Power Metal Resources plc

Power Metal Resources is an exploration company that holds stakes in mining projects and other resource companies, earning money mainly by selling those stakes rather than by producing metals. Revenue was £76k, down from £200k, and profit after tax was £3.5m, down from £4.5m. The previous period covered 15 months, not 12, so the two years are not comparable.

The profit came mostly from rises in the value of its investments rather than from sales. The biggest event was selling its holding in Guardian Metal Resources for total cash of £22,809,988 before costs, which the company says was 11.8 times its original investment. Profit was also affected by a one-off gain from listing First Development Resources on the stock market, and by losses on disposing of other investments and writing down some holdings.

Year-end cash rose to £5.7m from £446k, and borrowings fell to £568k from £2.9m. No new shares were sold to raise money and no dividend was proposed. Management called it "an outstanding year" and said momentum carried into 2026. The auditor gave a clean opinion, but the report warns that exploration is speculative and future funding is not certain.