Last checked at 7 Sep 2022 14:09
7 September 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 the announcement today from First Class Metals PLC (LON:FCM) ("First Class") providing an exploration update confirming a high grade nickel sulphide discovery at Pickle Lake within the Schreiber-Hemlo region, Ontario, Canada.
This announcement and other announcements released by First Class may be viewed through the following link:
https://www.firstclassmetalsplc.com/rns-announcements
Power Metal and its wholly owned subsidiary Power Metal Resources Canada Ltd hold 18,516,097 First Class shares 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.
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/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.
Exploration Work Overview
Power Metal has internal exploration programmes completed or underway, with results awaited, as outlined in the table below.
Project | Location | Current POW % | Work Completed or Underway | Results Awaited |
Athabasca Uranium | Canada | 100% | Ground exploration programme underway at 3 properties. Continuing data analysis across the property portfolio. | Results from ground exploration including spectrometer analysis, sampling and mapping. |
Authier North Lithium | Canada | Earn-in to 100% | Property Evaluation Report completed. | Update covering exploration plans for target areas identified during the Evaluation. |
Molopo Farms | Botswana | 53%# | Final preparations for the launch of K1-6 conductor target drilling and MLEM surveys over T1-6, T1-14, T1-3 and T2-3 targets. | Commencement of T1-6 drill programme, and findings therefrom and results from MLEM surveys. |
Tati Project | Botswana | 100% | RC drilling and sampling of mine dumps complete. | Review of mine dumps sampling and results from RC drill programme. |
# 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:
Company | Status/Operations | Link |
First Class Metals PLC | Investment - POW 28.19% Exploration in the Schreiber-Hemlo region of Ontario, Canada | www.firstclassmetalsplc.com
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First Development Resources PLC | Planned IPO - POW 62.12% Exploration in Western Australia and the Northern Territory of Australia | www.firstdevelopmentresources.com
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Golden Metal Resources PLC | Planned IPO - POW 83.13% Exploration and development in Nevada, USA | www.goldenmetalresources.com
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Kavango Resources PLC | Investment - POW 14.03% (subject to completion of Kanye Resources disposal announced 8.7.22) Exploration in Botswana | www.kavangoresources.com
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New Ballarat Gold PLC | Planned IPO - POW 49.9% Exploration in the Victoria Goldfields of Australia | A new website is currently in development which will be found at www.newballaratgoldcorp.com. In the interim further information in respect of NBGC can be found at: https://www.powermetalresources.com/project/victoria-goldfields/.
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