Proactive Investors - Power Metal Resources (LON:POWP) has acquired 75% of GSAe, a deal initially announced on 29 February 2024.
GSAe specialises in extracting critical and strategic metals from 'secondary sources' including power station ash, refinery waste, titanium dioxide waste and used catalysts.
Founded in 2003, GSAe currently has two Memorandum of Understanding in place with Saudi Arabian vanadium and nickel-bearing fly ash entities.
Advanced research starts soon to optimise the metal extraction process route for potentially several treatment facilities initially in Saudi Arabia.
Discussions are also underway with several mining and smelting companies over current and future mine tailings and slag residue.
GSAe is also the lead partner currently in a UK-backed consortium comprising of GSAe and the University of Lincoln as partners plus MLC (formerly Mississippi Lime Company) and metals trader Lipmann Walton to provide patented technology for metals extraction and concentration.
Sean Wade, Power Metal's chief executive, commented: “We have very exciting plans for this business and are looking forward to updating shareholders soon on contract signings and progress towards a significant revenue contribution to the Power Metal portfolio."
Pow3r Metal will pay a maximum total consideration of £1 million in tranches for GSAe.