10 March 2025
Power Metal Resources
PLC
("Power Metal" or the
"Company")
Letter of Intent with Al Masane Al Kobra
Mining Company ("AMAK")
Power Metal Resources PLC
(AIM:POW, OTCQB:POWMF),
the London listed exploration company with a global project
portfolio, notes an update to its announcement of 9 December 2024. As previously notified, a
Letter of Intent ("LOI") was signed to enter into a binding
agreement with Al Masane Al Kobra Mining Company ("AMAK")
(together, "the Parties"), a Saudi Arabian listed exploration and
mining company, for Power Metal to spend US$3,000,000 to earn a 49%
stake in the Qatan exploration licence in southern Saudi Arabia
(the "Proposed Agreement").
After a detailed discussion
regarding the outstanding legal processes still awaiting
completion, the Parties have agreed to extend the deadline for the
formal agreement signature date by a further three months. It is
currently expected that formal agreement will be reached well
within that timeframe.
Although there can be no certainty at this
stage given the non-binding nature of the LOI, the Parties remain
confident that the Proposed Agreement will become binding. Further
announcements relating to the Proposed Agreement will be made as
appropriate.
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/Jen Clarke
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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/Alastair
Roberts
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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.
