Last checked at 12 Jan 2024 10:06
12 January 2024
Power Metal Resources PLC
("Power Metal" or the "Company")
Memorandum of Understanding Signed at Future Minerals Forum
Power Metal Resources PLC (AIM:POW), the leading metals exploration and development company, is pleased to announce the signing of a non-binding Memorandum of Understanding (MoU) with the Ministry of Industry and Mineral Resources of the Kingdom of Saudi Arabia ("MISA"). The signing ceremony took place at the recent Future Minerals Forum in Riyadh, Saudi Arabia, in the presence of His Excellency Bandar Alkhorayef, Minister of Industry and Mineral Resources, and other dignitaries.
The purpose of the MoU is to explore the possibility of joint collaboration efforts toward the identification and realisation of high value-added investment opportunities that will contribute towards maximising the benefits from the Kingdom's natural resources.
MISA's objective is to support investment in exploration activities, develop upstream and downstream projects targeting multiple strategic minerals, and attract reputed national and international mining and mineral development companies to drive the commercialisation of Saudi Arabia's mineral resources.
MISA and POW are looking to complement the activities of each other through establishing a mutually beneficial relationship in order to pursue suitable exploration opportunities in Saudi Arabia. POW will offer highly experienced technical support to potential exploration projects, and MISA will provide project opportunities and potential support for such projects as applicable.
Sean Wade, CEO of Power Metal Resources, commented:
"We are honoured to partner with the Ministry of Industry and Mineral Resources of Saudi Arabia. This MoU is indicative of our commitment to exploration in the Kingdom, and it paves the way for us to explore exciting opportunities in one of the world's most resource-rich countries. We look forward to working closely with the Ministry and contributing to the Kingdom's Vision 2030 and the diversification of its economy through the development of a sustainable mining sector."
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc | ||
Sean Wade (Chief Executive Officer) |
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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 |
BlytheRay (PR Advisors) | +44 (0) 20 7138 3204 |
Tim Blythe |
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Megan Ray |
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NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (AIM:POW) is an AIM listed metals exploration company which finances and manages global resource projects.
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 grow the Company or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.