Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a commercial update providing the latest position in respect of various corporate activities recently completed or underway.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“I am a resolute believer in the junior resource sector and its ability to deliver considerable returns for investors. The sector is, ultimately, driven by cyclicity caused by shifting supply and demand fundamentals for the underlying metals.
Over the past 4 years, Power Metal has assembled a unique and diverse global project portfolio which is ready for what I believe will be a longstanding and robust bull market for junior resource companies.
After a long-sustained bear market for resource juniors, I believe that the sector recovery has now begun as demonstrated by rising metal prices and the evident growing demand for metals in most industrial settings and for investment security.
In the last 6 months we have seen the IPO of Power Metal investee company First Class Metals PLC and completion of the Kanye Resources disposal to Kavango Resources PLC. These two transactions alone brought additional listed securities into the Power Metal portfolio that are together currently worth c.£4.1m (at the mid-market price on 21.12.22 market close).
Below you will see a further five transactions which each have the potential to add considerably to the Power Metal balance sheet. This corporate activity will complement our ongoing and successful exploration work at the Molopo Farms Complex and Tati Gold projects both located in Botswana and our Athabasca Basin uranium interests in Canada.
I would like to thank our professional teams for working so diligently on multiple complex transactions and positioning us where we are today. I also want to thank our shareholders who have stayed with us, through this challenging part of the cycle, patiently supporting us while we continue to push the business forward in advance of the next bull market.
We approach the Christmas and New Year break with a heightened sense of excitement and optimism for 2023 and beyond.”
^ subject to completion of Merger announced 15.12.22.
~ subject to completion of disposal of Reitenbach and E-12 properties, announced on 8.8.22 and 4.11.22, respectively.
* reducing to 58.59% on issue of equity for NSR buyout announced 5.12.22
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
Paul Johnson (Chief Executive Officer)
+44 (0) 7766 465 617
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