30
December 2024
Power Metal Resources plc ("POW", "Power
Metal" or the "Company")
Interim Results
Power Metal Resources PLC
(AIM:POW, OTCQB:POWMF),
the London listed exploration company with a global project
portfolio, announces unaudited
interim financial results for the six month period ending 30
September 2024, in accordance with AIM Rule 17.
On 2 October 2024, the Company
announced that that its accounting reference date has been changed
to 31 December, in order to provide the Company with greater
flexibility to complete its audit after those of its subsidiaries,
a significant number of which have year ends of 30 September. As a
result, the current accounting period was extended to 15 months,
ending on 31 December 2024.
Following the 15 month period,
future results will follow a standard timetable of interim accounts
for the six months to 30 June and full year audited results to 31
December.
The Company expects to publish its
audited accounts for the 15 months ending 31 December
2024 in early June 2025 and by no later than 30
June 2025 in any event.
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:
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Power Metal Resources plc
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Sean Wade (Chief Executive
Officer)
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+44 (0) 20 3778 1396
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SP Angel Corporate Finance LLP
(Nomad and Joint Broker)
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Ewan Leggat/Caroline Rowe
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+44 (0) 20 3470 0470
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Tamesis Partners LLP (Joint
Broker)
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Richard Greenfield/Charlie Bendon
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+44 (0) 20 3882 2868
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BlytheRay (PR Advisors)
Tim Blythe/Megan Ray
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+44 (0) 20 7138 3204
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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.
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL
REPORT
1.
Reporting entity
Power Metal Resources plc is a
company domiciled in the United Kingdom. The unaudited consolidated
interim financial report for the six-month period ended 30
September 2024 comprises the results of the Company and its
subsidiaries (the "Group"). The Group primarily is involved
in the exploration and development of mineral resources in Africa,
Australia and Canada.
2. Basis of
preparation
(a)
Statement of compliance
As permitted, IAS 34, 'Interim
Financial Reporting' has not been applied in this interim
report.
The financial information presented
in this interim report has been prepared using accounting policies
that are expected to be applied in the preparation of the financial
statements for the year ending 31 December 2024.
These policies are in accordance
with the recognition and measurement principles of International
Financial Reporting Standards, International Accounting Standards,
and Interpretations (collectively "IFRS") issued by the
International Accounting Standards Board as endorsed for use in the
United Kingdom, and these principles are disclosed in the Financial
Statements for the year ended 30 September 2023.
The interim results have been
prepared on a going concern basis. The financial information in
this interim report does not constitute statutory accounts within
the meaning of Section 435 of the Companies Act 2006. The 2024
interim financial report has not been audited.
The Annual Report and Financial
Statements for 2023 have been filed with the Registrar of
Companies. The Independent Auditors' Report on the Annual Report
and Financial Statement for 2023 was unqualified and did not
contain a statement under 498(2) or 498(3) of the Companies Act
2006.
The interim results were approved by
the Board of Directors on 28 December
2024.
(b)
Judgements and estimates
Preparing the interim financial
report requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income, and
expense. Actual results may differ from these
estimates.
In preparing this consolidated
interim financial report, significant judgements made by management
in applying the Group's accounting policies and key sources of
estimation uncertainty were the same as those that applied to the
consolidated financial statements as at and for the year ended 30
September 2023.
(c)
Going concern
The interim financial report has
been prepared on a going concern basis. Although the Group's assets
are not generating revenues, the Directors believe, having
considered all available information, including the Company's
proven ability to raise further equity funds from its supportive
shareholder base, that the Group will have sufficient funds to meet
its expected committed and contractual expenditure for the
foreseeable future. Thus, the Directors continue to adopt the going
concern basis of accounting in preparing the interim financial
report for the period ended 30 September 2024.
3.
Significant accounting policies
The accounting policies applied by
the Group in this consolidated interim financial report are the
same as those applied by the Group in its consolidated financial
statements as at and for the year ended 30 September
2023.
4.
Taxation
For the six months ended 30
September 2024, no income tax expense has been recognised in the
statement of profit or loss. It is expected that the Group has
sufficient tax losses carried forward from prior periods to offset
the taxable profits generated during the interim period. These
carried forward tax losses are expected to be utilised against
taxable income for the full financial year, if required.
5.
Earnings per share
The calculation of basic earnings
per share is based on the profit attributable to ordinary
shareholders of the parent of £3,431,000 (March 2024 loss:
£399,000), and a weighted average number of ordinary shares in
issue of 111,049,292 (March 2024: 84,071,550).
The calculation of diluted earnings
per share is based on the profit attributable to ordinary
shareholders of the parent, and a diluted weighted average number
of ordinary shares of 144,023,616.
The weighted average number
presented for the period ending 31 March 2024 above and the year
ending 30 September 2023 in the statement of comprehensive income
have been adjusted for the effect of a 20 to 1 share
consolidation.
6.
Issues of Equity
During the period, the Company
issued 514,358 shares at a share price of 14.581 pence per share.
The shares were issued for the acquisition of a 75% holding in GSA
(Environmental) Ltd.
At the period end, the Company had
111,187,774 ordinary shares in issue (31 March 2024:
110,673,416).
At the date of this interim report,
the Company had 114,287,742 ordinary shares in issue.
**Ends**
