The following amendments have been made to the Memorandum of Understanding Signed at Future Minerals Forum announcement released by Power Metal Resources on 12 January 2024 at 10:06 under RNS No 5439Z

In the first paragraph of the announcement and in Sean Wade's quote:

"Ministry of Industry and Mineral Resources of the Kingdom of Saudi Arabia" has been replaced by "Ministry of Investment of the Kingdom of Saudi Arabia".

All other details remain unchanged.

The full amended text is shown below.

12 January 2024

Power Metal Resources PLC

("Power Metal" or the "Company")

Memorandum of Understanding Signed at Future Minerals Forum

Power Metal Resources PLC (AIM:POW), the leading metals exploration and development company, is pleased to announce the signing of a non-binding Memorandum of Understanding (MoU) with the Ministry of Investment of the Kingdom of Saudi Arabia ("MISA"). The signing ceremony took place at the recent Future Minerals Forum in Riyadh, Saudi Arabia, in the presence of His Excellency Bandar Alkhorayef, Minister of Industry and Mineral Resources, and other dignitaries.

The purpose of the MoU is to explore the possibility of joint collaboration efforts toward the identification and realisation of high value-added investment opportunities that will contribute towards maximising the benefits from the Kingdom's natural resources.

MISA's objective is to support investment in exploration activities, develop upstream and downstream projects targeting multiple strategic minerals, and attract reputed national and international mining and mineral development companies to drive the commercialisation of Saudi Arabia's mineral resources.

MISA and POW are looking to complement the activities of each other through establishing a mutually beneficial relationship in order to pursue suitable exploration opportunities in Saudi Arabia. POW will offer highly experienced technical support to potential exploration projects, and MISA will provide project opportunities and potential support for such projects as applicable.

Sean Wade, CEO of Power Metal Resources, commented:

"We are honoured to partner with the Ministry of Investment of the Kingdom of Saudi Arabia. This MoU is indicative of our commitment to exploration in the Kingdom, and it paves the way for us to explore exciting opportunities in one of the world's most resource-rich countries. We look forward to working closely with the Ministry and contributing to the Kingdom's Vision 2030 and the diversification of its economy through the development of a sustainable mining sector."

For further information please visit https://www.powermetalresources.com/ or contact:

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (AIM: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.