Power Metal Resources PLC Update on Proposed Formation of Uranium-Focused JV

RNS Number : 6905B

Power Metal Resources PLC

27 August 2024

 

27 August 2024

Power Metal Resources plc

("Power Metal" or the "Company")

Update on Proposed Formation of Uranium-Focused Joint Venture 

Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed exploration company with a global project portfolio, announces an update on the intended formation of a uranium-focused joint venture (the "Joint Venture") involving Power Metal's entire portfolio of uranium licences, with ACAM LP ("ACAM" or the "Investor", together the "Parties").

Further to the Company's announcements dated 3 June 2024 and 26 July 2024, advisors to ACAM have confirmed that they have substantially completed their due diligence in relation to the proposed transaction, and the definitive legal documentation to the Joint Venture is in advanced form, with all commercial terms as previously announced. The Parties are, however, still working together to complete the Joint Venture and the closing of the transaction. Accordingly, the Parties have agreed to extend the period of exclusivity for the transaction to 13 September 2024.

Whilst no guarantee of completion can be provided, the Parties fully expect completion within that period and the Company will update shareholders in due course.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Sean Wade (Chief Executive Officer)	[phone]
SP Angel Corporate Finance LLP (Nomad and Joint Broker)
Ewan Leggat/Caroline Rowe	[phone]
Tamesis Partners LLP (Joint Broker)
Richard Greenfield/Charlie Bendon	[phone]
BlytheRay (PR Advisors) Tim Blythe/Megan Ray	[phone]

 

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (AIM:POW, OTCQB:POWMF) is an AIM-traded 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, Saudi Arabia 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.

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