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Power Metal Resources strengthened following year of change and achievement

“The pace of growth in our business has been rapid," said chief executive Paul Johnson

Power Metal Resources - Power Metal Resources strengthened following year of change and achievement

Power Metal Resources Plc (LON:POW) highlighted a period of significant change and notable success as it released its financial results statement for the twelve months ended September 30, 2019.

The statement - released just before Wednesday’s close - detailed the business restructuring, operational progress and exploration success achieved during the period and since.

It largely kicked off with February’s restructuring of management and finances, while operationally the focus was on projects in Africa.

READ: Power Metal rated as ‘buy’ with First Equity eyeing Australian gold

“In the year to September 2019 we progressed the Cameroon and DRC projects, with notable success in the DRC with the discovery of a 6.8km copper anomaly that is now under further examination," said Paul Johnson, Power Metals chief executive.

“In the year we also announced new strategic project opportunities in Tanzania with the Haneti Polymetallic project and Botswana with the Molopo Farms Complex project."

Johnson added: “Since the year-end we have added to the portfolio with a significant Australian gold joint venture and due diligence underway in respect of a gold opportunity in the USA and a rare earths project in Botswana.

“The pace of growth in our business has been rapid, and this has been underpinned with a careful financing strategy to ensure the company is robustly financed and may, if our objective is fulfilled, enable us to build our balance sheet toward financial self-sufficiency.”

The pre-revenue firm reported a £1.6mln loss for the year, narrowed from the £6.6mln reported for the preceding twelve months. It ended September with £171,000 of cash, before £700,000 was raised in December.

Quick facts: Power Metal Resources

Price: 0.6 GBX

Market: AIM
Market Cap: £3.32 m

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