Result of AGM

RNS Number : 6403G

Power Metal Resources PLC

30 March 2022

 

30 March 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Results of Annual General Meeting

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the results of its Annual General Meeting held today at 10am.

All 6 resolutions put to members were passed on a poll. Resolutions 1 to 5 were passed as ordinary resolutions and resolution 6 was passed as a special resolution.

The results of the poll (including proxy votes) are outlined in Table 1 below.

Paul Johnson, Chief Executive of Power Metal Resources commented:

I would like to thank shareholders for their support today.  Three years ago we started on a road to build a unique resource exploration powerhouse. From a small team with a west- and central-African focus, we have built a global Company focused on what we consider to be the great resource jurisdictions and the key commodities the future growth of our world will require.

I have been asked recently, "what we aspire to be?", and to cite comparators in the market. This is difficult to answer, as we simply seek to do things differently and not be like others, small or large.  Our early years saw Power Metal advance its business interests and build a portfolio positioned for a commodities cyclical bull market.  Many of our acquired business interests offer district scale exploration potential.

Our more recent activities have seen relentless exploration across our portfolio, exemplified currently by four drill programmes at various stages from launch to pending results.  Our exploration ranges from low-cost surface-based work through to the application of the latest technologies enabling deep target drilling.  Power Metal is seeking large scale metal discoveries through this exploration work.

We plan to release our quarterly report for January to March 2022 on 5 April 2022 and there, investors will see the latest position of each project. 

We have a fine team of people providing an in-house broad-spectrum capability covering geology, finance, business management and communications. It is a privilege to work with such a talented group. Our team is supported daily by an exceptionally strong adviser base of consultants and professional service providers.

The junior resource market can deliver exceptional returns; however, it carries with it a great degree of risk no matter where you choose to invest.  Therefore, to those that do choose to invest in the sector, I salute you for your courage and trust that the sector, and Power Metal within it, can deliver on your expectations.

Recently we have addressed many queries from investors, large and small.  If you would like any questions answered, in line with market rules, my mobile phone number is on market announcements or please email [e-mail]."

Table 1 - AGM Resolution Results of Poll

Resolution	Votes for	% Votes Cast	Votes against	% Votes Cast	Votes withheld
Resolution 1 (Ordinary) To receive the report and accounts for the year ended 30 September, 2021	217,459,832	97.66	0	0	344,390
Resolution 2 (Ordinary) To re-appoint the auditors and authorise the directors to determine their fees	217,412,628	97.63	77,204	0.03	314,390
Resolution 3 (Ordinary) To authorise the issue of 5,000,000 options to acquire ordinary shares in the Company to Edmund Shaw.	208,441,147	95.54	4,528,583	2.08	4,834,492
Resolution 4 (Ordinary) To authorise the issue of 5,000,000 options to acquire ordinary shares in the Company to Scott Richardson Brown.	212,941,147	95.63	4,528,583	2.03	334,492
Resolution 5 (Ordinary) To authorise the directors to allot relevant securities	216,663,667	97.39	590,560	0.27	549,995
Resolution 6 (Special) To dis-apply pre-emption rights	215,818,394	97.00	1,470,935	0.66	514,893

As at 30 March 2022, there were 1,466,953,915 ordinary shares in issue. Shareholders are entitled to one vote per share. Votes withheld are not votes in law and so have not been included in the calculation of the proportion of votes for and against a resolution.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	[phone]
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	[phone]
SI Capital Limited (Joint Broker)
Nick Emerson	[phone]
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	[phone]

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (LON:POW) is an AIM 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 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.

Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

Project	Location	POW %	Work Completed or Underway	Results Awaited
Alamo Gold Project	USA	Earn-in to 75%	Excavation of multiple test pits and mapping & sampling.	Field and assay results from on-site work programme.
Athabasca Uranium	Canada	100%	Data compilation across uranium properties	Interpretation results from 3 of 7 properties.
Authier North Lithium	Canada	Earn-in to 100%	Soil & rock sampling completed	Technical Review of exploration results & define next exploration steps.
Ditau Project	Botswana	50%	Drill programme focused on key targets notably drilling of potential carbonatites and targeting rare-earth elements.	Field updates and receipt & review of laboratory assay results.
Kalahari Copper Belt	Botswana	50%	Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas	Field programme findings and defined drill targets for near term drilling.
Molopo Farms	Botswana	53%	Review of recent exploration findings.	Determine next exploration steps and action plan.
Tati Gold/Nickel	Botswana	100%	Reverse circulation drill programme completed	Receipt & review of laboratory assay results.
Haneti Project	Tanzania	35%	Diamond drill programme completed	Receipt & review of laboratory assay results.
Victoria Goldfields	Australia	49.9%	Diamond drill programme underway	Field updates and receipt & review of laboratory assay results.
Paterson Projects	Australia	83.33%	Wallal passive seismic and 2D seismic processing work programme completed. Review of historical data and target generation for Ripon Hills & Braeside West projects.	Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling.
Selta Project	Australia	83.33%	Field reconnaissance work now underway, including mapping and sampling.	Field updates.

 

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