Power Metallic Defines High-Grade Maiden Resource at Lion Averaging ~3.9% CuEq, with >85% Indicated and Significant Expansion Potential
Critical Elements’ JV partner’s maiden resource validates the Nisk deposit potential, though the company remains pre-revenue and cash-burning.
Power Metallic Mines Inc. (PML) released a maiden Mineral Resource Estimate (MRE) for the Lion Zone at the Nisk Project on September 8, 2026. The Lion Zone defines approximately 4.75 million tonnes grading ~3.9% CuEq, containing ~406 million pounds of contained CuEq. More than 85% of the resource is classified as Indicated. Metallurgical testing indicates copper recoveries exceeding 98%.
Critical Elements Lithium Corporation (CRE) holds a 20% non-dilutive interest in the Nisk property through a joint venture with PML. This announcement validates the geological potential and scale of CRE’s joint venture asset.
Historically, CRE has been systematically expanding its Rose West lithium-tantalum footprint through winter and summer 2026 drilling programs. Simultaneously, PML has been advancing the polymetallic Lion Zone. Both projects remain in exploration and pre-feasibility stages.
The PML Lion resource update represents a joint venture development rather than a standalone event for Critical Elements Lithium Corporation (CRE). While the announcement confirms the viability of the Nisk asset, it does not trigger immediate cash flows, financing, or a final investment decision for the company. The high-grade, high-recovery characteristics of the Lion deposit complement CRE’s lithium-tantalum focus, potentially enhancing the overall valuation and future development economics of the Nisk joint venture.
Separately, CRE’s summer 2026 drilling program at Rose West was temporarily suspended due to forest fires but has since resumed.
Financially, CRE reported a net loss of $3.42 million for the nine months ended May 31, 2026, holding $8.29 million in cash. The company has explicitly acknowledged uncertainty regarding its ability to secure future financing. The PML news does not alter CRE’s immediate capital requirements or burn rate.
Critical Elements Lithium Corporation is focused on the Rose Lithium-Tantalum Project in Eeyou Istchee, Quebec. The project has a completed NI 43-101 Feasibility Study (August 2023) showing an after-tax NPV of US$2.2B and an IRR of 65.7% at an 8% discount rate.
Stage: Exploration and development. Environmental permits are approved. The project awaits FID and construction financing.
JV Interest: CRE holds a 20% interest in the Nisk property with Power Metallic, which includes the newly defined Lion Zone.
Infrastructure: Located 80 km from Éléonore gold mine, 45 km from Nemaska's Whabouchi project, with access to hydroelectric power and year-round road access.