Power Metal Resources plc announced the signing of a non-binding Memorandum of Understanding (MoU) with the Ministry of Investment of the Kingdom of Saudi Arabia ("MISA"). The signing ceremony took place at the recent Future Minerals Forum in Riyadh, Saudi Arabia, in the presence of His Excellency Bandar Alkhorayef, Minister of Industry and Mineral Resources, and other dignitaries. The purpose of the MoU is to explore the possibility of joint collaboration efforts toward the identification and realisation of high value-added investment opportunities that will contribute towards maximising the benefits from the Kingdom's natural resources.

MISA's objective is to support investment in exploration activities, develop upstream and downstream projects targeting multiple strategic minerals, and attract reputed national and international mining and mineral development companies to drive the commercialisation of Saudi Arabia's mineral resources. MISA and POW are looking to complement the activities of each other through establishing a mutually beneficial relationship in order to pursue suitable exploration opportunities in Saudi Arabia. POW will offer highly experienced technical support to potential exploration projects, and MISA will provide project opportunities and potential support for such projects as applicable.