Binding agreement with AMAK
Binding agreement with AMAK for Qatan exploration licence in Saudi Arabia not proceeding.
- Proposed investment in Qatan licence US$3,000,000
- Stake to be earned 49%
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Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, notes an update to its announcement of 10 March 2025. As previously notified, a Letter of Intent ("LOI") was signed to enter into a binding agreement with Al Masane Al Kobra Mining Company ("AMAK") (together, "the Parties"), a Saudi Arabian listed exploration and mining company, for Power Metal to spend US$3,000,000 to earn a 49% stake in the Qatan exploration licence in southern Saudi Arabia (the "Proposed Agreement").
Power Metal announces the decision by both parties to not enter into a binding agreement due to the parties not able to reach mutually acceptable terms.
The Company affirms its continued readiness to explore future partnership opportunities that contribute to supporting its growth and strategic plans with AMAK in the near future.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.