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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 |
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0 | 0 | N/A | 0 |
TIDMPOW
RNS Number : 0159T
Power Metal Resources PLC
19 July 2022
19 July 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Golden Metal Resources - Company Update
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update from Golden Metal Resources PLC ("Golden Metal" or "Golden Metal Resources"), the Company's 83.13% owned subsidiary, which is planning to list in the London capital markets.
Golden Metal holds a 100% interest in three projects (Pilot Mountain, Garfield and Stonewall) and a right to earn-in to a 100% interest in one further project (Golconda). All projects are situated in Nevada USA, ranked number 3 in the Fraser Institute Survey of Mining Companies 2021 - Investment Attractiveness Index.(1)
HIGHLIGHTS:
Operational
- 3D induced polarisation ("IP") survey over Pilot Mountain project is now underway, a significant milestone, enabling a more detailed assessment of high priority targets, with follow up drilling planned to commence later this year to target additional tungsten, copper, silver and zinc resources.
- Detailed planning has been undertaken for initial exploration programmes at the Golconda project, including utilising historical datasets which would expedite exploration plans and targeting a gold discovery in the known Carlin-type geological environment surrounding Golconda.
- High resolution soil geochemical survey currently underway across the Garfield project targeting additional copper-gold-silver mineralisation and building on the significant evidence of skarn-type mineralisation established to date which led to the staking of additional claims expanding the project.
- Detailed desktop study undertaken for the Stonewall project has identified multiple targets for follow up exploration programmes.
Corporate
-- The most complex area of the pre-IPO process has been undertaken, namely the removal of the various Australian subsidiaries from the holding company structure of the Pilot Mountain Project. Golden Metal Resources plc now has 100% ownership of the two US private companies holding the Pilot Mountain project.
-- The re-registration of Golden Metal to a PLC was completed earlier this year, the pre-IPO funds were received in full, and the key technical work streams (Competent Person's technical reporting, legal due diligence, financial accounting due diligence and multiple related work streams) have now been progressed successfully.
-- Golden Metal is in the final stages of finalising its inaugural Environment Social and Governance ("ESG") report, demonstrating to the market that it plans on being an ESG leader in the resource exploration and development space.
-- Following the United States Geological Survey ("USGS") including tungsten in its 2022 list of critical minerals (released February 2022), Golden Metal is making progress building connections with various governmental groups in the USA, in order to increase the awareness of its projects, notably Pilot Mountain, and exposing the company to various governmental initiatives to stimulate the production of homeland based critical metal projects.
-- The preparations for Golden Metal's listing on the London capital markets are now nearing completion and Golden Metal expects to be in a position shortly where it can move towards the launch of its Initial Public Offer ("IPO") financing and subject to regulatory approvals, complete its listing process.
Following the reorganisation of the Pilot Mountain holding company structure the new Golden Metal organisation structure may be viewed on the Golden Metal website through the following link:
https://www.powermetalresources.com/golden-metal-resources-company-structure/
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC, commented:
"Since our last report earlier this year Golden Metal has made extensive progress and is now in the final stages of preparation for its planned listing. This has been a complex process where we have removed the Australian holding companies for the flagship project, Pilot Mountain, and structured its ownership more appropriately, particularly when it comes to seeking project engagement with the USA authorities and the private sector, as a wholly owned subsidiary of a UK company.
We look forward to Golden Metal taking the final steps towards its planned listing in the London capital markets, where we believe it will attract considerable investment interest."
Oliver Friesen, Chief Executive Officer of Golden Metal Resources PLC, commented:
"The team at Golden Metal Resources has done a fantastic job over the past several months preparing the company for our listing on the London capital markets. Not only have we achieved several important corporate milestones, but we have been able to launch exploration on the ground allowing us to push forward some of the exciting 100% owned projects in the Golden Metal portfolio.
We are starting to see a very important shift happening globally, and specifically in the United States of America where governments are not only realising the importance of securing domestic sources of critical metals such as tungsten - but actively making policy changes in order to support companies who are exploring and developing these strategic projects.
Our 100% owned Pilot Mountain project is now held within a simplified corporate structure, we have officially launched a very exciting IP geophysics programme and have begun preparations for a robust diamond drilling campaign planned for later in the year. All of these factors combined have our team very excited about what is in store for Golden Metal Resources during the second half of 2022 and beyond."
Reference
(1) https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2021.pdf
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 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
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 Work Completed Results Awaited POW or Underway % Alamo USA Earn-in Technical reports Analysis of technical Gold Project to 75% received following reports and potential excavation of follow-on work programme multiple test under review. pits and mapping & sampling completed. ---------- --------- ----------------------- -------------------------------- Athabasca Canada 100% Hyperspectral Finalise review of data Uranium data analysis from 3 properties. Prepare conducted across for summer exploration all 7 properties. programme across 4 properties. Updating to 7 data rooms for third party review. ---------- --------- ----------------------- -------------------------------- Authier Canada Earn-in Property Evaluation Update covering exploration
North to 100% Report completed. plans for target areas Lithium identified during the Evaluation. ---------- --------- ----------------------- -------------------------------- Molopo Botswana 53%(#) Comprehensive Finalise next exploration Farms data review complete steps and action plan. and establishment of data room for third party review. ---------- --------- ----------------------- -------------------------------- Tati Botswana 100% Site visit with Exploration planning Project mapping of gold underway including further workings and mapping, sampling and mine dumps. launch of an RC drill programme. ---------- --------- ----------------------- -------------------------------- Victoria Australia 49.9% Diamond drill Final drill programme Goldfields programme completed. results analysis and Review of Ajax resource potential analysis & Berringa mine from former high-grade remaining resource producing mines in granted potential. licences. ---------- --------- ----------------------- --------------------------------
(#) subject to completion of acquisition announced 18.5.22 interest will increase to 87.71%
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July 19, 2022 09:30 ET (13:30 GMT)
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