TIDMPOW
Power Metal Resources PLC
22 July 2022
22 July 2022
Power Metal Resources plc ("Power Metal" or the "Company")
United Kingdom Government Releases the 'UK's Critical Minerals
Strategy' Policy Paper
Power Metal Resources plc (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio notes the publication today by the
United Kingdom's Department for Business, Energy & Industrial
Strategy (the "Government") released a policy paper entitled
"Resilience for the future: The UK's critical minerals strategy"
("Policy Paper") which may be viewed below through the following
link:
https://www.gov.uk/government/publications/uk-critical-mineral-strategy/resilience-for-the-future-the-uks-critical-minerals-strategy
The Policy Paper sets out the Government's strategy and outlines
a number of objectives (pages 4-5) as well as a new approach
towards critical minerals supply chains of which the following are
particularly notable from the Company's perspective:
- Champion London as the world's capital of responsible finance
for critical minerals (further information page 30 of the Policy
Paper).
- Support UK companies to participate overseas in diversified
responsible and transparent supply chains (page 22).
- Boost global environmental, social and governance performance
("ESG"), reducing vulnerability to disruption and levelling the
playing field for responsible businesses (page 26).
- A cohort of minerals with high criticality for the UK is
outlined which includes cobalt, lithium, rare-earth elements and
tungsten as well as the Critical Minerals Expert Committee's first
watchlist which includes Nickel. Power Metal is currently exploring
for all of these critical metals within safe, mining-friendly
jurisdictions (page 8).
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"We are encouraged by the Government's public recognition of the
need for a more thought- provoking strategy towards the development
of secure critical minerals supply chains.
As a UK listed resource exploration and development company,
Power Metal is working across multiple exploration and development
projects in North America, Africa and Australia seeking large scale
metal discoveries, with a particular focus on district scale
opportunities.
We note the inclusion of tungsten within the cohort of minerals
with high criticality for the UK (page 8). This aligns with the
United States Geological Survey's inclusion of tungsten on their
critical minerals list published in February 2022(1) and further
demonstrates the importance of our 83.13% owned subsidiary Golden
Metal Resources plc, with its flagship Pilot Mountain Project -
focused on the tungsten commodity in mining friendly Nevada,
USA.
Golden Metal is in the final preparatory stage of a planned
listing on the London capital markets, and we agree that London has
the potential to be a major global centre for international
resource exploration and development finance. For this reason,
Power Metal is planning to list its various resource project
packages in London.
The resilience of critical mineral supply chains is becoming an
important consideration for many governments around the world.
However, as acknowledged in the Policy Paper, there is a need to
act responsibly and strongly embedded ESG policies need to be at
the forefront of this fundamental shift. Power Metal recognises
this and will soon be publishing its ESG Policy which will be
applied to all our operations. The ESG Policy will codify what we
are commonly doing in practice today as a responsible organisation
and will make further enhancements to our internal ESG mindset,
with real qualitative and quantitative ESG targets."
Note
(1)
https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals
For further information please visit
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer) +44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (LON:POW) is an AIM listed metals
exploration company which finances and manages global resource
projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering
district scale potential across a global portfolio including
precious, base and strategic metal exploration in North America,
Africa and Australia.
Project interests range from early-stage greenfield exploration
to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through
strategic joint ventures until a project becomes ready for disposal
through outright sale or separate listing on a recognised stock
exchange thereby crystallising the value generated from our
internal exploration and development work.
Value generated through disposals will be deployed internally to
drive the Company's growth or may be returned to shareholders
through share buy backs, dividends or in-specie distributions of
assets.
Exploration Work Overview
Power Metal has internal exploration programmes completed or
underway, with results awaited, as outlined in the table below.
Exploration work programmes may also be underway within planned
IPO vehicles where Power Metal has a material interest the findings
from which will be released on their respective websites, with
simultaneous updates through Power Metal regulatory announcements
where required:
www.firstclassmetalsplc.com
www.goldenmetalresources.com
www.firstdevelopmentresources.com
Power Metal also holds a material investment in Kavango
Resources plc with exploration updates available through their
regulatory announcements and on their website:
www.kavangoresources.com
Project Location Current Work Completed Results Awaited
POW or Underway
%
Alamo USA Earn-in Technical reports Analysis of technical
Gold Project to 75% received following reports and potential
excavation of follow-on work programme
multiple test under review.
pits and mapping
& sampling completed.
---------- --------- ----------------------- --------------------------------
Athabasca Canada 100% Hyperspectral Finalise review of data
Uranium data analysis from 3 properties. Prepare
conducted across for summer exploration
all 7 properties. programme across 4 properties.
Updating to 7
data rooms for
third party review.
---------- --------- ----------------------- --------------------------------
Authier Canada Earn-in Property Evaluation Update covering exploration
North to 100% Report completed. plans for target areas
Lithium identified during the
Evaluation.
---------- --------- ----------------------- --------------------------------
Molopo Botswana 53%(#) Comprehensive Finalise next exploration
Farms data review complete steps and action plan.
and establishment
of data room
for third party
review.
---------- --------- ----------------------- --------------------------------
Tati Botswana 100% Site visit with Exploration planning
Project mapping of gold underway including further
workings and mapping, sampling and
mine dumps. launch of an RC drill
programme.
---------- --------- ----------------------- --------------------------------
Victoria Australia 49.9% Diamond drill Final drill programme
Goldfields programme completed. results analysis and
Review of Ajax resource potential analysis
& Berringa mine from former high-grade
remaining resource producing mines in granted
potential. licences.
---------- --------- ----------------------- --------------------------------
(#) subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
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END
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(END) Dow Jones Newswires
July 22, 2022 05:39 ET (09:39 GMT)
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