21 March 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

Uranium Joint Venture: Reitenbach Exploration Update

Geophysical Surveys and Fieldwork Reveal Promising Targets on the Expanded Reitenbach Property

Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed exploration company with a global project portfolio, is pleased to provide an exploration update for the Reitenbach Uranium Property ("Reitenbach " or the "Property"). The update concerns work undertaken by Power Metal and Fermi Exploration ("Fermi"). Fermi is the uranium-focused joint venture (the "Joint Venture" or "JV") comprising Power Metal's portfolio of uranium licences, of which Reitenbach is a constituent.

HIGHLIGHTS:

·    Geophysical data indicated the presence of multiple prospective target areas on Reitenbach, which was subject to systematic fieldwork during the summer of 2024.

·    Fieldwork in the northeastern portion of the property, including the Nuphar and Goodleap Targets, has identified multiple potential basement sources of uranium, supported by radon anomalism, down-ice uranium dispersion, and favourable lead isotope results, with the summer 2024 exploration at the Nuphar Target specifically inferring a basement source in the north of the Target Zone.

·    Reitenbach was expanded from 16,009 hectares to 20,401 hectares, an increase of 27.5%, by direct mineral claim staking undertaken by the Fermi technical team, through the Mineral Administration Registry Saskatchewan ("MARS") electronic registry system. Further information on the staking process can be found in the 'Further Information' section below.

·    Further work on the property is being finalised.

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

"It's great to be able to report continued progress across the uranium portfolio as we eagerly look forward to starting drilling in around 10 weeks.

We will be drilling more or less continuously through to October and are very excited indeed about the prospects of a commercial discovery. We will shortly be laying out a detailed drill programme, which will set out the expected timing of multiple drill results over that period.

This is the biggest and best funded exploration project that the Company has ever undertaken and marks a major turning point in the scale of our ambition."

FURTHER INFORMATION

This release details the expansion of the Reichenbach Property, the magnetic and radiometric survey results, the results from the summer 2024 fieldwork and the next steps for further work on the Property.

Expansion of Reitenbach

The mineral claims constituting the eastern extension of Reitenbach (Figure 1) were acquired directly through the Mineral Administration Registry Saskatchewan ("MARS") electronic registry system.

The total cost of additional staking of the 5,724.95 hectares (57.25 km²) that make up the 20,401 hectare (204km²) Reitenbach Project was CAD $3,395. The newly staked licences have a two-year term with no minimum spending requirement, which can then be extended for subsequent years by a minimum work expenditure of Canadian $85,874 per annum (C$15/hectare).

The property was expanded to:

Ø Secure additional ground to the northeast and up-ice of the Nuphar Target.

Ø Encompass a historical airborne radiometric geophysical survey anomaly situated at the centre of the newly acquired ground. Limited exploration has been conducted on this radiometric anomaly. Although a survey was carried out in 1970¹ and identified localised uranium mineralised boulders, these boulders were considered insufficient to explain the extent of the radiometric anomaly.

Ø This expansion extends Reitenbach's footprint parallel to the Needle Falls Shear Zone, a deep crustal-scale structure regionally associated with uranium mineralisation.

Magnetic and Radiometric Survey

Dias Airborne completed a combined airborne Full-Tensor Magnetic Gradient ("FTMG") and radiometric geophysical survey during summer 2023². This geophysical programme was designed to inform future fieldwork by providing high-resolution magnetic data, as over 95% of the property is understood to be covered by surficial deposits of sands and gravels, leaving the underlying bedrock largely unknown.

The radiometric survey was carried out simultaneously with the magnetic survey to provide information on the properties of shallow radioactivity. A total of 966 line-km of airborne FTMG and radiometric data were acquired at a line spacing (distance between the survey lines) of 100 metres.

S.J.V. Consultants Ltd. of Vancouver were commissioned in late 2024 to complete the interpretation of the data following an initial review by the Fermi Exploration Technical Team. This work outlined two target areas, which correlated closely with the target areas identified by the Fermi Exploration Technical Team and were subject to exploration in the summer of 2024.

Summer 2024 Fieldwork Targets

The Nuphar Target is associated with a discrete magnetic body, approximately 900m in length, in the centre of the Target area. This magnetic body shares a spatial relationship with historically recorded boulder fields² and anomalous and highly elevated radon in water³, and it exhibits exceedingly anomalous U-in-lake sediment results of up to  508ppm U⁴ The radiometric response from the area is highly elevated (30cps), and extends over 4km.

2 km to the northeast of Nuphar Target, the Fermi Technical Team selected the Goodleap Target for further work. The Goodleap Target is in close proximity to north-south 'Tabernor' style faulting, at an inferred 'step-over' within the fault system, where the geology has been pulled apart, potentially creating scope for uranium mineralisation in a dilation zone, this area is associated with an anomalous radiometric response, which may be indicative of shallow uranium mineralisation. 

The Western Lake Target is located 4.5 km to the west of the Nuphar Target, and is associated with a linear north-south (i.e. down ice) trend of elevated uranium counts (20 cps) and historical boulder fields. The Western Lake Target is considered to be in close proximity to the contact between the Wollaston and Peter Lake Domains.

The Wollaston and Peter Lake Domains on Reitenbach are crossed by significant 'Tabernor' north-south faulting, which extends across the property and is present in close proximity to the Nuphar, Goodleap and Western Lake Targets; these cross-cutting structures have been inferred to control uranium mineralisation elsewhere⁵, and are targeted elsewhere to the east of the Athabasca Basin⁶. 

Figure 1: Overview of the Reitenbach Property, highlighting the new 2025 staking, 2024 fieldwork target areas, and the extent and results of the 2023 airborne magnetic geophysics survey

Summer 2024 Fieldwork

Introduction and Aims

Reitenbach is located within a highly prospective location in close proximity to two major crustal scale fault structures, with the tectonic boundary between the Wollaston Doman and the Peter Lake Domain in the west of the Property, and major shear structure, the Needle Falls shear zone in the south. The Property displays similarities to locations which host significant intrusive related deposits ^8,9 and is also considered to be prospective for basement-hosted unconformity uranium mineralisation⁷.

The principal aim of the summer 2024 fieldwork was to determine if the radiometric anomalies noted on the 2023 airborne radiometric survey may be representative of in situ uranium mineralisation or transported material, which may be derived from off the property. The magnetic survey data indicated multiple in-situ potential targets below the elevated radiometric response.

A uraniferous boulder train is located near the airborne radiometric anomaly on the Nuphar Target and the Western Lake Target areas. Boulder trains have been instrumental in discovering multiple mineral deposits in northern Saskatchewan, including Triple R¹⁰. 

To overcome the limitations of working in heavily glaciated terranes-where the surficial material may contain transported uraniferous minerals unrelated to the sampled area-combined radon and Ionic Leach sampling was completed over the target area. These complementary methods were intended to aid in the delineation of bedrock sources of uranium mineralisation.

Ø Significant radon response can be expected from uraniferous bedrock sources, while transported uraniferous material is expected to give some emissions, it would not be at the same level as a shallow bedrock source.

Ø The Ionic Leach method utilises a weak leach designed only to extract the 'mobile' portion of the sample's geochemistry. That 'mobile' portion should be more representative of basement sources than more traditional leach techniques, which may also extract detrital minerals that are not representative of a bedrock source. As with radon, the technique is limited by the volume of transported material, as very high levels of detrital uranium will form 'pseudo-anomalies' as that material also emits 'mobile' ions, which the technique is susceptible to. The method reports very low concentrations of elements (part per billion level), and thus cannot be directly compared to other analytical methods.

This combined radon and Ionic Leaching sampling was completed over two target areas, the Nuphar Target and Goodleap Target, while the Western Lake Target received only a small Ionic Leach soil programme due to time and weather constraints.

These sampling programmes, detailed below, represented the first modern, systemic sampling over the Reitenbach property, and the 2024 sampling on each target area included;

·    Nuphar Target - 152 Ionic Leach Soil Samples, 158 Radon Samples

·    Goodleap Target - 61 Ionic Leach Soil Samples,  38 Radon Samples

·    Western Lake - 66 Ionic Leach Soil Samples

Results of 2024 Sampling Programme

Nuphar Target

As shown in Figure 2 at the Nuphar Target, elevated and anomalous radon concentrations are offset and located up-ice from most zones of elevated uranium and very high ^206​/204Pb isotope ratios. In the southern portion of the Nuphar Target, ^206​/204Pb isotope ratios in the soil geochemistry results reach up to 84, with twelve samples exceeding a ratio of 70 - values indicative of anomalous lead isotope signatures. The ^206​/204​Pb ratio measures the proportion of uranium-derived lead (²⁰⁶Pb) relative to non-radiogenic 'primordial' lead ²⁰⁴Pb, which is not produced by uranium decay. Ratios greater than 40 are considered very high, indicating significant uranium-derived lead. ^11,12

Elements commonly associated with intrusive and pegmatite-hosted uranium, including both light and heavy rare earth elements, are similarly elevated. The southern part of the sampling grid records locally anomalous values as sustained multipoint anomalous areas. Sporadic anomalies are also present in the northern portion of the grid, including the highest uranium value recorded in the project area (3,160 ppb U) and lead isotope ratios of 78 and 80.

Multiple glacial eskers distributed across the property indicate a predominant north-south palaeo-ice flow direction on Reitenbach, suggesting that the mass transport of surficial materials aligned with this trend. During periods of glaciation, any uranium-bearing material derived from a source currently concealed by overlying surficial deposits would likely have been transported in a north-south direction. Eskers generally preserve the most recent direction of glacial and subglacial ice and meltwater flow¹³. This transport pattern is critical for understanding the dispersion of uranium and its associated pathfinder elements, which were sampled as part of the fieldwork in 2024.

Based on this inferred palaeo-ice flow direction and historical exploration, the company interprets the radon and soil geochemical results to indicate:

Ø Samples with anomalous and elevated uranium and ^206/204​Pb ratios in the soil geochemistry do not show a sustained correlation with elevated radon results. This is interpreted to suggest that the elevated uranium and lead isotopic signatures are not derived from primary mineralisation but rather from remobilised uranium and ²⁰⁶Pb within the transported material.

Ø In this case, radon results are inferred to be more representative of the basement uranium source than the Ionic Leach samples. The volume of uranium, and consequently the amount of radon emitted, is expected to be greater in the basement source. Due to radon's short half-life, it cannot accumulate over time or be influenced by the southerly palaeo-ice flow direction, unlike elements in the soils, which can be affected by the transport process.

Ø The elevated radiometric response extending 3 km to the south is inferred to be a result of an elongate boulder train and sub-surface elevations in uranium derived from a uraniferous source in the north of the Nuphar Target.

Ø The sporadic uranium and ^206/204Pb isotope ratio results in the north of the grid suggest that there may have been some migration from a primary source at depth.

Thus, the summer exploration results on the Nuphar Target are inferred to indicate a potential basement source of uranium in the north of the Target Zone spatially related to the radon results, with a 'pseudo-anomaly' of elevated uranium, ^206/204Pb in soil geochemistry and the boulder train 'down ice' to the south. These results present a significant target on the Reitenbach Property.

Goodleap Target

Due to wildfires, weather conditions, and time constraints, it was not possible to complete the sampling as originally planned. However, based on the limited work conducted, the grid displayed a pattern similar to the Nuphar Target, with an 'up-ice' elevated radon response and 'down-ice' elevated ^206/204Pb and uranium results. This suggests the potential for uranium mineralisation to the northeast of the sampling grid.

Western Lake

Targeting a secondary radiometric anomaly and a magnetic low, sampling in this area identified slightly elevated uranium and ^206/204Pb isotopes.

Figure 2: Results from the Reitenbach Property over the Nuphar and Goodleap targets

Next Steps for Work on the Reitenbach Property

Following the expansion of the Reitenbach Property, the company is currently evaluating the potential for future geophysical surveys in this area to help delineate additional areas of interest. Aside from the 2023 survey conducted by Power Metal, the Property has not undergone any modern, high-resolution geophysical surveys.

Further geophysical interpretation is pending on the Nuphar Target, which will support a small field campaign in the summer of 2025 to test the northern extent of both the Nuphar and Goodleap targets, using similar techniques to those employed in the 2024 field campaign. If the results are promising, ground-based geophysical methods will be implemented in preparation for a drilling campaign.

GLOSSARY

REFERENCES

¹ Francana Oil and Gas Ltd, Report on Ground Geophysical Surveys of Francana Oil and Gas Ltd Holdings, Wollaston Lake Area, Saskatchewan, 1970, (64L01-0004)

² Dias Airborne Limited, 2023, Logistical Report Reitenbach Property Saskatchewan, Canada Airborne QMAGT and Radiometric Survey,

³ SMDC, 1978 Summer Field season Summary, Wollaston East Project, 1979, (64L-0013)

⁴ SMDC, 1978, Final Report - 1977 Field Season, Wollaston East Project, SMDC Permits 7-10, CBS 4907.

⁵ Davies, J.R. 1998: The origin, structural style, and reactivation history of the Tabbernor fault zone, Saskatchewan, Canada; Master's thesis, McGill University, Montreal, Quebec, 105p.

⁶ https://purepoint.ca/purepoint-uranium-reports-results-from-tabbernor-project-geophysical-survey/

⁷ Gorham, J., 2022. Updated NI 43-101 Technical Report on the Reitenbach Property, Saskatchewan, Canada. Prepared for Teathers Financial PLC, by Dahrouge Geological Consulting, September 30, 2022.

⁸ Muday, R.J., 1976, Ground Elevation of Airborne Radiometric anomalies in crown reserve 694119, northern Saskatchewan during summer 1975 (64L-0018)

⁹ Harrigan, D., 1977, Final Report 1976 Field season, Wollaston East Project, SMDC permits 7-10, 64L-0008

10 https://www.proactiveinvestors.co.uk/companies/news/85637/fission-energy-hits-significant-basement-mineralization-at-patterson-lake-south-28187.html

11 Absalon, M.Z., 2021, Geochemical exploration for buried sandstone-hosted uranium mineralisation using mobile U and Pb isotopes: case study of the REB deposit, Great Divide Basin, Wyoming, Geochemistry: Exploration, Environment, Analysis, Volume 21

12 Quirt, D.,Benedicto, A., 2020, Lead Isotopes in Exploration for Basement-Hosted Structurally Controlled Unconformity-Related Uranium Deposits: Kiggavik Project (Nunavut, Canada), Minerals10(6), 512;

13 Boulton, G.S., Lunn, R., Vidstrand, P., Zatsepin, S., 2007, Subglacial drainage by groundwater-channel coupling, and the origin of esker systems: Part 1-glaciological observations, Quaternary Science Reviews, Volume 26, Issues 7-8, Pages 1067-1090

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified 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 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 - Background

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource project portfolios 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 and Australia.

Property 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 Property 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.