded before the fund raise

Heron 1 will be producing revenue

Petrovis previously gave us a soft loan

It’d be good to know the cash position

We also have revenue for the first time in 19 years

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Also TenBagTag

MATD WILL COME GOOD 😊14 Nov 2024 19:12

Heron 1 potential to produce 800-1000 bopd ✅

Heron 2 saving of $2.5 million if not brought online ✅

No debt (unlike many oilers)✅

Sale agreement close ✅

Oil building up at block 19✅

Those who gloated over a 30% loss to holders let their masks slip today. Never forget who they are.

Let’s see where we are when they open up the choke at heron 1

Hamm 19th Nov:

A couple of millions in the kitty. $2.5m completion for H2 untouched. Plus H1 revenues already started.

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Can't be bothered to search back any further, but there was obviously a bit of a consensus around the $2.5M back then. Appreciate things may have changed since then to reduce this substantially, but this may be where the confusion is..

Hi all, just a quick message to say I've not long got back from attending the AGM. I managed to scribble down a few notes and thoughts during and immediately after the meeting on behalf of Doc83 and members on here. I'll be collating these over the weekend and will report back shortly.

In summary - was an interesting experience and good to meet the team behind our collective investments. I came out of the meeting feeling very positive and believe we've got the right people at the helm.

ATB.

There you go again TBT, using your deflection techniques. It's you who's trying to act reasonable, but you've been outed as the very thing you've been so vociferous about....an Uninvested Secret Stockbasher. Fair play to you for having the brass neck to still post on this board.

Anyway, I very well might be unreasonable and imbalanced, who knows? Who cares? But I am an investor here of many years...I really doubt you are.

TenBagTag aka Secret Uninvested Stockbasher, nope I haven't. Nor have I on a bulletin board funnily enough. It's a strange thing to wonder though - don't let me spend too much time rent-free in your head will you :-)

TBT: "when we know you are ADW aka Andrew"

No proof!! Ever!! Give it up mate, no one believes your crap any more. You're done here.

Well well well, Mr "anyone who disagrees with me is a paid stockbasher" TBT, has been outed as an Uninvested Stock-basher himself!!

Imagine my shock.

And over multiple stocks too... Txp, Orcp, Bank. Probably many more.

I always suspected he was using classic deflection / mirroring techniques to hide his real nature, but now the cat's out of the bag it's irrefutable. Here's some of the gems he won't want you to see:

CASH CALL INCOMING

Run to the hills

Anyone who’s been around aim long enough knows that oracle won’t be generating revenue for years. It’ll be raise after raise unfortunately.

The gang of crooks still trying to ramp this so they can exit. Like bamb did at 13p. You’ve been rumbled bamb. You weirdo

Pump and dump in operation here from the gang

PLACING INCOMING AT 4p You heard it here first

How much will this tank today?

By Friday, it’ll be down another 50% imo You’ve been warned

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Makes you wonder whether he's actually invested here, or whether this is all just part of some sick game to him? Certainly he was the one with the most outlandish of claims, like "100 bagger potential" and "dividends in 2025" (one which even brought a smile to MB's face during last years Q&A).

Nice to see some fairly chunky buys going through for a change.

Act like what? Why do you think I'm a fraudster? My posting history is there for all to see and stands up to scrutiny.

By not being able to back up your statements and being so defensive when somebody simply questions them rather makes you lose any credibility you may think you've got.

A lot of people who've been on this board a lot longer than you are now seeing you for what you are...and you don't like it do you?

TBT: Wigster, I don’t debate with fraudster scum like you

So you're either not a "genuine" holder, or your statement about them being spooked into selling doesn't stand up to scrutiny. Got it.

TBT: "What this has then done is spook genuine holders into selling too"

You call yourself a "genuine" holder - does this mean you have been spooked into selling up?

Greyw: "MB owns about ~15.5mn shares worth ~120k GBP"

15,500,000 x 0.0077p share price = £119350. So ~120k GBP is correct.

Margaritas (and the 5 who have recommended the post) - how are you working out MB's average from what greyw has written?

StockMaiden: continually talking about Winter shutdowns at the height of Summer makes you look an even bigger idiot than most of us give you credit for. There's plenty of time for works to be done this year and you know it.

Keep going TBT - you're doing a great job of showing the board what your motives are here...

I'll continue posting about the company in which I'm invested, using the only account I've ever needed.