26
July 2024
Power Metal Resources plc ("POW", "Power
Metal" or the "Company")
Update on Proposed Formation of
Uranium-Focused Joint Venture
Power Metal Resources plc
(AIM:POW, OTCQB:POWMF), the London-listed exploration
company with a global project portfolio, announces an update
on the intended formation of a
uranium-focused joint venture (the "Joint Venture") involving Power
Metal's entire portfolio of uranium licences, with ACAM
LP ("ACAM" or the "Investor", together the
"Parties").
The Company announced on 3 June 2024
that it had entered into a non-binding term
sheet with ACAM and that the Parties had
entered into an eight-week exclusivity period. Whilst significant
progress has been made towards completion of the Joint Venture,
certain legal due diligence processes remain outstanding.
Consequently, the Parties have agreed to extend the due diligence
period until 23 August 2024.
Whilst no guarantee of completion
can be provided, the Parties fully expect completion within that
period and the Company will update shareholders in due
course.
For
further information please visit https://www.powermetalresources.com/
or
contact:
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Power Metal Resources plc
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Sean Wade (Chief Executive
Officer)
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+44 (0) 20 3778 1396
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SP Angel Corporate Finance LLP
(Nomad and Joint Broker)
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Ewan Leggat/Caroline Rowe
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+44 (0) 20 3470 0470
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Tamesis Partners LLP (Joint
Broker)
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Richard Greenfield/Charlie Bendon
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+44 (0) 20 3882 2868
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BlytheRay (PR Advisors)
Tim Blythe/Megan Ray
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+44 (0) 20 7138 3204
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NOTES TO EDITORS
Power Metal Resources plc -
Background
Power Metal Resources
plc (AIM:POW, OTCQB:POWMF) is a London-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, Saudi Arabia 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.