Kalahari Key update

Two Shields Investments plc

("TSI", or the "Company")

Kalahari Key update

Two Shields Investments plc, the AIM quoted investment company with a strategy to build a high-quality portfolio of investments in fast growing and scalable digital and technology enabled businesses, is pleased to reproduce the following announcement issued today by Power Metal Resources PLC. The announcement is in relation to an update on the Kalahari Key Mineral Exploration Pty Ltd ("Kalahari Key" or "KKME"). Kalahari Key is a special purpose company in which TSI has a 17.8% stake in.

"Botswana Molopo Farms Complex - Drilling Progress Update

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide a drilling progress update on the Kalahari Key Mineral Exploration Pty Ltd ("Kalahari Key" or "KKME") Molopo Farms Complex Project (the "Project" or "MFC Project"), which is targeting prospective massive nickel sulphide and platinum-group metal ("PGM") mineralisation in Botswana.

OWNERSHIP STRUCTURE - MOLOPO FARMS COMPLEX PROJECT

Power Metal has an 18.26% shareholding in Kalahari Key and has elected to earn in ("Earn-In") to a 40% direct interest in the MFC Project by funding US$500,000 of exploration expenditure in 2020, notably the diamond drilling of selected targets. On completion of the Earn-In, Power Metal will have an effective economic interest of 50.96% in the MFC Project.

For clarity, the US$500,000 cost is fully funded and covered by Power Metal existing cash resources.

Paul Johnson Chief Executive Officer of Power Metal Resources commented:

"We are very pleased to provide a drilling update for our first drill hole at the Molopo Farms Complex where high-resolution geophysics has identified a series of exciting high conductivity bodies which could be related to massive sulphide mineralisation. 

The drilling is progressing well with the results thus far supporting the geophysical model, for an intrusion feeder zone which could host the potentially mineralised conductive bodies we are targeting with this drilling programme.

We look forward to providing further updates as the drill programme progresses."

DRILLING HIGHLIGHTS:

· Drilling of Hole 1 at the MFC Project is progressing well with a depth attained of 283m at end of shift on Saturday 24th October. Monday work involved a drilling bit change following a Sunday rest day. The hole is cased to a depth of 17m with HQ diameter (63.5mm) core drilling to a depth of 150m and NQ diameter (46.7mm) core drilling thereafter.

· The drill hole intersected calcretes and serpentinite immediately below the 35m thick Kalahari cover and has then continued through ultramafic rocks, including harzburgite and dunite, which through core inspection are characteristic of the Molopo Farms Complex geology.

· Hole 1 on is now over halfway to the upper side of the modelled conductive body (target 1-14) which is expected to commence from a depth of approximately 505m.

· Drilling results thus far are supporting the, Time Domain Electromagnetic ("EM") and Natural Field Audio Magneto Telluric ("NF-AMT"), geophysical modelling with lithological boundaries seen in the core occurring very close to the modelled depth and lithologies intersected supporting the intrusive feeder zone exploration model. Geological and structural logging of the drill core will allow the geological model to be further refined as the programme progresses.

· The drilling is utilising a Boyles BBS 56 rig with a 7 man drilling and support crew working on a single 12 hour drilling shift (06.00-18.00, 5.5 days / week). The phase 1 Drilling programme is for an initial planned 2,505m across four diamond core drill holes. Target hole depths vary from 525m to 710m.

· Photographs from site can be viewed at the company website https://www.powermetalresources.com/gallery/7/molopo-farms-complex-botswana.

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.

-Ends-

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Notes to Editors:

Two Shields Investments plc, the AIM quoted investment company with a strategy to build a portfolio of high-quality investments in fast growing, scalable digital and technology enabled businesses, including those in the cyber security, e-commerce services and consumer sectors. The Company has appointed an experienced Board of Directors with a proven pedigree in the origination, acquisition, development & sale of projects and creating value for shareholders. The investment mandate covers unquoted and quoted businesses, as well as direct project investment. Where appropriate the Board will apply its extensive combined experience to directly support investee businesses achieve their growth potential.