Agreement with Alara Resources & Awtad Copper

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, and its majority held subsidiary Power Arabia Ltd ("Power Arabia"), announced on 11 September 2024 the signature of a non-binding Heads of Terms ("HoT") with Alara Resources Limited ("Alara") and Awtad Copper LLC ("Awtad Copper") for Power Metal to spend up to US$740,000 from the date of execution of a legally binding agreement to earn a 12.5% stake in the Block 8 concession in Oman ("Block 8"), (the "Proposed Agreement").

The finalisation and signature of a formal and legally binding agreement containing the full terms and conditions of the Proposed Agreement is in final review by both parties and is expected to be signed in the coming days. However, there can be no certainty that a legally binding agreement will be completed.