REG - Power Metal Res. - Tati Gold Project, Botswana - Development Update

Power Metal ResourcesAnnouncement

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RNS Number : 9012B  Power Metal Resources PLC  27 April 2026

27th April 2026

Power Metal Resources PLC

("Power Metal" or the "Company")

Tati Gold Project, Botswana - Development Update

EMP Approved, Access Agreement Signed, Work to Commence Shortly

Power Metal Resources PLC (AIM:POW) the London-listed exploration company and
project incubator with a global project portfolio, is pleased to announce a
commercial update from its 100% owned Tati Gold Project ("Tati" or the
"Project") located on the Tati Greenstone Belt ("TGB") near
Francistown, Botswana.

Further to the share option agreement ("Option" or the "Agreement") entered
into with Tuscan Holding PTY LTD ("Tuscan") on 19(th) June 2024, Power Metal
is pleased to report that key permitting and access milestones have now been
achieved, paving the way for the commencement of on-site technical work.

 

Highlights:

•     As announced previously, the Environmental Management Plan ("EMP")
for the Tati Gold Project has been formally approved by the relevant
government authorities, removing a key permitting milestone required to
advance on-site activities including drilling.

•     The access agreement covering the Project area, and Cherished Hope
specifically, has now been signed, providing formal access to the licence area
to support the planned work programme.

•     Work is expected to commence in short order, including site visits
to progress drill site investigations and preparations. Rotary air blast
("RAB") drilling is planned following the completion of site preparations.

•     An extremely strong gold price environment continues to materially
support the advancement of the Tati Gold Project and the potential for
small-scale mining at Cherished Hope, reinforcing the economic rationale for
continued investment and evaluation.

•     In accordance with the Option, Tuscan will manage and fund the
planned work programme, at no cost to Power Metal.

 

Details

With the access agreement signed, the Project has completed the key
preparatory steps required to move into the next phase of its technical work.
Work will be commencing in short order, with site visits planned which will
allow the progression to drill site investigations and preparations ahead of
the planned drilling campaign.

Under the terms of the option agreement, Tuscan is progressing a structured
work programme aimed at advancing the Project toward a potential feasibility
study. The initial phase will focus on defining the geometry and continuity of
gold mineralisation through a programme of RAB drilling to depths of
approximately 60 metres for a planned total of ~600m. This drilling strategy
is designed to follow mineralisation down-dip, generate sufficient geological
data to support early mine planning concepts, and produce representative
samples for preliminary metallurgical test work, whilst mitigating the effects
of supergene enrichment.

In parallel, high-resolution drone imagery will be collected across the
Project area to support environmental baseline studies, the development of
digital terrain models, and the preliminary design of mining infrastructure.

Subject to receiving encouraging results from this phase of work, applications
may be submitted to the relevant authorities to permit small-scale mining
operations of approximately 50 tonnes per day, with the objective of
progressing the Project toward initial gold production thereafter.

 

Deal Details

On 19 June 2024, Power Metal Resources entered into a share option agreement
with Tuscan Holdings Pty Ltd over Prospecting Licence PL049/2022, forming part
of the Tati Gold Project in Botswana.

Under the terms of the agreement, Tuscan will fully fund and manage all
exploration, evaluation and feasibility activities at the licence area,
including the preparation of a formal feasibility study, at no cost to Power
Metal.

Upon successful completion of the feasibility study, and subject to Tuscan
financing the construction and development of a processing plant and
associated mine infrastructure, Tuscan may exercise its option to acquire a
75% interest in PL049/2022. Power Metal would retain a 25% interest, carried
free to production.

Power Metal will retain 100% ownership of all other licences within the Tati
Gold Project. The Company's retained interest in PL049/2022 is intended to
provide ongoing exposure to future cash flows and potential dividend
distributions arising from any gold production at the project.

 

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/
(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/Jen Clarke                                   +44 (0) 20 3470 0470

 Tamesis Partners LLP (Joint Broker)
 Richard Greenfield/Charlie Bendon                        +44 (0) 20 3882 2868

 BlytheRay (PR Advisors)
 Megan Ray/Alastair Roberts                               +44 (0) 20 7138 3204
                                                          powermetalresources@blytheray.com

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, Oman 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.

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.

 

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