Exercise of Warrants

Power Metal Resources PLC (AIM:POW) ("Power Metal" or the "Company"), the London-listed exploration company and project incubator with a global project portfolio, is pleased to announce that on 6 October 2026, warrants over 13,333,333 ordinary shares of 2 pence each in the Company (“Ordinary Shares”) were exercised by UCAM at an exercise price of £0.10 pence, raising approximately £1.3m for the Company. Accordingly, the Company will issue 13,333,333 Ordinary Shares to satisfy this exercise.

For further information on this transaction please refer to the recent announcement on 28 September 2026:

Application will be made to the London Stock Exchange for the 13,333,333 Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the new Ordinary Shares on AIM will commence on or around 13 October 2026. The new Ordinary Shares will rank pari passu with the existing ordinary shares in the Company.

Following Admission, the Company’s issued share capital will consist of 128,943,770 Ordinary Shares, of which 2,694,161 Ordinary Shares are held in Treasury. Accordingly, excluding shares held in Treasury, the Company has 126,249,609 Ordinary Shares in issue. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.