REG - Power Metal Res. - Uranium Joint Venture: Badger Lake Update

Power Metal ResourcesAnnouncement

09/02/2026 07:00

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RNS Number : 1237S  Power Metal Resources PLC  09 February 2026

Power Metal Resources PLC

("Power Metal" or the "Company")

09 February 2026

Uranium Joint Venture: Badger Lake Update

 

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 Badger Lake Uranium Property ("Badger Lake" or the
"Property"). Badger Lake is located in the Athabasca Basin, Northern
Saskatchewan, Canada.

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 Badger
Lake is a constituent.

HIGHLIGHTS:

·    Badger Lake diamond drilling programme scheduled to commence 1 March
2026, with contractors and permits in place.

 

·    The planned 2,100m drill programme will test two major shear zones
and the S-Zone underlying a significant uranium, cobalt and nickel soil
anomaly.

 

·    The target 'The 'S Zone' on the Property differs from most
unconformity-related uranium targets in the Athabasca Basin, but offers a
compelling target with similarities to other deposits in the region.

 

 

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

"The forthcoming drill programme at Badger Lake represents the third
high-impact drill campaign undertaken by Fermi Exploration and reflects the
disciplined, technically driven approach we continue to apply across the Joint
Venture's uranium portfolio.

 

While the deferment of drilling has been frustrating, the short delay has
allowed the technical team to refine targeting and design a programme focused
on testing the most compelling structural features identified to date.

 

Badger Lake is an unconventional but highly coherent target within the
Athabasca Basin, defined by strong structural controls, coincident geophysical
responses and a polymetallic soil geochemical signature. With drilling now
scheduled to commence, we look forward to advancing our understanding of this
system and delivering further meaningful exploration progress from Fermi's
growing pipeline of drill-ready projects."

 

DRILL PROGRAMME DETAILS

The Badger Lake drilling programme will focus on the S-Zone target, which is
unconventional in an Athabasca Basin context as it is not associated with
graphitic pelitic units. Instead, the target is defined by two subparallel,
subvertical fault corridors-the Eastern and Western Shear Zones-trending
approximately 054°. These structures are interpreted to represent zones of
enhanced fracturing and fluid flow, with geophysical data indicating reduced
rock competence relative to surrounding geology. Gravity modelling highlights
a dense body between the shear zones, interpreted to be consistent with
silicification, a common alteration feature in Athabasca Basin uranium
systems. Soil geochemists indicate anomalous uranium, nickel and cobalt in the
soils above the S-Zone.

The initial three-hole drill fence is designed to test these structures at the
unconformity and within the basement, with flexibility retained to adjust
targeting as results are received.

Following the receipt of all required permits, Fermi will commence the updated
2,100m diamond drilling programme on 1 March 2026. The drilling is to be
carried out by ITL Diamond Drilling Ltd, with technical services provided by
Dahrouge Geological Consulting Ltd, and helicopter support from Access
Helicopters Ltd. As discussed below, the first three drillhole locations have
been designed to test two significant fault structures spatially associated
with the S-Zone electromagnetic conductor anomaly and a gravity high.

A full discussion on the S-Zone, the overlying geochemistry and the target's
structural geology is presented in the Company announcement of 18 June 2025:

https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/wk641yx
(https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/wk641yx)

 

Permit Details

Permit Number 24-15-M0455 was issued to 102134984 Saskatchewan Ltd by
the Saskatchewan Ministry of Environment, with an expiry date of  31 March
2027. The Permit includes authorisation to work on Crown Land, to complete a
drilling programme of up to 20 holes on land, an Aquatic Habitat Protection
Permit, and Forest Product Permit. This documentation allows Fermi Exploration
to conduct the proposed drill programme on the Badger Lake Property.

 

Target Details

The target at Badger Lake is unconventional in an Athabasca Basin context, as
it is not associated with graphitic pelitic units, which represent the
principal exploration targets in many unconformity-related uranium systems.
Instead, the target area is defined by two subparallel fault structures
trending approximately 054° and exhibiting a subvertical orientation; these
are described as the Eastern and Western Shear Zones, and shown on Figure 1
and 2, below.

Structurally focused uranium mineralisation is well documented elsewhere in
the Athabasca Basin and globally, occurring both in association with graphitic
lithologies and in their absence. At Badger Lake, these two parallel fault
structures represent the primary exploration targets, interpreted to have
acted as long-lived conduits for mineralising fluids and associated
alteration.

The Eastern and Western Shear Zones are ~200 m wide and display reduced
velocities (2,800-2,900 m/s), implying ~40% lower competence than the
surrounding geology. These properties are consistent with fractured and/or
altered structural corridors that may represent preferential permeability
pathways. The conductive anatomy, location shown in Figures 1 and 3, is
currently anticipated to represent alteration, a key component of Athabascan
Unconformity related systems.

The inverted gravity data shows a gravity high between these two shear zones;
the composition and causation of this gravity high are unknown, but the
density matches that of silicified quartz, which is a common alteration
feature within the sandstones and underlying basement of the Athabasca Basin.

In unconformity-related uranium systems, strong mechanical contrasts between
competent, silicified geology and adjacent weaker fault or shear zones are
recognised to localise deformation, promote dilation during reactivation, and
focus hydrothermal fluid flow. Such structurally focused permeability
contrasts are a common control on uranium deposition in the Athabasca
Basin.(1)

Taken together, the coincidence of major shear zones, gravity anomalies
consistent with silicification, reduced rock competence and anomalous uranium,
and other elements associated with Athabascan uranium deposits in soils
provides a coherent structural-hydrothermal target, potentially capable of
focusing mineralising fluids at and below the Athabasca unconformity.

Drilling Targets

The unconformity is expected at depths of around 220 to 260m, due to the
possibility of polymetallic (U ± Ni, Co, As), which is basement-hosted
elsewhere in the Athabasca Basin. The drill programme is designed to test up
to 200m below the unconformity into the basement. This has resulted in fewer
holes than the 5 to 6 holes initially planned in 2025, but a similar meterage
(2,100m verses previous 2,400m).

To test key target geology, an initial three-hole drill fence is planned, as
shown in Figure 1, and in profile in Figures 2 and 3.

·    Drillhole BL2026_01 is proposed as an inclined hole (-60°) drilled
on an azimuth of 340°, to a planned depth of 550m. This hole is designed to
test for uranium mineralisation associated with the basement expression of the
Eastern Shear Zone. It will also pass above the gravity high, and provide
information on alteration, or the presence of "perched" uranium mineralisation
in the sandstones above the S-Zone.

·    Drillhole BL2026_02 is proposed as a vertical hole to a planned depth
of 450m, located approximately 280m northeast of the collar of BL2026_01. This
hole will test for uranium mineralisation at the interpreted apex of the
Eastern Shear Zone, and the unconformity contact.

·    Drillhole BL2026_03 is planned approximately 250m southwest of the
collar of BL2026_01. This 500m long vertical hole is designed to test for
uranium mineralisation at the apex of the Western Shear Zones, and along the
shear zone itself, including its intersection with the unconformity.

Sufficient meterage budget exists for further drillholes; however, with the
enigmatic geology of Badger Lake, these holes will be planned during the
initial stages of the programme as the Technical Team's understanding of the
property's geology advances.

 

Figure 1: Location of the Drillhole Locations, the Channel 25 Conductive
Feature, and the sections presented in Figure 2 and 3.

 

Figure 2: Side view of the ANT profile (scale provided), including the
inferred unconformity, inferred basement faulting and the proposed drillhole
locations. View is looking 54° to north east.

 

 

 

Figure 3: 3D oblique geological section of the ANT profile, including the
inferred Unconformity, inferred basement faulting, the gravity high (Density
Contrast Shell of 0.04 g/cc), and the conductive body at the unconformity. The
proposed drillhole locations are also shown. Planar section of the ANT profile
is cut at 144°.

 

 

 

 

 

 

 

 

 

 

GLOSSARY

 Alteration                    Changes to the mineralogy, chemistry, or physical properties of rocks caused
                               by hydrothermal fluids, commonly associated with mineralising processes.
 Basement                      Crystalline rocks underlying the Athabasca Basin sandstones, typically
                               composed of metamorphic and igneous lithologies.
 Competence (Rock Competence)  A measure of the mechanical strength of rock; lower competence generally
                               indicates more fractured or altered material that may enhance fluid flow.
 Conductive Anatomy            Subsurface features identified by geophysical methods that exhibit enhanced
                               electrical conductivity, often associated with alteration zones, faults, or
                               graphite.
 Diamond Drilling              A drilling technique that uses a diamond-impregnated drill bit to recover
                               continuous cylindrical rock samples (core) for geological analysis.
 Shear Zone                    A zone of intense deformation where rocks have been displaced relative to each
                               other, commonly associated with enhanced permeability and mineralisation.
 Silicification                An alteration process involving the introduction of silica into rock,
                               increasing density and competence; commonly observed in Athabasca Basin
                               uranium systems.

 A zone of intense deformation where rocks have been displaced relative to each
 other, commonly associated with enhanced permeability and mineralisation.

Silicification

An alteration process involving the introduction of silica into rock,
increasing density and competence; commonly observed in Athabasca Basin
uranium systems.

 

REFERENCES

1 Li Zenghua, Chi Guoxiang, Kathryn M. Bethune, Thomas David, Zaluski Gerard;
Structural Controls on Fluid Flow During Compressional Reactivation of
Basement Faults: Insights from Numerical Modeling for the Formation of
Unconformity-Related Uranium Deposits in the Athabasca Basin, Canada. Economic
Geology 2017;; 112 (2): 451-466. doi:
https://doi.org/10.2113/econgeo.112.2.451
(https://doi.org/10.2113/econgeo.112.2.451)

 

 

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/
(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 /Rachael Brooks/Alastair Roberts                                      +44 (0) 20 7138 3204

 

NOTES TO EDITORS

Power Metal Resources plc - Background

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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