Letter of Intent with Al Masane Al Kobra Mining

10 March 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

Letter of Intent with Al Masane Al Kobra Mining Company ("AMAK")

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, notes an update to its announcement of 9 December 2024. As previously notified, a Letter of Intent ("LOI") was signed to enter into a binding agreement with Al Masane Al Kobra Mining Company ("AMAK") (together, "the Parties"), a Saudi Arabian listed exploration and mining company, for Power Metal to spend US$3,000,000 to earn a 49% stake in the Qatan exploration licence in southern Saudi Arabia (the "Proposed Agreement").

After a detailed discussion regarding the outstanding legal processes still awaiting completion, the Parties have agreed to extend the deadline for the formal agreement signature date by a further three months. It is currently expected that formal agreement will be reached well within that timeframe.

Although there can be no certainty at this stage given the non-binding nature of the LOI, the Parties remain confident that the Proposed Agreement will become binding. Further announcements relating to the Proposed Agreement will be made as appropriate.

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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 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.