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. (TSXV: PNPN, OTCBB: PNPNF) released the first assays from deep extensional drilling of the Summer 2026 program at the Lion deposit, part of the Nisk Project in Quebec.

• Hole PML-26-125, from 845.80 m to 851.50 m downhole: 5.70 m grading 0.30 g/t Au, 61.57 g/t Ag, 11.42% Cu, 2.48 g/t Pd, 0.26 g/t Pt, 0.41% Ni, reported as 14.00% CuEqRec, at approximately 800 m vertical depth.
• Within that: from 846.70 m to 848.85 m, 2.15 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, 0.60% Ni, reported as 24.62% CuEqRec.
• Hole PML-26-121a, from 666.30 m to 674.00 m: 7.70 m grading 0.26 g/t Au, 18.42 g/t Ag, 1.03% Cu, 3.70 g/t Pd, 0.28 g/t Pt, 0.14% Ni, reported as 3.28% CuEqRec, at approximately 650 m vertical depth; including 4.70 m at 4.92% CuEqRec and 1.70 m at 11.93% CuEqRec (0.66 g/t Au, 72.41 g/t Ag, 3.34% Cu, 16.25 g/t Pd, 1.21 g/t Pt).

Hole PML-26-128 tested the eastern side of the interpreted Lion plunge at nearly 900 m vertical depth and showed disseminated and massive veinlets of copper sulphide; assays are pending.

The company stated that the results are over 25% deeper than the deepest hole used in its recently announced mineral resource estimate (MRE), with significantly higher grades and visibility down over 50% deeper. True width is stated as estimated at 85% of downhole length. The CuEqRec formula discloses metal prices and locked-cycle recoveries from SGS Canada.

For scale, reference hole PML-25-002, previously the deepest reported hole intersecting the core of the Lion shoot, returned 1.95 m at 7.95% CuEqRec at approximately 610 m vertical depth.

Context from the immediately prior release on Sept 8, 2026, included a maiden MRE for the Lion deposit of 4,145,000 t Indicated at 3.86% CuEq plus 601,000 t Inferred at 4.01% CuEq, roughly 406 Mlb contained CuEq, with a 0.90% CuEq underground cutoff and a shoot defined from surface to about 675 m down-dip.

Critical Elements Lithium Corporation (CRE) is an explorer with a maiden resource, reporting a Lion deposit of 4.75 million tonnes at approximately 3.9% CuEq, containing about 406 million pounds of contained CuEq. This tonnage is small relative to the high grade. At this stage, the equity is priced on the perceived scale and grade of the system, meaning any evidence that the shoot continues below the modelled outline is directly relevant to market expectations.

The latest release provides the first assay demonstration that Lion mineralization persists to about 800 meters vertically. This is roughly 190 meters below the deepest previous assay (PML-25-002) and about 25% below the deepest hole used in the Mineral Resource Estimate (MRE). The grade at this depth is roughly 1.8 times that of the previous deep hole and five times its gram-metres. No prior release has shown assayed high-grade material at this depth.

Rough arithmetic suggests that a 150-meter plunge extension extending roughly 100 meters along strike, at about 4.85 meters true width and a specific gravity of 3.0, yields on the order of 220,000 tonnes. At a haircut grade of 7% CuEq, this represents roughly 34 million pounds of CuEq, or about 8% of the current 406 million pounds. At the full 14% grade, it is roughly 67 million pounds, or about 17%. This is a meaningful but not transformational increment from one hole, as it depends on continuity and thickness assumptions that a single intercept cannot support.

The deposit was already described as open at depth, and deep drilling to about 600 meters was reported in the September 8 MRE release. The direction of travel was pre-announced, though the grade and persistence were not.

On the geology alone, the deep-target delta is positive. The previous deep anchor (PML-25-002, 15.5% CuEq-m) is exceeded fivefold at higher grade and greater depth, and a second hole 150 meters away confirms the same mineralized horizon with strong palladium. On the near-surface anchor (PML-26-049, 250% CuEq-m), this release is far smaller, but that anchor is not the right comparator for a deep plunge step-out.

This represents a successful major step-out that grows the system in a new dimension with world-class grade for the deposit type and credible QA/QC. It is not a district-opening discovery, not a new zone or intrusive centre, and not supported by more than one assayed point per horizon.

Power Metallic Mines Inc. is a Canadian explorer listed on the TSXV, OTCBB, and Frankfurt exchanges under the tickers PNPN, PNPNF, and IVV1, respectively. The company is focused on the Nisk Project Area in Quebec, which comprises the Nisk, Lion, and Tiger targets, described as a high-grade copper-PGE-nickel-gold-silver system.

In February 2021, then-Chilean Metals secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium. Following the June 2025 purchase of 313 adjoining claims, covering approximately 167 km2, from Li-FT Power, the company controls roughly 330 km2 and about 50 km of prospective basin margins. Critical Elements retains a 20% interest in the project.

The Lion target is the flagship asset, characterized as a steeply plunging magmatic sulphide shoot with massive to brecciated chalcopyrite and cubanite. Mineralization extends from the surface to about 675 m down-dip. A maiden resource estimate identified 4,145,000 tonnes in the Indicated category at 3.86% CuEq and 601,000 tonnes in the Inferred category at 4.01% CuEq, containing approximately 406 million pounds of contained CuEq. Locked-cycle copper recoveries are reported above 98%.

Beyond the Nisk Project, Power Metallic holds a 50% interest in Chilean Metals Inc., which includes British Columbia and Chile packages spun out in February 2025. The company also owns 100% of Power Metallic Arabia, which holds the Jabal Baudan exploration licence in Saudi Arabia's Jabal Sayid belt. This licence covers over 200 km2 and is prospective for copper, gold, and zinc. Additionally, a 50/50 joint venture framework with Amaar United Mining Company was announced on May 19, 2026, to pursue Saudi licence auctions. Under this agreement, Power Metallic contributes US$2.5 million of the first US$10 million of approved work programs.

As of the September 8, 2026 mineral resource estimate release, five drill rigs were active. The company is conducting a deep extensional program and regional exploration on EM targets, with a preliminary economic assessment to follow. This exploration posture is funded by equity.

The financial materials supplied, including the as-reported financials, MD&A, and investor presentation, belong to Critical Elements Lithium, not Power Metallic. Power Metallic's own cash position, burn rate, and share count are not included in the provided materials and cannot be assessed here.