29th Jul 2025 12:09
(Alliance News) - Power Metal Resources PLC on Tuesday said its subsidiary First Development Resources PLC has listed on London's junior market.
London-based mining company PMR owns 43.44% of FDR, which focuses on Australia. FDR raised gross proceeds of GBP2.3 million via the issue of 34.5 million new shares at a placing price of 6.67 pence each as part of the IPO, for a market capitalisation of approximately GBP7.1 million upon listing, in line with its target of GBP7 million.
FDR Chief Executive Officer Tristan Pottas said: "First Development Resources' admission to AIM comes at a time when the world needs more critical, precious-and base-metals. This presents an exciting opportunity for a company such as ours with ownership of four diverse exploration and development assets located within one of the world's most attractive mining jurisdictions. We believe FDR represents significant potential and are eager to accelerate both exploration and corporate development activities immediately following our listing."
Fellow London-based miner Hot Rocks Resources PLC bought 749,625 shares in FDR at 6.67 pence on Tuesday, investing a total of GBP50,000 in the newcomer.
"The listing of FDR is another successful case study for our business model, and serves as further validation of our ability to identify, develop and crystallise the value of promising mineral assets," commented PMR Chief Executive Sean Wade.
FDR has three prospective gold-copper projects and one project with potential for gold, uranium, rare-earth elements and lithium. The latter is called the Selta project, and has been at the forefront of publicity for FDR's IPO. The company hopes Selta will profit from "the ever-growing demand for battery metals including lithium" which are currently in short supply.
FDR shares were 6.56p on Tuesday afternoon in London, down from an intra-day high of 6.98p, while PMR traded down 0.5% at 14.43p.
By Holly Munks, Alliance News reporter
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