Prospecting Licences Renewed & Drilling at Molopo

06 July 2026

Power Metal Resources PLC

("Power Metal" or the "Company")

Molopo Farms Project, Botswana - Prospecting Licences Renewed & Drilling Underway

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

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

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

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

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

Highlights:

• The Project's Prospecting Licence ("PL") 311/2016 has been extended for a period of two years and is now valid until 31 March 2028.

• Drilling has commenced on a 1,600 m programme of core drilling targeting an initial five high interest geological and geophysical targets on the eastern feeder zone to the Molopo Farms Igneous Complex.

• Unlike previous and historical drilling, this programme will test targets within the controlling structure to the Molopo Farms Complex and its related feeder dykes. 

• Drill siting is based on latest interpretations of magnetic, AMT and TDEM data previously acquired by Power Metal, plus limited additional ground magnetic traverses.

• The programme will be results driven and may be optimised as more data is acquired.

Power Metal Interest

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

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:

NOTES TO EDITORS

Power Metal Resources plc (AIM: POW, OTCQB: POWMF) is a London-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, Saudi Arabia, Oman 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.