6 February 2024

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Gold Project, Botswana - Sampling Confirms Extensive Gold

Power Metal Resources PLC (AIM:POW), the London-listed exploration company with a global project portfolio, announces an update from its 100%-owned Tati Gold Project ("Tati" or the "Project"), located on the Tati Greenstone Belt ("TGB") near Francistown, Botswana.

The exploration results herein cover extensive soil sampling undertaken at Tati in 2023, a fundamental step in the exploration process to identify areas with potential gold mineralisation and the discovery of new gold deposits. Specifically at Tati, the work was critical to further demonstrate gold mineralisation continuity within the previously identified 8km-long gold trend within the project boundaries.

HIGHLIGHTS

·    2024 geochemical soil sampling assay results confirm the presence of three significant gold-in-soil geochemical anomalies, proving further continuity within the 8km-long gold trend at Tati.¹ The anomalies, including 1) Northwest ("NW") Anomaly, 2) Southwest ("SW") Anomaly and 3) Cherished Hope ("CH") Anomaly, are highlighted in Figure 1 below, with further detail over the CH Anomaly found in the Figure 1 'Inset Map'.

·    A total of 446 individual soil samples were taken from four separate grid areas. The main programme goal was to test for additional gold mineralised zones within the 8km-long gold mineralised trend which extends in a northwest-southeast direction through Tati (see black dashed line in Figure 1).

·    Of the 446 samples taken, 3 returned greater than 500 parts per billion ("ppb") gold ("Au"), including individual soil sample gold assay results of 568ppb, 831ppb and 1,076ppb Au (equivalent to 1.076 grammes per tonne ("g/t") Au).

·    An impressive 29 samples returned 100ppb Au or above, the vast majority of which form part of the CH Anomaly, a now greater than 600m-wide zone which remains open in multiple directions.

·    The CH Anomaly represents a significant extension zone trending southwest from the original Cherished Hope historical mine workings where Power Metal in 2022 drilled 3m at 16.77g/t Au from 5m (including 1m at 47.17g/t) in hole CHRC0003 as well as 2m at 23.17g/t from 25m (incl. 1m at 40.63g/t Au) in hole CHRC0006.^1,2

·    The SW and NW anomalies are located approximately 1,500m and 3,000m from the CH Anomaly respectively. The position of these anomalies shows the potential for a significantly larger anomalous gold-in-soil footprint at Tati subject to further infill sampling work.

·    Power Metal continues to push forward commercial discussions regarding the potential for small-scale mining at its Cherished Hope Gold Mine, in parallel with continuing exploration work, further details of which are expected to be announced in the near term.

Sean Wade, Chief Executive Officer of Power Metal Resources plc, commented: 

"This gold soil sampling programme has delivered quite remarkable results in terms of a confirmation of the significant area mineralised and also the consistency of positive results across the areas tested.

"Each stage of work at Tati has delivered extremely positive findings and we are more confident than ever that the Project holds very significant value for the Company. 

"As a result, we are positively moving forward to next stage exploration whilst in parallel continuing discussions with potential partners interested in the early-stage mining possibility that exists at Tati.

"Further updates will be provided in due course."

Figure 1: Tati Gold Project 2024 Soil Results Map (Gold - ppb)

REFERENCES

1:                    Power Metal RNS announcement, dated 7 November 2022: Tati Project Botswana Final Drill Assay Results, Assays Received for Remaining Six Holes; Further Bonanza Grade Intercepted including 1m at 40.6g/t Au (from 2m of 23.2g/t Au)
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/wko9odx )

2:             Power Metal RNS announcement, dated 3 November 2022: Tati Project Botswana Initial Drill Assay Results, Assays for First Three Drillholes Received; High-Grade Gold Intersections in All Three Holes Including a Bonanza intersection of 1m at 47.17g/t Au.
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9e761r )

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange, thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to grow the Company, or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.