Agreement with Alara Resources & Awtad Copper
8 October 2024
Power Metal Resources PLC
("Power Metal" or the "Company")
Agreement with Alara Resources & Awtad Copper
Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, and its majority held subsidiary Power Arabia Ltd ("Power Arabia"), announced on 11 September 2024 the signature of a non-binding Heads of Terms ("HoT") with Alara Resources Limited ("Alara") and Awtad Copper LLC ("Awtad Copper") for Power Metal to spend up to US$740,000 from the date of execution of a legally binding agreement to earn a 12.5% stake in the Block 8 concession in Oman ("Block 8"), (the "Proposed Agreement").
The finalisation and signature of a formal and legally binding agreement containing the full terms and conditions of the Proposed Agreement is in final review by both parties and is expected to be signed in the coming days. However, there can be no certainty that a legally binding agreement will be completed.
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 LLP (Nomad and Joint Broker) | |
Ewan Leggat/Caroline Rowe
| +44 (0) 20 3470 0470 |
Tamesis Partners LLP (Joint Broker) | |
Richard Greenfield/Charlie Bendon | +44 (0) 20 3882 2868 |
BlytheRay (PR Advisors) Tim Blythe/Megan Ray/Alastair Roberts |
+44 (0) 20 7138 3204 |
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.
Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
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