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#POW Power Metal Resources – Uranium Portfolio Update – Athabasca Basin

14th January 2022 / Leave a comment

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update on its uranium portfolio which includes seven 100% owned interests (the “Portfolio” or “Properties”) covering 411.96km² surrounding the Athabasca Basin in northern Saskatchewan, Canada.

Further information in respect of the Properties, including a location map may be viewed in the website link below:

https://www.powermetalresources.com/project/athabasca-basin/

Portfolio Updates:

– Power Metal has completed an in-depth historic data compilation across its entire uranium Portfolio surrounding the prolific Athabasca Basin, Saskatchewan, and now possesses a robust fully-digitised database covering all historic work programmes completed across the various Properties.

– Power Metal recently retained a UK-based geological consultant with extensive Athabasca Basin experience to help push forward the Company’s various initiatives and projects within the exciting uranium space. The consultant previously completed a M.Sc. thesis from the University of Ottawa where they researched the geochemistry, alteration, and structural geology of one of the many world-class unconformity-related uranium deposits located within the Athabasca Basin.

– Several extensive historical datasets were successfully procured, the data from which, combined with the results obtained from the recently completed Phase I work programme, will allow the Company to begin planning various 2022 exploration initiatives across the Portfolio.

– Further maps and highlights from across the Portfolio will be released by the Company in the coming months. Select findings from the historic data compilation programme for the Tait Hill Property are however highlighted below, demonstrating the information gathered for one property.

– Reflecting the interest shown from third parties in the Properties, a dataroom is being prepared to provide a focal point for those parties wishing to undertake due diligence review.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

“Our move into uranium exploration has been planned for some time and commenced with the September 2021 staking surrounding the Athabasca Basin. The staking undertaken was highly selective, focusing on areas where historical recorded work had demonstrated uranium mineralisation or where other geological features suggested that ground would be prospective.

Although selective, the seven properties are clearly attracting some interest and we are looking at potential commercialisation options alongside planning for proactive 2022 exploration programmes.

To maximise any commercial outcome, and to optimise exploration we have gathered as much data as possible in respect of the Properties, and the information gleaned is, in our view, highly valuable.”

Tait Hill Property (“Tait Hill” or the “Property”) Data Compilation Highlights

– All data from an high-resolution airborne magnetic, electromagnetic, and radiometric survey flown by Terraquest Ltd., on behalf of Canalaska Uranium Ltd., was obtained by Power Metal. The 2008 high-resolution survey included 4,290 total line-km flown at 150m line-spacing which covers the entire modern day Tait Hill Property.¹

– Detailed analysis was undertaken by Canalaska Uranium Ltd., for various radiometric products produced by the airborne survey including uranium (U), thorium (Th) and potassium (K). Specifically, isolated points in the dataset which have high U/Th ratios relative to background, are considered good candidates for uranium-rich surface showings and should be prioritised during future work programmes.¹ A total of 11 unique points were identified by the survey within the Tait Hill Property.

– The airborne survey (1^st vertical derivative product) highlights multiple northwest-southeast trending magnetic high features which transect the Property. Mapping over the area determined that they correspond to uranium-rich granite and pegmatitic dykes with anomalous scintillometer readings ranging from 350 to 2,500 counts per second (“CPS”). Further investigation is warranted along these structures which are mapped for a combined 16km through the Property.²

– Several zones of uranium-rich mineralisation were identified in the historic results from Tait Hill including rock samples up to 15,150ppm (1.52%), 7,653ppm, and 6,610ppm U, as well as uranium in soil samples up to 14,358ppm (1.44%), 7,049ppm, and 6,692ppm.^2,3

– The rock sample that returned 15,150ppm U was taken immediately west of Tait Lake, and was located along a northeast-southwest oriented uranium-rich boulder train which follows the general direction of ice movement in the region (southwest). It was recommended that additional work be completed on this boulder train as further work may lead to the possible source area for these uranium-rich boulders.²

– A new high-priority zone was identified during the 2008 field campaign which was named the ‘NE Shearika Zone’. Here, several uranium-rich rock samples (including 7,654ppm, 6,611ppm, 3,633ppm, and 1,609ppm U) were collected along a sharp contact zone between a granitic intrusion (magnetic high) and the surrounding meta-sedimentary rocks (magnetic low). This contact zone is traced for over 3km within the Tait Hill Property.³

A map highlighting some of the results from the historic data compilation completed on the Tait Hill Property can be found at the following link:

Tait Hill Historic Data Compilation Map|Power Metal Resources plc (LON: POW)

Reference Notes:

1: Operations Report for Canalaska Uranium Ltd., High Resolution Magnetic, XDS VLF-EM & Radiometric Airborne Survey Grease River Project Northern Saskatchewan: April 15, 2008

2: Canalaska Uranium, Report on the 2007 Exploration Programme Grease River Project: July, 2008

3: Canalaska Uranium, Report on the 2008 Exploration Programme Grease River Project: March, 2009

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)
Nick Emerson	+44 (0) 1483 413 500

First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	+44 (0) 20 7330 1883

#ECR ECR Minerals – Holding(s) in Company

13th January 2022 / Leave a comment

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)ⁱ

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ⁱⁱ :			ECR Minerals Plc
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights						X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation ^iv
Name			Colin Braidwood
City and country of registered office (if applicable)
4. Full name of shareholder(s) (if different from 3.)^v
Name			Colin Braidwood
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reached ^vi :			11/01/2022
6. Date on which issuer notified (DD/MM/YYYY):			11/01/2022
7. Total positions of person(s) subject to the notification obligation
	% of voting rights attached to shares (total of 8. A)	% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)		Total of both in % (8.A + 8.B)	Total number of voting rights of issuer^vii
Resulting situation on the date on which threshold was crossed or reached	8.00%	N/A		8.00%	1,018,058,551
Position of previous notification (if applicable)	7.02%	N/A		7.02%	1,018,058,551

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached ^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rights ^ix					% of voting rights
		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)			Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
GB00BYYDKX57		81,515,151					8.00%


SUBTOTAL 8. A		81,515,151					8.00%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration date ^x	Exercise/ Conversion Period ^xi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights



			SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration date ^x		Exercise/ Conversion Period ^xi		Physical or cash settlement ^xii			Number of voting rights	% of voting rights



					SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv(please add additional rows as necessary)
Name ^xv	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold
Colin Braidwood	8.00%	N/A	8.00%





10. In case of proxy voting, please identify:
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held

11. Additional information ^xvi

Place of completion

United Kingdom

Date of completion

11 January 2022

Annex: Notification of major holdings (to be filed with the FCA only)

A: Identity of the person subject to the notification obligation
Full name (including legal form for legal entities)
Contact address (registered office for legal entities)
E-Mail
Phone number / Fax number
Other useful information (at least legal representative for legal persons)

B: Identity of the notifier, if applicable
Full name
Contact address
E-Mail
Phone number / Fax number
Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

Please send the completed form together with this annex to the FCA at the following email

address: Majorshareholdings@fca.org.uk. Please send in Microsoft Word format if possible.

Power Metal Resources #POW – Quarterly Business Operational Update

5th January 2022 / Leave a comment

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolioannounces the December 2021 quarterly business operational update for shareholders.

QUARTER HIGHLIGHTS:

Exploration

– Completion of a 1,092 metre reverse circulation drill programme at the Tati Project, Botswana, designed to follow up on Phase I and II results which highlighted kilometre-scale gold, arsenic and nickel geochemical anomalies coincident with various geological structures highlighted by ground geophysical surveys.

– Bonanza grade silver achieved in 10 out of 19 drillholes completed during the Phase I Silver Peak Project, Canada, drill programme, follow up overlimit assays confirmed high-grade copper, antimony and lead results increasing the average silver equivalent grade by 18.8%.

– Rock sampling and prospecting programmes conducted at the company’s Tait Hill, Thibaut Lake and Clearwater uranium properties surrounding the Athabasca Basin, Saskatchewan, Canada, returned high-grade assay results up to 38,600ppm (3.86%) uranium.

– Securing the option agreement for Kavango Resources plc (“Kavango”) to acquire current project partner Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key”), through which exploration for nickel, copper and platinum group elements (“PGE”) at the Molopo Farms Complex Project would see a significant step forward. Having Kavango as the operational partner should streamline the ongoing project progression which is key following the discovery of nickel sulphides during the inaugural 2021 drill programme.

Spin-Out Vehicles

– New Ballarat Gold Corporation (“NBGC”): grant of licence applications in Victoria, Australia, further increase the licence footprint to over 1,500km²; NBGC’s inaugural diamond drilling programme has commenced targeting gold mineralisation across a number of exploration targets.

– Golden Metal Resources Limited (“Golden Metal”): Acquisition of Pilot Mountain Project which hosts a substantial JORC compliant Mineral Resource (tungsten with significant silver, copper & zinc credits) in Nevada, USA, into Golden Metal which is seeking a listing in London. Golden Metal is now moving through the listing process with a full management board, suite of listing advisers and has recently completed a £750,000 pre-IPO financing.

– First Development Resources Limited (“FDR Australia”): Further commercial and technical developments within Power Metal’s FDR Australia subsidiary company with preliminary exploration work delineating a number of exciting magnetic bullseye gold/copper targets at the Wallal Project located within the prolific Paterson Province. Further acquisition into FDR Australia of the Selta Project targeting uranium and rare-earth elements in the Northern Territory, Australia.

Corporate PLC

– Financing conducted in November raising £1,050,000 in a placing conducted at the then mid-market price of 1.75p.

– Operational working capital comprising cash and listed investments at 31/12/2021 amounted to £2.91M and unaudited total assets at 30/11/2021 of £10.1M (before valuation uplift in spin-out vehicles to pre-IPO valuation).

– New team members recruited in the quarter include a Chief Executive Officer for First Development Resources Limited (planned UK listing company) and Power Metal commercial management, accounting and business administration staff. Additional recruitment underway to support the growth of the Company and its various spinouts.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:

“We have chosen a non-conformist path for Power Metal in order to build a company, and investment proposition, quite unlike any other within the London junior resource space.

We have opted for scale and diversity, assembling a large portfolio, widely spread across multiple jurisdictions and commodities, with a main focus on district scale opportunities.

Our mission, after the first phase of portfolio building, was to create value through proactive exploration and corporate activity. We are doing just that as you will see from the project level detail provided for the most recent quarter below.

We currently sit at an important point in the Power Metal life-cycle, coincidentally, at a time when the world is demanding unprecedented quantities of metals for investment security, new infrastructure builds and to power the ongoing green technological revolution.

Despite the world’s aspirations, the practical reality is that in recent years we have seen metal supply attrition with a lack of large-scale metal discoveries combined with subdued investment in the exploration and project development space.

With such skewed supply/demand fundamentals, sectors can come alive, and we believe 2022 will be an exciting year for the junior mining resource space.

The final quarter of 2021 is captured below with a brief assessment by the Company of each project and company within our portfolio. The work completed during the final quarter of 2021 has set up Power Metal well for the coming year.”

Note: in addition to the material presented below, investors are encouraged to review Power Metal’s corporate presentation which is available on the Company’s website through the following link:

https://www.powermetalresources.com/presentation/

PROJECT OPERATIONS UPDATE

The tables below provide the latest status of each project within the Company’s portfolio and include:

– Exploration project updates from African, North American and Australian interests;

– Corporate development updates for project packages advancing towards spin-out into their own listed vehicles;

– Further updates in respect of the Company’s new project pipeline including Power Capital Investments Ltd, the Company’s wholly-owned project incubator;

– Additional management, compliance and financial information for shareholders.

African Exploration Projects

Project

Latest Position

Molopo Farms Complex Project

Botswana

(Nickel – Copper – Platinum Group Element)

POW: Effective Economic Interest circa 53% (which will reduce to 40% if Kavango Resources plc exercise their option)

The Molopo Farms Complex Project (“MFC Project”) is owned by Kalahari Key Mineral Exploration Pty Ltd (“Kalahari Key”) with a 60% interest and Power Metal with a 40% interest. Power Metal earned-in to its 40% interest by spending US$500,000 on exploration work, including the maiden drill programme completed earlier this year.

The maiden drill programme provided proof of concept of the geological model and also identified significant nickel sulphides in the drill core with assays up to 1.7% nickel and 0.55g/t platinum ¹. This was a very positive outcome for the first drill programme on this district scale exploration project.

In order to simplify the project ownership structure and streamline ground operations in Botswana, an option agreement was signed with Kavango Resources plc to acquire Kalahari Key and its 60% interest in the MFC Project.

In lieu of an option fee and as part of its due diligence, Kavango is undertaking an agreed exploration work programme on the MFC project, the results of which will be made available to Power Metal in due course.

If Kavango exercises its option Power Metal will sell its circa 21% interest in Kalahari Key in exchange for Kavango shares and warrants. Power Metal will retain and intends to maintain its 40% interest in the MFC project for the foreseeable future.

Further details in respect of the Kavango option are in the Company’s announcement on 26/11/2021 as linked below:

https://www.londonstockexchange.com/news-article/POW/kavango-option-kalahari-key-botswana/15226717

Company View:

Proof of the geological model and the identification of nickel sulphides in the inaugural three drill hole programme was an extremely positive initial outcome for the MFC Project.

It became evident however, that progress was slower than ideal particularly given the positive results of maiden drilling programme. As a result, action was needed to simplify the project ownership structure in order to accelerate work progression and streamline ongoing operations.

The Kavango option agreement was an important step in this regard. We look forward to the results of the option work programme which should provide valuable additional data to help plan the next phase of drilling to follow up on the encouraging results achieved thus far.

South Ghanzi Project

Botswana

(Copper – Silver)

POW: 50%

The South Ghanzi Project is held within Kanye Resources Pty Limited, a joint venture vehicle 50% held by Power Metal and 50% by partners Kavango Resources plc (LON:KAV) who are the operators of the project.

Drill target refinement continues at the South Ghanzi Project, together with initial exploration at the South Ghanzi Extension licences and the Mamuno licences acquired more recently in August 2021 ². Together, the ground footprint in the Kalahari Copper Belt (“KCB Project”) totals 4,257km².

Approval of the Environmental Management Plan (“EMP”) for South Ghanzi was secured in October 2021 clearing the last key administrative hurdle and enabling drilling to be undertaken subject to the ongoing target refinement.

The joint venture partners continue to consider the planned IPO of Kanye Resources (through a UK listing company, Kanye Resources plc) and an update in this regard will be provided as soon as practicable.

Company View:

Approval of the EMP was a major step forward for the KCB Project. The KCB holds district scale potential and Power Metal is working with Kavango to ensure the initial drill holes are optimally cited to gather the best geological data and maximise the chance of discovery.

The joint venture partners anticipate a material budget will be applied to drilling at the KCB Project and therefore appropriate investment is being made in preparatory measures to optimise the vectoring of drill targets.

Ditau Camp Project

Botswana

(Rare Earths – Base Metals)

POW: 50%

The Ditau Camp Project (“Ditau”) is also held within the Kanye Resources joint venture as outlined above.

Exploration work targeting Rare Earth Elements (“REE”) and base metals has identified a 2.5km by 2.8km target area at prospect I10 where an Audio-frequency Magnetotellurics (“AMT”) geophysical resistivity anomaly, coincides with a gravity high anomaly. The latest Ditau exploration findings were announced to the market in October 2021 and may be viewed in the link below:

https://www.londonstockexchange.com/news-article/POW/ditau-project-botswana-exploration-update/15184669

Further exploration work is continuing on the ground and the next material step, exploration drilling, is expected to commence in the first quarter of 2022.

Company View:

The Ditau Camp Project, soon to be the target of exploration drilling, has delivered some extremely positive findings to date, particularly with the large anomaly now identified at prospect I10.

The expansion of target commodities from REEs to now include base metals demonstrates the prospectivity Ditau holds and we are very eager for drilling to commence as soon as possible.

Tati Project

Botswana

(Gold – Nickel)

POW: 100%

The Company recently completed a maiden drill programme following up positive initial exploration results including geochemical soil sampling, mapping & prospecting, and ground-based geophysics including high-resolution magnetic and radiometric surveys.

The initial exploration highlighted five target areas across the two licences, which are defined by kilometre-scale geochemical anomalies that are coincident with various geological structures that were highlighted by the ground geophysical surveys.

The Company announced a maiden drill programme at the Tati Project in October 2021 and details may be viewed through the link below:

https://www.londonstockexchange.com/news-article/POW/tati-project-botswana-drill-programme-commences/15169113

The maiden drill programme comprised 23 reverse circulation (“RC”) drillholes for a total 1,092m drilled. The RC holes targeted multiple nickel and gold anomalies identified by the Company’s Phase I and Phase II geochemical and geophysical programmes completed earlier in the summer. RC samples were shipped to Johannesburg for sample preparation at Intertek Genalysis (“Intertek”) preparatory facility, and have since been shipped and received in Perth, Australia, at Intertek’s laboratory where they are undergoing analysis. Results from all RC samples are still pending and are expected to be received in early 2022.

Power Metal has incorporated a new Botswana company, Tati Greenstone Resources Pty Ltd (“TGR”), to hold the Tati Project. Documentation for the transfer of the two exploration licences comprising the Tati Project into TGR has been submitted to the Ministry of Mineral Resources, Green Technology and Energy Security (“MMGE”).

Company View:

From the original announcement confirming an option for the Tati Project in May 2021³, Power Metal have moved through a number of initial exploration steps very rapidly.

We await the results from the recent RC drilling campaign which will provide key information with regard to sub surface geology to complement the information collected at surface from geochemical and geophysical exploration work.

The identification of multiple kilometre-scale gold, arsenic and nickel anomalies so early in the work programme, provides multiple opportunities for a gold or nickel discovery. We are therefore pushing as hard as possible to accelerate project exploration.

Kisinka Project

The Democratic Republic of the Congo

(Copper – Cobalt)

POW: 70%

Next stage exploration is drill testing of the 6.8km copper-cobalt geochemical anomaly identified by previous exploration programmes at the Kisinka Project which holds a 25 year production licence.

We are continuing to push for an acceptable drill programme including target finalisation and sourcing of appropriate contractors.

Company View:

The 6.8km copper-cobalt anomaly is an interesting exploration target which we would like to see drill tested.

The Kisinka Project has discovery potential, but the pace of commercial and exploration progress in-country has been slower than ideal and this is something we are working to resolve.

Haneti Project

Tanzania

(Polymetallic)

POW: 35%

The Haneti Project is held 35% Power Metal and 65% Katoro Gold plc (LON:KAT).

The next stage of exploration at the Haneti Project is deep diamond core (“DC”) drill testing of targets prospective for nickel sulphide / PGE mineralisation.

The DC drill programme is scheduled to commence in January 2022 and further information will follow in due course.

Company View:

Based on the results achieved to date at the Haneti Project, we are of the belief that the next stage of exploration needs to be deep diamond drilling, and we are very pleased that this work is about to commence.

If the DC drilling is successful in the delineation of the mineralising system we are ultimately seeking the discovery of a nickel sulphide and PGE deposit and the impact on both Katoro and Power Metal could be significant.

Power Metal are therefore eager to see diamond drilling commence in January 2022 and the findings therefrom.

North American Exploration Projects

Project

Latest Position

Silver Peak Project

British Columbia, Canada

(Silver)

POW: 30%

A Phase I diamond drill programme was launched at the Silver Peak Project in August 2021.

In total 19 short cored drill holes were completed and assay results from this programme were completed with 10 out of the 19 holes drilled returning bonanza grade silver (>1,000g/t Ag) with significant copper, zinc, lead and antimony credits, and 14 of the 19 holes returning elevated silver mineralisation. This included a highlight Intercept of 0.76m of 8,692.2g/t Ag (279.5 oz/t) from hole DDH21-2.

The initial drill assay results from the Phase I programme were announced by the Company in November 2021 and may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/silver-peak-canada-drill-programme-assay-results/15210267

In addition, overlimit assays were conducted highlighting high grade copper, antimony and lead results. The overlimit assays received led to an average increase in grade of 18.8% from silver to silver equivalent for the calculated intervals. The overlimit assay results were announced by the Company in December 2021 and may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/silver-peak-canada-overlimit-assay-results/15233399

Following the completion of the 2021 Phase I drilling programme, and the receipt and release of all associated assay results, the project partners commissioned a NI43-101 compliant technical report ⁴ to be completed on the Silver Peak Project.

The report was commissioned to prepare the Silver Peak Project to potentially act as a qualified project for a possible public listing.

Company View:

The results from all stages of exploration at Silver Peak have been increasingly exciting for Power Metal and our partners. Repeated bonanza grade silver results are particularly attractive and, in our opinion, have led to a significant increase in the overall project valuation.

There are a number of potential options for project commercialisation and we continue to work with our partners to review possible next steps.

Alamo Gold Project

Arizona, United States of America

(Gold)

POW: Earn-in to 75%

Permitting delays were encountered slowing progress at the Alamo Gold Project. Following granting of permits the work programme recommenced and is outlined in the Company’s November announcement found in the link below:

https://www.londonstockexchange.com/news-article/POW/alamo-gold-project-usa-exploration-update/15221692

The test pitting programme was completed successfully in early December 2021.

As part of the programme, multiple test pits were excavated to bedrock at Big Boulder Wash (3 pits) and Breccia Hill (3 pits).

A total of 13 rock samples were taken from various trenches at Breccia Hill, as well as three additional rock samples from various localities located near to the trenches. Rocks sampled were described predominantly as volcanic and/or gneissic in nature, with varying degrees of brecciation and hematisation noted in several samples. Two of the prospecting samples were described as strongly oxidised quartz vein samples with carbonate-sulphide veining throughout.

All samples were sent for assay at an accredited ALS laboratory where they will undergo multi-element analysis including gold, utilising a large 50-gram aliquot size intended to reduce any nugget effect present in any of the samples. Significant results will be announced to shareholders as and when received.

Due to the permitting delays experienced on our Alamo Gold Project, Power Metal and the vendor, Frisco Gold Corporation, have agreed to an amendment to the original Mineral Lease and Option Agreement signed between the two companies.

Under the original terms, a US$50,000 pre-production royalty payment (“PPR Payment”) was due by 31 December 2021. Under the amended agreement, the PPR Payment has been deferred until 14 days after the receipt of all analytical results from the 2021 test pitting programme, or 31 March 2022, whichever is earlier.

The amendment will allow Power Metal to review all 2021 exploration data before making a decision on next steps with the project.

Company View:

Progress has been slow with the Alamo Gold Project largely due to the permitting delays locally onset by the COVID-19 pandemic. With permits now issued, and work completed and underway, we await the findings with interest to determine the next steps for the project.

Athabasca Uranium

Saskatchewan, Canada

(Uranium)

POW 100%

The Company began staking in the Athabasca Basin in Saskatchewan, Canada in September 2021 and in November 2021 announced a further batch of staking increasing the footprint of staked ground to 411.96km² over 7 property packages as outlined in the following announcement:

https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-expansion-athabasca-basin/15206182

Work was undertaken to assemble detailed project information and to determine next steps for the newly acquired properties.

Step one was the launch of Phase I surface rock sampling programmes at three properties, Tait Hill, Thibault Lake and Clearwater.

The programme was successfully completed in November 2021 and 20 rock samples were collected for assay testing, with the results sent for rush assay testing.

Assay results were received in December 2021 demonstrating high grade uranium with the highest grade of 38,600ppm or 3.86% uranium oxide (“U₃0₈“)_.

The full exploration update released by the Company may be viewed in the link below:

https://www.londonstockexchange.com/news-article/POW/uranium-exploration-update-athabasca-basin/15256838

Company View:

The Company’s move into the uranium exploration space has generated a lot of interest amongst shareholders. This is justifiable, as the staking undertaken in September through to November has created 7 exciting project packages surrounding the Athabasca basin.

Those packages have attracted interest from multiple parties and we continue to review the forward pathway for our uranium business in which Power Metal has significant optionality.

We continue to look for additional uranium opportunities in the Athabasca region and more generally in North America and Africa.

Authier North

Quebec, Canada

(Lithium)

POW earn-in to 100%

Inaugural exploration was launched at Authier North in September 2021 with a Phase I programme comprising prospecting, mapping and sampling.

The programme was designed to test for the extensions of a lithium-bearing pegmatite dyke down dip to the north, and along strike to the east from the adjacent Authier Lithium Property.

The Authier Lithium Property is owned by Sayona Mining Limited and is scheduled to go into production in 2023.

A total of 12 rock samples and 193 B-horizon soil samples were collected from three grid areas across the Authier North Project (West, Northeast, and Southeast).

Soil and rock samples were collected and sent for assay at Activation Laboratories Ltd., Ancaster, Ontario. Soil samples were assayed utilising a 35-element analytical package including lithium, and select samples were further tested for rare-earth element enrichment utilising a REE analytical package.

The mean result for lithium-in-soil was 9.8ppm Li, with a standard deviation of 4.0ppm Li. The three highest results returned were 27ppm Li, 29ppm Li, and 36ppm Li representing a ~4, ~4.5 and ~6 standard deviation increase over the mean.

The highest results were all located in the eastern part of the Authier North Project within the Northeast and Southeastern grids.

The Company is considering additional infill soil sampling between the two grids, as well as possible ground-based geophysical surveys over the entire project.

Company View:

The Authier North project is an exciting lithium and REE focused opportunity for Power Metal.

We are pleased to have successfully completed Phase I exploration and are looking forward to receipt of full assay data so we can determine next steps for the project.

Australian Exploration Projects

Project

Latest Position

Gawler Project

South Australia

(Gold, Copper)

POW: 100%

In October 2021 the Company announced it had established a new wholly owned Australian subsidiary Power Metal Resources Australia Pty Ltd (“POW Australia”). Following that, POW Australia submitted licence applications covering an area of 1,994km² in the Gawler Craton of South Australia.

The applications are targeting Olympic Dam style mineralisation and POW Australia is currently undertaking a review of publicly available historic data in order to further refine geological understanding and prepare detailed exploration plans in readiness for ground operations when licences are granted.

The Company’s announcement in respect of the above may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/new-australia-copper-gold-opportunity/15189456

Company View:

The Gawler Project, although early stage and still in the application phase, demonstrates the Company’s ability, with the skills and knowledge of its technical team members, to identify new opportunities and move quickly to secure new ground and begin to build a new project opportunity from the ground-up.

Disposal/Spin-Out Vehicle Packages^*

* Please note other project packages within the Power Metal portfolio are also in earlier stages of spin-out preparations in addition to those listed below.

Project

Latest Position

New Ballarat Gold Corporation

Victoria, Australia

(Gold)

POW: 49.9%

Power Metal has a 49.9% interest in New Ballarat Gold Corporation plc (“NBGC”) which is held in a joint venture with 50.1% owner Red Rock Resources plc (LON:RRR).

Through its Australian operating subsidiary, Red Rock Australasia Pty Ltd, NBGC has a substantial claim holding within the Victoria Goldfields, Australia.

The latest update in respect of NBGC was released by the Company in December 2021 and may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/new-ballarat-licence-grant-drilling-commences/15251136

Note: subsequent to the above update a further single licence has been granted, EL007505 covering 9km², further details about which will be provided in future NBGC updates.

The update confirms the commencement of an inaugural DC drilling programme at the O’Loughlin’s gold prospect located south of Buninyong. Further details of the planned drill programme were provided in the Company’s update also released in December 2021 which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/business-update-red-rock-resources-australasia/15240196

Drilling is progressing well with a market update expected in January 2022.

NBGC is seeking a listing on the London capital markets and is working with advisors in this regard.

Company view:

A significant claim footprint secured by joint venture partners has created a valuable land holding within the Victoria Goldfields, one of the most sought after gold exploration regions in the world.

To date over 10 exploration licences (of the 16 applications) have now been granted, taking the granted footprint to over 1,500km², representing a major achievement which has materially increased the value of the joint venture.

Whilst the preparations for listing the vehicle in London are in process, the proactive approach to exploration continues, with multiple gold exploration targets now subject to diamond drilling that is progressing well.

Golden Metal Resources

Nevada, USA

Gold – Base Metals

POW 83.13% (following issue of shares relating to the £750,000 pre-IPO financing)

During 2021 Power Metal assembled a strategic package of exploration and development interests in Nevada, USA, under the corporate vehicle Golden Metal Resources Ltd (“Golden Metal”). Golden Metal’s project portfolio includes:

– Golconda Summit – An earn-in over an exploration property targeting a major gold discovery, where Golden Metal has a right to earn-in to a 100% interest.

– Garfield/Stonewall – Two 100% owned exploration properties targeting gold-silver-copper mineralisation.

– Pilot Mountain – 100% interest in an advanced exploration and development property with a substantial JORC compliant Mineral Resource for tungsten (with significant copper, silver and zinc credits).

The latest Golden Metal project exploration update was released in November 2021 and may be viewed through the link below:

https://www.londonstockexchange.com/news-article/POW/golden-metal-resources-exploration-update/15229671

Golden Metal is seeking a listing on the London capital markets (targeting April 2022) and has recruited its listing board, appointed all advisors and recently raised £750,000 in pre-IPO funding further details of which may be seen in the Company’s December announcement linked below:

https://www.londonstockexchange.com/news-article/POW/golden-metal-resources-pre-ipo-financing/15244131

The Golden Metal website is now live and can be viewed through the following link:

https://www.goldenmetalresources.com

The Golden Metal corporate presentation may be accessed directly through the following link:

https://www.goldenmetalresources.com/golden-metal-resources-presentation/

Company View:

The pre-IPO financing for Golden Metal was conducted at a pre-money valuation of £3.25million. The intention is to secure an IPO listing at a premium to the pre-IPO valuation and launch Golden Metal with immediate high-impact exploration programmes planned across the portfolio.

Power Metal considers the Golden Metal package to be a highly attractive listing vehicle, offering UK-based investors access to North American exploration focused on the world’s top mining jurisdiction ⁵of Nevada, USA.

The Golden Metal package includes the Pilot Mountain Project, which hosts a significant JORC compliant Mineral Resource which we believe will underpin a strong valuation for Golden Metal going forward.

Golden Metal is a unique opportunity and the Company is looking forward to the planned listing and proactive exploration updates thereafter.

First Development Resources

Western Australia

(Gold – Copper – Rare Earth Elements – Uranium)

POW: 96.15% (diluting down to 83.33% should all 3 Selta Project licences be granted).

Power Metal acquired a 100% interest in First Development Resources Pty Ltd (“FDR Australia”) via its wholly owned subsidiary First Development Resources Limited (“FDR UK”). The announcement in respect of this acquisition was released in October 2021 and may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/power-metal-acquires-100-of-fdr-australia/15193248

FDR Australia has a 100% interest in three exploration projects in the Paterson Province of Western Australia (comprising five granted exploration licences in total and covering a ground footprint of 751km²).

The three projects include the Wallal Project, Braeside West Project and Ripon Hills Project. At the flagship Wallal Project, ongoing exploration work includes 2D seismic geophysics reprocessing and a passive seismic survey which is intended to help refine drill targeting within the Wallal Main licence area.

Drill targets comprise magnetic bullseye targets of similar geological nature to that drill tested by Greatland Gold plc leading to the discovery of the Havieron deposit also within the Paterson Province.

In November 2021 Power Metal announced that FDR UK had acquired URE Metals Pty Ltd (“URE”) an Australian private company and holder of the Selta Project, comprising 3 exploration licences in the Northern Territory, Australia. The announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/uranium-rare-earths-acquisition-australia/15219001

The acquisition of URE was almost entirely payable in FDR UK shares diluting Power Metal’s holding in FDR UK to 96.15% initially, and ultimately to 83.33% should all 3 Selta Project licences be granted.

The pre-transaction value of Power Metal’s interest in FDR UK was £2,500,000 and FDR UK is seeking a listing on the London capital markets. Preparatory steps are being taken for the listing, which is targeting Q2 2022, including the recruitment of a suitable board, senior management team and suite of advisors to assist with the listing process.

Specifically in respect of the board Tristan Pottas has been appointed as Chief Executive Officer of FDR UK and Craig Moulton as Non-executive Director.

Company view:

It is apparent from shareholder communications with Power Metal that FDR UK will be of great interest going forward. The combination of the Wallal Project’s exciting magnetic bullseye targets together with the uranium/REEs exploration opportunity at the Selta Project in the Northern Territory, is drawing significant shareholder attention.

The Power Metal team are working hard to implement the preparatory measures needed to secure the listing of FDR UK and are looking forward to providing further updates in due course.

First Class Metals

Schreiber-Hemlo, Ontario, Canada

(Gold – Base Metals)

POW c.36%

Power Metal announced the 100% disposal of its Schreiber-Hemlo interests to First Class Metals (“First Class”) on 7 September 2021 for a consideration of £1million. With the shares received on the disposal, and following a subscription by Power Metal of £28,764 at £3/share in the pre-IPO raise, Power Metal currently has an interest of 36.3% in First Class (after reflecting the circa £400,000 pre-IPO raise undertaken by First Class).

First Class is seeking a listing on the London capital markets and is working on this currently targeting a listing for Q1 2022.

Power Metal is working with First Class to support their listing plans and looks forward to reporting further progress in this regard. On listing Power Metal will be a significant shareholder in First Class.

Company View:

The First Class Metals business offers investors through London, access to a Ontario, Canada, focused exploration vehicle with extensive exposure to highly prospective and strategically positioned projects.

With the integration of the Power Metal Schreiber-Hemlo projects, the First Class Metals portfolio is potentially market leading and we believe will draw considerable interest on listing.

The team at First Class Metals are doing a very effective job and we continue to work with them where required.

New Opportunities

Project

Latest Position

Power Metal Resources plc

Power Metal as a business has an acquisitive mindset. However, the near-term focus will remain on the exploration of existing interests and the crystallisation of value through the potential listing of spin-out vehicles as previously announced.

New acquisitions are likely to be restricted to additional projects to add into the FDR UK business in preparation for its planned IPO, new uranium opportunities and potentially additional gold/copper opportunities in North America or Australia.

Should Power Metal encounter exceptional new opportunities outside the above areas it will consider further acquisitions but only on the right commercial terms. It should be noted that many of the Company’s previous acquisitions have used Power Metal equity as a large portion of consideration. With the share price trading at a circa 55% discount to the high in January 2021, the Company is reluctant to utilise equity for acquisitions at this time and it makes commercial sense to limit any equity based acquisition approach at current share price levels.

Power Capital Investments Limited

Global Resource Project Incubator

(Multi-Commodity)

POW: 100%

Power Capital Investments (“Power Capital”) continues to work on a number of initiatives targeting individual or smaller corporate owned opportunities.

Limited information will be provided in respect of the above Power Capital projects to preserve commercial sensitivity, notably where work is needed to secure exploration licences or to protect commercial partners.

At present none of the Power Capital projects are considered material in the context of the Power Metal business overall. Should they become so, further disclosures may be necessary.

NOTE: A maximum investment level of £100,000 per opportunity has been established and a minimum 50% Power Capital holding interest in any opportunity following Power Capital’s investment.

Management and Financial

Project

Latest Position

Board

The Board currently comprises:

Scott Richardson Brown – Interim Non-executive Chairman

Paul Johnson – Chief Executive Officer

Ed Shaw – Non-executive Director

Power Metal is seeking to appoint new board members and expects to make additional announcements in this regard in the current quarter.

Management and Team

The Company operates a hub and spoke operational management style coordinating and controlling global business operations from its UK operational head office based in Farnborough, UK.

In 2021 with the growth of our business portfolio, and the success of exploration and commercial ventures, we have built the Head Office team with additional team members covering:

– exploration management,

– commercial management,

– financial and administrative support, and:

– marketing & communications

We are seeking to optimise resources, and our Head Office team will be deployed to support Power Metal central activities and also to support spin-out vehicles, managerially and administratively, sharing the Power Metal team operational costs with spin-out vehicles.

Power Metal is actively seeking to bring new team members in to support the growth in business activities and has launched a “Join-Us” page on the Company’s website with further details. This may be viewed through the following link:

https://www.powermetalresources.com/join-us/

Financial Position

Power Metal Financial Assets

The core of the Company’s assets, as with many other exploration companies, is a portfolio of capitalised project acquisition and exploration costs for ongoing projects or loans to subsidiary companies in respect of project expenditure (“Project Assets”).

As at 30/11/2021 the Project Asset value was £3,354,847 in the Company’s internal unaudited management accounts.

The Company’s assets also include the planned spin out/disposal project vehicles (“Pre-IPO Assets”) which includes:

– First Class Metals (Hemlo-Schreiber projects sold to FCM Sept 21)

– Golden Metal Resources (Nevada exploration/development)

– First Development Resources (Australia exploration)

– New Ballarat Gold Corporation (Australia exploration).

Each spin-out/disposal, on successful listing is expected to add material value to the Company’s balance sheet.

As at 30/11/2021 the Pre-IPO Asset value was £3,709,777 in the Company’s internal unaudited management accounts. This value does not include the valuation uplift from acquisition cost to pre-IPO value.

Power Metal also holds listed investments including shares and warrants of currently listed junior resource companies (“Listed Assets”). The Listed Assets are readily tradable and provide the Company with a source of cash if needed.

As at 30/11/2021 the Listed Asset value was £1,079,128 in the Company’s internal unaudited management accounts.

In addition to the above the Company maintains material cash balances which includes GBP, USD, CAD, AUD and Pula currencies (“Cash Assets”).

As at 30/11/2021 the Cash Asset value was £1,962,561 in the Company’s internal unaudited management accounts (including the November 2021 financing, which was received in full in December 2021).

Overall, as at 30/11/2021 including all categories listed above the total unaudited assets of the Company amounted to £10,106,313. Note: this asset figure does not include the uplift in value of Golden Metal Resources or First Development Resources to reflect the current pre-IPO valuations of both vehicles, with both vehicles included at acquisition cost only.

Working Capital

The Company considers Working Capital to be the money available to deploy on payment of corporate operational, notably exploration expenditure. It comprises cash held and listed investments only and at 30/11/2021 as outlined above amounted to £3,041,689.

As Working Capital management is vital, we monitor this on a weekly basis and as at 31/12/2021 this amounted to £2,907,686. This is a robust amount of cash and listed investments as the Company enters 2022.

Future Financing Sources

The Company has multiple sources of additional financing.

As demonstrated in November 2021, traditional equity financing can be undertaken to raise additional sums where considered necessary.

Furthermore, the Company has issued warrant instruments during financings and project acquisition transactions, some of which are currently in-the-money, but most are at higher prices to the current mid market share price.

In addition, the Company has issued options to management, staff, advisors and consultants, as part of team incentivisation.

Table 1 below provides a full breakdown of all warrants and options outstanding as at 31/12/2021.

The warrants and options above, if exercised in full, will bring £8,406,213 additional cash into the Company, largely at exercise prices considerably higher than the current market share price (or £9,406,213 if Thor Mining plc exercise their 4p warrants within 12 months and exercise replacement warrants at an exercise price of 8p).

In addition to the above, the Company will benefit from the planned listing of four pre-IPO vehicles as outlined above which will, if successful and in line with expected valuations on listing, add considerably to overall Power Metal asset value. Subject to any applied lock-in on listing, the shares held on IPO will form part of listed asset investments and provide an additional pool of working capital to the Company.

It is anticipated that further value generative events may occur including additional spin-outs into new listed vehicles and outright disposal of certain business interests. The level of such corporate activity is dependent on demand for new vehicles, predominantly in the London capital markets, and also the level of M&A activity in the junior resource sector. In the latter regard the Power Metal board, from acquisitive interest already demonstrated across the Company’s portfolio, expect a heightened level of corporate activity in 2022.

Audit and Compliance

Power Metal continues to work with One Advisory, its financial and compliance service partner, to liaise with auditors PKF, and the financial results for the year ended 30 September 2021 are expected to be published in February 2022.

Power Metal continues to bolster its Environmental, Social and Governance initiatives and expects to publish further information in this regard in the coming quarter covering the various measures implemented.

In 2020 the Company undertook a Finance, Administration and Compliance Protocols and Procedures Review to further improve its underlying Governance. This review is being updated currently to ensure all areas are fully updated with business developments. As part of this the Company has now completed detailed business process mapping across all key corporate activities. In addition, Power Metal has recruited a new Commercial Manager onto the team to prepare business organisational structure charts, detailed business process flows, a live corporate and licence database and a full business information managed database.

These measures are considered necessary as the Company expands in size, scale and breadth of corporate and exploration activities.

Table 1: Power Metal Resources plc – Share Warrants and Options Outstanding at 31/12/2021

Financial Instrument Type	Note	Number	Exercise Price	Expiry Month	POW Receives on Exercise
Dec-19 Financing Warrants – POW Director Held		11,250,000	0.7p	Mar-22	£78,750
Jul-20 Financing Warrants – POW Director Held		27,500,000	0.75p	Jul-22	£206,250
Jul-20 Financing Warrants – General Holders		70,706,079	0.75p	Jul-22	£530,296
Nov-21 Financing Warrants – General Holders		66,000,000	3.5p	Dec-23	£2,310,000
TOTAL FINANCING WARRANTS		175,456,079			£3,125,296
Alamo Gold Project Acquisition		15,500,000	1p	Jul-23	£155,000
Kavango – Strategic JV Earn-in Super Warrants		5,000,000	5p	Jul-23	£250,000
Silver Peak Acquisition (Signing)		9,000,000	1.75p	Sep-23	£157,500
Silver Peak Acquisition (Earn-in Complete)		2,569,641	2.89p	Mar-24	£74,263
Garfield/Stonewall Acquisition		2,250,000	3.75p	Jun-23	£84,375
First Development Resources Acquisition		13,333,333	4.5p	Oct-24	£600,000
First Development Resources Acquisition		10,000,000	5p	Oct-24	£500,000
Pilot Mountain Acquisition	(i)	12,500,000	4p	Oct-24	£500,000
TOTAL TRANSACTION WARRANTS		70,152,974			£2,321,138
Advisor/Consultant Options		15,000,000	2p	Jul-23	£300,000
POW Team (Non-Board Options)	(iv)	25,000,000	3.25p	Jul-24	£812,500
POW Director Options		1,000,000	5p	Jul-23	£50,000
		27,227,858	1p	Feb-22	£272,279
		15,000,000	1p	Feb-23	£150,000
		20,000,000	2p	Jul-23	£400,000
	(ii)(iv)	10,000,000	3.25p	Jun-24	£325,000
	(iii)(iv)	20,000,000	3.25p	Aug-24	£650,000
TOTAL BOARD, STAFF, CONSULTANT & ADVISOR OPTIONS	(v)	133,227,858			£2,959,779
TOTAL ALL WARRANTS AND OPTIONS		378,836,911			£8,406,213
Notes: (i) If exercised within 12 months replacement warrants issued at an 8p exercise price (ii) Subject to Shareholder Approval at General Meeting (iii) Subject to completion of six month’s service (iv) Exercise subject to POW trading at a volume weighted average price of 5p for ten trading days (v) A further 97,500 options remain outstanding from October 2012, at an exercise price of £6.00 each, expiring in October 2022

COMPETENT PERSON STATEMENT

Reference Notes:

1 Power Metals company announcement , 24 September 2021: ( source: https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/x4919kw )

2 Power Metals company announcement , 2 August 2021: ( source: https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rg745jr )

3 Power Metals company announcement , 6 May 2021: ( source: https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rnp73px )

4 NI43-101: Canadian National Instrument 43-101: Standards of Disclosure for Mineral Projects ( for background reference see: https://www.osc.ca/en/securities-law/instruments-rules-policies/4/43-101/mining-disclosure-essentials-ni-43-101-reporting-fundamentals-industry-best-practices-and-useful )

5 The top jurisdiction in the world for investment based on the Investment Attractiveness Index is Nevada based on the Fraser Institute Annual Survey of Mining Companies, 2020 (see: https://www.fraserinstitute.org/studies/annual-survey-of-mining-companies-2020 )

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)
Nick Emerson	+44 (0) 1483 413 500

First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	+44 (0) 20 7330 1883

NOTES TO EDITORS

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

Project	Location	POW %	Work Completed or Underway	Results Awaited

Alamo Gold Project	USA	Earn-in to 75%	Excavation of multiple test pits and mapping & sampling.	Field and assay results from on-site work programme.
Authier North Lithium	Canada	Earn-in to 100%	Soil & rock sampling completed	Laboratory assay results of samples collected
Ditau Project	Botswana	50%	Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals	Field programme findings and defined drill targets for near term drilling.
Kalahari Copper Belt	Botswana	50%	Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas	Field programme findings and defined drill targets for near term drilling
Molopo Farms	Botswana	53%¹	Kavango Option to acquire an interest in local project holding company. Option fee payable through defined work programme	Results from various work activities underway as part of the Kavango Option
Tati Gold/Nickel	Botswana	100%	Reverse circulation drill programme completed	Laboratory assay results awaited
Victoria Goldfields	Australia	49.9%	Ongoing exploration across 848km² of granted exploration licences	Results from field programme including drill programme underway
Wallal Gold/Copper Project	Australia	83.33%²	Passive seismic and 2D seismic processing work programme completed	Results awaited

¹ should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project

² assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company’s announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors

#POW Power Metal Resources – Uranium Exploration Update – Athabasca Basin

20th December 2021 / Leave a comment

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces its 2021 work programme results from three of its 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.

Previously on 05/11/2021 the Power Metal announced that its Phase I work programme was complete, and that additional ground surrounding the company’s Tait Hill Property was acquired. A link to the announcement can be found below.

https://www.londonstockexchange.com/news-article/POW/uranium-exploration-update-athabasca-basin/15201678

HIGHLIGHTS:

– Phase I exploration conducted over three of the seven Athabasca uranium properties, namely Tait Hill, Thibault Lake and Cleawater.

– 20 rock samples were collected for assay testing and the results demonstrate high grade uranium with the highest grade of 38,600ppm or 3.86% uranium oxide (“U₃0₈“)_.

– Multiple targets have been idenfitied for follow up exploration work in 2022.

Maps demonstrating the location of sample results across the three properties may be viewed on the Company’s website through the following links:

https://www.powermetalresources.com/tait-hill-phase-1-programme-results/

https://www.powermetalresources.com/thibaut-lake-phase-1-programme-results/

https://www.powermetalresources.com/clearwater-phase-1-programme-results/

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

“The confirmation of high grade uranium through assay testing of rock samples samples from the recent exploration programme is extremely positive and demonstrates the value of the diligent review work undertaken when the footprint was selected for staking earlier in the year.

There is considerable interest in the Athabasca uranium opportunity and Power Metal has, in my view and as evidenced today, built a compelling uranium exploration project portfolio in the area.

We remain of an acquisitive mindset with regard to uranium properties and are currently reviewing additional Canadian and African uranium exploration opportunities.”

EXPLORATION PROGRAMME ADDITIONAL INFORMATION:

– A total of 20 rock samples were collected as part of the Phase I programme including eight (8) from Tait Hill, seven (7) from Thibaut Lake, and five (5) from Clearwater. All samples were analysed at the Saskatchewan Research Council laboratory in Saskatoon, Saskatchewan. Power Metal employed a uranium-exploration analytical package which includes uranium, various base/trace-metals, as well as a suite of rare-earth elements (“REEs”).

– At Tait Hill, four (4) of the Properties eighteen (18) Saskatchewan Mineral Deposit Index point (“SMDI”) uranium occurences were visited by exploration crews. Several samples returned highly anomalous uranium mineralisation including rock samples up to 4,700ppm (0.47% U₃0₈). The rocks were collected along a northeast-southwest trending line of uranium-rich boulders. Tait Lake which is centrally located within the Tait Hill Property (see map), where 308,000kg of uranium with a insitu value of US$25.6 million (c. US$28 million at US$42/lb uranium) was calculated by the Saskatchewan Mining Development Corporation following a detailed lake-sediment drilling programme completed in 1980, was not visited as part of this programme.¹ The historic work programme was completed solely on Tait Lake and the calculated resource is for Tait Lake and a few of the uranium-rich lakes immediately surrounding Tait Lake, which are majority held within the current Tait Hill Property.

– Power Metal has also successfuly obtained a high-resolution magnetics, electromagnetic (“EM”) and radiometric airborne survey flown Terraquest Ltd., on behalf of Canalaska Uranium Ltd., over the entire Tait Hill Property In 2008 the 4,290 line-km survey was flown at 150m-line spacing and successfully identified ten (10) radiometric anomalies at Tait Hill which were never followed up on. In addition, several magnetic and EM anomalies and lineaments were identified which will assist the Company is planning future work programmes on the Tait Hill Property.

– At Thibaut Lake, two (2) of the Properties six (6) SMDI uranium occurences were visited by exploration crews. Several samples returned highly anomalous uranium mineralisation including rock samples up to 38,600ppm (3.86% U₃0₈), as well as five (5) of the seven (7) samples which assayed >1,100ppm U₃0₈. The extremely high-grade sample was strongly mineralised with yellow carnotite and black pitchblende and displayed strong hematite alteration. The result greatly exceeds any historic samples taken within the area and represents a new exciting discovery for the Company.

– At Clearwater, three (3) of the Properties fourteen (14) SMDI uranium occurences were visited by exploration crews. Several samples returned strongly anomalous uranium mineralisation including rock samples up to 770ppm U₃0₈, including all samples which returned greater than 200ppm U₃0₈.

– Other notable rare-earth element results include thorium (Th) up to 1150ppm and zirconium up to 1,860ppm from the Tait Hill Property, as well as base-metal results including silver (Ag) up to 31.8ppm and lead (Pb) up to 8,320ppm from the Thibault Lake Property.

The Company is very pleased with the results obtained from the Phase I work programme where only one day of prospecting was spent on each of the three Properties. Several additional uranium occurrences have yet to be prospected by Power Metal, and the data obtained during this programme, as well as additional historic data acquired by the Company as part of the now completed historic data compilation, will be crucial in allowing the Company to unlock additional value from the Portfolio during the 2022 exploration season.

Table 1: 2021 Work Programme Rock Sample Assay Results

Title	Property	U3O8 wt % *	U308 (ppm)
149626	Tait Hill	0.47	4,700
149627	Tait Hill	0.02	200
149628	Tait Hill	0.007	70
149629	Tait Hill	0.011	110
149630	Tait Hill	0.024	240
149631	Tait Hill	0.105	1,050
149632	Tait Hill	0.017	170
149633	Tait Hill	0.006	60
149634	Thibaut Lake	0.04	400
149635	Thibaut Lake	0.115	1,150
149636	Thibaut Lake	0.003	30
149637	Thibaut Lake	0.165	1,650
149638	Thibaut Lake	0.122	1,220
149639	Thibaut Lake	0.267	2,670
149640	Thibaut Lake	3.86	38,600
149641	Clearwater	0.038	380
149642	Clearwater	0.023	230
149643	Clearwater	0.043	430
149644	Clearwater	0.065	650
149645	Clearwater	0.077	770

* U₃O₈ Assay by ICP, SRC Geoanalytical Laboratories, Saskatoon, Saskatchewan,

Reference Notes:

1: C. E. Roy and S. A. Earle, Saskatchewan Mineral Development Corporation Exploration – Summer 1980, Grease River-Scott Lake Project, CBS 5479, 5539, 5869 (74O09-0022). December, 1980

COMPETENT PERSON STATEMENT

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)
Nick Emerson	+44 (0) 1483 413 500

First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	+44 (0) 20 7330 1883

#POW Power Metal Resources – Warrant Update and Extension of Insider Warrants

17th December 2021 / Leave a comment

Power Metal Resources plc (LON:POW) the London listed exploration company seeking large scale metal discoveries across its global project portfolio announces an update in respect of Company share warrants.

Update Regarding Exercise of Warrants Expiring December 2021

On 17 December 2019 the Company issued warrants (the “December 2019 Warrants”) as part of a financing undertaken by the Company and as outlined below:

Description	N umber of Warrants	Exercise Price

Financing Warrants	175,000,000	0.70p
Advisor Warrants	17,500,000	0.70p

All December 2019 Warrants carried a two-year life to expiry which ends today, 17 December 2021.

Power Metal can confirm that, save for 11,250,000 December 2019 Warrants held by current insiders, further details of which are provided below (the “Insider Warrants”), all December 2019 Warrants have been exercised.

The Company will be providing a breakdown of all other outstanding warrants and options in its upcoming quarterly report for the quarter ended 31 December 2021.

Warrant Exercise Proceeds and Working Capital Summary

In total the exercise of the December 2019 Warrants to date has raised an additional £1.27 million for the Company and in total all warrant exercises in 2020/2021 have raised circa £4.27 million.

This inflow of warrant monies enabled the Company to aggressively build its business model in 2021 and secure the depth and quality of project interests.

Notwithstanding this heavily active phase in 2021 Power Metal has, at all times, maintained a robust working capital position. Currently working capital, defined for this purpose as only cash and listed investments, stands at circa £3.06 million.

It is important to note that the above working capital figure excludes all unlisted Power Metal assets, including corporate holdings and project level investment holdings (“Unlisted Assets”). Included within Unlisted Assets are the Company’s pre-IPO interests in First Class Metals Ltd, Golden Metal Resources Ltd, First Development Resources Ltd and New Ballarat Gold Corporation PLC.

To assist shareholders’ understanding of the financial position of the Company a breakdown of all the Company’s unaudited assets will be provided in the quarterly report for the quarter ended 31 December 2021.

Extension of Insider Warrants

As at 17 December 2021 the following Insider Warrants remained outstanding:

Warrant Holder	N umber of Warrants	Exercise Price

Paul Johnson	6,250,000	0.7p
Ed Shaw	5,000,000	0.7p

The Insider warrants were issued following participation in the December 2019 financing.

The Company is currently managing numerous exploration programmes and corporate activities across its portfolio and is engaged in various discussions relating to existing or potential business interests with external third parties.

As a result, the December 2019 Warrants held by Paul Johnson (Chief Executive Officer of Power Metal) and Ed Shaw (Non-executive Director of Power Metal) cannot be exercised on the expiry date of 17 December 2021 and may be extended under the warrant instrument, as outlined below.

Under the December 2019 Warrant instrument clause 2.3 provides that should any December 2019 Warrant holder be in the possession of price sensitive information and be thereby precluded from exercising warrant subscription rights, the exercise period shall be extended until 20 business days following the date on which the Warrant holder ceases to be an insider.

Given the level of ongoing operational activity there is a material likelihood that the receipt of price sensitive information could frequently restrict the ability of Paul Johnson and Ed Shaw to exercise the December 2019 warrants.

Reflecting the above the Company has extended the Insider Warrants expiry date by three months to a new expiry date of 17 March 2022.

Related Party Note

The extension of the Insider Warrants held by Paul Johnson and Ed Shaw as outlined above, have been treated as related party transactions for the purposes of AIM Rule 13.

Scott Richardson Brown being the independent Director for the purposes of the extension of the expiry date of the Insider Warrants held by Paul Johnson and Ed Shaw considers, having consulted with the Company’s nominated adviser, SP Angel, that the extension of the warrant expiry date to 17 March 2022 to such related parties is fair and reasonable insofar as the Shareholders are concerned.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)
Nick Emerson	+44 (0) 1483 413 500

First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	+44 (0) 20 7330 1883

#POW Power Metal Resources – Golden Metal Resources – Pre-IPO Financing

9th December 2021 / Leave a comment

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces its wholly-owned subsidiary Golden Metal Resources Limited (“Golden Metal” or “GMT”) has completed its £750,000 Pre-IPO financing (“Financing”).

Golden Metal is a Nevada, USA, focused exploration and development company and is undertaking a planned listing on the London capital markets in 2022.

The latest exploration update in respect of Golden Metal is available through the following link:

https://www.londonstockexchange.com/news-article/POW/golden-metal-resources-exploration-update/15229671

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

“With Golden Metal Resources we have created an attractive Nevada, USA, focused investment opportunity, which we plan to list on the London capital markets as soon as possible.

The Nevada portfolio is carefully balanced, including the Pilot Mountain project which hosts a substantial JORC compliant tungsten focused resource, (with copper, silver and zinc in addition) which we believe has significant exploration potential and development upside.

The portfolio also includes Golconda Summit, where Golden Metal can earn a 100% interest, positioned in a neighbourhood of dramatic Carlin-style gold deposits and where our initial exploration work has indicated the potential for a significant gold discovery.

The Financing announced today means Golden Metal becomes self-financed and Power Metal will no longer be required to fund Golden Metal operations but instead will be a major strategic Golden Metal shareholder.

Alongside self-financing, Golden Metal has its own dedicated management team with broad spectrum knowledge and capabilities, and above all with the energy and focus to drive this exciting new junior exploration opportunity forward within the London markets.“

HIGHLIGHTS:

– Capital restructuring of Golden Metal share capital underway to enable additional shares to be issued and to amend the underlying Par Value in readiness for the planned listing of Golden Metal (“Restructuring”).

– Golden Metal has raised £750,000 through a Pre-IPO financing undertaken with First Equity Limited, corporate broker, at a price of 6.67p per Golden Metal new ordinary share of 1 pence each (“Ordinary Share), which will represent 18.75% of the issued share capital of Golden Metal on completion of the Restructuring and the Financing.

– 50% of Financing monies will be payable to Golden Metal by 31.12.21 and 50% by 31.01.22 whereupon Financing completion will occur (“Completion”) and shares will be issued to Financing participants.

– Power Metal has subscribed for £75,000 of the Financing, subscribing for 1,124,437 Ordinary Shares (“POW Subscription”).

– Following the Restructuring and completion of the Financing, Power Metal will hold a total of 49,874,437 Ordinary Shares representing 83.13% of Golden Metal.

– On the basis of issued share capital on completion of the Restructuring and Pre-IPO Financing the valuation of Golden Metal will be circa £4million, and Power Metal’s 83.13% holding will be valued at circa £3.33million.

– The monies raised enable Golden Metal to fully self-finance its operations including IPO listing advisory costs, corporate expenses and various project expenditures.

– Paul Johnson, Chief Executive Officer of Power Metal and director of Golden Metal has subscribed for £50,000 (749,625 Ordinary Shares) in the Financing.

– Should Golden Metal not be listed on a recognised stock exchange in London within 12 months of today’s date, subscribers to the Financing may elect to sell back their Golden Metal shares to Power Metal at the financing price of 6.67p, with the number of Power Metal shares to be issued based on the ten day volume weighted average price of Power Metal shares immediately prior to the 12 month anniversary (“Buyback Right”) of today’s date. Paul Johnson, CEO of Power Metal, has elected to relinquish this Buyback Right. Power Metal will also not hold the Buyback Right.

– No warrants are included automatically with the Financing, however should warrants be offered as part of the planned IPO financing, participants in this Pre-IPO Financing will receive warrants on the same terms.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)
Nick Emerson	+44 (0) 1483 413 500

First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	+44 (0) 20 7330 1883

Tertiary Minerals #TYM – Further High-Grade Silver and Gold Results at Pyramid

7th December 2021 / Leave a comment

Tertiary Minerals plc (AIM: TYM) is pleased to provide an update from its Pyramid Silver-Gold Project in Nevada, USA, where analytical results from a recently completed surface sampling and mapping programme continue to return high-grade silver and gold grades. The majority of these new samples were collected over a wide area along the recently established zone of silver mineralisation at the North Ruth target. North Ruth has a target strike length of at least 530 metres (announced 14 October 2021).

Highlights:

Rock chip and grab samples collected during further detailed mapping programme
Analytical results reporting significant¹ silver mineralisation in 34 of 37 samples
4 high-grade² samples reporting silver grades of 1,286 g/t, 889 g/t, 522 g/t and 513 g/t
Includes 4 samples reporting gold grades of 2.72 g/t, 1.67 g/t, 1.30 g/t and 1.20 g/t
Mapping and sampling providing key input to modelling and design of drill programme

Commenting today, Managing Director Patrick Cullen said: “These are very encouraging results and include the highest silver grades we have sampled at North Ruth to date. While silver is the primary target, it is also excellent to see the presence of reportable gold grades.

“We have steadily built our dataset and our understanding of the North Ruth target over a series of work programmes. This has allowed us to identify mineralised structures with increasing confidence, as reflected in these results.

“I have been on site with our geologist in Nevada over recent days, examining previous work and planning for an upcoming drill program and I look forward to providing updates.”

Results:

Sample	Area	Type	Width (m)	Ag (g/t)	Ag (oz/ton)	Au (g/t)
PR-305	North Ruth	Rock Chip	1.20	253	7.38	0.27
PR-309	North Ruth	Rock Chip	1.00	513	14.96	0.81
PR-311	North Ruth	Rock Chip	1.50	231	6.74	0.15
PR-315	North Ruth	Rock Chip	3.00	522	15.23	0.36
PR-318	North Ruth	Rock Chip	1.50	1,286	37.51	0.64
PR-319	North Ruth	Grab	–	889	25.93	0.46
PR-321	North Ruth	Rock Chip	1.00	238	6.94	1.67
PR-322	North Ruth	Rock Chip	0.60	210	6.13	0.65
PR-332	North Ruth	Rock Chip	1.00	231	6.74	2.72
PR-339	North Ruth	Grab	–	270	7.88	0.66
PR-334	–	Rock Chip	1.20	204	5.95	1.46

A summary of high-grade² silver results is shown in the table above. The location plan of the samples and updated mapping may be accessed here [RNS to insert PDF link] or on the Company website. Further detailed information may be found below.

For more information please contact:

Tertiary Minerals plc:
Patrick Cullen, Managing Director		+44 (0) 1625 838 679
SP Angel Corporate Finance LLP Nominated Adviser and Broker
Richard Morrison		+44 (0) 203 470 0470
Caroline Rowe
Peterhouse Capital Limited Joint Broker
Lucy Williams	+ 44 (0) 207 469 0930
Duncan Vasey

Market Abuse Regulation (MAR) Disclosure:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”). Upon the publication of this announcement via Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.

Detailed Information:

Background

The Pyramid Gold-Silver Project is located in north-central Nevada, USA and is targeting epithermal gold-silver mineralisation at the northwest end of the prolific past producing Walker Lane Mineral Belt.

On 11 January 2021, the Company announced results from a soil sampling programme carried out to confirm, and determine the extent of, an open-ended gold and multi-element soil anomaly originally defined in the 1980s by Battle Mountain Gold Company. A number of significant new gold and silver-in-soil anomalies were identified and named the North Ruth, Western Line and Western Splay anomalies.

In late January 2021, follow up rock chip sampling highlighted the potential for in situ mineralisation and in particular at the 800m long North Ruth soil anomaly where grab sampling identified areas of silicified and brecciated Tertiary-age volcanics within the anomaly with one sample of spoil from an old shaft containing 314 g/t silver (9.16 ounces/ton) amongst eight samples averaging 91 g/t silver (2.67 ounces/ton) and 0.26 g/t gold.

On 3 June 2021, the Company announced results from its Phase 1 trenching programme which was designed to test various gold and silver soil anomalies. Two trenches, Nos. 1 and 2, were located over the north and south ends of the North Ruth soil anomaly, respectively. Assay results from Trench No.1 revealed a 46m continuous thickness of mineralisation grading 61g/t silver (1.78 ounces/ton) and 0.09 g/t gold. The next nearest trench, Trench No.2, some 460m along strike, cut 3.05 m grading 260 g/t silver (7.58 ounces/ton) and 0.27 g/t gold.

In August 2021, the Company conducted a Phase 2 trenching programme at Pyramid using a larger and more powerful excavator. Trench 1 EXT extended the grade of the mineralisation cutting 58.98m of continuous silver mineralisation grading 73g/t silver (2.14 ounces/ton) with 0.13g/t gold including two high grade intervals of 3.35m grading 218g/t silver (6.37 ounces/ton) with 0.25g/t gold and 2.13m grading 595g/t silver (17.35 ounces/ton) with 0.66g/t gold.

Trenches, No. 7 and No. 8, were excavated along strike from Trench 1 EXT. Trench No.7, located approximately 73m to the northwest, cut 2.44m grading 64g/t silver (1.88 ounces/ton) with 0.47g/t gold. Trench 8 was located 65m southeast of Trench 1 EXT and cut 26.80m grading 37g/t silver (1.08 ounces/ton) with 0.12g/t gold which included a higher-grade zone of 6.09m grading 102g/t silver (2.96 ounces/ton) with 0.26g/t gold. Trench 8 also cut a separate gold bearing zone 6.09m wide grading 0.73g/t gold with negligible silver.

October 2021 Mapping and Sampling Programme

In October 2021 the Company conducted a mapping and sampling programme at North Ruth to provide additional geological and grade control for drill planning. Additional samples were collected from the wider project area during the work programme.

Previous exploration had defined zones of silver-gold bearing silicification at North Ruth which were mapped and sampled along strike. Pertinent information such as dip, strike, joining and degree of silicification was recorded at each sample site and additional sites not subjected to sampling. The mapping has refined historic data and indicates the mineralised zones generally have a southwest dip of between 70 and 80°. A total of 37 samples were collected, 34 of which were located at North Ruth.

Samples were submitted to Paragon Geochemical Laboratories for sample preparation and analysis.

Samples PR‑318 and PR-319, located approximately 95m southeast of Trench 8 and 300m northwest of Trench 2, returned silver grades of 1,286 g/t and 889 g/t, respectively. Additional samples returning significant and high-grade silver grades are located within the mid-North Ruth area suggesting mineralised continuity along strike.

An additional 4 samples were collected from the southeast of the project area where trenching was planned but not conducted due to time constraints in the Phase 2 trenching programme. All 4 samples contained significant silver mineralisation and highlight the potential for additional exploration targets going forward.

Notes:

Significant is defined as a rock chip sample grading a minimum of 15 g/t silver.

High-grade is defined as a rock chip sample grading a minimum of 200 g/t silver.

Units:

Rock samples reported in g/t = grammes/tonne

1 g/t = 0.029167 ounce/ton (i.e. troy ounces/US ton)

1ppm = 1 g/tonne

1 (Troy) ounce =31.105g

Rock chip samples were collected by consulting Geologist Ivan Johnson and were transported under chain of custody to Paragon Geochemical facilities in Reno, Nevada for sample preparation. Samples were crushed to 85% passing 200mesh using PREP-RMB. Gold was analysed by method Au-AA30 which comprises 30g fire assay with aqua regia digest/AAS finish. Multielement analysis (including Ag) was performed using method 33‑MA-OES which comprised a 4-acid digest with ICP/OES finish. Ag overrange analysis was performed using method Ag-Gr30, a 30g fire assay with gravimetric finish. Paragon carries out duplicate and standard materials analysis as part of its internal QA/QC procedures.

The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

Note to Editors:

Tertiary Minerals plc (LON: TYM) is an AIM-listed mineral exploration and development company whose strategic focus is on energy transition and precious metals. The Company’s portfolio of projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s principal activities are the discovery and development of copper, gold and silver resources in Nevada and in Zambia.

#POW Power Metal Resources – Kavango Option – Kalahari Key Botswana

26th November 2021 / Leave a comment

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a 3 month option has been signed (the “Option”) whereby Kavango Resources plc (LON:KAV)(“Kavango”) may acquire up to 51.15% of the issued share capital of Kalahari Key Mineral Exploration Pty Limited, Botswana (“Kalahari Key”) (“KKME”) (the “Acquisition”).

Kalahari Key, which would be restructured on Option exercise as outlined below, currently has an effective 60% interest in the Molopo Farms Complex Project (the “MFC Project” or the “Project”) after Power Metal completed the earn-in to an effective 40% direct Project interest announced 22 April 2021 (the “Earn-In”).

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

“It has been clear for some time that the ownership structure of Kalahari Key needed to be streamlined and that we needed to ensure a heightened level of operational efficiency on the ground in Botswana.

We are therefore pleased to see Kavango demonstrate an interest in the MFC Project through this Option announced today which helps achieve both outlined objectives.

Power Metal has an existing working relationship with Kavango in the Kanye Resources joint venture covering a number of projects in Botswana and we are confident that should Kavango exercise the Option, we look forward to a positive working relationship with them as MFC Project partners going forward.

Notably the Option fee is covered by an immediate Option work programme that will provide valuable additional information about the MFC Project and whatever the Option outcome will move the Project considerably forward from a technical perspective.

We believe that the MFC Project is a considerable opportunity based on real world evidence already secured from Project exploration to date, including assay samples of up to 1.7% nickel sulphides in the second drill hole, KKME1-6. Now is the time to accelerate the MFC Project and we look forward to getting on with that.”

TRANSACTION HIGHLIGHTS

Should Kavango exercise the Option it will acquire the majority of Kalahari Key shares in issue including the 5,313 shares currently held by Power Metal, but excluding the 3,802 shares held by one shareholder, Evrima plc (LON:EVA).

Power Metal will retain its 40% Project interest secured through the Earn-In. This interest will not be at Project level, but through a 40% shareholding in Kalahari Key which will be restructured following the Kavango Option exercise.

Following Option exercise and restructuring the new ownership structure of Kalahari Key is expected to be as follows:

Kavango Resources	51.15%
Power Metal Resources	40.00%
Evrima Plc	8.85%

CONSIDERATION RECEIVABLE BY POWER METAL

On Option exercise Power Metal will sell its 5,313 Kalahari Key shares to Kavango and will receive Kavango new ordinary shares of 0.1 pence each (“Kavango Shares”) and warrants with an exercise price of 8.5p and a life to expiry of 2 years (“Kavango Warrants”).

The number of Kavango Shares to be paid is variable and dependent on the price of Kavango Shares at the time of Option exercise – but Power Metal expects to receive as payment approximately 5,162,500 Kavango Shares equating to disposal consideration of between £283,938 (at 5.5p per Kavango Share) and £454,300 (at 8.8p per Kavango Share), plus 5,162,500 Kavango Warrants.

Further detailed consideration terms are provided below.

THE KAVANGO OPTION WORK PROGRAMME

In return for being granted the Option, Kavango proposes to complete the following work programme at the MFC Project (the “Work Programme”):

I. Spectral to perform a single “moving loop” survey over Target 1, to be paid for by Kavango.

II. Kavango to perform soil geochemical analysis over Target 2. KKME to provide details of an outline soil-sampling programme, to be signed off by Kavango’s Exploration Manager. Kavango to provide a maximum of 2 teams for a maximum of 1 calendar month to perform the soil sampling programme.

III. Kavango to arrange for the remaining core from Target 3 to be cut and sent for analysis. KKME to provide confirmation of the quote received for lab analysis.

IV. Kavango to input the regional borehole data from Targets 1, 2 & 3 into a unified 3D model. KKME has indicated this data is in Microsoft Excel. KKME to provide Kavango with said data.

V. Kavango to send thin sections of core samples taken from the 3 bore holes drilled at Targets 1, 2 & 3 for university analysis.

VI. Kavango to fund a contract agreed with Bell Geophysics for a reinterpretation and inclusion of gravity data for the northern part of the licence block.

In the event that Kavango does not exercise the Option, Kavango will turn over to KKME all data gathered from the Work Programme, which will then become the property of KKME.

TRANSACTION HIGHLIGHTS

– Kavango has signed a 3 month Option commencing 25 November 2021 to acquire all the shares of Kalahari Key excluding the 3,802 shares which will be retained by existing holder Evrima plc.

– On a fully diluted basis Kalahari Key will have 25,733 shares in issue (assuming 1,100 Kalahari Key share options are exercised) and, assuming all Kalahari Key options are exercised, 21,931 Kalahari Key shares would be acquired by Kavango.

– Power Metal holds 5,313 shares (or 20.65% of Kalahari Key on a fully diluted basis, or 24.23% excluding the Evrima holding) and this Power Metal holding will be sold to Kavango as part of the transaction.

– Following Option exercise the capital structure of Kalahari Key will be restructured.

– Power Metal will exchange its 40% direct MFC Project interest for a 40% shareholding in the restructured Kalahari Key.

– Following Option exercise and restructuring the new ownership structure of Kalahari Key will be as follows:

Kavango Resources	51.15%
Power Metal Resources	40.00%
Evrima Plc	8.85%

– The Option has been secured by Kavango in exchange for completion of a Kavango funded defined Option exploration work programme at the MFC Project.

– The consideration for the Acquisition will be satisfied through the issue of new ordinary shares of Kavango (“Kavango Shares”) at a price to be determined as detailed further below and the grant of Kavango warrants with an exercise price of 8.5p each with a 2-year life to expiry (the “Consideration”).

– Should Kavango exercise the Option the number of Kavango Shares to be issued is variable. However, should the Kavango price remain in the range of 5.0p to 8.8p, the Consideration will comprise 21,307,500 Kavango Shares and 21,307,500 Kavango Warrants. Full details of the calculation method is outlined below.

– The Consideration value is between £1,170,000 and £1,875,000 (dependent on the price of Kavango Shares at the time the Option is exercised), plus the value of the Kavango Warrants awarded.

– Should Kavango exercise the Option, on a fully diluted basis as described above, and assuming the share price of Kavango remains in the 5.0 – 8.8p range Power Metal expects to receive 5,162,500 Kavango Shares equating to disposal consideration of between £283,938 (at 5.5p per Kavango Share) and £454,300 (at 8.8p per Kavango Share). In addition Power Metal expects to receive 5,162,500 Kavango Warrants as described above.

– Should the Kavango share price on a volume weighted average share price in the ten days prior to the Option exercise fall below 5.0p or rise above 8.8p the number of Kavango shares to be issued would change but the Consideration value would remain unchanged. Please see below for further information in respect of the disposal consideration and the calculation of Kavango Shares and Kavango Warrants that could be issued.

– Further transaction information is available below and in the Kavango market news announcement released today and below.

CONSIDERATION SHARES/WARRANTS CALCULATION

The Option has a 3-month term, valid commencing 25 November 2021, which gives Kavango the exclusive right (at its sole discretion) to acquire 100% of the fully diluted share capital in KKME, in exchange for:

– 21,307,500 million Kavango Shares, issued at a price of 5.5p per share and credited as fully paid, with half the shares subject to a 6-month lock-in and the remaining shares subject to a 12-month lock-in, both from the Option exercise date (the “Acquisition Shares”).

– If at the time of exercising the Option, the Kavango share price has traded below 5p on a 10-day Volume Weighted Average Price (“VWAP”) (the “Lower Price”) in the ten trading days immediately preceding the Option exercise date, then Kavango will issue the Acquisition Shares at the Lower Price for a total consideration of £1,170,000.

– If at the time of exercising the Option, the Kavango share price has traded above 8.8p on a 10-day Volume Weighted Average Price (“VWAP”) (the “Upper Price”) in the ten trading days immediately preceding the Option exercise date, Kavango will issue Aquisition Shares at the Upper Price for a total consideration of £1,875,000.

– 1-for-1 two-year warrants exercisable at 8.5p per new Kavango Share, which are subject to an acceleration clause, whereby if Kavango’s shares close above 17p for 5 trading days, Kavango may write to warrant holders at any time providing 10 working days’ notice of accelerated exercise, with 10 working days thereafter for payment (the “Acquisition Warrants”).

– Kavango will issue the Acquisition Shares and Acquisition Warrants directly to KKME shareholders, pro-rated in their respective allocations.

– The Acquisition Warrants will be transferable between KKME shareholders, with the written permission of Kavango.

– Kavango will complete the Work Programme in exchange for the Option

MOLOPO FARMS PROJECT – FURTHER INFORMATION

– KKME has a 60% interest in the MFC Project, which is a nickel/copper/platinum group elements exploration project located in southern Botswana

– The MFC Project covers 1,723km²

– Exploration targets lie under Kalahari Cover

– Primary exploration strategy led by advanced geophysics

– Spectral Geophysics (“Spectral”) historically engaged to complete ground-based surveys

– KKME drilled 3 boreholes in October 2020 (“Targets 1, 2 & 3”), each of which encountered ultramafic rocks

– Magmatic nickel sulphides were identified in Borehole K1-6 (“Target 2”; https://www.londonstockexchange.com/news-article/POW/botswana-molopo-farms-complex-further-assays/15148836

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)
Nick Emerson	+44 (0) 1483 413 500

First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	+44 (0) 20 7330 1883

#MNRG MetalNRG Plc – Goldridge Update

22nd November 2021 / Leave a comment

MetalNRG (LON:MNRG), the natural resources and energy investment company, announces an update on its Arizona based Gold project, GoldRidge.

Following on from our previous announcement, regarding GoldRidge on 6^th September 2021, in which we gave an overview of work completed, Bart Stryhas Phd CPG, the Company’s Senior Geologist, has made solid progress on the project.

In preparation for site work in Q4, MetalNRG’s project team has acquired 35 new additional and extremely relevant, public domain documents describing historic mining operations and geologic descriptions of several previously un-recorded mines located within the ownership of the GoldRidge property. This new information hosts a large portion of the data and information that our planned site work was originally designed to obtain and, as a result, we are now able to accelerate to the next phase of work.

A 1940 Master’s Thesis on the Dives Mine, which also host details of the Gold Ridge Mine, has provided considerable insight on the structural geology of the operations.

Data and information were also obtained for the First Chance Mine, Arizona Klondike Mine, Leroy Mine and Elma Mine all owned by MetalNRG.

This new detail is being incorporated into the current geologic and structural model of the project rather than completing repetitive site work.

Work will now be directed toward initiating the soil geochemical sampling program at the project. MetalNRG’s Mining Consultants based in the U.S.A have been contracted to collect more than 1000 samples on a 75m grid spacing.

The reports have help us focus our next phase of work which will cover the South-eastern portion of the claim block where most of the historic mining has occurred.

The soil exploration will provide detailed, multi-element chemical analysis which will be instrumental in refining the mineralogic and structural interpretation of the project. Work is expected to commence shortly and be completed by the beginning of Q1 2022, with results anticipated for late Q1 2022.

Chief Executive, Rolf Gerritsen, commented “The documents found have enabled us to get more clarity of the area to focus on and has added substantially to our confidence in the area as a real opportunity.”

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014:

For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of the Company is Rolf Gerritsen, Chief Executive Officer.

END

Contact details:

MetalNRG PLC
Rolf Gerritsen

Christopher Latilla-Campbell

+44 (0) 20 7796 9060

Corporate Broker
PETERHOUSE CAPITAL LIMITED
Lucy Williams

Duncan Vasey

+44 (0) 20 7469 0930

Corporate Broker
SI CAPITAL LIMITED
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#POW Power Metal Resources – Uranium & Rare Earths Acquisition – Australia

19th November 2021 / Leave a comment

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces it has signed an Agreement (“Agreement”) for the 100% acquisition (the “Acquisition”) of the Selta Project (“Selta” or the “Project”), located in the Northern Territory, Australia.

A map showing the location of the Selta Project may be viewed through the following link:

https://www.powermetalresources.com/selta-project-overview-map-2/

The Acquisition will be undertaken by Power Metal subsidiary, First Development Resources Limited (“FDR”), in an all FDR share transaction to acquire a 100% interest in URE Metals Pty Limited (“URE”), a private Australian company which wholly-owns the Selta Project.

FDR is a special purpose company set up by Power Metal to act as a vehicle for a planned listing on the London capital markets; with a unique and high-impact portfolio of exploration interests.

FDR recently acquired outright First Development Resources Australia Pty Limited (“FDR Australia”) and its interests in the Paterson Province of Western Australia. The announcement in respect of the acquisition of FDR Australia is accessible through the following link:

https://www.londonstockexchange.com/news-article/POW/power-metal-acquires-100-of-fdr-australia/15193248

FDR is seeking to acquire additional strategic exploration interests and the acquisition of the Selta Project announced today is an important step in the completion of that process.

Note: No Power Metal shares will be issued for this transaction with FDR utilising its own equity for the Acquisition.

HIGHLIGHTS

About the Selta Project

– The Selta Project, located in Australia’s Northern Territory, is considered to be highly-prospective for uranium (“U”) and rare-earth element (“REE”) mineralisation. The Northern Territory hosts some of Australia’s best known and high-grade U and REE deposits, including Arafura Resources’ (ASX: ARU) world-class Nolans Bore REE deposit – which is located less than 70km away from the Selta Project. The State has a significant legacy of uranium mining and exploration.

– The Project comprises three exploration licence applications covering a total land area of 1,574.92km², including EL 32737 – 780.85km², EL 32738 – 312.17km² and EL 32755 – 481.90km².

– Previous surface sampling across the Selta Project has identified elevated uranium results up to 3.8 parts per million (“ppm”) U in soil samples, stream sediment samples up to 27.2ppm U and rock chip samples up to 244ppm U.

– Assayed whole rock grab samples from the Selta Project have yielded highly anomalous rare-earth element mineralisation including 93ppm neodymium (“Nd”) and 25ppm praseodymium (“Pr”), the presence of which highlight the exciting exploration potential of the Project. Encouraging historical results, combined with underlying geological similarities between the Selta Project and REE and uranium mineralisation at the nearby Nolans Bore deposit have led to the investment decision to acquire the Project outright.

– The Selta Project is also considered to be highly-prospective for base and precious-metal mineralisastion. Prodigy Gold’s (ASX: PRX) Reynolds Range gold-copper project shares a 65km long contiguous border with Selta. Reynolds Range has recently delivered highly-encouraging drilling results, including 3.93g/t Au over 17m from borehole BRC100002³, which is located less than 8km from the Reynolds Range’s claim border shared with the Selta Project.

The Key Agreement Terms

– FDR will acquire a 100% interest in URE for initial consideration of up to AUD$25,000 (£13,465) cash payable by 31/12/2021 to cover historic expenses and £100,000 payable through the issue of 1,499,250 FDR shares of one pence each in FDR at a price of 6.67 pence each (“FDR Shares”) (post share issue 3.85% of FDR issued share capital).

– Additional consideration will be due as each of the three licence applications are granted, with an additional amount payable of £400,000 should all licences be granted, again payable through the issue of up to 5,997,001 FDR Shares.

– Should the total consideration of £513,465 be payable, 7,496,251 FDR Shares will be issued comprising 16.67% of FDR issued share capital. At that point, and subject to any further acquisitive transactions or events changing the share capital structure, Power Metal will hold the balancing 83.33% of FDR issued share capital.

– Detailed Agreement terms outlined below.

Next Steps

– FDR is planning to list on the London capital markets in Q1 2022.

– FDR is in late stage discussions to further expand its project portfolio in preparation for listing, including additional precious, base and strategic-metal opportunities.

– FDR is undertaking exploration work on its existing interests in the Paterson Province of Western Australia, and will now commence preparatory exploration work on the Selta Project in the Northern Territory in preparation for licence grants.

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:

“This latest acquisition further builds the First Development Resources portfolio which now includes four distinct project interests. This dynamic portfolio includes the Wallal Project located in the prolific Paterson Province of Western Australia, with exciting magnetic bullseye gold-copper drill targets – and now the Selta Project, located in the Northern Territory, within a region highly prospective for U and REE mineralisation, evidenced by the nearby Nolans Bore deposit held by Arafura Resources.

We are seeking a listing of FDR on the London capital markets, and this latest acquisition is an important piece of the FDR portfolio which is being finalised in advance of that proposed listing. We intend to create a unique vehicle with a number of high-impact interests in top-tier mining jurisdictions, which on listing, will launch into multiple active exploration programmes where the results of such exploration may be transformational for shareholders.

Alongside the portfolio developments, we are working with some intensity on preparatory exploration, most significantly at the Wallal Project, where 2D seismic geophysics reprocessing and passive seismic results are awaited.

Further announcements in respect of ongoing exploration and the FDR portfolio build are expected in the near future.”

ACQUISITION TERMS

FDR UK will acquire the entire share capital of URE Metals Pty Limited and all URE’s interests from current URE shareholders.

Capital Restructuring FDR

Prior to the transaction, Power Metal has a 100% interest in FDR which currently has a single issued share owned by Power Metal.

A capital restructuring of FDR is to be undertaken to increase its authorised share capital in preparation for the listing process (the “Capital Restructuring”). After this capital restructuring, Power Metal’s holding in FDR will be 37,481,259 FDR Shares. At this point the loans provided by Power Metal to acquire the interests of FDR UK will be written off into the Capital Restructuring.

Initial Consideration

For the immediate outright acquisition of a 100% interest in URE and all its interests FDR will pay consideration of up to AUD$25,000 cash (£13,465) payable by 31/12/2021 and £100,000 payable through the issue of 1,499,250 FDR Shares after completion of the Capital Restructuring equating to 3.85% of FDR (“Initial Consideration”).

Additional Consideration

Additional consideration will be due as each of the three licence applications comprising the Selta Project are granted, with additional consideration of £400,000 should all licences be granted, again payable through the issue of up to 5,997,001 FDR shares after completion of the Capital Restructuring (“Additional Consideration”).

This Additional Consideration is payable on licence grants as follows:

L icence Application Number	Application Size (Blocks)	Application Size (Km²)	Consideration Payable (£)	FDR Shares Issued as Payment
EL 32737	250	780.85	198,321	2,973,328
EL 32738	100	312.17	79,285	1,188,681
EL 32755	155	481.90	122,394	1,834,992
Total	505	1,574.92	400,000	5,997,001

Should the Initial Consideration and all Additional Consideration of £513,465 be payable, 7,496,251 FDR Shares will be issued comprising 16.67% of FDR issued share capital. At that point, and subject to any further acquisitive transactions or events changing the share capital structure, Power Metal will hold the balancing 83.33% of FDR issued share capital.

Royalty

The Shareholders of URE will retain a 2% net smelter return royalty (“NSR”) over all licences included in this transaction and FDR will have the right to purchase 1% of this NSR for A$1,000,000.

Note: For the period 1 July to 21 October 2021 URE had a loss from ordinary activities of AU$2,918 and as at 21 October 2021 had net liabilities of AU$9,745.

SELTA PROJECT – BACKGROUND

The Selta Project, considered to be prospective for uranium and rare-earth elements, is located in Australia’s Northern Territory within the prospective but largely under-explored central Aileron Province, between the Georgia and Ngalia Basins, in a region the Northern Territory Government has declared prospective for uranium mineralisation.

The Project comprises three exploration licence applications covering a total land area of 1,574.92 km² including EL 32737 – 780.85km², EL 32738 – 312.17 km² and EL 32755 – 481.90 km².

The Northern Territory hosts some of Australia’s best known and high-grade uranium deposits and has a long history of uranium mining. In addition, the Aileron Province is a major exploration target for base metals including nickel (“Ni”) and copper (“Cu”), REE and orogenic gold (“Au”) with numerous companies actively exploring within the region.

The Selta Project borders Prodigy Gold NL (ASX:PRX), IGO Ltd (ASX:IGO) and Canadian listed Megawatt Lithium and Battery Metals Corp (CSE:MEGA); and is less than 70km northwest of Arafura Resources (ASX:ARU) high-grade, world-class Nolans Bore REE deposit.

The Nolans Bore rare-earth elements-phosphate-uranium-thorium deposit is one of the largest deposits of its kind in the world with a JORC (2012) compliant Mineral Resource of 56 million tonnes at an average grade of 2.6% total rare-earth oxides and 11% phosphate (P₂O₅). Commercial production is targeted for late 2024, with the Feasibility Study considering a 4,440 tonne per annum NdPr oxide producing open pit mining operation with a 38 year mine-life and an NPV_8% of US$1.011B.¹

The Selta Project’s southern claim boundary abuts the Megawatt landholding. Promising surface samples collected within the Megawatt property coupled with a known radiometric trend which links Megawatt with Arafura’s ground to the south-east, are indicators of uranium mineralisation. The Selta Project area is currently located along strike to the NW of that radiometric trend and future work will seek to extend that trend within the property.

The underlying geology within the Selta Project is interpreted to be comparable to the Nolans Bore deposit with REE and U mineralisation at Nolans Bore being hosted within G6 granites which are compositionally similar to the G5 granite prevalent across the Selta Project.

Notably, within 5km of the Selta Project’s eastern boundary are three REE occurrences up to 543ppm Nd and 148ppm Pr hosted within the G5 granite. Selta’s exploration potential has been enhanced by encouraging historical surface sampling results of up to 3.8ppm U in soil samples, 27.2ppm U in stream sediment samples and up to 244ppm U in rock chip samples, all of which led to a study by The Australian Mineral Development Laboratories² stating:

“…the amount of uranium moved by solution or erosion is large enough for there to be several potentially economic orebodies.”

In addition to uranium the Selta project has significant exploration potential for Cu, Au and silver (Ag).

Prodigy Gold’s Reynold Range Gold Copper Project, which intersects the Selta Project’s lease area, has delivered encouraging results across four prospects for Cu, Au and Ag with reverse circulation drilling intercepts yielding 29m @ 2.32g/t Au (Falchion Prospect) and 17m @ 3.93g/t Au (Sabre Prospect) and surface samples of up to 7.5g/t Au, 783g/t Ag and 19.3% Cu (Scimitar Prospect) and 0.55g/t Au, 271g/t Ag and 20.3% Cu at the Reward Prospect.³

NEXT STEPS

FDR will work with the Vendors to secure grant of the three licence applications comprising the Selta Project. The exploration work outlined below will be undertaken as appropriate, before or after granting of licences.

FDR will commence a review of all historic drilling and geophysics reports and where necessary reprocess the data to improve resolution in anticipation of initiating a targeted high resolution electromagnetic survey along with an airborne gamma-ray spectrometry survey.

The newly acquired geophysics combined with the validated historical data will enable the Company to identify priority targets for mineralisation that can potentially be drill-tested.

References:

¹Arafura Resources Limited Annual Geneeral Meeting Presentaion, 21/10/2021 . Available at: https://wcsecure.weblink.com.au/pdf/ARU/02438942.pdf

²The Australia Mineral Development Laboratories (CR 74/19) Sixth Progress Report MP 4976/73 Geochemical Survey, Arunta Area Amdel (December 1973)

³PRX ASX Release – 20 May 2021. Available at: https://wcsecure.weblink.com.au/pdf/PRX/02376469.pdf

COMPETENT PERSON STATEMENT

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)
Nick Emerson	+44 (0) 1483 413 500

First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	+44 (0) 20 7330 1883

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