Power Metallic Defines High-Grade Maiden Resource at Lion Averaging ~3.9% CuEq, with >85% Indicated and Significant Expansion Potential

Power Metallic Mines Inc. (PNPN) announced the inaugural Mineral Resource Estimate for the Lion Zone and an updated MRE for Nisk Main at its Nisk Project in Québec, effective June 19, 2026, with drilling cut-off April 19, 2026.

The maiden resource for the Lion Zone includes: - Indicated: 4,145,000 tonnes at 3.86% CuEq, or 1.68% Cu, 2.61 g/t Pd, 0.85 g/t Pt, 0.49 g/t Au, 12.21 g/t Ag, 0.10% Ni. - Inferred: 601,000 tonnes at 4.01% CuEq, or 1.84% Cu, 2.86 g/t Pd, 0.59 g/t Pt, 0.41 g/t Au, 12.47 g/t Ag, 0.13% Ni. - Total: approximately 4.75 million tonnes grading approximately 3.9% CuEq, containing approximately 406 million pounds CuEq. - More than 85% of the Lion resource is classified as Indicated.

The Lion Zone is modelled as a steeply plunging shoot from surface to about 675 metres down-dip, featuring both open-pit and underground components: - Open pit Indicated: 2,782,000 tonnes at 3.45% CuEq. - Underground Indicated: 1,363,000 tonnes at 4.71% CuEq.

Metallurgy from SGS Canada locked-cycle tests shows greater than 98% copper recovery and concentrate grades above 25% Cu.

The release also restates the Nisk Main resource: - Open pit Indicated: 607,000 tonnes at 1.68% NiEq. - Underground Indicated: 2,096,000 tonnes at 2.75% NiEq. - Inferred open pit and underground: 210,000 and 1,806,000 tonnes, respectively.

Next steps include selecting an engineering firm for a Preliminary Economic Assessment, filing a NI 43-101 technical report within 45 days, continuing five-rig drilling, receiving summer 2026 assays from September, and advancing a Nasdaq ADR application.

Power Metallic Mines Inc. (PNPN) released an independent NI 43-101 resource estimate for its Lion project on September 8, 2026, prepared by SGS Canada. The company had previously guided toward a Lion Mineral Resource Estimate (MRE), initially targeting July 2026 before delaying to late August and finally delivering the results in early September. The release confirms the high-grade nature of the deposit, which starts at surface with nearly 4% CuEq, excellent copper metallurgy, and over 85% of the resource classified as Indicated.

The market had already reacted to the anticipated news, with the stock rising from approximately C$1.00 at the end of July 2026 to C$1.52 by September 4, 2026. This pre-rally reduces the impact of the new information and introduces sell-the-news risk if the resource scale is viewed as insufficient. Lion alone accounts for about 4.75 million tonnes, which is below even the low-case illustrative analyst resource scenarios of 7.0 million tonnes presented by the company. While the Lion tonnage is modest, the project includes the Nisk Main area, which adds lower-grade nickel tonnage.

Power Metallic Mines Inc. owns 80% of the project, with Critical Elements Lithium holding the remaining 20%. Consequently, the attributable Lion contained CuEq is approximately 325 million pounds on a 100% company basis, rather than the full 406 million pounds. The company highlighted several positives, including the maiden resource, high grade, high metallurgical recovery, existing road and power infrastructure, critical minerals incentives, a potential Nasdaq ADR, and a clear path to a Preliminary Economic Assessment (PEA).

Cautions remain, as the company has no mineral reserves or PEA, the source of nickel has not been found, and post-cut-off deep holes were not included in the estimate. Power Metallic Mines Inc. remains pre-revenue with ongoing capital needs. The resource defines the company’s first substantial high-grade deposit and unlocks next steps toward a PEA and potential Nasdaq listing, though uncertainty regarding total scale persists.

Power Metallic Mines Inc. (PNPN) is a Canadian junior exploration company trading on the TSXV, OTCBB, and Frankfurt exchanges under the tickers PNPN, PNPNF, and IVV1, respectively. Its flagship asset is the Nisk Project, located in the Eeyou Istchee James Bay territory of Québec. The project is held 80% by Power Metallic and 20% by Critical Elements Lithium Corp.

The Nisk Project encompasses the high-grade copper-dominant Lion Zone, the nickel-copper Nisk Main deposit, and the Tiger and other regional targets. Following the 2025 Li-FT Power acquisition, the company controls approximately 330 km² and roughly 50 km of prospective basin margins. Additionally, Power Metallic owns 50% of Chilean Metals Inc., which was spun out in February 2025, and 100% of Power Metallic Arabia, which holds the Jabul Baudan exploration license in Saudi Arabia. The company is currently in the pre-revenue exploration and resource definition stage, with no production, no completed Preliminary Economic Assessment (PEA), and no mineral reserves.