23 April 2024

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Farms Complex, Botswana - Drilling Update

Power Metal Resources PLC (AIM:POW), the London-listed exploration company with a global project portfolio, is pleased to announce the successful completion of the drillhole DDH1-14C at its Molopo Farms Complex Project ("Molopo Farms"), where the Company is targeting a district-scale nickel and platinum group element ("PGE") discovery in southwestern Botswana.

DRILLING UPDATE

·    Diamond core drillhole DDH1-14C has completed to a final depth of 832.6 metres ("m"), with the successful intersection of the targeted steeply dipping geophysical superconductor at high priority Molopo Farms Target Area T1-14.

·    Geophysical superconductor is interpreted to be a sulphide mineralised carbonaceous mudstone unit between 760.5 - 813m downhole depth and from 828.4m - 832.6m (end of hole) where it remains open at depth.

·    The mineralised carbonaceous mudstone contains abundant pyrrhotite-quartz-calcite veining and localised sulphide dominated veins of what appears to be pyrrhotite (Figure 1). Further mostly vein-hosted sulphides are present throughout the intervals including dominantly pyrite.

·    With the drillhole complete, the in-country geological team will now select samples from the intervals for certified laboratory multielement and PGE assay testing, with the assay results expected in the coming months.

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

"A huge thanks to the entire in-country operations team that was able to complete drillhole DDH1-14C to an impressive depth of 832.6m. Target Area 1-14 has been of interest to Power Metal for some time due to the superconductor that was identified by multiple geophysical surveys. The previous drillholes completed into this area were unsuccessful in intersecting the targeted conductor, and now, with the completion of this drillhole, we have achieved this objective.

"We now await further updates from the in-country team as they prepare various sections from the interval for laboratory assay testing and will update the market in due course."

Media

Figure 1: Carbonaceous mudstone with localised dominantly pyrrhotite sulphide veins - see just right of DPH marker 775.60m.

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.

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been reviewed 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 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.