Power Metal Resources (LON:POW) has provided shareholders with their quarterly business update that included progress at their Tati project, updates on spin-outs and a £1.05m fundraising in November.
Exploration progress was recorded in the Tati project in Botswana where a drill programme was completed and 10 out of 19 holes were drilled at their Canadian Silver project.
Power Metal Resources also secured an option agreement for Kalahari Key Mineral Exploration Pty Ltd which would see Kavango Resources as POW’s operational partner at the Molopo Farms Complex Project.
Power Metal’s spin-off vehicles also had a busy quarter with Golden Metal Resources acquiring the Pilot Mountain Project whilst preparing for an IPO in London.
Power Metal’s FDR Australia subsidiary company had a number of technical updates from gold/copper targets at the Wallal Project.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“We have chosen a non-conformist path for Power Metal in order to build a company, and investment proposition, quite unlike any other within the London junior resource space.”
“We have opted for scale and diversity, assembling a large portfolio, widely spread across multiple jurisdictions and commodities, with a main focus on district scale opportunities.”
“Our mission, after the first phase of portfolio building, was to create value through proactive exploration and corporate activity. We are doing just that as you will see from the project level detail provided for the most recent quarter below.”
“We currently sit at an important point in the Power Metal life-cycle, coincidentally, at a time when the world is demanding unprecedented quantities of metals for investment security, new infrastructure builds and to power the ongoing green technological revolution. “
“Despite the world’s aspirations, the practical reality is that in recent years we have seen metal supply attrition with a lack of large-scale metal discoveries combined with subdued investment in the exploration and project development space.”
“With such skewed supply/demand fundamentals, sectors can come alive, and we believe 2022 will be an exciting year for the junior mining resource space.”
“The final quarter of 2021 is captured below with a brief assessment by the Company of each project and company within our portfolio. The work completed during the final quarter of 2021 has set up Power Metal well for the coming year.”
