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18 March 2025
Power Metal Resources PLC
("Power Metal" or the "Company")
Haneti Project Review
Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, notes the announcement by Katoro Gold PLC ("Katoro") of their decision to cease further investment in the Haneti Project ("Haneti").
Currently, Katoro owns 65% of the Haneti Project, with Power Metal owning the remaining 35%.
The Board of Power Metal concurs with Katoro that the extensive technical review undertaken by Katoro does not indicate sufficient prospectivity at Haneti and therefore does not support further capital expenditure.
Sean Wade, Chief Executive Officer of Power Metal Resources said:
"As a Board, we are sharply focused on shareholder value and maximising the return on our investments.
"We do not feel that a sufficiently compelling opportunity exists at Haneti and have therefore decided to exit from the investment.
"We continue to examine to portfolio closely and will not be afraid to take similar decisions elsewhere at the appropriate time."
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/Jen Clarke
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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 |
+44 (0) 20 3882 2868 |
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BlytheRay (PR Advisors) Tim Blythe/Megan Ray/Alastair Roberts |
+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.
