31 January 2024

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Farms Complex, Botswana - Drilling Update

Power Metal Resources PLC (AIM:POW), the London listed exploration company with a 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.

DRILLING UPDATE

In October 2023 Power Metal announced the identification of the highest priority drill target to date within a geophysical conductor identified at Molopo Farms and in December 2023 announced that the Company had advanced plans to drill test this significant target.

The identified conductor is very strong, steeply dipping, 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.

The Company is pleased to report that Discovery Drilling Contractors Africa have commenced mobilisation for the planned drilling programme and this mobilisation exercise is underway.

Drilling is expected to commence in the coming days targeting the high priority conductor at target area T1-14. Additional technical details regarding this conductor were released to the market on 6 December 2023 and the relevant announcement can be viewed through the link below:

https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-botswana-operational-update/16239525

LICENSE UPDATE

On behalf of the Company, Kalahari Key Mineral Exploration Pty Ltd, received extension license documents from the Botswana Department of Mines for Prospecting Licence 310/2016 and PL311/2026 granting the Company the right to prospect for metals for a two-year period.

OPERATIONAL UPDATE

The Company recently completed ground Audio-frequency Magnetotelluric (AMT) as well as magnetics over target areas T1-14 and T1-9. The goal of this work was to further refine targeting at two locations along the multi-kilometre scale steeply dipping conductor, co-incident with the keel of the feeder zone intrusion and which extends across T1-14 and T1-9.

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

"I am pleased to confirm the mobilisation for this important drill programme targeting the highest priority conductor identified to date at the Molopo Farms Complex Project in Botswana.

"We are very excited to be getting this work underway, which is testament to an immense amount of technical analysis and preparatory work completed by the team.

"I very much look forward to sharing our progress with this programme in due course."

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.