3rd February 2026

Power Metal Resources PLC

("Power Metal" or the "Company")

Uranium Joint Venture

Fermi Exploration: Significant Pegmatite-Hosted U Targets Delineated on Reitenbach Property

Power Metal Resources plc (AIM: POW, OTCQB: POWMF) is pleased to announce the results of soil and radon sampling from the Reitenbach Uranium Property in the Athabasca Basin, Saskatchewan. The Reitenbach Uranium Property is held under Power Metal's uranium-focused joint venture Fermi Exploration Ltd ("Fermi").

Combined radon and soil geochemical sampling has identified three priority uranium targets totalling approximately 100 hectares on the Reitenbach Property, with results consistent with a ribbon-type anomaly formed by glacial dispersion from a buried bedrock source.

HIGHLIGHTS:

·    Sampling during 2024 and 2025 has successfully determined three target areas as high-priority targets for pegmatite and fault-hosted uranium mineralisation

·    The sampling used combined radon and soil sampling to determine the location of a ribbon-type anomaly, through a mineralised boulder field and radiometric anomaly, previously highlighted as a significant target area.

·    Reitenbach hosts four further, largely untested radiometrically anomalous boulder fields, with significant scope for further work to determine similar targets.

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

"The radon and Ionic Leach programmes at Reitenbach have provided a useful layer of additional geological information in an area where conventional surface exploration is limited. This work has contributed further ranked targets to the Company's wider exploration portfolio, supplementing the two high-impact upcoming drill campaigns on other projects. We intend to continue applying these techniques selectively to support disciplined target generation across our assets."

OVERVIEW

The Reitenbach Property is considered highly prospective due to its proximity to the Needle Falls Shear Zone, a major crustal-scale structure that hosts multiple occurrences of economic uranium mineralisation along its length. However, the property is predominantly obscured by surficial sands, gravels, and boulders, with historical exploration indicating that this cover conceals more than 90% of the area¹. Historically, this extensive cover has hindered effective exploration, with several surveys identifying the northern portion of the property as a priority target, but failing to define a definitive area of interest.

This work focused on three mineralised boulder trains and integrated in situ radon sampling with soil sampling analysed by Ionic Leach. The results indicate the presence of a potential ribbon-style geochemical anomaly and have delineated three target areas totalling approximately 100 ha. Mineralised boulder trains have been successfully used to define exploration targets across northern Saskatchewan, most notably contributing to the discovery of the Cigar Lake and Triple R uranium deposits.

Sampling Program

Following a review of historical exploration data and fieldwork completed in 2024, three sampling areas were delineated: Nuphar North, Nuphar South, and Goodleap. Across these areas, both Ionic Leach soil sampling and in situ radon surveys were completed. Key results from 2025 sampling in these areas includes:

·      Nuphar North: Moderate radon values (up to 8.5) occur north of the uranium-in-soil and airborne radiometric responses.

·      Nuphar South: High radon values (up to 14.4, with clustered values around 11) are observed in the northern portion of the area, with uranium-in-soil anomalies displaced approximately 1.2 km to the south. This target is the largest of the three areas identified.

·      Goodleap: Elevated radon values are present in the north, with uranium-in-soil anomalies offset approximately 800 m to the south.

Uranium-in-soil results show a strong correlation with lead isotope ratios and rare earth element responses, consistent with a potential pegmatite-related source. Following an assimilation of the results from 2024 and 2025, all three areas present a similar offset northernly, and 'up-ice' elevated radon result, with a southerly, and 'down ice' elevation in various elements associated with uranium-rich pegmatite mineralisation. The location of the sampling areas, target areas and summarised structural geology is presented in Figure 1.

Figure 1: Location of the Sampling Areas, and Target Areas from the summer 2024 and 2025 exploration on Reitenbach.

Interpretation

The Company interprets the spatial offset between radon and uranium-in-soil anomalies to reflect glacial transport of uranium-bearing material from a buried bedrock source located to the north, forming a ribbon-type dispersal anomaly. In this model, radon is generated by uranium mineralisation at depth and migrates upward through fractures and groundwater pathways, whereas elevated uranium concentrations detected in soils are interpreted to be primarily associated with transported glacial sediments.

Although soil geochemistry is recognised as being influenced predominantly by shallow material, this characteristic is considered advantageous in the present context. When integrated with in situ radon data and established regional ice-flow directions, soil geochemistry provides an effective means of delineating dispersal patterns and vectoring toward concealed bedrock sources. This integrated dataset defines robust exploration targets in areas where surface geology is largely obscured by surficial cover (Figure 2).

Figure 2: Schematic of a Ribbon Type Anomaly applied to the combined radon and soil sampling on Reitenbach. Modified from DiLabrio, 1990

Ribbon-type anomalies and related glacial features, such as clastic dispersal trains, form through the mass movement of sands, gravels, and boulders during glaciation. These features record the direction of the most recent ice flow and reflect down-ice transport of material derived from basement sources. Bedrock-derived material beneath surficial sediments may be brought toward the surface through a range of processes, including hydraulic sorting, glacial reworking, and post-depositional modification. Resulting dispersal features commonly extend from several hundred metres to as much as 20 km in length, depending on source strength, ice-flow dynamics, and the nature of the underlying geology².

Ribbon-type anomalies and dispersal trains are well-established exploration tools in glaciated terranes and have been successfully applied to a range of commodities, including gold mineralisation in the Red Lake and Hemlo districts of Ontario³, diamond exploration in the Northwest Territories⁴, and multiple uranium occurrences in Saskatchewan^{5 6}.

At Reitenbach, the paleo-ice flow direction has been estimated by provincial government research to range between 196° and 202° toward the south-southwest⁷. In addition, a 10.5 km-long esker that crosses the sampling area records an ice-flow direction of approximately 200°, which is coincident with the orientation of the offset radon and uranium-in-soil anomalies.

U-Th-REE-Y-Nb-mineralised pegmatites are relatively common within the Wollaston Domain of northern Saskatchewan. Three significant, well-documented occurrences-Kulyk Lake, Eagle Lake, and Karin Lake-are located approximately 130-160 km southwest of the Reitenbach Property, along the Needle Falls Shear Zone. At these occurrences, uranium mineralisation is concentrated along pegmatite margins and has been subsequently remobilised by later north-south-trending Tabernor faulting, rendering these structures uranium-bearing⁸. 

Similar Tabernor-style fault structures are interpreted to be present on the Reitenbach Property, having been identified through previously flown QAGMT airborne magnetic surveys. These structures, and the geology in proximity to them, are therefore considered priority targets for future exploration, including drill testing.

Next Steps

The Company considers the Nuphar North, Nuphar South and Goodleap targets to be encouraging; however, additional target generation is required to support an efficient drilling program. Reitenbach is a large property with further exploration potential, including areas associated with glacial dispersion trains and structural corridors such as the Needle Falls Shear Zone.

Given the logistical challenges and costs associated with helicopter-supported drilling, the Company's strategy is to continue refining and expanding targets on Reitenbach to ensure that any future drilling program is both technically robust and capital efficient.

Further work programs are planned to develop further targets to ensure a comprehensive and efficient drill program in future

GLOSSARY

REFERENCES

¹ Harrigan, D., 1977, Final Report 1976 Field season, Wollaston East Project, SMDC permits 7-10, 64L-0008

² Drake, L.D. 1983. Ore plumes in till. Journal of Geology, 91: 707-713. doi:10.1086/628821.

³ McClenaghan, M.B., 2005. Indicator mineral methods in mineral exploration. Geochemistry: Exploration, Environment, Analysis, 5(3), pp.233-245.

⁴ Kirkley, M.B., Grütter, H.S. & Bankey, V., 1991. Kimberlite indicator minerals - an effective exploration tool. Geological Survey of Canada, Paper 90-22.

⁵ Murthy, V.S., 1994. Glacial dispersal of uranium and geochemical exploration: concepts and case histories. Journal of Geochemical Exploration, 50(1-3), pp.155-169.

⁶ McKeough, M.A., Lentz, D.R., McFarlane, C.R.M. & Brown, J., 2013. Geology and evolution of pegmatite-hosted U-Th ± REE-Y-Nb mineralization, Kulyk, Eagle, and Karin Lakes region, Wollaston Domain, northern Saskatchewan, Canada: examples of the dual role of extreme fractionation and hybridization processes. Journal of Geosciences, 58(4), pp.321-346. doi:10.3190/jgeosci.153.

⁷ https://geohub.saskatchewan.ca/datasets/saskatchewan::ice-flow-indicators-1/about

⁸ McKeough, M.A., Lentz, D.R., McFarlane, C.R.M. & Brown, J., 2013. Geology and evolution of pegmatite-hosted U-Th ± REE-Y-Nb mineralization, Kulyk, Eagle, and Karin Lakes region, Wollaston Domain, northern Saskatchewan, Canada: examples of the dual role of extreme fractionation and hybridization processes. Journal of Geosciences, 58(4), pp.321-346. doi:10.3190/jgeosci.153.

DiLabio, R.N.W. (1990). Dispersal trains. In: Application de la géologie du Quaternaire à l'exploration minérale, Cours intensif, APGGQ, Sainte-Foy, March 1990, pp. 86-107.

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 (AIM: POW, OTCQB: POWMF) is a London-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, 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.