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Power Metal Resources PLC

18 February 2025

18 February 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

Fermi Exploration: Acquisition of the Fortin River Project

Preliminary Geophysical Results Indicate the Presence of a Significant Uranium Target.

Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed exploration company with a global project portfolio, is pleased to report the acquisition by mineral claim staking of the Fortin River Uranium Project ("Fortin River " or the "Project"), and preliminary results from a recent geophysical survey flown over the project. Fortin River is located in northern Saskatchewan, Canada.

HIGHLIGHTS:

-- Preliminary geophysical data indicates the potential presence of a 1.7 km wide meteor impact crater on the Fortin River Project. Such impact craters are targets for unconformity-related uranium mineralisation elsewhere in Northern Saskatchewan, with over 62Mlb of uranium mined from a major uranium deposit located within the nearby Carswell Crater.

-- The inferred impact crater was previously unidentified, with no modern and very limited historical exploration carried out in the area.

-- Fortin River was staked by direct mineral claim staking undertaken by the Fermi Exploration 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.

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

"This is a very exciting development in one of our more recently staked projects and we very much look forward to investigating it further and reporting back. Momentum is building across the uranium project set and we are looking forward to a very exciting few months ahead."

FURTHER INFORMATION

Acquisition and Location of Fortin River

The mineral claims constituting the Fortin River Project (Figure 1) were acquired directly through the Mineral Administration Registry Saskatchewan ("MARS") electronic registry system.

Where a previous claim owner is unable to satisfy the claim maintenance requirements, that ground is reopened to third-party staking at a set time each month. Claim area 'reopenings' are often highly competitive with many parties attempting to acquire the newly available land.

The total cost of staking the 3,859 hectares (38.59 km(2) ) which make up the Fortin River Project was CAD $2,220; the newly staked licences come with a two-year term with no minimum spend requirement, which can then be extended for subsequent years by minimum work expenditure of Canadian $57,885 per annum ($15/hectare).

The Project is located in northern Saskatchewan, 12km to the south of the Athabasca Basin, and 35km to the southeast of Fermi Exploration's Badger Lake Project.

Figure 1 - Location of the Fortin River Project

Survey Details

Following the acquisition of Fortin River, and in conjunction with Fermi Exploration's surveys elsewhere in the area, Fermi commissioned a combined Xcite$(TM)$ magnetic and electromagnetic ("EM") survey to be conducted over the Project area by Axiom Exploration Group of Saskatoon, Saskatchewan ("Axiom"). Following the initial analysis, Axiom has provided the survey data to Fermi Exploration, with final data pending final reprocessing.

The survey was designed to test conductive features identified by a prior operator(1,2) . An electromagnetic survey provides information on how conductive the underlying geology is; such surveys are common in and around the Athabasca Basin as the exploration efforts focus on conductive zones, such as graphitic pelites(3) . However, electromagnetic surveys can also show heavily fractured rock.

The preliminary survey results show the presence of a ring-shaped electromagnetic response with a 1.4 km diameter in the Channel 10 to 25 Slices (interpreted to be from shallow-medium depths - Figure 2A and Figure 2B). In Channel 30 to 35 Slices (interpreted to be from medium depths - Figure 2C), the ring-shaped response is replaced by a central electromagnetic feature, approximately 1.2km in diameter. Finally, there is no significant electromagnetic response at the Channel 40 Slices (interpreted to be from medium-deep depths - Figure 2D). Selected Channel Slices are shown in Figure 2. "Channel Slices" refer to the discrete measurement readings taken at different frequencies or depths during the survey, higher Channel Slices represent greater depths.

The magnetic data from the survey (Figure 3) indicates a magnetic low with a diameter of approx. 1.2 km within the centre of the electromagnetic feature. The remainder of the survey area appears to correlate closely with the magnetic properties of the surrounding geology, including the regional fabric.

Based on the survey data, the ringed electromagnetic feature and an electromagnetic response from the centre of the feature, is considered by the Fermi Exploration technical team to be consistent with impact craters observed elsewhere on earth and in Northern Saskatchewan. Analogies include the Carswell Crater, 140 km northwest of Fortin River, which is 18 km in diameter, and the Pasfield Lake Crater, which is 10 km wide, and located 200 km to the northeast of Fortin River. Both the Carswell and Pasfield Lake Craters are within the Athabasca Basin, associated with mineralisation, and are largely buried under sandstones.

The concentric electromagnetic high on the Project suggests that the feature is unlikely to resemble other ring-shaped or concentrically formed geological structures, such as kimberlite pipes. Additionally, the termination of the EM anomaly in the Channel 40 slice (Figure 2D) at depth indicates there is no continuation of conductivity directly beneath the central electromagnetic feature in Slices 30 to 35 depth. Thus, the feature is not related to a carbonatite or deeply trending conductive feature where there is a continuity with the surface structure and depth. Therefore, the feature is interpreted to have been formed through the impact of a small meteor, which is inferred to have caused intense disruption and fracturing to a comparatively shallow depth.

Prior to this survey, no meteor impact crater was known in or around the Project area. If the interpretations above are correct, this survey marks the discovery of a new meteor impact crater.

Figure 2 - Preliminary Electromagnetic Results from the Fortin River Project

Figure 3 - Preliminary Magnetic Results from the Fortin River Project

Implications for Exploration

Meteor craters form when a high-velocity rocky body (the meteorite) impacts with Earth, and is of sufficient size to shatter the surrounding and underlying geology. This impact creates a highly porous environment that enhances fluid flow. A notable example is the Carswell Crater, located 140 km northwest of the Fortin Lake Project. The former Cluff Lake uranium mine lies within this crater, where a meteor impact 481.5 +/- 0.8 Ma million years ago(4) played a key role in uranium deposit formation by remobilising and reprecipitating uranium along newly formed faults and fractures(5,6) . Over its 22-year lifespan, the Cluff Lake mine produced more than 62 million pounds of uranium(7) .

The Pasfield Lake Crater is subject to ongoing uranium exploration by Terra 92 Uranium (ASX:T92). Historical exploration of the feature has indicated anomalous helium > 230 times greater than the background, intense alteration overlying the crater and surface uranium anomalies(8) .

The Fortin River Project is located 12.5 km south of the current extent of the Athabasca Basin; and thus does not have the Athabasca Sandstone cover present over the Carswell or Pasfield Lake Craters. However, the Fortin River Project, remains prospective for unconformity-related uranium deposits, as the basin is understood to have extended significantly beyond its current boundaries, and multiple unconformity-related discoveries (Arrow, Triple R(9) , ACKIO(10) ) have been made outside the basin in recent years, within similar geology and mineralisation styles to major deposits inside the basin.

As such, the extension of the Athabasca Basin outside of its current extent suggests the potential for basement-hosted unconformity uranium deposits within the Fortin River Project area. Additionally, the presence of the impact crater greatly improves the prospectivity of the Project, as the impact crater may have played a role in remobilising nearby mineralisation, similar to the processes that formed the Cluff Lake deposit.

Historical Exploration of the Project

Fortin River has experienced minimal historical and no recent exploration;

Initial geophysical survey work(11) on the north of the Project indicated a magnetic low in the vicinity of the inferred impact crater and the contrasting relative magnetic highs; at that time, the area of the Fortin River Project was not considered of interest.

In 1979, the Project area was staked and surveyed by Denison Mines, who completed an airborne electromagnetic survey on southeast-northwest spaced flying lines, and identified multiple closely spaced conductors in the centre of the impact crater and inferred the conductive responses they identified to result from folding or faulting(1) . A further electromagnetic survey, also carried out by Denison Mines supplemented this 1980 survey(2) , this time flying north-south trending survey lines. The survey found an additional conductive material, which was attributed to conductive sediments at the base of the lake.

Since 1980, no work has been recorded from Fortin Lake.

Proposed Exploration and Next Steps

Upon receipt of the finalised data and report from Axiom Exploration Ltd, geophysical inversions and further analysis will be carried out to determine the location of fault structures, which may be amicable for uranium mineralisation.

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