18 February 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

Fermi Exploration: Acquisition of the Fortin River Project

Preliminary Geophysical Results Indicate the Presence of a Significant Uranium Target.

Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed exploration company with a global project portfolio, is pleased to report the acquisition by mineral claim staking of the Fortin River Uranium Project ("Fortin River " or the "Project"), and preliminary results from a recent geophysical survey flown over the project. Fortin River is located in northern Saskatchewan, Canada.

HIGHLIGHTS:

·    Preliminary geophysical data indicates the potential presence of a 1.7 km wide meteor impact crater on the Fortin River Project.  Such impact craters are targets for unconformity-related uranium mineralisation elsewhere in Northern Saskatchewan, with over 62Mlb of uranium mined from a major uranium deposit located within the nearby Carswell Crater. 

·    The inferred impact crater was previously unidentified, with no modern and very limited historical exploration carried out in the area.

·    Fortin River was staked by direct mineral claim staking undertaken by the Fermi Exploration technical team, through the Mineral Administration Registry Saskatchewan ("MARS") electronic registry system. Further information on the staking process can be found in the 'Further Information' section below.

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

"This is a very exciting development in one of our more recently staked projects and we very much look forward to investigating it further and reporting back. Momentum is building across the uranium project set and we are looking forward to a very exciting few months ahead."

FURTHER INFORMATION

Acquisition and Location of Fortin River

The mineral claims constituting the Fortin River Project (Figure 1) were acquired directly through the Mineral Administration Registry Saskatchewan ("MARS") electronic registry system.

Where a previous claim owner is unable to satisfy the claim maintenance requirements, that ground is reopened to third-party staking at a set time each month. Claim area 'reopenings' are often highly competitive with many parties attempting to acquire the newly available land.

The total cost of staking the 3,859 hectares (38.59 km²) which make up the Fortin River Project was CAD $2,220; the newly staked licences come with a two-year term with no minimum spend requirement, which can then be extended for subsequent years by minimum work expenditure of Canadian $57,885 per annum ($15/hectare).

The Project is located in northern Saskatchewan, 12km to the south of the Athabasca Basin, and 35km to the southeast of Fermi Exploration's Badger Lake Project.

Figure 1 - Location of the Fortin River Project

Survey Details

Following the acquisition of Fortin River, and in conjunction with Fermi Exploration's surveys elsewhere in the area, Fermi commissioned a combined Xcite™ magnetic and electromagnetic ("EM") survey to be conducted over the Project area by Axiom Exploration Group of Saskatoon, Saskatchewan ("Axiom"). Following the initial analysis, Axiom has provided the survey data to Fermi Exploration, with final data pending final reprocessing.

The survey was designed to test conductive features identified by a prior operator^1,2. An electromagnetic survey provides information on how conductive the underlying geology is; such surveys are common in and around the Athabasca Basin as the exploration efforts focus on conductive zones, such as graphitic pelites³. However, electromagnetic surveys can also show heavily fractured rock.

The preliminary survey results show the presence of a ring-shaped electromagnetic response with a 1.4 km diameter in the Channel 10 to 25 Slices (interpreted to be from shallow-medium depths - Figure 2A and Figure 2B). In Channel 30 to 35 Slices (interpreted to be from medium depths - Figure 2C), the ring-shaped response is replaced by a central electromagnetic feature, approximately 1.2km in diameter. Finally, there is no significant electromagnetic response at the Channel 40 Slices (interpreted to be from medium-deep depths - Figure 2D). Selected Channel Slices are shown in Figure 2. "Channel Slices" refer to the discrete measurement readings taken at different frequencies or depths during the survey, higher Channel Slices represent greater depths.

The magnetic data from the survey (Figure 3) indicates a magnetic low with a diameter of approx. 1.2 km within the centre of the electromagnetic feature. The remainder of the survey area appears to correlate closely with the magnetic properties of the surrounding geology, including the regional fabric.

Based on the survey data, the ringed electromagnetic feature and an electromagnetic response from the centre of the feature, is considered by the Fermi Exploration technical team to be consistent with impact craters observed elsewhere on earth and in Northern Saskatchewan. Analogies include the Carswell Crater, 140 km northwest of Fortin River, which is 18 km in diameter, and the Pasfield Lake Crater, which is 10 km wide, and located 200 km to the northeast of Fortin River. Both the Carswell and Pasfield Lake Craters are within the Athabasca Basin, associated with mineralisation, and are largely buried under sandstones.

The concentric electromagnetic high on the Project suggests that the feature is unlikely to resemble other ring-shaped or concentrically formed geological structures, such as kimberlite pipes. Additionally, the termination of the EM anomaly in the Channel 40 slice (Figure 2D) at depth indicates there is no continuation of conductivity directly beneath the central electromagnetic feature in Slices 30 to 35 depth. Thus, the feature is not related to a carbonatite or deeply trending conductive feature where there is a continuity with the surface structure and depth. Therefore, the feature is interpreted to have been formed through the impact of a small meteor, which is inferred to have caused intense disruption and fracturing to a comparatively shallow depth.

Prior to this survey, no meteor impact crater was known in or around the Project area. If the interpretations above are correct, this survey marks the discovery of a new meteor impact crater.

Figure 2 - Preliminary Electromagnetic Results from the Fortin River Project

​

Figure 3 - Preliminary Magnetic Results from the Fortin River Project

Implications for Exploration

Meteor craters form when a high-velocity rocky body (the meteorite) impacts with Earth, and is of sufficient size to shatter the surrounding and underlying geology. This impact creates a highly porous environment that enhances fluid flow. A notable example is the Carswell Crater, located 140 km northwest of the Fortin Lake Project. The former Cluff Lake uranium mine lies within this crater, where a meteor impact 481.5 ± 0.8 Ma million years ago⁴ played a key role in uranium deposit formation by remobilising and reprecipitating uranium along newly formed faults and fractures^5,6. Over its 22-year lifespan, the Cluff Lake mine produced more than 62 million pounds of uranium⁷.

The Pasfield Lake Crater is subject to ongoing uranium exploration by Terra 92 Uranium (ASX:T92). Historical exploration of the feature has indicated anomalous helium > 230 times greater than the background, intense alteration overlying the crater and surface uranium anomalies⁸.

The Fortin River Project is located 12.5 km south of the current extent of the Athabasca Basin; and thus does not have the Athabasca Sandstone cover present over the Carswell or Pasfield Lake Craters. However, the Fortin River Project, remains prospective for unconformity-related uranium deposits, as the basin is understood to have extended significantly beyond its current boundaries, and multiple unconformity-related discoveries (Arrow, Triple R⁹, ACKIO¹⁰) have been made outside the basin in recent years, within similar geology and mineralisation styles to major deposits inside the basin.

As such, the extension of the Athabasca Basin outside of its current extent suggests the potential for basement-hosted unconformity uranium deposits within the Fortin River Project area. Additionally, the presence of the impact crater greatly improves the prospectivity of the Project, as the impact crater may have played a role in remobilising nearby mineralisation, similar to the processes that formed the Cluff Lake deposit.

Historical Exploration of the Project

Fortin River has experienced minimal historical and no recent exploration;

Initial geophysical survey work¹¹ on the north of the Project indicated a magnetic low in the vicinity of the inferred impact crater and the contrasting relative magnetic highs; at that time, the area of the Fortin River Project was not considered of interest.

In 1979, the Project area was staked and surveyed by Denison Mines, who completed an airborne electromagnetic survey on southeast-northwest spaced flying lines, and identified multiple closely spaced conductors in the centre of the impact crater and inferred the conductive responses they identified to result from folding or faulting¹. A further electromagnetic survey, also carried out by Denison Mines supplemented this 1980 survey², this time flying north-south trending survey lines. The survey found an additional conductive material, which was attributed to conductive sediments at the base of the lake.

Since 1980, no work has been recorded from Fortin Lake.   

Proposed Exploration and Next Steps

Upon receipt of the finalised data and report from Axiom Exploration Ltd, geophysical inversions and further analysis will be carried out to determine the location of fault structures, which may be amicable for uranium mineralisation.

Following this initial target generation, field sampling and potentially further geophysical surveys may be planned for the summer 2025 season to understand the prospectivity of the project better.

GLOSSARY

Carbonatite - A type of intrusive igneous rock that is largely composed of carbonate minerals, such as calcite or dolomite. In mining, carbonatites are important because they can host rare mineral deposits, including rare earth elements, fluorite, and sometimes phosphate, which are economically significant in mining.

Channels (electromagnetic survey data) - In the context of electromagnetic surveys, "channels" refer to the discrete measurement readings taken at different frequencies or depths during the survey. These channels represent different parts of the electromagnetic signal that can provide insights into the conductivity of subsurface materials, aiding in the identification of mineral deposits.

Electromagnetic - Refers to the use of electromagnetic fields to study subsurface features. In mining exploration, electromagnetic (EM) methods are commonly used to detect conductive materials (like sulphide ores) by measuring how the subsurface responds to electromagnetic waves. This can help identify mineralisation, such as base metals or uranium.

Geophysical Inversions - A technique used to interpret geophysical data by creating models of the subsurface based on measurements taken from the surface (such as magnetic, electromagnetic, or seismic data). In mining and exploration, geophysical inversions allow geologists to better understand the 3D distribution of mineral deposits, faults, and other geological features, aiding in target identification for drilling or mining operations.

Graphic Pelites - Fine-grained sedimentary rocks that are rich in clay minerals. In the context of mining and exploration, graphic pelites are often associated with sedimentary basins and can be important for understanding the geological history of an area, as well as being potential host rocks for certain mineral deposits, particularly uranium in unconformity-related deposits.

Kimberlite Pipes - Vertical, carrot-shaped geological formations made of volcanic rocks, which are typically associated with diamond deposits. In exploration, kimberlite pipes are the primary targets for diamond mining, as they often carry diamonds from deep within the Earth's mantle to the surface. Identifying these pipes is key to diamond exploration.

Magnetic - Pertains to the use of magnetic fields to detect variations in subsurface rocks, typically measured in magnetic surveys. In exploration, magnetic surveys are commonly used to locate iron-rich minerals, such as magnetite, and to map geological structures like faults or volcanic intrusions that could host valuable deposits, such as gold or copper

REFERENCES

¹ Denison Mines Limited 1979, Kelic Montgrand Lakes Project, Exploration Program, 74F08-0014

² Denison Mines Limited, 1980, Airborne Electromagnetic Survey, Kelic Montgrand Area, File No: 22033, 74F08-0015

³ Powell, B., Wood, G., Bzdel, L. Milkereit, B., 2007. Advances in geophysical exploration for uranium deposits in the Athabasca Basin. In Proceedings of Exploration (Vol. 7, pp. 771-790).

⁴ Alwmark,c., Bleeker, W., LeCheminant, A., Page, L., Scherstén, A., 2017  An Early Ordovician ⁴⁰Ar-³⁹Ar age for the ∼50 km Carswell impact structure, Canada. GSA Bulletin; 129 (11-12): 1442-1449. doi: https://doi.org/10.1130/B31666.1

⁵ Baudemont D., Fedorowich, J., 1996, Structural control of uranium mineralization at the Dominique-Peter Deposit, Saskatchewan, Canada, Economic Geology.

⁶ Leventhal J S, Grauch R I, Threlkeld, Lichte F E  1987 - Unusual organic matter associated with Uranium from the Claude deposit, Cluff Lake, Canada: in    Econ. Geol.   v82 pp 1169-1176

⁷ Orano, 2020, Cluff lake Factsheet; https://cdn.orano.group/canada/docs/librariesprovider13/canada/resources/factsheets/cluff-lake-factsheet-2020.pdf?sfvrsn=e9dd1034_9

⁸ https://t92.com.au/projects-v1/pasfield-lake/

⁹ Tschirhart, V., Potter, E. G., Powell, J. W., Roots, E. A., Craven, J. A., 2022, Deep Geological Controls on Formation of the Highest‐Grade Uranium Deposits in the World: Magnetotelluric Imaging of Unconformity‐Related Systems From the Athabasca Basin, Canada, Geophysical Research Letters, 10.1029/2022GL098208, 49, 15

¹⁰ https://baselode.com/news/baselode-reports-high-grade-uranium-assays-on-its-ackio-prospect/

¹¹ Agarwal, R., G., 1970reprot on the Electromagnetic survey Permit No 4. Lac La Ronge Area, Northern Saskatchewan, Northwood Mining Ltd. 74F01-0008

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

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