Power Metal Resources plc reported it last year narrowed losses and increased its interests as it quickened the pace of its base and precious metals business.
FINANCES
In its audited results for the year to 30 September 2020, the company reported a loss of £1.4 million (2019: £1.6m).
At the year end, Power Metal held cash in British, American, Australian and Canadian currencies of £913,000 equivalent.
The mining group, including subsidiaries Cobalt Blue Holdings (CBH), Regent Resources Interests Corp (RRIC), and Power Metal Resources SA, (PMR), recorded pre non-controlling interest total equity of £3.6m (2019: £1.8m).
Funds raised were reported at £1.7m from a combination of new and existing shareholders, including the directors.
An additional £266,000 was raised from exercises of Power Metal share warrants.
DEVELOPMENTS
Power Metal formed two joint ventures (JV) including a 49.9% strategic JV with Red Rock Resources: Red Rock Resources Australasia (Pty) Ld (RRAL). By year end the JV had lodged 12 licence applications in the Victoria goldfields region of Australia.
A second strategic 50-50 JV was formed with Kavango Resources plc in respect of the Kalahari Copper Belt and Ditau Camp projects in Botswana.
A drill programme began during October 2020 at Molopo Farms Complex, Botswana.
The company reviewed the exploration and commercialisation options of the Cobalt Blue nickel-cobalt project in Cameroon.
Power Metal signed a new earn-in agreement for the Silver Peak project in British Columbia, Canada.
The company also undertook pitting, sampling and mapping work at the Kisinka project in The Democratic Republic of the Congo.
Power Metal increased its interest in the Haneti nickel project, Tanzania by 10% to 35%.
An agreement was signed in respect of the Alamo Gold project in Arizona, USA.
PROMISE
Chief executive Paul Johnson said that the annual results showed the group’s pace of business development.
“In the previous financial year, the company emerged from the refinancing in February 2019 with a new sense of energy and a promise to deliver an exciting investment proposition in resource exploration and development.
“As at today’s date, Power Metal is a global exploration company with precious and base metal projects across three continents.”