28 August 2026

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Gold Project, Botswana - Commencement of On-Site Operations

Power Metal Resources PLC (AIM:POW) the London-listed exploration company and project incubator with a global project portfolio, is pleased to announce that on-site work has now commenced at 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, and the recent achievement of key permitting and access milestones, Power Metal is pleased to report that the on-site work programme is now underway, marking the start of the next phase of technical advancement at the Project.

Highlights:

•   On-site work has now commenced at the Tati Gold Project, following the previously announced approval of the Environmental Management Plan ("EMP") and the signing of the access agreement covering the Project area, including Cherished Hope.

•     The initial phase of work comprises Rotary Air Blast ("RAB") drilling designed to test below the base of oxidation, in order to preclude the effects of supergene enrichment on results.

•     This will be followed by drilling down-dip to develop information on the geometry and continuity of the mineralised body, and subsequently by drilling along strike to test the lateral extent of mineralisation.

•     Results from the drilling programme will feed into a desktop feasibility study, assessing the potential for small-scale mining at Cherished Hope.

•    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.

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

"Following the succession of approvals leading to on-site work at Tati, I'm delighted to see this work has now commenced. The phased progression of the works will aim to further test the mineralisation and scale of the targets. The results of this programme will aid us in assessing the potential for mining and gold production at the Project.

"The favourable gold market environment continues to enhance Tati's potential, providing a great opportunity for us to move the Project along our incubation model, with ongoing advancement achieved at no additional cost to Power Metal.

"I look forward to updating the market on the progress being made at Tati."

Details

With the EMP approved and the access agreement signed, all key preparatory steps have been completed and on-site work has now commenced. Site visits and drill site investigations and preparations are underway ahead of the drilling campaign.

Under the terms of the Option, Tuscan is managing and funding a structured, phased work programme aimed at advancing the Project toward a potential development decision, at no cost to Power Metal. The initial phase comprises RAB drilling designed to test below the base of oxidation, thereby precluding the effects of supergene enrichment and ensuring that results are representative of the underlying mineralisation. Following this, drilling will step down-dip to develop information on the geometry and continuity of the mineralised body, before progressing along strike to test the lateral extent of mineralisation.

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.

The results of the drilling programme will be incorporated into a desktop feasibility study assessing the potential for small-scale mining operations at Cherished Hope. Subject to encouraging outcomes, applications may then be submitted to the relevant authorities to permit small-scale mining operations, 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.