Power Metal granted REE-uranium licences at Selta

Power Metal Resources plc said one of its subsidiaries had now been granted all its exploration licences for the rare earth element and uranium project at Selta in the Northern Territory, Australia.

LICENCES

All three granted Selta exploration licences have a term of six years to 15 February 2028.

The grant includes EL32737 (780.85km^₂), EL32738 (312.17km^₂) and EL32755 (481.9km^₂) totalling 1,574.92km^₂.

BUSINESS STRUCTURE

Selta is held within URE Metals Pty Ltd (URE), an Australian private company and wholly owned subsidiary of First Development Resources Ltd (FDR) which is planning to list on the London capital markets in Q2 2022.

The formal grant of the Selta project licences triggers the issue of FDR stock to the vendors of URE and reflecting this Power Metal currently holds an 83.33% interest in FDR.

In November 2021 Power Metal managed and funded FDR’s acquisition of URE.