In a statement, Power Metal chief executive Paul Johnson said that the company’s approach is to ensure it conducts business diligently, safeguarding existing business interests whilst remaining open to new opportunities that challenging circumstances can bring.
“Compared to many of our peers POW has, in my view, an advantageous financial position, reflecting our underlying working capital and the flexibility with which we can deploy that working capital,” Johnson said.
“This is important, enabling us to withstand the type of shock the markets have experienced recently, whilst still, selectively and carefully, advancing our core business interests and remaining open to new opportunities.
“The work undertaken in the last year has built a strategically significant business portfolio which, being focused on elephant scale discovery potential, has the ability to deliver a resounding return for shareholders, notwithstanding wider market conditions.
“That said we remain open to further opportunities which, perhaps sadly given the circumstances, are increasingly available to us during this acute pull back phase in global markets,” he added.
The company – which has stakes in the Molopo Farms Complex, in Botswana, the Kisinka copper project in the DRC, and, Katoro Gold’s Haneti project in Tanzania – told investors it will aim to release more detailed updates in the coming day and weeks across its activities.