Power Metal Resources plc has conditionally sold its 49.9% share in its Australian joint venture to partner Red Rock Resources plc for up to £1.5 million. BERRINGA The purchase, subject to Red Rock’s due diligence and shareholders’ approval, would be payable in cash, Red Rock ordinary shares and warrants. The two companies set up New Ballarat […]
Tag: Power Metal Resources plc
Power Metal new spin-out targets Arabian Gulf
Power Metal Resources plc has established its seventh spin-out, Power Arabia Ltd, which will focus on the Arabian Gulf. DISCUSSIONS The subsidiary is expected to undergo pre-IPO financing to fund activities and listing on the London Stock Exchange. Power Arabia will also cover any projects outside the region in joint ventures with “entities domiciled within the […]
Power Metal enters ‘secondary source’ extraction
Power Metal Resources plc has added secondary source extraction to its portfolio with a conditional £1 million acquisition of 75% of GSA (Environmental) Ltd (GSAe). AMBITIOUS Based in the North Lincolnshire town of Brigg, GSAe is an engineering technology provider and process licensor. The company specialises in extraction of “strategic metals” from sources such as power station […]
Power Metal losses widen and cash held decreases
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. VALUE 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 […]
Power Metal increases Athabasca portfolio
Power Metal Resources plc has added a further property to its uranium portfolio in and around the Athabasca Basin in Saskatchewan, Canada. GREENFIELD Richards Lake, covering 3,109.26 hectares (31.09 km2), lies within the northern edge of Athabasca Basin and 14km south of the Fond du Lac uranium deposit. The company said that the property had […]
Power Metal begins diamond drilling at Molopo
Power Metal Resources plc has started diamond drilling, targeting a district-scale nickel and platinum group element discovery, at its Molopo Farms Complex in southwestern Botswana. LOCATIONS The company’s drill hole, estimated to reach a depth of 700-800m, is focused on the multi-kilometre, steeply-dipping conductor at target area T1-14. A ground audio-frequency magnetotelluric and magnetics over target […]