Power Metallic Extends Lion 25% Deeper as Power Metallic Intercepts 5.70 Meters of 14.00% CuEqRec Superscript 1 in Hole 26-125

Power Metallic Mines Inc. (PNPN) has released the first assay results from its deep extensional drilling program at the Lion deposit, part of the Nisk Project in Quebec. The company confirmed these are the initial assays completed on this specific deep drilling phase of the Summer 2026 program.

Hole PML-26-125 returned 5.70 m @ 14.00% CuEqRec from 845.80 m to 851.50 m downhole, at a vertical depth of approximately 800 m. The composition included 0.30 g/t Au, 61.57 g/t Ag, 11.42% Cu, 2.48 g/t Pd, 0.26 g/t Pt, and 0.41% Ni. Within this interval, an including section of 2.15 m @ 24.62% CuEqRec was intersected from 846.70 m to 848.85 m, grading 0.55 g/t Au, 92.04 g/t Ag, 20.30% Cu, 4.72 g/t Pd, 0.51 g/t Pt, and 0.60% Ni.

Hole PML-26-121a intersected 7.70 m @ 3.28% CuEqRec from 666.30 m to 674.00 m, at a vertical depth of approximately 650 m. This interval contained 0.26 g/t Au, 18.42 g/t Ag, 1.03% Cu, 3.70 g/t Pd, 0.28 g/t Pt, and 0.14% Ni. It also included 4.70 m @ 4.92% and 1.70 m @ 11.93% CuEqRec.

Hole PML-26-128 targeted the eastern side of the interpreted plunge at approximately 900 m vertical depth and intersected disseminated and massive veinlets of copper sulphides, though assays for this hole are pending.

Power Metallic stated that PML-26-125 represents the deepest assay result to date at Lion, extending the deposit 25% deeper than the deepest hole used in the recently announced Mineral Resource Estimate (MRE). For comparison, the prior deepest hole into the core of the shoot, PML-25-002, returned 1.95 m @ 7.95% CuEqRec at approximately 610 m vertical.

The company noted that reported lengths are downhole measurements, with true width estimated at 85% of downhole length based on model projections. The CuEqRec calculation utilized recovered grades from SGS locked-cycle tests and the following metal prices: Au $2,360.15/oz, Ag $27.98/oz, Pd $1,215.00/oz, Pt $1,000.00/oz, Cu $4.00/lb, Ni $10.00/lb, and Co $22.50/lb.

Power Metallic Mines Inc. (PNPN) has expanded the known vertical extent of its Lion shoot to approximately 800 meters, a significant increase from the previous Mineral Resource Estimate (MRE) model limit of 600–675 meters. The company announced the updated MRE on September 8, 2026, which defines a 4.75 million tonne resource grading approximately 3.9% CuEq, containing roughly 406 million pounds of CuEq. More than 85% of this resource is classified as Indicated, with the deposit open from the surface to depths exceeding 600 meters.

While management had previously indicated that the Lion deposit remains open at depth, the recent drilling results exceeded prior expectations in terms of grade and continuity. The deepest prior core intersection was 1.95 meters at 7.95% CuEqRec, followed by a 6.58-meter hit at 4.00% at approximately 600 meters. In contrast, the new deep-target intersection measured 5.70 meters at 14% CuEqRec. This result represents a metal-meter improvement of roughly 3 to 5 times compared to the deep-target comparator, with widths and grades approximately three times higher than the modelled underground grade.

Despite the positive geological data, the market has not priced in the MRE. The stock closed at $1.52 on September 4, then fell approximately 26% to $1.13 by September 14. It has since recovered slightly to $1.25, which sits in the middle of its 52-week trading range of $0.76 to $1.73. The equity is currently classified as a growth and story asset, as Power Metallic Mines Inc. is a pre-revenue explorer targeting a Preliminary Economic Assessment (PEA) for the first half of 2027.

The current resource size of 4.75 million tonnes is considered small, leading the market to focus on scale potential. The new 4.85-meter true-width lens at 800 meters adds potential tonnes rather than measured tonnes. These drill results are post-cutoff, following an MRE effective date of June 19, 2026, and a drill cutoff date of April 19, 2026. No resource update has been announced, and deep material does not impact the near-term PEA unless a resource update is completed. The step-out into a previously modelled dimension is considered material and positive, though it falls short of a scale transformation.

Power Metallic Mines Inc. (TSXV: PNPN; OTCBB: PNPNF; Frankfurt: IVV1) is a Canadian, pre-revenue explorer headquartered in Toronto with operations in Quebec. The company controls its flagship Nisk Project Area, comprising the Nisk Main, Lion, and Tiger deposits. Through an option agreement dated February 1, 2021, Power Metallic holds the right to earn up to 80% of the project from Critical Elements Lithium Corp. The company’s land package spans approximately 330 km² following the June 2025 acquisition of 313 adjoining claims, totaling roughly 167 km², from Li-FT Power, adding to approximately 50 km of prospective basin margins.

On September 8, 2026, the company announced a maiden Mineral Resource Estimate (MRE) for the Lion deposit, effective June 19, 2026, with a cut-off date of April 19, 2026. The estimate totals 4.75 million tonnes at approximately 3.9% CuEq, containing over 85% Indicated material and approximately 406 million pounds of contained CuEq. Of the total tonnes, 61% are designated for open pit mining (2.78 million tonnes Indicated at 3.45% CuEq), while the remainder are underground (1.36 million tonnes Indicated at 4.71% CuEq). The mineralization is modelled as multiple subparallel lenses ranging from 2 to 15 metres in thickness within a package up to 50 metres thick, dipping approximately 65° NNW from surface to depths exceeding 600 metres vertically.

The Nisk Main MRE, announced on the same date, totals approximately 4.72 million tonnes. This includes 607,000 tonnes Indicated at 1.68% NiEq and 210,000 tonnes Inferred for open pit mining. Underground resources comprise 2,096,000 tonnes Indicated at 2.75% NiEq and 1,806,000 tonnes Inferred at 2.89% NiEq.

Metallurgical testing conducted by SGS Canada using a locked-cycle process on a blended composite returned recoveries of 98.9% for copper, 93.9% for palladium, 96.8% for platinum, 85% for gold, 88.9% for silver, and 77.1% for nickel, with a concentrate grade exceeding 25% copper. A low-grade composite test yielded a 98.3% copper recovery.

Power Metallic is targeting a Preliminary Economic Assessment (PEA) for the first half of 2027, utilizing a drilling data cut-off at the end of November 2026. Feasibility drilling is scheduled to continue through the end of 2027. The company is currently conducting advanced geophysics, including muon tomography with Ideon, as well as SQUID, ANT, gravity, and BHEM surveys.

Beyond Quebec, Power Metallic holds a 50% interest in Chilean Metals Inc., which spun out in February 2025 and listed on the TSXV on February 19, 2026. Chilean Metals holds the Golden Ivan project in British Columbia and claims in Chile. The company also owns 100% of Power Metallic Arabia, holding the Jabal Baudan licence covering over 200 km² in the Jabal Sayid VMS belt in Saudi Arabia. This asset is held under a 50/50 joint venture framework with Amaar United Mining, with Power Metallic funding US$2.5 million of the first US$10 million required.

In prior periods not disclosed in the current release, the company reported no revenue. For the first quarter of 2026, the net loss was C$9.06 million, while the full year 2025 net loss was C$39.0 million. As of March 31, 2026, the company held C$10.66 million in cash against a C$1.9 million working capital deficit. A C$28.2 million gross LIFE offering closed on June 10, 2026, at C$1.25 per share, with participation from Eric Sprott. The company has a C$19.8 million flow-through spend obligation due by December 31, 2026. The share count stands at approximately 259.16 million following the placement, with a fully diluted count of approximately 303.9 million.