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").

Further to the Company's announcements dated 3 June 2024 and 26 July 2024, advisors to ACAM have confirmed that they have substantially completed their due diligence in relation to the proposed transaction, and the definitive legal documentation to the Joint Venture is in advanced form, with all commercial terms as previously announced. The Parties are, however, still working together to complete the Joint Venture and the closing of the transaction. Accordingly, the Parties have agreed to extend the period of exclusivity for the transaction to 13 September 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.