Power Metal Resources PLC Regulatory News (POW)

SULA IRON & GOLD PLC

("Sula" or the "Company")

Update on Subscription

Sula (AIM: SULA), the gold exploration company focused on Sierra Leone, is pleased to announce, as referenced in the Equity Subscription announcement released at 07.00 this morning (the "Announcement"), that it has received confirmation from the Investors' solicitors of their receipt of the subscription funds from the Investors and that all solicitors undertakings are now in place to allow completion of subscription and entering into of the Sharing Agreement at Admission - expected tomorrow.

Defined terms used in this announcement bear the same meaning as those used in the Announcement.

For further information, please contact:

Prior to publication, certain information contained within this announcement was deemed to constitute inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market soundings (as defined in MAR) were taken in respect of the Subscription with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR. Due to the publication of this announcement, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.