Full year results from Power Metal Resources highlight rapid pace of development

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Power Metal Resources PLC (LON:POW) lost £1.6mln in the year to 30 September 2020.

The company closed out the financial year with a private and listed shares and warrants portfolio worth around £1.48mln, including a £415,000 fair value uplift in the valuation of the portfolio of listed investments in other junior natural resource companies held by the company over the course of the year.

At the year end the company held cash of £913,000.

Warrant exercises since the year end have raised a further £2,638,470 for the Company.

“The audited results for the year ended 30 September 2020 demonstrate the pace of business development at Power Metal,” said chief executive Paul Johnson. 

“In the previous financial year the company emerged from the refinancing in February 2019 with a new sense of energy and a promise to deliver an exciting investment proposition in resource exploration and development. As at today’s date Power Metal is a global exploration company with precious and base metal projects across three continents. Power Metal is well funded with a strong working capital position and an objective to continue to build our “balance sheet” working capital to move the company toward financial self-sustainability.”

The company currently has exposure to active exploration programmes across a number of projects in Africa, Australia and North America

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