6 December 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Farms Complex, Botswana - Operational Update

Power Metal Resources PLC (AIM:POW), the AIM listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update from its Molopo Farms Complex Project ("Molopo Farms" or the "Project" or "MFC"), where the Company is targeting a district-scale nickel ("Ni") and platinum group element ("PGE") discovery in southwestern Botswana.

BACKGROUND

On 6 October 2023 the Company announced that recently completed geophysical inversions led to the identification of the highest priority conductor to date at the Project. This announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-botswana-exploration-update/16155544

HIGH PRIORITY CONDUCTOR T1-14

The identified conductor is very strong, steeply dipping and multi-kilometre in length and importantly is co-incident with the keel of the feeder zone intrusion within target area T1-14.

Significantly, this conductor is geologically located where one would expect to find accumulations of significant nickel sulphides within a mafic/ultramafic complex, giving the Company further confidence in the provenance of this particular conductor.

DRILLING UPDATE

Since early October, the Company has advanced plans to drill test this target at T1-14, with follow up analysis determining up to two areas to optimally test this conductor.

The Company is now concluding preparations for the planned drill programme and is in the final stages of negotiating and signing a drill contract, with a view to commencing drilling operations early in Q1 2024.

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

"I am pleased to report further progress at Molopo, and we look forward to commencing the drilling of this high priority conductor. Molopo has been, and remains, one our highest priority exploration opportunities, and one that we remain convinced has the potential to be a significant value driver for Power Metal.

"Given the amount of data collated over previous exploration campaigns at Molopo Farms, our London based technical team have been working with local advisors to complete a detailed examination of findings to date. The outcome of this work was the confirmation of the highest priority conductor identified to date at Molopo Farms.  It has been important to take the appropriate amount of time and to diligently prepare for what we believe may be a highly significant next round of drilling. We look forward to updating shareholders further on this important next step for Molopo."

Figure 1: Inversion results from AMT line 1. The red traces represent the location of the historical drillholes which targeted what has now been determined to likely be a shallow dipping sedimentary conductor. The large purple to blue conductor is the newly discovered steeply dipping conductor which has not yet been drill tested. The black line represents the approximate location of one of the planned drillholes.

Power Metal Interest

Power Metal holds an 87.71% interest in Kalahari Key Mineral Exploration Pty Ltd, a Botswana private company, which holds a 100% interest in the Molopo Farms Complex Project.

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.