Power Metal Resources PLC (AIM:POW) chief executive Paul Johnson told investors that the company is benefitting from a 3-year opportunity, after building its portfolio during tougher market conditions.
"We built our portfolio for a time when metal prices would rise, when metal supply shortages would become exposed, and when participants in the metals space would see the strategic value of a well-constructed portfolio of active mineral projects,” Johnson said.
He added: "With entrepreneurial hard work, our team has positioned the business with the right combination of commodity, geographical and geological diversification.
“Although we face many global challenges, we find ourselves today in an environment where governments, financial institutions, large corporations and major metal producers openly recognise the importance of secure strategic metal supply. These various organisations know that the large-scale discoveries of tomorrow rely upon the gregarious and bold explorers of today.”
The company’s quarterly business update, released today, detailed its four operational drill programmes, four spin-out/disposal activities, the advancement of its strategic uranium interests, and its various district scale opportunities.
Johnson highlighted: “We did not build our portfolio to stay wedded to underperforming or sub-optimal projects and in the last three years the company has taken action to cease expenditure in the Ivory Coast, Cameroon and DRC, in the latter case, on hold pending ongoing operational conditions being met.
“If we don't see real value or an adequate commercial pathway for any project we will act as we always have; decisively.”