Power Metal Resources PLC - Metals exploration company focused on North America, Africa, and Australia - Gives exploration update for First Development Resources PLC’s Selta project in Australia. Power Metals holds a 59% interest in FDR. Says that a study has shown ‘significant expansion’ of an existing rare-earth element and lithium exploration target area, and has helped to generate new target areas building on previous ground-based exploration and desk-based data reviews carried out by FDR. Adds that specific mineral exploration target areas were established for orogenic gold and base metals. Says that an exploration strategy is now being developed to systematically test the identified targets.

Chief Executive Officer Sean Wade says: ‘Our intended IPO for FDR is taking longer than anticipated due to stagnant market conditions for capital raisings. To keep the IPO process moving forward, FDR brought forward the study on Selta which was previously planned to be completed post-IPO. Working within the constraints of a tight budget, the team worked closely with experts in Australia to enhance our already compelling exploration case for the Selta project.’

Current stock price: 0.52 pence, up 2.3% in London on Thursday

12-month change: down 64%

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