Home » Power Metal Resources (POW) » #POW Power Metals Resources PLC – Strategic Update and Director Changes

#POW Power Metals Resources PLC – Strategic Update and Director Changes

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a strategic business update providing the latest position of the Company and its forward objectives, together with director changes to lead Power Metal into the next stage of its business development.


Company Historical Strategy

§ Power Metal has undergone rapid growth over the past four years.  The scale of the Company’s acquisition, exploration and corporate development activities over recent years positions the Company very well to generate significant value at this point in the cycle.

§ From an initial concentration on west and central Africa in 2019 the Company now has direct and indirect exposure to strategic resource exploration projects in secure jurisdictions in North America, Africa and Australia, across a commodity suite with metals that are demonstrating increasingly critical global demand.

§ The work to build the Company has been carefully completed to a high standard and during a highly volatile period for the junior resource sector.  That time has been used to accumulate and advance interests whilst valuations in the sector have been modest and in readiness for stronger conditions during a junior resource sector recovery, as we have seen many times in previous cycles.

Building a Strong Management and Operational Team

§ Power Metal has built a strong UK based corporate team who are managing the key areas of geology, company management, finance, compliance and communications.  The Company also works with established and capable UK advisors and also in-country teams to conduct project-based operations in the various jurisdictions in which it operates.

§ Together, the team have created a professional and disciplined operational core to oversee the Company’s global interests, and to manage the extensive field operations and corporate activities completed and underway.

§ By necessity and to further build the momentum of the Company with wider and impactful strategic partnerships, certain Board and senior management changes are to be implemented as outlined below.

Focus of Operational Activities and Strategic Partnerships

§ Power Metal will apply greater focus to its operational activities, seeking the efficient completion of spin-out IPOs and project disposals and concentrate exploration on strategically important retained projects. This increased focused is expected to more rapidly build value for shareholders.

§ The size and scale of the Power Metal business means it is ready for partnerships at project and corporate level with larger mining companies and internationally significant sector funds and institutions.


An overview is provided on the status of all Power Metal project interests and vehicles later in this report.  It is important to recognise the Company’s strategic interests include but are not limited to:

Creating a Substantial Uranium Business

The Company is to build a greater focus on its strategic uranium business and seeks to become the leading uranium exploration and development company in London.

§ The initial focus is the Company’s 100% interest in a 967km2 uranium project footprint in the Athabasca Basin area of Saskatchewan, Canada, over 16 properties (2 properties under disposal agreements).

§ Power Metal is looking to efficiently complete project staking and acquisition of uranium properties in the Athabasca Basin region to add to its existing portfolio and to secure high impact uranium opportunities globally should they meet the Company’s exacting investment criteria.

§ Power Metal will also complete, communicate and implement plans for extensive exploration across retained uranium properties in 2023.

Uncovering District Scale Nickel and Gold Systems in Botswana

The Company will seek to expedite the release of results for priority exploration projects already underway and focus on rapid advancement of strategic Botswana interests. These include:

§ 87.71% interest in the district scale Molopo Farms Complex Project in Botswana, with a 2,402m diamond drill programme completed, with geological feeder zone model confirmed and nickel sulphides already confirmed, two significant elements from exploration drilling undertaken, combined with historical work, with assay results awaited.

§ 100% interest in the Tati Project in Botswana with an 8km long gold-in-soil anomaly, where reverse circulation drilling in 2022 confirmed up to 47.1g/t gold in a one metre composite sample with extensive follow-on exploration currently underway, and the first stage of field work (geophysics and trenching) now completed, with geophysical interpretation and assay results awaited.

Driving Planned IPO Vehicles Forward

The planned IPOs have taken longer than originally anticipated.  There are reasons behind this including the extensive preparatory work in the pre-IPO process, the need to complete work in all vehicles to enable immediate and proactive exploration campaigns upon listing. Also proper recognition of  market conditions during 2022 is a factor, a year which saw a severe decline in investor sentiment in the junior resource sector, with few IPOs occurring in the sector generally.

Preparations for the first three IPO vehicles (see below) are now essentially complete and the vehicles ready for listing have fully prepared proactive exploration plans in place.  We also believe there is increased investor engagement and interest in 2023 generally and we are seeking to complete all transactions as quickly as possible and are taking all necessary steps to accomplish this.

Therefore, the focus commercially is to accelerate completion of all remaining disposals and spin-out IPO-listings for all relevant projects and vehicles. These include but are not limited to the following vehicles in which Power Metal has a strategic interest:

§ Power Metal holds an 83.13% interest in Golden Metal Resources PLC (“GMR”) which through local subsidiaries holds the Pilot Mountain project containing the largest known critical tungsten metal mineral resource estimate in the USA and Golconda Summit a gold exploration target for a Carlin-style gold discovery. GMR is undertaking a planned listing in London, has completed the pre-IPO preparations and the IPO financing is underway. 

§ Power Metal holds a 58.59% interest in First Development Resources PLC (“FDR”) which through local subsidiaries holds the Wallal Project hosting drill ready magnetic bullseye targets, demonstrating geophysical similarities to the recent Havieron discovery made by Greatland Gold PLC and a large rare earths, uranium and lithium project 65km north west of the Nolans rare earths project held by Arafura Rare Earths Ltd. FDR is undertaking a planned listing in London, has almost entirely completed the pre-IPO preparations and the IPO financing is expected to commence shortly.

§ Power Metal has agreed the disposal of two uranium properties in the Athabasca Basin to Teathers Financial PLC which is to be renamed Uranium Energy Exploration PLC (“UEE”).  The disposals are conditional on the successful listing of UEE in London creating a new uranium exploration focused company holding the Reitenbach and E-12 properties (Power Metal expects to hold 50-55% of UEE on listing). The pre-IPO preparations are complete and the IPO financing is expected to commence shortly.

§ Power Metal holds 49.9% of a joint venture company New Ballarat Gold Corporation PLC (“NBGC”) which holds, through its local subsidiary, a large footprint of granted exploration ground in the Victoria Goldfields of Australia including two former high-grade working mines and where recent drilling (at Berringa) has confirmed visible gold in the core of the first three holes drilled, assays awaited.  The intention of the JV partners is for NBGC to undertake a planned listing, with the technical results including assay of the current drill programme forming part of the technical data presented as part of that listing exercise.


The entire Power Metal team have worked relentlessly to build the Company to its current strong position in the junior resource environment.

The next steps taken by the Power Metal group are key to the delivery of value to shareholders and the whole team. Specifically, board leadership of Power Metal Resources PLC with its retained interests needs to be optimised to meet the opportunities available to the Company.

When considering the Power Metal Board, consideration must always be given to the suitability, availability and capability to commit the time and energy required by the Company in the next stage of growth. 

Reflecting this, certain Board changes are now being implemented for reasons outlined in further detail below.

Sean Wade is to become an Executive Board Director and Chief Executive Officer with immediate effect and is charged with driving Power Metal to the next stage in its corporate growth as outlined in the “Focusing Power Metal” section above.

Sean is an experienced corporate executive within the natural resource sector, having held senior roles in mining companies including Berkeley Energia PLC, Pensana PLC and Asia Resource Minerals PLC. He has worked on numerous transactions in the capital markets, including IPO’s, secondary capital raising and M&A in a wide variety of different jurisdictions and exchanges. His extensive network covers numerous capital providers, including institutional funds, family offices and private wealth.

Sean started his career at Cazenove & Co in 1993. In 2007 he was a founding shareholder in Liberum Capital. Since 2012, he has worked in corporate business development and investor relations. He founded Scout Advisory Limited in 2020 undertaking consultancy work with various listed and private companies in the resource exploration mining sector.

His connections with internationally recognised mining companies and investment institutions will enable the Company to develop corporate and financial partnerships necessary to grow the business. We believe this network will also help accelerate and cement the disposal pathways for certain interests further enhancing the Company’s financial strength. 

As a result of and to focus on certain critical family health matters Paul Johnson is to step down as Chief Executive Officer with immediate effect and from the Board on 17 March 2023.

After stepping down Paul will continue working with the Company and the corporate team on the managerial transition, continuing communication strategies and notably to accelerate the work behind crystallisation of value from the Company’s interests. This will include anticipated completion of disposal transactions and ongoing support for spin-out listings and disposals, where applicable.

Scott Richardson Brown is to assume the role of permanent Non-executive Chairman.  This reflects Scott’s service continuity as interim Non-executive Chairman since October 2021, and the leadership of the Board and the Company over that time.

Following completion of the above changes on 17 March 2023 the Board will comprise:

Scott Richardson Brown – Non-executive Chairman

Sean Wade – Chief Executive Officer

Ed Shaw – Non-executive Director

Owain Morton – Non-executive Director

The Company is also planning to appoint a Finance Director reflecting the expansion of business activities going forward, a Technical Director and an additional Non-executive Director to complete the Board build-out at this time.

Scott Richardson Brown, Non-executive Chairman commented: “I want to welcome Sean to the Power Metal Board and as Chief Executive Officer.  His extensive relevant experience and connectivity across the resource industry will be a major asset to the Company as we move to the next important stage of business growth.

I am aware of the immense commitment Paul has made over four years building Power Metal to the business it is today and the opportunity that presents for shareholders in the Company.  I also understand and support Paul’s decision to step down from the Board to enable him to deal with  significant personal challenges. 

I think it is important to have Paul continuing to work with Power Metal in the key areas of transition, communications strategy and value crystallisation from the portfolio, something he has been instrumental in creating.”

Paul Johnson Chief Executive Officer commented: It has been a privilege to bring Power Metal forward over the last four years, to the point where it is now a global business with a portfolio of strategic project interests, in optimal jurisdictions and positioned especially well in the junior resource sector.  I look forward to remaining involved with the Company, and its commercial work.

As the largest shareholder and taking an objective view, this managerial transition is the right step now for Power Metal to reach its fullest potential.  I will take great pride in watching Power Metal, as I expect, take its rightful place amongst the leaders in this sector.”

Sean Wade, incoming Chief Executive Officer commented: I am very pleased to be appointed as CEO to lead Power Metal. In my view, the Company has an excellent resource asset set that is yet to be recognised by the wider market and thus fairly reflected in the market capitalisation of the Company.

The exciting challenge of unlocking this inherent value will be addressed in part by the completion of the disposal transactions and focusing our business operations on advancing the key exploration interests in Africa, potentially with strategic partners. In addition, and notably, there has been particular interest in a well-planned, well communicated and well executed expansion of the Company’s uranium exploration activities.

I firmly believe that Power Metal is in a great position to advance its projects and continue to gain recognition in the wider mining community and with recognised sector focused investors.




Areas of Focus

Athabasca Uranium

Saskatchewan, Canada


POW 100%


Power Metal currently holds 16 uranium prospective properties covering 967km2 within and surrounding the prolific Athabasca Basin, including property acquisitions and self-staked ground. Two properties are in the vend process (see UEE section below).



–       Additional staking planned

–       Next step exploration planning

–       Project partner discussions

Molopo Farms Complex Project


(Nickel – Copper – Platinum Group Element)

POW: 87.71%

Power Metal holds 87.71% of Kalahari Key Mineral Exploration Pty Limited (“KKME”) which holds 100% of the Molopo Farms Complex Project (“MFC Project”).

A 2,402m diamond drill programme was undertaken in late 2022/early 2023 with five holes over four target geophysical anomalies completed.

Work completed to date has crucially confirmed the geological feeder zone model and demonstrated multiple examples of the targeted nickel sulphides from assay results from the previous drill programme and visual core inspection from the current drill programme where assays are awaited.


–       Release of technical review including drill assay results

–       Next step exploration planning

–       Furthering potential  project joint venture partner discussions with third parties.

Tati Project


(Gold – Nickel)

POW: 100%


The Tati Project is centred on an 8km gold-in-soil anomaly (the “Anomaly”), including the former working Cherished Hope Gold Mine.


Reverse circulation (“RC”) drilling completed in 2022 delivered high and bonanza grade gold results including 47.1g/t gold in a one metre composite sample.


The Company believes there is potential for a very large gold deposit over the Anomaly and has already commenced an extensive 2023 work programme including trenching, sampling, geophysics RC and diamond drilling.



–       Trenching sampling results

–       Geophysics results

–       RC & Diamond drilling to be undertaken

–       Furthering discussions with partners for the processing of fines dumps.

New Ballarat Gold Corporation PLC (NBCG)

Victoria, Australia


POW: 49.9%

Power Metal holds 49.9% of NBGC held in Joint Venture (“JV”) with Red Rock Resources PLC (LON:RRR – 50.1%) which through an Australian operating subsidiary, Red Rock Australasia Pty Ltd, has a wholly owned and substantial licence footprint within the Victoria Goldfields, Australia, which is comprised of 17 granted exploration licences covering 1,867km2 and 2 licence applications covering 467km2 including two former high-grade working mines (Ajax and Berringa) where our technical team believe a considerable, and potentially high-grade, gold endowment remains.

1,000m diamond drill programme underway at Berringa.


–       Drill programme completion

–       Drill assay results

–       Next step exploration planning

–       Update on IPO of NBGC


Golden Metal Resources PLC (GMT)

Nevada, USA

Gold – Base Metals

POW 83.13%


GMT holds four projects centred on Nevada USA, including the earn-in to a 100% interest in the Golconda Summit Project targeting a large Carlin-type gold deposit.

In addition GMT holds a 100% interest Pilot Mountain Project, which holds a 12.3mt Mineral Resource Estimate (“MRE”) at 0.27% tungsten trioxide (WO3) along with substantial silver, copper and zinc credits.


–       IPO financing update

–       Listing in London


First Development Resources PLC (FDR)

Western Australia /Northern Territory

(Gold – Copper – Rare Earth Elements – Uranium – Lithium)

POW: 58.59%


FDR holds three projects in Western Australia including Ripon Hills, Braeside West and Wallal Project targeting precious and base metals.  Wallal Project includes the Eastern magnetic bullseye anomaly which is in a  drill ready state, targeting an undercover large copper-gold discovery.

In addition FDR holds the Selta Project in the Northern Territory which covers approximately 1,600km2 and is prospective for rare earth elements, uranium and lithium.


–       IPO financing update

–       Listing in London


New Horizon Metals


(Gold, Copper, Uranium, IOCG)

POW: 20%

In December 2022 the Company announced the merger of its 100% owned Wilan Project (previous name Gawler Project) in South Australia with copper and gold exploration projects in Queensland.

The new holding vehicle, New Horizon Resources Pty Ltd (“New Horizon”) is currently planning to list on a recognised stock exchange in the UK or Australia.  Interest has however been shown by existing listed Canadian and Australian companies for outright acquisition of New Horizon, and New Horizon is working with various parties in this regard.


–       Commercial pathway to be confirmed

ION Battery Resources Ltd (ION)


(Lithium and Graphite)

POW 100%

ION holds three project interests including an earn in to a 100% interest in the Authier North Lithium Project in Quebec, a 100% interest in the North Wind Lithium Project in Ontario and a 100% interest in the Doerksen Bay Graphite Project in Saskatchewan.


It is expected that ION will be the subject of an outright disposal into an existing listed company or will pursue its own IPO listing.

–       Commercial pathway to be confirmed

Uranium Energy Exploration PLC (“UEE”)



POW circa 50-55% on vehicle listing & disposal completion


In 2022 Power metal announced the conditional disposal of two uranium properties in the Athabasca Basin region to Teathers Financial PLC (to be renamed Uranium Energy Exploration PLC) which is to list in the London capital markets.


Work is continuing on this planned listing and further updates will be provided in due course.


–       IPO listing update


Haneti Project



POW: 35%


Power Metal is in discussions with joint venture partner Katoro Gold (LON:KAT – 65%) to determine the future of the Haneti Project.


The Company remains of the view that Haneti offers considerable potential, with a commitment to proactive and methodical exploration.



–       Project exploration and/or commercial pathway to be confirmed


Silver Peak Project

British Columbia, Canada


POW: 30%

Power Metal’s exploration work at Silver Peak undertaken in 2020 and 2021, and a follow up site visit in 2022 confirmed high and bonanza grade silver at the Silver Peak Project, where former high-grade silver mining was undertaken.


The Company believes there is potential for a considerable remaining silver endowment and that Silver Peak is a valuable asset.



–       Commercial pathway to be confirmed.



The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Sean Edward Wade, aged 52:

 Current directorships and/or partnerships:

Former directorships and/or partnerships (within the last five years):



Teathers Financial PLC  

Uranium Energy Exploration Ltd               

Keysford Limited

S&K Wade Properties Limited

102156730 Saskatchewan Limited


Scout IR Limited

Scout Advisory Limited 


Mr Wade does not hold any shares in Power Metal.

Mr Wade has confirmed there is no further information to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM rules.

As part of Mr Wades’ employment contract Mr Wade will be issued with Power Metal share options, namely, 12,500,000 options to subscribe for new Power Metal ordinary shares of 0.1p each at an exercise price of 3.25 pence with a life to expiry of 3 years from today (the “Director Options”). The Director Options are subject to a minimum service period of 6 months and may not be exercised until the volume weighted average price of Power Metal shares trades at 5.0 pence for ten consecutive trading days.



The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director’s share dealing.




Details of the person discharging managerial responsibilities / person closely associated



Sean Edward Wade


Reason for the notification




Chief Executive Officer


Initial notification /Amendment

Initial Notification


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor



Power Metal Resources Plc





Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted


Description of the financial instrument, type of instrument

ordinary shares of 0.1p each

Identification code



Nature of the transaction

Issue of Options


Price(s) and volume(s)






Aggregated information

– Aggregated volume


– Price



Date of the transaction

10March 2023


Place of the transaction

Off Market



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

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


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