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Power Metal’s FDR unit set to acquire Aussie uranium and rare earth venture

The date of: 2021-11-22
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The subsidiary's portfolio is being finalised in advance of a planned spin-out and London IPO.

Power Metal Resources PLC (AIM:POW) has struck a deal to acquire the Selta project, in Australia’s Northern Territory.

The project is being acquired by the company’s subsidiary First Development Resources (FDR), buying the URE Metals vehicle which owns Selta. The transaction to acquire Selta will be paid in FDR shares, not Power Metal equity.

It is envisaged that FDR may will subsequently be listed in London’s capital markets and the business is, in the meantime, seeking further project acquisitions.

“This latest acquisition is an important piece of the FDR portfolio which is being finalised in advance of that proposed listing,” said Power Metal chief executive Paul Johnson.

“We intend to create a unique vehicle with a number of high-impact interests in top-tier mining jurisdictions, which on listing, will launch into multiple active exploration programmes where the results of such exploration may be transformational for shareholders.”

Johnson added: “Further announcements in respect of ongoing exploration and the FDR portfolio build are expected in the near future.'

Selta is described as highly-prospective for uranium and rare-earth element mineralisation, along with base and precious-metal mineralisastion.

The project comprises three exploration licences, together spanning some 1,574 square kilometres.

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