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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| African Battery Metals Plc | LSE:ABM | London | Ordinary Share | GB00BYWJZ743 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.55 | 0.50 | 0.60 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMPOW
Power Metal Resources PLC
01 December 2020
01 December 2020
Power Metal Resources PLC
("Power Metal" or the "Company")
Company Q&A
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide the questions and answers to a number of investor queries received recently by the Company. Where possible the question below is that presented to us, however where multiple questions involve similar themes, we have consolidated into a single question to avoid duplication.
Power Metal also notes that investors wishing to understand the current position of the Company may refer to the recently uploaded Investor Presentation which is available on the Company's website and may be viewed through the following link:
https://www.powermetalresources.com/p/193/presentations
COMPANY Q & A
Power Metal Resources has received numerous investor queries recently and we are pleased with the increasing interest shown in our activities. Where possible questions have been grouped into categories as outlined below.
Project Operations - Exploration and Corporate Activities
Hot Features
Premium
QUESTION RESPONSE
Botswana - Molopo Farms
Complex The hole was angled at 60 degrees and
was over 500m in length and passed
Regarding drill #1 - why between harder and softer rock as it
was the drill stopped descended.
when the anomaly identified The possibility of some deviation as
via geophysics indicated we drilled makes it possible that we
an anomaly stronger with have missed by a few metres a steeply
depth? dipping target identified by geophysics.
The mudstones encountered could be
generating a conductive anomaly but
are likely to cover a greater areal
extent as they are a known horizon
in the Molopo Farms Complex of rocks,
so this would be inconsistent with
the areally restricted conductive anomaly
identified from our geophysical work.
One possibility is that the geophysics
took a gently dipping anomaly and a
steeply dipping anomaly, the latter
being our target, and modelled the
two as being one.
It was more logical given the above
to stop the hole at the target depth
and move on to drill the next hole
while analysing the core and doing
down-hole geophysics. If we had carried
on drilling, we could have possibly
drilled right past our target.
With the downhole geophysics we can
look around and below the hole for
300m in each direction and so get a
more accurate 3-D geophysical model
and interpret the dip and orientation
of the strata encountered in the drill
core.
Unless results do not justify it, we
will return to the hole and if necessary,
deviate from it or drill deeper to
test the assumed target.
-----------------------------------------------------------------------------------
Botswana - Molopo Farms
Complex Each ultramafic complex has its own
Is the geological model characteristics depending on the conditions
for the Molopo Farm Complex that produced it. We are drilling a
looking for geology similar satellite ultramafic intrusive which
to the Bushveld Igneous is part of, and of similar age to,
Complex, the Great Dyke the Large Bushveld Igneous Province,
in Zimbabwe or some other as described on this page of the KKME
large ultramafic complexes? website:
https://www.kalaharikey.co.uk/mopo-farms-project/geology-of-the-molopo-farms-comp
lex/
.
-----------------------------------------------------------------------------------
Australia - Victoria Goldfields
What is the status of
the Australia gold JV We have various work streams underway
and will shareholders in respect of the Australia gold joint
receive a distribution venture and it is a very proactive
from Power Metal if the period for this important part of the
Australian Joint Venture Power Metal business.
Company is listed on a
North American stock exchange? Our immediate focus is the advancement
of the technical project information
and exploration planning in preparation
for the launch of efficient and targeted
ground exploration which can only commence
on the grant of licence applications.
In parallel we continue to work on
the potential listing of some or all
of the interests on a North American
stock exchange as announced to shareholders.
In all discussions our focus is rapid
advancement of exploration and significant
commitment by any potential partners
to ground exploration where we believe
considerable value can be added through
proactive implementation of exploration
programmes.
The potential listing could generate
an asset of considerable value given
the strategic nature of the ground
under application in Victoria. That
valuation would increase, perhaps significantly,
with the grant of licences and the
ability to launch ground exploration
to validate our geological propositions.
There is clear evidence of significant
gold mineralisation across the licence
application footprint.
The question of whether we would specifically
seek to distribute any listed activity
gains from the Australia JV, or indeed
from any other corporate transaction
undertaken by Power Metal or its partners,
is a little early to definitively answer
at this stage.
It is fair to say that we are attracted
to the distribution model, which allows
shareholders to see a return from their
investment in Power Metal in addition
to the appreciation in Power Metal
share value that commercialisation
of our interests could provide.
There are many elements to consider
in this including what is best to advance
the projects, the approach of any partners
to transactional structuring, positioning
Power Metal to enable distributions
and considering the taxation elements
to seek distribution efficiency from
a tax planning perspective.
There are many work streams to complete
if Power Metal were to consider distributions,
but they can be run concurrently, and
they could include seeking the approval
of shareholders at a General Meeting.
-----------------------------------------------------------------------------------
Australia - Victoria Goldfields
How does Power Metal value
its interests in the Australian This is a complicated exercise as valuation
Joint Venture Company depends on many factors including inherent
and particularly its licences? geological and commercial potential,
market conditions, granted or application
status, historic and future spend and
perhaps significantly the strategic
significance of the JV interests.
We are developing valuation metrics,
however for a real sense of valuation
in the current market we can only look
at recent transactions for similar
interests and gain a feel for what
might be achievable.
As stated previously a major factor
for us is the commitment to significant
ground exploration and financial investment
to support that exploration work. We
believe that proactive exploration
stands a very good chance of identifying
gold mineralisation and that will be
a major uplift to any project valuation.
As you can see we are working with
so many variables, but we know that
having identified and built such an
important and strategic land package
in Victoria, we now have a duty to
manage this professionally and seek
the highest returns reasonably achievable
from this unique opportunity.
-----------------------------------------------------------------------------------
Australia - Victoria Goldfields
Will Power Metal be seeking
an income stream from The main objective is the pursuit of
any commercial transactions exploration and corporate transactions
in respect of the Australian that will maximise the capital return
interests? from the opportunity. Income wise,
we will likely focus on royalty income
streams from interests as and when
we involve third parties in a project
or projects.
-----------------------------------------------------------------------------------
Australia - Victoria Goldfields
There is a lot of interest
being shown in Victoria It is increasingly clear that the Victoria
gold projects including Goldfields is a particularly attractive
ECR Minerals plc one of destination for gold exploration.
your neighbours. Is this
something you are also The strategic nature of our Australia
experiencing for the gold gold JV, with the size of land package
JV in Victoria? assembled and the extent of prospectivity
that's evident from our published technical
work, means that there will be interest
and we have stated this previously.
-----------------------------------------------------------------------------------
Australia - Victoria Goldfields
Are there plans to re-process This is not something we have looked
mine dumps in the Victoria at so far, but as licenses are granted,
Gold Fields in Australia we will investigate the evidence at
once appropriate licences surface where there has been previous
are granted? mining activity, which may include
small gold-bearing dumps or tailings.
-----------------------------------------------------------------------------------
USA - Alamo Gold Project
Do you expect to be able As announced by the Company via RNS
to mine nuggets of gold on 20 November 2020, the plan is to
from near the surface undertake mini-bulk sampling alongside
at the Alamo gold project other exploration techniques in December
in Arizona? 2020. That should tell us more about
project mineralisation including the
prospectivity for gold nuggets near
surface.
We are also looking at the potential
for other mineralisation and the potential
bedrock source of the gold mineralisation
that, as we have clearly established
to date, exists near-surface. The latter
was also demonstrated during our January
2020 due diligence field trip where
we identified gold nuggets during the
digging and metal detecting of shallow
pits at the project.
This is early stage exploration and
the prospect of mining, although ultimately
our principal objective, is something
we must build towards with exploration.
If successful, that exploration will
confirm gold mineralisation of a magnitude
to support permit applications and
associated studies that would be the
precursor steps to the launch of mining
operations.
-----------------------------------------------------------------------------------
Tanzania - Haneti Project
You have announced that Power Metal has a communications approach
mobilisation is underway that articulates through regulatory
but when will drilling news announcements the status and progress
actually commence at the on all of our material project interests.
first drill location? This includes Haneti which is a very
material opportunity for the Company.
Power Metal, with our partners Katoro
Gold plc have announced pre-mobilisation,
mobilisation of drilling and intend
to announce an update on full drill
commencement as appropriate, including
if possible images on our website photo
gallery showing the drill in action
at the drill location.
-----------------------------------------------------------------------------------
Tanzania - Haneti Project
Why has Haneti not been On a general level the junior resource
drilled before if it is sector has been experiencing challenging
such an important strategic conditions for some time and in many
opportunity? cases, there has not been the financial
capital around to pursue project acquisitions
or impactful exploration activities.
Many great discoveries have, in our
view, been made in scenarios where
projects have not been able to attract
sufficient project capital to enable
progression of exploration.
Haneti is however a project that has
received exploration capital over many
years and has built to a position where
the next stage is drilling.
Importantly Haneti now has two public
companies working together to operate
and finance drilling.
Given the level of interest shown in
the project, and in nickel sulphide
exploration opportunities generally,
it makes commercial sense all round
to crack on with drill programmes which
is what is happening at Haneti.
-----------------------------------------------------------------------------------
Canada - Silver Peak
When do you expect to As with all our projects we push for
receive assay results the receipt of assay data as soon as
from the work undertaken possible. With the Covid-19 restrictions
recently? around the world in 2020 the Company
has not been in a position to accurately
confirm timescales around the receipt
of assay data from third parties. As
soon as assay results are received
and interpreted by the Company, an
announcement will be made to shareholders.
-----------------------------------------------------------------------------------
Canada - Silver Peak
Given we are now in winter We generated highly positive exploration
season, how do you expect findings from the summer due diligence
to take Silver Peak project sampling work including bonanza grade
forward? silver and significant copper and lead.
We await the assays from limited follow
up drilling and sampling we were able
to undertake in the short programme
that we recently announced was curtailed
by poor weather conditions.
Using the above and the historic exploration
data available to us, we will, with
our partners, determine the next exploration
and corporate steps for the Silver
Peak project.
We believe the Silver Peak project
has great potential and now must identify
the appropriate pathways for its development.
-----------------------------------------------------------------------------------
Canada - Silver Peak
Were you disappointed Absolutely. Power Metal is keen to
with the weather disruption push each project as hard as possible
at Silver Peak and what and we put a lot of work into drill
can you do to get the programme design and implementation.
project back on track? The weather hit us twice with storms
damaging access and meaning our original
programme with a larger rig could not
go ahead. Then the snow brought our
man-portable rig operation to an abrupt
and early conclusion.
We believe shareholders prefer a proactive
approach to exploration and clearly,
we pushed hard to get the Silver Peak
drilling done whilst ensuring safety
of operations at the site in the more
challenging conditions.
-----------------------------------------------------------------------------------
DRC - Kisinka
Is it possible to extract We have operations around the globe
value from the Kisinka in different jurisdictions and the
project in the DRC and DRC is one country that we believe
are you not concerned investors perhaps do not fully understand
that money invested may or appreciate. We think that will change.
be locked in? The Company's experience to date has
been very positive however and suggests
to us that there is real value to be
created in the DRC, not least because
of the immense metal prospectivity
across the country.
Power Metal is pursuing a potential
new copper-cobalt district at Kisinka
which is situated near to Lubumbashi
in the south-east of the country.
The quality of technical reports that
we receive from operations at Kisinka
is extremely good demonstrating the
professionalism of our partners.
Also, based on our experience the ability
to secure licences and permits for
operations is in many respects more
straightforward than many jurisdictions
where the process is more complex and
takes longer.
Added to all this there are many international
companies that are operating producing
mines in the DRC including Ivanhoe's
Kamoa-Kakula under development now
and which is expected to become one
of the largest global producing mines.
-----------------------------------------------------------------------------------
DRC - Kisinka
When do you expect to The high-grade copper and cobalt from
complete the geophysics assays recently announced means that
and start drilling? Kisinka is a key project interest and
we are looking to commence follow on
exploration as soon as possible.
As announced 20 November 2020 the Company
is working on setting up a ground magnetic
survey and a ground electromagnetic
survey, to detect both low magnetic
and chargeable lithologies and indicate
structures and faulting and areas of
carbonate rocks, in order to generate
precise drill targets with our in-country
partners.
The Company will make a further announcements
to the market as appropriate in respect
of the proposed programme at Kisinka.
-----------------------------------------------------------------------------------
Botswana - Kavango Resources
JV As announced in the Company's 'Project
When will we hear more Portfolio Update' on 5 October 2020
about the exploration the Company is awaiting the results
work from the Kalahari of a soil sampling programme. An update
Copper Belt? on that programme, its findings and
the next steps will be released to
the market once results have been received
and interpreted.
-----------------------------------------------------------------------------------
Botswana - Kavango Resources
JV Plans remain on track and we have been
Have you refined your putting in place the steps to achieve
plans for a listing of our listing objective.
the JV on a Canadian or We will provide an update on this to
UK stock exchange? the market as appropriate.
-----------------------------------------------------------------------------------
General - Project Valuations
Do you have anything you We have a portfolio of early stage
could provide to investors project interests, albeit some are
with valuation indications in a more advanced stage with drill
on the projects, such programmes running. It is more difficult
as project NPVs? to ascribe valuations to earlier stage
projects.
A similar situation exists on discovery,
where the full extent of a project's
valuation will only be developed as
projects are progressed and more is
understood about the scale and type
of mineralisation.
To a certain extent the involvement
of third parties on project earn-in
or joint ventures can assist with an
assessment of likely value also.
In addition, project spinouts especially
involving compensation in marketable
assets such as listed equity will also
help the developing value assessment.
As soon as we can start to attribute
specific values to project interests
and investments we will seek to do
so.
-----------------------------------------------------------------------------------
General - New Opportunities
Are you still looking The Company actively assesses any new
for new opportunities opportunities it is presented with
and are you limited in although it has to be said we have
the regions you would already noted a rise in vendor expectations
operate in and the commodities regarding project valuations.
you would explore for? We are of the belief that we would
not have been able to assemble our
current portfolio of projects on the
same terms today given the stronger
natural resources environment.
We were given a tremendous opportunity
by the difficult market conditions
of 2019/2020 and now shareholders have
the advantage of a portfolio constructed
in challenging markets, as those same
markets move into what we believe will
be a stronger phase.
We want to develop the Company around
clear themes, demonstrating consistency
and clear strategic rationale. Therefore,
we think it's wise to follow the overall
business structure of precious metals
in North America and Australia and
base metals in Africa.
-----------------------------------------------------------------------------------
Business Management
QUESTION RESPONSE
How is the Company able Whilst the management of a number of
to manage 9 projects and projects is a challenge, the Company
commit adequate management ensures that it is adequate staff and
time to each? management time available for each
project as appropriate. The Company
is also enhancing management oversight
to ensure regular engagement of London
plc with the project management and
operational teams running each of our
interests.
We also have support with back office
including financial accounting and
compliance through an external provider.
In addition, we have assistance to
manage and coordinate our extensive
external communications.
We will bring in further bespoke managerial
resources as our business expands and
our working capital grows.
-----------------------------------------------
Should Power Metal spin It depends on the nature and type of
out interests will there transaction undertaken. Where needed
be a continuing involvement we will of course apply our management
in management and if so time and other resources to assist.
how will that be possible
given the management requirements However, our focus is on ensuring any
of the core business? spin outs or similar are into wrappers
or deal structures that come with experienced
management able to deal holistically
with the commercial challenges without
relying too heavily on Power Metal
central resources.
-----------------------------------------------
What measures do you have This is absolutely vital especially
in place to ensure your as our business expands its active
management and operations operations in the field. We already
team have due regard for have a keen focus on health and safety,
environmental protection environmental and community protection
and the protection of and that will continue.
local communities?
We seek to follow best practice across
the above areas and generally from
a corporate governance perspective
reflective of the resources available
to a smaller company.
To add further weight to this we are
currently reviewing a number of trade
associations from whom we can secure
further support on best practice.
We expect to join trade associations
in the near term to further demonstrate
our desire to remain proactive in this
area.
By way of example our Australian JV
has just employed a community relations
and environment officer as its second
employee showing the high priority
we give to these matters.
-----------------------------------------------
Financing Strategy
QUESTION RESPONSE
You have disclosed your The answer revolves around more than
working capital position just the absolute amount of working
and appear confident you capital we hold and also includes how
are in a strong financial we spend our money, the level of fixed
position, however how financial commitments and our access
reasonable is this given to additional working capital sources.
the large spread of projects The latter point we deal with in the
and work being undertaken next question so for now we will focus
on them? on the matters of spending and financial
commitments.
We are quite keen on the control of
spending and have our main areas of
spend under control. Much of a junior
resource company spend falls into central
overhead and exploration spend. When
corporately acquisitive, then acquisition
costs can also be material.
For central overheads the direct costs
in relation to the exchange listing
and advisors surrounding that are largely
fixed and need to be budgeted for.
We pay our central costs promptly and
carry almost no trade creditors for
any material periods. We have no material
debt.
Much central cost in junior resource
companies relates to director salaries
and expenses. At Power Metal, we believe
against our peers in the sector we
are modestly paid and have very little
outlay for director personal expenses.
The aim for us (as holders beneficially
interested in approximately 14% of
the Company's issued share capital)
is to see money invested in the ground
to make exploration and commercial
progress including major metal discoveries.
If we do that our shareholdings may
rise considerably in value and the
financial returns from that would be
way more beneficial to directors than
excessive board salaries in the early
stages of the Company's development.
Turning to exploration spending, for
the vast majority of our project spend,
our exploration outgoings are flexible
and generally entirely at our volition.
This means we can spend if we wish
to, but curtail exploration spend across
our business if we wish to, for whatever
reason. That spend control is important.
Equally for new acquisitions we have
always been controlled and not overly
exposed ourselves with heavy acquisition
terms. We have used cash as part of
acquisition terms but only modestly
as cash is king in our sector.
Generally, where possible we have also
used our shares for new acquisition
vendor payments. So far that model
has worked well to preserve cash and
acquire opportunities on reasonable
terms (with shared upside for vendors
who hold interests in Power Metal stock
and benefit as the shares increase
in value).
------------------------------------------------
Where do you feel most It's difficult to be precise on future
additional working capital working capital sources but we do have
will be generated; from some degree of expectation subject
financings, warrant exercises of course to market conditions and
or asset disposals? buoyancy in the junior resource sector.
Power Metal could undertake financings
and the Board are confident that money
could be raised as required. This has
been amply demonstrated by the GBP2.7m
raised in financings since February
2019 and, save for the initial restructuring
in February 2019, Power Metal financings
in December 2019 and July 2020 were
conducted at the then market price.
Discounted financings are not what
Power Metal seeks to undertake as that
we consider that potentially damaging
for shareholder value and confidence
in general.
Ideally, we are seeking to build our
working capital to become financially
self-sustaining. This would mean that
we would not need to undertake financings
unless we chose to do so on strong
terms or to value-adding institutional
investors.
Warrant exercises have provided a considerable
amount of additional working capital.
The amount raised through warrant exercises
since August 2020 has enabled the company
to be aggressive with its exploration
and corporate plans. In essence each
warrant exercise provides us with funds
to accelerate our operational activities.
Alongside the above we have a strategic
investment portfolio that is growing
in value and should that continue,
it would provide a source of further
working capital should this be needed
for operations.
The area where we feel considerable
working capital could be generated
is from spinouts or other similar commercial
transactions where we exchange some
of our direct ownership of an interest
for mainly cash or shares in other
entities.
If those entities are liquid listed
vehicles, then the effect is to have
an asset easily translatable into cash
when and if needed to fund our own
operations.
------------------------------------------------
Can you explain the warrant Power Metal receives an exercise form
exercise process, its from a warrant holder and checks the
impact on shareholder validity of this to an underlying warrant
dilution and whether there register. If acceptable this exercise
are any restrictions on is reconciled to a receipt of cash
the warrants? into the Company's bank account.
For all valid exercises we secure board
approval to issue equity, prepare a
market announcement and an AIM admission
form for the new equity to be admitted
to trading on AIM.
The end result is a market announcement
confirming the warrant exercises and
cash received.
The new shares are generated by the
registrar and admitted to trading on
AIM thereafter.
The warrant exercises increase the
issued share capital with such information
provided in the requisite market announcement
at the time and the increased amount
of shares is updated to the Company's
website AIM Rule 26 page on the Investors'
section of the site accordingly.
------------------------------------------------
Can you provide further Details of all warrants issued by the
information on all outstanding Company can be found in regulatory
warrants and options to announcements released by the Company
give a better understanding and within the Company's Financial
of potential dilution? Report and Accounts.
Additionally, the Company will be adding
to its new website in due course a
full schedule of all financial instruments
including all warrants and options
held generally by investors and also
those held by the board of directors.
This schedule will include all final
exercise dates and any special terms
including accelerators whereby the
company can elect to expedite the use
of warrants by holders and if not used,
cancel the remainder warrants although,
as noted above, all such information
can be found within the relevant announcements
made by the Company.
------------------------------------------------
What amount of revenue Power Metal is generally seeking capital
do you expect to generate returns where an increase in the value
from your projects and of projects is secured through exploration
how will that revenue or corporate structuring.
be derived?
In some cases that value may be crystallised
through a disposal of some or all of
a project interest for cash or shares
in an acquiring company.
In respect of any disposals we are
also keen on longer term consideration
that could be described as "revenue"
including royalties from interests
disposed where Power Metal would receive
payments should an interest enter production.
Royalties can be a highly valuable
source of income or revenue over the
longer term so potentially could become
a valuable part of our business asset
base.
In addition, royalty income streams
can be sold for material cash sums,
providing optionality to Power Metal
on how value should be crystallised.
------------------------------------------------
When do you anticipate There are of course institutions of
institutional investors all shapes and sizes, with varying
will be interested in business rationales and many are not
Power Metal? suitable partners for our company.
We are open to reputable and recognised
institutional investment but are also
comfortable without it.
Well regarded institutional finance
can increase investor confidence in
Power Metal, however we are well funded
presently and are entirely comfortable
with our access to future working capital
as outlined in some detail above.
------------------------------------------------
Marketing and Communications
QUESTION RESPONSE
Can you produce company The Company intends to undertake this
level and project specific exercise once the website update has
factsheets to help investors been completed.
understand the business
and its constituent elements?
----------------------------------------
Will you be having updated Yes, we expect our brokers will provide
analyst reports prepared updated research to the market as they
for Power Metal? deem appropriate.
----------------------------------------
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 (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company's position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
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