27th April 2026

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Gold Project, Botswana - Development Update

EMP Approved, Access Agreement Signed, Work to Commence Shortly

Power Metal Resources PLC (AIM:POW) the London-listed exploration company and project incubator with a global project portfolio, is pleased to announce a commercial update from its 100% owned Tati Gold Project ("Tati" or the "Project") located on the Tati Greenstone Belt ("TGB") near Francistown, Botswana.

Further to the share option agreement ("Option" or the "Agreement") entered into with Tuscan Holding PTY LTD ("Tuscan") on 19^th June 2024, Power Metal is pleased to report that key permitting and access milestones have now been achieved, paving the way for the commencement of on-site technical work.

Highlights:

•     As announced previously, the Environmental Management Plan ("EMP") for the Tati Gold Project has been formally approved by the relevant government authorities, removing a key permitting milestone required to advance on-site activities including drilling.

•     The access agreement covering the Project area, and Cherished Hope specifically, has now been signed, providing formal access to the licence area to support the planned work programme.

•     Work is expected to commence in short order, including site visits to progress drill site investigations and preparations. Rotary air blast ("RAB") drilling is planned following the completion of site preparations.

•     An extremely strong gold price environment continues to materially support the advancement of the Tati Gold Project and the potential for small-scale mining at Cherished Hope, reinforcing the economic rationale for continued investment and evaluation.

•     In accordance with the Option, Tuscan will manage and fund the planned work programme, at no cost to Power Metal.

Details

With the access agreement signed, the Project has completed the key preparatory steps required to move into the next phase of its technical work. Work will be commencing in short order, with site visits planned which will allow the progression to drill site investigations and preparations ahead of the planned drilling campaign.

Under the terms of the option agreement, Tuscan is progressing a structured work programme aimed at advancing the Project toward a potential feasibility study. The initial phase will focus on defining the geometry and continuity of gold mineralisation through a programme of RAB drilling to depths of approximately 60 metres for a planned total of ~600m. This drilling strategy is designed to follow mineralisation down-dip, generate sufficient geological data to support early mine planning concepts, and produce representative samples for preliminary metallurgical test work, whilst mitigating the effects of supergene enrichment.

In parallel, high-resolution drone imagery will be collected across the Project area to support environmental baseline studies, the development of digital terrain models, and the preliminary design of mining infrastructure.

Subject to receiving encouraging results from this phase of work, applications may be submitted to the relevant authorities to permit small-scale mining operations of approximately 50 tonnes per day, with the objective of progressing the Project toward initial gold production thereafter.

Deal Details

On 19 June 2024, Power Metal Resources entered into a share option agreement with Tuscan Holdings Pty Ltd over Prospecting Licence PL049/2022, forming part of the Tati Gold Project in Botswana.

Under the terms of the agreement, Tuscan will fully fund and manage all exploration, evaluation and feasibility activities at the licence area, including the preparation of a formal feasibility study, at no cost to Power Metal.

Upon successful completion of the feasibility study, and subject to Tuscan financing the construction and development of a processing plant and associated mine infrastructure, Tuscan may exercise its option to acquire a 75% interest in PL049/2022. Power Metal would retain a 25% interest, carried free to production.

Power Metal will retain 100% ownership of all other licences within the Tati Gold Project. The Company's retained interest in PL049/2022 is intended to provide ongoing exposure to future cash flows and potential dividend distributions arising from any gold production at the project.

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.