Power Metal Resources (LSE:POW) reported an unaudited loss of £0.31 million for the six months ended 30 June 2026 as the company continued exploration and investment activities across its portfolio.
Total assets and net assets remained broadly stable during the period. The company also completed a share capital reduction while continuing to allocate capital to exploration projects and strategic investments.
Power Metal’s portfolio includes interests in uranium, gold, copper, nickel, rare earths and other critical minerals across several jurisdictions.
Power Arabia Increases Balthaga Interest
In Saudi Arabia, subsidiary Power Arabia increased its interest in the Balthaga rare earth and critical elements project to 20%.
Work has also started on a process that would increase Power Arabia’s interest in the project to 30%.
Power Metal additionally holds a strategic investment in Greyridge Exploration, providing exposure to copper and gold exploration activities in Saudi Arabia.
Tati Gold Project Moves Towards Drilling
At the 100%-owned Tati Gold Project in Botswana, the company reported progress on permitting and access arrangements ahead of planned drilling.
Power Metal said the drilling programme is being managed at no cost to the company.
Following the end of the reporting period, rotary air blast drilling commenced at Tati. The programme is intended to provide information for a feasibility study.
Drilling also started post-period at the Molopo Farms nickel project in Botswana.
Fermi Uranium Joint Venture Advances Canadian Projects
The Fermi uranium joint venture progressed work across several properties in Canada during the period.
Activities included the identification of priority drilling targets and the completion of drilling campaigns at certain properties.
Following the reporting period, Power Metal agreed a transaction that would increase its interest in the Fermi joint venture from 30% to 45%.
Strategic Investments Add Copper and Gold Exposure
Power Metal also reported strategic investments in Greyridge Exploration and Chile-based Next Minerals.
The Next Minerals investment provides the company with exposure to a copper operation in Chile described in the supplied material as mine-ready.
Power Metal operates as a natural resources exploration company and project incubator, using structures including joint ventures, farm-ins and strategic investments across its portfolio.
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