Uranium Energy Exploration Update

Power Metal Resources PLC (AIM:POW), the London listed exploration company with a global project portfolio is pleased to provide an update on the planned IPO of a number of its uranium interests using Uranium Energy Exploration plc (UEE) as a vehicle to achieve an admission to AIM.

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

"The marketing process for the planned IPO of UEE continues to attract significant interest from a range of investors, including institutional investors, HNWs and retail investors in the UK and elsewhere, including a potential cornerstone investor.

However, a number of significant potential strategic investors have indicated their preference for alternative deal structures which may include a different combination of assets, or an enlarged asset set with an enhanced business model.

The Board of Power Metal is therefore considering, from its point of view, all options and will revert in due course on the progress of those discussions and how this would affect the proposed IPO of UEE both in terms of timing and structure."

Shareholders should note that there can be no certainty that any transaction will be completed with POW's uranium interests.

Shareholders should also note that Sean Wade is a director of both Power Metal and UEE.