8 October 2024
Power Metal Resources
PLC
("Power Metal" or the
"Company")
Agreement with Alara Resources &
Awtad Copper
Power Metal Resources PLC
(AIM:POW, OTCQB:POWMF),
the London listed exploration company with a global project
portfolio, and its majority held subsidiary
Power Arabia Ltd ("Power Arabia"), announced on 11 September 2024
the signature of a non-binding Heads of Terms
("HoT") with Alara Resources Limited ("Alara") and Awtad Copper LLC
("Awtad Copper") for Power Metal to spend up to US$740,000 from the
date of execution of a legally binding agreement to earn a 12.5%
stake in the Block 8 concession in Oman ("Block 8"), (the "Proposed
Agreement").
The finalisation and signature of a formal and
legally binding agreement containing the full terms and conditions
of the Proposed Agreement is in final review by both parties and is
expected to be signed in the coming days. However, there can be no
certainty that a legally binding agreement will be
completed.
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/Alastair
Roberts
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+44 (0) 20 7138 3204
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NOTES TO EDITORS
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.