Home » Power Metal Resources (POW) » Power Metal Resources #POW – Interim Results

Power Metal Resources #POW – Interim Results

Power Metal Resources plc, the AIM listed metals exploration and development company, announces its unaudited interim results for the six month period ended 31 March 2023 (the “period”).


Sean Wade, Chief Executive Officer of Power Metal commented: The key to unlocking value is to complete planned portfolio disposals, secure operational partnerships over certain exploration interests, drive our uranium interests forward, and ensure the Company has access to quality sources of finance in sufficient quantity to enable it to boldly pursue its ambitions.


“We are making progress across all these areas and whilst the completion of the Golden Metal Resources IPO and £2.7m financing, both in May 2023, are perhaps the notable events for investors recently, we hope to announce many more corporate and exploration events in the coming weeks and months.


“I would like to thank shareholders for their continued support as we progress through what we believe will be a vibrant and exciting period in the Company’s history.”



–      Completion of exploration programmes across three projects, including drilling at Molopo Farms in Botswana and the Victoria Goldfields in Australia, as well as geophysics and trenching at the Tati project in Botswana.  All three have delivered positive exploration results, justifying a decision to proceed to next stage exploration with potential partners showing interest in all three projects.


–      Material progress achieved in corporate activities, including pre-IPO preparations for Golden Metal Resources PLC, First Development Resources PLC and Uranium Energy Exploration Ltd.


–      Broad spectrum advancement of the Company’s Athabasca Basin uranium portfolio, including additional ground acquisitions through staking, and the management of third-party interest in the uranium portfolio.


–      Completion of the conditional acquisition of a larger stake in the Molopo Farms Complex project; the conditional disposal of the Company’s interests in the E-12 property in the Athabasca Basin to Uranium Energy Exploration, and the completion of the disposal of the Company’s interest in the Kanye Resources joint venture (“JV”), to partner Kavango Resources PLC (LON:KAV) for shares, warrants, royalty and long term compensation potential.


–      Management changes including the appointment of Owain Morton as Non-Executive Director and Sean Wade as Chief Executive Officer. Together the appointments bring detailed geological,  mine engineering and corporate finance skills to the Board and provide Power Metal with an extensive financing network for the Company and its planned spin-out IPO activity.


–      Listing of Golden Metal Resources PLC on the London Stock Exchange in May 2023, with a value of Power Metal’s holding on listing of c £4.4m;

–      Appointment of Bill Brodie Good as a Non-Executive Director in May 2023; and

–      Financing which has raised £2.7m for the Company to support an acceleration of value generative exploration and corporate activity.


The latest updated review of Power Metal’s business interests is provided in the Company’s investor presentation which may be accessed here:


In addition, a single page Business Overview is provided for investors through the following link:




Priority Exploration and Potential Exploration Project Joint Ventures

Exploration Interest

Latest Position & Forward Plans

Athabasca Uranium

Saskatchewan, Canada


POW 100%


Power Metal currently holds 17 properties covering 1005.14km2 within and surrounding the prolific Athabasca Basin.


The conditional disposal of two of the properties, Reitenbach and E-12, has been announced and work is underway to complete that transaction through a listing in the London capital markets for the proposed holding vehicle, Teathers Financial PLC, to be renamed Uranium Energy Exploration PLC. Preparation of listing documentation is complete and the IPO financing is expected to commence shortly with completion of the transaction in 2023.


Across the Company’s wider Athabasca exploration interests there has been considerable third-party interest in working with Power Metal to finance uranium specific operations. The Company continues to engage with parties and anticipates significant progress to occur in 2023.


In addition, the Company’s recent £2.7m financing has provided the funds for a considerable uranium exploration programme in the Athabasca during the 2023 season, details of which can be found in the Company’s announcement dated 21 June 2023.


Molopo Farms Complex Project


(Nickel – Copper – Platinum Group Element)

POW: 87.71%

Tati Project


(Gold – Nickel)

POW: 100%


Recently completed geophysics and trenching have provided valuable data, adding to that previously collected. This enables the Company to move forward with next stage soil sampling prior to final planning and implementation of planned next stage reverse circulation and diamond drilling targeting a significant gold discovery.


Soil sampling is underway currently alongside continuing work to process fines dumps of previously processed ore from the Cherished Hope gold mine location within the Tati licence footprint with local processing partners.



Investment Holdings and Disposals Planned/Underway

Note: other project packages within the Power Metal portfolio are also in earlier stages of disposal and/or spin-out preparations in addition to those listed below.

Business Interest

Latest Position

Kavango Resources PLC (LON:KAV)

Botswana & Zimbabwe Exploration

(Gold – Base Metals)

POW c.10%

First Class Metals PLC (LON:FCM)

Schreiber-Hemlo, Ontario, Canada

(Gold – Base Metals)

POW c.26%

Golden Metal Resources PLC (LON:GMET)

Nevada, USA

Gold – Base Metals

POW c.62%

First Development Resources PLC (FDR)

Western Australia /Northern Territory

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

POW: c.59%

New Ballarat Gold Corporation PLC (NBGC)

Victoria, Australia


POW: 49.9% JV Partner Red Rock Resources PLC (LON:RRR): 50.1%


ION Battery Resources Ltd (ION)


(Lithium & Graphite)

POW 100%

New Horizon Metals Pty Ltd (NHM)

Queensland and South Australia

(Copper – Uranium – Gold)

POW 20%




Latest Position & Key Forward Events

Haneti Project



POW: 35% (65% JV Partner Katoro Gold plc (LON:KAT))


Power Metal is currently in discussions with a JV partner Katoro Gold (LON:KAT), to determine the future of the Haneti Project.


Further information will be provided when material developments occur.



Silver Peak Project

British Columbia, Canada


POW: 30%


Power Metal is currently in discussions with its JV partner to determine next corporate and exploration steps for Silver Peak. 


An outcome to these discussions is expected in the near term with advancement of the project from an exploration and/or commercial perspective anticipated during the remainder of 2023.



·    Loss for the period, attributable to owners of the parent of £1.50 million (2022: £1.69 million), resulting in loss per share of 0.09 pence (2022: 0.12 pence);


·    Financing undertaken in January 2023 raising £0.9 million and acquisitions during the period raised £1.1 million for the Company;

·    Total assets of £14.62 million at the period end (30 September 2022: £14.61 million); and


·    Net assets of £13.99 million at the period end (30 September 2022: £13.76 million).


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

Sean Wade (Chief Executive Officer)

+ 44 (0) 20 3778 1396

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 

Blythe Ray (Financial PR)

Tim Blythe/Megan Ray                                                                                                  +44 (0) 20 7138 3204

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