On 13th December 2022, Power Metal announced the commencement of a 5 hole, approximately 1,000m, diamond drilling programme at the historic Berringa Gold Mine ("Berringa"). Drilling of the first hole (BE23D001), into the Birthday South target, paused on 23rd December 2022, for the holiday season at a downhole depth of 125.7m. Drilling successfully recommenced on 3rd January 2023 with BE23D001 at end-of-day 5th January 2023, at a downhole depth of 167m at which point the HQ (96mm) drill bit was replaced by an NQ (75.7mm) bit.

Drilling continues with an expected final target depth of approximately 420m. A further three exploration licences ("ELs") have now been granted including: EL 7756:a 22km2 inlier of Crown land within EL 7271, the prominent EL south of Ballarat gold mine within the Ajax project containing the old Monmouth and Happy Thought mines but where forest cover has limited modern exploration. EL 7799:a 3km2 inlier of Crown land originally excluded from licence EL 7327 within the Dereel Project.

Investigations have identified the Golden Reef (Dereel) mine as an active high grade mine at the turn of the last century and Crown land will improve access for any future drill programme. The JV has gathered a number of rock chip samples in the area. EL 7826:a 4km2 tenement enhancing the land position surrounding Ballarat mine itself and covering potential for southern extension of the main Ballarat lode system known as Ballarat south within the Ajax project.

The joint venture ("JV") is held through New Ballarat Gold Corporation PLC ("NBGC"), which is focused on the prolific Victoria Goldfields of Australia. The JV is held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources PLC (50.1%) (together the "JV Partners"). NBGC has a wholly owned Australian operating subsidiary Red Rock Australasia Pty Ltd. ("RRAL") whichholds a strong land position comprising 17 granted exploration licences and one purchased licence for a total area of 1,867km2 within the gold fields of Victoria, Australia, principally surrounding the mining centre of Ballarat, Australia.

In addition, 2 licences covering 467km2 await grant. The JV has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, which remain largely under-explored by modern explorers.