Power Metal Resources PLC MoU Signed at Future Minerals Forum (5439Z)
12 January 2024 - 9:06PM
UK Regulatory
TIDMPOW
RNS Number : 5439Z
Power Metal Resources PLC
12 January 2024
12 January 2024
Power Metal Resources PLC
("Power Metal" or the "Company")
Memorandum of Understanding Signed at Future Minerals Forum
Power Metal Resources PLC (AIM:POW), the leading metals
exploration and development company, is pleased to announce the
signing of a non-binding Memorandum of Understanding (MoU) with the
Ministry of Industry and Mineral Resources of the Kingdom of Saudi
Arabia ("MISA"). The signing ceremony took place at the recent
Future Minerals Forum in Riyadh, Saudi Arabia, in the presence of
His Excellency Bandar Alkhorayef, Minister of Industry and Mineral
Resources, and other dignitaries.
The purpose of the MoU is to explore the possibility of joint
collaboration efforts toward the identification and realisation of
high value-added investment opportunities that will contribute
towards maximising the benefits from the Kingdom's natural
resources.
MISA's objective is to support investment in exploration
activities, develop upstream and downstream projects targeting
multiple strategic minerals, and attract reputed national and
international mining and mineral development companies to drive the
commercialisation of Saudi Arabia's mineral resources.
MISA and POW are looking to complement the activities of each
other through establishing a mutually beneficial relationship in
order to pursue suitable exploration opportunities in Saudi Arabia.
POW will offer highly experienced technical support to potential
exploration projects, and MISA will provide project opportunities
and potential support for such projects as applicable.
Sean Wade, CEO of Power Metal Resources, commented:
"We are honoured to partner with the Ministry of Industry and
Mineral Resources of Saudi Arabia. This MoU is indicative of our
commitment to exploration in the Kingdom, and it paves the way for
us to explore exciting opportunities in one of the world's most
resource-rich countries. We look forward to working closely with
the Ministry and contributing to the Kingdom's Vision 2030 and the
diversification of its economy through the development of a
sustainable mining sector."
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 (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
BlytheRay (PR Advisors) +44 (0) 20 7138 3204
Tim Blythe
Megan Ray
NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (AIM:POW) is an AIM listed metals
exploration company which finances and manages global resource
projects.
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
grow the Company or may be returned to shareholders through share
buy backs, dividends or in-specie distributions of assets.
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END
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