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:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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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.
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Project |
Location |
Current POW % |
Work Completed or Underway |
Results Awaited |
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Athabasca Uranium |
Canada |
100% |
Ground exploration programme complete at 3 properties. Preliminary planning for work in Spring/Summer 2023 is ongoing. |
Assay results from samples collected during fieldwork. |
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Molopo Farms |
Botswana |
87.71%# |
T1-6 conductor target drilling underway. Further MLEM surveys planned over additional AEM targets identified. |
Drill programme updates and findings from further MLEM survey work. |
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Tati Project |
Botswana |
100% |
RC drilling and sampling of mine dumps complete. |
Review of mine 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: