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Power Metallic Mines Inc ( (TSE:PNPN) ) has issued an update.
Power Metallic Mines Inc. has announced the acquisition of 167 km² of mineral claims from Li-FT Power Ltd., significantly expanding its Nisk-Lion-Tiger polymetallic project area by over 300%. This strategic acquisition enhances Power Metallic’s land position to approximately 212.86 km², allowing the company to secure key geological areas with high potential for additional polymetallic deposits. The expansion positions Power Metallic to control and explore a larger portion of the basin, potentially leading to new discoveries and strengthening its market position in the mining sector. The acquisition involves a $700,000 cash payment and the issuance of 6,000,000 common shares, while Li-FT retains a 0.5% NSR on the acquired claims. The company is fully funded for a 100,000-meter drill program through 2026, with plans to ramp up exploration activities in the expanded project area.
The most recent analyst rating on (TSE:PNPN) stock is a Buy with a C$1.17 price target. To see the full list of analyst forecasts on Power Metallic Mines Inc stock, see the TSE:PNPN Stock Forecast page.
Spark’s Take on TSE:PNPN Stock
According to Spark, TipRanks’ AI Analyst, TSE:PNPN is a Neutral.
Power Nickel Inc’s overall stock score reflects significant challenges in financial performance, primarily due to the lack of revenue and persistent losses. The technical analysis is more favorable, showing positive momentum. However, poor valuation metrics and the absence of earnings pose risks. The company’s strategic initiatives and exploration successes provide some positive outlook, but the financial weaknesses heavily impact the overall score.
To see Spark’s full report on TSE:PNPN stock, click here.
More about Power Metallic Mines Inc
Power Metallic Mines Inc. operates in the mining industry, focusing on the exploration and development of polymetallic deposits. The company is engaged in expanding its Nisk property, which is known for high-grade copper, platinum group elements, nickel, copper, and cobalt deposits.
Average Trading Volume: 366,203
Technical Sentiment Signal: Buy
Current Market Cap: C$252.5M
Learn more about PNPN stock on TipRanks’ Stock Analysis page.