Molopo Farms Complex, Botswana – Drilling Update

14 December 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Farms Complex, Botswana - Drilling Update

Power Metal Resources PLC (AIM:POW), the AIM listed exploration Company seeking large-scale metal discoveries across its global project portfolio, announces an update from its Molopo Farms Complex Project ("Molopo Farms" or the "Project" or "MFC") where the Company is targeting a district-scale nickel ("Ni") and platinum group element ("PGE") discovery in southwestern Botswana.

BACKGROUND

On 6 October 2023 the Company announced that recently completed geophysical inversions led to the identification of the highest priority conductor to date at the Project. This announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-botswana-exploration-update/16155544

HIGH PRIORITY CONDUCTOR T1-14

The identified conductor is very strong, steeply dipping and multi-kilometre in length and importantly is co-incident with the keel of the feeder zone intrusion within target area T1-14.

Significantly, this conductor is geologically located where one would expect to find accumulations of significant nickel sulphides within a mafic/ultramafic complex, giving the Company further confidence in the provenance of this particular conductor.

DRILLING UPDATE

Since the previous Molopo Farms announcement, the Company has further advanced plans to drill test this target at T1-14 with follow up analysis determining up to two areas to optimally test this conductor.

The Company is pleased to report that it has now signed a drilling contract with Discovery Drilling Contractors Africa, the same company who completed the 2021 drilling campaign on Molopo Farms on behalf of Kalahari Key Mineral Exploration Company (Pty) Ltd. Final preparations are now underway with an expected drilling commencement in January 2024.

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

"I am pleased to be able to give shareholders certainty on the drill contract following our previous announcement on Molopo Farms.

We are very excited to be getting underway in the New Year and are confident that the detailed analytical work we have done this year will maximise our chances of success with this campaign.

I very much look forward to sharing the results in due course."

Power Metal Interest

Power Metal holds an 87.71% interest in Kalahari Key Mineral Exploration Pty Ltd, a Botswana private company, which holds a 100% interest in the Molopo Farms Complex Project.

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.