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(Sharecast News) - Power Metal Resources said on Friday that its uranium-focused joint venture, Fermi Exploration, has signed an exploration agreement with Ya'thi Néné Lands and Resources (YNLR), marking a key step in advancing its projects in northern Saskatchewan, Canada.
The AIM- and OTCQB-listed company said the agreement formalised Fermi's relationship with YNLR, a non-profit organisation owned by three First Nations and four municipalities in the Athabasca region.
It said the deal aimed to support permitting and exploration work while promoting local business, employment and community engagement opportunities.
YNLR represents the Athabasca Denesu(Biné First Nations of Hatchet Lake, Black Lake and Fond du Lac, along with the municipalities of Stony Rapids, Wollaston Lake, Uranium City and Camsell Portage.
Power Metal said it was established in 2016 to enhance the environmental, social, economic and cultural well-being of residents in Saskatchewan's far north and plays a key role in facilitating community consultation for exploration projects.
The company explained that the agreement represented a "significant step forward" in Fermi's efforts to identify and develop uranium deposits in the region, aligning with responsible exploration practices and high ESG standards.
"As the first UK-based junior exploration company to sign an exploration agreement with the Ya'thi Néné Lands and Resources Office, Fermi is proud to demonstrate its commitment to responsible exploration and the highest standards of environmental, social and governance (ESG) practice," said chief Executive Sean Wade.
"This agreement marks an important milestone in building a collaborative and respectful relationship with the Denesu(Biné First Nation communities and Athabasca municipalities.
"Fermi looks forward to fostering a strong and mutually beneficial partnership founded on trust, transparency, and shared opportunity."
At 1118 BST, shares in Power Metal Resources were up 5.36% at 13.17p.
Reporting by Josh White for Sharecast.com.
