4 February 2026

Power Metal Resources PLC

("Power Metal" or the "Company")

Balthaga Project Update

 Drill target definition programme to commence

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London-listed mineral exploration company and project incubator with a global project portfolio, and its majority held subsidiary Power Arabia Ltd ("Power Arabia"), are pleased to provide an update on the exploration programme at the Balthaga project ("Balthaga" or the "Project") in the Kingdom of Saudi Arabia ("KSA").

Following the fulfilment of the Company's initial expenditure requirement to obtain 20% shareholding in the Project¹, Power Metal is now commencing the exploration expenditure required to increase its shareholding to 30%. As part of this, the Company is mobilising a team to carry out the next stage of exploration focused on defining drill targets, further to the anomalies and targets generated last year².

This drill target definition programme will be split into two phases. The initial phase focusing on a mapping and rock sampling programme targeting both previously defined targets and new targets, and phase two focused on an infill soil geochemistry sampling programme over the anomalous Hugban intrusion corridor.

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

"Through our previous exploration work and historical reports, we have identified multiple prospective targets across the Balthaga licence area. The mobilisation of our exploration team on site will look to define these targets for future drilling programmes and provide further confirmation of the prospectivity of the Project.

As we move into the next stage of our expenditure requirements, we look forward to enhancing our strategic position within the Project, whilst drawing on the technical expertise of the Power Arabia team to further expand our understanding of this exciting licence area."

Chris Counsell, General Manager Geology and Mining, EV Metals Group plc, commented:

"We are pleased to be progressing the next stage of exploration at the Balthaga Project alongside our joint venture partner, Power Metals Arabia, as part of our planned and collaborative work programme. The commencement of the drill target programme reflects the strong technical alignment between our teams and builds on the growing Geological understanding of this highly prospective area. We look forward to the outcomes of this work as the Project continues to advance and support EV Metals Group's long-term growth strategy in the Kingdom."

Balthaga property

The Balthaga property is located midway between Riyadh and Jeddah in Saudi Arabia and comprises 13 contiguous exploration licences that encompass a total area of 1,290 km² (Figure 1).

Based on the geological setting, available data and field observations, the property is prospective for granite-related rare metal mineralisation, particularly tin (Sn), tungsten (W), lithium (Li), beryllium (Be), molybdenum (Mo), niobium (Nb) and tantalum (Ta) and rare earth elements ("REE").

Balthaga is the subject of a mutually binding earn-in agreement with RIWAQ Al-Mawarid for Mining ("RIWAQ"), announced 26 March 2024¹. RIWAQ is a 90% owned subsidiary of EV Metals Group plc ("EVM"), which is focused on the development of the supply chain for critical raw materials from the exploration, mining and processing of minerals and metals in KSA. Power Metal Resources has fulfilled its initial expenditure requirement and is now a 20% stakeholder in the Project².

Figure 1: Location of the Balthaga property, Saudi Arabia

This next stage of work is split into two phases, both designed to identify next stage drill targets. The initial phase is due to commence in the coming days, focusing on a mapping and rock sampling programme targeting both previously defined targets and new targets relating to the rare metal granite mineralisation identified last year. The second phase is planned to take place after Ramadan in mid-March 2026 and is focused on an infill soil geochemistry sampling programme over the key anomalous Huqban intrusion corridor.

An expert in this type of geology and mineralisation from SRK Consulting (UK) Ltd, who independently reviewed the comprehensive 95-page technical report, will be part of the initial team, adding significant experience and local knowledge to the field programme, along with support from a senior geologist from The MSA Group in Jeddah. Furthermore, a previously-used, local logistical specialist will support the team in the field for the duration of the programme.

Figure 2: Prioritised ground mapping/sampling areas, Balthaga, February 2026

Figure 2 shows the target areas to be visited and traversed systematically during this programme with a key focus on the anomalous 'corridor' trending southeast northwest on the northern part of the Huqban intrusion, but also a couple of other key lithium focused targets in the southern and northern sectors of the project area.

The soil sampling programme (See Figure 3), that will take place in phase two, has already been prepared, however, the team will review its optimised targeting based on the outcome of this initial programme to ensure it covers the optimum target area to support drill target definition. This is planned to be done after Ramadan in mid-March 2026.

Figure 3: Proposed soil sampling grid along priority corridor target area, Balthaga, Feb 2026

Balthaga is a sizeable and exciting exploration property that is prospective for a variety of critical metals (Be, Li, Mo, Nb, REE, Sn, Ta and W) and well-aligned with the Kingdom of Saudi Arabia's vision 2030 and the emphasis on energy transition minerals.

References

1:            Company Announcement, Binding Earn-in Agreement Signed with RIWAQ Al-Mawarid for Mining a Majority-Owned Subsidiary of EV Metals Group plc, First Major Agreement for Exploration in the Kingdom of Saudi Arabia, dated 26 March 2024 (https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rmkem8w)

2:            Company Announcement, Balthaga Project Saudi Arabia: Exploration Update, dated 5 January 2026 (https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rdo2y4x)

For further information please visit https://www.powermetalresources.com/ or contact:

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NOTES TO EDITORS

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.