20 March 2026

Power Metal Resources PLC

("Power Metal" or the "Company")

Strategic investment in Chilean copper developer

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London-listed mineral exploration company and project incubator with a global project portfolio, is pleased to announce a strategic investment of US$1 million for 2.6% in Next Minerals S.A. ("Next Minerals"), a Chile-based mining company focused on the development of medium scale copper operations.

Highlights:

·    US$1 million investment via a subscription agreement into Next Minerals for 2.6% interest

·    Exposure to the mine-ready Comahue underground copper mine in the coastal copper belt in Antofagasta, Chile

o  Detailed engineering completed with the necessary permits acquired

o  Phase 1 Mineral Resource Estimate: 9.91 million tonnes ("Mt") at 0.81% copper[1]

o  7 year Life of Mine ("LOM") for phase 1, processing 4.7 Mt to produce 40,000 tonnes of fine copper cathode

o  LOM revenue phase 1: US$495 million

o LOM EBITDA phase 1: US$140 million

o  Next Minerals' additional mining properties include five brownfield targets totaling 3,000 ha and 10,000 ha of adjacent, unexplored mining licences, with major world‑class deposits flanking the tenure - providing potential to materially expand the Company's resource base.

·    Power Metal is undertaking this investment alongside Swift Mining Services Ltd. ("Swift").

Sean Wade, CEO of Power Metal Resources, commented:

"This strategic investment in Next Minerals represents an important step in building further, meaningful exposure to copper within our portfolio, on a large scale in a premium copper jurisdiction.  Chile is the largest and most renowned copper producer globally and Chilean copper is important across the globe. This investment represents Power Metal's strategic entry into a well‑established and prestigious market, strengthening the company's position through exposure to highly prospective assets in world‑class jurisdictions.

"The Comahue mine offers Power Metal shareholders access to a project that can advance to production on an accelerated timescale with all key permits and approvals granted, as well as a large exploration footprint, and in a time where we are seeing an attractive copper market. It is also encouraging to enter this investment with Swift, who equally see the significant potential in the company and the project. I look forward to updating shareholders further on this investment as and when appropriate."

Further information

The investment

Power Metal will enter a subscription agreement for the issue of 65,142 ordinary shares and 65,142 warrants in Next Minerals to the value of US$1 million. The warrants will have a three-year life from issue and will be issued on a 1:1 basis.

The Company's investment will be made alongside an investment from Swift for a combined sum of US$3 million and total interest of 7.9%. The funds will support the progression of Next Minerals' business plan, including the development of the Comahue underground copper mine, as well as to address other strategic or growth opportunities that may arise.

Next Minerals

Next Minerals is a Mining Company based in Chile focused on the development of medium scale copper operations. The leadership team has extensive experience in the mining industry, as well as in management consulting and corporate finance.

The Comahue copper mine

Next Minerals controls over 14,000 hectares, including the Comahue copper mine, in the tier-one copper district of the coastal copper belt of Antofagasta in Chile. Located in a world class mining district, the region offers access to pre-existing and key infrastructure,  reducing CapEx requirements. It is situated close to a number of major projects, such as the Mantos Blancos mine and Marimaca copper project.

Comahue is a mine-ready underground copper project with a phase 1 mineral resource estimate of 9.91 Mt at 0.81% copper, with 70% of the total resources recorded within the Measured and Indicated category in accordance with Canadian National Instrument 43-101. Detailed engineering has been completed and all necessary permits, including environmental approvals granted. Based on current reserves plus expected additions from its other mining properties, Next Minerals could extend project life beyond 15 years and recover approximately 100,000 tonnes of fine copper cathode, with a metallurgical recovery of ~87-90%. The Company will employ a sub-level stoping mining method and process via conventional crushing, heap leaching and SX‑EW, targeting an initial Phase 1 production capacity of 6,000 tpa of copper cathode, with potential to increase to about 12,000 tpa as additional resources are brought online.

Economics of the Comahue mine include LOM revenue for phase 1 of US$425 million, LOM EBITDA of US$158 million, representing 37% of net revenue, and cash costs of US$3.45/lb.

In addition, the mining property hosts five brownfield exploration targets and 10,000 ha of adjacent, unexplored mining licences, with major world‑class deposits flanking the tenure - providing potential to materially expand the Company's resource base.

About Swift Mining Solutions

Alongside Power Metal's investment, Swift will also be investing as part of the subscription agreement. Swift operates a similar incubator model as Power Metal, focusing on undervalued copper and gold assets in emerging markets.

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 (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.