18 November 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

Uranium Joint Venture

Fermi Exploration: Drake Lake-Silas Initial Assay Results

Power Metal Resources plc (AIM: POW, OTCQB: POWMF) is pleased to report the first batch of drill core assay results from the Drake Lake-Silas Project in Labrador, Canada, part of its uranium-focused joint venture with Fermi Exploration Ltd ("Fermi"). ¹

The update concerns the preliminary results, comprising the first batch of 30 assay results from samples submitted for expediated analysis,  from a seven hole (1,903m) diamond drilling programme completed on Drake Lake. This work was undertaken by Power Metal and Fermi.

HIGHLIGHTS:

·    Two key targets tested:

o  Central Target, structurally controlled uranium zone with potential for Iron Oxide Copper Gold ("IOCG") deposit style mineralisation ^{2, 3}; and

o  Northeast Target, potential strike extension of the Armstrong Deposit which has a historical Inferred resource of 900,000lb U (1 Mt @ 0.041% U₃O₈ at a 0.015% U₃O₈ cut-off grade) ⁴

·    High-grade uranium intersected: In the Central Target DL25-02 intersected 0.33% U over 2.05 m within a broader 12 m zone (up to 5,000 cps).

·    Mineralisation along strike of the Armstrong Deposit confirmed at the Northeast Target; DL25-04 returned 1,490 ppm U (0.15% U), plus elevated vanadium and zinc.

·    Next steps: Full geochemical and mineralogical analyses pending to guide future work.

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

"These preliminary assay results from Drake Lake-Silas are encouraging, especially given the limited number of early samples received to date. Even at this initial stage, we are already seeing meaningful uranium grades-up to 0.33% U over 2.05 metres within a wider 6.8-metre mineralised zone-alongside geological features that strongly support both the IOCG model and the potential extension of Armstrong-style mineralisation across the property. Importantly, this is only a small subset of the data, with the vast majority of geochemical assays, mineralogical analyses, and petrological work still pending.

As the remaining results are returned, we expect to significantly refine our understanding of the mineralising system, and we are eager to see what the next stages of work may uncover. We look forward to providing further updates as we better understand the geology, and opportunity at Drake Lake-Silas."

OVERVIEW

The Drake Lake-Silas, seven-hole 1,903 m diamond drilling programme tested two target areas:

1.    Central Target - (IOCG-style mineralisation) - Five DDH (2,065m) aimed to identify large mineralising and alteration systems, with uranium hosted in hematic breccias; and

2.    Northeast Target (Armstrong Deposit extension) - Two DDH  (595m) aimed to trace uranium-bearing structures related to a potential continuation of the Armstrong Deposit, located 550 m to 1,100 m to the northeast.

Prior to drilling, Fermi completed detailed surface geochemistry, radon sampling, and combined magnetic-gravity geophysical survey data interpretation. This work was supplemented by a Mobile MT resistivity and an Ambient Noise Tomography ("ANT") geophysical survey to define structures controlling mineralisation and alteration above potential mineralisation.

The first assay batch reported herein comprises the assay results for 30 samples submitted for expedited or 'rush' analysis at Activation Laboratories Ltd (Ancaster, Ontario); the remaining 325 samples are in progress. In addition, 355 pulp samples have been submitted for Short-Wave Infrared (SWIR) spectroscopy by Axiom Exploration Group (Saskatoon) and are expected in the next few weeks.

The Company is awaiting geochemical and petrological results from drillholes DL25-03, DL25-05, and DL25-07 (shown in Figure 1), as well as from the remaining sections of the two drill holes (DL25-02 and DL25-04) reported in this release.

Figure 1: location of the drillholes, and intersections on the Drake Lake Property reported in this release.

Results from the Centre of the Property - IOCG-style mineralisation

Drillhole DL25-02, intersected a 2.05 m thick hematite breccia with readings up to 5,000 Counts Per Second ("cps") at a downhole depth of 496.65 m (278m true vertical depth "TD"). This intersection was located within 12 m wide zone of elevated radiation (>600 cps). This narrow intercept lies within an inferred shear structure, characterised by metasedimentary rocks, which cuts through the mainly basaltic geology of the property.

From the 12m intersection, the best (true) uranium grade of 3,330 ppm (0.33%) U over 2.05 m, and mineralised intercept of 1,110 ppm (0.111%) U over 6.8 m. Copper is also similarly elevated - up to 0.4% Cu and elevated molybdenum (up to 356 ppm) within an iron dominated breccia suggests an IOCG affinity. ^{2, 3}  

Table 1: Sample Batch 1; Drill hole DL25-02 Downhole Intersections

Table notes: Sample Batch 1: 4 acid digest with ICP-MS Finish from DL-25-02. Two types of samples tested, split whole core ("core" in table above), generally from half of the drilled core, with the remaining half retained for logging and further analysis. 

Drillhole DL25-05, located 630 m to the northwest of DL25-02 intersected a 24 m-wide massive sulphide stockwork (232.75-256.5 m) with up to 1,680 ppm Zn, 505 ppm Cu, and 30% Fe, but failed to intersect significant uranium. However, anomalous Rare Earth Element ("REE") values (221-228 ppm Total REE) below the sulphide zone suggest hydrothermal activity associated with the potential IOCG system.

Northeast Target

The drilling in the northeast of the property to evaluate the potential of an extension of mineralisation from the Armstrong Deposit and targeted an analogous geophysical response. The drilled geology was closely analogous to the Armstrong Deposit itself.^{4, 5} The results recorded are similar to Armstrong; However, Drake Lake exhibits a greater base metal signature (up to 438 ppm Zinc), it has a comparable Uranium (1,490 ppm U) and Vanadium (278 ppm) grade to the secondary intersections of the Armstrong Deposit.

Results from DL25-04 confirm the continuation of Armstrong-style mineralisation, with uranium, vanadium, and zinc values matching those found at the main deposit. These results strengthen the geological connection across the Drake Lake-Armstrong corridor and justify expanded follow-up work.

Table 2: Drillhole DL25-04 Intersections

Next Steps

The Company is awaiting the assay results from the remaining 325 core samples currently undergoing analysis and 355  SWIR analyses  on the pulp samples from the seven drilled holes, and has initiated petrological studies of key intervals to refine the geological model. These results will inform future drilling and target prioritisation on the property.

Table 3: Drillhole Details

Table notes: Coordinates stated as UTM Zone 20N, NAD datum.

GLOSSARY

REFERENCES

1              Company announcement, Uranium JV Renamed Fermi Exploration Ltd, dated 2 December 2024 ( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmev52w )

2              Iron oxide copper-gold mineral system, Geoscience Australia ( https://www.ga.gov.au/data-pubs/data-and-publications-search/publications/critical-commodities-for-a-high-tech-world/iron-oxide-copper-gold )

3              Williams, P.J., Barton, M.D., Johnson, D.A., Fontboté, L., de Haller, A., Mark, G. & Oliver, N.H.S., 2005. Iron Oxide Copper-Gold Deposits: Geology, Space-Time Distribution, and Possible Modes of Origin. In: Hedenquist, J.W., Thompson, J.F.H., Goldfarb, R.J. & Richards, J.P. (eds.) Economic Geology 100th Anniversary Volume, Society of Economic Geologists, Littleton, CO, pp.371-405.

4              Form 43-101 Technical Report on the Central Mineral Belt (CMB) Uranium Project, Labrador, Canada, Prepared for Crosshair, Exploration & Mining Corp., dated 31 July 2008
( https://www.sec.gov/Archives/edgar/data/1287121/000106299308003713/exhibit99-1.htm )

5              Armstrong, S.L. & Clarke, E.J. (2009) CMB Uranium Project 2007 Assessment Report: Diamond Drilling, Geological Mapping, Prospecting, Geochemical Exploration Surveys, Geophysical Modelling, Technical Reports. Crosshair Exploration & Mining Corp., amended April 9, 2009, 176 pp.

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.