Update on RRR Agreement

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, announces a further update to the agreement with Red Rock Resources PLC ("RRR") to dispose of its 49.9% interest in New Ballarat Gold Corporation plc, which wholly owns Red Rock Australasia Pty Limited, the local operating company holding exploration interests in the Victoria Goldfields, Australia and in South Australia (the "Agreement").

Further to the announcement of 12 June 2024, on 10 December 2024, an amendment to the Agreement was made between the Company and RRR (together the "Parties"). The key amended terms are set out below:

• £200,000 of the £250,000 sum, payable in cash nine months after completion of the disposal of the Company's holding in New Ballarat Gold Corporation plc (the "Completion"), has been paid by RRR. The remaining £50,000 and some other sums owed will be rescheduled to 20 January 2025.
• The £250,000 convertible loan notes issued to the Company at Completion and expiring on 19 December 2024 will instead be repaid in cash on 19 March 2025.
• The 166,666,667 RRR warrants issued to Power Metal and expiring three years after the date of issue will be repriced to an exercise price of 0.041 pence each.