Molopo Farms Complex Botswana – Operational 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:

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 early October, the Company has 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 now concluding preparations for the planned drill programme and is in the final stages of negotiating and signing a drill contract, with a view to commencing drilling operations early in Q1 2024.

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

"I am pleased to report further progress at Molopo, and we look forward to commencing the drilling of this high priority conductor. Molopo has been, and remains, one our highest priority exploration opportunities, and one that we remain convinced has the potential to be a significant value driver for Power Metal.

"Given the amount of data collated over previous exploration campaigns at Molopo Farms, our London based technical team have been working with local advisors to complete a detailed examination of findings to date. The outcome of this work was the confirmation of the highest priority conductor identified to date at Molopo Farms. It has been important to take the appropriate amount of time and to diligently prepare for what we believe may be a highly significant next round of drilling. We look forward to updating shareholders further on this important next step for Molopo."

Figure 1: Inversion results from AMT line 1. The red traces represent the location of the historical drillholes which targeted what has now been determined to likely be a shallow dipping sedimentary conductor. The large purple to blue conductor is the newly discovered steeply dipping conductor which has not yet been drill tested. The black line represents the approximate location of one of the planned drillholes.

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.