Power Metal Resources plc has increased its assets, investments and working capital to grow its portfolio across Australia, Africa and North America.
FINANCES
In its unaudited interim results for the six months ended 31 March 2021, the junior miner recorded £2,692,474 raised through warrant exercises and held net assets of £4.6 million (30 September 2020: £2.4m).
Loss due to operating activities was reported at £0.59m (2020: £0.24m) and net cash used in investing activities was £1,182,000.
Cash and equivalents were for the end of the period stood at £1,967 289 (Sep 2020: £289,000).
AMBITION
Power Metal’s team has also grown to include an in-house exploration manager, investor relations manager and corporate spin-out management.
Chief executive Paul Johnson said that during the six months the company had explored extensively, notably separate drill programmes in Botswana, Canada and Tanzania.
He added that the company also aimed to generate its own working capital through investments and the spin-out of certain projects into their own listed vehicles.
“It is easy to be ordinary, yet we have no such desire, and with the support of our shareholders we aim to make Power Metal a stand-out performer demonstrating how an ambitious, determined junior resource company can deliver.”