Power Group Receives Conditional Approval FOR Pallplat Acquisition

POWER GROUP RECEIVES CONDITIONAL APPROVAL FOR

PALLPLAT ACQUISITION

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA

December 4, 2020 – Toronto, Ontario - Power Group Projects Corp. (TSXV: PGP) (the “Company”)

is pleased to announce that, further to its press release s of October 8, 2020 and November 12, 2020 , the

Company has received conditional approval from the TSX Venture Exchange (the “ TSXV”) for its

previously announces acquisition (the “ Acquisition”) of all of the outstanding issued and outstanding

common shares in the capital of Pallplat Metals Inc. (“Pallplat”).

Final approval and completion of the Acquisition is subject to certain conditions, including the completion

of a technical report with respect to Muddy Gullies Property in accordance with National Instruction 43-

101 and the receipt of all required regulatory and other approvals.

For further information, please contact:

Aleem Nathwani

Chief Executive Officer and Chairman

Tel: (604) 290-7073

Email: [email protected]

Cautionary Statement on Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture

Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain “forward -looking information” within the meaning of applicable securities law s. Forward

looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”,

“estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or

conditions “may” or “will” occur. These statements are only predictions. Forward -looking information is based on the opinions

and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other

factors that could cause actual events or results to differ materially from those projected in the forward -looking information. For

a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s

Management’s Dis cussion and Analysis. The Company undertakes no obligation to update forward -looking information if

circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place

undue reliance on forward-looking information.