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Power Metal Resources #POW – Acquisition – Canadian Graphite Project

Power Metal Resources PLC (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the acquisition of the 4,222-hectare Doerksen Bay graphite Project (“Doerksen Bay” or the “Project”) located in mining friendly Saskatchewan, Canada. Power Metal also announces the formation of ION Battery Resources Limited, a new UK private battery metals and minerals focused vehicle.

HIGHLIGHTS

· The acquisition of Doerksen Bay gives Power Metal shareholders exposure to the exciting graphite space, a key component in new age battery technology.

· Graphite flake prices are trading near to historic highs, and tight supply is expected to underpin the graphite market into 2023.1

· Historical rock samples from Doerksen Bay have returned graphite grades of up to 45% carbon (C) from coarse-grained graphitic gneiss 2.

· The Project complements the Company’s Authier North/Duval East as well as North Wind lithium projects which are all to be held within a newly incorporated special purpose battery commodities vehicle, ION Battery Resources Limited.

Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:

“The acquisition of Doerksen Bay brings a potential high-grade graphite opportunity into the Power Metal portfolio.

This acquisition enables us to create critical mass in specialist battery commodities, through the formation of a new holding company ION Battery Resources Ltd which we plan to hold Doerksen Bay, together with the Company’s two existing Canadian lithium interests.

We are continuing our desktop research for the Project with a view to designing ground exploration to test the extremely high-grade graphite occurrences reported from the Project as soon as weather conditions and team availability allows.”

ACQUISITION TERMS

The vendors of the Project (the “Vendors”) are a consortium led by established local prospector Brian Fowler. Mr. Fowler was previously the vendor of the Schreiber-Hemlo properties that Power Metal sold in exchange for a strategic shareholding in First Class Metals PLC as announced on 7 September 2021 and the Reindeer Lake, Porter Lake and Old Woman Rapids uranium properties as announced on 26 July 2022.

As consideration for the 100% acquisition of the Project, Power Metal will pay the Vendors a total of £37,500 (the “Consideration”).

The Consideration is payable through the issue of 2,500,000 Power Metal new ordinary shares of 0.1p each (“Consideration Shares”) at an issue price of 1.5p per share. The Consideration Shares will be subject to a 4-month lock-in from today’s date.

PROJECT INFORMATION

Doerksen Bay is located 230km northeast of La Ronge, Saskatchewan. The Project is centred around five Saskatchewan Mineral Deposit Index (“SMDI”) graphite occurrences including the Ben, Ben North, Bear Bones, Brabant Lake and Doerksen Bay showings.

These occurrences returned multiple grab samples of graphite bearing gneisses including assays up to 45% C (incl. 45%, 36%, 14%, 13%, 12% and 10% C).

A modern airborne geophysical survey was carried out over the Project in 2013, which highlighted numerous untested very-low-frequency electromagnetic (“VLF-EM”) conductors. Graphite is a known conductor, and the SMDI graphite occurrences on the Project are broadly coincident with the VFL-EM conductors. As a result, the recently identified conductive anomalies may be related to additional undiscovered high-grade graphite bearing gneiss units and ground-truthing them will be a priority of future work programmes undertaken by Power Metal planned for 2023.

NEW VEHICLE

Power Metal has formed a new wholly owned UK private subsidiary ION Battery Resources Limited (“ION Resources”), which will act as a holding company (through 100% owned Canadian operating vehicles) and through which we plan to hold the Company’s battery resources exploration interests including Doerksen Bay (graphite), Authier North/Duval East (lithium) and the North Wind (lithium).

ION Resources will focus on battery metals and minerals and will house the Company’s current graphite and lithium interests in Canada as outlined above, as well as any future potential acquisitions in the battery metal space including lithium, graphite and potentially vanadium.

After a suitable period of structuring, exploration and development, ION Resources will be available for outright disposal or listing on an appropriate stock exchange.

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 2,500,000 Consideration Shares to be admitted to trading on AIM which is expected to occur on or around 11 January 2023 (“Admission”). The Consideration Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

Following Admission, the Company’s issued share capital will comprise 1,663,289,092 ordinary shares of 0.1p 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.

References:

1: https://www.argusmedia.com/en/news/2403887-tight-supply-to-underpin-china-graphite-market-in-2023

2:  Gneiss: a foliated (banded) metamorphic rock that is formed by high-temperature and high-pressure metamorphic processes acting on formations composed of igneous or sedimentary rocks.

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

 

Power Metal Resources #POW – Insider Warrants & Options – Final Extension

Insider Warrant Update

In the December 2019 financing undertaken by the Company participants received warrants to subscribe for new ordinary shares of 0.1p in Power Metal at an exercise price of 0.7p per share with an expiry date of 17 December 2021 (“December 2021 Warrants”), which warrant exercise period was subsequently extended to 17 March 22, then 17 June 2022 and lastly to 31 December 2022 (see announcement 17 June 2022).

As at the expiry date Paul Johnson, Chief Executive Officer of the Company and Ed Shaw, Non- executive Director (together the “Insider Directors”) held the following December 2021 Warrants (“Insider Warrants”):

Warrant Holder

N umber of Warrants

Exercise Price

Paul Johnson

6 ,250,000

0.7p

Ed Shaw

5 ,000,000

0.7p

 

The Insider Warrants were issued following participation in the December 2019 financing.

The Insider Directors are unable to exercise the Insider Warrants due to activities underway within the Company which preclude exercise at this time.

Under the December 2021 Warrant instrument Clause 2.3 provides that should any December 2021 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.

The Insider Warrants will be automatically extended under clause 2.3 as outlined above, subject to the Final Extension outlined below.

 

Insider Option Update

On 15 February 2019 Paul Johnson, Chief Executive Officer of the Company was awarded 13,613,929 options to subscribe for new ordinary shares of 0.1 pence each in the Company at an exercise price of 1.0p (“Director Options”).  The Director Options had an original expiry date of 15 February 2022, which was subsequently extended to 15 May 2022 and then 31 December 2022 (see announcement 17 May 2022).

 

Paul Johnson is unable to exercise the Director Options due to activities underway within the Company which preclude exercise at this time.

Under the Director Option agreement clause 3.5 states:

 

“In the event the Option Holder is in possession of relevant price sensitive information or is restricted from dealing pursuant to the provisions of the Market Abuse Regulations or by any other share dealing code, applicable law or regulation and is thereby precluded from exercising the Options or any part thereof immediately prior to the Final Exercise Date, then the Final Exercise Date shall be deemed to be extended until the date which falls 10 business days after the later of the date on which the Option Holder ceases to be an insider or the date on which the close period or other prohibited period ends or is otherwise no longer prohibited.”

 

The Director Options will be automatically extended under clause 3.5 as outlined above, subject to the Final Extension outlined below.

 

Final Extension to Insider Warrants and Options

It is the Directors’ intention to exercise the Insider Warrants and the Director Options as soon as they are able to do so and the Directors expect to be in a position to exercise in the foreseeable future.  Reflecting this the Company has granted a final extension to the Insider Warrants and Director Options to 30 June 2023 and should they be unexercised by or on that date, they will lapse (the “Final Extension”).

Related Party Note

The extension of the Insider Warrants and Director Options held by Paul Johnson, and the Insider Warrants held by Ed Shaw as outlined above, have been treated as a related party transaction pursuant to AIM Rule 13 of the AIM Rules for Companies.

Scott Richardson Brown and Owain Morton, being the independent Directors for the purposes of the extension of the expiry date of the Insider Warrants and Director Options held by Paul Johnson and the Insider Warrants held by Ed Shaw consider, having consulted with the Company’s nominated adviser, SP Angel, that the final extension of the expiry date to 30 June 2023 of the Insider Warrants and Director Options held by Paul Johnson, and the Insider Warrants held by Ed Shaw, to be 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

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

 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.

Alan Green & Mark Fairbairn discuss stock picks for 2023, incl #PREM, #GCAT, #MARU, #FCM, #TEK, #GRX, #ECR, #POW & #TMOR on this week’s Stockbox Research Talks

Alan Green & Mark Fairbairn discuss stock picks for 2023, incl #PREM, #GCAT, #MARU, #FCM, #TEK, #GRX, #ECR, #POW & #TMOR on this week’s Stockbox Research Talks

Power Metal Resources #POW – Tati Gold Project, Botswana – Exploration Plans

Company in Final Stages of Planning Next Exploration Steps which will Include Soil Sampling, Geophysics, Trenching and Reverse Circulation & Diamond Drilling

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 its 100% owned and operated Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:  

At the Tati Gold Project we are focused on discovering a large gold deposit. So far, in our view, the evidence gathered is increasingly compelling.

 We have therefore accelerated next stage Project exploration plans, through which we believe we can move the Project forward quite considerably.

Those plans are outlined in further detail below and will test a much larger portion of the 8km gold-in-soil anomaly.  The plans also include the first testing of gold at depth to add to the near surface mineralisation already identified.

Further announcements will follow in due course as we execute on the plans outlined below.”

KEY PROJECT FEATURES

Gold-in-soil anomaly identified (the “Anomaly”).

Anomaly coincident with a major regional shear structure extending over a strike distance of approximately 8 kilometresthrough the centre of Project (Figure 1 below).

Soil sampling and reverse circulation (“RC”) drilling undertaken within the Anomaly.

To date, shallow high-grade and bonanza grade gold (up to 47.1g/t Au) intersected within northwest and southeast segments of the Anomaly.

Extensive near-surface gold mineralisation.

Identified from the 175m strike length tested with the prospect of further mineralisation across the remainder of the 8km Anomaly.

Potential for further gold mineralisation at depth.

Maximum RC drillhole depth to date of 55m, additional drill testing expected to test for further gold mineralisation at depth.

Cherished Hope, a former working gold mine, situated within the Project footprint.

Extensive evidence of gold production from Cherished Hope, providing a focal point for initial and follow-on exploration.

Local processing plant.

Within 20km from the Project, capable of processing fines dumps and any other material mined from the Project (subject to relevant local approvals).

DRILL RESULTS TO DATE LEAD TO EXPEDITED NEXT STAGE EXPLORATION

Assays results from the August 2022 reverse circulation (“RC”) drilling programme returned multiple near-surface bonanza grade intercepts including 1m of 47.1g/t gold (“Au”) from 6m downhole in drillhole CHRC0003 as well as 1m of 40.6g/t Au (from 2m of 23.2g/t Au) from 26m downhole in drillhole CHRC0006.

Due to the high-grade nature of the results achieved, the Company has fast tracked planning for the next stage of exploration, the details of which are highlighted below.

Full drill programme assays were released on 3 & 7 November 2022 and can be found at the links below:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-initial-drill-assay-results/15699862

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-final-drill-assay-results/15703794

NEXT STAGE EXPLORATION HIGHLIGHTS

The next stage planned exploration programme will include various elements which are highlighted below:

· High-resolution soil geochemistry programme focused on approximately 3km of strike-length extension from the Cherished Hope mine where a historical widely spaced soil sampling programme highlighted multiple gold-in-soil anomalies with individual results up to 2,150ppb (2.15g/t) Au-in-soil. Approximately 500-600 individual soil samples are planned with follow up assay testing of samples.

· A ground magnetometer geophysics survey focusing on the northwestern strike length extension of the Cherished Hope Mine. The goal of the magnetometer survey is to provide high-resolution imaging of any structures or geology which may have had an influence on the emplacement of mineralised quartz reef structures.

· A mechanised trenching programme focused on extending the known strike-length extension of the main quartz reef structure at Cherished Hope which has currently been intersected by drilling over a ~175m strike-length (see Figure 2 below). The quartz reef currently remains open towards the northwest and southeast as well as down dip.

Approximately 12-15 RC drillholes are planned which will be designed to test for the along strike, and down dip extension of the main mineralised quartz reef structure. Multiple holes from the 2022 programme intersected mined-out voids, including drillhole CHRC0002 which was designed to test one of the thicker portions of the quartz reef, but due to the shallow dip chosen, it intersected a mining void from 10-15m downhole. Interestingly, 1m of 5.6g/t Au was intersected from 15-16m representing the footwall of the main quartz reef structure. At least one planned hole will have a steepened dip here in order to drill test the entire section of this quartz reef.

· Following the completion of the RC drilling component, approximately 3-5 diamond drillholes are planned which will be designed to drill test select portions of the quartz reef structures which were successfully delineated by the RC drilling. Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation.

· Preparations for the above programme are currently underway and the Company will provide further information in due course as programme elements are launched, commencing in early 2023. Components of the planned exploration programme could be changed dependent on results from the various elements planned.

FURTHER INFORMATION

Figure 1 – Tati Project Overview Plan Map:

Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

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

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.

Exploration Work Overview

Power Metal holds a number of priority exploration projects with active exploration underway currently. The status of each project is outlined in the table below:

Project

Operations

POW %

Project Status

Athabasca

Uranium

12 properties covering an area of 842km2 in the Athabasca Basin region Canada.

100%

Exploration programmes undertaken across three properties during summer 2022 and preliminary planning for work in Spring/Summer 2023 is ongoing. 

Desktop review work ongoing across the existing portfolio and data rooms established for all the projects, to enable third party review of opportunities for potential acquisition, joint venture or earn-in.

Ongoing review of new opportunities to further expand the Company’s Athabasca uranium property exposure.

Molopo Farms

Nickel – PGMs

3 prospecting licences covering 1,723km2 in south-west Botswana

87.71%

Currently a 2,600m diamond drill programme is underway with a planned 5-6 holes targeting four previously identified magnetic conductors prospective for Nickel – Platinum Group Metals. 

2 drill holes at target conductor T1-6 and one at T1-14 have been completed and drilling at target T1-3 target is underway currently.

Downhole geophysics completed at DDH1-6A and underway at DDH1-14B.

Further Moving Loop Electro-Magnetic surveys are planned over additional Airborne Electro-Magnetic targets identified, to develop further drill targets.

Tati Project

Gold – Nickel

Botswana

100%

Reverse Circulation drilling and soil sampling confirmed high-grade and bonanza grade gold mineralisation within a gold-in-soil anomaly extending for 8km across the Company’s prospecting licences.

Next stage exploration plans announced 15.12.22.

Sampling of fines dumps, representing waste material from the Cherished Hope gold mine on the project has confirmed circa 1g/t gold and suitability of the fines dumps for processing to extract gold and generate income.  Preparations for the fines dumps processing are advancing.

 

Exploration work programmes may also be underway within Power Metal investee companies and planned IPO vehicles where Power Metal has a material interest, the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required.  These interests are summarised in the table below:

Company

Operations

Status

POW %

Further Information Link

First Class Metals PLC

Exploration in the Schreiber-Hemlo region of Ontario, Canada

Listed Investment

27.91%

www.firstclassmetalsplc.com

 

Kavango Resources PLC

Exploration in Botswana

Listed Investment

9.85%

www.kavangoresources.com

 

First Development Resources PLC

Exploration in Western Australia and the Northern Territory of Australia

Planned IPO

62.12%*

www.firstdevelopmentresources.com

 

Golden Metal Resources PLC

Exploration and development in Nevada, USA

Planned IPO

83.13%

www.goldenmetalresources.com

 

New Ballarat Gold PLC

Exploration in the Victoria Goldfields of Australia

Planned IPO

49.9%

New website under development which can be found atwww.newballaratgoldcorp.com .

In the interim further information in respect of NBGC can be found at:

https://www.powermetalresources.com/project/victoria-goldfields/ .

NewCo

Exploration in Queensland’s Mount Isa copper belt and in South Australia

Planned IPO/Disposal

20% ^

NewCo website under development.

Uranium Energy Exploration PLC

Uranium exploration in the Athabasca region of Canada

Planned IPO

50-55%~

www.uraniumenergyexploration.com

* reducing to 58.59% on issue of equity for NSR buyout announced 5.12.22.

^ subject to completion of Merger announced 15.12.22.

~ subject to completion of disposal of Reitenbach and E-12 properties, announced on 8.8.22 and 4.11.22, respectively.

Power Metal Resources #POW – December interview with CEO Paul Johnson

Alan Green talks to CEO Paul Johnson. We cover the drilling campaign at the Molopo Farms Complex project in Botswana, before Paul covers recent developments at the Tati Gold project, also in Botswana. We then look at developments in Canada, both at the group’s Athabasca Uranium project and the new Lithium project acquisition, before we turn to the upcoming IPO’s including Golden Metal Resources and First Development Resources. Paul looks at what the Christmas period will hold for the POW team and the likely news flow over the Xmas period and into the new year.

Power Metal Resources #POW – FDR Selta Lithium Exploration & Company Update

Power Metal Resources PLC (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio  provides an update to shareholders in respect of lithium focussed fieldwork at the Selta Project (“Selta” or the “Project”), located in Australia’s Northern Territory. Selta is held through its subsidiary  First Development Resources PLC  (“First Development Resources” or “FDR”) which is seeking a planned listing in the  London  capital markets (Power Metal holds 62.12% of FDR and 58.59% after transaction outlined below).

HIGHLIGHTS:

Phase II Lithium Focused Exploration Programme

· Lithium focussed Phase II follow-up fieldwork now underway to further examine the zonation of a prospective pegmatite system present at FDR’s 100% owned Selta Project. Pegmatites are the target lithology which have the potential to host lithium mineralisation.

· Approximately 700 potential outcropping pegmatites have been identified by desktop analysis, within a target area of circa 180km2 (see Fig.1 below). Given the size of the prospective area and the number of targets generated, the planned fieldwork will initially focus on a 30km2 area in the southeast of the Project (see Figure 1).

· The Phase II fieldwork follows on from the successful findings of the Phase I field reconnaissance programme in June 2022, which confirmed the presence of pegmatite geology over a small area within the south of the Project, with lithogeochemical analysis of 17 samples suggesting potential for a zoned pegmatite system originating from the nearby granites 1.

· A desktop analysis of lithium specific publicly available datasets, satellite imagery and purpose commissioned hyperspectral analysis previously outlined the presence of potentially pervasive outcropping pegmatites 2, 3 which are the subject of the current fieldwork campaign.

· Further information in respect of the lithium work programme is provided below.

Company Update

· FDR continues to advance preparations for its planned listing and is very close to completion of all material work streams.

· To further enhance FDR’s position in advance of the planned listing and in light of the positive progress across the exploration programmes at all projects, the net smelter return (“NSR”) royalties retained by the original vendors of FDR’s projects have been purchased by FDR.

· The two NSRs were originally announced on the acquisition of First Development Resources Pty Limited (“FDR Australia”)(RNS: 29.10.2021 4) and URE Metals Pty Ltd (“URE Metals”)(RNS: 19.11.2021 5) and were each a 2% NSR, with a 1% buyout right for A$1,000,000. The NSRs were held by the original shareholders of FDR Australia and URE Metals whose shareholdings were previously acquired, as outlined in the above dated announcements.

· Each NSR has been purchased for £150,000, payable through the issue of 1,875,000 new FDR ordinary shares of 1.0p (“New FDR Shares”) at an issue price of 8p per share, for a total consideration of £300,000 through the issue of 3,750,000 New FDR Shares. The price of 8p per New FDR Share  is specific to this NSR purchase transaction only and should not be taken as established pricing in relation to an IPO financing for the planned listing of FDR in the London capital markets.

· As a result, FDR holds a 100% interest in all projects and there are now no NSRs over any of its properties.

· Following the issue of the New FDR Shares, the total FDR issued share capital will amount to 65,894,076 shares of which Power Metal holds 38,605,697 shares representing 58.59% of FDR issued share capital.

Tristan Pottas, Chief Executive Officer of First Development Resources commented:

“Much of the recent focus has been on preparing for FDR’s planned UK listing, however, the team has also remained committed to advancing the project portfolio for the ongoing benefit of FDR shareholders.

Over the past several months the FDR team has worked hard to develop strong relationships with the key stakeholders at Selta to facilitate the efficient deployment of field teams to site to complete value enhancing work.

The technical analysis of the outcropping pegmatites will significantly improve our understanding of the system present at Selta and will help inform future work programmes with the intention of identifying zones within the Project with the potential to host lithium mineralisation.”

Paul Johnson, Chief Executive Officer of Power Metal Resources commented:

“The search for economic deposits of lithium continues to be the focus of many exploration companies globally as they look to capitalise on the strong market conditions which continue to reflect the lack of supply for the ever-growing demand for battery metals including lithium.

Importantly, with our readiness for diamond drilling at Wallal and the ongoing work programme at Selta, we are seeking to ensure FDR is a vibrant exploration business when listed.

The buyout of all project royalties by FDR was an important step, simplifying the structure of the planned listing interests and reflecting the value of FDR’s project portfolio which has been significantly enhanced since their original acquisition.”

Figure 1 : Selta Project showing lithium pegmatite and rare earth element prospective areas of interest and target area for current Phase II pegmatite focussed fieldwork

BACKGROUND – SELTA PROJECT LITHIUM REVIEW

The in-depth review of all publicly available geological, geophysical and geochemical data for the Selta Project identified multiple uranium and rare-earth element (“REE”) targets within the Selta Project area and highlighted the potential for lithium, gold and base-metal mineralisation. The potential for lithium presented an additional opportunity for a mineral discovery within the Selta Project area, an opportunity which had previously been unknown. To gain a better understanding of the potential for lithium-caesium-tantalum (“LCT”) type pegmatites, the Company immediately commenced a lithium review of all publicly available data to help refine target areas for further investigation and deployed a team to Selta to confirm the presence of pegmatite geology.

The announcement in respect of this lithium review and subsequent reconnaissance may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/first-development-resources-company-update/15562865

During the reconnaissance the site team was able to confirm the presence of pegmatite geology and collect samples to determine mineralogy.

The results of the sampling and subsequent geochemical testing of pegmatites on the property indicated that the pegmatites analysed on the southwest of the property are part of zoned pegmatite system, most likely originating from the nearby granite. The initial sampling campaign programme covered only a very small portion of the property but provided valuable information for future exploration programmes.

SELTA PEGMATITE SAMPLING PROGRAMME

The mineral deposit model for LCT pegmatites is well defined by the United States Geological Survey and suggests LCT pegmatites tend to show a regional mineralogical and geochemical zoning pattern with respect to the inferred parental granite, with the greatest enrichment in the more distal pegmatites. FDR’s initial analysis of data acquired during the Selta lithium review supports this model.

FDR now plans to expand on this initial interpretation and conduct further exploration over a broader area.  Using the data acquired from previous desktop analysis and reconnaissance, a field team led by FDR’s exploration manager will conduct a targeted pegmatite mapping and sampling programme to acquire representative geochemical and geological data in the south of the Selta Project, where previous work has proven the presence of a pegmatite system.

This work aims to constrain the zonation believed to be present in the pegmatite system. The field work will include the systematic mapping of the surface expression of pegmatites along with the collection of representative rock chip samples, which will then be sent for geochemical analysis. This field work will feed into FDR’s technical understanding of pegmatites at Selta, to provide targets and inform future work programmes.

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

REFERENCE NOTES

Company announcement, First Development Resources – Company Update,  29 July 2022
(
https://www.londonstockexchange.com/news-article/POW/first-development-resources-company-update/15562865 )

Company announcement, First Development Resources – Selta Lithium Update,  13 June 2022
(
https://www.londonstockexchange.com/news-article/POW/first-development-resources-selta-lithium-update/15491241 )

Company announcement, Selta Project – Multiple Target Areas Identified,  16 March 2022
(
https://www.londonstockexchange.com/news-article/POW/selta-project-multiple-target-areas-identified/15371081 )

Company announcement, Power Metal Acquires 100% of FDR Australia,  29 October 2021
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w04g16x   )

Company announcement, Acquisition of Uranium & Rare-Earth Element Project – Australia,  19 November 2021
(
https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w1ye76w )

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

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.

Exploration Work Overview

Power Metal has multiple internal exploration programmes completed or underway, with results awaited.  The status for each of the Company’s priority exploration projects is outlined in the table below.

Project

Location

Current

POW %

Work Completed or Underway

Results Awaited

Athabasca Uranium

Canada

100%

Preliminary planning for work in Spring/Summer 2023 is ongoing.

Work programmes for Spring/Summer 2023.

Molopo Farms

Botswana

87.71%

Diamond drill programme underway. MLEM surveys planned over additional AEM targets identified.

Drill programme updates and findings from further MLEM survey work.

Tati Project

Botswana

100%

RC drilling and sampling of mine dumps complete.

Mine dumps processing and project commercial and exploration next steps.

 

Exploration work programmes may also be underway within Power Metal investee companies and planned IPO vehicles where Power Metal has a material interest, the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required.  These interests are summarised in the table below:

Company

Status/Operations

Link

First Class Metals PLC

Investment – POW 27.91%

Exploration in the Schreiber-Hemlo region of Ontario, Canada

www.firstclassmetalsplc.com

 

Kavango Resources PLC

Investment – POW 9.85%

Exploration in Botswana

www.kavangoresources.com

First Development Resources PLC

Planned IPO – POW 62.12%* (58.59% post NSR buyout)

Exploration in Western Australia and the Northern Territory of Australia

www.firstdevelopmentresources.com

 

Golden Metal Resources PLC

Planned IPO – POW 83.13%

Exploration and development in Nevada, USA

www.goldenmetalresources.com

 

New Ballarat Gold PLC

Planned IPO – POW 49.9%

Exploration in the Victoria Goldfields of Australia

A new website is currently in development which will be found atwww.newballaratgoldcorp.com .

In the interim further information in respect of NBGC can be found at:

https://www.powermetalresources.com/project/victoria-goldfields/ .

 

Uranium Energy Exploration PLC

Planned IPO – POW on listing estimated 50-55%

Uranium exploration in the Athabasca region of Canada

www.uraniumenergyexploration.com

Power Metal Resources #POW – Total Voting Rights

Total Voting Rights

In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Company hereby announces that as at 30 November 2022 there were 1,660,789,092 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 1,660,789,092 .

The above figure of 1,660,789,092 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.

 

Kavango Resources #KAV – Holding(s) in Company

 

TR-1: S tandard form for notification of major holdings

 

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

Kavango Resources PLC

1b. Please indicate if the issuer is a non-UK issuer   (please mark with an “X” if appropriate)

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligation iv

Name

Power Metal Resources PLC

City and country of registered office (if applicable)

London, England

4. Full name of shareholder(s) (if different from 3.) v

Name

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

25.11.2022

6. Date on which issuer notified (DD/MM/YYYY):

29.11.2022

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuer vii

Resulting situation on the date on which threshold was crossed or reached

9.85%

9.85%

705,569,314

Position of previous notification (if

applicable)

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00BF0VMV24

69,500,000

9.85%

SUBTOTAL 8. A

69,500,000

9.85%

 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date
 x

Exercise/
Conversion Period
 xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date
 x

Exercise/
Conversion Period
 xi

Physical or cash

settlement xii

Number of voting rights

% of voting rights

 

SUBTOTAL 8.B.2

 

 

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
 xiv (please add additional rows as necessary)

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

 

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Place of completion

London, England

Date of completion

29.11.2022

Power Metals Resources #POW – Kalahari Key Acquisition Complete – Power Metal Now Holds 87.71% Interest. Molopo Farms Drilling Update

Power Metal Resources PLC (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the completion of the transaction to increase the Company’s interest in Kalahari Key Mineral Exploration Pty Limited (“KKME” or “Kalahari Key”) further details of which were provided in the Company’s announcement of 3 November 2022 (the “Transaction”):

https://www.londonstockexchange.com/news-article/POW/kalahari-key-acquisition-drilling-update/15701532

Kalahari Key holds a 100% interest in the Molopo Farms Complex Project (the “Project”, “Molopo Farms”), where a large-scale nickel platinum-group metal (“PGM”) discovery is being targeted in southwestern Botswana.

HIGHLIGHTS:

§ Following completion of the Transaction, Power Metal now holds 87.71% of Kalahari Key and therefore the Molopo Farms Project.

§ The 2,600m diamond drill programme at Molopo Farms is progressing well with two holes now completed at target area T1-6, and the third drill hole in progress at target area T1-14.

§ At T1-14 the Company is testing an electromagnetic superconductor identified by a recently completed moving loop electromagnetic (MLEM) survey. The last reported depth from the drillhole in progress, DDH1-14B, was 345 metres.

§ Downhole geophysics is now complete on drill hole DDH1-6B from Target area T1-6, with the geophysics interpretation results expected shortly.

Paul Johnson, Chief Executive Officer of Power Metal Resources commented:

“Today’s confirmation that Power Metal has now completed the transaction and increased its interest in Molopo Farms to 87.71% is great news for the Company. My thanks to all involved in enabling this Transaction to happen so efficiently.

We have completed the Transaction whilst in the midst of the Molopo Farms drill programme where we are progressing well with the third drill hole targeting the superconductor at target area T1-14.

A further exploration update is expected to follow in the near term as we continue, what for Power Metal, is a particularly exciting drill programme.”

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

 

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.

Exploration Work Overview

Power Metal has multiple internal exploration programmes completed or underway, with results awaited.  The status for each of the Company’s priority exploration projects is outlined in the table below.

Project

Location

Current

POW %

Work Completed or Underway

Results Awaited

Athabasca Uranium

Canada

100%

Ground exploration programme complete at 3 properties.  Preliminary planning for work in Spring/Summer 2023 is ongoing.

Assay results from samples collected during fieldwork.

Molopo Farms

Botswana

87.71%

First 2 holes at T1-6 conductor target drilling complete. T1-14 first hole underway. Further MLEM surveys planned over additional AEM targets identified.

Drill programme updates and findings from further MLEM survey work.

Tati Project

Botswana

100%

RC drilling and sampling of mine dumps complete.

Mine dumps processing and project commercial and exploration next steps.

Exploration work programmes may also be underway within Power Metal investee companies and planned IPO vehicles where Power Metal has a material interest, the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required.  These interests are summarised in the table below:

Company

Status/Operations

Link

First Class Metals PLC

Investment – POW 27.91%

Exploration in the Schreiber-Hemlo region of Ontario, Canada

www.firstclassmetalsplc.com

 

First Development Resources PLC

Planned IPO – POW 62.12%

Exploration in Western Australia and the Northern Territory of Australia

www.firstdevelopmentresources.com

 

Golden Metal Resources PLC

Planned IPO – POW 83.13%

Exploration and development in Nevada, USA

www.goldenmetalresources.com

 

Kavango Resources PLC

Investment – POW 14.03% (subject to completion of Kanye Resources disposal announced 8.7.22 and issue of Kavango shares e.g. financing announced 24.10.22)

Exploration in Botswana

www.kavangoresources.com

 

New Ballarat Gold PLC

Planned IPO – POW 49.9%

Exploration in the Victoria Goldfields of Australia

A new website is currently in development which will be found atwww.newballaratgoldcorp.com .

In the interim further information in respect of NBGC can be found at:

https://www.powermetalresources.com/project/victoria-goldfields/ .

 

Uranium Energy Exploration PLC

Planned IPO – POW on listing estimated 50-55%

Uranium exploration in the Athabasca region of Canada

www.uraniumenergyexploration.com

Power Metal Resources #POW November Interview – Alan Green talks to CEO Paul Johnson

Alan Green talks to CEO Paul Johnson. We cover the drilling campaign at the Molopo Farms Complex project in Botswana, where nickel sulphides have been identified, before Paul covers the bonanza gold grades announced this week at the Tati Gold project, also in Botswana. We then look at developments at the group’s uranium assets, including the development of Uranium Energy Exploration, before with turn to the upcoming IPO freight train, including Golden Metal Resources, First Development Resources and the New Ballarat Gold Company. Paul looks at what the IPO’s will mean for the POW balance sheet, before covering some of the other key upcoming value inflection points.

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