Last checked at 30 Mar 2023 07:00
30 March 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Annual General Meeting - Statement
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio is holding its Annual General Meeting ("AGM") today at 11am.
At the AGM Sean Wade, Chief Executive Officer of Power Metal, will provide the following statement:
"I have been in the role of Power Metal CEO for three weeks, and during that time, I have been working hard with the team to further accelerate our operational and corporate activities. We recognise the eagerness of shareholders to see the results of our strategy, and we are focused on delivering those as soon as possible.
Our aim is to unlock the inherent value existing in the portfolio and I am pleased to update shareholders on the progress we are making in that regard.
Diamond drilling at the Molopo Farms Complex Project in Botswana and the Berringa Project in the Victoria Goldfields was completed earlier this quarter, as was the first stage of the Tati Gold Project 2023 exploration programme including geophysics and trenching.
Complete accredited laboratory assay tests for all the above projects are expected to be received imminently and we look forward to releasing a series of exploration updates containing these results when they are received.
The focus of corporate activity has been the progression of the Golden Metal Resources PLC, First Development Resources PLC and Uranium Energy Exploration PLC planned IPOs.
For Golden Metal, in addition to the existing IPO financing interest, we are liaising with new institutional investors who recognise the strategic significance of Pilot Mountain Project, in an era of tungsten criticality for the United States. We aim to complete the Golden Metal IPO listing shortly.
Thereafter we will be focused on First Development Resources and its IPO financing and listing with the aim to also complete this process in the near term.
For Uranium Energy Exploration, and our wider uranium portfolio, we have experienced considerable interest and are working, not only on exploration preparations for 2023, but also reviewing various corporate initiatives to accelerate progress and value generation in the portfolio.
The Company therefore expects to release a series of announcements in respect of its corporate activities in the near term.
Each successful disposal or spin-out IPO will, in our view, add material value to our asset base and notably listed investments and will build on the Company's total assets of circa £14.6 million (as at 30 September 2022 year end).
We are focused on completing as many disposals in 2023 as possible, both to unlock value and to focus the Company on uranium exploration and the development of its key interests in Botswana.
I would like to thank the Power Metal team for their energy and enthusiasm in my first few weeks in office. Also my thanks go to shareholders for their engagement, support and patience as I have taken up this important role. I believe Power Metal has a great future ahead with a world class portfolio providing multiple opportunities for creating shareholder value."
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc | |
Sean Wade (Chief Executive Officer) | +44 (0) 20 3778 1396 |
SP Angel Corporate Finance (Nomad and Joint Broker) | |
Ewan Leggat/Charlie Bouverat | +44 (0) 20 3470 0470 |
SI Capital Limited (Joint Broker) | |
Nick Emerson | +44 (0) 1483 413 500 |
First Equity Limited (Joint Broker) | |
David Cockbill/Jason Robertson | +44 (0) 20 7330 1883 |
NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
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.