29 October 2021

Power Metal Resources plc

("Power Metal" or the "Company")

FDR Australia - Wallal Project Final Licence Granted

Final Wallal Exploration Licence Granted in the Paterson Region of Western Australia - Entire Wallal Project now Granted

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update from the Wallal Project (the "Project") located in the prolific Paterson region of Western Australia where the Company is targeting major gold-copper discoveries.

HIGHLIGHTS:

-      Power Metal now confirms that the final licence application at the Wallal project E45/5853 (Wallal West 1) has now been granted.  The granted licences are:

E45/5853 - Wallal West 1
E45/5816 - Wallal Main
E45/5880 - Wallal West 2

-      The Wallal West 1 licence fully encompasses the Western magnetic anomaly, which measures 5km by 5km, and is cross-cut by a northwest-southeast trending inversely magnetised dyke.

-      The granting of Wallal West 1 means that the entire Wallal Project land package has successfully been granted, which covers the Western, Eastern and Border anomalies.

-      The Company now turns its focus to advancing exploration on the fully granted Project, progressing it to a drill-ready stage - which includes the Phase I passive seismic and 2D seismic reprocessing work programme currently underway with results expected shortly.

-      In addition, with the successful award of AU$165,000 in co-funding monies from the Western Australia government for a drilling programme targetting the Eastern and Border anomalies, the initial administrative preparations have begun for the planned 2022 Q1 drilling campaign.

-      Power Metal is progressing with the acquisition of the holding vehicle of the Wallal Project as outlined in the "Background" section below. A further announcement will be made in this regard shortly.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

"With the grant of the final licence announced today, this exciting project takes another great leap forward. This news means Power Metal shareholders now have exposure to the complete Wallal Project as a granted package.

In our view the Wallal Project is a major strategic gold-copper exploration opportunity with the potential to host the large scale discoveries Power Metal is seeking within its portfolio.

Our Exploration Update on 13.09.21 outlined the important geological and geophysical similarities of the Wallal Project to Greatland Gold's Havieron project, within the Paterson region.

Therefore we are to now turning our full attention towards advancing exploration and specifically towards the initial preparations for a deep-drilling campaign which is planned for early 2022.  This will represent the first drill programme ever completed targeting these substantial geophysical anomalies."

BACKGROUND

The Paterson projects are held by First Development Resources Pty Ltd (FDR Australia) and include Wallal Project (Wallal Main-E45/5816, Wallal West 1-E45/5853 and Wallal West 2 - E45/5880, all granted), Braeside West Project (one licence application) and the Ripon Hills Project (one granted licence).

On 28 April 2021 Power Metal announced a conditional acquisition of FDR Australia and this may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/conditional-australia-copper-gold-acquisition/14955517

On 30 September 2021 Power Metal announced the granting of the Wallal Main and Wallal West 2 licences and this may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/fdr-australia-grant-of-wallal-licences/15156169

The latest exploration update released by the Company on 13 September 2021 may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/fdr-australia-paterson-region-exploration-update/15132674

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.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal now has the following exploration completed with results awaited or exploration underway:

-      Silver Peak Project (Canada) - diamond drill programme completed targeting high-grade silver (laboratory assay results awaited)

-      Authier North Lithium Project (Canada) - soil & rock sampling completed (laboratory assay results awaited)

-      Athabasca Uranium (Canada) - Phase I exploration commenced and field results, together with laboratory assay testing of samples collected, awaited.

-      Tati Gold/Nickel Project (Botswana) - reverse circulation drilling completed (field results, together laboratory assay results awaited)

-      Molopo Farms Complex (Botswana) - further samples being tested for nickel sulphide and platinum group elements ("PGEs") from diamond drill programme completed (laboratory assay results awaited)

-      Ditau Project (Botswana) - preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare earth elements and base metals

-      Kalahari Copper Belt (Botswana) - results from ongoing exploration across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

-      Wallal Gold/Copper Project (Australia) - geophysics results from 2D seismic processing and passive seismic awaited

-      Victoria Goldfields (Australia) - results from ongoing exploration across 848km² of granted exploration licences