Last checked at 31 Mar 2020 07:00
31 March 2020
Power Metal Resources plc ("POW" or the "Company")
Delay in publication of Final Results and Covid-19 Update
Power Metal Resources plc (LON:POW), the AIM listed metals exploration and development company announces that there will be a delay in the publication of the Company's audited financial results for the year ended 30 September 2019 ("Final Results").
At the request of the Company's auditors BDO LLP and to reflect the time needed to implement newly introduced auditor protocols designed to ensure the impact of Covid-19 is fully reflected in all companies accounts, POW has requested and received an extension to its filing deadline for the POW Final Results from 31 March 2020 to 30 May 2020.
POW is conducting an ongoing review of business operations to determine, to the extent possible, the impact of Covid-19 on its projects and planned operations. As at 31 March 2020 POW has a cash position of £540,000 and a listed investment portfolio valued at approximately £185,000, representing total cash and cash equivalents of £725,000.
Principal operational activities remain unaffected at this time, with the Company's field operations in the Democratic Republic of Congo continuing successfully. Other project interests currently involve desktop/office-based work including preparation for drilling with Kalahari Key Mineral Exploration (Pty) Limited, the Company's partner in Botswana and work with Katoro Gold Plc (LON:KAT) in respect of the Haneti polymetallic project in Tanzania.
To date the Company has not experienced any material disruption to its ongoing operational activities on existing business interests. The Company is also continuing due diligence work in respect of the Alamo Gold project in Arizona USA and is undertaking various due diligence activities in respect of new project opportunities.
The Company will continue to monitor developments closely and update shareholders accordingly.
Paul Johnson, Chief Executive Officer of POW, commented:
"Notwithstanding the challenges we all face on a personal level due to the societal disruption caused by Covid-19, POW as a company is able to continue the majority of current business operational activities.
We believe POW is well positioned with existing business interests and access to new opportunities. We are flexible and can act quickly across our business model, and that provides us with a good degree of competitive advantage compared to many of our peers."
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc | |
Paul Johnson (Chief Executive Officer) | +44 (0) 7766 465 617 |
SP Angel Corporate Finance (Nomad and Joint Broker) | |
Ewan Leggat | +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 (LON:POW) is an AIM listed metals exploration and development company exploring for the key metals used in power generation, transmission, storage and utilisation. The Board and team of advisors, who have proven expertise in exploration, mining and project generation, have identified an opportunity to utilise the Company's position to become a leader in the London market for investors to gain exposure to the power metal commodity suite, particularly cobalt, lithium, copper and nickel.