viewPower Metal Resources

Expansion into new metals, new countries helping Power Metal Resources focus on its changed nomenclature


Recently renamed Power Metal Resources is welcoming exploration success in Cameroonian cobalt and the Congolese copper, as well as stakes in Botswana and Tanzanian projects

Electric cars charging

Quick facts: Power Metal Resources

Price: 0.36 GBX

Market: AIM
Market Cap: £1.99 m

Having changed its name mid-year to reflect a refocusing, Power Metal Resources PLC (LON:POW) has set about exploring new countries across Africa, and new metals to fulfil its nomenclature.

Previously known as African Battery Metals PLC, and before that Sula Iron & Gold PLC, the explorer has diversified into platinum group metals, copper, cobalt and nickel after discontinuing its earlier iron and gold exploration at Ferensola in Sierra Leone.

In August Power Metal also welcomed new leadership, with Paul Johnson promoted to chief executive.

“I intend to make a long-term commitment to building Power Metal Resources into one of the strongest exploration and development companies in London.

“In line with this objective, we have made a great start in recent months with exploration success in Cameroon (cobalt) and the DRC (copper), where both projects have to date exceeded our expectations,” said Johnson. 


What it owns

The Power Metal portfolio consists of four major assets:

  • Kisinka copper-cobalt project in the Democratic Republic of Congo in which a 7 kilometres zone anomalous for copper has been identified
  • A suite of cobalt-nickel projects in Cameroon, neighbouring the Nkamouna-Mada project, which is currently the largest cobalt project anywhere in the world outside of the Democratic Republic of Congo
  • A 25% stake in the Haneti project in Tanzania currently being worked up by Louis Coetzee’s Katoro Gold PLC (LON:KAT), with a right to increase its interest to 35% through the payment to Katoro Gold of £25,000 in cash by 15 May 2020
  • A nickel, platinum group metals and copper exploration complex in Botswana that’s wholly owned by Kalahari Key Metals in which Power Metal has 18.26% rights for an additional 40% direct interest through a payment of US$500,000 by end 2020


Watch the interview


New countries, new prospects

Power Metal is propelling forward with ground work at all its sites.

In October the explorer welcomed a £100,000 fundraise from Katoro Gold to advance the Haneti nickel project in Tanzania, where chief executive Paul Johnson said the group “working closely” with Katoro to review the full extent of Haneti’s resources, which as well as nickel might be also be economic quantities of platinum, gold, copper, lithium and rare earth elements.

In August, mapping and sampling results on its cobalt-nickel project in Cameroon showed similar geology as at the nearby Nkamouna project,between Power Metal Resources' cobalt-nickel project in Cameroon and the Nkamouna project, which is believed to be the largest defined cobalt resource outside the Democratic Republic of the Congo.

Meanwhile, its Kisinka copper-cobalt project in the Democratic Republic of Congo underwent field operations including sample testing (across 663 samples) and preliminary analysis identified a 7 kilometres zone anomalous for copper.

The company reported in July that ground geophysics work to identify the most attractive geophysics targets is close to completion at the Molopo Farms nickel-copper complex in Botswana.


Financials steady

In terms of financial results, in June the newly rebooted company reported a £0.79mln loss for the six months to March 31, almost unchanged on the £0.78mln loss reported a year earlier.

At the end of March, Power Metal had £6.09mln of net assets including £601,000 of cash and equivalents.

Such losses are likely to continue until the new prospects start to produce results, but with Power Metal’s underlying asset strength and the significant potential for battery materials as the electric car revolution gains pace, the future could hold much excitement for the group.    

Shares were trading at 0.42p as of 4 October, and Power Metal Resources had a market capitalisation of £1.8mln.


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Power Metal Resources named herein, including the promotion by the Company of Power Metal Resources in any Content on the Site, the Company...



Power Metal's Paul Johnson details 2020 ambitions and wider market expectations

Power Metal Resources PLC's (LON:POW) Paul Johnson caught up with Proactive London's Andrew Scott following its £700,000 raise and news of a potential new gold project in Arizona. Away from POW, Johnson talks through some of the explorers he's been keeping an eye on and is expecting to do...

on 18/12/19

3 min read