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Stockbox Research Talks Special. Alan Green discusses the investment case for Evrima #EVA

Stockbox Research Talks Special. Alan Green discusses the investment case for Evrima #EVA

Power Metal #POW – MFC Project Update – Drill Programme Mobilisation

 

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.

On 30 August 2022 the Company announced an update regarding progress being made towards the first Power Metal managed and operated diamond drilling programme at Molopo Farms. The link to this announcement is below:

https://www.londonstockexchange.com/news-article/POW/molopo-farms-drill-contract-signed/15604332  

Key Updates: 

§ Mindea Exploration and Drilling Services (Pty) (“Mindea”), an experienced Botswana-based company with extensive experience in-country has officially commenced mobilisation for the upcoming drilling programme. 

§ The planned drilling start date is now set for mid-September 2022. A further RNS will be provided to the market once drilling has officially commenced. 

§ The current planned programme is for circa 2,600m of drilling across an expected 6 drillholes, with at least two drillholes planned into the newly identified conductor within the T1-6 target area. 

§ As announced on 5 September 2022 the Company raised additional funds totalling £1,080,000, before expenses allowing for the potential expansion of the ongoing geophysics and upcoming drilling programme. 

§ Additional geophysics, including further Moving Loop Electromagnetic (“MLEM”) surveys as well as high-resolution ground-based magnetic surveys are underway. A further update in regard to this work, as well as survey results, are expected shortly. 

§ The programme is being designed to ensure expeditious core analysis to include: geologists on site to conduct continuous core inspection and logging, identification of visible sulphides, selection of core samples for assay testing and the arrangement where appropriate of expedited laboratory assays to minimise turnaround time. Hiring of the personnel required for the above is in the process of being finalised with crews arriving to site shortly. 

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

“The preparations for this important diamond drill programme continue at pace, with mobilisation of equipment to site and a target date for drill commencement next week.

This is a big moment for Power Metal and we are eager to commence drilling as soon as possible. Investors will appreciate that, with the financing we announced on Monday, we mean business and have the financial means to commit fully to this work in Botswana.”

PROJECT BACKGROUND AND OWNERSHIP 

Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”).  On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”).  The announcement may be viewed through the following link: 

https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701 

As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration. 

Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.

Power Metal #POW – Investee Update – First Class Metals PLC

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the announcement today from First Class Metals PLC (LON:FCM) (“First Class”) providing an exploration update confirming a high grade nickel sulphide discovery at Pickle Lake within the Schreiber-Hemlo region, Ontario, Canada.

This announcement and other announcements released by First Class may be viewed through the following link:

https://www.firstclassmetalsplc.com/rns-announcements

Power Metal and its wholly owned subsidiary Power Metal Resources Canada Ltd hold 18,516,097 First Class shares representing 28.19% of issued share capital (the “FCM Holding”).

The FCM Holding is subject to a lock-in agreement preventing the sale of the FCM Holding until 29 July 2023 and an orderly market arrangement for 12-months thereafter until 29 July 2024.

In addition, Power Metal holds 517,705 warrants to subscribe for a further 517,705 First Class shares at an exercise price of 10p per FCM share and with an expiry date of 29 July 2023.

 

Alan Green covers Power Metal Resources #POW & Tekcapital #TEK on this week’s Stockbox Research Talks

Alan Green covers Power Metal Resources #POW & Tekcapital #TEK on this week’s Stockbox Research Talks

Power Metal Resources #POW – Tati Gold Project Botswana – Exploration Update

 

Power Metal Completes Gold Focused Drilling Programme and Initial Results from Fines Sampling Demonstrate Extensive Residual Gold

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 Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana.

The Company announced the commencement of reverse circulation (“RC”) drilling on 22 August 2022 and a link to that announcement is provided below:

https://www.londonstockexchange.com/news-article/POW/tati-gold-project-botswana-drilling-commences/15595699

A map highlighting the location of the RC drill programme can be found at the link below:

https://www.powermetalresources.com/tati-project-cherished-hope-mine-rc-drilling/

 

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

“My thanks to the team in Botswana for the completion of a safe and effective drill programme. The samples have been prepared efficiently and sent to Intertek for assay testing and we look forward to receiving the results. Naturally having intersected the targeted geological structures repeatedly and at shallow depth, we are particularly enthused with progress thus far.

The sampling of the fines dumps has also delivered residual gold from all samples taken across the dumps.  The processing potential of this waste mine material is interesting and we are looking at this further based on the results of the sampling. In addition, the fact that the dumps retain material residual gold after previous processing is extremely positive, indicating that higher grade material was originally extracted and processed from the Cherished Hope former working mine.

In summary, we are moving forward at some pace with the Tati Gold Project, and I look forward to reporting further as the assay results are received.”

HIGHLIGHTS:

RC Programme

§ RC drilling programme completed with a total 490m drilled across 9 holes for an average drillhole depth of 55m.

§ Drilling was designed to test for potential along-strike and down-dip extensions of the gold-bearing quartz vein structures, or ‘quartz reef’, worked at the former Cherished Hope mine located, in close proximity to the drilling sites, on the Project.

§ Quartz reef was successfully intersected within all holes drilled, with multiple holes intersecting multiple sub-parallel quartz reef structures. The largest single intersection was from RC hole CHRC00007 which intersected quartz reef from 11-19m (8m intersection).

§ Sulphide mineralisation, including chalcopyrite and arsenopyrite was logged within the quartz reef and in some instances up to 5m into the vein footwall.

§ RC drill chip samples have been prepared and sent to Intertek in Perth, Australia (“Intertek”) for accredited laboratory assay testing to determine gold content.

Fines Sampling Update

§ In total 37 samples were collected from across the former mineral processing fines dumps found on the Project. These dumps consist fine grained waste material resulting from historical processing of ore material mined from the Cherished Hope gold mine.

§ The sampling was to test for residual gold in the dumps, which if confirmed, could offer the potential for reprocessing using more efficient modern gold recovery methods and to generate cashflow, subject to local approvals.

§ The 37 samples were sent to the nearby Mupane Gold Mine laboratory for gold assay testing, with received results confirming the presence of residual gold in every sample tested (ranging from 0.35g/t to 2.16 g/t Au with an average grade across all samples of 0.94g/t Au, see Table 1 below).  Duplicate samples were also sent to Intertek for independent check analysis, the Company is currently awaiting these assay results.

§ The presence of the residual gold in the fines material, could reflect the high grade nature of the ore originally mined at Cherished Hope or the less efficient gold processing methods previously employed there.

Table 1: Tati Gold Project Fines Dump – Assay Table

Sample ID

Au (g/t)

CHD09 67046

0.74

CHD09 67048

0.77

CHD10  67050

0.77

CHD10 67052

1.08

CHD11 67054

0.88

CHD11 67056

1.24

CHD12 67058

1.16

CHD12 67060

1.06

CHD13  67062

1.37

CHD13 67064

1.23

CHD14 67066

0.8

CHD14 67068

2.16

CHD15 67070

0.75

CHD15 67072

0.98

CHD16 67074

0.35

CHD16 67076

1.05

CHD17 67078

1.19

CHD17 67080

1.36

CHD18 67082

0.82

CHD18 67084

1.06

CHD19 67086

1.58

CHD01 67014

0.69

CHD01 67016

0.53

CHD02 67018

0.66

CHD02 67020

0.91

CHD03 67022

0.73

CHD03 67024

0.66

CHD04 67026

0.48

CHD04 67028

0.66

CHD05 67030

0.94

CHD05 67032

0.89

CHD06 67034

0.94

CHD06 67036

1.04

CHD07 67038

0.89

CHD07 67040

0.72

CHD08 67042

0.75

CHD08 67044

0.92

Average

0.94

COMPETENT 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 Competent 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.

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 August 2022 there were 1,537,512,064 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 1,537,512,064 .

The above figure of 1,537,512,064 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.

Alan Green covers Power Metal Resources #POW & GreenX Metals #GRX on this week’s Stockbox Research Talks

Alan Green covers Power Metal Resources #POW & GreenX Metals #GRX on this week’s Stockbox Research Talks

Power Metal Resources #POW – Molopo Farms Complex Discovery. Paul Johnson talks to Alan Green

Alan Green talks to Power Metal Resources #POW CEO Paul Johnson about today’s discovery at the Molopo Farms Complex in Botswana. Paul talks through the images and drill results from Molopo, and the nickel samples taken on the edge of what appears to be a substantial ore body.

#POW Power Metal Resources – Molopo Farms Complex Project – Drill Target K1-6

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.

 

KEY HIGHLIGHTS: 

§ Two ground-based electromagnetic (“EM”) geophysics surveys now complete, covering areas hosting 2020/2021 diamond drillholes KKME 1-14 (“K1-14”) and KKME 1-6 (“K1-6”).

§ Preliminary survey results have highlighted a large shallow dipping magnetic conductor at drillhole K1-6. 

§ Plotting of drillhole K1-6 shows that the drillhole penetrated the edge of the newly identified magnetic  conductor at a similar stratigraphic level to nickel-sulphide mineralisation averaging 7.0m @ 0.443% Ni from 445m, including 0.6m @ 1.69% Ni, 0.55g/t Pt & 0.14g/t Au from 446.7m downhole.1 This is within a broader mineralised interval from 294.7m (when pentlandite was first logged – assay result of 6606ppm Ni from 294.7 – 295.28m) to the end of the hole at 597.8m (minor sulphides logged – assay result 2852ppm Ni from 597.0 – 597.8m).

§ Planned 2022 diamond drill programme start date now being brought forward. The upcoming programme will now focus on testing the central and stronger part of this magnetic conductor. At present the plan is to drill 6 drillholes for approximately 2600m during this upcoming programme.

A map highlighting a location plan map of the Project (Fig.1) as well as a zoomed out (Fig. 2) and zoomed in (Fig. 3) cross-section of the MLEM results over target area K1-6 can be found at the link below:

https://www.powermetalresources.com/molopo-farms-complex-rns/

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

“Today’s exploration news is, in my view, potentially one of the more significant the Company has released in its 3-year history as Power Metal.

We have confirmed that drillhole K1-6 at Molopo Farms, drilled during the 2020/2021 programme, intersected the edge of a very large-scale and strong magnetic conductor. Significantly, drillhole K1-6 highlighted that the edge of the magnetic conductor was mineralised, with widespread nickel sulphides demonstrated from assay testing and follow up petrological analysis.

As a result of the findings, multiple drillholes planned for the 2022 programme will target the centre of the magnetic conductor where we believe there is the potential for a more strongly mineralised system where the conductive response is considerably stronger and larger.

The EM survey over K1-6 captured 800m of magnetic conductor length where it remains open at depth. The magnetic conductor is also shallow dipping and expands in magnitude and size at depth based on the preliminary processed survey images we hold at present.

As a result we believe we have a compelling reason to accelerate drilling at Molopo Farms and are working in order to achieve that.

In the link above to our website you will see the survey images, with explanatory information, for review. The further information below explains the findings in more detail and also gives additional information in regards to an additional strong magnetic conductor identified below target 1-14, which was not tested by the 2020/2021 drillhole in that area.

This is an exciting time for the Power Metal team and we are now pushing ahead at pace.”

GEOPHYSICAL SURVEY – OVERVIEW

§ Spectral Geophysics have completed the 2022 Phase I exploration programme which included two moving loop electromagnetic (“MLEM”) geophysics surveys over targets 1-6 and 1-14. The MLEM survey results will assist the company in further refining drill collar locations prior to the planned 2022 diamond drilling campaign.

§ Preliminary MLEM survey results over the I-6 target suggest that the 2021 drillhole (K1-6) targeting this zone clipped this sizeable shallow-dipping (south) magnetic conductor. The magnetic conductor appears to be increasing in magnitude with depth where it remains completely untested by drilling.  

§ Preliminary MLEM results over the 1-14 target suggest the presence of a strong magnetic conductor located directly south of the 2021 drillhole (K1-14) that targeted this zone. While there are conductive Transvaal carbonaceous mudstones in the area of the survey, the centre of this anomaly is strongly coincident with a magnetic high caused by the ultramafic rocks in the area – suggesting that the magnetic conductor detected by this survey may be located within the ultramafic intrusive rocks. 

§ A Botswana based drilling contractor has been selected for the upcoming planned diamond drilling programme at Molopo Farms and a site visit with the drilling company’s foreman and Power’s in-country geological consultant is planned for later this week. 

FURTHER INFORMATION

Spectral Geophysics has now completed MLEM surveys over targets 1-14 and 1-6 located within prospecting licence area PL311/2016. Preliminary results have been made available to the Company, with finals results expected within the coming weeks.

The rationale for these surveys was as follows:

Target 1-6 : Previous 2020/2021 drill programme results returned nickel (sulphide) values of up to 1.69% Ni with 0.55g/t Pt and 0.14g/t Au, within a composite intersection of 7.0m @ 0.44% Ni from 445 to 452.0m in K-1-6, hosted by layered ultramafic rocks of the Molopo Farms Complex .1,2

The preliminary results from the recently completed MLEM survey have allowed for significantly enhanced resolution of the original EM anomaly that was targeted by drilling in 2021.

Specifically, the results now indicate that drillhole K1-6 intersected the edge of the large shallow-dipping magnetic conductor in the area, which also appears to be increasing in size and magnitude with depth where it remains completed untested by drilling.

The 2022 drilling programme will test this intriguing target.

Target 1-14 : Defined by a broad strong EM anomaly which was targeted by a single drillhole during the 2020/2021 drill programme.2 The drillhole (1-14) intersected carbonaceous mudstones at depth which, although highly conductive, were determined to be flat lying and therefore did not explain the magnetic conductor which was indicative of a shallower, steeply dipping body. 3

The preliminary results from the 2022 MLEM survey over this target have identified a magnetic conductor that is coincident with a magnetic high associated with ultramafic rocks in the area.

The results therefore suggest that the magnetic conductor may be located within the ultramafic intrusive rocks in the area, making it a highly viable drill target for the 2022 drilling campaign. 

PROJECT BACKGROUND AND OWNERSHIP

Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key.  On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo increasing to 87.71% (the “Transaction”).  The announcement may be viewed through the following link: 

https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701 

As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration. 

Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete. 

References:

1  Source: Company announcement: 24 September 2021

( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/x4919kw ) 

Diamond Drill Hole KKME 1-6 Assay Data – reported 24 September 2021 – with 7.0m composite

Drill Hole ID

From (m)

To (m)

Interval (m)

Ni (ppm)

Au (g/t)

Pt (g/t)

1-6

445.0

446.0

1.0

2663

<0.05

<0.05

1-6

446.0

446.7

0.7

3012

<0.05

<0.05

1-6

446.7

447.3

0.6

16961

0.14

0.55

1-6

447.3

448.0

0.7

6948

<0.05

0.11

1-6

448.0

449.0

1.0

3056

<0.05

0.06

1-6

449.0

450.0

1.0

3187

<0.05

<0.05

1-6

450.0

451.0

1.0

2504

<0.05

<0.05

1-6

451.0

452.0

1.0

2474

<0.05

<0.05

Weighted average Ni intersection

7.0

4,433

* All depths and intervals are as measured downhole. 

2  Source: Company announcement: 21 July 2021

( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rng8onx )

3  Source: Company announcement: 16 November 2020

( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w11ge3w   )

COMPETENT 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 Competent 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

Power Metal Resources #POW – Uranium Exploration Update – Athabasca Basin

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 uranium property portfolio surrounding the Athabasca Basin, Saskatchewan, Canada.

HIGHLIGHTS

–   Phase I work programme now underway at Clearwater, Tait Hill and Thibault Lake properties, with a Phase II programme being prepared for the Soaring Bay property.

–  Exploration team are prioritising the initial follow-up work on the Thibault Lake property where the 2021 mapping and sampling programme returned high grade uranium sample assays of up to 38,600 ppm or 3.86% uranium oxide (“U308“)

–     Programme will utilise a handheld gamma-ray field spectrometer for real time radiometric analysis and mapping with anomalous samples collected for assay at an accredited analytical laboratory.  Laboratory assays will include testing for uranium, rare earth elements (“REE”), transition metals and precious/base metals.

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

“The Athabasca uranium portfolio constitutes a priority exploration project for Power Metal, and today’s update demonstrates our commitment to getting on with the exploration work.

This 2022 Phase I Field Programme now underway covers three Athabasca properties: Clearwater; Thibault Lake; and Tait Hill. The planned work will build on the positive findings of the 2021 fieldwork, providing more extensive and in-depth results over each area property.

We have seen considerable interest in the Athabasca area, which we believe is inspired by an extremely positive forward dynamic in the uranium sector. The value of the ground held through our uranium properties is, in our view, increasing considerably and this value will be further enhanced through the current exploration work designed to underpin the uranium prospectivity.

With the commencement of this work, Power Metal now has three field-based exploration programmes currently underway: the Athabasca Portfolio in Canada; and the Molopo Farms Complex Project and Tati Project in Botswana.”

2021 URANIUM EXPLORATION PROGRAMME BACKGROUND

Due to a short field season window available after the staking of the Company’s first seven uranium focused mineral properties, a single day of prospecting was spent on each of the Clearwater, Tait Hill and Thibault Lake uranium properties during October and November 2021. The results from the 2021 work programme were released on 20 December 2021 and can be found at the link below:

https://www.londonstockexchange.com/news-article/POW/uranium-exploration-update-athabasca-basin/15256838

2021 Programme Highlights

· Despite minimal time being spent on each of the three properties, significant uranium mineralisation was encountered including grab sample results up to 38,600 ppm or 3.86% U308 (uranium oxide) from the Thibault Lake uranium Property.

· In addition, to significant uranium mineralisation being encountered on all three properties, other notable results including REE and transition metal mineralisation in the form of thorium (Th) up to 1,150 ppm and zirconium (Zr) up to 1,860 ppm were recorded from the Tait Hill uranium property, as well as base-metal results including lead (Pb) up to 8,320 ppm recorded from the Thibault Lake uranium property.

· Several target areas, identified during the 2021 programme, were designated for high priority follow up during the current work programme.

During the 2021-2022 winter, the Company conducted  thorough reviews of all data available across the Athabasca focused portfolio. In addition, Dr Neil Pendock was engaged by the Company to undertake a detailed hyperspectral data analysis utilising Sentinel-2 satellite data on hydrogen and helium gas reflectance. The results of this hyperspectral work programme were released on 12 July 2022 and can be found at the link below:

https://www.londonstockexchange.com/news-article/POW/uranium-targets-confirmed-athabasca-basin-canada/15537428

As a result of the work completed to date, the Company was able to identify several new uranium exploration targets as well as further refine pre-existing targets. The 2022 work programme which is now underway, has been designed to further investigate several of these exciting targets. Additional 2022 programme details are discussed below.

2022 URANIUM EXPLORATION PROGRAMME FURTHER INFORMATION

· Field teams with extensive Athabasca basin focused uranium exploration experience have been engaged by the Company to undertake the Phase I Field Programme. The teams will be based in Uranium City, Saskatchewan, which is roughly equidistant from several of Power Metal’s uranium properties, which will allow for rapid and efficient mobilisation to site.

· The planned Phase I field programme will involve field teams spending three days on each of the three properties, completing transverses over pre-defined targets utilising a handheld gamma-ray spectrometer (to detect radioactivity), mapping and collection of rock samples for analysis by an accredited laboratory. Daily correspondence will be maintained between the field teams and the company’s exploration manager, ensuring efficient and targeted exploration throughout the entire campaign. A Phase II work programme is scheduled for later in the month at Soaring Bay and will be similar in nature to this Phase I exploration, but with the addition of Radon surveying.

· Following completion of the fieldwork, all information will be integrated and categorised into the in-house data rooms. Samples collected will be analysed by Saskatchewan Research Council laboratories for multi-element analysis including uranium, REE, transition and base metals.

The Company’s Phase I and Phase II work programmes are intended to further refine various uranium focused exploration targets, with the intention of eventually progressing the highest priority targets to a drill-ready stage.

URANIUM PROPERTIES – HOLDING STRUCTURE

Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding Company for certain Canadian project operations. Power Canada has a wholly owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Athabasca uranium portfolio.

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

 

Project

Licence ID

Area

(Hectare)

Area

(km2)

Clearwater Uranium Property

MC00015079

1,110

11.1

MC00015083

563

5.63

MC00015082

3,191

31.91

MC00015151

760

7.6

MC00015646

761

7.61

MC00015658

1,541

15.41

Tait Hill Uranium Property

MC00015078

1,576

15.76

MC00015081

968

9.68

MC00015153

1,530

15.3

MC00015152

1,886

18.86

MC00015647

725

7.25

MC00015648

1,129

11.29

Thibaut Lake Uranium Property

MC00015077

2,206

22.06

MC00015659

2,195

21.95

Soaring Bay Uranium Property

MC00015080

1,255

12.55

MC00015155

3,375

33.75

MC00015874

748

7.48

MC00015875

2,529

25.29

Cook Lake Uranium Property

MC00015212

984

9.84

E-12 Uranium Property

MC00015213

1,323

13.23

Reitenbach Uranium Property#

MC00015214

2,135

21.35

MC00015474

1,235

12.35

MC00015655

4,570

45.7

MC00015656

5,322

53.22

MC00015657

856

8.56

MC00015824

528

5.28

Reindeer Lake*

MC00015522

3,336

33.36

Porter Lake*

MC00015561

5,656

56.56

MC00015562

5,198

51.98

Old Woman Rapids*

MC00015563

4,851

48.51

MC00015564

5,063

50.63

MC00015565

3,044

30.44

Total Licence Holding Area

72,152

721 km2

* Property acquisition announced on 25 July 2022 – licence transfers in progress

 #   Reitenbach Property conditionally disposed to Teathers Financial PLC as announced 8 August 2022

COMPETENT 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 Competent 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 has internal exploration programmes completed or underway, with results awaited, as outlined in the table below.

Exploration work programmes may also be underway within 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:

www.firstclassmetalsplc.com

www.goldenmetalresources.com

www.firstdevelopmentresources.com

For planned IPO vehicle New Ballarat Gold Corporation PLC (NBCG) a new website is currently in development which will be found at www.newballaratgold.com .  In the interim further information in respect of NBGC can be found athttps://www.powermetalresources.com/project/victoria-goldfields/ .

Power Metal also holds a material investment in Kavango Resources plc with exploration updates available through their regulatory announcements and on their website:

www.kavangoresources.com

Project

Location

Current

POW %

Work Completed or Underway

Results Awaited

Athabasca Uranium

Canada

100%

Hyperspectral data analysis conducted across 7 properties. Updating to 9 data rooms for third party review. Exploration programme commenced across Clearwater, Tait Hill & Thibault Lake.

Finalise review of hyperspectral data from 3 properties.  Results from summer exploration programme across 3 properties and planning for exploration on Soaring Bay property.

Authier North Lithium

Canada

Earn-in to 100%

Property Evaluation Report completed.

Update covering exploration plans for target areas identified during the Evaluation.

Molopo Farms

Botswana

53%#

Comprehensive data review complete and establishment of data room for third party review. Geophysics programme underway.

Finalise drill programme targets, select drill contractor and launch drill programme.

Tati Project

Botswana

100%

Site visit with mapping of gold workings and mine dumps.

Exploration planning underway including further mapping, sampling and launch of an RC drill programme.

# subject to completion of acquisition announced 18.5.22 interest will increase to 87.71%

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