7 November 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Project Botswana Final Drill Assay Results

Assays Received for Remaining Six Holes; Further Bonanza Grade Intercepted including 1m @ 40.6g/t Au (from 2m of 23.2g/t Au)

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces final results from the Company's recently completed drilling programme on the 100% owned and operated Tati Project ("Tati" or the "Project") located within the Tati Greenstone Belt near Francistown, Botswana.

Assay results from the first three holes which included the bonanza intercept 1m of 47.1g/t gold ("Au") from 6m downhole depth in reverse circulation ("RC") drillhole CHRC0003, were previously announced to the market on 3 November 2022 and can be found at the link below:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-initial-drill-assay-results/15699862

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

"Tati is becoming a significant Project for Power Metal - with only 175m strike distance of an 8km long gold-in-soil anomaly drill tested and extensive high-grade gold confirmed from the RC drilling.

Naturally the 47.1g/t Au and 40.6g/t Au grades peak excitement, which they should, however more important is the continuity of gold mineralisation over the 175m strike drill tested thus far, which bodes well for the significant amount of the anomaly yet to be tested.  That drill testing is now a priority for Power Metal.

Complementing the extremely exciting gold exploration results we have to note the practical advantages of the Tati Project.

The gold mineralisation identified to date is near surface, significantly de-risking any mining proposition. And the Project is centred on the former working gold mine, Cherished Hope, with gold fines dumps available for processing at a local processing site, potentially generating revenue for further exploration and development of the Project.

The processing site for the fines dumps is located within 20 minutes by road from the Project, and clearly also presents an avenue for processing of gold from the newly discovered mineralised areas, subject to undertaking commercial agreements and local regulatory approvals.

All told the Tati Project is making major progress and the Company intends to accelerate its activity to undertake RC drilling to more fully test the very large Au-in-soil anomaly, prove up more extensive gold mineralisation and in parallel develop avenues for future gold production from the Project."

Highlights:

-      A total of nine RC holes totalling 490m were completed at Tati as part of the August 2022 exploration programme - representing the first ever known drilling programme carried out on prospecting licence ("PL") 049/2022. Complete assay results have now been received for the remaining 6 holes and are presented herein.

-      In addition to multiple high-grade gold intersections reported from the first three RC drillholes, significant near-surface dolerite and quartz reef hosted gold mineralisation was successfully intersected in 5 of the 6 remaining holes. Key down-hole intersections (>1g/t Au) include:

§ Hole CHRC0004

Ø 1m @ 1.36 g/t Au from surface

Ø 2m @ 1.81 g/t Au from 2m

Ø 1m @ 1.56 g/t Au from 5m

Ø 1m @ 2.53 g/t Au from 36m

§ Hole CHRC0005

Ø 1m @ 1.13 g/t Au from 22m

Ø 2m @ 1.78 g/t Au from 52m

§ Hole CHRC0006

Ø 2m @ 23.17 g/t Au from 25m, including

§ 1m @ 40.63 g/t Au from 26m

§ Hole CHRC0007

Ø 1m @ 4.80 g/t Au from 1m

Ø 2m @ 6.59 g/t from 5m, including

§ 1m @ 11.27g/t Au

Ø 1m @ 1.55 g/t from 13m

Ø 1m @ 11.16g/t from 54m

§ Hole CHRC0009

Ø 2m @ 2.11 g/t Au from 49m

-      Drilling intersections have confirmed gold mineralisation over a strike length of 175m, with mineralisation remaining open towards the northwest, southeast and downdip.

-      Significantly, the Q3 2022 drilling area is located along a major northwest-southeast oriented regional shear that is thought to be the control of gold mineralisation observed within the area.

-      Along this major regional shear is a coincident Au-in-soil anomaly that extends for a strike distance of approximately 8km, and which is located entirely within the 100%-owned Tati Project. The majority of this geochemical anomaly remains underexplored, with additional mineralisation identified by Power Metal circa 6.5km to the northwest including Q1 2022 RC drillhole TGRC00017 which returned 3m of 5.17g/t Au from 9m ¹, as well as the undrilled GoldSource Zone where rock sampling of a northwest-southeast oriented quartz reef returned up to 26.5g/t Au ².

FURTHER INFORMATION

Figure 1 - Tati Project Overview Plan Map:

Figure 2 - Tati Project Q3 Drilling Area Zoomed Plan Map:

The maps presented above will also be uploaded to the Tati Project page on the Company's website found at the link below:

https://www.powermetalresources.com/project/tati-greenstone-belt/

One metre RC chip samples were riffle split and sent for analysis by Intertek Genalysis in Perth Western Australia, by 50g fire assay with inductively coupled plasma mass spectrometry (ICP-MS) analysis (method FA50/MS). High grade samples were additionally analysed by 50g fire assay with inductively coupled plasma optical emission spectroscopy (ICP-OES) (method FA50/OE).  Significant assay results are presented in Table 1, drill collar locations are set out in Table 2.

Table 1: Full Assay Results for Downhole Intersections >1g/t Au

*Overlimit assay analysed via Intertek Genalysis FA50/OE (50g Fire-Assay)

Table 2: Tati 2022 Drill Programme Collar Table

* Projection: UTM Zone 35S WGS84

Reference Notes

1.             Company announcement, Tati Project Botswana - Drill Programme Results, 4 April 2022

( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w9klmer )

2.            Company announcement, Tati Project Botswana - Large Scale Gold Anomaly Confirmed, 14 September 2021

( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w6pve9x )

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, 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 - 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.

Exploration Work Overview

Power Metal has multiple internal exploration programmes completed or underway, with results awaited.  The status for each of the Company's priority exploration projects is outlined in the table below.

^# subject to completion of acquisition announced 18.5.22 for which regulatory approval confirmed 28.10.22

Exploration work programmes may also be underway within Power Metal investee companies and planned IPO vehicles where Power Metal has a material interest, the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required.  These interests are summarised in the table below: