Power Metal Resources PLC Regulatory News (POW)

5 October 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Investee Update - First Class Metals PLC

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes announcements from First Class Metals PLC (LON:FCM) ("First Class").

Announcements Released by First Class

First Class released an announcement yesterday relating to a new acquisition (Sunbeam), a financing and a subscription. 

In addition, First Class have today released an announcement to report the high grade assay results from the West Pickle zone hosting a recently announced massive sulphide discovery and held in project joint venture with Palladium One Mining Inc. (TSX-V:PDM).

Both the announcements above may be viewed on the First Class website through the following link:

https://www.firstclassmetalsplc.com/rns-announcements

Power Metal's Interest in First Class

Power Metal and its wholly owned subsidiary Power Metal Resources Canada Ltd hold 18,516,097 First Class shares currently representing 28.19% of issued share capital (the "FCM Holding").

The FCM Holding is subject to a lock-in agreement preventing the sale of the FCM Holding until 29 July 2023 and an orderly market arrangement for 12-months thereafter until 29 July 2024.

In addition, Power Metal holds 517,705 warrants to subscribe for a further 517,705 First Class shares at an exercise price of 10p per FCM share and with an expiry date of 29 July 2023.

Based on a mid-market share price of 14.5p at the time of writing the Power Metal FCM Holding is valued at ~£2.7million.

For further information please visit https://www.powermetalresources.com/ or contact:

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.

Exploration Work Overview

Power Metal has internal exploration programmes completed or underway, with results awaited, as outlined in the table below.

# subject to completion of acquisition announced 18.5.22 interest will increase to 87.71%

Exploration work programmes may also be underway within Power Metal investee companies and planned IPO vehicles where Power Metal has a material interest, the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required. 

These interests are summarised in the table below: