Seamus O’Regan joins Power Metallic Mines board of directors

TORONTO - Former Canadian Minister of Energy & Natural Resources Seamus O’Regan Jr. has been appointed to the board of directors of Power Metallic Mines Inc. (TSXV:PNPN) (OTCBB:PNPNF), the mining company announced Tuesday.

O’Regan, who joined Atlantic Canada’s largest law firm Stewart McKelvey as Senior Business Advisor in March, previously served in multiple ministerial roles in the Canadian government, including overseeing Canada’s first Critical Minerals Plan during his tenure as Minister of Energy & Natural Resources.

"Canada is uniquely positioned to lead the world in these types of developments given our incredible mineral wealth, expertise and geopolitical position," O’Regan said in a statement included in the company’s press release.

Power Metallic CEO Terry Lynch said O’Regan’s government experience, particularly in energy, natural resources and Indigenous services, would be valuable as the company advances its "Nisk" polymetallic discovery in Nemaska, Quebec. InvestingPro analysis shows the company maintains a strong financial position with no debt and a healthy current ratio of 2.16, though it remains in pre-revenue stage with negative earnings.

The company has granted O’Regan and certain officers 1,150,000 incentive stock options at $1.45 per share, exercisable for up to five years.

Power Metallic is currently conducting a 100,000-meter drill program at the Nisk project with four drilling rigs operating and plans to add a fifth in early September. The company expects to release initial results from its summer campaign shortly. With an overall Financial Health score of "FAIR" from InvestingPro, investors can access 12 additional ProTips and detailed financial metrics to better evaluate the company’s potential.

The Nisk project focuses on copper, platinum, palladium, gold, silver, and nickel exploration. Power Metallic secured an option to earn up to 80% of the project in February 2021 and has since expanded its land holdings in the area.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.