Power Metals Corp.  (TSX-V: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to announce that the Company has entered into an agreement to sell the 2% Gross Overriding Revenue royalty on the Case Lake Lithium Project to Lithium Royalty Corp. for $1,500,000.

Ernie Ortiz, President and CEO of Lithium Royalty Corp. commented: “This transaction adds the 32nd royalty to the LRC portfolio, our third since our March 15th, 2023 IPO transaction, and our sixth royalty in Ontario. We are pleased to partner with Power Metals Corp at its prospective Case Lake Project in an established and supportive mining jurisdiction.”

Johnathan More, Chairman of Power Metals Corp., commented “The funds from this transaction will be added to a very strong treasury with a current cash position in excess of $10 million.  We are fully funded for our upcoming summer exploration and drill program at Case Lake.  We welcome Lithium Royalty Corp.’s involvement and developing our discovery at Case Lake.”

Currently, the Company is planning a large-scale drill program for summer 2023 with plans to drill upwards of 15,000 meters.  Upon completion of the program, the Company intends to conduct a mineral resource calculation in the next six to nine months.

About Power Metals Corp.

Power Metals Corp. is a diversified Canadian mining company with a mandate to explore, develop and acquire high quality mining projects.  We are committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals. We see an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean-technology industries.