Power Metal Resources plc (LON: POW) the AIM listed metals exploration and development company is pleased to announce an update in respect of Red Rock Australasia Pty Ltd ('RRAL') a joint venture company with gold exploration interests near the historic mining centre of Ballarat in the Victoria Goldfields.

Power Metal has a 49.9% interest in RRAL, with Red Rock Resources plc ('Red Rock')(LON:RRR) holding a 50.1% interest.

Highlights

Following grant to RRAL of its first five gold exploration licences in Victoria, announced on 2 February 2021 and 17 March 2021, a further two licences have now been granted: EL007329 (Evergreen) covering 484 sq km

EL007301 (Mt Bute), covering 85 sq km.

The seven granted licences in Victoria now cover an exploration area of 848 sq km, including numerous old mines and workings and identified geological targets.

With the bulk of the ground covered by the previously prepared NI 43-101 technical report (1) now at granted status, the IPO process for RRAL will accelerate.

Paul Johnson, Chief Executive Officer of Power Metal Resources commented: 'Today's news marks a key point in the development of RRAL with the grant of the Evergreen tenement which is one of the larger licence applications and sits in an area of particular interest as demonstrated by increasing investment by peer companies in project acquisition and exploration.

Grant of the two licences moves the IPO process front and centre. We believe that the core interests of RRAL forming the basis for an IPO on the Canadian capital markets represents one of the most comprehensive investment opportunities in the Victoria Goldfields for Canadian and international investors.

RRAL are therefore moving forward at pace with both project exploration and corporate listing developments.'

Contact:

David Cockbill

Tel: +44 (0) 20 7330 1883

Notes to Editors

Power Metal Resources plc (LON: POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base and strategic metal metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company's position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

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