power metal resources plc (pow.l) · 6/8/2020 · deal for metal tiger, when sandfire resources...
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MARKET DATA:
Name: Power Metal Resources plc
Ticker: POW.L
Price: 0.375p
SII: 552.7m
Market Cap: £2.1m
Sector: Resources
Listing: AIM – London
FINANCIALS:
Cash: £0.54m (actual. 31/03/20)
Investments: £0.31m (FEL est. now)
Last Placing: Dec ’19 - 0.4p to raise £0.7m
Last Results: 20/05/20 – Finals Y/E Sep ‘19
ACTIVITIES:
Exploration & development of mineral
projects, mostly battery metal commodities in
Africa, Australia and North America.
KEY PROJECTS / ASSETS:
Molopo Farms Complex (Botswana)
Victoria Goldfields (Australia)
Cobalt Blue Holdings (Cameroon)
Kisinka (DRC)
Ditau (Botswana)
Haneti (Tanzania)
DIRECTORS:
Paul Johnson (CEO)
Andrew Bell (Exec Chairman)
Iain Macpherson (Non-Ex)
Scott Richardson Brown (Non-Ex)
Edmund Shaw (Non-Ex)
SHAREHOLDINGS:
Paul Johnson (Dir) 6.1%
Red Rock Resources plc 4.5%
David Steinepreis 3.3%
Andrew Bell (Dir) 3.2%
Total Director holdings = 10.6% (In addition to
above, Iain Macpherson holds 0.39% and
Edmund Shaw 0.91%)
*First Equity Limited acts as Joint
Broker to Power Metal Resources
Plc.
ANALYST
Jason Robertson
+44 (0)20 7330 1883 [email protected]
Much more than the sum of its parts? 8 June 2020
Whilst most of the economy has been in pause mode for the last 3-months during
the global state of emergency, including many exploration and mining companies,
Power Metal Resources (POW.L) management have been in pro-active mode
adding new projects to a growing and increasingly prospective portfolio of
interests that span not only power metal exposed commodities but also gold
interests in many exploration target rich localities.
In this initiation research note we look at each of POW’s projects, including its four
core and most exciting interests at Molopo Farms Complex (Botswana), Victoria
Goldfields (Australia), Kisinka (DRC) and Cobalt Blue Holdings (Cameroon) to
understand the value behind the Group.
- The Molopo Farms Complex (MFC) JV in Botswana represents POW’s flagship
African project, upon which technical drilling over 2,500 metres is expected to
start in the coming months, following environmental management plan approval
and lifting of COVID-19 restrictions, to provide us with a greater understanding of
its potential for nickel, copper and PGM mineralisation.
- The blue-sky objective at MFC is to target massive sulphide deposits that could
be similar in size to the world class Voisey’s Bay Mine nickel deposit in Canada.
- Botswana is a familiar jurisdiction to CEO Paul Johnson, where he helped develop
the asset base of Metal Tiger, which subsequently attracted mid-tier miner
acquisition interest for its JV. Investors will be hoping history can repeat itself in
the same country with another successful discovery and exit event.
- Elsewhere in Botswana, POW is running the slide rule over a planned rare earth
elements and base metal-prospective project at Ditau in a JV with AIM listed
Kavango Resources, which is headed up by executives with an excellent record of
discovering, financing and achieving value for assets that subsequently attract the
interest of majors in the billion dollar plus bracket range.
- In recent weeks POW added to its gold interests through a JV in the Victoria
Goldfields in Australia, with licence applications covering 1,835 sq. km, in a
prolific gold mining district, near Ballarat Mine, which has produced 13m oz of
gold to date, and also close to where ECR Minerals recently sold three gold projects
for up to A$2.5m.
- POW’s valuation is supported by a 10m share and 10m warrant holding in AIM
listed Katoro Gold, which we value at £0.37m at the current Katoro share price
of 2.1p, representing 18% of POW’s current market cap. Earlier this year this
percentage was as high as 35%, when Katoro traded above 4p per share.
FEL Comment & Recommendation
By deducting Katoro’s equity and warrant valuation from the current market cap
and a small Kavango loan note investment, investors are essentially valuing POW’s
projects at only £1.7m. Given POW’s breadth of exploration projects and
commodity exposure, many of which are located within exploration rich target
areas, this figure is clearly too low, especially when considering POW’s increased
interests in the gold sector, a precious metal that continues to rise in the current
global crisis, and more so when measured in sterling terms.
We anticipate an intensive news-flow period ahead in the coming months, with
the commencement of drilling at MFC, more details being learnt about the Victoria
Goldfields project, Kisinka results and possible completion of due diligence at Ditau
and Alamo. A market cap of around £2m grossly understates the potential upside
of the projects and investments held by Power Metal Resources, and its recent
increased exposure to some highly prospective and exciting gold projects. We
therefore recommend POW as a ‘Buy’.
BUY
POWER METAL RESOURCES PLC (POW.L)
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Power Metal Resources PLC - FEL Broker Note 8 June 2020
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INTRODUCTION & BACKGROUND
As its name suggests, ‘Power Metal Resources plc’ (POW) core focus is on the
exploration and development of power metal commodities that will be used to
manufacture batteries for electric vehicles, such as nickel and cobalt, which will
therefore aid in the replacement of combustion engine towards lower carbon emission
modes of transport. More recently in the last six months POW has broadened its remit
to include gold exploration projects to capitalise on resurgent investor interest for gold
and gold exploration resource companies in the wake of the current COVID-19 crisis
and global economic impact.
The Group has undergone three listed reincarnations, the first as Sula Iron & Gold PLC,
and then African Battery Metals Plc from January 2018, with the name change to Power
Metal Resources plc occurring in June 2019.
Serial resource entrepreneurs and seasoned deal makers Paul Johnson and Andrew
Bell joined the Board as CEO and Chairman respectively in January 2019 when the
Group raised £1m at 0.5p per share. Iain Macpherson and Scott Richardson Brown
remained on the Board as non-executives.
Paul Johnson is most noted for co-founding and advancing Metal Tiger plc, which
invested heavily in Botswana via both direct project interests and in equity partnerships
with other parties. One such JV with MOD Resources subsequently led to a landmark
deal for Metal Tiger, when Sandfire Resources (SFR.AX) acquired MOD in late 2019,
resulting in a near 3-fold return on investment (£22m return v £7.7m investment#).
Paul Johnson and Andrew Bell were also responsible for the refinancing and
restructuring of Greatland Gold plc (GGP.L) in 2016 leading to a new reinvigorated
exploration vehicle which led to dramatic operational success in Australia.
POW’s most recent Placing was completed in December 2019 to raise £0.7m at an
issue price of 0.4p per share, with an attached 1 for 1 warrant exercisable at 0.7p for
two years. City professional and First Equity Limited private client broker Edmund Shaw
joined the Board as non-executive in February 2020.
Paul Johnson reassuringly vowed to “protect investors and only raise funds when
required on a sensible basis” and not to “do heavily discounted placings” in a Share
Talk interview aired on 23 Jan 2020. In a similar vein in the recently published
Corporate Presentation (28 May 2020), the CEO explained the Company’s objective of
“… building our balance sheet to become self-financed …”
The main impact of Covid-19 lockdown restrictions has been on delaying the
exploration programme at MFC in Botswana, restrictions on international travel for
conducting on the ground project due diligence and on the Group results publication
being delayed from 31 March to the end of May 2020. The impact of the virus is country
specific, for example exploration work in the DRC appears to have continued
unaffected. Nevertheless, other activities such as desktop review analysis of projects
and new project acquisitions have continued unabated.
#Further details and analysis of deal can be found in FEL’s Metal Tiger plc research
note from 10 October 2019. Copies available on request.
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Power Metal Resources PLC - FEL Broker Note 8 June 2020
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AFRICAN PROJECTS & INVESTMENTS
Molopo Farms (Botswana), nickel, copper, PGM, up to 50.96%.
POW holds 3,542 shares (18.26%) in Kalahari Key Mineral Exploration (Pty) Ltd
(KKME), which has 100% in the Molopo Farms Complex (MFC) project. POW’s project
interest in MFC is expected to increase to 50.96%, once US$500K is spent during 2020
on a earn in to acquire a direct 40% project interest, to add to its KKME equity interest.
POW’s dual interest through a direct project interest and an equity holding in a project
partner, is similar to the structure of a previous transaction that Paul Johnson was co-
architect of when a director of Metal Tiger plc, where it acquired an equity holding in
MOD Resources and direct interest in a Botswana copper exploration project. If a major
discovery is made at MFC, then POW would gain from both its direct project exposure
and equity interest in KKME, especially if KKME is elevated to a listing on a recognised
investment exchange from its current private status.
MFC is located in south-west Botswana and consists of three licences covering an area
of 2,725 sq. km, which are believed to be prospective for nickel-copper-PGMs.
Fig 1: Regional location of Molopo Farms Complex Project. (Source KKME).
Data from airborne and ground electro-magnetic surveys in 2019 identified a shortlist
of 8 high priority targets of “considerable size and scale” from 17 sub-surface conductor
targets. Prior to the electro-magnetic surveys, it was anticipated that 2 or 3 drilling
targets would be identified. The blue-sky objective is to target massive sulphide
deposits that could be similar in size to the world class Voisey’s Bay Mine nickel deposit
in Labrador, Canada.
Underlining the highly prospective nature of MFC, is the fact that interest in the projects
have been shown “by a number of large mining companies and also by financiers
looking to provide funding” to KKME or at project level, according to POW’s recent final
year statement. Some of this interest could have been generated at the February 2020
Indaba conference hosted in Cape Town, SA, where Kalahari Key had an exhibition
stand. It is highly encouraging in our opinion that such an early stage and pre-drilled
project is gaining such interest.
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Once Covid-19 restrictions are lifted in Botswana, POW will deliver an updated
Environmental Management Plan (EMP) to the Department of Environmental Affairs.
When this is approved, we believe up to 2,500 metres will be drilled over 4 holes in a
technical drilling campaign to test targets at around 300 to 800 metres depths, and to
understand more about the geology. Initial drilling is to be focused on the Chipo target
in the Northern area of the permits, followed by other targets at Tshepo (Central
Targets), Galaletsang (Southern Targets) and Tshenolo (Western Magnetic Targets).
Additional opportunities in Botswana are being reviewed currently with the aim of
complementing MFCs existing acreage.
Event Est. Duration
Lifting Botswana Covid-19 Restrictions Unknown
Environment Approval Securing 1 to 2 months
Drilling 2,500 metres over 4 targets 1 month
Core at Lab in Johannesburg, SA 2 to 5 weeks
Fig 2: MFC Drilling timeline (FEL estimates).
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Cobalt Blue Holdings (CBH), (Cameroon) copper, nickel, 100%.
Four licences are held covering an area of just under 2,000 sq. km, which are
prospective for cobalt-nickel. These lie within 31 miles of Geovic Mining Corporation’s
Nkamouna/Mada cobalt-nickel deposit, which is reported to be the largest defined
cobalt resource outside of the DRC, with a NI 43-101 compliant resource of 323.1mt
at 0.21% cobalt (Fig 3), of which 68.1m at 0.26% cobalt is within the ‘Proven and
Probable’ Reserve category.
Nkamouna and Mada
NI 43-101 Resources’ Mt’ Cobalt Nickel Manganese
Measured 59.8 0.24% 0.66% 1.37%
Indicated 60.8 0.22% 0.62% 1.32%
Inferred 202.6 0.20% 0.59% 1.22%
Total 323.1 0.21% 0.61% 1.25%
Fig 3: Source 2011 BFS, Technical Report by SRK Consulting.
Exploration results from work undertaken in 2019 confirmed POW’s project has similar
geology to that found at Nkamouna/Mada, given the presence of several similar
plateaus.
“Various options” for this project are being considered by POW and its consultants,
according to POW’s recent year-end results statement, which we believe may lead to
a project disposal or bringing in of a JV partner.
Fig 4: Cameroon Licence Map – (Source POW)
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Kisinka (DRC), copper, cobalt, 70%.
The 50 sq. km Kisinka licence is in the south-east of the Democratic Republic of Congo
(DRC), near the border with Zambia and around 25 miles from the country’s second
largest city Lubumbashi. The licences were acquired for a modest consideration of
US$100K. Kisinka is in a fertile discovery area, given its location in the vicinity of
several cobalt-copper mines within the Katangan Copperbelt.
Analysis from an extensive termite mound sampling programme showed the presence
of a 6.8km by 600 metres long anomalous zone of copper mineralisation. The
management are encouraged by the presence of Roan rocks within this identified
copper mineralisation, as some of globes largest and highest-grade rock-hosted
copper-cobalt deposits in the copper belts of Zambia and DRC are located within such
rock types.
In early May 2020, Minex Consulting completed a field pitting programme for POW,
which involved sampling 21 pits totalling 174.5 metres on 9 cross sections of the
copper anomaly target. The samples will be sent to the South African laboratories once
lockdown restrictions are lifted. Results from handheld XRF devices are expected first,
followed by the assays from the labs.
Haneti (Tanzania), nickel, gold + other commodities – up to 35%.
The project is being pursued as part of a JV with AIM listed Katoro Gold plc (KAT.L), in
which POW holds a 4.38% equity interest. A direct 25% project interest is held by
POW, which can be increased (until 31 August 2020) to 35% by paying the cash sum
of £25K. We estimate around US$1.5m has been spent on the project to date by Katoro
Gold plc and former project owner Kibo Energy plc (KIBO.L).
Haneti is a polymetallic system and covers a sizeable area of 5,000 sq. km and is
prospective for many precious and base metals, namely, nickel, PGMs, cobalt, copper,
gold, niobium, tantalum and lithium.
The main target is an 80 km long ultramafic belt, upon which grades from surface
sampling have yielded up to 13.6% nickel and 2.33 g/t combined platinum and
palladium. Within this belt is the main target, Mihanza Hill, which the management of
Katoro believe has a similar style of mineralisation to ASX listed Sipa Resources
Limited’s (SRI.AX) Akelikongo nickel project in Uganda.
Within the licence, gold potential has been identified, where there are extensive
artisanal gold mining activities, in an area that is east of the Singida project, controlled
by Shanta Gold, from which a 0.7m ounce gold resource is defined.
Katoro’s management believe the project has “substantial exploration upside
potential”, which has led third party interest being shown it for those seeking potential
large-scale nickel-PGM opportunities.
In late May 2020 we learnt that Katoro had received certain approaches relating to a
possible earn-in, JV or similar structures centred on the nickel sulphide potential of the
project from “Tier-1 mining companies”. The project partners are currently looking to
restructure the ownership of the JV to optimise the project’s “commercial pathway”.
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Ditau (Botswana), rare earth elements – 51% (under due diligence).
Subject to completion of due diligence work, a 51% stake in this project would be
acquired from AIM listed Kavango Resources (KAV.L) for an all-share consideration of
£150K (35.7m shares) by the start of September or earlier if related international
COVID-19 restrictions are lifted. POW has already demonstrated its financial
commitment to its potential new project partner by investing £38K in a Kavango
convertible loan note, with a term to 31 March 2021, which comes with a warrant
attached to each conversion share.
The project consists of two licences covering 1,386 sq. km. Exploration has identified
10-seperate magnetic ‘ring structures’ within the permit area, one of which the ‘Ditau
Prospect’ was drilled last year in a 1,000-metre drill program.
Kavango believe that such ‘ring structures’ are associated with post-Karoo age
carbonatites which are located at shallow depths of below 60 to 70 metres of Kalahari
sand cover. Such carbonatites are typically the primary source of Rare Earth Metals,
niobium and other minerals. The discovery by Falconbridge in the 1970s of three
carbonatites around 50kms from Ditau bodes very well for a similar discovery.
By acquiring this project and partnering with Kavango, POW can tap into the experience
and wisdom of a very capable team which includes Kavango non-exec director Mike
Moles and CEO Mike Foster. Both have an excellent track record of discovering,
financing and achieving value for exploration projects in Africa. Most notably, Mike
Moles sold a platinum group element project to Impala Platinum and a coal project to
Riversdale Mining, which was subsequently sold to Rio Tinto for US$4bn.
Fig 5. 2020 Kisinka Pit Monitoring (Source Kavango Resources).
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Katoro Gold Investment (equity and warrant interest).
POW holds an equity and warrants stake in AIM Katoro Gold plc, consisting of 10m
shares and 10m warrants exercisable at 1.25p (2.5m exercisable by 15/03/22 and
7.5m exercisable by 15/05/22). Katoro’s shares have appreciated considerably in value
during this year, rising from 0.85p at the end of January to 2.1p now, having been as
high as 4.3p in mid-February.
The share rise is in response to news that Katoro plans to take part in a South African
gold production project opportunity to reprocess 1.34m oz of gold in partnership with
Blyvoor Gold Operations (Pty) Ltd. The project partners envisage, subject to funding,
that an annual gold production target of 35,000 ounces can be achieved during a 25-
year mine life from a 1.34m ounce resource. As previously mentioned in this report,
Katoro’s other main interest is Haneti in Tanzania.
Power Metals benefits from holding Katoro Gold warrants that have an in-the-money
exercise price of 1.25p (versus current mid share price of 2.1p) and a time to expiry
of around two years. In Fig 6, the warrants’ Black Scholes value is calculated at
different Katoro share prices and shown in relation to the current POW market cap, to
illustrate the gearing impact upon POW, of an appreciating Katoro share price.
Shares Warrants Shares & % of POW
Katoro (BS Value) Warrants Market Cap
Share Price (p) £ m' £ m' £ m'
0.50 £0.05 m £0.03 m £0.08 m 3.9%
1.00 £0.10 m £0.07 m £0.17 m 8.2%
1.50 £0.15 m £0.12 m £0.27 m 13.0%
2.00 £0.20 m £0.16 m £0.36 m 17.4%
2.50 £0.25 m £0.25 m £0.50 m 24.1%
3.00 £0.30 m £0.25 m £0.55 m 26.5%
3.50 £0.35 m £0.30 m £0.65 m 31.4%
4.00 £0.40 m £0.35 m £0.75 m 36.2%
4.50 £0.45 m £0.40 m £0.85 m 41.0%
5.00 £0.50 m £0.44 m £0.94 m 45.4%
Fig 6: Sensitivity & leverage to Katoro Shares using equity and Black Scholes (BS) values
(Source FEL).
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Power Metal Resources PLC - FEL Broker Note 8 June 2020
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AUSTRALIAN & USA GOLD PROJECTS
Victoria Goldfields JV, gold, 49.9%.
This is the most recent project to be added, which is being pursued in partnership with
AIM listed Red Rock Resources plc (RRR.L) under JV Company Red Rock Australasia
Pty Ltd (RRAL). Licence applications have been made over an area covering 1,835 sq.
km in the Victoria Goldfields, located 120 kms northwest of Melbourne. Following the
addition of four new licence applications (916 sq. km) in early June 2020, RRAL is now
one of the largest tenement holders in Victoria Goldfields, with combined applications
stretching over a contiguous 100 km North-South length around the mining town of
Ballarat.
Victoria Goldfields
Licences
Licence App No
EL00’
Project Name Area (sq. km)
7271 Blue Whale 133
7281 Blue Chip 74
7282 Blue Sky 489
7285 Blue Ribbon 8
7294 Red Queen 130
7301 Mt Bute 85
7327 Blue Stocking 60
7328 Blue Yonder 168
7329 Evergreen 486
7330 Blue Angel 202
Total 1,835
Fig 7: Victoria Goldfield Licences details (Source POW)
The projects are in a prolific gold mining district, adjacent to Ballarat Mine, operated
by Castlemaine Goldfields Pty Limited, which is currently producing around 40,000 oz
of gold per annum at a robust average grade of 5.6 g/t from underground extraction.
The mine has historically produced over an estimated 13m ounces of gold, mostly from
alluvial mines. In the state of Victoria itself, around an estimated 85m ounces of gold
have been mined to date, accounting for 32% of all gold mined in Australia, despite
Victoria being the second smallest of Australia’s eight states in terms of land area.
Fig 8: Victoria Goldfield Licence Map (Source POW).
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Gold mining in the Ballarat area dates to the mid-18th century, with an estimated 160
tonnes of gold mined between 1851 and 1917, of which Ballarat East produced an
estimated 47 tonnes at 10 g/t. The licence application boundaries lie next to former EL
4996, which produced a recorded 112,055 oz of gold. The geological thinking behind
the ground that the JV has pegged is to focus on areas of previous mining activity
around and North of Ballarat, and areas of major fault-related deformation including
along the structural zone boundaries.
Fig 9: Regional Goldfields (Source POW).
Victoria Goldfields has attracted considerable interest from prospectors and investors
recently. For example, the Courier News noted that February 2020 marked a five-year
high for new exploration licence applications, with 83 new mineral licences and 171
variations over the financial year.
A wealth of historic data is publicly available for examination, the review and analysis
of which will be undertaken by the JV partners as part of its desktop review to
determine the best exploration targets and those that would benefit from the use of
modern exploration technology.
Evidence for the route map to success for a small junior exploration company in the
Victoria Goldfields, can be seen from the recent achievement of AIM listed ECR Minerals
(ECR.L), which announced the sale of three gold exploration projects for up to A$2.5m
to Fosterville South Exploration Ltd (FSX.V) in April 2020. In the same RNS, ECR’s CEO
also revealed that “other external parties” were reviewing data on two of its other
projects in the Victoria Goldfields that could lead to commercial transactions and/or
JVs.
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Alamo (Arizona, USA), gold, 60% earn-in (under due diligence).
POW is currently conducting due diligence on the ‘Alamo’ gold prospective project, that
covers an initial small area of 340 acres (about half a square mile), in west-central
Arizona. Native gold nuggets have previously been identified at many locations within
the boundaries of the project, most of which are believed to be at surface. Additional
areas to the 340 acres are under application to significantly expand the project. Also,
other gold project opportunities are being reviewed in other parts of the US.
Along with gold, there could be potential for the discovery of base metals, given that
there are mines in the region from which silver, lead, gold, zinc and copper are
produced.
The management understand that around 60 ounces of gold nuggets have been found
in the project area at surface by prospectors using metal detectors, of which the largest
nugget weighed 5 ounces. During a site visit by the management in Jan 2020, three
small gold flakes were recovered following the excavation of a small test pit, which
demonstrates the presence of near-surface gold. The objective and greater prize of a
future exploration campaign will be to locate the source of the nuggets in the bedrock
and determine if a large gold system exists.
The project is currently owned by Frisco Gold Corporation, who have an option to earn
an interest in 60%. POW is undertaking due diligence on the project until 30 June 2020
for a payment of US$25K in shares (4.8m shares).
To acquire the option from the vendor, POW would be required to pay a consideration
of US$0.25m in shares (38.8m shares), issue 38.8m warrants and 5m options (all
exercisable at 1.0p per share). The consideration shares are subject to a 4-month 1.5p
price limit-based lock up. To earn a 60% interest in the project POW will be required
to spend US$1.1m over a four-year period.
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Regulatory Disclaimers and Disclosures
This document is non-independent research and a marketing communication under the FCA Conduct of Business Rules. It
has not been prepared in accordance with legal requirements designed to promote the independence of investment research
and is not subject to any prohibition on dealing ahead of the dissemination of the investment research. FEL does have
procedures in place to manage any conflicts which might arise in the production of investment research, including Chinese
Wall procedures.
This research note is designed for information purposes only and does not constitute a personal recommendation, offer or
invitation to buy or sell any investment referred to within it. Investors should form their own conclusions and/or seek their
own advice to determine whether any particular transaction is suitable for them in the light of their investment objectives,
the benefits and risks associated with the transaction and all other relevant circumstances.
The views expressed in this note are those of First Equity’s analyst. They are based on information believed to be reliable
from mainly primary sources but no warranty or representation, express or implied, is made about the accuracy or
completeness of this information, which may be subject to change without notice. Any opinion given reflects the analyst’s
judgement as at the date of this document’s publication. Any or all statements about the future may turn out to be incorrect.
This document is not for distribution into the United States, Canada, Australia or Japan
Neither this document nor any copy of it may be taken or transmitted into the United States of America, or distributed,
directly or indirectly, in the United States of America or to any US person as defined in Regulation S under the United States
Securities Act of 1933. Any failure to comply with this restriction may constitute a violation of United States securities laws.
Neither this document nor any copy of it may be taken or transmitted into Canada or distributed in Canada or to any individual
outside Canada who is a resident of Canada, except in compliance with applicable Canadian securities laws.
Neither this document nor any copy of it may be taken or transmitted into or distributed in Australian or to any resident
thereof except in compliance with Australian securities laws. Any failure to comply with this restriction may constitute a
violation of Australian securities laws.
Neither this document nor any copy of it may be taken or transmitted into or distributed in Japan or to any resident thereof
for the purpose of solicitation or subscription or offer for sale of any securities. Any failure to comply with this restriction
may constitute a violation of Japanese securities laws.
Important Declarations
First Equity Limited acts as Joint Broker to Power Metal Resources plc.
First Equity Limited clients and employees hold shares in Power Metal Resources plc.
First Equity Limited is a member of the London Stock Exchange
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