3 July 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Agreement with Jasper Consult Opens Opportunities in Saudi Arabia and Oman

Power Metal Resources PLC (LON:POW), the AIM listed metals exploration and development company, announces the initiation of a consulting agreement with Jasper Consult DMCC ("Jasper Consult"), a London and Dubai based strategic consultant with extensive expertise in the Kingdom of Saudi Arabia and Oman (the "region").

As part of Power Metal's established strategy to invest in highly prospective projects, and with the Kingdom of Saudi Arabia's 2030 Vision strategy in place, the Power Metal board believes that the relationship with Jasper Consult creates an opportunity for the Company to potentially build a new exploration asset base in the region.

Through a phased approach, the key objectives of Jasper Consult will be to:

·    Identify relevant exploration and development opportunities

·    Support the Company in the negotiation of the award of exploration licences

·    Identify and secure appropriate co-development partners

·    Support the Company in the longer term as it builds its presence in the region

·    Identify and help secure strategic partners for Power Metal

Power Metal has existing in-house experience of working in the region and plans to build a technical team dedicated to developing this opportunity.

Sean Wade, Chief Executive Officer of Power Metal Resources plc, commented: 

"I am very pleased to announce this new relationship with Jasper Consult, and very excited about the opportunity we have to establish a presence in both Saudi Arabia and Oman. The Arabian Shield geological trend is a rich mineral system which is vastly underexplored, presenting an excellent opportunity for us to demonstrate our successful business model. By utilising the regional expertise of Jasper Consult, we hope to secure exploration licences and further crystallise value for shareholders. I look forward to updating shareholders on this important new step for the Company."

For further information on Jasper Consult see https://www.jasper-consult.com/

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.

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 grow the Company, or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.