Half-year Results

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, announces unaudited interim financial results for the six month period ending 30 September 2024, in accordance with AIM Rule 17.

On 2 October 2024, the Company announced that that its accounting reference date has been changed to 31 December, in order to provide the Company with greater flexibility to complete its audit after those of its subsidiaries, a significant number of which have year ends of 30 September. As a result, the current accounting period was extended to 15 months, ending on 31 December 2024.

Following the 15 month period, future results will follow a standard timetable of interim accounts for the six months to 30 June and full year audited results to 31 December.

The Company expects to publish its audited accounts for the 15 months ending 31 December 2024 in early June 2025 and by no later than 30 June 2025 in any event.

POWER METAL RESOURCES PLC

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

Items that will or may be reclassified to profit or (loss):

Profit/(Loss) per share from continuing operations attributable to the ordinary equity holder of the parent:

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT

Reporting entity

Power Metal Resources plc is a company domiciled in the United Kingdom. The unaudited consolidated interim financial report for the six-month period ended 30 September 2024 comprises the results of the Company and its subsidiaries (the "Group"). The Group primarily is involved in the exploration and development of mineral resources in Africa, Australia and Canada.

• Basis of preparation
• Statement of compliance

As permitted, IAS 34, 'Interim Financial Reporting' has not been applied in this interim report.

The financial information presented in this interim report has been prepared using accounting policies that are expected to be applied in the preparation of the financial statements for the year ending 31 December 2024.

These policies are in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards, and Interpretations (collectively "IFRS") issued by the International Accounting Standards Board as endorsed for use in the United Kingdom, and these principles are disclosed in the Financial Statements for the year ended 30 September 2023.

The interim results were approved by the Board of Directors on 28 December 2024.

Judgements and estimates

In preparing this consolidated interim financial report, significant judgements made by management in applying the Group's accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 September 2023.

Going concern

The interim financial report has been prepared on a going concern basis. Although the Group's assets are not generating revenues, the Directors believe, having considered all available information, including the Company's proven ability to raise further equity funds from its supportive shareholder base, that the Group will have sufficient funds to meet its expected committed and contractual expenditure for the foreseeable future. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the interim financial report for the period ended 30 September 2024.

Significant accounting policies

The accounting policies applied by the Group in this consolidated interim financial report are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 September 2023.

Taxation

For the six months ended 30 September 2024, no income tax expense has been recognised in the statement of profit or loss. It is expected that the Group has sufficient tax losses carried forward from prior periods to offset the taxable profits generated during the interim period. These carried forward tax losses are expected to be utilised against taxable income for the full financial year, if required.

Earnings per share

The calculation of basic earnings per share is based on the profit attributable to ordinary shareholders of the parent of £3,431,000 (March 2024 loss: £399,000), and a weighted average number of ordinary shares in issue of 111,049,292 (March 2024: 84,071,550).

The calculation of diluted earnings per share is based on the profit attributable to ordinary shareholders of the parent, and a diluted weighted average number of ordinary shares of 144,023,616.

The weighted average number presented for the period ending 31 March 2024 above and the year ending 30 September 2023 in the statement of comprehensive income have been adjusted for the effect of a 20 to 1 share consolidation.

Issues of Equity

During the period, the Company issued 514,358 shares at a share price of 14.581 pence per share. The shares were issued for the acquisition of a 75% holding in GSA (Environmental) Ltd.

At the period end, the Company had 111,187,774 ordinary shares in issue (31 March 2024: 110,673,416).

At the date of this interim report, the Company had 114,287,742 ordinary shares in issue.