Update on Proposed Formation of Uranium-Focused JV

About this update from Power Metal Resources Plc

16 September 2024 Power Metal Resources plc ("Power Metal" or the "Company") Update on Proposed Formation of Uranium-Focused Joint Venture  Completion of Legal Due Diligence and Finalisation of Transaction Documents Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed exploration company with a global project portfolio, announces an update on the intended formation of a uranium-focused joint venture (the "Joint Venture") involving Power Metal's entire portfolio of uranium licences. A special purpose vehicle has been formed, UCAM Ltd, an affiliate of ACAM LP, which is currently intended to be the counterparty to the transaction ("UCAM" or the "Investor", together with the Company, the "Parties"). Further to the Company's announcement of 27 August 2024, the Parties are pleased to confirm that all required workstreams with respect to the legal due diligence are now complete and the preparation of the definitive legal transaction documents for the transaction are now in substantially final form. However, certain administrative tasks relating to the finalisation of the financing arrangements by the Investor remain outstanding. Accordingly, the Parties have agreed to extend the period of exclusivity for the transaction to 27 September 2024. Whilst no guarantee of completion can be provided, the Parties fully expect completion within that period and the Company will update shareholders in due course. For further information please visit https://www.powermetalresources.com/ or contact: Power Metal Resources plc Sean Wade (Chief Executive Officer) +44 (0) 20 3778 1396 SP Angel Corporate Finance LLP (Nomad and Joint Broker) Ewan Leggat/Caroline Rowe +44 (0) 20 3470 0470 Tamesis Partners LLP (Joint Broker) Richard Greenfield/Charlie Bendon                                                                                     +44 (0) 20 3882 2868 BlytheRay (PR Advisors) Tim Blythe/Megan Ray   +44 (0) 20 7138 3204     NOTES TO EDITORS Power Metal Resources plc - Background Power Metal Resources plc (AIM:POW, OTCQB:POWMF) is an AIM-traded metals exploration company which finances and manages global resource...

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