Power Metal Resources PLC Regulatory News (POW)

7 February 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Farms, Botswana - Current Drill Programme Complete

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the completion of a 2,402m diamond drill programme at the Molopo Farms Complex Project ("Molopo Farms" or the "Project") targeting a large-scale nickel and platinum group element ("PGE") discovery in southwestern Botswana.

Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:

"Completion of this drill programme represents an important step forward for Power Metal and my thanks go out to the operational teams for a job well done. This exercise required some flexibility, with teams mobilising to multiple locations requiring rapid adaptation to the changing technical demands on an iterative basis.

Historical exploration work completed at Molopo Farms prior to this drill programme demonstrated the validity of the feeder zone geological model with evidence of the targeted nickel sulphides. From our recent work and technical findings from this drill programme thus far, the model has been further validated.

With diamond drilling, downhole geophysics, technical core review and assay testing we are bringing together a significant amount of data with multiple final datasets awaited, including assay results and the interpretation thereof.

We expect the data and interpretations from this drill programme will add considerably to the existing understanding of what we believe is a particularly exciting opportunity at Molopo Farms. Further updates will follow in due course."

HIGHLIGHTS:

§ The inaugural drillhole (DDH2-3A) into target area T2-3 has been completed to a final downhole depth of 483m.

§ A total of 2,402m was drilled in this campaign across five drillholes targeting four individual target areas including:

o  DDH2-3A (483m), DDH1-3A (450m), DDH1-14B (519m), DDH1-6B (2) (300m), DDH1-6B (650m).

§ The programme was completed safely and efficiently thanks to the Company's various in-country drilling and geological contractors.

§ The Company is now working on completing detailed logging of all remaining cores, as well as cutting, processing, and shipping of all remaining samples for assay testing at an accredited laboratory located in Johannesburg, South Africa.

§ Once all technical information, including assays, have been received and interpreted, the Company will release a comprehensive RNS covering all results from the programme, including geological interpretations, downhole electromagnetic and assay data.

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 - Background

Power Metal Resources plc (LON:POW) is an AIM 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 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.