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On 16 June 2025, Power Metal Resources PLC announced that it and Al Masane Al Kobra Mining Company (AMAK) have decided not to enter into a binding agreement. This decision relates to a Letter of Intent, previously announced on 10 March 2025, which proposed Power Metal spending US$3,000,000 to earn a 49% stake in the Qatan exploration licence. The parties did not proceed with the agreement as they were unable to reach mutually acceptable terms.
| Date | 16 Jun 2025 |
| Time | 07:00:11 |
| Category | Acquisitions and alliances |
| ID | 8802M |
16 June 2025
Power Metal Resources PLC
("Power Metal" or the "Company")
Binding agreement with Al Masane Al Kobra Mining Company ("AMAK")
Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, notes an update to its announcement of 10 March 2025. As previously notified, a Letter of Intent ("LOI") was signed to enter into a binding agreement with Al Masane Al Kobra Mining Company ("AMAK") (together, "the Parties"), a Saudi Arabian listed exploration and mining company, for Power Metal to spend US$3,000,000 to earn a 49% stake in the Qatan exploration licence in southern Saudi Arabia (the "Proposed Agreement").
Power Metal announces the decision by both parties to not enter into a binding agreement due to the parties not able to reach mutually acceptable terms.
The Company affirms its continued readiness to explore future partnership opportunities that contribute to supporting its growth and strategic plans with AMAK in the near future.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer)
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+44 (0) 20 3778 1396 |
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SP Angel Corporate Finance LLP (Nomad and Joint Broker) |
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Ewan Leggat/Jen Clarke
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+44 (0) 20 3470 0470 |
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Tamesis Partners LLP (Joint Broker) |
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Richard Greenfield/Charlie Bendon |
+44 (0) 20 3882 2868 |
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BlytheRay (PR Advisors) Tim Blythe/Megan Ray/Alastair Roberts |
+44 (0) 20 7138 3204 |
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NOTES TO EDITORS
Power Metal Resources plc (AIM:POW,OTCQB:POWMF) is a London-listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa, Saudi Arabia and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.