26 July 2024

Power Metal Resources plc ("POW", "Power Metal" or the "Company")

Update on Proposed Formation of Uranium-Focused Joint Venture 

Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed exploration company with a global project portfolio, announces an update on the intended formation of a uranium-focused joint venture (the "Joint Venture") involving Power Metal's entire portfolio of uranium licences, with ACAM LP ("ACAM" or the "Investor", together the "Parties").

The Company announced on 3 June 2024 that it had entered into a non-binding term sheet with ACAM and that the Parties had entered into an eight-week exclusivity period. Whilst significant progress has been made towards completion of the Joint Venture, certain legal due diligence processes remain outstanding. Consequently, the Parties have agreed to extend the due diligence period until 23 August 2024.

Whilst no guarantee of completion can be provided, the Parties fully expect completion within that period and the Company will update shareholders in due course.

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

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (AIM:POW, OTCQB:POWMF) is a London-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, Saudi Arabia 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.