Power Metallic Commences Preliminary Economic Assessment of the Nisk Project

Power Metallic Mines Inc. (PNPN) has appointed BBA Inc. as the lead engineering consultant to conduct a Preliminary Economic Assessment (PEA) for the Lion and Nisk Main deposits at its Nisk Project in Quebec. The study is targeted for completion in the first half of 2027, with mobilization scheduled for late September 2026. The PEA will assess mining and processing options, infrastructure, capital and operating costs, and preliminary economics. It is funded from existing cash resources and will be based on the September 8, 2026 Mineral Resource Estimate.

SGS Canada Inc. is responsible for independent Qualified Persons for geological, mineral resource, and metallurgical sections, with metallurgical testwork expected before year-end. GeoVector Management Inc. retains the central geological role, while ethos stratégie Inc. supports community engagement. Ongoing drilling at Lion Deeps and environmental/community engagement programs are advancing in parallel.

Power Metallic Mines Inc. (PNPN) has commenced the Preliminary Economic Assessment (PEA), a standard progression following the maiden Mineral Resource Estimate (MRE) released on September 8, 2026. This development confirms management's timeline and validates the project's advancement toward a bankable study without requiring immediate new capital.

The assessment focuses on the high-grade Lion deposit, while Nisk Main is being evaluated based on new metallurgical studies. The announcement does not introduce new grade, tonnage, or financial data, but rather confirms that the engineering phase has begun. The impact is incremental and expected, aligning with prior management guidance and the investor presentation timeline.

Power Metallic Mines Inc. (PNPN) is a junior explorer advancing the Nisk polymetallic project in Quebec, Canada. The company controls approximately 330 square kilometers of land, with multiple exploration targets including the Tiger, Muon, and BHEM zones.

The project’s flagship Lion Zone is a high-grade, copper-dominant polymetallic deposit containing approximately 4.75 million tonnes grading ~3.9% CuEq, which equates to ~406 million pounds of contained CuEq. The project also includes the Nisk Main deposit, which hosts nickel, copper, and cobalt mineralization.

Metallurgical testing by SGS Canada has demonstrated exceptional recoveries, supporting conventional sulphide flotation processing. The results include:

• 98% Cu

• 93% Pd

• 96% Pt

The project is currently in the exploration and discovery phase, transitioning into economic evaluation with the Preliminary Economic Assessment (PEA).