Power Metal said there are signs that the cyclical downturn in the mineral resource exploration sector might be easing especially in gold and uranium where prices have risen strongly.
Gold and uranium feature heavily in Power Metal’s portfolio, with assay results from the drilling programmes in Athabasca (uranium) and sampling at Tati in Botswana (gold) due shortly, Power said alongside annual results for the year to end September 2023.
Assay results are also due from the North Wind lithium project while more diamond drilling is being planned for Molopo Farms (nickel) in Botswana,
During the year, Power spun out and listed Golden Metal Resources with plans to do the same for a batch of uranium properties to be renamed Uranium Energy Exploration advancing, it said.
Power Metal still retains a 61% stake in Golden Metal.
Losses for the year were £1.3 million (£137,000) as exploration activity increased, with cash at the year-end of £1.1 million.
Power Metal added: "In addition to the multiple potential district-scale exploration and development projects currently within the portfolio, the company continues to seek new opportunities for shareholder value creation.
“A number of such opportunities are currently in the pipeline and the board remains confident that with ongoing operations and also as junior resource and commodity market conditions normalise,”