Power Metal Resources said 83% owned subsidiary Golden Metal Resources expects to be in a position shortly where it can move towards the launch of its IPO financing and, subject to regulatory approvals, complete its listing process.
Paul Johnson, Power Metal’s chief executive, added "Since our last report earlier this year Golden Metal has made extensive progress and is now in the final stages of preparation for its planned listing.
“This has been a complex process where we have removed the Australian holding companies for the flagship project, Pilot Mountain, and structured its ownership more appropriately, particularly when it comes to seeking project engagement with the USA authorities and the private sector, as a wholly owned subsidiary of a UK company.”
Golden Metals has also started a 3D induced polarization survey over the Pilot Mountain project, he said.
Detailed planning has also been undertaken for initial exploration programmes at Golconda, while a high-resolution soil geochemical survey is currently underway across the Garfield project.