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Power Metal Resources PLC on Thursday said it has signed an option agreement to sell its 30% interest in Silver Peak Resources Ltd to joint venture partner Michael B Nugent. The metals exploration company with projects in North America, Africa, Saudi Arabia and Australia said it has agreed to grant MBN an exclusive option to acquire its 34% ownership interest in SPRL, representing a net 30% interest in the property. In April 2021, Power Metal and MBN combined their ownership interests in the Silver Peak Mineral Property into Silver Peak Resources. MBN will pay Power Metal C$10,000, or $6,987 as an option payment. If exercised by the end of March 2026, the cost is C$9,547.00 per 1% of SPRL acquired, totalling C$320,000 for the entire interest. This incrementally rises to up to C$400,000 if the option is not exercised until the end of March 2028. Chief Executive Officer Sean Wade said: ‘Following on from the announcement of our exit from the Haneti investment and consistent with the ongoing review of our activities, I am pleased to announce the signing of this option agreement. ‘We will continue to streamline our portfolio in order to make the most efficient use of our strong capital position, as we seek to optimise returns for our shareholders.’ Shares in Power Metal Resources were down 0.7% to 14.40 pence in London on Thursday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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