TIDMPOW
RNS Number : 3795E
Power Metal Resources PLC
29 June 2023
29 June 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Golden Metal Resources Plc Update
Power Metal Resources PLC (LON:POW) the London listed
exploration company with a global project portfolio, notes the
announcement made by Golden Metal Resources Plc ("Golden Metal"), a
company in which Power Metal Resources has a 62.01 per cent
shareholding, which is reproduced in full below and can be found on
the Golden Metal
website accessible via the following link: https://www.goldenmetalresources.com/
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Sean Wade (Chief Executive Officer) +44 (0) 20 3778 1396
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
BlytheRay (PR Advisors)
Tim Blythe/ Megan Ray +44 (0) 20 7138 3204
NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (LON:POW) is an AIM listed metals
exploration company which finances and manages global resource
projects.
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 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.
Golden Metal Resources plc
('Golden Metal' or the 'Company')
US Funding Strategy
Golden Metal Resources plc (LON:GMET), a mineral exploration
company focused on tungsten, gold, copper and silver within Nevada,
USA, announces the Company's strategy relating to funding
opportunities that are available through the US Government. The
Company intends to pursue this strategy with a particular focus on
seeking non-dilutive government supported grant funding for its
flagship 100% owned Pilot Mountain Project ("Pilot Mountain" or the
"Project").
Highlights:
- The Company considers that Pilot Mountain hosts the largest
known undeveloped tungsten resource in the US.
- The US is currently without any domestic primary tungsten
production with their largest import partner for the critical
defense metal being China. Beginning January 2026, the US
Department of Defense (DOD) is banning the use of mined tungsten
from China, Russia, North Korea and Iran in defence
procurement.(1)
- Golden Metal recently signed a tungsten concentrate off-take
letter of intent with Global Tungsten & Powders LLC, a leading
United States supplier of tungsten powders and semi-finished
parts.
- As a result of the above, the Company believes it is in a
strong position to seek out non-dilutive grant funding. If Golden
Metal were to receive such funds, it would enable exploration and
development at Pilot Mountain to be accelerated.
- Golden Metal is actively working with Mrs. Chang Turkmani, who
on 5 June 2023 was officially engaged as Strategic United States
Government Advisor, on how to shape its general strategy as it
relates to further increasing the profile of Golden Metal Resources
and Pilot Mountain within the US and abroad.(2)
Next Steps:
- Golden Metal has commenced the application process for a short
list of relevant grant programmes identified by the Company's
management team, alongside Mrs. Turkmani, from the available
Company-eligible funding opportunities.
- Some grants targeted by the Company are applied for by way of
an unsolicited application process, meaning Golden Metal can
neither disclose which grants have or will be applied for nor the
expected timing of an award.
- Securing non-dilutive financial support for Pilot Mountain
remains a priority of the Company, and all endeavours are being
made in this respect to give Golden Metal the best chance of
achieving this goal.
- As soon as it is possible to do so, Golden Metal will provide
the market with updates as it relates to progress made towards
securing non-dilutive grant funding, which would allow the Company
to fast-track exploration and development at its flagship Pilot
Mountain Project - with the ultimate goal of establishing Pilot
Mountain as the only domestic US primary mined source of
tungsten.
Oliver Friesen, CEO of Golden Metal, commented:
"While at this time we cannot disclose many details about our
strategy as it relates to government funding opportunities, the
recent appointment of Mrs. Turkmani should clearly signify to the
market the endeavours we are making on this front.
"The time for the United States to reduce its reliance on other
countries for their imports of critical and defence metals is now,
and we at Golden Metal strongly believe that as 100% owners of what
we consider is the largest undeveloped tungsten deposit located on
US soil, we can be a part of this urgent process.
"Targeting non-dilutive funding is a critical focus of the
Company. However, minimal updates will be given for the time being,
as such disclosure may interfere with our ongoing endeavours in
this regard. However, it is important for our investors to know
that, while this key part of the business ticks away in the
background, we will continue pushing forward exploration and
development across the portfolio at pace."
Notes and References
(1)
https://www.jdsupra.com/legalnews/department-of-defense-expands-scope-of-8754647/
(2)
https://www.londonstockexchange.com/news-article/GMET/appointment-of-strategic-advisor-issue-of-shares/15985547
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the timing and granting of
regulatory and other third party consents and approvals,
uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of
unexpected events.
Actual results achieved may vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
For further information visit www.goldenmetalresources.com or
contact the following:
Golden Metal Resources plc Tel: +44 (0) 20 7583 8304
Oliver Friesen (CEO)
Cairn Financial Advisers LLP Tel: +44 20 7213 0880
Nominated Adviser
Sandy Jamieson/Jo Turner/Louise
O'Driscoll
--------------------------
First Equity Limited Tel: +44 20 7374 2212
Broker
Jonathan Brown/Jason Robertson
--------------------------
The Projects:
Pilot Mountain Project
The Pilot Mountain project is an advanced exploration and
mineral resource definition stage project located in Mineral County
in western Nevada. The project covers an area of 14.80 km(2)
(3,656.1 acres) and is located 200km southeast of Reno and 18km
east of Mina, Nevada. It is well situated for the supply of power,
water and skilled labour and proximity to transport infrastructure
in Mineral County and is centred around four existing mineral
deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of
which possess significant skarn-style tungsten-copper-silver-zinc
mineralisation. The Pilot Mountain project consists of 176 active
lode mining claims and 4 filed mill site claims. The four mill site
claims filed at the former Dunham mill site have secure access to
groundwater supply sufficient for the proposed project.
Golconda Summit Project
Golden Metal is the operator of the Golconda Summit project,
which is held under an earn-in right to acquire up to 100 per cent.
of the project from the mineral claim owner pursuant to an option
agreement. The Golconda Summit project is an exploration stage gold
and silver project located in Humboldt County and situated at the
confluence of the Getchell and Battle Mountain - Eureka
metallogenic trends, and consists of 44 lode mining claims,
covering a total area of approximately 3.22 km(2) (795.4 acres)
located approximately 27km east of Winnemucca.
Garfield Project
The Garfield project is an early exploration stage copper, gold
and silver property consisting of 39 lode mining claims covering
3.23 km(2) (797.9 acres) located in Mineral County, Nevada,
approximately 14km due east of the town of Hawthorne and 120km due
west-northwest of Tonopah.
Stonewall Project
The Stonewall project is an exploration stage gold-silver
property prospective for epithermal gold-silver mineralisation. The
property consists of 19 lode mining claims covering 1.59 km(2)
(392.5 acres) located on the northern flank of Stonewall Mountain,
on the western edge of the Nellis Airforce Range Restricted Access
Area, in Nye County, Nevada, approximately 24km south-east of the
historic gold mining town of Goldfield and 60km due south of
Tonopah.
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END
UPDFLMPTMTATMBJ
(END) Dow Jones Newswires
June 29, 2023 04:55 ET (08:55 GMT)
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