Power Metal Resources delays results to glean full impact of Covid-19

31st March 2020 By: Tasneem Bulbulia - Creamer Media Reporter

Aim-listed Power Metal Resources (POW) will delay the publication of its audited financial results for the year ended September 30, 2019.

At the request of the company’s auditors BDO and to reflect the time needed to implement newly introduced auditor protocols designed to ensure the impact of Covid-19 is fully reflected in all companies accounts, POW has requested and received an extension to its filing deadline for its final results from March 31 to May 30.

POW is conducting an ongoing review of business operations to determine, to the extent possible, the impact of Covid-19 on its projects and planned operations.

As at March 31, POW had a cash position of £540 000 and a listed investment portfolio valued at about £185 000, representing total cash and cash equivalents of £725 000.

Principal operational activities remain unaffected at this time, with the company's field operations in the Democratic Republic of Congo continuing successfully, POW noted. 

Other project interests currently involve desktop/office-based work, including preparation for drilling with Kalahari Key Mineral Exploration, the company's partner in Botswana and work with Katoro Gold in respect of the Haneti polymetallic project in Tanzania.

To date, POW has not experienced any material disruption to its ongoing operational activities on existing business interests.

It is also continuing due diligence work in respect of the Alamo Gold project, in Arizona,  in the US, and is undertaking various due diligence activities in respect of new project opportunities.

“Notwithstanding the challenges we all face on a personal level due to the societal disruption caused by Covid-19, POW, as a company, is able to continue the majority of current business operational activities.

"We believe POW is well positioned with existing business interests and access to new opportunities. We are flexible and can act quickly across our business model, and that provides us with a good degree of competitive advantage compared to many of our peers,” commented POW CEO Paul Johnson.