8 September 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

Uranium Joint Venture

Fermi Exploration: Summer 2025 Exploration Update

Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed exploration company with a global project portfolio, is pleased to provide an update on the completed, in progress, and forthcoming exploration work in the provinces of Labrador and Northern Saskatchewan in Canada. 

The update concerns work undertaken by Power Metal and Fermi Exploration Ltd ("Fermi"). Fermi is the uranium-focused joint venture (the "Joint Venture" or "JV") comprising Power Metal's portfolio of uranium licences.

HIGHLIGHTS:

·    A seven-hole, 2,660 m diamond drilling programme has been completed on the Drake Lake-Silas Property in Labrador, which intersected a 2.05 m thick hematite breccia recording 600 ppm Uranium and up to 5,000 Counts Per Second ("CPS").

·    A six-hole 1,563 m diamond drilling programme was carried out on the Perch River Property, testing an inferred shear structure at depth, coincident with anomalous soil geochemistry and radon results.

·    Permit application to conduct Mineral Exploration on the Badger Lake property is in progress; once approved (expected mid-September), the team will mobilise to test a gravity geophysics high coincident with electromagnetic geophysical and geochemical anomalies in the S-Zone.

·    A radon and swamp bed sampling programme has been completed on the Fortin River Property to inform future exploration on that property.  

·    A drill programme is planned on the East Hawkrock Property, due to commence in Q1 2026.

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

"Fermi Exploration's summer exploration programmes have delivered strong technical progress across multiple projects, with encouraging geological and mineralisation results emerging at Drake Lake-Silas and comprehensive target testing at Perch River. Alongside this, we continue to advance permitting at Badger Lake, where drilling is expected to begin in the coming weeks, and detailed geophysical analysis at East Hawkrock. These developments underscore the scale and diversity of opportunity within the uranium joint venture portfolio. With further drilling at new targets planned in the near term, we look forward to building additional momentum as we continue to advance and refine this exciting exploration pipeline".

OVERVIEW

Over the summer of 2025, Fermi has advanced several exploration projects across its Canadian uranium portfolio. At Perch River, in the Athabasca Basin, Saskatchewan, a series of detailed surveys guided a six-hole drill programme that successfully mapped key structures and alteration but did not return significant mineralisation. At Drake Lake-Silas, seven holes were completed, confirming two zones of mineralisation, including a hematite breccia with elevated uranium values via pXRF and a massive sulphide zone within a prospective metasedimentary horizon. Preparations continue at Badger Lake, where a drilling permit is expected imminently to allow drilling of targets coincident with strong geophysical and geochemical anomalies.

A combination of wildfire disruption and the geographically challenging targets has led to the postponement of drilling at East Hawkrock until winter 2026. At Fortin River, the company completed a small combined radon and lake-sediment sampling programme to follow up on survey results indicating the presence of a large impact structure. At Reitenbach, fieldwork is underway to extend and constrain the Nuphar Zone, an area of radon and uranium, ^206/204Pb isotope in soil anomaly. Fermi is completing further analysis on the Durrant Lake Property to inform future targeting efforts and is advancing the Pardoe property through data integration and geophysical inversion modelling to develop further targets for future exploration.

Perch River

Prior to drilling at Perch River, Fermi completed multiple geophysical surveys and geochemical sampling to refine targets, including:

Ø FALCON® Airborne Gravity Gradiometry and Magnetic Survey

Ø Xcite Electromagnetic Airborne Survey

Ø Ambient Noise Tomography ("ANT") Ground Survey

Ø Soil, radon, and helium sampling (detailed here: https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/ryn9qkw)

Drilling at Perch River was designed to test a vertical to sub-vertical shear structure identified through ANT, directly coincident with highly anomalous soil geochemistry and radon results. This target ("The Rapids Zone") lies on the edge of an inferred fault-controlled paleobasin, with complex structural geology and elevated paleotopography of the unconformity - key features observed at multiple unconformity-related uranium deposits ^{1 2 3 4}.

The Rapids Zone lacked significant electromagnetic conductors, though a moderately conductive body (1.3 mS/m) was detected within the zone and interpreted as hematite alteration, with the principal drill target at the Rapids Zone being the vertical to sub-vertical shear structure, mineralisation contained within, and proximal to it.

While encouraging alteration and the targeted fault structure were successfully intersected along a 400 m extent of the Rapids Zone, no significant uranium mineralisation was encountered, and the programme was concluded after 1,563 m of diamond-drilled NQ core in six drillholes (Table 1)

Fermi is currently awaiting assay results and reviewing geological data to inform next steps, and will report in full once the results are available. Drilling was completed by Team Drilling, with technical support from Axiom Exploration Group and helicopter support from Access Helicopters, the exploration programme was run out of the Community of Stoney Rapids.

Drake Lake Silas

The drill programme on Drake Lake Silas was designed to test for two main targets: Iron Oxide Copper Gold ("IOCG") style mineralisation in the centre of the property, and a potential continuation of economic mineralisation from the Armstrong Deposit, 550-1,000 m to the northeast. To support this targeting and build on the previous exploration results, Fermi commissioned a Mobile MT geophysical survey to help determine the conductivity of the underlying geology and completed the first Ambient Noise Tomography survey in Labrador, which informed the drill targeting.

Alongside the drilling, surface mapping and sampling were completed by the Fermi Technical Team and on-site geologists, primarily to verify the existence of a mapped granite (and thus a potential source of mineralising fluids) in the centre of the property, as well as to confirm the presence of historically mapped carbonate alteration and uraniferous occurrences.

A total of seven NQ (78 mm wide), diamond drill holes, totalling 2,600 m, were completed (Table 2), and two significant occurrences of mineralisation have been identified to date:

Drillholes DL25-01 and DL25-02 were drilled to test geology beneath the historically identified Anomaly 15 and Anomaly 16 targets, respectively, in the centre of the property. DL25-05 supplemented drilling in this area following the identification of a radioactive intercept. DL25-03 and DL25-04 were drilled to test for the southwest extension of mineralisation from the Armstrong deposit; DL25-06 targeted a potential IOCG-style system in the southeast of the property; and DL25-07 was drilled to test for a lateral continuation of the mineralisation encountered in DL25-02 and DL25-05. An eighth hole was planned, but was postponed due to poor weather and a late start to the programme due to access issues.

In Drillhole DL25-02, at a depth of 496.65 m (circa 277.6 m True Depth "TD"), a 2.05 m thick hematite breccia recording up to 5,000 Counts Per Second ("CPS") and up to 600 ppm U via handheld pXRF was intersected, within 12 m of elevated radiation. This narrow intercept lies within an inferred shear structure, characterised by apparent metasedimentary geology, which cuts through the basaltic sequence of the property. The unit shallows to the northeast, where drillhole DL25-05 was collared to intercept it.

In DDH DL25_05, approximately 600 m to the northeast and along strike of DL25_02, in a target area exhibiting similar geophysics, a massive sulphide stockwork was encountered between 232.75 m (approximately 126.6 m TD) and 256.5 m (approximately 139.6 m TD); approximately 24 m wide, and localised 4-45 cm wide sulphide lenses from 238.93 m (circa 129.9 m TD) to 247.28 m (circa 134.6 m TD), composed primarily of massive pyrrhotite, pyrite, sphalerite, arsenopyrite, and chalcopyrite, were encountered. This mineralisation occurs within a minor metasedimentary bed within the basalt and likely represents primary sulphide mineralisation.

Both occurrences appear to be stratigraphically controlled within a sulphide-rich metasedimentary unit, as indicated by the Mobile MT and ANT datasets. This unit represents a priority target for follow-up exploration on the Drake Lake-Silas Property. Further sporadic occurrences of radiation were present in DL25_02 between 97.8 m (53.2-74.8m TD) and 137.5 m (between 50-1100 CPS), and between 294.8 m (160.5m TD) and 342.1 m (186.2m TD) (between 200-300 CPS). These appear to be related to minor veining and recrystallisation, and their relationship to the mineralisation described above is currently unclear

No economic mineralisation was encountered in the drill holes along strike from the Armstrong deposit (DL25_03 and DL25_04). However, the intersected geology appears to be very similar to the deposit itself⁵, with a carbonate−albite-altered shear zone (which also hosts the mineralisation at Armstrong) intersected within the metasedimentary rocks at depths of between 182.15 and 211.75m (TD) in DL25_03, and between 206 and 230m (183.6 to 204.6m TD) in DL25_04. The area remains prospective; however, given the short timeframe, the early stage of the drilling programme, and the presence of multiple other targets to be tested, drilling in the northeast of the property was terminated after the completion of these two initial holes.

Fermi is currently evaluating additional work programmes to enhance future targeting on the property, including a ground-based induced polarity (IP) geophysics survey to characterise the sulphide-rich metasedimentary unit further, and help identify further target locations of the hematite breccia. In addition, petrographic samples will be analysed to better understand the detailed geology of the mineralised intercepts and other key intervals, alongside whole-rock samples for geochemical and Short Wave InfraRed analysis.

Titjaluk Logistics led the Drake Lake exploration programme as the principal contractor working in partnership with Rally Drilling Services for drilling operations, Mercator Geological Services for technical expertise, and Helicopters Canada providing helicopter logistics. The programme was based out of the town of Postville, Labrador, which is within the Nunatsiavut Land Claim Area.

Badger Lake

The proposed drillhole locations and target were discussed in the Company announcement of 18 June 2025;

https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/wk641yx

Fermi is currently awaiting a Saskatchewan Ministry of Environment Crown Land Work Authorisation to include drilling of up to 30 holes on land, clearing of trails, clearing of drill pads and clearing of helicopter pads (the "drilling permit") to facilitate the drill programme. The drilling permit is expected to be granted by mid-September, with mobilisation to commence shortly thereafter. The drilling permit has been delayed due to the late issuance of the duty-to-consult process with Indigenous Communities in the area. Fermi has engaged all relevant communities and is working collaboratively with them to advance the permitting process.

To further enhance the targets on the property, Fermi has received inverted gravity survey data, which outlines a gravity high directly coincident with the S-Zone. The S-Zone corresponds to a weak electromagnetic anomaly straddling the unconformity and is overlain by coincident anomalous uranium, ^206/204 lead isotope ratios, cobalt, and nickel results, as discussed in the previous release.

East Hawkrock

Fermi had intended to, and had received the necessary permits to, facilitate a drill programme on East Hawkrock in mid-summer 2025. However, due to target location and access issues caused by regional wildfires, it was elected to delay the drilling until Q1 2026. To further evaluate the property's geology, Fermi has engaged an expert geophysicist to conduct a comprehensive analysis of the electromagnetic, gravity, and magnetic datasets, which will assist the Fermi Exploration team in defining robust drill targets. Upon the completion of this work, a full discussion of the targets will be provided.

Preliminary analysis indicates that the majority of the targets are located beneath shallow lakes. Given the shallow unconformity on the property, drilling solely from land would be both technically challenging and potentially limit the scope of the campaign. As such, Fermi intends to conduct an eight-hole programme between February and April 2026, where drilling can be completed from the frozen lake surface as well as the land.

Fortin River

On 18 February, the Company released results of the combined electromagnetic and magnetic survey over the Fortin River Property, which indicated the presence of an impact crater, as detailed in the following release:

https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/x23987r

To support further work and help define if the impact crater may host uranium mineralisation, Fermi completed a combined radon-in-water and swamp/lake-bottom sampling programme in June 2025. Preliminary results are in hand; however, Fermi is awaiting the analysis of the swamp/lake-bottom samples before proceeding further, given the potential for uranium enrichment from secondary sources in lake-bottom sediments. Such enrichment could provide a local, shallow source of radon, rather than indicating potential uranium mineralisation at depth. Results will be reported in due course

Reitenbach

As announced 21 March 2025, the 2024 sampling work on the Reitenbach Property (see https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rm8povw) left the combined soil and radon anomaly open to the north of the Nuphar Target. Constraining the extent of this anomalous area was identified as a key objective for the 2025 exploration programme.

To advance this work, Fermi has commissioned a small field programme targeting the northern ('up-ice') extension of the Nuphar anomaly. The aim is to refine and narrow the prospective area for future work, which may include ground-based geophysics and/or drilling. Currently, this programme is on hold due to wildfires in the area, but is expected to be completed by the end of October 2026.

Other Properties

Geophysical analysis of the West Hawkrock property has failed to indicate the existence of any conductive lithologies at depth, nor any significant gravity lows or other targets on the property. In light of the current results, Fermi has elected to pause further exploration on the West Hawkrock Property.

Fermi is continuing to evaluate the prospectivity of the Durrant Lake Property, having completed a supplementary HTEM survey on the south of Durrant Lake in June 2025. Fermi is in receipt of a drill permit on the Durrant Lake Property, and has both budget and contractors allocated for the potential drill programme.

Fermi is evaluating the completion of a work programme on the Pardoe Property (whose acquisition was announced 11 December 2024 https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/xl4jejr ). To support this, Fermi has commissioned Vorticity, a Silicon Valley-based firm innovating in scientific computing, to integrate and invert the multiple historical datasets acquired for the property. If the results of this analysis are positive, Fermi may consider deploying a field programme or conducting additional geophysical surveys in autumn and winter 2025, to advance the project to a drilling stage in 2026.

Drillhole Details

Table 1: Drillhole Details on the Perch River Property

Table 2: Drillhole Details on the Drake Lake Silas Property

GLOSSARY

REFERENCES

1              Jefferson, C.W., Thomas, D.J., Gandhi, S.S., Ramaekers, P., Delaney, G., Brisbin, D., Cutts, C., Portella, P. and Olson, R.A., 2007. Unconformity-associated uranium deposits of the Athabasca Basin, Saskatchewan and Alberta. Bulletin-geological survey of Canada, 588, p.23.

2              Reid, K.D., Ansdell, K., Jiricka, D., Witt, G. and Card, C., 2014. Regional setting, geology, and paragenesis of the centennial unconformity-related uranium deposit, Athabasca Basin, Saskatchewan, Canada. Economic Geology, 109(3), pp.539-566.

3              Yeo, G., Potter, E., 2010, Review of reducing mechanism potentially involved in the formation of unconformity-type uranium deposits and their relevance to exploration. Saskatchewan Geological Survey, Saskatchewan Ministry of Energy and Resources, Miscellaneous Report 12, 13 p

4              Young, N., Chi, G., Liu, Y. and Song, H., 2023. Graphite does not function as a direct reducing agent for unconformity-related uranium mineralization-Evidence from the graphitic metapelite-hosted Gryphon uranium deposit, northern Saskatchewan, Canada. Ore and Energy Resource Geology, 15, p.100028.

5              Sparkes, G.W., 2017. Uranium mineralization within the Central Mineral Belt of Labrador: A summary of the diverse styles, settings and timing of mineralization. St. John's: Government of Newfoundland and Labrador, Department of Natural Resources, Geological Survey, Open File LAB/1684, 198 p.

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 Power Metal Resources PLC has retained to provide technical support.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.For further information please visit https://www.powermetalresources.com/  or contact:

NOTES TO EDITORS

Power Metal Resources plc (AIM: POW, OTCQB: POWMF) is a London-listed natural resources exploration company and project incubator 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, Oman 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.