27 September 2021

Power Metal Resources PLC

("Power Metal" or the "Company")

Investee Update - First Class Metals

First Class Metals provides a Business Update for Shareholders and Investors

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the Business Update released this morning by First Class Metals Limited ("First Class").

The Business Update covers the following areas:

-      Expansion of flagship Hemlo North Project

-      Launch of key technical study

-      Positive IPO progress

-      Next steps

This announcement, and future communications from First Class, may be viewed on their website through the following link:

https://www.firstclassmetalsplc.com/mining-news

Power Metal sold its Schreiber-Hemlo interests in Ontario, Canada to First Class on 7.9.21 for £1million in First Class shares the announcement in respect of which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/sale-of-schreiber-hemlo-interests/15125039

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

NOTES TO EDITORS

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 and base 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.