Business
Results for the Year Ended 30 September 2022
Results for the Year Ended 30 September 2022.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n 6 March 2023\n \n \n Power Metal Resources plc\n \n \n (\"Power Metal\" or the \"Company\")\n \n \n \n Audited Financial Results for the Year Ended 30 September 2022\n \n \n \n Power Metal Resources plc (LON:POW)\n the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announcesitsconsolidated audited results for the year ended 30 September 2022, for the Company and its subsidiaries (together the \"Group\").\n \n \n \n Highlights from the year under review:\n \n \n \n \n \n \n \n \n \n Operational\n \n \n \n \n \n \n \n \n ·\n The year saw the Company complete a number of new acquisitions to advance its global project portfolio whilst in parallel continue to develop and strengthen its existing business interests.\n \n \n \n \n \n ·\n The dual pathway of proactive exploration of retained project interests continued across multiple projects, alongside the advancement of corporate activities seeking the outright disposal or planned spin-out Initial Public Offering (\"IPO\") of certain project interests.\n \n \n \n \n \n ·\n In Canada, during the financial year and thereafter, the Company continued to acquire new uranium project interests through direct staking and existing project acquisitions in the Athabasca Basin region of Saskatchewan, reflecting the Company's view that the uranium commodity is to experience a renaissance due to global expansion of nuclear power generation.\n \n \n \n \n \n ·\n In July 2022, First Class Metals PLC (LON:FMC) listed in London, with Power Metal holding a c.28% interest valued at c.£1.8m on listing. FMC holds the former Power Metal Schreiber-Hemlo project interests, sold to FCM for equity in September 2021.\n \n \n \n \n \n ·\n In November 2021, the Company completed the acquisition of the Pilot Mountain Project, a tungsten focused project and completing the four-project portfolio of Golden Metal Resources PLC (\"GMT\") which raised £750,000 in pre-IPO financing in December 2021 and during the year continued its IPO preparatory work.\n \n \n \n \n \n ·\n The Company confirmed its continuation into year two of the Authier North/Duval East lithium project earn-in to 100% in July 2022.\n \n \n \n \n \n ·\n A diamond drill programme was conducted at the Silver Peak project in British Columb...