Power Metal Resources PLC (AIM:POW, OTCQB:POWMD) shares moved 15% higher to 0.98p in Monday's early deals, after the firm said its 75%-owned subsidiary, GSA Environmental Ltd (GSAe), continues to advance several initiatives to license and deploy its metals extraction technologies.
The company said GSAe is in advanced talks with industrial partners and has recently completed an initial commission for a global titanium dioxide producer to treat metal-rich waste streams.
Ongoing work includes a multi-stage commission with a Saudi Arabian company to remediate industrial waste, and advanced discussions on a front-end engineering design study and related licensing agreement for a metals recovery facility, also in Saudi Arabia.
GSAe is also pursuing a joint venture with a major European recycler to process toxic industrial waste currently sent to landfill.
“It is encouraging to see the progress being made across GSAe and the potential its projects will bring," said chief executive Sean Wade.
"With the growing demand for critical materials, the use of economic extraction from waste provides an innovative solution.”
Wade added that GSAe is establishing a network in Saudi Arabia, the UK and Europe to reduce supply deficits in key materials through sustainable recovery.
Power Metal said GSAe is applying for up to €2.5 million in EU-backed funding following a successful Innovate UK grant award, which will support the development of a multi-feed metals demonstration plant in northern England.