Business
Tati Gold Project, Botswana – Commercial Update
Tati Gold Project, Botswana – Commercial Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n\n19th June 2024\nPower Metal Resources PLC\n(\"Power Metal\" or the \"Company\")\nTati Gold Project, Botswana - Commercial Update\nPower Metal Enters Into Share Option Agreement For Advancement of Tati Gold Project\nPower Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, announces a commercial update from its 100% owned Tati Gold Project (\"Tati\" or the \"Project\") located on the Tati Greenstone Belt (\"TGB\") near Francistown, Botswana.\nA share option agreement (\"Option\" or the \"Agreement\") has been entered between Power Metal, Tati Greenstone Resources PTY LTD (\"TGR\") a company incorporated in Botswana held as a 100% owned subsidiary of Power Metal, and Tuscan Holding PTY LTD (\"Tuscan\") a company incorporated in Botswana (collectively the \"Parties\").\nSubject to exercise of the Option, Power Metal, through TGR, will retain a 25% interest free carried to production in Prospecting Licence 049/2022 (which covers the Cherished Hope Mine) and from which it is intended that TGR will become a material dividend paying entity from net cash flow generated from gold production. Power Metal will retain the right to a 100% interest in other prospecting licences held by TGR other than PL049/2022. Further details are provided below.\nSean Wade, Chief Executive Officer of Power Metal Resources plc, commented: \n\"I am delighted to announce this exciting Agreement for Power Metal shareholders. Tati is a very important Project for us and it is great to be able to take it forward with a partner which is able to make such a substantial financial investment, giving Power shareholders a significant share of the upside without the additional cost.\nThis further validates our successful business model and we look forward eagerly to the progress that we are confident this Agreement will create.\"\n \nShare Option Agreement Terms\n· Tuscan is granted under the Option a 730 day period to undertake prospecting, exploration and evaluation work (collectively the \"Work\") over Prospecting Licence (\"PL\") 049/2022 (the \"Licence\") which covers the historical Cherished Hope Mine (\"Cherished Hope\").\n· Costs associated with the Work will be borne by Tuscan and may include but is not limited to:\no Fly drone lidar/photo...