First Development Resources plc has drilled the “most technically difficult phase” in the first drill hole at the Wallal gold-copper project in Paterson Province, Western Australia. PROJECTS The explorer, currently 44.34% owned by Power Metal Resources plc, is targeting the 2.5km by 2.5km eastern magnetic bullseye anomaly, which one of three on the acreage. The […]
Tag: Power Metal Resources plc
Power plans investor returns via capital reduction
Power Metal Resources plc plans a capital reduction programme aimed at creating “sufficient distributable reserves” to return capital, through share buybacks or dividends, to its shareholders. FLEXIBILITY The company said that the “normal course” action was “highly desirable” to give it the “maximum flexibility” to return value to its investors. Power Metal added: “The company will, […]
Power Metal JV advances uranium exploration
Power Metal Resources plc has advanced exploration work, with some mixed results, on its joint venture uranium licences in Labrador and Northern Saskatchewan in Canada. DIVERSITY Operating as Fermi Exploration Ltd, the JV comprises 18 properties in and around the Athabasca Basin in Saskatchewan, covering an aggregate 109,375.74 hectares (1,093.76km2). In Labrador, the sole licence of […]
Power invests in ‘first’ DeFi for early-stage mining
Power Metal Resources plc has agreed to invest up to £3 million for up to 49% of the “first”, “institutional-grade, blockchain-enabled decentralised finance (DeFi) tokenisation platform” to fund early-stage mining projects. COMPLIANCE Kingia FZCO, based in a Dubai Freezone, will be renamed Minestarters and target institutional and retail investors. Freezones are economic zones which offer […]
First Class reappoints CEO as executive director
First Class Metals plc has reappointed chief executive officer Marc J. Sale as an executive director, with immediate effect. VISION Chairman James Knowles said that the board appointment ensured “full alignment at a pivotal stage” in the Ontario-focused company’s development. “With Marc’s proven vision, technical expertise, and deep understanding of our portfolio, the company is […]
Power Metal exits Guardian on £13.6m shares sale
Power Metal Resources plc has agreed to sell its remaining shares in its spin-out Guardian Metal Resources plc for £13,584,904 cash in an “enormously successful investment”. FIREPOWER The sale and purchase agreement of 24,699,825 ordinary shares of £0.001 each, represents a price of 55p per sale share. The transaction with an investment fund managed by New York City-based […]