Power Metal Resources PLC (AIM:POW, OTCQB:POWMD) said it had made good progress with its portfolio over the past six months.
“The numerous agreements signed, and discussions carried out with potential investors and joint venture partners, emphasise the strong position Power Metal is in as it develops its projects, which focus on key commodities in globally significant regions," said Sean Wade, chief executive.
Two of its companies that have been listed – Guardian Metal (49% PMR owned) and First Class Metals (23%) - did well with another, First Developments (59%), preparing for an IPO.
Power Metal also raised £1.3 million from investors to start exploration work in Saudi Arabia with an earn-in agreement signed with a special purpose subsidiary of EV Metals.
At the Tati gold project in Botswana, three significant gold-in-soil geochemical anomalies have been identified.
In the Athabasca Basin in Saskatchewan, Canada, multiple significant uranium targets were confirmed with drilling also underway at the Molopo Farms nickel and platinum group element project in Botswana.
Heads of Terms were also signed for the acquisition of a 75% interest in GSA (Environmental) Limited, a privately owned UK-headquartered engineer specialising in the extraction of strategic metals from power station ash, refinery waste, titanium dioxide waste and spent catalysts.
Losses for the half year to end-March 2024 reduced to £400,000 (2023: £1.5 million) with net assets rising to £15.4 million from £14 million.