Molopo Farms Project, Botswana – Drilling Update

Power Metal Resources PLC (AIM:POW) the London-listed exploration company and project incubator with a global project portfolio, is pleased to announce the completion of the first hole of its drilling programme on the eastern feeder dyke to the Molopo Farms Igneous Complex ("Molopo Farms" or the "Project" or the "MFC") in southwestern Botswana, where the Company is targeting a district-scale nickel and platinum group element discovery.

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

"I am delighted to report the completion of the first hole of our current drilling campaign at Molopo Farms, and particularly the intersection of suspected nickel mineralisation within the target structure.

While we await the results of sampling and assaying, this is an encouraging early indication that our revised targeting approach, focused on the controlling structure and feeder dykes to the Complex, is testing the right ground. It reinforces our belief that a district-scale discovery remains within our reach.

I look forward to updating shareholders as assay results are received and as the programme progresses."

Highlights:

• The first hole of the Company's drilling programme on the eastern feeder dyke to the Molopo Farms Igneous Complex has been completed.
• Hole 1-9 was drilled to a depth of 382 m and intersected disseminated suspected nickel mineralisation associated with a leuconorite band between 243 m and 269 m downhole depth.
• Sampling and assaying of this interval is now in progress, with results to be announced once received, analysed and verified.
• The hole forms part of the previously announced 1,600 m core drilling programme targeting an initial five high interest geological and geophysical targets on the eastern feeder zone to the MFC.
• The programme is results driven and may be optimised as further data is acquired, with drilling continuing on the remaining targets.

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.