Results for the Year Ended 31 December 2025

Power Metal Resources PLC

02 June 2026

 

2 June 2026

Power Metal Resources plc

("Power Metal" or the "Company")

Audited Financial Results for the Year Ended 31 December 2025

Power Metal Resources plc (AIM:POW) the London listed exploration company with a global project portfolio announces its consolidated audited results for the year ended 31 December 2025, for the Company and its subsidiaries (together the "Group").

Introduction

The Group has made meaningful progress during the period. Market sentiment has improved over the past year and we have sought to capitalise on this, undertaking new ventures, progressing existing operations and crystallising value on several investments, strengthening the financial position of the Group against this highly favourable backdrop.

We've always retained a resolute focus on establishing a portfolio that spreads risk across a diverse array of commodities and jurisdictions, and I'm delighted that this has been further bolstered by our future-facing investments in Minestarters and Apex Royalties, where we have built exposure to tokenised assets and prospective royalty opportunities.

There has also been a concerted effort during this year to consolidate our asset portfolio, concurrently realising significant returns on investments at opportune moments, whilst streamlining our efforts away from projects that no longer fully align with our strategic goals. The results seen across this year have cemented our confidence in the project incubator model. 

We are delighted to share the progress that Power Metal Resources Plc ("Power Metal") and its subsidiaries have achieved over the year ended 31 December 2025.

Operational Activity

North America

During the year, significant progress was made across our uranium-focused joint venture ("JV") with UCAM Ltd ("UCAM"), known as Fermi Exploration ("Fermi"), which comprises Power Metal's entire portfolio of uranium licenses. The results from the exploration programmes across the Fermi licences have further underpinned our confidence in the region's prospectivity.

Tait Hill

A significant intrusion-related uranium target - the Antler Zone - was identified at the property during the year, with sampling results confirming historical radiometric and magnetic geophysical survey data. Geochemical and radon gas results show potential for intrusion-related uranium mineralisation at the Antler Zone, including a 700 metre ("m") trend of key indicators. Radon-in-water anomalies from three nearby lakes support a proximal uranium source.

Rock samples taken from the Antler Zone returned Tait Hill's highest uranium values to date, including 1.68% uranium in pegmatite, whilst a target area 7 kilometres ("km") north of the Antler Zone showed anomalous radon levels, high ^206/204lead ("Pb") ratios, and elevated uranium in soil samples, marking it as another promising intrusive-style uranium target.

Fortin River

Fortin River was acquired at the beginning of the year by mineral staking. Preliminary geophysical results indicate the presence of a significant uranium target due to an initial magnetic and electromagnetic survey, providing information on the underlying geology of the licence and identifying the presence of a ring-shaped electromagnetic response - consistent with impact craters observed in Northern Saskatchewan and elsewhere on earth. This inferred impact crater was previously unidentified with no modern and very limited historical exploration carried out in the area.

Similar craters within the Athabasca Basin, including the Carswell Crater, located 140km northwest of Fortin River, and the Pasfield Lake Crater, 200km northeast of Fortin River, are associated with mineralisation. Due to the meteor impact, these regions are highly porous environments with enhanced fluid flow, and uranium deposits have historically been located in the craters. Fortin River remains prospective for unconformity-related uranium deposits.

A radon and swamp bed sampling programme has been completed to inform future exploration on the property. Preliminary results have been received, with final interpretation pending analysis of the swamp/lake-bottom samples, given the potential for uranium enrichment from secondary sedimentary sources.

Reitenbach

The Reitenbach Property was expanded during the year by 27.5% via direct mineral claim staking.

Geophysical surveys and fieldwork undertaken to date indicate the presence of multiple prospective target areas. A small field programme in the northeastern portion of the property, including the Nuphar and Goodleap Targets, was commissioned to refine and narrow the prospective area for future work. This work identified multiple potential basement sources of uranium, supported by radon anomalism, down-ice uranium dispersion, and favourable lead isotope results.

Further work programmes during the year, targeting the northern extensions of the Nuphar anomaly and aiming to refine and narrow the prospective area for future work was paused due to wildfires in the region. Radon and soil geochemical sampling results were announced post-year end, identifying three priority uranium target areas and further supporting the interpretation of concealed basement-hosted uranium mineralisation.

Drake Lake-Silas

Drill targets were established at Drake Lake-Silas to test high priority Iron Oxide Copper Gold ("IOCG") mineralisation targets. A seven-hole, 1,903m, diamond drilling programme was initiated and completed during the year, intercepting high-grade uranium. From the programmes, two zones of mineralisation were found, a 2.05m thick hematite breccia recording 600 parts per million ("ppm"), 0.33%, uranium and 1,490 ppm, 0.15%, uranium.

Prior to the drill programme, further magnetic and electromagnetic geophysical surveys and geochemical sampling were commissioned and completed to support drill targeting and further increase the knowledge of the size of the opportunity presented at Drake Lake-Silas.

Perch River

Between June and July 2025, a six-hole, 1,563m diamond drilling programme was completed, successfully testing an inferred shear structure with a coincident anomalous uranium, lead isotopes and radon results in the soils overlying the structure.

The assay results announced in November 2025 found highly anomalous lead isotopes with results of up to 242.8 (²⁰⁶Pb/²⁰⁴Pb) and 0.15 (²⁰⁷Pb/²⁰⁶Pb) which indicate a strong radiogenic lead signature typically associated with uranium mineralisation within a major fault structure.

This target, the Rapids Fault System, has been confirmed as a high-priority target. Additional drill core sampling was completed in December 2025, and petrological review is to refine the geological model prior to the initiation of further workstreams.

Badger Lake

During 2025, comprehensive exploration studies, including soil geochemical, radon gas and biogeochemical sampling were undertaken at Badger Lake. A 2,100m diamond drilling programme was designed following comprehensive exploration studies, including geophysical, geochemical, and surficial studies; the programme commenced 2 March 2026, following the receipt of permits and mobilisation of contractors. Testing is planned on electromagnetic geophysical and geochemical anomalies identified in the S-Zone. The drill programme will test two major shear zones and the S-Zone underlying a significant uranium, cobalt and nickel soil anomaly.

The S-Zone target differs from most unconformity-related uranium targets in the Athabasca Basin, with the processed geophysical data suggesting a tabular conductive body situated at the unconformity between two major fault structures. Whilst the S-Zone differs from the other targets seen in Fermi's portfolio, it shares similarities to other deposits in the region.

East Hawkrock

Preliminary analysis of the region indicates that most targets are located beneath shallow lakes. Given the shallow unconformity on the property, drilling solely from land would be both technically challenging and potentially limit the scope of the campaign.

Following the receipt of the necessary permits, and a delay caused by regional wildfires, a drill programme was planned and commenced in Q2 2026, when drilling can be completed from the frozen lake surface as well as the land. The programme will further evaluate the property's geology, and an expert geophysicist will conduct a comprehensive analysis of the electromagnetic, gravity, and magnetic datasets, which will assist the Fermi Exploration team in defining robust drill targets.

West Hawkrock

Geophysical analysis during the year has failed to indicate the existence of any conductive lithologies at depth, nor any significant gravity lows or other targets on the property. Fermi has elected to pause further exploration on the West Hawkrock Property.

Durrant Lake

Fermi is continuing to evaluate the prospectivity of the Durrant Lake Property, having completed a supplementary Helicopter Time-Domain Electromagnetic ("HTEM") survey over the southern portion of the property. Fermi has received a drill permit for the Durrant Lake Property and has budget and contractors allocated for a potential drill programme.

Pardoe

Fermi is evaluating the completion of a work programme on the Pardoe Property. To support this, Fermi has commissioned Vorticity, a Silicon Valley-based firm innovating in scientific computing, to integrate and invert the multiple historical datasets acquired for the property. The company is considering options for field campaigns and geophysical programmes into 2026.

Arabian Shield

Power Metal, through its subsidiary Power Arabia Limited ("Power Arabia"), has continued to expand and strengthen its portfolio in the Arabian Shield, in particular the Kingdom of Saudi Arabia ("Saudi Arabia") and Oman. Throughout 2025, Saudi Arabia, as part of its Vision 2030 initiative, has increased its investment and updated regulatory procedures in the mining industry to help cement itself as a global hub for mineral resources. We have identified this advancing market and established a first mover position over the year.

We achieved a 20% holding in the Balthaga project in Saudi Arabia following the completion of the required US$350,000 expenditure within 12 months. Balthaga is subject to a mutually binding earn-in agreement with RIWAQ Al-Mawarid for Mining ("RIWAQ"), announced in March 2024.

Block 8, Oman

Exploration work was conducted by Power Arabia across the Block 8 exploration concession in Oman ("Block 8"), focusing on the Al Maider and Al Mansur prospects, which both have the potential to host significant mineralisation.

At the Al Maider Prospect, assay results from an initial 13 rock and float samples returned significant results of 4.46% and 1.75% copper ("Cu") and further rock chip sampling returned results including 7.84%, 4.7%, 2.8%, and 2.7% Cu. The results show strong correlation of copper with an associated structural feature.

At the Al Mansur Prospect, gravimetric geophysics ("Gravity") survey work defined five anomalies, with in-fill Gravity work defining two further drill targets for additional workstreams, subsequently named AM1 and AM2, which provide 700m of highly anomalous target strike length.

In addition, further exploration work at Block 8 was conducted. An additional 145 Ionic leach geochemical samples were submitted for analysis, providing coverage of two target zones based on the gravity survey interpretation. Several potential targets were promoted for next-stage fieldwork.

In Q4 2025, the maiden reconnaissance diamond core drilling programme was completed, covering eight drill holes for a total of 724.45m. Drilling confirmed the prospectivity of the area and provided intercepts of:

·      1.04% Cu over 1.5m (hole AM25DD001 from 95.5-97m within wider zone returning 0.52% Cu from 95.5-99.0m);

·      0.36% Cu over 1m (AM25DD001 from 72-73m, within a broader elevated Cu zone from 68-77m);

·      0.35% Cu over 4m (AM25DD001 from 80-84m, with up to 0.56% Cu from 80-81m);

·      0.19% Cu over 4m (AM25DD002 from 85-89m);

·      Elevated Cu, Pb and zinc ("Zn") results over 18m (AM25DD003 from 35-53m, associated with a sulphide stockwork in a fault zone); and

·      1.1% Zn over 1m (AM25DD006 from 51-52m, plus elevated Cu and Zn from 51-58m).

GSAe

Power Metal's 75% owned subsidiary GSA Environmental Ltd ("GSAe") advanced discussions with numerous parties for the licensing of its core metals extraction technologies over the year.

GSAe completed two major projects to treat significant volumes of industrial waste in both the power industry related to 'fly' ash and the phosphate industry related to Phosphogypsum, both significant multi million ton projects in for 2 leading Saudi Arabian companies. Waste streams are becoming an increasingly pressing issue throughout the entire industry due to higher disposal costs, environmental pressures and the push for zero waste to landfill as well as these materials being a source of critical metals

Advanced discussions are ongoing with respect to the front-end and engineering design ("FEED") study and related licensing agreement for a metals recovery facility in Saudi Arabia for the fly ash project following completion of a prefeasibility study successfully undertaken by GSAe earlier in the year and ongoing testwork is envisaged for the phosphogypsum project to refine the resulting products for increased economic returns.

Joint venture discussions also continue with a major European recycling company into the remediation of various toxic industrial wastes currently neutralised and sent to landfill with initial focus on TiO2 waste stream with a view to construction of a full scale processing plant in the UK.

Furthermore, GSAe has continued in-house research and development work into multiple waste streams including mine tailings, picking acids used in galvenisation, ash derived from Biomass plants and historic coal ash from UK power stations all increasing the companies experience base and, establishing new proprietary process designs. It has also applied for up to €2.5 million by way of EU backed grant funding, following on the back of the successful award of a sizeable grant (£600,000) from Innovate UK, which underpinned the development of a multi-feed metals demonstration plant with the view of processing assorted wastes generated in industrial facilities across the north of England currently sent to landfill.

Corporate Activity

North America

Silver Peak

During the year, we signed an Option Agreement to dispose of our 30% interest in Silver Peak Resources Limited ("Silver Peak") to JV partner Michael B Nugent ("MBN").

Power Metal has agreed to grant MBN with an exclusive option to acquire its entire 33.52% ownership interest in Silver Peak (representing a net 30% interest in the property) under the following terms:

·      MBN will pay Power Metal C$10,000 (the "Option Payment")

·      During the option period, Power Metal grants MBN the sole and exclusive right to acquire all, in whole or part, Power Metal's ownership interest in Silver Peak

·      Where the option is exercised during the period 1 April 2025 to 31 March 2026: C$9,547.00 per one percent of Silver Peak acquired, totalling C$320,000 for the entire 33.52% interest held by Power Metal in Silver Peak. 

·      Where the Option is exercised during the period 1 April 2026 to 31 March 2027: C$10,740.00 per one percent of Silver Peak, totalling C$360,000 for the entire 33.52% interest held by Power Metal in Silver Peak. 

·      Where the Option is exercised during the period 1 April 2027 to 31 March 2028: C$11,933.00 per one percent of Silver Peak, totalling C$400,000 for the entire 33.52% interest held by Power Metal in Silver Peak. 

Ya'thi Néné Lands and Resources ("YNLR")

Through our uranium-focused JV with UCAM, Fermi, we became the first UK-based junior exploration company to sign a completed Exploration Agreement with YNLR in support of Fermi's exploration in Northern Saskatchewan, Canada, as part of a commitment to fostering a sustainable and collaborative relationship in the Athabasca region. The agreement establishes terms for ongoing business and employment opportunities, as well as community liaison and engagement.

YNLR is owned by three First Nations and four municipalities in northern Saskatchewan and has a mandate to promote and enhance the environmental, social, economic and cultural well-being of current and future Athabasca residents.

This agreement further strengthens our connection with local stakeholders and provides a collaborative opportunity to progress Fermi's licences whilst supporting the region.

Guardian Metal Resources Plc ("GMET")

Following the partial disposal in February 2025, we sold our remaining holding of 24,699,825 ordinary shares in GMET in August 2025, for a total cash consideration of £13,584,904 before costs. This took the total funds received to £22,809,988 before costs over the course of two disposals, a return of 11.8 times on an original investment of £1,935,275.

This return validates our project incubator approach and provides the capital for us to progress projects and investments across our portfolio.

Arabian Shield

Block 8, Oman

During the year, we reached the initial earn-in milestone of 10% based on exploration spend on Block 8 to date of US$500,000, as per the formal and legally binding agreement in October 2024. 

The Company undertook the further 2.5% milestone by spending an additional US$240,000 and attained the full 12.5% stake at the end of the year.

Qatan Exploration Licence            

During Q1 2025, we signed a Letter of Intent to enter into a binding agreement with Al Masane Al Kobra Mining Company ("AMAK"), a Saudi Arabian listed exploration and mining company, for Power Metal to spend US$3,000,000 to earn a 49% stake in the Qatan exploration licence in southern Saudi Arabia. However, unable to reach mutually acceptable terms, both parties decided not to enter into a binding agreement.

The Company affirms its continued readiness to explore future partnership opportunities that contribute to supporting its growth and strategic plans with AMAK in the near future.

Minestarters

In October 2025, Power Metal invested £1 million for a 35% stake in Kingia FZCO ("Kingia"), a company incorporated as a Freezone Company in Dubai, which has been renamed Minestarters. We hold an option to increase our holding to up to 49% for a further £2 million share subscription in cash, subject to milestone delivery.

Minestarters is an institutional-grade, blockchain-enabled Decentralised Finance ("DeFi") platform bringing real-world asset ("RWA") tokenisation to mining exploration. It plans to be the first DeFi platform to offer investors regulated, compliant and transparent access to mineral exploration and development through the US$25 billion - and growing - RWA tokenisation market. As well as the ability to invest in the portfolio, the platform will offer automated benefit sharing, 24/7 liquidity and project transparency.

Minestarters tokens will give investors access to a curated portfolio of global exploration and development projects. As these projects advance, the Minestarters platform aims to capture and distribute their real-world value growth, simultaneously benefitting investors whilst directing essential funding to a pipeline of highly prospective mining assets. This provides global investors with direct, liquid exposure to an asset class that has traditionally been difficult for retail investors to access, and for institutions to access efficiently.

Through this innovative approach, Minestarters aims to bridge the early-stage funding gap by channelling at least 1% of the US$200 billion annual investment into the mining sector through its blockchain-enabled platform.

Apex Royalites

During the year, we signed a binding subscription agreement for an investment of £4 million in cash (approximately US$5.3 million) into Apex Royalties Limited ("Apex"), a private, high growth, diversified, mining royalty company. This investment was part of a financing package, alongside other investors, to raise gross proceeds in excess of US$10 million, resulting in the Company acquiring an 11.76% equity stake in Apex.

Apex has delivered strong growth to date, securing a high-quality portfolio of five royalty assets that provide exposure to gold, tin, bauxite and tungsten.

Power Metal's exposure to Apex's portfolio includes:

·      A 1.0%¹ gross revenue royalty ("GRR") over the Whale Cove Gold Project located in Nunavut, Canada and operated by BG Gold Capital II Corp.

·      A 1.2% GRR over the Achmmach Tin Project ("Achmmach") located in Morocco and operated by Xingye Silver & Tin (China's second largest producer of tin) following its recent acquisition of 75% of Achmmach through the takeover of Atlantic Tin Limited. 

·      A 1.0% GRR² over the Wuudagu Bauxite Project located in Western Australia and operated by VBX Limited.

·      A 1.5%³ net smelter royalty over the Tempiute Tungsten Project and a 2% GRR over the Pilot Mountain Tungsten Project, both located in Nevada, US, and operated by Guardian Metal Resources Plc as its co-flagship projects. 

1 Assuming the exercise of an option to purchase an additional 0.25% GRR

2 Once a payment of USD3.5m is made following the close of the Apex Fundraising

3 Subject to a 0.75% buy-back right

Australia

First Development Resources

During 2025, First Development Resources, in which we hold a 43.44% stake, successfully listed on London's AIM market and raised gross proceeds of £2.3 million, further demonstrating our ability to bring our varied investments to a crystallisation event.

Africa

During the year we decided to cease further investment in the Haneti Project. The Board concurs with Katoro Gold Plc ("Katoro"), that the extensive technical review undertaken by Katoro does not indicate sufficient prospectivity at Haneti and therefore does not support further capital expenditure.

London

During the year, Power Metal changed its registered office to c/o Orana Corporate LLP, 25 Eccleston Place, London, England, SW1W 9NF.

During the year, we sought and gained approval from the High Court of Justice in London and shareholders for a reduction of share capital, with the aim of ensuring sufficient distributable reserves to give us the flexibility for future distributions and corporate purposes. This was executed post-year end via the cancellation of:

i.              All of the paid up capital to the extent of £0.009 on each issued Deferred Share;

ii.             All of the paid up capital to the extent of £0.00099 on each issued Deferred A Share;

iii.            The Company's Share Premium Account; and

iv.            The Companies Capital Redemption Reserve.

Financial Review

·      Total comprehensive profit for the year ended to 31 December 2025 of £3.2 million (15-month period ended 2024: £4.2 million).

·      Pre-non-controlling interest total equity of £26 million at the period-end (2024: £22 million).

·      The Company ended the financial period with a cash balance of £5.68 million (2024: £0.45 million).

Corporate Social Responsibility ("CSR")

The Company maintains a focus on CSR through internal policies and our approach to external operational activities.

The internal policies provide insights to employees, associates and shareholders of how the Company embeds CSR into its daily practices and indicates the Company's responsibility for ethical practices across all areas of its operations.

The Company has established detailed policies and procedures to govern and ensure that the core CSR values are followed internally as well as off-site in its field operations. Through these efforts, the Company has looked to continue the development of initiatives and general practices to be maintained as the Company grows.

A key focus for the Company is to build awareness and interaction amongst its communities. Due to the nature of the Company's operations and the jurisdictions it operates within, it is imperative to acknowledge the significance of these diverse communities to the territory. As the Company develops, it recognises the importance of ensuring that all efforts are considered to enable the communities to develop in parallel. A few of the many ways the Company will facilitate this mutual growth is to build strong relationships within the community, develop an understanding of how they operate and determine how the Company can contribute to their continued development.

The Company is dedicated to ensuring it maintains the safety and wellbeing of its employees and the local community during field operations. This is not exclusive to active operations but extends beyond, by maintaining a safe conclusion of all on-site activity and ensuring that the land and materials are left in a safe and respectful manner.

As the projects mature and develop, the Company will ensure that community engagement is maintained. The continual focus on ensuring employees are engaged in and committed to implementing its CSR policies, ethics and commitments, will enable CSR to become integral and remain at the forefront of all operations.

Outlook

This has been an outstanding year for Power Metal Resources, marked by significant value creation across multiple projects. We've also seen the most compelling evidence yet for the success of our project incubator model, with the disposal of Guardian Metal Resources delivering an impressive 11.8x return on our initial investment.

These successful crystallisation events have enabled us to further diversify our portfolio, strengthening future revenue streams and enhancing our project pipeline. Our investment in Minestarters introduces a unique and innovative model that brings real‑world asset tokenisation to the mining exploration sector, giving us a first‑mover advantage in a US$200 billion annual market with substantial growth potential. Concurrently, our new royalty exposure through the investment in Apex Royalties provides an additional avenue for long‑term value generation.

Advancements made throughout the Fermi Exploration portfolio have also been encouraging, with numerous positive results and ongoing work that continues to validate the prospectivity across these licences.

Power Arabia has returned additional promising results at its Block 8 licence, demonstrating the potential for significant copper mineralisation. The post-period work at Balthaga has set the project up for a drilling campaign to explore defined and new potential targets, and the MoU signed with Greyridge will create an opportunity for Power Arabia to develop a strong project pipeline that aligns with Saudi Arabia's national industrial goals and provides exposure to the country's US$2.5 trillion of untapped mineral resources.

With GSAe also in discussions on a number of partnership fronts, including within Saudi Arabia, we are hopeful of a continued strong presence within the region that allows us to generate positive relationships and build on our early mover advantage.

2025 has established a strong foundation for Power Metal Resources, creating a robust framework and pipeline of prospective projects and diversified initiatives that have carried meaningful momentum into 2026. We look forward to building on this progress throughout the year against the backdrop of anticipated supportive market conditions.

Notice of Annual General Meeting and Distribution of Accounts to Shareholders

The Company's Annual General Meeting ("AGM") will take place at 11.00am on 25 June 2026 at 25 Eccleston Place, London, SW1W 9NF.  The Company's Annual Report and Accounts for the year ended 31 December 2025 will be posted to shareholders today. Copies of the Notice of AGM and the Annual Report and Accounts will also be available on the Company's website at www.powermetalresources.com in due course.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 

FOR THE YEAR ENDED 31 DECEMBER 2025

	Note		Year ended 31 December  2025 £'000		Period ended 31 December 2024 (restated)1 £'000
Revenue			76		200
Cost of sales			(16)		(7)
Gross profit			60		193
Operating expenses	5		(3,975)		(7,612)
Fair value gains through profit or loss			8,079		8,876
Profit from operating activities			4,164		1,457
Other income	4		2,993		3,101
Other expenses	4		(3,823)		-
Finance income			113		-
Finance costs			(179)		(221)
Share of post-tax losses of equity accounted joint ventures			(116)		(123)
Profit before tax			3,152		4,214
Taxation			55		10
Profit for the period from continuing operations			3,207		4,224
Other comprehensive income/(expense)
Items that will or may be reclassified to profit or loss:
Exchange translation			1		(25)
Total other comprehensive income/(expense)			1		(25)
Total comprehensive profit for the period			3,208		4,199
Profit for the period attributable to:
Owners of the parent			3,546		4,456
Non-controlling interests			(339)		(232)
			3,207		4,224
Total comprehensive income attributable to:
Owners of the parent			3,548		4,430
Non-controlling interests			(340)		(231)
			3,208		4,199
Earnings per share from continuing operations attributable to the ordinary equity holders of the parent:
Basic earnings per share (pence)	10		3.05		4.06
Diluted earnings per share (pence)	10		3.05		4.01

¹ The prior year consolidated statement of comprehensive income has been restated to correct an overstatement of operating expenses.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

			As at 31 December 2025		As at 31 December 2024 (restated)1
	Note		£'000		£'000
Assets
Exploration assets	7		3,643		4,916
Intangible assets	6		1,087		1,189
Investments in associates and joint ventures			4,126		4,242
Financial assets at fair value through profit or loss			10,050		884
Right-of-use assets			10		82
Property, plant and equipment			165		197
Non-current assets			19,081		11,510
Financial assets at fair value through profit or loss			2,040		15,859
Trade and other receivables	8		853		873
Inventories			-		22
Cash and cash equivalents			5,676		446
Current assets			8,569		17,200
Total assets			27,650		28,710
Equity
Share capital	9		2,312		8,671
Share premium	9		-		29,258
Shares to be issued			-		187
Capital redemption reserve			-		5
Share based payment reserve			4,089		3,934
Convertible loan reserve			80		71
Exchange reserve			79		77
Accumulated profit/(losses)			19,535		(19,820)
Total			26,095		22,383
Non-controlling interests			(212)		896
Total equity			25,883		23,279
Liabilities
Trade and other payables	11		699		1,661
Lease liabilities			20		37
Borrowings			568		498
Contingent consideration			-		89
Current liabilities			1,287		2,285
Lease liabilities			-		41
Borrowings			-		2,414
Contingent consideration			318		505
Provisions			-		6
Deferred tax			162		180
Non-current liabilities			480		3,146
Total liabilities			1,767		5,431
Total equity and liabilities			27,650		28,710

¹ The consolidated statement of financial position as at 31 December 2024 has been restated to correct an overstatement of accruals.

The financial statements of Power Metal Resources Plc, company number 07800337, were approved by the Board of Directors and authorised for issue on 1 June 2026.

CONSOLIDATED STATEMENT OF EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2024

	Share capital	Share premium	Shares to be issued	Capital redemption reserve	Share based payment reserve	Convertible loan reserve	Exchange reserve	Accumulated profit/losses	Total	Non-controlling interests	Total equity
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 1 October 2023	8,531	27,497	-	5	1,712	-	103	(24,276)	13,572	907	14,479
Profit for the period (restated - note 34)	-	-	-	-	-	-	-	4,456	4,456	(232)	4,224
Other comprehensive expense	-	-	-	-	-	-	(26)	-	(26)	1	(25)
Total comprehensive (expense)/income for the period (restated)	-	-	-	-	-	-	(26)	4,456	4,430	(231)	4,199
Issue of ordinary shares	140	1,761	-	-	-	-	-	-	1,901	-	1,901
Shares to be issued	-	-	187	-	-	-	-	-	187	-	187
Share-based payments	-	-	-	-	2,222	-	-	-	2,222	-	2,222
Issue of convertible loan note	-	-	-	-	-	71	-	-	71	-	71
Non-controlling interest adjustment on acquisition of subsidiaries	-	-	-	-	-	-	-	-	-	100	100
Total transactions with owners	140	1,761	187	-	2,222	71	-	-	4,381	220	4,601
Balance at 31 December 2024 (restated)	8,671	29,258	187	5	3,934	71	77	(19,820)	22,383	896	23,279

CONSOLIDATED STATEMENT OF EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Share capital	Share premium	Shares to be issued	Capital redemption reserve	Share based payment reserve	Convertible loan reserve	Exchange reserve	Accumulated profit/losses	Total	Non-controlling interests	Total equity
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 1 January 2025 (restated)	8,671	29,258	187	5	3,934	71	77	(19,820)	22,383	896	23,279
Profit for the year	-	-	-	-	-	-	-	3,546	3,546	(339)	3,207
Other comprehensive expense	-	-	-	-	-	-	2	-	2	(1)	1
Total comprehensive income/(expense) for the year	-	-	-	-	-	-	2	3,546	3,548	(340)	3,208
Issue of ordinary shares	3	184	(187)	-	-	-	-	-	-	-	-
Share-based payments	-	-	-	-	155	-	-	-	155	-	155
Modification of convertible loan note	-	-	-	-	-	9	-	-	9	-	9
Capital reduction	(6,362)	(29,442)	-	(5)	-	-	-	35,809	-	-	-
Non-controlling interest adjustment on disposal of subsidiaries	-	-	-	-	-	-	-	-	-	(768)	(768)
Total transactions with owners	(6,359)	(29,258)	(187)	(5)	155	9	-	35,809	164	(768)	(604)
Balance at 31 December 2025	2,312	-	-	-	4,089	80	79	19,535	26,095	(212)	25,883

CONSOLIDATED STATEMENT OF CASHFLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

		Year ended 31 December 2025 £'000		Period ended 31 December 2024 (restated) £'000
Cash flows used in operating activities
Profit for the period from continuing activities		3,207		4,224
Adjustments for:
Fair value gain on financial assets		(8,079)		(8,876)
Fair value gain on convertible loan notes		-		(13)
Finance income		(113)		-
Finance costs		179		221
Share of post-tax losses of equity accounted joint ventures		116		123
Expenses settled in shares		-		36
Expenses settled with convertible loan notes		-		400
Gain on disposals		578		(2,804)
Gain on remeasurement of contingent consideration		(310)		-
Gain on modification of convertible loan notes		(49)		-
Gain on acquisition of option		(5)		-
Gain on disposal of lease		7		-
Depreciation		55		10
Amortisation on intangibles and right-of-use asset		129		22
Impairment of financial assets		706		-
Tax expense		(18)		(10)
Expected credit losses		328		57
Share-based payment expense		155		2,222
Foreign exchange losses		180		10
		(2,934)		(4,378)
Changes in working capital:
(Increase)/decrease in trade and other receivables		(70)		309
Decrease in trade and other payables		(216)		(1)
Decrease/(increase) in inventories		22		(6)
Net cash used in operating activities		(3,198)		(4,076)
Cash flows from investing activities
Cash acquired on acquisition of subsidiary		-		1
Investments in financial assets through profit & loss		(9,979)		(3)
Disposal of financial assets		19,863		553
Investment in joint ventures and associates		-		(95)
Disposal of joint venture and associates		-		200
Disposal of subsidiary		(514)		-
Investments in exploration assets		-		(840)
Interest received		47		-
Purchase of property, plant, and equipment		(24)		(180)
Purchase of exploration assets		(668)		-
Proceeds from disposal of property, plant and equipment		-		4
Net cash generated from/(used in) investing activities		8,725		(360)
Cash flows from financing activities
Proceeds from issue of share capital		-		1,299
Proceeds from borrowings		439		3,000
Repayment of borrowings		(708)		(490)
Principal paid on lease liabilities		(28)		(25)
Net cash (used in)/generated from financing activities		(297)		3,784
Increase/(decrease) in cash and cash equivalents		5,230		(652)
Cash and cash equivalents at beginning of period		446		1,098
Cash and cash equivalents at the end of the period		5,676		446

Significant non-cash transactions during the year

During the year, the Group completed the following transactions which are non-cash events and do not appear in the statement of cash flows:

A convertible loan note issued by ACAM Ltd was repaid during the year. The repayment netted off against a portion of funds received for Power Metal's sale of its GMET shareholding, therefore there was no cash movement in respect of this transaction.

Power Metal completed a capital reduction during the year, whereby the Company's share premium and capital reduction reserves were cancelled and recognised in retained earnings.

Power Metal disposed of its subsidiary shareholding in First Development Resources Plc ("FDR") during the year, on FDR's successful admission to the AIM market of the London Stock Exchange. Power Metal purchased shares in the IPO, the value of which partly netted against the intercompany loan balance. The amount in the consolidated statement of cash flows above in respect of the disposal relates to the cash balance held by FDR on disposal date, plus the remaining payment Power Metal transferred in relation to its purchase of shares, see note 17 for further detail.

NOTES TO THE CONSOLODATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.             Reporting entity

Power Metal Resources Plc is a public company limited by shares which is incorporated and domiciled in England and Wales. The address of the Company's registered office is 25 Eccleston Place, London, United Kingdom, SW1W 9NF. The consolidated financial statements of the Group as at and for the year ended 31 December 2025 include the Company and its subsidiaries. The Group is primarily involved in the exploration and exploitation of mineral resources in Africa, Australia, Canada and the Middle East.

2.             Going concern

The financial statements are prepared on a going concern basis. In assessing whether the going concern assumption is appropriate, the Directors have considered all relevant available information about the current and future position of the Group, including current level of resources, additional funding raised during the year and post- year-end (note 33), and the required level of spending on exploration and drilling activities. As part of their assessment, the Directors have also taken into account the ability to raise new funding whilst maintaining an acceptable level of cash flows for the Group to meet all commitments.

The Directors have stress tested the Group's cash projections, which involves preserving cash flows and adopting a policy of minimal cash spending for a period of at least 12 months from the date of approval of these financial statements. The Directors believe the measures they have put in place will result in sufficient working capital and cash flows to continue in operational existence, assuming that all exploration and drilling activities are managed carefully and curtailed if necessary. For the Group to carry out the desired levels of exploration and drilling activities, the Directors believe that it needs to secure further funding either from a strategic partner or subsequent equity raisings in the next financial year, which the Group has succeeded in completing over recent years. The Group also has the ability to partially dispose of equity investments if required. Taking these matters in consideration, the Directors continue to adopt the going concern basis of accounting in the preparation of the financial statements.

The financial statements do not include the adjustments that would be required should the going concern basis of preparation no longer be appropriate.

3.             Intangible assets - Prospecting and exploration rights

Rights acquired with subsidiaries are recognised at fair value at the date of acquisition. Other rights acquired and development expenditure are recognised at cost.

Exploration and evaluation costs arising following the application for the legal right, are capitalised on a project-by-project basis, pending determination of the technical feasibility and commercial viability of the project. When a project is deemed not feasible, related costs are expensed as incurred. Costs incurred include any costs pertaining to technical and administrative overheads. Administration costs that are not directly attributable to a specific exploration area are expensed as incurred, and subsequently capitalised if it is reasonably certain that a resource will be defined.

Capitalised development expenditure will be measured at cost less accumulated amortisation and impairment losses.

4.             Other income and expenses

Other income includes:	Year ended 31 December 2025		Period ended 31 December 2024
	£'000		£'000
Gain on disposal of property, plant and equipment	-		3
Gain on disposal of financial assets	-		49
Gain on disposal of subsidiaries	2,518		2,690
Gain on disposal of associates and joint ventures	-		206
Gain on settlement of loan interest in shares	-		13
Grant income	111		140
Gain on remeasurement of contingent consideration	310		-
Gain on convertible loan note modification	49		-
Gain on acquisition of option	5		-
	2,993		3,101

Other expenses include:	Year ended 31 December 2025		Period ended 31 December 2024
	£'000		£'000
Loss on disposal of financial assets	3,103		-
Loss on disposal of exploration assets	7		-
Impairment losses on financial assets	706		-
Loss on disposal of lease	7		-
	3,823		-

5.            Operating expenses

Operating expenses include:	Year ended 31 December 2025		Period ended 31 December 2024
	£'000		£'000
Staff costs (note 9)	1,330		3,043
Foreign exchange loss	160		52
Share based payment expense	155		2,222
Auditor's remuneration for audit of the Group and Company financial statements	80		50

6.             Exploration assets

Group	Prospecting and exploration rights £'000
Cost
As at 1 October 2023	6,073
Additions	1,340
Disposal	(1,335)
Effect of foreign exchange	(36)
Balance at 31 December 2024	6,042
As at 1 January 2025	6,042
Additions	668
Disposal	(1,782)
Effect of foreign exchange	(159)
Balance at 31 December 2025	4,769
Impairment
As at 1 October 2023	1,126
Balance at 31 December 2024	1,126
As at 1 January 2025	1,126
Balance at 31 December 2025	1,126
Net book value
At 31 December 2024	4,916
At 31 December 2025	3,643

During the year, the Group disposed of its direct interest in the Wallal, Braeside West, Selta & Ripon Hill Projects and acquired additional intangible assets in Saudi Arabia and the UAE, see below:

	Year ended 2025 £'000		Period ended 2024 £'000
Exploration assets
Authier North Project	107		107
Tati Gold-Nickel Project	339		365
Wallal, Braeside West, Selta & Ripon Hill Projects	-		1,714
Molopo Farm Project	2,307		2,417
Alara Project	590		186
AMAK Project	-		7
Riwaq/EVM Project	300		120
Total	3,643		4,916

The Directors regularly assess the carrying value of the Group's assets, including its prospecting and exploitation rights, and write off any exploration expenditure that they believe to be irrecoverable.

Authier North Project

In July 2023, Power Metal announced the early completion of an earn-in to a 100% interest in Authier North. The Authier North Property consists of 15 mineral claims covering an area of approximately 560 hectares and is prospective for lithium pegmatites and base metal mineralisation.

Tati Gold-Nickel Project

Located in Tati Greenstone Belt, in northeastern Botswana, Power Metal has a 100% interest in two prospecting licences which form the 91.14km Tati Project, targeting gold and nickel discoveries.  Recent soil geochemistry results, reported in February 2024 has identified multiple anomalous areas, including samples of up to 1.076 grammes per tonne ("g/t") gold ("Au") in soil; and represents a significant extension zone trending southwest from the original Cherished Hope historical mine workings where Power Metal in 2022 drilled 3m at 16.77g/t Au from 5m.

Wallal Project, Ripon Hills, Braeside Project and Selta Project

On 29 July 2025, First Development Resources Plc ("FDR") listed on the AIM market of the London Stock Exchange, resulting in a dilution of POW's shareholding leading to a disposal of the subsidiary investment during the year. POW's interests in the projects were therefore disposal of, and the remaining investment in FDR was subsequently recognised as a financial asset.

Molopo Farms Complex Project

In November 2022, Power Metal acquired an additional 58.7% equity stake in private company Kalahari Key Mineral Exploration Pty Limited ("KKME"), taking the Company's holding to 87.71%. KKME is a Botswana registered exploration company with a 100% interest in the 1,723km² Molopo Farms Complex Project ("MFC"). 

At the MFC, Power Metal is targeting a district-scale nickel and platinum group element. 

Alara/Block 8 Project

In October 2024, Power Metal signed a legally binding agreement with Alara Resources Limited ("Alara") and Awtad Copper, to earn a 12.5% stake in the Block 8 concession in Oman. Power Metal achieved the earn-in milestone of 10% based on expenditure of $500,000 during the year and a further US$240,000 was spent to attain the remaining 2.5% stake by the end of the year.

AMAK Project

In September 2024, Power Metal signed a Letter of Intent, with AMAK, a Saudi Arabian listed exploration and mining company, for Power Metal to spend $3,000,000 to earn a 49% stake in the Qatan exploration licence in southern Saudi Arabia. However, unable to reach mutually acceptable terms, both parties decided not to enter into a binding agreement. The project costs incurred were written off during the year.

Riwaq/EVM Project

Power Metal achieved a 20% holding in the Balthaga project from RIWAQ Al-Mawarid for Mining ("RIWAQ") in Saudi Arabia following the completion of the required US$350,000 expenditure, during the year. The Company is committing to spend a further US$150,000 in order to increase the shareholding to 30%. A comprehensive data review and prospectivity re-assessment was completed post-year end identifying new potential targets for rare earth and critical elements. Following the earn in of the later of the first or second interest, Power Metal and RIWAQ will form a joint venture in proportion to their tenement interests.

7.             Intangible assets

Group	Technology		Goodwill		Total
	£'000		£'000		£'000
Cost
As at 1 January 2025	761		429		1,190
Balance at 31 December 2025	761		429		1,190
Amortisation
As at 1 January 2025	(1)		-		(1)
Charge for the year	(102)		-		(102)
Balance at 31 December 2025	(103)		-		(103)
Net book value
At 31 December 2024	760		429		1,189
At 31 December 2025	658		429		1,087

Goodwill was calculated as the fair value of initial consideration paid less the fair value of identifiable assets at the date of acquisition.

Following initial recognition, goodwill is subject to impairment reviews, at least annually, and measurement at cost less accumulated impairment losses. Any impairment is recognised immediately in the consolidated statement of comprehensive income and is not subsequently reversed.

Key assumptions used in value in use calculation

The key assumptions for the value in use calculation are those regarding:

·      number of years of cash flows used and forecast growth rate;

·      discount rate; and

·      terminal growth rate.

No impairment is indicated for the CGU using the value in use calculation.

Number of years of cash flows used and forecast growth rate

The recoverable amount of the CGU is based on a board and management approved value in use calculation using specific cash flow projections over a five-year period and a terminal growth rate thereafter. The budget for the following financial year forms the basis for the cash flow projections for the CGU. The cashflow projections for the four years subsequent to the forecast year use a growth rate of 49.52%, based on management assumptions.

Pre-tax discount rate

The Group's pre-tax weighted average cost of capital has been used to calculate a discount rate of 19%. This reflects current market assessments of the time value of money for the period under review and the risks specific entities.

Terminal growth rate

An appropriate terminal growth rate is selected, based on the Directors expectations of growth beyond the five-year period. The terminal growth rate used is 2%.

Sensitivity to changes in assumptions

Management have performed sensitivity analysis on key assumptions. A base case and two further scenarios were equally weighted to provide a sensitised scenario. The assumed independent sensitivities in the scenarios were decreasing revenue by 20% and increasing cost of sales and operating expenses by 20%.

Based on the impairment tests performed, no impairment of goodwill was identified to the year ended 31 December 2025. With regard to the value in use assumptions, the directors believe that reasonably possible changes in any of the above key assumptions would not cause the carrying value of the unit to exceed its recoverable amount.

8.            Trade and other receivables

Group	Year ended 2025 £'000		Period ended 2024 £'000
Accounts receivable	41		24
Other receivables	756		766
Prepayments	56		83
	853		873

9.            Share capital

				Number of ordinary Shares
				Year ended 2025								Period ended 2024
Ordinary shares in issue at start of year/period				115,610,437								2,080,106,256
Issued for cash				-								130,000,000
Issued in lieu of expenses				-								3,362,068
Total prior to share consolidation				115,610,437								2,213,468,324
1 to 20 share consolidation				-								110,673,416
Issued for settlement for acquisition				-								4,148,514
Issued in lieu of expenses				-								788,507
In issue at the end of the year/period- fully paid (par value 0.1p)				115,610,437								115,610,437
		Number of deferred Shares
		Year ended 2025									Period ended 2024
Deferred shares in issue at 1 October		3,628,594,957									3,628,594,957
Capital reduction		(3,628,594,957)									-
In issue at the end of the year/period		-									3,628,594,957
			Ordinary share capital
			Year ended 2025 £'000							Period ended 2024 £'000
Balance at beginning of year/period			8,671							8,531
Share issues			3							140
Capital reduction			(6,362)							-
Balance at the end of the year/period			2,312							8,671
	Share Premium
	Year ended 2025 £'000								Period ended 2024 £'000
Balance at beginning of year/period	29,258								27,497
Share issues	184								1,761
Capital reduction	(29,442)								-
Balance at the end of the year/period	-								29,258

All ordinary shares rank equally with regard to the Company's residual assets.

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

Both classes of deferred shares (Deferred and Deferred A), do not entitle the holders thereof to receive notice of or attend and vote at any general meeting of the Company or to receive dividends or other distributions or to participate in any return on capital on a winding up unless the assets of the Company are in excess of £1,000,000,000,000. The Company retains the right to purchase the deferred shares from any shareholder for a consideration of one penny in aggregate for all that shareholder's deferred shares. As such, the deferred shares effectively have no value. Share certificates will not be issued in respect of the deferred shares.

Issue of ordinary shares

At the beginning of the year, the Company held a balance in shares to be issued, relating to shares issued in December 2024, which had not yet been registered at Companies House. The balance consisted of 703,037 shares at an issue price of 14.224 pence per share in relation to interest accrued on a loan received from ACAM Ltd, 534,188 ordinary shares issued at a price of 14.04 pence per share in relation to the acquisition of GSA (Environmental) Ltd, and 85,470 ordinary shares at an issue price of 14.04 pence per share in lieu of fees incurred with one of the Company's suppliers. When the share issues were registered at Companies House in January 2025, the balance in shares to be issued was reduced to nil and the respective values were recognised in share capital and share premium accordingly.

On 8 December 2025, following a hearing on 21 November 2025, the Company announced that the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List, made an order confirming the reduction of share capital ("Capital reduction") under section 641 Companies Act 2006 (the "Order"). The reduction was approved by special resolution of the shareholders at the Company's general meeting held on 10 November 2025 and involved the cancellation of:

-               All of the paid-up capital to the extent of £0.009 on each issued Deferred share;

-               All of the paid-up capital to the extent of £0.00099 on each issued Deferred A share;

-               The Company's share premium account; and

-               The Company's capital redemption reserve.

The Capital Reduction did not affect the number of ordinary shares in issue, nor did it affect the nominal value of rights attaching to them. The purpose of the Capital Reduction is to create distributable reserves to provide the Company with flexibility for future distributions and corporate purposes.

10.          Earnings per share

Basic and diluted loss per share

The calculation of the basic earnings per share ("EPS") is based on the results attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. Diluted EPS in the current year includes the impact of outstanding share options at 31 December 2025.

Basic	Year ended 2025		Period ended 2024 (restated)
Profit attributable to equity holders of the parent (£)	3,545,807		4,456,000
Weighted average number of ordinary shares in issue	116,175,238		109,721,458
Basic and diluted loss per ordinary share (pence)	3.05		4.06

Diluted	Year ended 2025		Period ended 2024 (restated)
Profit attributable to equity holders of the parent	3,545,807		4,456,000
Weighted average number of ordinary shares in issue	116,175,238		111,217,558
Basic and diluted loss per ordinary share (pence)	3.05		4.01

The basic and diluted earnings per share for the year are the same as any outstanding and exercisable share options and warrants at the year end, are not exercisable due to market conditions.

11.                          Trade and other payables

Group	Year ended 2025 £'000		Period ended 2024 (restated) £'000
Trade payables	352		603
Other payables	9		43
Other taxation and social security	37		35
Accrued expenses	301		980
	699		1,661

12.          Subsequent events

On 2 March 2026, the Company announced a strategic investment of US$1.5million for an initial 4.6% shareholding in Greyridge Exploration Corp ("Greyridge"), a Canadian-based mineral exploration company focused on the discovery of copper and gold deposits in Saudi Arabia. In conjunction with the investment, Power Metal signed a memorandum of understanding with Greyridge to establish a non-binding framework setting out the basis for the Company's majority-owned subsidiary, Power Arabia, and Greyridge to explore the option into joint ventures or similar collaborations, such as earn-in agreements, across Greyridge's projects in Saudi Arabia and any future licences that it obtains.

On 20 March 2026, the Company announced a strategic investment of US1million for 2.6% interest in Next Minerals S.A. ("Next Minerals"), a Chile-based mining company focused on the development of medium scale copper operations. Power Metal will enter a subscription agreement for the issue of 65,142 shares and 65,142 warrants in Next Mineral. The warrants will have a three-year life from issue and will be issued on a 1:1 basis. The Company's investment will be made alongside an investment from Swift Mining Services Ltd ("Swift") for a combined sum of US3million and a total interest of 7.9%. Swift operates a similar incubator model as Power Metal, focusing on undervalued copper and gold assets in emerging markets.

Subsequent to the year end, the Company announced a series of transactions in its own shares in accordance with the authority granted by shareholders at the Annual General Meeting and the share capital reduction which received High Court approval on 9 December 2025. The Company purchased a total of 2,694,161 ordinary shares of 2 pence each in the capital of the Company, through its joint broker, SP Angel Corporate Finance LLP, for a cumulative total of £392,628. The share repurchased are held in treasury following these transactions.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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

Power Metal Resources plc
Sean Wade (Chief Executive Officer)	[phone]
SP Angel Corporate Finance LLP (Nomad and Joint Broker)
Ewan Leggat/Jen Clarke	[phone]
Tamesis Partners LLP (Joint Broker)
Richard Greenfield/Charlie Bendon	[phone]
BlytheRay (PR Advisors)
Tim Blythe/Alastair Roberts	[phone]

NOTES TO EDITORS

Power Metal Resources plc (AIM: POW, OTCQB: POWMF) is a London-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, Saudi Arabia, Oman 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.

 

END