Proactive Investors - What it owns
Having changed its name to reflect a refocusing, Power Metal Resources PLC has set about exploring new countries across Africa, and new metals to fulfil its nomenclature.
Previously known as African Battery Metals PLC, and before that Sula Iron & Gold PLC, the explorer has diversified into platinum group metals, copper, cobalt and nickel after discontinuing its earlier iron and gold exploration at Ferensola in Sierra Leone.
The Power Metal portfolio spans across Canada, the US, Botswana, Cameroon, Democratic Republic of the Congo, Tanzania and Australia.
How it's doing
In February, the AIM-listed firm exercised its option to acquire the McKellar Property in Ontario, Canada, one of four gold exploration properties upon which the metals exploration and development company has an exclusive option to acquire a 100% interest.
It also announced it is taking steps to enable distributions such as special dividends to be made to shareholders in future. As of February 12, working capital including cash and listed investments stood at roughly £2.98mln with no debt.
In a busy start of the year, the Australian joint venture Red Rock Australasia began groundwork on its tenements near Ballarat in the Victoria Goldfields after being granted exploration permits at three licences earlier this week covering 215 sq km in its central to south Ballarat project area.
What the boss says: Paul Johnson, chief executive
“Power Metal continues to advance its business model centred around two key objectives, namely, to seek large scale metal discoveries through project exploration and to pursue financial self-sufficiency by building the company's ‘balance sheet’ working capital."
“We now have ground exploration underway across multiple projects and expect to deliver a series of technical findings to the market, including the results of drill programmes, in the near future."
“With extensive exploration now underway we are also undertaking corporate work that we expect will see some of the Power Metal interests spun-out into their own vehicles listed on recognised stock exchanges in North America and the UK."