- Power Metal Resources has acquired a 75 per cent stake in First Development Resources, an Australian copper-gold miner.

The private company holds a portfolio of exploration interests in the Paterson Province of Western Australia.

The deal is contingent on several steps.

This acquisition will not be undertaken until the Ripon Hills Project has successfully been transferred to First Development Resources and the company has been awarded an exploration licence.

The 75 per cent stake will be held by a SPAC.

Paul Johnson, CEO of Power Metal Resources, said: 'The acquisition announced today provides Power Metal with a strategic interest in exploration properties in the Paterson Province, Western Australia.

'The level of interest in the region has intensified of late and the opportunity to secure a high-quality strategic licence footprint is diminishing. We needed to act to secure Power Metal's seat at the Paterson table.'

At 1:55pm: [LON:POW] share price was 0p at 1.9p

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