Paul Johnson, chief executive, said: “Since October 2020 we have invested in exploration work in every single project we hold an interest in including three separate drill programmes across interests in Botswana, Canada and Tanzania.
“Notable exploration successes announced to date include the identification of extensive anomalies from the Kalahari Copper Belt, Botswana (held in JV with Kavango Resources PLC), significant nickel drill intersections from Molopo Farms Complex Project, Botswana, and bonanza grade silver from the Silver Peak Project, Canada.
“Financial strength for a junior exploration company is important and as at 21 May 2021 Power Metal had working capital of circa GBP2.57 million, representing cash and listed company investments,” Johnson said.
“This robust working capital figure was notwithstanding the material expenditure on exploration and corporate development in the half-year ended 31 March 2021,” he added.
Losses for the six months to end-March 2021 were GBP0.59mln (GBP0.24mln) with net assets at the period-end GBP4.6mln (GBP2.4mln).
Warrant exercises during the period raised GBP2.69mln, POW added.