Power Metal Resources PLC announced an update concerning its uranium property portfolio focused on the Athabasca Basin area in Saskatchewan, Canada. Newly acquired Richards Lake Uranium Property was acquired by direct mineral claim staking undertaken by the Power Metal technical team. The Property was staked during the most recent Mineral Administration Registry Saskatchewan ("MARS") electronic registry system claim reopening on 31 January 2024, with the licences granted a few days later.

Additional information on the staking process can be found in the further information section below. § Richards Lake project area covers a total 3,109.26 hectares (31.09 km2) within the northern edge of the Athabasca Basin. Richards Lake is surrounded by claims held by uranium-focused companies, including ALX Resources, ATHA Energy Corp.

and Skyharbour Resources Ltd. Property has been subject to minimal historical exploration, but previous operators have noted east-west trending Electromagnetic ("EM") geophysical conductors which extend through the centre of the Property. The Property is located 14km south of the Fond du Lac Uranium deposit. § Richards Lake acquisition further supplements the Company's Athabasca uranium portfolio.

With the addition of Richards Lake the portfolio now consists of eighteen uranium properties, including two conditional disposals, with a combined total area of 1,043.40 km2. The mineral claim constituting Richards Lake was acquired directly through the Mineral Administration Registry Saskatchewan ("MARS") electronic registry system. Where a previous claim owner is unable to satisfy the claim maintenance requirements, that ground is reopened to third party staking at a set time each month.

Select reopenings are highly competitive with many parties attempting to acquire the newly available land. The total cost of staking was Canadian $1,865.56. The newly staked licences come with a two-year term with no minimum spend requirement and which can then be extended for subsequent years by spending a minimum of Canadian $46,638.90 per annum.

Richards Lake is located within the prolific Athabasca Basin, approximately 14km from the Basin's northern edge. Based on nearby borehole records, the sandstone-basement unconformity on the Property is expected to be at around 200m depth. The property is crossed by two inferred northwest-southeast trending faults.

The Property has never been subject to detailed geophysical analysis, being part of a larger Electromagnetic survey in the mid-2000s. The property has also not received geochemical sampling or drilling, and thus represents a greenfield uranium project in a prolific uranium district.