#POW Power Metal Resources PLC – Investee Update – #GMET Golden Metal Resources PLC

Power Metal Resources PLC (“Power Metal” or the “Company”) Investee Update – Golden Metal Resources 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 by Golden Metal Resources PLC (LON:GMET)(“Golden Metal”) confirming  significant copper systems identified at Golden Metal’s Garfield Project in Nevada USA.

An extract of Highlights from the announcement is provided in italics below:

Highlights:

–      Discovery of two significant copper (Cu) zones which are now named the “Power Line Zone” (or “Power Line”) and “High-Grade Zone” (or “High-Grade”; collectively the “Zones”) which returned individual Cu-in-soil results of up to 851ppm and 950ppm Cu.

–      Importantly, the newly discovered Zones are coincident with historical rock sampling results which returned up to 2.6% Cu at Power Line and 5.53% Cu at High-Grade, highlighting the significance of these newly defined copper mineralised systems at Garfield.

This announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/GMET/garfield-project-significant-copper-systems/15965480

Power Metal Holding in Golden Metal

Golden Metal completed a listing on the AIM market of the London Stock Exchange on 10 May 2023.

Power Metal holds 52,248,756 ordinary shares in Golden Metal (“Golden Metal Shares”)representing a 62.06% interest in the ordinary share capital of Golden Metal which, based on the closing market mid-price of Golden Metal on 19 May 2023, was valued at £4,049,279.

The total shareholding above is subject to a 12-month lock-in agreement prohibiting the sale of  Golden Metal Shares until 10 May 2024, with a follow on further 12-month orderly market arrangement thereafter until 10 May 2025.

In addition to the shareholdings above, Power Metal holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 10.75p per share and an expiry date of  10 May 2024.  Power Metal also holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 17.5p per share and an expiry date of 10 May 2025.

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