Power Metal Resources plc has widened its losses by more than £1 million while it continues to identify new opportunities in the natural resources sector.
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The company’s various polymetallic assets, interests and joint ventures are located in Africa, Australia, Canada and the United States.
Full year results to 30 September 2023 show total comprehensive loss rose to £1.3m from £137,000 in 2022, due in part to the capital reorganisation of its spin-out subsidiary Golden Metal Resources plc.
The group’s net book value equalled £4,947,000 compared with £7,138,000 the previous year.
Power Metal’s pre-non-controlling interest total equity rose to £13.6m from £11.7m.
At the end of the year, the company had £1.10m cash compared with £1.56m in 2022.
A total £3.6m was raised from new and existing shareholders including its directors.
An additional £43,800 was received from warrant exercises while no money was received from exercises of share options.
A total £1.1m of shares were issued in relation to acquisitions in investments and projects.
Power Metal said it continued to execute its “robust business model of exploration / development project generation and advancement and value crystallisation”.
“In addition to the multiple potential district scale exploration and development projects currently within the portfolio, the company continues to seek new opportunities for shareholder value creation.
“A number of such opportunities are currently in the pipeline and the board remains confident that with ongoing operations and also as junior resource and commodity market conditions normalise, the company is in an excellent position to deliver value to shareholders.”