Power Metal Resources plc, the London listed exploration company seeking large-scale metal discoveries across its global project portfolio , announces its unaudited interim results for the six month period ended 31 March 2022.
Paul Johnson, Chief Executive Officer of Power Metal commented: “There is an underlying confidence and optimism that permeates the Power Metal business and the team within it.
We recognise the pressure challenging markets and falling share prices place on investor portfolios and are respectful of this whilst still enthusiastically articulating our progress and our ambitions.
Power Metal is at a key point with all projects having been the recipient of varying extents of exploration, which has been a substantial exercise given the breadth of our portfolio.
Where appropriate we are pursuing accelerated value crystallisation by preparing parts of our business for spin-out/disposals as you will see in the summary table below. Our internal exploration efforts will be focused on a smaller group of retained projects.
From this point acquisitions will be principally targeting additional uranium opportunities where we do see the value of continued growth of the uranium portfolio within our company.
My thanks go to the Power Metal team for their demonstrable commitment to progressing our business and to shareholders who have backed our work to date. Our ultimate objective is to deliver considerable financial returns to our shareholders and our focus to date has been to build a company capable of delivering that through volatile markets.
My very best to investors in the junior resource sector, a unique group of people willing to risk their capital, in a highly volatile sector, to deliver a financial return and enhanced opportunities in life. For those allocating capital to Power Metal we will strive to help you succeed in your ambitions.”
The interim report contains the following key sections:
– Key Developments in the half year to 31 March 2022;
– Power Metal Interests as at today’s date;
– Operational Highlights for the half year to 31 March 2022;
– Operational Highlights after the half year end (April 2022 to date);
– Financial Highlights for the half year ended 31 March 2022; and
– Interim Financial Accounts for the half year ended 31 March 2022
Power Metal plans to release its next Quarterly Business and Operational Update for the second quarter in July, capturing latest developments within the business in addition to the information provided below.
KEY DEVELOPMENTS IN THE HALF YEAR TO 31 MARCH 2022
The half year period included extensive exploration activity including:
– Reverse circulation (RC) drilling at the Tati Project located in Botswana.
– Delineation of 12 airborne magnetic targets at the Ditau Project in Botswana and commencement of diamond drill programme.
– Diamond drilling at the Haneti Project in Tanzania.
– Diamond drilling at the Victoria Goldfields in Australia.
– Confirmation of bonanza silver from diamond drilling at the Silver Peak Project located in British Columbia, Canada.
– High-grade uranium confirmed from sampling undertaken at the Saskatchewan uranium property portfolio.
The half year period also included extensive corporate activity including:
– Acquisition of the Pilot Mountain Project which hosts a robust tungsten-dominated Mineral Resource Estimate (MRE) located in Nevada, USA, and forming the completed Golden Metal Resources plc (“Golden Metal Resources”) planned listing vehicle.
– Acquisition of the Western Australia and Northern Territory projects comprising the planned listing vehicle First Development Resources Ltd.
– Grant of key exploration licences, environmental approvals, and heritage agreements across various of the Company’s global project interests.
– Completion of the disposal of the Company’s Schreiber-Hemlo interests located in Ontario, Canada, to First Class Metals PLC who plan to list in London in 2022.
– Expansion of the Company’s uranium interests surrounding the Athabasca basin located in Saskatchewan, Canada, and preparation of data rooms and factsheets for 7 uranium properties.
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 POW https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer)
+44 (0) 7766 465 617
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