7 February 2024

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Farms Complex, Botswana - Drilling Commences

Power Metal Resources PLC (AIM:POW), the London-listed exploration company with a global project portfolio, announces the commencement of drilling at its Molopo Farms Complex Project ("Molopo Farms" or the "Project" or the "MFC"), where the Company is targeting a district-scale nickel ("Ni") and platinum group element ("PGE") discovery in southwestern Botswana.

DRILLING UPDATE

· Power Metal confirms the commencement of diamond drilling at Molopo Farms, targeting a steeply-dipping high-priority conductor at target area T1-14. The drill hole in progress has a target depth of 700-800m.

· The Company also recently completed ground Audio-frequency Magnetotelluric ("AMT"), as well as magnetics over target areas T1-14 and T1-9.

· The goal of the AMT work was to further refine targeting at two locations along the multi-kilometre scale steeply-dipping conductor, co-incident with the keel of the feeder zone intrusion and which extends across T1-14 and T1-9.

· The results of the AMT work have now been received and the data has allowed the Company to further refine its targeting at target area T1-14 in advance of drill commencement.

· The Company's CEO, Sean Wade, will be arriving on site shortly to liaise with the Company's in-country operations team.

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

"I am very pleased to see drilling commence at the Company's Molopo Farms Complex Project in Botswana. I look forward to visiting the drill site later this week and spending time with our operations team to discuss the Project.

"I also look forward to delivering further updates as the drill programme advances."

Figure 1: Drill rig in its final location at target area T1-14.

Power Metal Interest

Power Metal holds an 87.71% interest in Kalahari Key Mineral Exploration Pty Ltd, a Botswana private company, which holds a 100% interest in the Molopo Farms Complex Project.

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 and is seeking large scale metal discoveries.

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 drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.