Business
Interim Results for 6 months ended 31 March 2021
Interim Results for 6 months ended 31 March 2021.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9035Z\n Power Metal Resources PLC\n 26 May 2021\n \n \n \n \n Power Metal Resources plc / EPIC: POW / Market: AIM\n \n \n 26 May 2021\n \n Power Metal Resources plc (\"POW\", \"Power Metal\" or the \"Company\")\n \n \n \n \n Interim Results \n \n \n \n \n \n Power Metal Resources plc the AIM listed metals exploration and development company is pleased to announce its unaudited interim results for the six months ended 31 March 2021.\n \n \n Statement by Paul Johnson, Chief Executive Officer:\n \n \n \n \n \n \"In the six months ended 31 March 2021 we have pushed the Power Metal business to explore extensively across its project portfolio with, in our view, some excellent and very fortunate findings. We are seeking large scale metal discoveries with the emphasis on plural as we believe our portfolio is capable of delivering a number of discoveries.\n \n \n \n \n \n Junior resource exploration is a high-risk endeavour, so investors in Power Metal rightly expect the potential for outsized returns that come with discoveries and to achieve them requires proactivity and investment in exploration.\n \n \n \n \n \n Since October 2020 we have invested in exploration work in every single project we hold an interest in including three separate drill programmes across interests in Botswana, Canada and Tanzania. There are more planned drill campaigns in the coming months. \n \n \n \n \n \n Notable exploration successes announced to date include the identification of extensive anomalies from the Kalahari Copper Belt, Botswana (held in JV with Kavango Resources plc), significant nickel drill intersections from Molopo Farms Complex Project, Botswana, and bonanza grade silver from the Silver Peak Project, Canada. These are by no means the only successes and as noted above we have been very fortunate with early exploration success across our portfolio.\n \n \n \n \n \n Notwithstanding the exploration progress being made, and our search for large scale metal discoveries, we are also running a commercial enterprise that has to balance the books and generate working capital to fund its operations.\n \n \n \n \n \n We recognise the value of the London capital markets providing access to additional finance and that is one of the principal reasons junior res...