
27 March 2025
Power Metal Resources PLC
("Power Metal" or the "Company")
Silver Peak Project Interest Disposal
Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, announces the signing of an Option Agreement to dispose of its 30% interest in Silver Peak Resources Limited ("Silver Peak") to its Joint Venture partner Michael B Nugent ("MBN").
In April 2021, Power Metal and MBN transferred and combined their ownership interests in the Silver Peak Mineral Property (the "Property") into Silver Peak Resources Ltd. ("SPRL"), a private company incorporated in British Columbia. SPRL currently holds an 89.5% interest in the Property.
Power Metal has agreed to grant to MBN an exclusive option to acquire its entire 33.52% ownership interest in SPRL (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 SPRL
· Where the Option is exercised during the period April 1, 2025, to March 31, 2026: C$9,547.00 per one percent of SPRL acquired, totaling C$320,000 for the entire 33.52% interest held by Power Metal in SPRL.
· Where the Option is exercised during the period April 1, 2026, to March 31, 2027: C$10,740.00 per one percent of SPRL, totaling C$360,000 for the entire 33.52% interest held by Power Metal in SPRL.
· Where the Option is exercised during the period April 1, 2027, to March 31, 2028: C$11,933.00 per one percent of SPRL, totaling C$400,000 for the entire 33.52% interest held by Power Metal in SPRL.
Sean Wade, Chief Executive Officer of Power Metal Resources said:
"Following on from the announcement of our exit from the Haneti investment and consistent with the ongoing review of our activities, I am pleased to announce the signing of this option agreement.
We will continue to streamline our portfolio in order to make the most efficient use of our strong capital position, as we seek to optimise returns for our shareholders."
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)
| +44 (0) 20 3778 1396 |
| |
SP Angel Corporate Finance LLP (Nomad and Joint Broker) | |
Ewan Leggat/Jen Clarke
| +44 (0) 20 3470 0470 |
| |
Tamesis Partners LLP (Joint Broker) | |
Richard Greenfield/Charlie Bendon | +44 (0) 20 3882 2868 |
| |
BlytheRay (PR Advisors) Tim Blythe/Megan Ray/Alastair Roberts |
+44 (0) 20 7138 3204 |
|
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 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.
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