Power Metal Resources PLC (LON:POW) has said its field operations remain unaffected by the coronavirus (COVID-19) pandemic, supported by its £725,000 cash balance
The group added, however, it is to delay the publication of its financial results for the year ended 30 September 2019.
At the request of the company's auditors BDO, and to reflect the time needed to implement newly introduced auditor protocols designed to ensure the impact of coronavirus is fully reflected in all companies’ accounts, Power Metal added, it has requested and received an extension to its filing deadline.
The company said it is conducting an ongoing review of business operations to determine, to the extent possible, of the impact of coronavirus on its projects and planned operations.
As at March 31, 2020, Power Metal had a cash position of £540,000 and a listed investment portfolio valued at approximately £185,000, representing total cash and cash equivalents of £725,000.
Principal operational activities remain unaffected at this time, it noted, with the company's field operations in the Democratic Republic of Congo continuing successfully.
Other project interests currently involve desktop/office-based work, including preparation for drilling with Kalahari Key Mineral Exploration Ltd, the company's partner in Botswana, and work with Katoro Gold PLC (LON:KAT) in respect of the Haneti polymetallic project in Tanzania.
To date, the company said it has not experienced any material disruption to its ongoing operational activities on existing business interests. The company is also continuing due diligence work in respect of the Alamo Gold project in Arizona USA and is undertaking various due diligence activities in respect of new project opportunities.
"Notwithstanding the challenges we all face on a personal level due to the societal disruption caused by Covid-19, POW as a company is able to continue the majority of current business operational activities,” said chief executive Paul Johnson.
“We believe POW is well positioned with existing business interests and access to new opportunities. We are flexible and can act quickly across our business model, and that provides us with a good degree of competitive advantage compared to many of our peers."