Strategic investment and MoU signed with Greyridge

2 March 2026

Power Metal Resources PLC

("Power Metal" or the "Company")

Strategic investment and MoU signed with Greyridge Exploration

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London-listed mineral exploration company and project incubator with a global project portfolio, is pleased to announce a strategic investment of US$1.5 million for an initial 4.6% shareholding in Greyridge Exploration Corp ("Greyridge"), the Canadian-based mineral exploration company focused on the discovery of copper and gold deposits in the Kingdom of Saudi Arabia ("KSA" or "Saudi Arabia").

In conjunction with the investment, Power Metal has signed a Memorandum of Understanding ("MoU") with Greyridge to establish a non-binding framework that sets out the basis for the Company's majority-owned subsidiary, Power Arabia Limited ("Power Arabia"), and Greyridge to explore the option to enter into joint ventures or similar collaborative agreements, such as earn-in agreements, across Greyridge's projects in the KSA and any future licences that it obtains.

Highlights:

· Strategic investment of US$1.5 million in Greyridge as part of an up to US$10.0 million financing with leading global investors, following which Power Metal is expected to hold an approximately 4.6% interest in Greyridge

· MoU establishes a non-binding framework under which Power Arabia and Greyridge can explore collaborative arrangements, including:

o  the establishment of joint ventures, farm-in or earn-in agreements on Greyridge's licences - providing a potential project pipeline for Power Arabia

o  the exchanging of technical, geological, commercial and strategic information, joint desktop studies, and preliminary discussions with Saudi governmental authorities, regulators, and potential local partners

· Greyridge is one of the largest foreign holders of exploration licences in Saudi Arabia, holding a 100% interest in 25 licenses covering 1,817 square kilometres of highly prospective terrain

· The investment by Power Metal will be used to advance exploration work and carry out drill programmes at Greyridge's Ad Dawadimi and Al Amar projects

· Potential to further enhance Power Metal's exposure to Saudi Arabia's US$2.5 trillion of untapped mineral resources

Sean Wade, CEO of Power Metal Resources, commented:

"The Kingdom of Saudi Arabia has made a concerted effort over the last few years to increase the investment into its mining sector as part of its Vision 2030 initiative, reflecting the growing global interest in critical mineral supply chains. Its efforts are already taking shape as the country rises in the ranks of the Fraser Institute's Attractiveness Index, moving to 23rd in 2024 ahead of many leading mining jurisdictions, including Chile, Kazakhstan and Zambia.

"Power Metal, through Power Arabia, has established itself in the region with one MoU already signed and ongoing discussions for further licence options, as well as ongoing exploration activities in the Arabian Shield. Now, with this strategic investment and MoU with Greyridge, we can draw on our in-country expertise to further strengthen our position in this rapidly advancing market.

"We're excited to build a strong partnership with Greyridge and unlock the opportunities within their extensive exploration portfolio. Combined with our track record of crystallising value from high?potential projects, this collaboration strengthens our regional presence and provides a gateway to the development of a long?term growth pipeline in Saudi Arabia."

Brendan Cahill, CEO of Greyridge Exploration Corp, said:

"We are delighted to welcome Power Metal as a leading investor in Greyridge and look forward to leveraging Power Arabia's extensive experience and expertise in the Arabian-Nubian Shield.

"The Kingdom of Saudi Arabia is quickly becoming one of the best jurisdictions in the world for mineral exploration, with superior security, infrastructure and government support, and a geology that is one of the very few in the world that remains relatively untested.

"Our extensive licence package, totaling over 1,800 square kilometres, is some of the first ground granted as foreign companies were given a broader opportunity to invest and explore the Kingdom, and represents a true, first-mover advantage to access exceptional porphyry and VMS terrain.

"In recent months we have moved from holding three highly-prospective projects to identifying numerous high-priority targets for copper-gold porphyry, epithermal gold, orogenic gold and VMS systems. We have a full team in-country, we are leveraging some of the leading porphyry minds globally and we are integrating cutting-edge AI innovation into our discovery process. Power Metal's investment and collaboration add yet further horsepower to this leading exploration story."

Further information

As part of the investment, Power Metal will invest US$1.5 million in cash as part of an up to US$10.0 million financing, following which Power Metal is expected to hold an approximately 4.6% interest in Greyridge. The investment and broader financing will help advance the exploration programmes at Greyridge's Ad Dawadimi intrusion-related copper-gold project and Al Amar gold-enriched VMS project, including geophysical surveys, infill geochemical sampling, and drilling of immediate high priority targets.

Greyridge and Power Metal share a mutual strategic interest in identifying and developing mineral exploration and development opportunities in KSA, with a particular focus on precious and base metals.

Under the terms of the MoU agreement, Power Arabia, Greyridge, and their respective exploration teams would identify and produce a project pipeline, with Power Arabia having the option to discuss and explore the possibility of entering into a joint venture or earn-in agreement with Greyridge to advance these exploration opportunities.

About Greyridge

Greyridge is a Canadian-based mineral exploration company focused on discovering copper and gold deposits in Saudi Arabia. Greyridge is one of the largest foreign holders of exploration licences in Saudi Arabia, with 25 licenses covering 1,817 km2 of highly prospective and underexplored terrain in Ad Dawadimi, Al Amar and Wadi Wassat. Greyridge's team has a proven track record of major discoveries and has a diverse range of technical, capital markets, and legal expertise, alongside a highly experienced Saudi-based exploration team.

Greyridge acquired the licences in October 2024 from Eurasian Resources Group, one of the first large international mining companies to enter Saudi Arabia, and therefore holds a strong, early-mover advantage within the country.

Ad Dawadimi

The Ad Dawadimi project ("Ad Dawadimi") comprises 14 licences totaling 1,048 km2 approximately three hours west of Riyadh. The project covers approximately an 80 km strike of potential intrusion related copper-gold prospects, which were previously held by Ma'aden and host immediate drill targets.

Exploration to date has identified multiple intrusions driving mineralisation, and surface sampling that indicates a large copper system with the potential to host precious metals. Rock chip sampling has returned numerous results of over 0.5% copper, over a 1km x 1km area on licence AD025, including up to 4.99% copper with additional expansion potential along untested outer ridges.

Recent work on licence AD030, immediately south of AD025, and AD036 and AD037 has identified an area of porphyry/iron oxide copper-gold spectrum mineralisation and epithermal gold mineralisation. No modern exploration work has occurred to test the depth and source of the exposed structures. AD036 and AD037 host multiple strikes up to two kilometres of epithermal quartz stockwork, resembling Ma'aden's Mahd Ad Dhahab mine and the peripyhery of an intrusion-related copper-gold system.

Al Amar

The Al Amar project ("Al Amar") comprises 9 licences over 609 km2, approximately two hours southwest of Riyadh. The project is located along strike from Maaden's gold/copper producing Al Amar mine (hybrid gold overprinting VMS), the Khnaiguiyah VMS deposit and the historical Umm Ad Dabah deposit. The licences surround part of the exploration joint venture between Ma'aden and Ivanhoe Electric, with ongoing geophysical surveys producing large anomalies over prospective and unexplored ground.

These bordering licences showcase the potential to identify further copper and gold deposits. The Al Amar mine hosts mineral resources of 1.59 million tonnes ("Mt") at 4.24 g/t gold, 0.39% copper and 4.33% zinc (as reported by Ma'aden as of 31 December 2024). Khnaiguiyah hosts proven and probable reserves of 26.1Mt at 0.24% copper and 3.3% zinc (as reported by Alara Resources as of 31 December 2014) and is currently being advanced under a joint venture between Ajlan & Bros and Moxico Resources.

Greyridge's work to date has focussed on licence AL12 and AL02. AL12 hosts a 1km diameter magnetic low anomaly with a coincident potassic high that is associated with numerous copper-oxide and sulphide bearing veins to the southwest and a large skarn to the northeast that has been mapped over a 1km strike and has delivered copper grades up to 1.42% with additional, strong molybdenum results. Additional geophysical analysis is ongoing, in preparation for a drilling program commencing in mid-2026.

AL02 hosts a potential orogenic gold target in the southwest of the licence that has been identified over a 700 metre strike, along with a rapidly develop porphyry target on southeast. The orogenic target, identified through prospecting and mapping, is illustrative of the opportunities that remain prevalent in KSA relative to other jurisdictions, where similar targets would already have been exhaustively field-tested. Greyridge is planning additional geophysical analysis to support the commencement of drilling as early as mid-year 2026.

Wadi Wassat

The Wadi Wassat copper-gold project holds two licences over 160km2 in south-western KSA, approximately 55km and 88km, respectively, north of Najran. The southern licence (WW038) is 7km southeast and directly onstrike from AMAK's Al Masane VMS mine, which hosts mineral resources of 6.37Mt at 0.61% copper, 3.20% zinc, 0.76 g/t gold and 27 g/t silver (as reported by AMAK on as of 31 August 2024). Initial remote sensing, geophysics and field visits have identified strong trends of potential mineralization on both licences, with follow-up work in planning for later in 2026.

From acquisition in late 2024 to present, Greyridge has moved from holding three large projects to rapidly advancing multiple high-priority prospects towards drilling in mid-2026 for:

· copper-gold porphyries (4+)

· epithermal gold (multiple veins/stockworks)

· orogenic gold (700m prospect)

· skarn gold (1km mapped on surface) and

· VMS copper-gold

Opportunity in Saudi Arabia

As part of its Vision 2030 initiative, Saudi Arabia has increased investment and updated regulatory procedures to help establish itself as a global hub for mineral resources. The IMF has labelled KSA as one of the fastest growing global investment hubs since 2020 and it placed as the best improved country for investment risk in the World Risk Report 2023.

KSA is one of the largest importers of mineral products globally, creating a well?established domestic market for minerals.

The Arabian-Nubian shield, in which Power Arabia and Greyridge operate, is host to world-class gold, silver, and copper deposits and represents one of the most underexplored geological regions globally. The geological structures found in the region are comparable with other world-class regions, including the Canadian Shield, Australia's Western Goldfields, Africa's Goldfields, and the Andean continental margin in Chile.

Saudi Arabia already benefits from advanced national infrastructure with 10 seaports, 73,000km of road, 4,500km of railroads and 28 airports across the country, with additional mega-projects in the pipeline that represent the country's growth ambitions.

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.