First Development Resources - IPO Update.

11 July 2025

Power Metal Resources PLC

("Power Metal" or the "Company")

First Development Resources - IPO Update

Release of Schedule One for First Development Resources PLC

Power Metal Resources PLC (AIM: POW, OTCQB: POWMF), the London listed exploration company with a global project portfolio is pleased to announce the release today by AIM of a Schedule One announcement in respect of First Development Resources PLC ("First Development") ("FDR"), a link to which is provided below:

https://www.londonstockexchange.com/news-article/market-news/schedule-one-first-development-resources-plc/17131141

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

"I am very pleased to be able to update shareholders that the First Development Resources IPO is now expected to complete with a listing on AIM in the coming weeks. Market conditions have demonstrably improved of late, which has enabled us to fulfil our commitment to shareholders by bringing this exciting collection of assets to the market.

I am extremely grateful to Tristan Pottas and the FDR board for their unswerving commitment to this project and congratulate them on this achievement.

I look forward eagerly to hearing Tristan update shareholders on FDR's immediate exploration plans and I am confident that, as we have seen in our successful investment in Guardian Metal, he can add significant value to both POW and FDR shareholders."

Further information in respect of Power Metal's interest in First Development on Admission to trading on AIM, the total IPO equity placing amount, market capitalisation and other important information, is expected to be forthcoming in due course. POW will make further announcements as appropriate.

Shareholders wishing to learn more about First Development Resources, may review the company's website through the following link:

www.firstdevelopmentresources.com

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 (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.