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Power Metal Resources says it has “advantageous financial position”, eyes opportunities

“It is imperative that public companies such as POW keep shareholders informed and maintain confidence in the potential of our company,” CEO Paul Johnson said

Power Metal Resources - Power Metal Resources says it has “advantageous financial position”, eyes opportunities

Power Metal Resources Plc (LON:POW) has updated investors amid the coronavirus uncertainty, noting the company’s “advantageous financial position”.

In a statement, Power Metal chief executive Paul Johnson said that the company’s approach is to ensure it conducts business diligently, safeguarding existing business interests whilst remaining open to new opportunities that challenging circumstances can bring.

READ: Power Metal rises as Katoro Gold updates on Blyvoor venture

“Compared to many of our peers POW has, in my view, an advantageous financial position, reflecting our underlying working capital and the flexibility with which we can deploy that working capital,” Johnson said.

“This is important, enabling us to withstand the type of shock the markets have experienced recently, whilst still, selectively and carefully, advancing our core business interests and remaining open to new opportunities.

“The work undertaken in the last year has built a strategically significant business portfolio which, being focused on elephant scale discovery potential, has the ability to deliver a resounding return for shareholders, notwithstanding wider market conditions.

“That said we remain open to further opportunities which, perhaps sadly given the circumstances, are increasingly available to us during this acute pull back phase in global markets,” he added.

The company - which has stakes in the Molopo Farms Complex, in Botswana, the Kisinka copper project in the DRC, and, Katoro Gold’s Haneti project in Tanzania – told investors it will aim to release more detailed updates in the coming day and weeks across its activities.

Quick facts: Power Metal Resources

Price: 0.229 GBX

AIM:POW
Market: AIM
Market Cap: £1.27 m
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