1 December 2021

Power Metal Resources PLC

("Power Metal" or the "Company")

Silver Peak Canada - Drill Programme Overlimit Assay Results

Overlimit Assay Results Produce High-Grade Copper, Antimony and Lead; Highlight Result Now Includes 0.76m of 10,131g/t Silver Equivalent*

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces overlimit assay results from its recently completed 2021 diamond drilling exploration programme on the Silver Peak Project ("Silver Peak" or the "Project") located in British Columbia, Canada. The original silver assay results for the 2021 drill programme were announced 12 November 2021 and can be viewed at the following link:

Silver Peak Canada - Drill Programme Assay Results - 08:53:44 12 Nov 2021 - POW News article | London Stock Exchange

Programme Highlights:

·    A total of 19 short cored drill holes were completed as part of the Phase I programme and all drill core was logged, catalogued and split by independent geological consultants prior to being sent to ALS Canada Ltd in Vancouver, British Columbia, for accredited laboratory assay analysis.  The holes were undertaken utilising either Shaw or Hilti portable drills producing 34mm diameter core samples.

·    Overlimit assays were completed on all copper, antimony and lead results which returned >10,000 ppm (1%) from the original laboratory results. The overlimit reported herein include individual results up to 7.76% copper (Cu), 9.45% lead (Pb), and 8.63% Antimony (Sb).

·    Updated highlight intercepts which are now calculated as AgEq* and include Cu, Sb and Pb results (complete collar and assay tables available at the bottom of this release):

o  0.9m of 4,649g/t AgEq from DDH21-1 (including 0.3m of 10,649g/t Ag, 2.28% Cu, 6.53% Sb, and 5.53% Pb)

o  0.76m of 10,131g/t AgEq from DDH21-2 (including 0.35m of 12,373g/t Ag, 3.44% Cu, 9.45% Sb, and 8.63% Pb)

o  1.75m 3,072g/t AgEq from DDH21-7 (including 0.25m of 17,016g/t Ag, 4.10% Cu, 8.26% Sb, and 6.05% Pb)

o  1.52m of 3,244g/t AgEq from DDH21-8

o  2.44m of 1,306g/t AgEq from DDH21-12

o  2.43m of 2,068/t AgEq from DDH21-13

o  2.59m of 1,740/t AgEq from DDH21-15

·    The high-grade Cu, Sb and Pb results led to an average increase in grade of 18.8% from Ag to AgEq for the calculated intervals. Considering these extremely high Cu, Sb and Pb results, the updated silver equivalent values further highlight the silver rich nature of the veins on the Silver Peak Project.

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

"The bonanza grade silver results from Silver Peak are further strengthened today with the overlimit analysis demonstrating significant copper, antimony and lead grades and increasing the average silver equivalent grade considerably.

Overall, the results are highly impressive and demonstrate the incredibly silver rich veins at Silver Peak. Without question this is an important asset for Power Metal and our partners, particularly in a world where high quality silver projects are hard to secure."  

Programme Data:

Silver Peak 2021 Drill Programme Assay Table

*                     Silver equivalent ("AgEq") calculated using metal prices of US$22.8/oz Ag ($332.5/lb), US$4.36/lb Cu (ratio 0.0131), US$5.6/lb Sb (ratio 0.0168), and US$1.06/lb Pb (ratio 0.0032).
AgEq= Ag + (0.0131Cu) + (0.0168Sb) + (0.0032Pb)

Silver Peak 2021 Drill Programme Collar Table

**  Projection: UTM Zone 10 North NAD83

Property Ownership

The original agreement in respect to the Silver Peak Project was announced 14 September 2020 and may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/canadian-silver-project-option-exercised/14685210

Due to the positive results achieved during the due diligence sampling and follow up 2020 work programmes, the Company announced on 15 March 2021 that it had accelerated the earn-in on the Project and now holds a 30% interest, the details of which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/canadian-silver-project-commercial-update/14899230

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent 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. Mr O'Reilly consents to the inclusion in this announcement of the matters based upon the information in the form and context in which it appears.

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 has exploration programmes completed or underway, with results awaited, as outlined below: