9 December 2024
Power Metal Resources
PLC
("Power Metal" or the
"Company")
Letter of Intent signed with Al Masane
Al Kobra Mining Company ("AMAK")
Power Metal Resources PLC
(AIM:POW, OTCQB:POWMF),
the London listed exploration company with a global project
portfolio, notes an update to its announcement of 10 September 2024. As previously notified,
a Letter of Intent ("LOI") was signed to enter into a binding
agreement with Al Masane Al Kobra Mining Company ("AMAK"), a Saudi
Arabian listed exploration and mining company, for Power Metal to
spend US$3,000,000 to earn a 49% stake in the Qatan exploration
licence in southern Saudi Arabia (the "Proposed Agreement"). The
formal agreement signature date deadline has been extended a
further three months to enable finalisation of the formal binding
agreement which the Company hopes to be in the coming weeks rather
than months.
Although there can be no certainty at this
stage given the non-binding nature of the LOI, the Directors remain
confident that the Proposed Agreement will become binding. Further
announcements relating to the Proposed Agreement will be made as
appropriate.
The Power Metal technical team is ready to
start work as soon as the formal binding agreement is signed and
are keen to get started on this exciting project.
For
further information please visit https://www.powermetalresources.com/
or
contact:
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Power Metal Resources plc
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Sean Wade (Chief Executive
Officer)
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+44 (0) 20 3778 1396
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SP Angel Corporate Finance LLP
(Nomad and Joint Broker)
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Ewan Leggat/Caroline Rowe
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+44 (0) 20 3470 0470
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Tamesis Partners LLP (Joint
Broker)
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Richard Greenfield/Charlie Bendon
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+44 (0) 20 3882 2868
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BlytheRay (PR Advisors)
Tim Blythe/Megan Ray/Alastair
Roberts
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+44 (0) 20 7138 3204
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NOTES TO EDITORS
Power Metal Resources
plc (AIM:POW,OTCQB:POWMF) is a London-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, Saudi Arabia 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.