Paul Gorman named CEO at Powermax Minerals
Powermax Minerals Inc. [PMAX-CSE] has announced the appointment of Paul Gorman as CEO director with immediate effect. He will replace former CEO Michael Malana and will take the place of Aadam Tejpar on the board of directors.
Gorman is a resource-sector focused corporate specialist with over 25 years of experience in junior mining finance, public listings, viability assessment and operational leadership of several emerging-growth public companies. He previously served as President and Managing Partner of Riverbank Capital for 18 years, where he worked with small-cap companies to assist in financing, property and profile development.
Gorman had an integral role in revitalizing the junior graphite space in North America in 2008 by funding Industrial Minerals Inc., which later became Northern Graphite Corp. [NGC-TSXV; NGPHF-OTCQB]. He founded Mega Graphite in 2009 and has served as CEO for several other companies.
On Friday the shares were unchanged at 41 cents. They trade in a 52-week range of $2.00 and 41 cents.
Powerex is focused on advancing rare earth element projects. It holds an option to acquire the Cameron REE Property, which consists of three mineral claims covering approximately 2,984 hectares in British Columbia. The company also holds an option to acquire the Atikokan REE Property in Ontario, which consists of 455 unpatented mining claims.
In a press release on August 8, 2025, Powermax announced the results from its recently completed Phase 1 exploration program at the Cameron Project, located in the Kamloops Mining Division of B.C. The company said the program was conducted in accordance with recommendations from its NI 43-101technical report and has returned highly encouraging REE assay results from the surface sampling and heavy mineral stream sediment sampling.
The Phase 1 program involved the collection of 105 rock samples (grab and chip) and 13 heavy mineral stream sediment samples across prospective lithologies. The company said assays indicate enrichment in both light rare earth elements (LREEs) and heavy rare earth elements.
Rock sample highlights are as follows:
- Total REE (TREE) values range from 17 ppm to 1,943 ppm.
- Sample 598055 returned notable values, including 340 ppm La, 779 ppm Ce, and 232 ppm HREEs.
- Additional mineralized samples include 598048 and 598054, each reporting TREE values exceeding 400 ppm.
The company said REE enrichment is widespread across the property, with LREES generally more abundant than HREEs.
The Cameron Property lies within the Monashee Group, a high-grade metamorphic and granitic terrane known to host REE-bearing minerals such as monazite, allanite, and xenotime. REE concentrations are associated with pegmatites, shear zones, and altered gneisses, consistent with the lithologies observed during the field program.