Business
Strategic, Operational and Financial Update
Strategic, Operational and Financial Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 8857S\n Power Metal Resources PLC\n 14 July 2020\n \n \n \n \n 14 July 2020\n \n \n Power Metal Resources plc (\"Power Metal\" or the \"Company\")\n \n \n Strategic, Operational and Financial Update\n \n \n Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to\n provide a Strategic, Operational and Financial Update (the \"Update\") to shareholders, following the Company's £1,000,000 financing announced on 06 July 2020 (the \"Financing\").\n \n \n The Financing unlocked the potential of Power Metal, by providing the financial capability to push on with existing interests more innovatively and aggressively. \n \n \n This announcement explains in more detail important elements of strategy, operations and financial management, in light of the funding raised.\n \n \n HIGHLIGHTS\n \n \n · \n Power Metal has two key strategic objectives:\n \n \n \n \n \n 1. To make one or more major metal discoveries within its gold, base and strategic metal projects and then crystallise the value of such discoveries for shareholders' benefit;\n \n \n \n \n \n 2. To build its working capital and 'balance sheet' toward financial self-sufficiency and to reduce forward reliance on funding from the market to achieve its business objectives.\n \n \n \n \n \n · \n The Company currently has five main projects and two additional projects in the later stage of due diligence and commercial discussions. Each project has discrete operational targets which may lead to operational news flow, an outline of which is provided below\n .\n \n \n \n \n \n · \n Following the Company's Financing announced on 6 July 2020 the Company can confirm its total assets as at 10 July 2020 amounted to £3.04 million. Within total assets, cash, and tradable listed investments amounting to £1.7 million (including monies raised in the Financing).\n \n \n Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:\n \"At Power Metal I am striving to build a diversified exploration business backed by a strong 'balance sheet' to drive the Company towards an ability to self-finance its own activities and break the dependency most juniors have on market financings.\n I am keen for us to be bold and adventurous with reward weighted risk taking, but wi...