Update on Proposed Formation of Uranium-Focused JV

Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed exploration company with a global project portfolio, announces an update on the intended formation of a uranium-focused joint venture (the "Joint Venture") involving Power Metal's entire portfolio of uranium licences, with ACAM LP ("ACAM" or the "Investor", together the "Parties").

The Company announced on 3 June 2024 that it had entered into a non-binding term sheet with ACAM and that the Parties had entered into an eight-week exclusivity period. Whilst significant progress has been made towards completion of the Joint Venture, certain legal due diligence processes remain outstanding. Consequently, the Parties have agreed to extend the due diligence period until 23 August 2024.

Whilst no guarantee of completion can be provided, the Parties fully expect completion within that period and the Company will update shareholders in due course.