Appointment of Non-Executive Director

RNS Number : 3620C

Power Metal Resources PLC

10 October 2022

 

10 October 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Appointment of Non-executive Director

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the appointment of Owain Morton as a Non-executive Director of the Company with immediate effect.

Mr Morton, based in the UK, is an Associate Partner - Mining & Metals SME with IBM providing multi-sector business services and technology consulting. 

His previous roles have included: Technology & Innovation Manager for Glencore Global; Technical Strategy and Risk Management & Operations Excellence Manager for ArcelorMittal Mining and Principal Engineer for Barrick Gold Saudi Arabia.

Mr Morton holds a Bachelor of Engineering Honours degree in Mineral Surveying & Resource Management and a Master of Science degree in Mining Engineering, both from the University of Exeter/Cambourne School of Mines.

Paul Johnson, Chief Executive Officer of Power Metal Resources commented:

"I would like to welcome Owain to the Power Metal team and very much look forward to working with him as we seek to continue the advancement of our business.

We have been focused on strengthening the Power Metal Board with enhanced geological and technical skillsets able to guide future development of the Company from the acquisitive recent years into more advanced exploration and corporate value crystallisation.

Owain's extensive experience and input will be of great benefit to the Company at what is a key and critical point in our development.

Power Metal is the embodiment of its people, their ideas and their work. We have a unique and talented team and I am particularly pleased with what we have achieved to date and very much focused on the delivery of distinct, material and realisable value for shareholders."

Regulatory Disclosures:

The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Owain David Morton, aged 41:

Current directorships and/or partnerships:	Former directorships and/or partnerships (within the last five years):
IOLA & EFFI LTD IOLA & EFFI GMBH	NONE

Mr Morton does not hold any shares in Power Metal.

Mr Morton has confirmed there is no further information to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM rules.

As part of Mr Morton's employment contract Mr Morton has been issued with Power Metal share options, namely, 5 million options to subscribe for new Power Metal ordinary shares of 0.1p each at an exercise price of 3.25 pence with a life to expiry of 3 years from today (the "Director Options"). The Director Options are subject to a minimum service period of 6 months and may not be exercised until the volume weighted average price of Power Metal shares trades at 5.0 pence for ten consecutive trading days.

PDMR Disclosure

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Owain Morton
2	Reason for the notification
a)	Position/status	Non-executive Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Power Metal Resources Plc
b)	LEI	213800VNXOUPHTX53686
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	ordinary shares of 0.1p each
	Identification code	ISIN: GB00BYWJZ743
b)	Nature of the transaction	Issue of Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			3.25p	5,000,000
d)	Aggregated information
	- Aggregated volume	5,000,000
	- Price	3.25p
e)	Date of the transaction	10 October 2022
f)	Place of the transaction	Off Market

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
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.

Exploration Work Overview

Power Metal has internal exploration programmes completed or underway, with results awaited, as outlined in the table below.

Project	Location	Current POW %	Work Completed or Underway	Results Awaited
Athabasca Uranium	Canada	100%	Ground exploration programme complete at 3 properties.  Preliminary planning for work in Spring/Summer 2023 is ongoing.	Assay result from samples collected during fieldwork.
Authier North Lithium	Canada	Earn-in to 100%	Property Evaluation Report completed.	Update covering exploration plans for target areas identified during the Evaluation.
Molopo Farms	Botswana	53%#	T1-6 conductor target drilling underway and MLEM surveys over T1-6, T1-14, T1-3 and T2-3 completed. Further MLEM surveys planned over additional AEM targets identified.	Drill programme updates and findings from further MLEM survey work.
Tati Project	Botswana	100%	RC drilling and sampling of mine dumps complete.	Review of mine dumps sampling and results from RC drill programme.

^# subject to completion of acquisition announced 18.5.22 interest will increase to 87.71%

Exploration work programmes may also be underway within Power Metal investee companies and planned IPO vehicles where Power Metal has a material interest, the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required. 

These interests are summarised in the table below:

Company	Status/Operations	Link
First Class Metals PLC	Investment - POW 28.19% Exploration in the Schreiber-Hemlo region of Ontario, Canada	www.firstclassmetalsplc.com
First Development Resources PLC	Planned IPO - POW 62.12% Exploration in Western Australia and the Northern Territory of Australia	www.firstdevelopmentresources.com
Golden Metal Resources PLC	Planned IPO - POW 83.13% Exploration and development in Nevada, USA	www.goldenmetalresources.com
Kavango Resources PLC	Investment - POW 14.03% (subject to completion of Kanye Resources disposal announced 8.7.22) Exploration in Botswana	www.kavangoresources.com
New Ballarat Gold PLC	Planned IPO - POW 49.9% Exploration in the Victoria Goldfields of Australia	A new website is currently in development which will be found at www.newballaratgoldcorp.com . In the interim further information in respect of NBGC can be found at: https://www.powermetalresources.com/project/victoria-goldfields/ .
Uranium Energy Exploration PLC	Planned IPO - POW on listing estimated 40-55%	www.uraniumenergyexploration.com

 

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