Prospecting Licences Renewed & Drilling at Molopo

Power Metal Resources PLC (AIM:POW) the London-listed exploration company and project incubator with a global project portfolio, is pleased to announce a exploration update from its Molopo Farms Complex Project ("Molopo Farms" or the "Project" or the "MFC"), where the Company is targeting a district-scale nickel and platinum group element discovery in southwestern Botswana.

Sean Wade, Chief Executive Officer of Power Metal Resources, commented:

"I am very pleased to provide this update on the renewal of our licences and the upcoming drilling campaign.

We remain completely committed to the Molopo Farms Project and are optimistic that this campaign will build on the significant body of work that has already taken place there and that a district-scale discovery remains within our reach.

I look forward to further updating shareholders in the coming months."

Highlights:

• The Project's Prospecting Licence ("PL") 311/2016 has been extended for a period of two years and is now valid until 31 March 2028.
• Drilling has commenced on a 1,600 m programme of core drilling targeting an initial five high interest geological and geophysical targets on the eastern feeder zone to the Molopo Farms Igneous Complex.
• Unlike previous and historical drilling, this programme will test targets within the controlling structure to the Molopo Farms Complex and its related feeder dykes.
• Drill siting is based on latest interpretations of magnetic, AMT and TDEM data previously acquired by Power Metal, plus limited additional ground magnetic traverses.
• The programme will be results driven and may be optimised as more data is acquired.

Power Metal Interest

Power Metal holds an 87.71% interest in Kalahari Key Mineral Exploration Pty Ltd, a Botswana private company, which holds a 100% interest in the Molopo Farms Complex Project.