8 November 2021

Power Metal Resources PLC

("Power Metal" or the "Company")

Katoro Gold Update - Haneti Nickel Project

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, draws investors' attention to the announcement issued today by Katoro Gold plc (LON: KAT)("Katoro Gold")("Katoro").

The Katoro announcement may be viewed through the following link:

https://polaris.brighterir.com/public/katoro_gold/news/rns/story/wklg9dx

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

"Power Metal is eager to see drilling commence at the Haneti Project targeting a large scale nickel and platinum group element (PGE) discovery.  The Company is therefore pleased to see our partner Katoro Gold raise money for this purpose.

We look forward to further announcements with regard to the planned drill programme and are working with Katoro in this regard."

POWER METAL - HOLDING IN KATORO

Power Metal Resources currently holds 10,000,000 Katoro shares and 10,000,000 warrants in Katoro Gold exercisable at 1.25p  (2,500,000 warrants expiring on 15 March 2022 and 7,500,000 warrants expiring on 15 May 2022).  

POW also has a direct 35% interest in the Haneti Project in Tanzania.

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 completed and field results positive, targeting uranium (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