2 October 2024

Power Metal Resources plc

("Power Metal" or the "Company")

Change of accounting reference date

Power Metal Resources plc (AIM: POW, OTCQB: POWMF) (the "Company"), the London-listed exploration company with a global project portfolio, is pleased to announce that its accounting reference date has been changed to 31 December, in order to provide the Company with greater flexibility to complete its audit after those of its subsidiaries, a significant number of which have year ends of 30 September. As a result, the current accounting period will be extended to 15 months, and will end on 31 December 2024.

Following the 15 month period, future results will follow a standard timetable of interim accounts for the six months to 30 June and full year audited results to 31 December.

The Company expects to publish its audited accounts for the 15 months ending 31 December 2024 in early June 2025 and by no later than 30 June 2025 in any event.

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 (AIM:POW, OTCQB:POWMF) is an AIM-traded 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, Saudi Arabia 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.