Power Metal Resources plc will invest £4 million in a new mining royalty company, and receive a share in its original acquisition of the Pilot Mountain tungsten project in Nevada.
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The company signed a binding agreement to subscribe in Apex Royalties Ltd, which will also give returns from projects across commodities and jurisdictions.
Power Metal’s strategic investment is part of Apex’s overall financing target of US$10m.
Incorporated in August 2024, Apex currently holds five royalty assets over gold, tin, bauxite and tungsten.
The firm will use the funds to acquire a royalty over Pilot Mountain, complete an option payment on a royalty over the Wuudagu bauxite project in Western Australia and go towards future royalty acquisitions.
Apex comprises former directors and founder shareholders of Trident Royalties plc, including chief executive officer James Kelly, chairman Al Gourley and directors Richard Greenfield and Peter Bacchus.
Its current assets include gross revenue royalties of 1% over the Whale Cove gold project in Nunavut, Canada, 1.2% over the Achmmach tin project in Morocco and 1% over Wuudagu.
The company also has a 1.5% net smelter royalty over the Tempiute mine and mill tungsten project and a 2% GRR over Pilot Mountain, owned by Power Metal’s spin-out Guardian Metal Resources plc.
In mid-August 2025, Power Metal sold its remaining Guardian shareholding for £13,584,904 cash.
Power Metal chief executive Sean Wade said that Apex had undergone “exceptional” growth and held a high-quality portfolio.
“Our expertise in project incubation and our recent crystallisation success works in synergy with Apex’s business model.
“This exposure to Apex’s portfolio will allow Power Metal to benefit from prospective assets without carrying the risk or financial requirements.
“Adding this investment into our existing portfolio of joint ventures, exploration assets, and the Minestarters platform, places Power Metal in a unique position to generate growth from a diversified portfolio that covers a range of jurisdictions and commodities.”