TIDMPOW
RNS Number : 4896E
Power Metal Resources PLC
28 October 2022
28 October 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Kalahari Key Botswana - Acquisition Update
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an update in respect of the
acquisition of an additional 58.7% interest in Kalahari Key Mineral
Exploration PTY Limited ("Kalahari Key" or "KKME") (the
"Transaction").
Kalahari Key has a single project 60% interest in the Molopo
Farms Complex Project (the "Project' or "Molopo Farms") targeting a
large-scale nickel - platinum group metal ("PGM") discovery in
southwest Botswana.
The conditional acquisition was originally announced on 18 May
2022 which may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
HIGHLIGHTS:
- The Company has received written confirmation that all
Botswana regulatory approvals required to enable the Transaction to
proceed have now been received.
- Following receipt of the approvals the Company is now working
with the Kalahari Key Board and advisers in Botswana to complete
the Transaction.
- Following Transaction completion, Power Metal will hold an
87.71% interest in Kalahari Key which will hold a 100% interest in
Molopo Farms.
- A further announcement to follow shortly including
confirmation of the issue of equity consideration to Kalahari Key
shareholders disposing of their interest to Power Metal.
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC, commented:
"The receipt of all Botswana regulatory approvals for the
Transaction is a significant event for the Company, and after the
various administrative tasks are completed Power Metal will hold an
87.71% interest in Kalahari Key.
On behalf of Power Metal I would like to thank the authorities
in Botswana and our advisers for their handling of the approvals
process, and the Kalahari Key team who are working with us to
complete the Transaction.
Shareholders will be aware we are currently undertaking the
largest drill programme the Company has conducted at Molopo Farms
and to complete the Transaction at this juncture is particularly
significant.
Further announcements will follow with regard to Transaction
completion and with operational updates from the Molopo Farms
ongoing drill programme."
Further information in respect of Molopo Farms may be viewed on
the Company's website through the following link:
https://www.powermetalresources.com/project/molopo-farms-complex/
In addition photographs and videos from the Project are and will
be available on the Company's website gallery section, through the
following link:
https://www.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
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 multiple internal exploration programmes
completed or underway, with results awaited. The status for each of
the Company's priority exploration projects is outlined in the
table below.
Project Location Current Work Completed or Results Awaited
POW Underway
%
Athabasca Canada 100% Ground exploration Assay results from
Uranium programme complete samples collected
at 3 properties. during fieldwork.
Preliminary planning
for work in Spring/Summer
2023 is ongoing.
--------- ---------- --------------------------- --------------------------
Molopo Botswana 87.71%(#) T1-6 conductor target Drill programme
Farms drilling underway. updates and findings
Further MLEM surveys from further MLEM
planned over additional survey work.
AEM targets identified.
--------- ---------- --------------------------- --------------------------
Tati Botswana 100% RC drilling and sampling Review of mine
Project of mine dumps complete. dumps sampling
and assay results
from RC drill programme.
--------- ---------- --------------------------- --------------------------
(#) following completion of administrative processes for share
transfer and restructuring
Exploration work programmes may also be underway within Power
Metal investee companies and 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. These
interests are summarised in the table below:
Company Status/Operations Link
First Investment www.firstclassmetalsplc.com
Class Metals - POW 27.91%
PLC Exploration
in the Schreiber-Hemlo
region of Ontario,
Canada
------------------------ ------------------------------------------------------------------
First Planned IPO www.firstdevelopmentresources.com
Development - POW 62.12%
Resources Exploration
PLC in Western
Australia and
the Northern
Territory of
Australia
------------------------ ------------------------------------------------------------------
Golden Planned IPO www.goldenmetalresources.com
Metal Resources - POW 83.13%
PLC Exploration
and development
in Nevada,
USA
------------------------ ------------------------------------------------------------------
Kavango Investment www.kavangoresources.com
Resources - POW 14.03%
PLC (subject to
completion
of Kanye Resources
disposal announced
8.7.22 and
issue of Kavango
shares e.g.
financing announced
24.10.22)
Exploration
in Botswana
------------------------ ------------------------------------------------------------------
New Ballarat Planned IPO A new website is currently in development
Gold PLC - POW 49.9% which will be found at www.newballaratgoldcorp.com
Exploration .
in the Victoria In the interim further information
Goldfields in respect of NBGC can be found at:
of Australia https://www.powermetalresources.com/project/victoria-goldfields/
.
------------------------ ------------------------------------------------------------------
Uranium Planned IPO www.uraniumenergyexploration.com
Energy - POW on listing
Exploration estimated 40-55%
PLC Uranium exploration
in the Athabasca
region of Canada
------------------------ ------------------------------------------------------------------
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