Power Metal Resources PLC announced the acquisition of the 4,222-hectare Doerksen Bay graphite Project ("Doerksen Bay" or the "Project") located in mining friendly Saskatchewan, Canada. Power Metal also announced the formation of ION Battery Resources Limited, a new UK private battery metals and minerals focused vehicle. The vendors of the Project (the "Vendors") are a consortium led by established local prospector Brian Fowler.

Mr. Fowler was previously the vendor of the Schreiber-Hemlo properties that Power Metal sold in exchange for a strategic shareholding in First Class Metals PLC as announced on 7 September 2021 and the Reindeer Lake, Porter Lake and Old Woman Rapids uranium properties as announced on 26 July 2022. As consideration for the 100% acquisition of the Project, Power Metal will pay the Vendors a total of £37,500 (the "Consideration"). The Consideration is payable through the issue of 2,500,000 Power Metal new ordinary shares of 0.1 pence each ("Consideration Shares") at an issue price of 1.5 pence per share.

The Consideration Shares will be subject to a 4-month lock-in from today's date. Doerksen Bay is located 230km northeast of La Ronge, Saskatchewan. The Project is centred around five Saskatchewan Mineral Deposit Index ("SMDI") graphite occurrences including the Ben, Ben North, Bear Bones, Brabant Lake and Doerksen Bay showings.

These occurrences returned multiple grab samples of graphite bearing gneisses including assays up to 45% C (incl. 45%, 36%, 14%, 13%, 12% and 10% C). A modern airborne geophysical survey was carried out over the Project in 2013, which highlighted numerous untested very-low-frequency electromagnetic ("VLF-EM") conductors.

Graphite is a known conductor, and the SMDI graphite occurrences on the Project are broadly coincident with the VFL-EM conductors. As a result, the recently identified conductive anomalies may be related to additional undiscovered high-grade graphite bearing gneiss units and ground-truthing them will be a priority of future work programmes undertaken by Power Metal planned for 2023. Power Metal has formed a new wholly owned UK private subsidiary ION Battery Resources Limited ("ION Resources"), which will act as a holding company (through 100% owned Canadian operating vehicles) and through which plan to hold the Company's battery resources exploration interests including Doerksen Bay (graphite), Authier North/Duval East (lithium) and the North Wind (lithium).

ION Resources will focus on battery metals and minerals and will house the Company's current graphite and lithium interests in Canada as outlined above, as well as any future potential acquisitions in the battery metal space including lithium, graphite and potentially vanadium. After a suitable period of structuring, exploration and development, ION Resources will be available for outright disposal or listing on an appropriate stock exchange.