Power Metal Resources #POW – Directorate Change

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that Andrew Bell, Chairman of the Company, is to step down as Chairman and as a director on 30 September 2021 to focus on Red Rock Resources plc (“RRR”) and the new planned London capital market IPO of New Ballarat Gold Corporation PLC, the new holding company for the interests of Power Metal and RRR in Red Rock Australasia Pty Limited (“RRAL”).

Power Metal is seeking to appoint a new chairman and a further announcement will be made in due course.

Mr Bell will continue to work with the Company in an advisory capacity for a minimum of 12 months.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:

“I would like to thank Andrew for his work as Chairman since February 2019 when together we joined the Board of the Company and commenced a process of high paced corporate reinvigoration.

We were able to bring Power Metal back to life and then build a global exploration company with interests across North America, Africa and Australia. 

Andrew’s continuous work and willingness to engage with bold new opportunities has enabled Power Metal to assemble the portfolio of projects we have today.

One important project RRAL, our joint venture in the Victoria Goldfields, Australia, has 2,334km² of ground footprint against which exploration licence applications have been submitted and of which 848km² has been granted to date. RRAL has active exploration in the field and a number of drill targets for Q4 2021.  This joint venture is preparing for a planned IPO in London under the name New Ballarat Gold Corporation PLC and needs the focussed attention that Andrew can provide. 

I look forward to reporting on listing developments for New Ballarat, which I believe holds considerable potential value for Power Metal.

We now move forward to a new phase in Power Metal’s development and find ourselves at a notable value inflection point. Our portfolio covers exploration for nine metals and we currently have eleven exploration programmes underway or planned for the balance of 2021, including five drill programmes.”

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:

Notes to Editors:

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.