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Power Metal Resources #POW – Agreement with Jasper Consult
Power Metal Resources PLC (LON:POW), the AIM listed metals exploration and development company, announces the initiation of a consulting agreement with Jasper Consult DMCC (“Jasper Consult”), a London and Dubai based strategic consultant with extensive expertise in the Kingdom of Saudi Arabia and Oman (the “region”).
As part of Power Metal’s established strategy to invest in highly prospective projects, and with the Kingdom of Saudi Arabia’s 2030 Vision strategy in place, the Power Metal board believes that the relationship with Jasper Consult creates an opportunity for the Company to potentially build a new exploration asset base in the region.
Through a phased approach, the key objectives of Jasper Consult will be to:
· Identify relevant exploration and development opportunities
· Support the Company in the negotiation of the award of exploration licences
· Identify and secure appropriate co-development partners
· Support the Company in the longer term as it builds its presence in the region
· Identify and help secure strategic partners for Power Metal
Power Metal has existing in-house experience of working in the region and plans to build a technical team dedicated to developing this opportunity.
Sean Wade, Chief Executive Officer of Power Metal Resources plc, commented:
“I am very pleased to announce this new relationship with Jasper Consult, and very excited about the opportunity we have to establish a presence in both Saudi Arabia and Oman. The Arabian Shield geological trend is a rich mineral system which is vastly underexplored, presenting an excellent opportunity for us to demonstrate our successful business model. By utilising the regional expertise of Jasper Consult, we hope to secure exploration licences and further crystallise value for shareholders. I look forward to updating shareholders on this important new step for the Company.”
For further information on Jasper Consult see https://www.jasper-consult.com/
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
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BlytheRay (PR Advisors) |
+44 (0) 20 7138 3204 |
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Tim Blythe |
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Megan Ray |
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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.”
KEY DEVELOPMENTS IN THE HALF YEAR TO 31 MARCH 2023
– 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.
KEY DEVELOPMENTS SINCE 31 MARCH 2023
– 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.
POWER METAL INTERESTS AT TODAY’S DATE
The latest updated review of Power Metal’s business interests is provided in the Company’s investor presentation which may be accessed here:
https://www.powermetalresources.com/investors/presentation/
In addition, a single page Business Overview is provided for investors through the following link:
https://www.powermetalresources.com/company/
LATEST POSITION OF POWER METAL INTERESTS AND TARGETED OBJECTIVES FOR 2023
Priority Exploration and Potential Exploration Project Joint Ventures
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Exploration Interest |
Latest Position & Forward Plans |
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Athabasca Uranium Saskatchewan, Canada (Uranium) 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.
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Molopo Farms Complex Project Botswana (Nickel – Copper – Platinum Group Element) POW: 87.71% |
The cumulative exploration programmes undertaken at Molopo Farms have demonstrated significant potential for a major nickel – platinum group element discovery or discoveries. There has been considerable interest from third parties to work with and potentially finance Molopo Farms at project level and Power Metal is working with interested parties at present. The Company is looking to move Molopo Farms forward considerably, targeting a working partnership in place and operational in 2023. |
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Tati Project Botswana (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.
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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.
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Business Interest |
Latest Position |
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Kavango Resources PLC (LON:KAV) Botswana & Zimbabwe Exploration (Gold – Base Metals) POW c.10% |
In Q4 2022 Power Metal announced the conditional disposal of its Kanye Resources interest to its joint-venture partner KAV. Following this disposal, Power Metal holds c.10% of KAV worth c.£0.8m as at 31 March 2023. Power Metal also holds 30m warrants to acquire new KAV shares at 4.25p and 30m warrants to acquire new KAV ordinary shares at 5.5p per share, both with a life to expiry ending 8 January 2025. In addition, Power Metal holds a 1% net smelter return royalty over the former JV land footprint. |
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First Class Metals PLC (LON:FCM) Schreiber-Hemlo, Ontario, Canada (Gold – Base Metals) POW c.26% |
FCM secured a listing on the London Stock Exchange in late July 2022 with Power Metal holding an interest following its IPO financing of 28.19% on listing (now c.26% after dilution since listing), worth c.£2.05m as of 31 March 2023. Power Metal also holds 517,705 warrants to acquire new FCM ordinary shares at 10p per share with an expiry date of 29 July 2023. |
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Golden Metal Resources PLC (LON:GMET) Nevada, USA Gold – Base Metals POW c.62% |
GMET secured a listing on the London Stock Exchange in late May 2023 with Power Metal holding an interest following their IPO financing of 62.06%, worth c.£2.05m as at the date of this report. Power Metal also holds 1,749,378 warrants to acquire new GMET ordinary shares at 10.75p with an expiry date of 10 May 2024 and 1,749,378 warrants at 17.5p with an expiry date of 10 May 2025. |
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First Development Resources PLC (FDR) Western Australia /Northern Territory (Gold – Copper – Rare Earth Elements – Uranium – Lithium) POW: c.59% |
FDR is currently in the IPO Financing stage of it listing plans with IPO documentation prepared and ready for listing. The listing of FDR is expected to occur in the near term.
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New Ballarat Gold Corporation PLC (NBGC) Victoria, Australia (Gold) POW: 49.9% JV Partner Red Rock Resources PLC (LON:RRR): 50.1%
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Through its Australian operating subsidiary, Red Rock Australasia Pty Ltd, NBGC has a substantial licence footprint within the Victoria Goldfields, Australia, which is comprised of 17 granted exploration licences covering 1,867km2 and 5 licence applications covering 493km2. The intention of the JV parties is to undertake a listing of NBGC on the UK capital markets. Power Metal is targeting a listing during 2023. |
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ION Battery Resources Ltd (ION) Canada (Lithium & Graphite) POW 100% |
ION comprises two lithium focused projects in Ontario and Quebec and a graphite project in Saskatchewan. Next exploration and corporate steps are under consideration for ION and a further announcement will come in due course. The commercial pathway for ION is expected to be announced, with material progress in the business expected during 2023. |
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New Horizon Metals Pty Ltd (NHM) Queensland and South Australia (Copper – Uranium – Gold) POW 20% |
The JV partners behind NHM are currently considering a number of proposals to secure a listing of NHM on the London or Australian capital markets. Completion of a listing is targeted in 2023. |
PROJECTS WITH NEXT STEPS UNDER CONSIDERATION
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Project |
Latest Position & Key Forward Events |
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Haneti Project Tanzania (Polymetallic) 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.
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Silver Peak Project British Columbia, Canada (Silver) 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.
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FINANCIAL HIGHLIGHTS FOR THE HALF YEAR ENDED 31 MARCH 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:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+ 44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
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Blythe Ray (Financial PR)
Tim Blythe/Megan Ray +44 (0) 20 7138 3204
Power Metal Resources #POW – Pilot Mountain Project – Tungsten Off-take Letter of Intent
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, is pleased to announce the signing of a Letter of Intent (“LOI”) with United States-based Global Tungsten & Powders LLC (“GTP”) of Towanda, Pennsylvania, in respect of a tungsten concentrate off-take agreement (“Off-take”) for Golden Metal’s wholly-owned Pilot Mountain Project (“Pilot Mountain” or the “Project”) located within the prolific Walker Lake Mineral Belt in Nevada, USA.
The non-binding LOI provides outline terms for a future off-take agreement, subject to successful technical and legal due diligence, and also to Golden Metal securing necessary funding to develop Pilot Mountain.
Highlights:
– LOI signed with leading United States supplier of tungsten powders and semi-finished parts outlining proposed terms to acquire a minimum of 50,000 metric MTU’s (metric ton unit) W03 contained in tungsten concentrates, which may be increased to 70,000 MTU’s by mutual agreement, subject to the successful development of the Project.
– The specific product outlined in the Off-take is for 65% WO3 tungsten concentrate. Pricing will be in US dollars and based on a discount to the European APT (ammonium Paratungstate) quote provided by Fast Markets (Formerly Metal Bulletin).1
– GTP and Golden Metal also intend to discuss and consider cooperation opportunities for the development of a Western World supply chain strategy which will align with recent policy announcements from the US Department of Defense and the US Defense Logistics Agency with regard to the building of strategic stockpiles of critical minerals, including tungsten products.
Oliver Friesen, CEO of Golden Metal, commented:
“Let me be the first to welcome our new partner Global Tungsten & Powders, which is a significant player in the global tungsten industry. The signing of this agreement represents a significant milestone and an encouraging step forward for our Pilot Mountain Project.
“The LOI not only outlines the proposed terms of a supply agreement for future tungsten concentrate sales to GTP from Pilot Mountain, but also the cooperation between our two companies in regard to the development of Western World critical metals supply chains – with particular reference to tungsten.
“Today’s announcement also further bolsters the Project’s overall profile and its attractiveness as a target for non-dilutive grant funding for exploration and development, something the Company is actively pursuing at present.”
About GTP
Global Tungsten & Powders (GTP) develops, manufactures and markets refractory metal powders such as tungsten, tungsten carbide, and cobalt. GTP is a leading Western supplier with production facilities in the United States, Finland, the Czech Republic, and Luxembourg
https://www.globaltungsten.com
Property Ownership
Golden Metal holds a 100% interest in the Pilot Mountain Project through its wholly-owned Nevada-based operating companies BFM Resources Inc and Pilot Metals Inc.
Reference Notes:
1: Tungsten concentrate pricing is generally structured at a discount to the tungsten APT price reflecting the value added via the upgrade to APT.
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
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Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
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Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
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First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
Alan Green covers Drumz #DRUM & Power Metal Resources #POW on this week’s Stockbox Research Talks
Alan Green covers Drumz #DRUM & Power Metal Resources #POW on this week’s Stockbox Research Talks
Quoted Micro 15 May 2023
AQUIS STOCK EXCHANGE
Third quarter revenues of National Milk Records (NMR) were 15% higher at £6.5m. The core milk testing revenues were 14% ahead, helped by price rises. Genomic testing revenues more than doubled. Milk prices have fallen, but they are still relatively high. Canaccord Genuity still expects a dip in 2023 pre-tax profit from £2.4m to £1.9m.
Watchstone Group (WTG) has been unsuccessful in its £63m claim against PricewaterhouseCoopers concerning a breach of confidentiality. It is considering an appeal.
TruSpine Technologies (TSP) admitted that it failed to inform shareholders that a loan announced in February included a fixed and floating charge over the company’s IP.
KR1 (KR1) has invested $500,000 into Web3 venture studio Code and State through a Simple Agreement for Future Equity.
Cadence Minerals (KDNC) investee company Evergreen Lithium, where it owns 15.8 million shares (8.74%), has identified significant and widespread lithium at the Kenny project. A further £1.86m worth of shares could be issued to Cadence Minerals.
Goodbody Health (GDBY) shareholders have agreed to the cancellation of the Aquis quotation on 16 May. The shares will then be traded on the JP Jenkins platform.
TAP Global Group (TAP) has appointed Kriya Patel as chief executive of its main subsidiary. He is an experienced executive of e-money and financial technology businesses. He will receive five million LTIP options, plus a further 10 million LTIP options which will vest when certain milestones are achieved.
Ananda Developments (ANA) says a study suggests that cannabidiol plus terpenes has a more positive effect on acne than cannabidiol on its own.
Mark Horrocks has taken a 5.8% stake in Semper Fortis Esports (SEMP), while Chris Akers increased its stake from 19.5% to 19.6%.
Trading in Yooma Wellness Inc (YOOM) shares has been suspended until account are filed and the cease trade order is revoked.
AIM
Power Metal Resources (POW) has spun-off its Nevada mining interests into Golden Metal Resources (GMET). Power Metal Resources has retained a 62.1% stake. There was £1.98m raised at 8.5p when the company joined AIM. Trading started at 8.75p and ended the first day at 8.125p. There were 1.12 million shares traded on the first day and a total of 488,000 shares in the following two days. The share price ended the week at 8.125p. There are four assets: three wholly owned plus an earn-in option over a fourth.
Purplebricks (PURP) says that the number of new instructions did not increase in the fourth quarter and that means revenues and EBITDA will be worse than expected in the year to April 2024. The company’s payment processor is withholding a portion of remittances and cash was £9.1m at the end of April 2023, compared with previous expectations of £15m. The formal sale process continues, and management says that it wants to conclude this as soon as possible so the future of the business is clarified. Strike Ltd has decided not to make an offer.
Online builders’ merchants CMO Group (CMO) increased like-for-like 2022 revenues by 2%, but the market remains tough. In 2022, revenues increased from £76.3m to £83.1m, helped by acquisitions. Gross margins held up at 19.9% as sales of higher margin products offset the decline at Total Tiles, where there were problems with pricing. Overheads were increased following flotation on AIM and that is why operating margin dived from 3.5% to 1.5%. There was a boost of around £200,000 to operating profit due to a reduction in deferred consideration for a past acquisition. Pre-exceptionals profit fell from £1.5m to £800,000. Overheads are being reduced. Employee numbers are 15% lower than the peak last year and delivery costs are being controlled.
A&E Television Network is cancelling its contract with video editing technology developer Blackbird (BIRD) at the end of June. Last year, this contract contributed less than 10% of 2022 revenues of £2.85m. Blackbird is growing its revenues, including from licensing, but this contract loss will hold back the overall rate of growth. Blackbird has £9m in cash, down from £10m at the end of 2022.
Fulcrum Metals (FMET) is ranking targets for its Big Bear property on the Schreiber-Hemlo project in Ontario. Additional mining claims have been acquired at Winston Lake, Ontario. Results from the magnetic surveying at Tocheri Lake, Ontario, should be available early in the third quarter.
Credit hire company Anexo (ANX) reported flat 2022 pre-tax profit of £23.9m even though housing disrepair work helping to improve revenues. There were additional costs for vehicle emissions litigation against VW, which has some way to go before it is settled. A decline in pre-tax profit to £18.1m is forecast for 2023 as new credit hire business is reduced. That should help to improve cash collection and reduce debt.
Marwyn Investment Management has decided not to invest in footwear retailer Unbound Group (UBG) because of concerns about current trading. Marwyn had planned to inject £10m into the business at a placing price of 10.5p. That was the same level as the withdrawn offer from WoolOvers Group. Unbound has admitted that trading has worsened in the first quarter of the current year. Cash flow has to be carefully managed and banking covenants may have to be waived. Additional funds will be required.
Mineral sands project developer Capital Metals (CMET) has signed a potential 100% offtake and investment agreement with LB Group, which is the largest manufacturer of titanium dioxide pigments and sponge. LB Group will fully fund the Eastern Minerals project in Sri Lanka up to the estimated cost of $81m in the preliminary economic assessment. After that the joint venture will fund additional costs on a 50/50 basis. The plan is to build up production to 1.65 million tonnes per annum. Most of the due diligence for the deal has already been done.
Coal miner Bens Creek (BEN) says shareholder MBU Capital has sold a 29.9% stake at 18p a share to Singapore-based Avani Resources, which trades raw materials for steel and power production.
Brazil-focused gold producer Serabi Gold (SRB) has signed a strategic exploration alliance with Vale, which will assess large scale copper projects on the Palito Complex. There are four phases during which Vale can earn up to 90% of the project. Serabi would have a put option to sell the other 19% for $10m and a 1.5% net smelter royalty. There will be an initial $5m investment in exploration.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) published an AGM statement Manufacturing revenues are 14% ahead in the first quarter and distribution revenues 4% higher. There are bank facilities to finance further expansion.
LED lighting and wiring accessories supplier Luceco (LUCE) says first quarter revenues were 5% lower. There is still some destocking in the current period. Lower freight costs will help margins. Finance director Will Hoy and related parties have been acquiring shares at up to 110p each.
Andrew Hore
Power Metal Resources #POW – Placing of £2.71 million with Term Oil, a Company Controlled by Rick Rule
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces it has completed a placing (the “Placing”) to raise gross proceeds for the Company of approximately £2.715 million through the conditional issue of 319,388,235 new ordinary shares of 0.1 pence each in the Company (“Placing Shares”) at a price of 0.85 pence per Placing Share (the “Placing Price”).
Each Placing Share has an attaching warrant to subscribe for one new ordinary share of 0.1 pence each in the Company (“Ordinary Shares”) at an exercise price of 2 pence with a 5-year term expiring 9 May 2028 (“Fundraising Warrants”).
As part of the Placing, the Company is pleased to announce that it has entered into a Subscription Agreement with Term Oil Inc., a company controlled by Rick Rule (“Term Oil”), pursuant to which Term Oil will participate in the Placing up to an amount of £1 million and not less than £0.5 million (“Subscription Agreement”).
The net proceeds of the Placing will be used to further the Company’s exploration activities and for general working capital purposes.
Sean Wade, Chief Executive Officer of Power Metal Resources plc, commented:
“I am very pleased to be able to announce this capital raise and to reassure shareholders that we are now in a sustainable position to advance our exploration activities, most particularly in respect to our uranium portfolio. Moreover, I am delighted to welcome Rick Rule’s Term Oil vehicle to the register and the new shareholders who are joining us with his endorsement. This is not only a strong validation of our business model but also puts us on a sound footing to continue to deliver our goal of unlocking the significant inherent value in our portfolio.”
FURTHER FUNDRAISING INFORMATION
§ The Company has raised £2.715 million before expenses through the issue of 319,388,235 Placing Shares at the Placing Price of 0.85 pence per Placing Share.
§ Each Placing Share has attached one Fundraising Warrant to subscribe for one new Ordinary Share at an exercise price of 2 pence with a 5-year term expiring 9 May 2028.
§ Should the Power Metal share price exceed a daily volume weighted average share price of 3 pence for five consecutive trading days, Power Metal may issue a written notice to Fundraising Warrant holders to exercise Placing Warrants within 20 trading days, or the Fundraising Warrants will be cancelled.
§ Sean Wade, the Chief Executive Officer of the Company, has committed to subscribe for 11,764,705 Placing Shares.
§ The Placing was undertaken by the Company’s joint broker First Equity Limited.
§ The Placing was completed to accredited investors (as defined in National Instrument 45-106 Prospectus Exemptions) in all provinces of Canada, to accredited investors (as defined in section 501(a) of Regulation D under the Securities Act of 1933, as amended(the “1933 Act”)) in the United States of America pursuant to an exemption from the registration requirements of Regulation D and, with the consent of the Company, to suitable investors in other eligible foreign jurisdictions (other than Canada and the United States) pursuant to applicable private placement exemptions under applicable securities laws in such jurisdictions if no prospectus, registration statement or similar document is required to be filed in such jurisdiction and the Company does not become subject to continuous disclosure obligations in such jurisdiction.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirement is available.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 319,388,235 Placing Shares to be admitted to trading on AIM which is expected to occur on or around 12 May 2023 (“Admission”). The Placing Shares will rank pari passu in all respects with the existing Ordinary Shares currently traded on AIM.
Following Admission, the Company’s issued share capital will comprise 2,058,421,913 ordinary shares of 0.1 pence each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
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.
PDMR Disclosure
The notifications below, made in accordance with the requirements of MAR, provide further detail on director’s share dealing.
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1
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Details of the person discharging managerial responsibilities / person closely associated
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a)
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Name
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1. Sean Wade
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2
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Reason for the notification
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a)
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Position/status
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1. Chief Executive Officer
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b)
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Initial notification /Amendment
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Initial Notification |
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3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
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Name
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Power Metal Resources Plc
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b)
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LEI
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213800VNXOUPHTX53686 |
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4
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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
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a)
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Description of the financial instrument, type of instrument |
ordinary shares of 0.1p each |
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Identification code |
ISIN: GB00BYWJZ743 |
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b)
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Nature of the transaction
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1. Issue of Placing Shares 2. Issue of Fundraising Warrants
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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1. 0.85p
2. 2.00p
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11,764,705
11,764,705 |
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d)
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Aggregated information |
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– Aggregated volume |
1. 11,764,705 2. 11,764,705 |
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– Price |
1. 0.85p 2. 2.00p |
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e)
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Date of the transaction
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09/05/2023 |
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f)
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Place of the transaction
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Off market |
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For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 14 8341 3500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
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Power Metal Resources #POW – Assay Results Return Gold from all Drillholes; Confirms Down-Dip and Along-Strike Extension of Mineralised Quartz Reefs
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update from the Company’s Berringa Gold Mine Project (“Berringa” or the “Project”), which forms part of the Victorian Goldfields joint-venture (“JV”) located in Victoria, Australia.
On 15 March 2023 the Company issued an update regarding the completion of the 2022/2023 drilling campaign at Berringa. The link to this announcement can be found below:
HIGHLIGHTS:
|
Programme Highlights |
Explanation |
|
|
|
|
Drilling Overview |
The Diamond Drilling programme consisted of 988 metres in six drillholes, four of which encountered visible gold mineralisation. |
|
Extensive Gold Confirmed |
All drillholes returning gold mineralisation in laboratory assay test results. Multiple gold (Au) mineralised intersections were encountered including drillhole BE23D002 which returned 5.2m at 2.38g/t Au including 0.2m at 34.76g/t Au, and BE23D006 which returned 3.5m at 5.43g/t Au including 0.7m at 23.9g/t Au. |
|
The “Nugget Effect” |
Variability in grade was experienced due to “nugget effect” typical of the area, and this led to changes in the sampling protocol. Additional drilling will be needed to determine a representative grade. |
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Key Objectives Met |
Key objectives of this drill programme have been met with drilling successfully intersecting the down dip and along strike extensions of previously mined Berringa gold mineralised quartz reefs. As the gold is hosted in the quartz reef the identification of a larger volumes of quartz reef is a positive development. |
|
Extensive Quartz Reef Confirmed in Final Hole |
The final drillhole (BE23D006) intersected a more than 30-metre-wide quartz reef intersection approximately 100 metres east of the main Berringa line of workings. The hole was ended while still in mineralisation and so is open at depth. |
|
Next Steps |
The programme has enabled the partners to gain a better understanding of the structure of the historic Berringa gold mine and this work will be further advanced as the results continue to be analysed and related to historical data. The partners will then announce the next phase of exploration. |
Sean Wade, Chief Executive Officer of Power Metal Resources PLC commented:
“It is very pleasing to be able to report another good set of drill results, which clearly show us meeting our key objectives. We have added substantial value to the project through this programme, in particular a significant improvement in the structural understanding of Berringa. Nugget gold, whilst extremely exciting, is hard to establish with limited drilling and an enhanced programme will be needed to establish a reliable grade. It has long been our intention to fund such further exploration through an IPO, and this set of results allows us to set about that intention with renewed vigour.”
FURTHER INFORMATION
Highlight Assay Results
|
Hole ID |
Hole Length (m) |
Interval (Au) |
Incl. |
|
BE23D001 |
431.5 |
1.4m @ 0.25g/t from 381m |
|
|
0.3m @ 0.83g/t from 389.45m |
|||
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0.2m @ 3.61g/t from 421m |
|||
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BE23D002 |
107.4 |
5.2m @ 2.38g/t from 88.9m |
0.25m @ 34.76g/t |
|
BE23D003 |
119.5 |
1.7m @ 1.89g/t from 105m |
0.25m @ 8.74g/t |
|
1.65m @ 0.88g/t from 111m |
|||
|
BE23D004 |
77.4 |
0.9m @ 0.86g/t from 2m |
|
|
1m @ 0.54g/t from 39.4m |
|||
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BE23D005 |
94.8 |
0.4m @ 0.62g/t from 73.6m |
|
|
BE23D006 |
158.1 |
0.7m @ 1.5g/t from 130.4m |
|
|
3.5m @ 5.43g/t from 133m |
0.2m @ 23.9g/t |
||
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4.9m @ 1.09g/t from 140m |
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||
|
3.9m @ 1.62g/t from 153.6m |
0.7m @ 7.49g/t |
Programme Overview
Drill programme assay results from the Company’s inaugural diamond drilling campaign at its historical Berringa mine Project located in Victoria, Australia, have confirmed extensions of gold mineralised lodes within the main reef systems.
The limited programme was specifically designed to test three potential sites for further evaluation and has exceeded expectations with visible gold identified in 4 of the 6 holes drilled.
All targets tested have proved the mineralised quartz lode systems are continuous and open down plunge and along strike. All zones require further diamond drilling to build on the early success and work towards possible Resource definition.
Gaining access to the mine through an historical adit has also become a high priority to enable a bulk sampling of the Berringa syndicate lode for preliminary metallurgical test work. This will accelerate the process to recommence gold mining at the historical mine site. This work is ongoing subject to regulatory requirements and approvals from the State Government regulator.
Geological Interpretations
South Birthday Zone – Drillhole BE23D001
A single long drillhole, BE23D001, was completed targeting a possible extension of the west-dipping lode in the South Birthday Zone, and investigating possible similarities with the reef system currently mined at Ballarat 20km to the east. BE23D001 successfully intersected a fault structure of approximately 9 metres in width which extends the west dipping lode over 50 meters further down plunge from the last known stope.
Geological logging of the core identified predominantly massive quartz veining with sphalerite, galena, pyrite and minor arsenopyrite. The quartz reef has a hanging wall contact marked by a laminated quartz vein and overall the lode closely resembles the Ballarat mine reef system.
The hole ended in sandstone and not the expected black shale, and computer modelling based upon detailed lithological core logging will assist in determining where and at what depth the historically gold rich intersections typically found within black shales may sit in the South Birthday Zone.
Berringa Syndicate Zone – Drillholes BE23002 & BE23003
Near the centre of the licence area, located approximately 1.5km north of BE23D001, drilling at the Berringa Syndicate Zone, which historically produced at 7-8 g/t, returned positive results including minor fine visible gold within a well-defined lode structure.
This unmined zone was identified in the late 1980s from sampling in underground drives and adits with BE23002 and BE23003 being the first drillholes to test this zone. Downhole quartz vein intersections included intervals of 9m and 14m with abundant quartz near the footwall and hanging wall contact.
Kangaroo Zone – BE23004, BE23005 & BE23006
Located due east of the Berringa Syndicate Zone, the Kangaroo Zone was tested by drillholes BE23D004,005 and 006. This underexplored lode system has no surface expression.
Identification of a potential mineralised reef was made from an old plan map of underground workings. Only a single crosscut pushed from the historical Kangaroo mine towards the east which successfully intersected a mineralized structure. It is unclear if any stoping took place.
BE23004 and BE23005 drill tested the northern extension of the possible structure with BE23004 potentially intersecting a cross-course fault which appeared to have offset mineralisation. BE23005 also pierced the cross course in a different position but has struck part of a lode structure on the north side of the fault. It is possible that the estimated location of the underground workings was not yet exact so that drilling may have passed over the top of the lode. Further geological work on the lithological core logging will help to refine the positioning and identify optimal locations on the east lode for future drilling.
Drillhole BE23006 exceeded expectations, intersecting a broad (over 30m apparent width) mineralised quartz reef structure that had not been known containing minor arsenopyrite, galena, sphalerite. Visible gold was also identified in the hanging wall contact. Initial interpretation suggests the mineralised zone may be closer to the west than previously considered, and the drilling may have intersected a saddle reef not previously mined.
This supports the inference of a second (parallel) line of mineralization to the east of the main Berringa line and has substantially increased the prospectivity of the Berringa property overall.
Next steps
Currently the technical team is completing detailed review of all new drillhole data including inputting all geological and structural data into 3D modelling software. Next steps will be determined in due course and the market will be updated once plans have been finalised.
JOINT VENTURE STRUCTURE
The JV is held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources PLC (50.1%) (together the “JV Partners”).
NBGC has a wholly owned Australian operating subsidiary Red Rock Australasia Pty Ltd (“RRAL”) which holds a strong land position comprising seventeen granted exploration licences and one purchased licence for a total area of 1,867km2 within the prolific Victorian Goldfields of Victoria, Australia, principally surrounding the mining centre of Ballarat, Australia.
In addition, 2 licences covering 467km2 await grant. The JV has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, all of which remain largely underexplored by modern explorers.
The JV Partners have the intention of listing the JV company NBGC and will make further announcements as appropriate.
GLOSSARY
Arsenopyrite: iron arsenic sulphide (FeAsS), a sulphide mineral found in hydrothermal veins and often an indicator of gold presence
Fire assay: the industry standard method of obtaining gold data from high grade ores by heating a sample in a furnace to separate the gold from other materials present
Galena: the natural mineral form of lead sulphide (PbS) typically found in hydrothermal veins
KCN bottle roll: an industry standard test for assessing gold recovery possible by cyanide leaching using potassium cyanide (KCN)
Lode : a deposit of metalliferous ore that fills or is embedded in a fissure in a rock formation or a vein of ore that is deposited or embedded between layers of rock, generally formed by deposition from hydrothermal solutions
Pyrite : iron disulphide (FeS2), the primary iron sulphide and most abundant sulphide mineral, generally found in association with other sulphides and found in hydrothermal quartz veins and other environments
Sphalerite : the primary zinc sulphide ((Zn, Fe)S) found in association with other sulphides in a variety of deposit types
QUALIFIED PERSON STATEMENT
The technical information in this report is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and the Executive Officer and Exploration Manager of RRAL. He is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, published by AIM.
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 |
|
|
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 |
NOTES TO EDITORS
Power Metal Resources plc – Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Resources #POW – Insider Warrant Update
Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a warrant update.
The Company would refer readers to its announcement of 24 October 2022 wherein warrants to subscribe for new ordinary shares of 0.1p in Power Metal at an exercise price of 0.75p per share (“Insider Warrants”), held by Company directors, could not be exercised at the original expiry date of 20 July 2022 (“July 2020 Warrants”) and were extended to an expiry date of 21 April 2023 as a result.
The Insider Warrants were issued to directors following their participation in a Company financing in July 2020.
The Insider Warrants are held by Paul Johnson, former Director and Chief Executive Officer of the Company and Ed Shaw, Non-executive Director (together the “Insiders”) as follows:
|
Warrant Holder |
Number of Warrants |
Exercise Price |
|
Paul Johnson |
20,000,000 |
0.75p |
|
Ed Shaw |
7,500,000 |
0.75p |
Current Status of the Insider Warrants
The Insider Warrants remain valid as the Insiders remain unable to exercise at this time due to ongoing proactive exploration and corporate activities, reflecting Ed Shaw’s director position and Paul Johnson’s continuing support to the Company as outlined in the announcement of 10 March 2023.
This exploration and corporate activity includes, but is not limited to:
– Exploration results expected to be released from the Molopo Farms Complex Project and Tati Project in Botswana and the Berringa Project in the Victoria Goldfields, Australia, and
– Developments in respect of the Company’s Athabasca uranium interests in Saskatchewan, Canada.
– Advanced spin-out IPOs and disposal activities across multiple project interests.
Under the July 2020 Warrant instrument Clause 2.3 provides that should any July 2020 Warrant holder be in the possession of price sensitive information and be thereby precluded from exercising warrant subscription rights, the exercise period shall be extended until 20 business days following the date on which the Warrant holder ceases to be an insider.
It is the Insiders’ intention to exercise the warrants as soon as they are free to do so however given the level of activity within the Company this may not be possible for some time.
The Insider Warrants remain available to exercise under Clause 2.3 however the Company has extended the expiry date on the warrants to 21 October 2023 to reflect the limitations on exercise as described above. Should the Insider Warrants be unexercised on 21 October 2023, the Insiders must either give an irrevocable commitment to exercise the Insider Warrants when next able to so do, or the Board may consider a further extension.
Related Party Note
The extension of the Insider Warrants held by Paul Johnson and Ed Shaw as outlined above, have been treated as related party transactions for the purposes of AIM Rule 13.
Sean Wade, Scott Richardson Brown and Owain Morton being the independent Directors for the purposes of the extension of the expiry date of the Insider Warrants held by Paul Johnson and Ed Shaw considers, having consulted with the Company’s nominated adviser, SP Angel, that the extension of the warrant expiry date to 21 October 2023 to such related parties is fair and reasonable insofar as the Shareholders are concerned.
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 |
|
|
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 |
NOTES TO EDITORS
Power Metal Resources plc – Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Resources #POW – Release of Schedule One for Golden Metal Resources #GMT
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio is pleased to announce the release today by AIM of a Schedule One announcement in respect of Golden Metal Resources PLC (“Golden Metal”), a link to which is provided below:
http://www.rns-pdf.londonstockexchange.com/rns/6686W_1-2023-4-18.pdf
Sean Wade, Chief Executive Officer of Power Metal Resources PLC commented: “I am very pleased to be able to update shareholders that the Golden Metal IPO is progressing.
Further information in respect of Power Metal’s interest in Golden Metal on admission to trading on AIM, the total IPO equity placing amount, market capitalisation and other important information is expected to be forthcoming in due course. POW will make further announcements as appropriate.”
Shareholders wishing to learn more about Golden Metal, may review the company’s website through the following link:
https://www.goldenmetalresources.com/
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 |
|
|
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 |
NOTES TO EDITORS
Power Metal Resources plc – Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Resources #POW – Total Voting Rights
In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Company hereby announces that as at 31 March 2023 there were 1,739,033,678 ordinary shares of 0.1 pence each in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 1,739,033,678.
The above figure of 1,739,033,678 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
For further information please visit 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 |
NOTES TO EDITORS
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
