Uranium Joint Venture Update

28 September 2026

Power Metal Resources PLC

("Power Metal" or the "Company")

Uranium Joint Venture Update - Increased Equity Interest in Fermi Exploration

and Fully-Funded Exploration Campaign

Power Metal Resources PLC (AIM:POW) ("Power Metal" or the "Company"), the London-listed exploration company and project incubator with a global project portfolio, is pleased to announce an agreement for funding of Phase 2 of its uranium joint venture ("the JV") along with strategic partner UCAM in the Fermi Exploration uranium project ("Fermi" or the "Project") in Saskatchewan, Canada. The agreement will result in Power Metal's equity interest in Fermi increasing from 30% to 45%, in return for the Company funding the next phase of the exploration campaign.

The next phase of work will be fully funded through the exercise of existing warrants in Power Metal held by UCAM, together with a direct contribution from the Company, providing a total of £1.9 million to fund Phase two drilling at the Company's flagship Perch River Project and a geophysical survey at the Reitenbach Uranium Property. UCAM will retain a 55% stake in the JV and, following the exercise of existing warrants, will become the largest shareholder in Power Metal.

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

"We are very keen to increase our exposure to Fermi Exploration, we believe strongly in the uranium opportunity we are building in Canada, and this increased equity position reflects that conviction.

Our joint venture partner, UCAM, has agreed to an increase in our share of the JV, taking Power Metal's interest in Fermi from 30% to 45%. UCAM is a strategic investor with significant reach, and its continued support - including through the exercise of its warrants in Power Metal to help fund this next phase - is a strong endorsement of the JV. UCAM’s election to become a significant investor in the Company through early exercise of their warrants indicates broad support for the Company’s overall strategy. We look forward to collaborating with UCAM on future investments while advancing the Fermi Joint Venture.

With a fully funded £1.9 million programme now in place covering both Perch River and Reitenbach, we are well positioned to move our uranium strategy forward at pace and I look forward to updating shareholders on the proposed drill targets on Perch River, and as geophysical results are received."

Highlights:

●         Power Metal's equity interest in the Fermi Exploration uranium JV with UCAM to increase from 30% to 45%, generating the funding for the next phase of exploration.

●         UCAM to exercise 13.3m existing warrants in Power Metal, repriced at 10 pence, raising £1.3m for the Company.

●         Power Metal to contribute a further £600,000, bringing total committed funding for the campaign to c.£1.9m.

●         Funds to be deployed on Phase Two drilling at the Perch River Project, targeting the core of the highly prospective Rapids Fault Structure, and a geophysical survey at the Reitenbach Uranium Property to advance recently identified high-priority targets.

●         Following exercise of the warrants, UCAM will hold a c.11% equity interest in Power Metal, further aligning UCAM's interests with those of Power Metal shareholders and reflecting UCAM's confidence in the Company as a platform for future growth.

Fermi Exploration: Increased Equity Interest

Power Metal and UCAM have agreed to restructure their respective equity interests in Fermi Exploration, with Power Metal's interest increasing from 30% to 45% in return for funding the next stage of the drilling programme at Perch River. The revised ownership structure is set out below:

The increased interest reflects Power Metal's conviction in the exploration upside at Fermi and its intention to build further exposure to the uranium sector as market fundamentals continue to strengthen.

Funding: Strategic Support from UCAM

The increased interest in Fermi is to be funded through a warrant exercise by UCAM, which currently holds 13.3 million warrants in Power Metal expiring in 2029. These warrants will be repriced at 10 pence and exercised immediately, raising £1.3 million for the Company, which will be applied together with a further £600,000 from Power Metal's own resources to the exploration campaign at Perch River and Reitenbach - a total of £1.9 million.

UCAM's decision to exercise its warrants underlines its position as a strategic investor in Power Metal with significant reach across the resources sector. Following exercise, UCAM will hold an 11% equity interest in Power Metal, further strengthening the alignment between the two parties.

USE OF FUNDS

Perch River Project: Phase 2 Drilling

Supplementary analysis1 of drill core from the 2025 programme at Perch River has identified a highly prospective, "fertile" environment for unconformity-related uranium mineralisation along the Rapids Fault Structure. While the initial 2025 programme did not intersect primary uranium, detailed geochemical and mineralogical review has identified classic "near-miss" indicators within the fault zone, including high-temperature alteration minerals such as sudoite, hydrothermal tourmaline and dolomite, together with significant boron concentrations peaking at 779 ppm in drillhole PR25-01 - a key pathfinder element for uranium fertility.

Highly anomalous radiogenic lead isotope ratios (including 206Pb/204Pb up to 242.8) have been identified along at least a 400-metre strike of the structure, providing a direct proxy for significant uranium decay, while Short-Wave Infrared analysis has revealed phengitic white mica indicative of the magnesium-iron-rich basinal brines associated with uranium deposit formation.

Taken together, these alteration signatures and radiogenic anomalies support an interpretation that the 2025 drilling intersected the distal, upper halo of a hydrothermal system, and that a high-temperature core with the potential to host a uranium deposit exists at greater depth within the Rapids Fault Structure. The Phase 2 drilling programme, funded through this transaction, will target these greater depths, the apex of the Rapids Fault Structure and the unconformity, and potentially along the Rapids Fault Structure. This additional drilling is intended to move beyond the surface-level anomalies identified to date to test directly for the primary zone of mineralisation.

Reitenbach Uranium Property — Geophysics Programme

Exploration during 2024 and 2025 at Reitenbach, utilising in situ radon surveys and Ionic Leach soil geochemistry across three primary areas, has identified a ribbon-style glacial dispersion anomaly and delineated three high-priority targets spanning 100 hectares, consistent with a concealed bedrock source of uranium mineralisation2.

The property also displays further potential for additional mineralising systems associated with inferred crustal-scale faulting, structures which elsewhere in Saskatchewan3 are known to host significant uranium mineralisation. Funding secured through this transaction will support a geophysical survey, currently being flown, which, following post-processing, will provide high-quality data to delineate targets for future fieldwork and drilling at Reitenbach.

REFERENCES

1 https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/r7kpg7w

2 https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rymyq9r

3 Mckeough, Michelle & Lentz, David & Mcfarlane, Chris & Brown, Jarrod. (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. 321-346. 10.3190/jgeosci.153.

QUALIFIED PERSON STATEMENT

The technical information contained in this announcement has been read and approved by Mr Nicholas 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 (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.